<PAGE> 1
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
August 14, 1997
IMC Securities, Inc.
---------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 333-31197 59-3284026
- ------------------------------- -------------------------------- ------------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
</TABLE>
<TABLE>
<S> <C>
5901 East Fowler Avenue
Tampa Florida 33617-2362
- ------------------------------- -----------------------------
(Address of Principal (Zip Code)
Executive Offices)
</TABLE>
Registrant's telephone number, including area code (813) 984-8801
--------------
3450 Buschwood Park Drive, Tampa, Florida 33618
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(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 5. OTHER EVENTS.
In connection with the offering of IMC Adjustable Rate
Home Equity Loan Asset Backed Notes, Series 1997-4, described in a Prospectus
Supplement to be dated as of August 18, 1997, certain "Computational Materials"
within the meaning of the May 20, 1994 Kidder, Peabody No-Action Letter and the
February 17, 1995 Public Securities Association No-Action Letter were furnished
to certain prospective investors (the "Related Computational Materials").
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Related Computational Materials furnished by
PaineWebber Incorporated
99.2 Related Computational Materials furnished by
Bear, Stearns & Co. Inc.
99.3 Related Computational Materials furnished by
Nomura Securities International, Inc.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMC SECURITIES, INC. as
Depositor
By: /s/ Thomas Middleton
--------------------------------------
Name: Thomas Middleton
Title: President and Chief Operating
Officer
Dated: August 15, 1997
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION PAGE NO.
<S> <C>
99.1 Related Computational Materials furnished by
PaineWebber Incorporated
99.2 Related Computational Materials furnished by Bear,
Stearns & Co. Inc.
99.3 Related Computational Materials furnished by Nomura
Securities International, Inc.
</TABLE>
<PAGE> 1
EXHIBIT 99.1
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
DISCLAIMER
- -------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Owner Trust 1997-4, and not by or as agent for IMC Mortgage Company, L.P.
(collectively, the "Seller and Servicer"), IMC Securities, Inc. (the
"Depositor") or any of their affiliates. None of the Depositor, the Seller or
the Servicer has prepared, reviewed or participated in the preparation hereof
and is not responsible for the accuracy hereof. The analysis in this report is
accurate to the best of PW's knowledge and is based on information provided by
the Depositor, Seller and Servicer. PW makes no representations as to the
accuracy of such information provided by the Depositor, Seller and Servicer.
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.
- -------------------------------------------------------------------------------
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PAINEWEBBER
1
<PAGE> 2
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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PRICING INFORMATION
<TABLE>
SPREAD AVERAGE RATINGS
CLASS SIZE (000'S) TO LIBOR LIFE TO CALL MOODY'S/S&P
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Notes $575,000 [%] 2.97 Aaa/AAA
</TABLE>
<TABLE>
<S> <C>
Pricing Speed: 25% CPR
Payment Date: The 20th day of each month (or the next Business Day thereafter)
commencing on September 22, 1997.
Interest Accrual Period: Interest will accrue from the last Payment Date (or from the Closing
Date in the case of the first Payment Date) to the day before the
related Payment Date based on an Actual/360 day year.
Payment Delay: 0 Days
Settlement (Closing) Date: On or about August 21, 1997
Cut-off Date: August 1, 1997 (close of business)
Stated Final Payment Date: The Stated Final Payment Date for the Notes is 10/20/27 although it is
anticipated that the Actual Final Payment Date for the Notes will occur
significantly earlier than the Stated Final Payment Date.
</TABLE>
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PAINEWEBBER
2
<PAGE> 3
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF SECURITIES
<TABLE>
<S> <C>
TITLE OF SECURITIES: IMC Home Equity Loan Owner Trust 1997-4
NOTES: $575 million (single class)
CERTIFICATES: Residual Interest (not offered hereby)
LEAD UNDERWRITERS: PaineWebber Incorporated
CO-UNDERWRITERS: Bear, Stearns and Co. Inc.
Nomura Securities International, Inc.
SELLER AND SERVICER: IMC Mortgage Company, L.P.
Headquartered in Tampa, FL
DEPOSITOR: IMC Securities, Inc.
OWNER TRUSTEE: Wilmington Trust Company
INDENTURE TRUSTEE: The Chase Manhattan Bank
CUSTODIAN: BancBoston, N.A.
HOME EQUITY LOANS: The Home Equity Loans consist of adjustable rate conventional home
equity loans. The Home Equity Loans are secured by first and second
lien mortgages or deeds of trust primarily on one to four family
residential properties. A substantial portion of the loans included in
the pool do not conform to FNMA or FHLMC underwriting standards or to
those standards typically applied by banks or other lending
institutions, particularly with regard to a borrower's credit history.
Approximately 64% of the Home Equity Loans bear prepayment penalties.
