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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)
June 2, 1997
IMC Securities, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
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)
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 1997-3, 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:
99.1 Related Computational Materials furnished by Bear, Stearns
& Co. Inc.
99.2 Related Computational Materials furnished by PaineWebber
Incorporated
<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: June 3, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
99.1 Related Computational Materials furnished by Bear,
Stearns & Co. Inc.
99.2 Related Computational Materials furnished by
PaineWebber Incorporated
Exhibit 99.1
[GRAPHIC OMITTED] BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
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IMC Home Equity Loan Trust 1997-3: Computational Materials
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Fax to: Date:
Company: # Pages (incl. cover):
Fax No: Phone No:
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From: Phone No:
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STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES,
PRICING ESTIMATES, AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. Should you
receive Information that refers to the "Statement Regarding Assumptions and
Other Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Any information herein
regarding the collateral or the securities supersedes any prior information
regarding the collateral or the securities and will be superseded by information
regarding the collateral and/or the securities contained in the Offering
Documents. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current..
Contact your registered representative for Offering Documents, current
Information or additional materials, including other models for performance
analysis, which are likely to produce different results, and any further
explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
<PAGE>
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear, Stearns and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 1 of 5)
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Lead Manager: Bear, Stearns & Co. Inc.
Co-Managers: Nomura Securities International, Inc.
PaineWebber Incorporated
Seller and Servicer: Industry Mortgage Company, L.P.
Depositor: IMC Securities, Inc.
Trustee: The Chase Manhattan Bank
Registration: Certificates will be available in
book-entry form through DTC.
Cut-off Date: As of the close of business on June 1,
1997.
Expected Pricing Date: June ___, 1997
Expected Closing Date: On or About June ___, 1997
Distribution Dates: 20th day of each month (or the next
succeeding business day), commencing
July 21, 1997.
ERISA Eligibility: The Class A Certificates may
be purchased by employee benefit plans that
are subject to ERISA. The Class M-1, Class
M-2, and Class B Certificates may not be
purchased by employee benefit plans that
are subject to ERISA.
SMMEA Treatment: The Certificates will not
constitute "mortgage related securities"
for purposes of SMMEA.
Optional Termination: The owners of the Class R
Certificates will have the right to
purchase all of the home equity loans on
any remittance date when the aggregate loan
balance of the home equity loans has
declined to 10% or less of the original
balance of the home equity loan as of the
Cut-off Date.
The Home Equity Loans: Fixed-rate conventional (closed-end) home
equity mortgage loans.
Tax Status: REMIC
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[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 2 of 5)
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Credit Enhancement: Excess Servicing. The weighted average
coupon rate on the home equity loans is
generally expected to be higher than the
sum of a) the servicing fee, b) the trustee
fee, and c) the weighted average pass
through rate on the certificates, thus
generating excess interest collections
which will be available to fund
distributions on the certificates. This
excess interest for each period, together
with interest on the overcollateralization
amount itself, on the related payment date
is the excess servicing for such payment
date.
Overcollateralization: Excess servicing is
applied, to extent available, to make
accelerated payments of principal to the
class or classes then entitled to receive
distributions of principal; such
application will cause the aggregate
principal balance of the certificates to
amortize more rapidly than the home equity
loans, resulting in overcollateralization.
Prior to the step down date,
overcollateralization builds to [1.75]% of
the original balance of the home equity
loan as of the Cut-off Date. On or after
the step down date, overcollateralization
is permitted to decrease to an amount equal
to [3.50]% of the current balance of the
home equity loans, subject to a floor of
[0.50]% of the original balance of the home
equity loan as of the Cut-off Date.
Subordination: The rights of the Class M-1
Certificates to receive distributions will
be subordinated, to the extent described
herein, to such rights of the Class A
Certificates. The rights of the Class M-2
Certificates to receive distributions will
be subordinated, to the extent described
herein, to such rights of the Class A and
M-1 Certificates. The rights of the Class B
Certificates to receive distributions will
be subordinated, to the extent described
herein, to such rights of the Class A
Certificates, Class M-1 Certificates, and
Class M-2 Certificates.
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[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 3 of 5)
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Application of Realized Losses: Realized
losses will be absorbed first by excess
servicing and the reduction of the
overcollateralization amount, second, by
the Class B Certificates, third, by the
Class M-2 Certificates, and fourth, by the
Class M-1 Certificates. Realized losses are
not permitted to be applied to the Class A
Certificates.
Summary of Expected Subordination & Overcollateralization:
PRIOR TO STEP DOWN DATE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Expected Target Expected Total
Expected Initial Overcollateralization Target Credit
Subordination (a) Amount (b) Enhancement
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A Certificates 13.5% 1.75% 15.25%
Class M-1 Certificates 9.5% 1.75% 11.25%
Class M-2 Certificates 4.0% 1.75% 5.75%
Class B Certificates 0.0% 1.75% 1.75%
- ------------------------------------------------------------------------------------------
</TABLE>
(a) Represents the expected amount of subordination for each class as of the
closing date.
(b) The overcollateralization amount will equal zero as of the closing date.
Excess servicing, if available, will be applied to make accelerated payments
of principal until the overcollateralization amount equals the targeted
overcollateralization, which is equal to [1.75]% of the original balance of
the home equity loan as of the Cut-off Date.