OFFERING: Public shelf offering - a prospectus and prospectus supplement will be
distributed after pricing.
FORM OF OFFERING: Book-Entry form, same-day funds through DTC, Euroclear, and CEDEL.
</TABLE>
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3
<PAGE> 4
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
DENOMINATIONS: The Notes are issuable in minimum denominations of an
original amount of $25,000 and multiples of $1,000
thereafter.
NOTE RATE: On each Payment Date, the "Note Rate" will be equal to
the lesser of (x) with respect to any Payment Date which
occurs on or prior to the Redemption Date, One-Month
LIBOR plus __% per annum and for any Payment Date
thereafter, One-Month LIBOR plus __% per annum, and (y)
the Available Funds Cap.
AVAILABLE FUNDS CAP: The "Available Funds Cap" is the weighted average of the
Coupon Rates on the Home Equity Loans, less 62.375 bps
per annum.
AVAILABLE FUNDS CAP
CARRY FORWARD AMOUNT: If, on any Payment Date, the Available Funds Cap limits
the Note Rate (i.e., the rate set by the Available Funds
Cap is less than the Formula Note Rate which is defined
in clause (x) of the definition of Note Rate above), the
amount of any such shortfall will be carried forward and
be due and payable on future Payment Dates and shall
accrue interest at the applicable Formula Note Rate,
until paid (such shortfall, together with such accrued
interest, the "Available Funds Cap Carry Forward
Amount").
The Insurance Policy for the Notes does not cover the
Available Funds Cap Carry Forward Amount; the payment
of such amount may be funded only from (i) any excess
interest resulting from the Available Funds Cap being in
excess of the Formula Note Rate on Future Payment Dates,
and (ii) any Net Monthly Excess Cashflow which would
otherwise be paid to the Servicer or the Indenture
Trustee on account of certain reimburseable amounts, or
to the Owners of the Residual Interests.
Although Owners of the Notes will be entitled to receive
any Available Funds Cap Carry Forward Amount from and to
the extent of funds available therefor as described
herein, there is no assurance that such funds will be
available. The failure to pay any Available Funds Cap
Carry Forward Amount due to a lack of funds therefor
will not constitute an Event of Default under the
Indenture. In addition, the Insurance Policy does not
cover, and the ratings of the notes do not address the
likelihood of the payment of any Available Funds Cap
Carry Forward Amount.
</TABLE>
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4
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
CREDIT ENHANCEMENT: Credit enhancement with respect to the Notes will be
provided by (a) the overcollateralization mechanics
which utilize the excess interest created by the
internal cashflows of the pool, and (b) the MBIA
Insurance Policy.
Overcollateralization: The required application of the
cashflow from the pool results in a limited acceleration
of the Notes relative to the amortization of the Home
Equity Loans in the early months of the transaction. The
accelerated amortization is achieved by the application
of certain excess interest to the payment in reduction of
the Note Principal Balance. This acceleration feature
creates overcollateralization (i.e., the excess of the
aggregate outstanding Loan Balance of the Home Equity
Loans over the Note Principal Balance). Once the
required level of overcollateralization is reached, and
subject to the provisions below, the acceleration feature
will cease unless necessary to maintain the required
level of overcollateralization. The Sale and Servicing
Agreement provides that, subject to certain floors, caps
and triggers, the required level of overcollateralization
may increase or decrease over time.
MBIA Insurance Policy: MBIA Insurance Corporation (the
"Note Insurer") will unconditionally and irrevocably
guarantee the timely payment of interest and ultimate
payment of principal on the Notes (i.e. after any losses
reduce the overcollateralization to zero, MBIA will cover
the excess, if any, of the Note principal balance over
the aggregate collateral balance). The Insurance Policy
does not guarantee the payment of Available Funds Cap
Carry- Forward Amounts. The Insured Payments do not
cover Realized Losses except to the extent that an
Overcollateralization Deficit exists. Insured Payments
do not cover the Servicer's failure to make Delinquency
Advances except to the extent that an Overcollateralization
Deficit would otherwise result therefrom. The Insurance
Policy is not cancelable for any reason.
</TABLE>
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5
<PAGE> 6
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
PAYMENT AND DISTRIBUTION
PRIORITIES: (1) The Trustee fees and expenses and MBIA Fees;
(2) To the Owners of the Notes, the Current Interest;
(3) To the Owners of the Notes, the Principal Distribution Amount;
(4) To the Owners of the Notes, in payment of the Principal
Distribution Amount to the extent of any Available Funds
Shortfall from Total Monthly Excess Cashflow;
(5) To MBIA, amounts owed on account of any Reimbursement Account
from Total Monthly Excess Cashflow;
(6) To the Owners of the Notes, any Overcollateralization
Deficiency Amount from Net Monthly Excess Cashflow;
(7) To the Owners of the Notes, any Available Funds Cap Carry
Forward Amounts from Net Monthly Excess Cashflow;
(8) To the Servicer, any unreimbursed Servicing Advances from Net
Monthly Excess Cashflow.