Interest Allocation: The interest remittance amount shall be allocated in
the following priority:
1. Payment of trustee fee;
2. Current interest and unpaid interest on the Class
A Certificates, pro-rata, without any priority;
3. To the extent of the interest amount then
remaining, current interest on the Class M-1
Certificates;
4. To the extent of the interest amount then
remaining, current interest on the Class M-2
Certificates;
5. To the extent of the interest amount then
remaining, current interest on the Class B
Certificates;
6. To the extent of the interest amount then
remaining, as accelerated distribution of
principal; and
7. To the extent of the interest amount then
remaining, payment of unpaid interest and
reimburse allocated realized losses on the
Subordinate Certificates.
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[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 4 of 5)
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Principal Allocation: The principal distribution amount shall be allocated
in the following priority:
For periods prior to the step down date or while a
trigger event exists:
1. To the Class A Certificates (sequentially with
respect to Classes A-1 to A-6, and concurrently
with respect to Class A-7 based upon its specified
percentage), 100% of the principal distribution
amount until such classes are equal to zero.
For periods on and after the step down date and while
no trigger event exists:
1. To the Class A Certificates (sequentially with
respect to Classes A-1 to A-6, and concurrently
with respect to Class A-7 based upon its specified
percentage), an amount required to reach and
maintain the credit enhancement target for the
Class A Certificates;
2. To the Class M-1 Certificates, an amount
required to reach and maintain the credit
enhancement target for the Class M-1 Certificates;
3. To the Class M-2 Certificates, an amount
required to reach and maintain the credit
enhancement target for the Class M-2 Certificates;
4. To the Class B Certificates, an amount required
to reach and maintain the credit enhancement
target for the Class B Certificates; and
5. Any remaining amounts shall be paid to the
Class R Certificates (not being offered).
Notwithstanding the foregoing, on any payment date on
which the sum of a) the principal balances of the
Class M-1, Class M-2, and Class B Certificates and b)
the overcollateralization amount is reduced to zero,
any amounts of principal payable to the Class A
Certificates shall be distributed pro rata.
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[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 5 of 5)
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Step Down Date: The step down date is the earlier to occur of 1) the
later to occur of a) the payment date in [July], 2000
and b) the first payment date on which the senior
enhancement percentage reaches its target level and
2) the date on which the principal balance of the
Class A Certificates has been reduced to zero.
Trigger Event: A trigger event has occurred on a payment date if the
percentage obtained by dividing 1) the amount of 60+
day delinquent loans by 2) the aggregate outstanding
loan balance exceeds [50]% of the senior enhancement
percentage.
Senior Enhancement
Percentage: For any payment date, the percentage obtained by
dividing 1) the sum of a) the aggregate principal
balance of the Class M-1, Class M-2, and Class B
Certificates and b) the overcollateralization amount,
after taking into account principal distributions on
such payment date by 2) the current balance of the
home equity loans.
Class A-7 Lockout
Distribution Amount: The Class A-7 Certificates is allocated principal
pari passu with the Class A Certificate that is
currently entitled to receive a principal payment in
a ratio equal to the product of a) the outstanding
balance of the Class A-7 Certificates divided by the
outstanding principal balance of all of the Class A
Certificates and b) a specified percentage, namely:
the lockout percentage (see below).
------------------------------------- -------------------
Lockout
Payment Dates Percentage
------------------------------------- -------------------
July 1997 to June 2000 0%
July 2000 to June 2002 45%
July 2002 to June 2003 80%
July 2003 to June 2004 100%
July 2004 and thereafter 300%
------------------------------------- -------------------
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[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Collateral (page 1 of 1)
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FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of 6/1/97:
Total Number of Loans: 11,643
Total Outstanding Loan Balance: $737,558,205
Balloon (% of Total): 51.26%
Level Pay (% of Total): 48.74%
Average Loan Principal Balance: $63,348 ($956 to $549,700)
Weighted Average CLTV : 74.47% (4.62% to 100.00%)
% of Pool with LTVs greater than 85%: 8.37%
Weighted Average Coupon: 11.60% (7.45% to 24.00%)
Weighted Average Remaining Term to
Maturity (months): 217 (4 to 360)
Weighted Average Seasoning (months): 4 (0 to 103)
Weighted Average Original Term
(months): 221 (6 to 360 )
Range of Original Terms: Level Pay Balloon
------------------- --------------------
Up to 60: 0.06% Up to 60: 0.15%
61 - 120: 1.58% 61 - 120: 0.42%
121 - 180: 15.27% 121 - 180: 50.69%
181 - 240: 11.94% 241 - 300: 0.26%
301 - 360: 19.64%
Lien Position: 1st Lien: 87.43%
2nd Lien: 12.57%
Property Type: Single Family Detached: 86.93%
Single Family Attached: 0.99%
2-4 Family: 9.47%
Condominium/Townhouse: 1.79%
Other: 0.82%
Occupancy Status: Owner Occupied: 92.27%
Non-Owner Occupied: 7.73%
Geographic Distribution:
(states not listed individually account NY: 22.01% PA: 5.96%
for less than 5.00% of the Mortgage NJ: 7.28% MI: 5.31%
Loan principal balance) FL: 6.45%
MD: 6.02%
Credit Quality:
(per IMC's guidelines) A: 51.69%
B: 24.63%
C: 18.70%
D: 4.98%
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[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 1 of 6)
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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/Fitch)
- ----------------- ---------------- -------------- --------------- -------------- ------------- ------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $153,050,000 Fixed 0.50 0.48 none 11 Aaa/AAA
Class A-2 $123,390,000 Fixed 1.25 1.17 10 9 Aaa/AAA
Class A-3 $107,990,000 Fixed 2.00 1.82 18 11 Aaa/AAA
Class A-4 $108,840,000 Fixed 3.00 2.63 28 19 Aaa/AAA
Class A-5 $ 81,290,000 Fixed 5.20 4.19 46 58 Aaa/AAA
Class A-6 $ 37,440,000 Fixed 11.81 7.51 103 72 Aaa/AAA
Class A-7 $ 80,000,000 Fixed 6.68 5.09 38 137 Aaa/AAA
Class M-1 $ 32,000,000 Fixed 5.96 4.49 37 129 Aa2 / AA+
Class M-2 $ 44,000,000 Fixed 5.88 4.43 36 119 A2 / A+
Class B $ 32,000,000 Fixed 5.59 4.26 36 94 Baa3 / 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.
Class A-1 (to maturity)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 5.86 0.82 0.61 0.50 0.43 0.38
Modified Duration (years) 4.47 0.77 0.58 0.48 0.41 0.37
First Principal Payment 7/21/97 7/21/97 7/21/97 7/21/97 7/21/97 7/21/97
Last Principal Payment 12/20/08 1/20/99 7/20/98 5/20/98 3/20/98 2/20/98
Principal Lockout (months) none none none none none none
Principal Window (months) 138 19 13 11 9 8
Illustrative Yield @ Par (30/360) 6.502% 6.133% 5.989% 5.862% 5.751% 5.646%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-2 (to maturity)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.74 2.31 1.61 1.25 1.03 0.88
Modified Duration (years) 8.84 2.08 1.49 1.17 0.97 0.83
First Principal Payment 12/20/08 1/20/99 7/20/98 5/20/98 3/20/98 2/20/98
Last Principal Payment 1/20/12 7/20/00 7/20/99 1/20/99 10/20/98 7/20/98
Principal Lockout (months) 137 18 12 10 8 7
Principal Window (months) 38 19 13 9 8 6
Illustrative Yield @ Par (30/360) 6.550% 6.424% 6.358% 6.295% 6.233% 6.176%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 2 of 6)
- --------------------------------------------------------------------------------
Class A-3 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.61 3.91 2.63 2.00 1.61 1.35
Modified Duration (years) 9.03 3.33 2.34 1.82 1.48 1.25
First Principal Payment 1/20/12 7/20/00 7/20/99 1/20/99 10/20/98 7/20/98
Last Principal Payment 1/20/12 4/20/02 8/20/00 11/20/99 5/20/99 1/20/99
Principal Lockout (months) 174 36 24 18 15 12
Principal Window (months) 1 22 14 11 8 7
Illustrative Yield @ Par (30/360) 6.827% 6.759% 6.714% 6.670% 6.626% 6.581%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-4 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.63 6.81 4.20 3.00 2.30 1.90
Modified Duration (years) 8.95 5.23 3.53 2.63 2.07 1.73
First Principal Payment 1/20/12 4/20/02 8/20/00 11/20/99 5/20/99 1/20/99
Last Principal Payment 12/20/12 6/20/07 1/20/03 5/20/01 2/20/00 9/20/99
Principal Lockout (months) 174 57 37 28 22 18
Principal Window (months) 12 63 30 19 10 9
Illustrative Yield @ Par (30/360) 6.980% 6.951% 6.917% 6.882% 6.844% 6.810%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-5 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.36 12.79 8.41 5.20 3.55 2.54
Modified Duration (years) 10.32 8.09 6.05 4.19 3.03 2.25
First Principal Payment 12/20/12 6/20/07 1/20/03 5/20/01 2/20/00 9/20/99
Last Principal Payment 6/20/23 1/20/12 9/20/09 2/20/06 3/20/02 4/20/00
Principal Lockout (months) 185 119 66 46 31 26
Principal Window (months) 127 56 81 58 26 8
Illustrative Yield @ Par (30/360) 7.262% 7.252% 7.236% 7.208% 7.173% 7.130%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 3 of 6)
- --------------------------------------------------------------------------------
Class A-6 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 27.93 16.50 14.32 11.81 7.56 3.63
Modified Duration (years) 11.28 9.08 8.46 7.51 5.40 3.06
First Principal Payment 6/20/23 1/20/12 9/20/09 2/20/06 3/20/02 4/20/00
Last Principal Payment 11/20/26 1/20/21 6/20/15 1/20/12 6/20/11 3/20/02
Principal Lockout (months) 311 174 146 103 56 33
Principal Window (months) 42 109 70 72 112 24
Illustrative Yield @ Par (30/360) 7.665% 7.657% 7.653% 7.648% 7.627% 7.570%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-7 "LOCK BOND" (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 11.66 7.69 7.00 6.68 6.62 6.44
Modified Duration (years) 7.55 5.62 5.26 5.09 5.05 4.95
First Principal Payment 7/20/00 7/20/00 7/20/00 9/20/00 1/20/01 6/20/01
Last Principal Payment 1/20/12 1/20/12 1/20/12 1/20/12 4/20/11 1/20/09
Principal Lockout (months) 36 36 36 38 42 47
Principal Window (months) 139 139 139 137 124 92
Illustrative Yield @ Par (30/360) 7.218% 7.201% 7.196% 7.193% 7.193% 7.191%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Class M-1 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 18.08 10.27 7.66 5.96 5.00 4.58
Modified Duration (years) 9.41 6.74 5.43 4.49 3.94 3.71
First Principal Payment 1/20/12 7/20/02 12/20/00 8/20/00 11/20/00 2/20/01
Last Principal Payment 4/20/26 10/20/15 1/20/12 4/20/11 7/20/08 7/20/06
Principal Lockout (months) 174 60 41 37 40 43
Principal Window (months) 172 160 134 129 93 66
Illustrative Yield @ Par (30/360) 7.576% 7.559% 7.545% 7.530% 7.518% 7.512%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 4 of 6)
- --------------------------------------------------------------------------------