(9) To the Servicer, any unreimbursed Servicing Advances and to
MBIA, any Reimbursement Amounts;
(10) To the Trustee, any unreimbursed expenses, and;
(11) To the holders of the Residual Interest, the remaining
distributable amounts.
<CAPTION>
<S> <C>
OPTIONAL TERMINATION: The Notes may be redeemed in full at the option of
the holders of at least 50% of the Residual Interest
after the Loan Principal Balance is less than 10% of
the original Loan Principal Balance. In addition,
the Servicer and the Note Insurer will have rights,
under limited circumstances, to acquire all of the
Home Equity Loans from the Indenture Trustee and
thereby effect a redemption of the Notes.
SERVICING/OTHER FEES: The collateral is subject to certain fees, including
a servicing fee of 0.50% per annum payable monthly,
Note Insurer fees, and trustee fees.
ADVANCING BY SERVICER: The Servicer is required to advance from its own
funds any delinquent payment of interest (not
principal) unless such interest is deemed to be
non-recoverable (the "Delinquency Advances").
</TABLE>
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6
<PAGE> 7
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
FEDERAL TAX ASPECTS: The trust will be an Owner Trust. No election will be
made to treat the Trust Estate or any portion thereof
as a REMIC for federal income tax purposes. The Notes
will be treated as non-recourse obligations of the
Issuer and the Issuer will not be characterized as an
association (or a publicly traded partnership) taxable
as a corporation. Investors are advised to consult
their tax advisors and to review the Prospectus and
Prospectus Supplement.
ERISA CONSIDERATIONS: The Notes may be purchased by employee benefit plans
that are subject to ERISA. See applicable sections in
the Prospectus and Prospectus Supplement.
SMMEA ELIGIBILITY: The Notes will NOT constitute "mortgage-related
securities" for purposes of SMMEA.
PROSPECTUS: The Notes are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus"). Complete information with respect to
the Notes and the collateral is contained in the
Prospectus. The material presented herein is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Notes may not be
consummated unless the purchaser has received the
Prospectus.
</TABLE>
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PAINEWEBBER
7
<PAGE> 8
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
<TABLE>
<CAPTION>
POOL LEVEL DETAIL:
- ----------------------
<S> <C>
NUMBER OF LOANS 6,030
CURRENT BALANCE $574,999,066
AVERAGE BALANCE $95,356
MINIMUM BALANCE $11,098
MAXIMUM BALANCE $548,067
WTD AVERAGE COUPON 10.0864%
ORIGINAL TERM (MOS) 356
SEASONING (MOS) 5
COMBINED LOAN-TO-VALUE 74.64%
</TABLE>
The sums and percentages in the following tables may not equal the totals shown
due to rounding.
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8
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
STATE AR 10 864,697 0.15
AZ 67 5,017,965 0.87
CA 663 90,425,868 15.73
CO 158 16,909,819 2.94
CT 107 10,313,399 1.79
DC 21 3,183,638 0.55
DE 14 1,273,267 0.22
FL 208 17,513,261 3.05
GA 96 10,275,408 1.79
HI 97 18,866,775 3.28
IA 25 1,632,935 0.28
ID 89 7,496,561 1.30
IL 387 36,205,773 6.30
IN 185 11,928,473 2.07
KS 12 783,602 0.14
KY 31 1,834,151 0.32
LA 7 513,451 0.09
MA 71 8,341,061 1.45
MD 235 27,001,695 4.70
ME 6 348,855 0.06
MI 898 64,968,264 11.30
MN 104 8,604,453 1.50
MO 128 7,102,980 1.24
MS 2 166,490 0.03
MT 22 2,126,455 0.37
NC 122 10,277,368 1.79
NE 10 542,139 0.09
NH 9 887,101 0.15
NJ 97 11,937,042 2.08
NM 178 14,818,076 2.58
NV 17 1,853,188 0.32
NY 249 28,895,444 5.03
OH 461 33,418,851 5.81
OK 16 1,013,048 0.18
OR 177 19,027,111 3.31
PA 175 14,609,097 2.54
RI 41 4,027,708 0.70
</TABLE>
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9
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
STATE (CONTINUED) SC 16 1,651,748 0.29
SD 1 24,878 0.00
TN 34 2,880,577 0.50
TX 119 10,380,864 1.81
UT 194 21,262,337 3.70
VA 41 5,471,252 0.95
WA 203 22,478,106 3.91
WI 215 15,031,138 2.61