Class M-2 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 18.05 10.16 7.65 5.88 4.86 4.32
Modified Duration (years) 9.29 6.65 5.39 4.43 3.84 3.52
First Principal Payment 1/20/12 7/20/02 12/20/00 7/20/00 8/20/00 9/20/00
Last Principal Payment 1/20/26 6/20/14 1/20/12 5/20/10 10/20/07 11/20/05
Principal Lockout (months) 174 60 41 36 37 38
Principal Window (months) 169 144 134 119 87 63
Illustrative Yield @ Par (30/360) 7.750% 7.733% 7.719% 7.702% 7.688% 7.679%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Class B (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.68 10.07 7.37 5.59 4.58 4.00
Modified Duration (years) 9.04 6.52 5.22 4.26 3.65 3.28
First Principal Payment 1/20/12 7/20/02 12/20/00 7/20/00 7/20/00 7/20/00
Last Principal Payment 11/20/24 1/20/12 7/20/11 4/20/08 1/20/06 6/20/04
Principal Lockout (months) 174 60 41 36 36 36
Principal Window (months) 155 115 128 94 67 48
Illustrative Yield @ Par (30/360) 8.057% 8.039% 8.023% 8.005% 7.988% 7.976%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
** Class A-5 (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.08 12.79 8.30 5.19 3.55 2.54
Modified Duration (years) 10.27 8.09 6.00 4.19 3.03 2.25
First Principal Payment 12/20/12 6/20/07 1/20/03 5/20/01 2/20/00 9/20/99
Last Principal Payment 1/20/21 1/20/12 4/20/08 8/20/05 3/20/02 4/20/00
Principal Lockout (months) 185 119 66 46 31 26
Principal Window (months) 98 56 64 52 26 8
Illustrative Yield @ Par (30/360) 7.262% 7.252% 7.235% 7.208% 7.173% 7.130%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 5 of 6)
- --------------------------------------------------------------------------------
** Class A-6 (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 23.61 14.65 10.86 8.19 5.86 3.63
Modified Duration (years) 10.68 8.59 7.18 5.91 4.57 3.06
First Principal Payment 1/20/21 1/20/12 4/20/08 8/20/05 3/20/02 4/20/00
Last Principal Payment 1/20/21 2/20/12 4/20/08 8/20/05 12/20/03 3/20/02
Principal Lockout (months) 282 174 129 97 56 33
Principal Window (months) 1 2 1 1 22 24
Illustrative Yield @ Par (30/360) 7.663% 7.654% 7.645% 7.633% 7.613% 7.570%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
** Class A-7 "LOCK BOND" (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 11.66 7.69 6.95 6.48 5.83 5.16
Modified Duration (years) 7.55 5.62 5.23 4.98 4.60 4.19
First Principal Payment 7/20/00 7/20/00 7/20/00 9/20/00 1/20/01 6/20/01
Last Principal Payment 1/20/12 1/20/12 4/20/08 8/20/05 12/20/03 10/20/02
Principal Lockout (months) 36 36 36 38 42 47
Principal Window (months) 139 139 94 60 36 17
Illustrative Yield @ Par (30/360) 7.218% 7.201% 7.196% 7.192% 7.186% 7.178%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
** Class M-1 (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.43 10.10 7.18 5.45 4.59 4.26
Modified Duration (years) 9.32 6.69 5.25 4.26 3.73 3.52
First Principal Payment 1/20/12 7/20/02 12/20/00 8/20/00 11/20/00 2/20/01
Last Principal Payment 1/20/21 2/20/12 4/20/08 8/20/05 12/20/03 10/20/02
Principal Lockout (months) 174 60 41 37 40 43
Principal Window (months) 109 116 89 61 38 21
Illustrative Yield @ Par (30/360) 7.576% 7.559% 7.543% 7.525% 7.512% 7.506%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 6 of 6)
- --------------------------------------------------------------------------------
** Class M-2 (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.43 10.10 7.18 5.44 4.52 4.04
Modified Duration (years) 9.21 6.63 5.21 4.23 3.65 3.35
First Principal Payment 1/20/12 7/20/02 12/20/00 7/20/00 8/20/00 9/20/00
Last Principal Payment 1/20/21 2/20/12 4/20/08 8/20/05 12/20/03 10/20/02
Principal Lockout (months) 174 60 41 36 37 38
Principal Window (months) 109 116 89 62 41 26
Illustrative Yield @ Par (30/360) 7.750% 7.733% 7.716% 7.698% 7.683% 7.673%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
** Class B (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.35 10.07 7.14 5.41 4.44 3.89
Modified Duration (years) 9.00 6.52 5.14 4.17 3.57 3.22
First Principal Payment 1/20/12 7/20/02 12/20/00 7/20/00 7/20/00 7/20/00
Last Principal Payment 1/20/21 1/20/12 4/20/08 8/20/05 12/20/03 10/20/02
Principal Lockout (months) 174 60 41 36 36 36
Principal Window (months) 109 115 89 62 42 28
Illustrative Yield @ Par (30/360) 8.057% 8.039% 8.022% 8.003% 7.986% 7.973%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
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.