WV 11 752,944 0.13
WY 1 59,753 0.01
======================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COMBINED LTV 5+% to 10% 2 199,964 0.03
10+% to 15% 2 79,054 0.01
15+% to 20% 8 226,550 0.04
20+% to 25% 12 521,828 0.09
25+% to 30% 23 1,196,768 0.21
30+% to 35% 34 1,662,853 0.29
35+% to 40% 55 3,258,833 0.57
40+% to 45% 93 5,136,775 0.89
45+% to 50% 149 8,900,402 1.55
50+% to 55% 159 12,102,855 2.10
55+% to 60% 317 25,009,458 4.35
60+% to 65% 548 44,870,130 7.80
65+% to 70% 807 69,057,118 12.01
70+% to 75% 1208 124,563,250 21.66
75+% to 80% 1492 152,207,136 26.47
80+% to 85% 697 76,338,765 13.28
85+% to 90% 360 42,362,225 7.37
90+% to 95% 38 5,128,218 0.89
95+% to100% 26 2,176,881 0.38
======================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
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10
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COMBINED LTV 5+% to 10% 2 199,964 0.03
10+% to 15% 2 79,054 0.01
15+% to 20% 8 226,550 0.04
20+% to 25% 12 521,828 0.09
25+% to 30% 23 1,196,768 0.21
30+% to 35% 34 1,662,853 0.29
35+% to 40% 55 3,258,833 0.57
40+% to 45% 93 5,136,775 0.89
45+% to 50% 149 8,900,402 1.55
50+% to 55% 159 12,102,855 2.10
55+% to 60% 317 25,009,458 4.35
60+% to 65% 548 44,870,130 7.80
65+% to 70% 807 69,057,118 12.01
70+% to 75% 1208 124,563,250 21.66
75+% to 80% 1492 152,207,136 26.47
80+% to 85% 697 76,338,765 13.28
85+% to 90% 360 42,362,225 7.37
90+% to 95% 38 5,128,218 0.89
95+% to100% 26 2,176,881 0.38
========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COUPON 5+ - 6% 3 368,440 0.06
6+ - 7% 33 4,118,200 0.72
7+ - 8% 297 39,284,466 6.83
8+ - 9% 843 100,405,790 17.46
9+ - 10% 1,620 167,841,155 29.19
10+ - 11% 1,492 134,573,901 23.40
11+ - 12% 969 76,614,333 13.32
12+ - 13% 466 32,895,189 5.72
13+ - 14% 212 13,125,356 2.28
14+ - 15% 87 5,390,096 0.94
15+ - 16% 7 347,351 0.06
16+ - 17% 1 34,789 0.01
========================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
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11
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
CURRENT BALANCE 0K+ to 25K 193 4,043,328 0.70
25K+ to 50K 1,229 47,778,716 8.31
50K+ to 75K 1,438 89,847,836 15.63
75K+ to 100K 1,119 97,888,573 17.02
100K+ to 125K 744 83,348,030 14.50
125K+ to 150K 455 62,452,764 10.86
150K+ to 175K 288 46,673,381 8.12
175K+ to 200K 169 31,724,424 5.52
200K+ to 250K 170 37,940,282 6.60
250K+ to 300K 98 26,745,874 4.65
300K+ to 350K 67 22,011,448 3.83
350K+ to 400K 36 13,624,155 2.37
400K+ to 450K 14 5,922,889 1.03
450K+ to 500K 8 3,911,274 0.68
500K+ to 550K 2 1,086,092 0.19
========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
PROPERTY TYPE 2-4 Family 284 27,604,759 4.80
Town House 32 2,134,478 0.37
Mfctrd Housing 19 1,217,592 0.21
Multi-Family 24 2,202,512 0.38
Condo 122 11,622,204 2.02
Single Family Attached 29 2,725,584 0.47
Single Family Detached 5,503 524,737,877 91.26
PUD 17 2,754,061 0.48
========================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
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12
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IMC HOME EQUITY LOAN OWNER TRUST 1997-4
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MONTHS SINCE
ORIGINATION 0 - 1 Mo 382 30,659,652 5.33
2 - 12 Mos 5,398 523,095,610 90.97
13 - 24 Mos 207 18,647,670 3.24
25 Mos or more 43 2,596,134 0.45
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
REMAINING TERM Up to 120 Mos 28 2,130,190 0.37
121 - 180 Mos 165 10,096,072 1.76
181 - 240 Mos 17 1,232,937 0.21
241 - 300 Mos 1 118,398 0.02
301 - 360 Mos 5,819 561,421,469 97.64
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
OCCUPANCY Primary 5,509 536,200,504 93.25
Investor 486 35,581,708 6.19
Secondary 35 3,216,854 0.56
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIEN TYPE 1 6,019 574,377,922 99.89
2 11 621,144 0.11
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
--------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