Exhibit 99.2
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 1 of 5)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
Lead Manager: Bear, Stearns & Co. Inc.
Co-Managers: Nomura Securities Internati onal, Inc.
PaineWebber Incorporated
Seller and Servicer: Industry Mortgage Company, L.P.
Depositor: IMC Securities, Inc.
Trustee: The Chase Manhattan Bank
Registration: Certificates will be available in
book-entry form through DTC.
Cut-off Date: As of the close of business on June 1,
1997.
Expected Pricing Date: June ___, 1997
Expected Closing Date: On or About June ___, 1997
Distribution Dates: 20th day of each month (or the next
succeeding business day), commencing
July 21, 1997.
ERISA Eligibility: The Class A Certificates may
be purchased by employee benefit plans that
are subject to ERISA. The Class M-1, Class
M-2, and Class B Certificates may not be
purchased by employee benefit plans that
are subject to ERISA.
<PAGE>
SMMEA Treatment: The Certificates will not
constitute "mortgage related securities"
for purposes of SMMEA.
Optional Termination: The owners of the Class R
Certificates will have the right to
purchase all of the home equity loans on
any remittance date when the aggregate loan
balance of the home equity loans has
declined to 10% or less of the original
balance of the home equity loan as of the
Cut-off Date.
The Home Equity Loans: Fixed-rate conventional (closed-end) home
equity mortgage loans.
Tax Status: REMIC
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 2 of 5)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
Credit Enhancement: Excess Servicing. The weighted average
coupon rate on the home equity loans is
generally expected to be higher than the
sum of a) the servicing fee, b) the trustee
fee, and c) the weighted average pass
through rate on the certificates, thus
generating excess interest collections
which will be available to fund
distributions on the certificates. This
excess interest for each period, together
with interest on the overcollateralization
amount itself, on the related payment date
is the excess servicing for such payment
date.
Overcollateralization: Excess servicing is
applied, to extent available, to make
accelerated payments of principal to the
class or classes then entitled to receive
distributions of principal; such
application will cause the aggregate
principal balance of the certificates to
amortize more rapidly than the home equity
loans, resulting in overcollateralization.
Prior to the step down date,
overcollateralization builds to [1.75]% of
the original balance of the home equity
loan as of the Cut-off Date. On or after
the step down date, overcollateralization
is permitted to decrease to an amount equal
to [3.50]% of the current balance of the
home equity loans, subject to a floor of
[0.50]% of the original balance of the home
equity loan as of the Cut-off Date.
<PAGE>
Subordination: The rights of the Class M-1
Certificates to receive distributions will
be subordinated, to the extent described
herein, to such rights of the Class A
Certificates. The rights of the Class M-2
Certificates to receive distributions will
be subordinated, to the extent described
herein, to such rights of the Class A and
M-1 Certificates. The rights of the Class B
Certificates to receive distributions will
be subordinated, to the extent described
herein, to such rights of the Class A
Certificates, Class M-1 Certificates, and
Class M-2 Certificates.
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 3 of 5)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
Application of Realized Losses: Realized
losses will be absorbed first by excess
servicing and the reduction of the
overcollateralization amount, second, by
the Class B Certificates, third, by the
Class M-2 Certificates, and fourth, by the
Class M-1 Certificates. Realized losses are
not permitted to be applied to the Class A
Certificates.
<PAGE>
Summary of Expected Subordination & Overcollateralization:
PRIOR TO STEP DOWN DATE
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Expected Target Expected Total
Expected Initial Overcollateralization Target Credit
Subordination (a) Amount (b) Enhancement
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A Certificates 13.5% 1.75% 15.25%
Class M-1 Certificates 9.5% 1.75% 11.25%
Class M-2 Certificates 4.0% 1.75% 5.75%
Class B Certificates 0.0% 1.75% 1.75%
- ------------------------------------------------------------------------------------------
</TABLE>
(a) Represents the expected amount of subordination for each class as of the
closing date.
(b) The overcollateralization amount will equal zero as of the closing date.
Excess servicing, if available, will be applied to make accelerated payments
of principal until the overcollateralization amount equals the targeted
overcollateralization, which is equal to [1.75]% of the original balance of
the home equity loan as of the Cut-off Date.
Interest Allocation: The interest remittance amount shall be allocated in
the following priority:
1. Payment of trustee fee;
2. Current interest and unpaid interest on the Class
A Certificates, pro-rata, without any priority;
3. To the extent of the interest amount then
remaining, current interest on the Class M-1
Certificates;
4. To the extent of the interest amount then
remaining, current interest on the Class M-2
Certificates;
5. To the extent of the interest amount then
remaining, current interest on the Class B
Certificates;
6. To the extent of the interest amount then
remaining, as accelerated distribution of
principal; and
7. To the extent of the interest amount then
remaining, payment of unpaid interest and
reimburse allocated realized losses on the
Subordinate Certificates.
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 4 of 5)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
Principal Allocation: The principal distribution amount shall be allocated
in the following priority:
For periods prior to the step down date or while a
trigger event exists:
1. To the Class A Certificates (sequentially with
respect to Classes A-1 to A-6, and concurrently
with respect to Class A-7 based upon its specified
percentage), 100% of the principal distribution
amount until such classes are equal to zero.
For periods on and after the step down date and while
no trigger event exists:
1. To the Class A Certificates (sequentially with
respect to Classes A-1 to A-6, and concurrently
with respect to Class A-7 based upon its specified
percentage), an amount required to reach and
maintain the credit enhancement target for the
Class A Certificates;
2. To the Class M-1 Certificates, an amount
required to reach and maintain the credit
enhancement target for the Class M-1 Certificates;
3. To the Class M-2 Certificates, an amount
required to reach and maintain the credit
enhancement target for the Class M-2 Certificates;
4. To the Class B Certificates, an amount required
to reach and maintain the credit enhancement
target for the Class B Certificates; and
5. Any remaining amounts shall be paid to the
Class R Certificates (not being offered).
Notwithstanding the foregoing, on any payment date on
which the sum of a) the principal balances of the
Class M-1, Class M-2, and Class B Certificates and b)
the overcollateralization amount is reduced to zero,
any amounts of principal payable to the Class A
Certificates shall be distributed pro rata.
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Preliminary Term Sheet (page 5 of 5)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
Step Down Date: The step down date is the earlier to occur of 1) the
later to occur of a) the payment date in [July], 2000
and b) the first payment date on which the senior
enhancement percentage reaches its target level and
2) the date on which the principal balance of the
Class A Certificates has been reduced to zero.
Trigger Event: A trigger event has occurred on a payment date if the
percentage obtained by dividing 1) the amount of 60+
day delinquent loans by 2) the aggregate outstanding
loan balance exceeds [50]% of the senior enhancement
percentage.
Senior Enhancement
Percentage: For any payment date, the percentage obtained by
dividing 1) the sum of a) the aggregate principal
balance of the Class M-1, Class M-2, and Class B
Certificates and b) the overcollateralization amount,
after taking into account principal distributions on
such payment date by 2) the current balance of the
home equity loans.
Class A-7 Lockout
Distribution Amount: The Class A-7 Certificates is allocated principal
pari passu with the Class A Certificate that is
currently entitled to receive a principal payment in
a ratio equal to the product of a) the outstanding
balance of the Class A-7 Certificates divided by the
outstanding principal balance of all of the Class A
Certificates and b) a specified percentage, namely:
the lockout percentage (see below).
------------------------------------- -------------------
Lockout
Payment Dates Percentage
------------------------------------- -------------------
July 1997 to June 2000 0%
July 2000 to June 2002 45%
July 2002 to June 2003 80%
July 2003 to June 2004 100%
July 2004 and thereafter 300%
------------------------------------- -------------------
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Collateral (page 1 of 1)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
<PAGE>
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of 6/1/97:
Total Number of Loans: 11,643
Total Outstanding Loan Balance: $737,558,205
Balloon (% of Total): 51.26%
Level Pay (% of Total): 48.74%
Average Loan Principal Balance: $63,348 ($956 to $549,700)
Weighted Average CLTV : 74.47% (4.62% to 100.00%)
% of Pool with LTVs greater than 85%: 8.37%
Weighted Average Coupon: 11.60% (7.45% to 24.00%)
Weighted Average Remaining Term to
Maturity (months): 217 (4 to 360)
Weighted Average Seasoning (months): 4 (0 to 103)
Weighted Average Original Term
(months): 221 (6 to 360 )
Range of Original Terms: Level Pay Balloon
------------------- --------------------
Up to 60: 0.06% Up to 60: 0.15%
61 - 120: 1.58% 61 - 120: 0.42%
121 - 180: 15.27% 121 - 180: 50.69%
181 - 240: 11.94% 241 - 300: 0.26%
301 - 360: 19.64%
Lien Position: 1st Lien: 87.43%
2nd Lien: 12.57%
Property Type: Single Family Detached: 86.93%
Single Family Attached: 0.99%
2-4 Family: 9.47%
Condominium/Townhouse: 1.79%
Other: 0.82%
Occupancy Status: Owner Occupied: 92.27%
Non-Owner Occupied: 7.73%
Geographic Distribution:
(states not listed individually account NY: 22.01% PA: 5.96%
for less than 5.00% of the Mortgage NJ: 7.28% MI: 5.31%
Loan principal balance) FL: 6.45%
MD: 6.02%
Credit Quality:
(per IMC's guidelines) A: 51.69%
B: 24.63%
C: 18.70%
D: 4.98%
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 1 of 6)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
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/Fitch)
- ----------------- ---------------- -------------- --------------- -------------- ------------- ------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $153,050,000 Fixed 0.50 0.48 none 11 Aaa/AAA
Class A-2 $123,390,000 Fixed 1.25 1.17 10 9 Aaa/AAA
Class A-3 $107,990,000 Fixed 2.00 1.82 18 11 Aaa/AAA
Class A-4 $108,840,000 Fixed 3.00 2.63 28 19 Aaa/AAA
Class A-5 $ 81,290,000 Fixed 5.20 4.19 46 58 Aaa/AAA
Class A-6 $ 37,440,000 Fixed 11.81 7.51 103 72 Aaa/AAA
Class A-7 $ 80,000,000 Fixed 6.68 5.09 38 137 Aaa/AAA
Class M-1 $ 32,000,000 Fixed 5.96 4.49 37 129 Aa2 / AA+
Class M-2 $ 44,000,000 Fixed 5.88 4.43 36 119 A2 / A+
Class B $ 32,000,000 Fixed 5.59 4.26 36 94 Baa3 / 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.