--------------------------------------------------------------------
PAINEWEBBER
13
<PAGE> 14
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIFE CAP 6+ - 7% 2 161,897 0.03
10+ - 11% 7 611,364 0.11
11+ - 12% 8 763,634 0.13
12+ - 13% 19 2,476,607 0.43
13+ - 14% 148 19,476,342 3.39
14+ - 15% 561 68,992,073 12.00
15+ - 16% 1,317 141,043,327 24.53
16+ - 17% 1,598 156,360,703 27.19
17+ - 18% 1,215 100,230,296 17.43
18+ - 19% 596 46,757,555 8.13
19+ - 20% 283 20,115,374 3.50
20+ - 21% 124 8,532,020 1.48
21+ - 22% 34 2,116,341 0.37
22+ - 23% 7 459,658 0.08
Over 50% 111 6,901,877 1.20
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIFE FLOOR 2+ - 3% 1 119,869 0.02
4+ - 5% 5 619,019 0.11
5+ - 6% 49 4,756,418 0.83
6+ - 7% 119 12,722,466 2.21
7+ - 8% 397 47,549,740 8.27
8+ - 9% 880 103,856,750 18.06
9+ - 10% 1,569 158,637,502 27.59
10+ - 11% 1,462 131,936,762 22.95
11+ - 12% 916 70,840,105 12.32
12+ - 13% 394 29,355,942 5.11
13+ - 14% 156 9,515,871 1.65
14+ - 15% 75 4,732,455 0.82
15+ - 16% 6 321,377 0.06
16+ - 17% 1 34,789 0.01
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
--------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
--------------------------------------------------------------------
PAINEWEBBER
14
<PAGE> 15
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
CMT LOANS
<TABLE>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MARGIN 3+ - 4% 10 1,265,513 0.22%
4+ - 5% 20 2,578,213 0.45%
5+ - 6% 64 6,048,213 1.05%
6+ - 7% 104 11,242,119 1.96%
7+ - 8% 65 4,835,436 0.84%
8+ - 9% 27 1,869,972 0.33%
9+ - 10% 1 87,278 0.02%
10+ - 11% 1 47,466 0.01%
=========================================================================
TOTAL 292 $27,974,210 4.87%
</TABLE>
SIX-MONTH LIBOR LOANS
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MARGIN 2+ - 3% 4 305,768 0.05%
3+ - 4% 48 6,797,419 1.18%
4+ - 5% 269 25,000,012 4.35%
5+ - 6% 1,261 140,317,780 24.40%
6+ - 7% 2,042 202,666,639 35.25%
7+ - 8% 1,341 107,991,387 18.78%
8+ - 9% 474 37,801,133 6.57%
9+ - 10% 212 16,618,957 2.89%
10+ - 11% 49 4,814,193 0.84%
11+ - 12% 30 3,627,543 0.63%
12+ - 13% 4 671,878 0.12%
13+ - 14% 4 412,147 0.07%
============================================================================
TOTAL 5,738 $547,024,856 95.13%
</TABLE>
--------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
--------------------------------------------------------------------
PAINWEBBER
15
<PAGE> 16
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
CMT LOANS
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
RATE RESET 1997/08 1 23,000 0.00%
1997/09 23 2,162,364 0.38%
1997/10 16 1,149,399 0.20%
1997/11 14 699,485 0.12%
1997/12 14 1,075,670 0.19%
1998/01 12 753,685 0.13%
1998/02 11 710,150 0.12%
1998/03 4 413,451 0.07%
1998/04 7 551,949 0.10%
1998/05 5 696,115 0.12%
1998/06 7 523,546 0.09%
1998/07 17 2,212,590 0.38%
1998/08 4 433,126 0.08%
1998/09 2 140,747 0.02%
1998/12 4 468,561 0.08%
1999/01 5 396,990 0.07%
1999/02 3 340,356 0.06%
1999/03 7 879,904 0.15%
1999/04 2 193,673 0.03%
1999/05 13 1,266,061 0.22%
1999/06 31 3,422,457 0.60%
1999/07 40 3,991,524 0.69%
1999/08 32 3,842,172 0.67%
1999/09 13 1,053,315 0.18%
1999/10 2 287,499 0.05%
1999/11 1 59,221 0.01%
2000/02 2 227,200 0.04%
=========================================================================
TOTAL 292 $27,974,210 4.87%
</TABLE>
--------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
--------------------------------------------------------------------
PAINEWEBBER
16
<PAGE> 17
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
SIX-MONTH LIBOR LOANS
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
RATE RESET 1997/08 73 6,541,979 1.14%
1997/09 458 41,072,036 7.14%
1997/10 494 45,259,964 7.87%
1997/11 473 42,618,839 7.41%
1997/12 341 26,757,447 4.65%
1998/01 188 16,015,183 2.79%
1998/02 188 17,446,249 3.03%
1998/05 1 129,154 0.02%
1998/06 1 43,966 0.01%
1998/07 2 183,255 0.03%
1998/10 10 675,150 0.12%
1998/11 13 761,894 0.13%
1998/12 41 3,503,801 0.61%
1999/01 106 11,676,004 2.03%
1999/02 486 52,645,718 9.16%