<PAGE>
Class A-1 (to maturity)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 5.86 0.82 0.61 0.50 0.43 0.38
Modified Duration (years) 4.47 0.77 0.58 0.48 0.41 0.37
First Principal Payment 7/21/97 7/21/97 7/21/97 7/21/97 7/21/97 7/21/97
Last Principal Payment 12/20/08 1/20/99 7/20/98 5/20/98 3/20/98 2/20/98
Principal Lockout (months) none none none none none none
Principal Window (months) 138 19 13 11 9 8
Illustrative Yield @ Par (30/360) 6.502% 6.133% 5.989% 5.862% 5.751% 5.646%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-2 (to maturity)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.74 2.31 1.61 1.25 1.03 0.88
Modified Duration (years) 8.84 2.08 1.49 1.17 0.97 0.83
First Principal Payment 12/20/08 1/20/99 7/20/98 5/20/98 3/20/98 2/20/98
Last Principal Payment 1/20/12 7/20/00 7/20/99 1/20/99 10/20/98 7/20/98
Principal Lockout (months) 137 18 12 10 8 7
Principal Window (months) 38 19 13 9 8 6
Illustrative Yield @ Par (30/360) 6.550% 6.424% 6.358% 6.295% 6.233% 6.176%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 2 of 6)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
Class A-3 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.61 3.91 2.63 2.00 1.61 1.35
Modified Duration (years) 9.03 3.33 2.34 1.82 1.48 1.25
First Principal Payment 1/20/12 7/20/00 7/20/99 1/20/99 10/20/98 7/20/98
Last Principal Payment 1/20/12 4/20/02 8/20/00 11/20/99 5/20/99 1/20/99
Principal Lockout (months) 174 36 24 18 15 12
Principal Window (months) 1 22 14 11 8 7
Illustrative Yield @ Par (30/360) 6.827% 6.759% 6.714% 6.670% 6.626% 6.581%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Class A-4 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.63 6.81 4.20 3.00 2.30 1.90
Modified Duration (years) 8.95 5.23 3.53 2.63 2.07 1.73
First Principal Payment 1/20/12 4/20/02 8/20/00 11/20/99 5/20/99 1/20/99
Last Principal Payment 12/20/12 6/20/07 1/20/03 5/20/01 2/20/00 9/20/99
Principal Lockout (months) 174 57 37 28 22 18
Principal Window (months) 12 63 30 19 10 9
Illustrative Yield @ Par (30/360) 6.980% 6.951% 6.917% 6.882% 6.844% 6.810%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-5 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.36 12.79 8.41 5.20 3.55 2.54
Modified Duration (years) 10.32 8.09 6.05 4.19 3.03 2.25
First Principal Payment 12/20/12 6/20/07 1/20/03 5/20/01 2/20/00 9/20/99
Last Principal Payment 6/20/23 1/20/12 9/20/09 2/20/06 3/20/02 4/20/00
Principal Lockout (months) 185 119 66 46 31 26
Principal Window (months) 127 56 81 58 26 8
Illustrative Yield @ Par (30/360) 7.262% 7.252% 7.236% 7.208% 7.173% 7.130%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 3 of 6)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
Class A-6 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 27.93 16.50 14.32 11.81 7.56 3.63
Modified Duration (years) 11.28 9.08 8.46 7.51 5.40 3.06
First Principal Payment 6/20/23 1/20/12 9/20/09 2/20/06 3/20/02 4/20/00
Last Principal Payment 11/20/26 1/20/21 6/20/15 1/20/12 6/20/11 3/20/02
Principal Lockout (months) 311 174 146 103 56 33
Principal Window (months) 42 109 70 72 112 24
Illustrative Yield @ Par (30/360) 7.665% 7.657% 7.653% 7.648% 7.627% 7.570%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Class A-7 "LOCK BOND" (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 11.66 7.69 7.00 6.68 6.62 6.44
Modified Duration (years) 7.55 5.62 5.26 5.09 5.05 4.95
First Principal Payment 7/20/00 7/20/00 7/20/00 9/20/00 1/20/01 6/20/01
Last Principal Payment 1/20/12 1/20/12 1/20/12 1/20/12 4/20/11 1/20/09
Principal Lockout (months) 36 36 36 38 42 47
Principal Window (months) 139 139 139 137 124 92
Illustrative Yield @ Par (30/360) 7.218% 7.201% 7.196% 7.193% 7.193% 7.191%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
Class M-1 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 18.08 10.27 7.66 5.96 5.00 4.58
Modified Duration (years) 9.41 6.74 5.43 4.49 3.94 3.71
First Principal Payment 1/20/12 7/20/02 12/20/00 8/20/00 11/20/00 2/20/01
Last Principal Payment 4/20/26 10/20/15 1/20/12 4/20/11 7/20/08 7/20/06
Principal Lockout (months) 174 60 41 37 40 43
Principal Window (months) 172 160 134 129 93 66
Illustrative Yield @ Par (30/360) 7.576% 7.559% 7.545% 7.530% 7.518% 7.512%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 4 of 6)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
Class M-2 (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 18.05 10.16 7.65 5.88 4.86 4.32
Modified Duration (years) 9.29 6.65 5.39 4.43 3.84 3.52