1999/03 553 55,609,849 9.67%
1999/04 821 83,915,146 14.59%
1999/05 798 78,468,203 13.65%
1999/06 331 28,831,977 5.01%
1999/07 124 10,350,170 1.80%
1999/08 6 509,150 0.09%
1999/09 4 432,763 0.08%
1999/11 5 365,904 0.06%
1999/12 5 345,076 0.06%
2000/01 14 1,245,899 0.22%
2000/02 32 3,020,951 0.53%
2000/03 44 5,119,564 0.89%
2000/04 75 8,252,471 1.44%
2000/05 48 5,093,187 0.89%
2000/08 1 31,281 0.01%
2001/12 1 71,884 0.01%
2004/11 1 30,742 0.01%
===========================================================================
TOTAL 5,738 $547,024,856 95.13%
</TABLE>
--------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
--------------------------------------------------------------------
PAINEWEBBER
17
<PAGE> 18
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
BOND SENSITIVITY TO PREPAYMENT ASSUMPTIONS
<TABLE>
<CAPTION>
CONSTANT PREPAYMENT RATE
NOTE A (TO MATURITY) 15% 20% 25% 30% 35% 40%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 5.52 4.13 3.25 2.64 2.20 1.86
Expected Maturity 9/20/23 4/20/19 3/20/15 2/20/12 9/20/09 11/20/07
</TABLE>
<TABLE>
<CAPTION>
CONSTANT PREPAYMENT RATE
NOTE A (TO CALL) 15% 20% 25% 30% 35% 40%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 5.10 3.79 2.97 2.42 2.01 1.71
Expected Maturity 11/20/10 7/20/07 5/20/05 12/20/03 11/20/02 2/20/02
</TABLE>
--------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
--------------------------------------------------------------------
PAINEWEBBER
18
<PAGE> 1
EXHIBIT 99.2
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
PRICING INFORMATION
<TABLE>
<CAPTION>
SPREAD AVERAGE RATINGS
CLASS SIZE (000'S) TO LIBOR LIFE TO CALL MOODY'S/S&P
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Notes: $575,000 [%] 2.97 Aaa/AAA
</TABLE>
Pricing Speed: 25% CPR
Payment Date: The 20th day of each month (or the next
Business Day thereafter) commencing on
September 22, 1997.
Interest Accrual Period: Interest will accrue from the last Payment
Date (or from the Closing Date in the case of
the first Payment Date) to the day before the
related Distribution Date based on an
Actual/360 day year.
Payment Delay: 0 Days
Settlement (Closing) Date: On or about August 21, 1997
Cut-off Date: August 1, 1997 (close of business)
Stated Final Payment Date: The Stated Final Payment Date for the Notes
is 10/20/27 although it is anticipated that
the Actual Final Payment Date for the Notes
will occur significantly earlier than the
Stated Final Payment Date.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 2
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES
TITLE OF SECURITIES: IMC Home Equity Loan Owner Trust 1997-4
NOTES: $575 million (single class)
CERTIFICATES: Residual Interest (not offered hereby)
LEAD UNDERWRITERS: PaineWebber Incorporated
CO-UNDERWRITERS: Bear, Stearns and Co. Inc.
Nomura Securities International, Inc.
SELLER AND SERVICER: IMC Mortgage Company, L.P.
Headquartered in Tampa, FL
DEPOSITOR: IMC Securities, Inc.
OWNER TRUSTEE: Wilmington Trust Company
INDENTURE TRUSTEE: The Chase Manhattan Bank
HOME EQUITY LOANS: The Home Equity Loans consist of adjustable
rate conventional home equity loans. The
Home Equity Loans are secured by first and
second lien mortgages or deeds of trust
primarily on one to four family residential
properties. A substantial portion of the
loans included in the pool do not conform to
FNMA or FHLMC underwriting standards or to
those standards typically applied by banks or
other lending institutions, particularly with
regard to a borrower's credit history.
Approximately 64% of the Home Equity Loans
bear prepayment penalties.
OFFERING: Public shelf offering - a prospectus and
prospectus supplement will be distributed
after pricing.
FORM OF OFFERING: Book-Entry form, same-day funds through DTC,
Euroclear, and CEDEL.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 3
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
DENOMINATIONS: The Notes are issuable in minimum
denominations of an original amount of
$25,000 and multiples of $1,000 thereafter.
NOTE RATE: On each Payment Date, the "Note Rate" will be
equal to the lesser of (x) with respect to
any Payment Date which occurs on or prior to
the Redemption Date (as defined herein),
One-Month LIBOR plus __% per annum and for
any Payment Date thereafter, One-Month LIBOR
plus __% per annum, and (y) the Available
Funds Cap.
AVAILABLE FUNDS CAP: The "Available Funds Cap" is the weighted
average of the Coupon Rates on the Home
Equity Loans, less 62.375 bps per annum.
INTEREST CARRY
FORWARD AMOUNT: The "Interest Carry Forward Amount" for any
Payment Date is the sum of (x) the amount, if
any, by which (i) the sum of the Current
Interest as of the immediately preceding
Payment Date and all prior unpaid Interest
Carry Forward Amounts exceeded (ii) the
amount of the actual payments of interest
made on such immediately preceding Payment
Date plus (y) 30 days interest on such
amount, calculated at the Note Rate.
AVAILABLE FUNDS CAP
CARRY-FORWARD AMOUNT: If, on any Payment Date, the Available Funds
Cap limits the Note Rate (i.e., the rate set
by the Available Funds Cap is less than the
Formula Note Rate which is defined in clause
(x) of the definition of Note Rate above),
the amount of any such shortfall will be
carried forward and be due and payable on
future Payment Dates and shall accrue
interest at the applicable Formula Note Rate,
until paid (such shortfall, together with
such accrued interest, the "Available Funds
Cap Carry-Forward Amount").
The Insurance Policy for the Notes does not
cover the Available Funds Cap Carry-Forward
Amount; the payment of such amount may be
funded only from (i) any excess interest
resulting from the Available Funds Cap being
in excess of the Formula Note Rate on Future
Payment Dates, (ii) any Net Monthly Excess
Cashflow which would otherwise be paid to the
Servicer or the Indenture Trustee on account
of certain reimburseable amounts, or to the
Owners of the Residual Interests and (iii)
any funds paid to effect the early retirement
of the Notes.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 4
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
AVAILABLE FUNDS CAP
CARRY-FORWARD AMOUNT
(CONTINUED): Although Owners of the Notes will be entitled
to receive any Available Funds Cap
Carry-Forward Amount from and to the extent
of funds available therefor as described
herein, there is no assurance that such funds
will be available. The failure to pay any
Available Funds Cap Carry-Forward Amount due
to a lack of funds therefor will not
constitute an Event of Default under the
Indenture. In addition, the Insurance Policy
does not cover, and the ratings of the notes
do not address the likelihood of the payment
of any Available Funds Cap Carry-Forward
Amount.
CREDIT ENHANCEMENT: Credit enhancement with respect to the Notes
will be provided by (a) the
overcollateralization mechanics which utilize
the excess interest created by the internal
cashflows of the pool, and (b) the MBIA
Insurance Policy.
Overcollateralization: The required
application of the cashflow from the pool
results in a limited acceleration of the
Notes relative to the amortization of the
Home Equity Loans in the early months of the
transaction. The accelerated amortization is
achieved by the application of certain excess
interest to the payment in reduction of the
Note Principal Balance. This acceleration
feature creates overcollateralization (i.e.,
the excess of the aggregate outstanding Loan
Balance of the Home Equity Loans over the
Note Principal Balance). Once the required
level of overcollateralization is reached,
and subject to the provisions below, the
acceleration feature will cease unless
necessary to maintain the required level of
overcollateralization. The Sale and
Servicing Agreement provides that, subject to
certain floors, caps and triggers, the
required level of overcollateralization may
increase or decrease over time.
MBIA Insurance Policy: MBIA Insurance
Corporation (the "Note Insurer") will
unconditionally and irrevocably guarantee the
timely payment of interest and ultimate
payment of principal on the Notes (i.e.
after any losses reduce the
overcollateralization to zero, MBIA will
cover the excess, if any, of the Note balance
over the aggregate collateral balance). The
Insurance Policy does not guarantee the
payment of Available Funds Cap Carry- Forward
Amounts. The Insured Payments do not cover
Realized Losses except to the extent that an
Overcollateralization Deficit Exists.
Insured Payments do not cover the Servicer's
failure to make Delinquency Advances except
to the extent that an Overcollateralization
Deficit would otherwise result therefrom.