First Principal Payment 1/20/12 7/20/02 12/20/00 7/20/00 8/20/00 9/20/00
Last Principal Payment 1/20/26 6/20/14 1/20/12 5/20/10 10/20/07 11/20/05
Principal Lockout (months) 174 60 41 36 37 38
Principal Window (months) 169 144 134 119 87 63
Illustrative Yield @ Par (30/360) 7.750% 7.733% 7.719% 7.702% 7.688% 7.679%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Class B (to maturity)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.68 10.07 7.37 5.59 4.58 4.00
Modified Duration (years) 9.04 6.52 5.22 4.26 3.65 3.28
First Principal Payment 1/20/12 7/20/02 12/20/00 7/20/00 7/20/00 7/20/00
Last Principal Payment 11/20/24 1/20/12 7/20/11 4/20/08 1/20/06 6/20/04
Principal Lockout (months) 174 60 41 36 36 36
Principal Window (months) 155 115 128 94 67 48
Illustrative Yield @ Par (30/360) 8.057% 8.039% 8.023% 8.005% 7.988% 7.976%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
** Class A-5 (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.08 12.79 8.30 5.19 3.55 2.54
Modified Duration (years) 10.27 8.09 6.00 4.19 3.03 2.25
First Principal Payment 12/20/12 6/20/07 1/20/03 5/20/01 2/20/00 9/20/99
Last Principal Payment 1/20/21 1/20/12 4/20/08 8/20/05 3/20/02 4/20/00
Principal Lockout (months) 185 119 66 46 31 26
Principal Window (months) 98 56 64 52 26 8
Illustrative Yield @ Par (30/360) 7.262% 7.252% 7.235% 7.208% 7.173% 7.130%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 5 of 6)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
** Class A-6 (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 23.61 14.65 10.86 8.19 5.86 3.63
Modified Duration (years) 10.68 8.59 7.18 5.91 4.57 3.06
First Principal Payment 1/20/21 1/20/12 4/20/08 8/20/05 3/20/02 4/20/00
Last Principal Payment 1/20/21 2/20/12 4/20/08 8/20/05 12/20/03 3/20/02
Principal Lockout (months) 282 174 129 97 56 33
Principal Window (months) 1 2 1 1 22 24
Illustrative Yield @ Par (30/360) 7.663% 7.654% 7.645% 7.633% 7.613% 7.570%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
** Class A-7 "LOCK BOND" (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 11.66 7.69 6.95 6.48 5.83 5.16
Modified Duration (years) 7.55 5.62 5.23 4.98 4.60 4.19
First Principal Payment 7/20/00 7/20/00 7/20/00 9/20/00 1/20/01 6/20/01
Last Principal Payment 1/20/12 1/20/12 4/20/08 8/20/05 12/20/03 10/20/02
Principal Lockout (months) 36 36 36 38 42 47
Principal Window (months) 139 139 94 60 36 17
Illustrative Yield @ Par (30/360) 7.218% 7.201% 7.196% 7.192% 7.186% 7.178%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
** Class M-1 (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.43 10.10 7.18 5.45 4.59 4.26
Modified Duration (years) 9.32 6.69 5.25 4.26 3.73 3.52
First Principal Payment 1/20/12 7/20/02 12/20/00 8/20/00 11/20/00 2/20/01
Last Principal Payment 1/20/21 2/20/12 4/20/08 8/20/05 12/20/03 10/20/02
Principal Lockout (months) 174 60 41 37 40 43
Principal Window (months) 109 116 89 61 38 21
Illustrative Yield @ Par (30/360) 7.576% 7.559% 7.543% 7.525% 7.512% 7.506%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-3
Computational Materials: Information Relating to the Certificates (page 6 of 6)
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1997-3, 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.
- --------------------------------------------------------------------------------
** Class M-2 (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.43 10.10 7.18 5.44 4.52 4.04
Modified Duration (years) 9.21 6.63 5.21 4.23 3.65 3.35
First Principal Payment 1/20/12 7/20/02 12/20/00 7/20/00 8/20/00 9/20/00
Last Principal Payment 1/20/21 2/20/12 4/20/08 8/20/05 12/20/03 10/20/02
Principal Lockout (months) 174 60 41 36 37 38
Principal Window (months) 109 116 89 62 41 26
Illustrative Yield @ Par (30/360) 7.750% 7.733% 7.716% 7.698% 7.683% 7.673%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
** Class B (to 10% clean-up call)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 17.35 10.07 7.14 5.41 4.44 3.89
Modified Duration (years) 9.00 6.52 5.14 4.17 3.57 3.22
First Principal Payment 1/20/12 7/20/02 12/20/00 7/20/00 7/20/00 7/20/00
Last Principal Payment 1/20/21 1/20/12 4/20/08 8/20/05 12/20/03 10/20/02
Principal Lockout (months) 174 60 41 36 36 36
Principal Window (months) 109 115 89 62 42 28
Illustrative Yield @ Par (30/360) 8.057% 8.039% 8.022% 8.003% 7.986% 7.973%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
THIS PAGE MUST BE ACCOMPAINED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