The Insurance Policy is not cancelable for
any reason.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 5
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
PAYMENT AND DISTRIBUTION
PRIORITIES: (1) The Trustee fees and expenses and MBIA
Fees;
(2) To the Owners of the Notes, the Current
Interest and Interest Carry Forward
Amount;
(3) To the Owners of the Notes, the Principal
Distribution Amount;
(4) To the Owners of the Notes, in payment of
the Principal Distribution Amount to the
extent of any Available Funds Shortfall
from Total Monthly Excess Cashflow;
(5) To MBIA, amounts owed on account of any
Reimbursement Account from Total Monthly
Excess Cashflow;
(6) To the Owners of the Notes, any
Overcollateralization Deficiency Amount
from Net Monthly Excess Cashflow;
(7) To the Owners of the Notes, any Available
Funds Cap Carry-Forward Amounts from Net
Monthly Excess Cashflow;
(8) To the Servicer, any unreimbursed
Servicing Advances from Net Monthly
Excess Cashflow.
(9) To the Servicer, any unreimbursed
Servicing Advances and to MBIA, any
Reimbursement Amounts;
(10) To the Trustee, any unreimbursed
expenses, and;
(11) To the holders of the Residual Interest,
the remaining distributable amounts.
OPTIONAL TERMINATION: The Notes may be redeemed in full at the option
of the holders of at least 50% of the Residual
Interest after the Note Principal Balance is
less than 10% of the original Note Principal
Balance. In addition, the Servicer and the
Note Insurer will have rights, under limited
circumstances, to acquire all of the Home
Equity Loans from the Indenture Trustee and
thereby effect a redemption of the Notes.
SERVICING/OTHER FEES: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly and trustee fees.
ADVANCING BY SERVICER: The Servicer is required to advance from its
own funds any delinquent payment of interest
(not principal) unless such interest is deemed
to be non-recoverable (the "Delinquency
Advances").
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 6
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
FEDERAL TAX ASPECTS: The trust will be an Owner Trust. No election
will be made to treat the Trust Estate or any
portion thereof as a REMIC for federal income
tax purposes. The Notes will be treated as
non-recourse obligations of the Issuer and the
Issuer will not be characterized as an
association (or a publicly traded partnership)
taxable as a corporation. Investors are
advised to consult their tax advisors and to
review the Prospectus and Prospectus
Supplement.
ERISA CONSIDERATIONS: The Notes may be purchased by employee benefit
plans that are subject to ERISA. See applicable
sections in the Prospectus and Prospectus
Supplement.
SMMEA ELIGIBILITY: The Notes will NOT constitute "mortgage-related
securities" for purposes of SMMEA.
PROSPECTUS: The Notes are being offered pursuant to a
Prospectus which includes a Prospectus
Supplement (together, the "Prospectus").
Complete information with respect to the Notes
and the collateral is contained in the
Prospectus. The material presented herein is
qualified in its entirety by the information
appearing in the Prospectus. To the extent
that the foregoing is inconsistent with the
Prospectus, the Prospectus shall govern in all
respects. Sales of the Notes may not be
consummated unless the purchaser has received
the Prospectus.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 7
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
<TABLE>
<CAPTION>
POOL LEVEL DETAIL:
- ------------------
<S> <C>
NUMBER OF LOANS 6,030
CURRENT BALANCE $574,999,066
AVERAGE BALANCE $95,356
MINIMUM BALANCE $11,098
MAXIMUM BALANCE $548,067
WTD AVERAGE COUPON 10.0864%
ORIGINAL TERM (MOS) 356
SEASONING (MOS) 5
COMBINED LOAN-TO-VALUE 74.64%
</TABLE>
The sums and percentages in the following tables may not equal the totals shown
due to rounding.
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 8
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
STATE AR 10 864,697 0.15
AZ 67 5,017,965 0.87
CA 663 90,425,868 15.73
CO 158 16,909,819 2.94
CT 107 10,313,399 1.79
DC 21 3,183,638 0.55
DE 14 1,273,267 0.22
FL 208 17,513,261 3.05
GA 96 10,275,408 1.79
HI 97 18,866,775 3.28
IA 25 1,632,935 0.28
ID 89 7,496,561 1.30
IL 387 36,205,773 6.30
IN 185 11,928,473 2.07
KS 12 783,602 0.14
KY 31 1,834,151 0.32
LA 7 513,451 0.09
MA 71 8,341,061 1.45
MD 235 27,001,695 4.70
ME 6 348,855 0.06
MI 898 64,968,264 11.30
MN 104 8,604,453 1.50
MO 128 7,102,980 1.24
MS 2 166,490 0.03
MT 22 2,126,455 0.37
NC 122 10,277,368 1.79
NE 10 542,139 0.09
NH 9 887,101 0.15
NJ 97 11,937,042 2.08
NM 178 14,818,076 2.58
NV 17 1,853,188 0.32
NY 249 28,895,444 5.03
OH 461 33,418,851 5.81
OK 16 1,013,048 0.18
OR 177 19,027,111 3.31
PA 175 14,609,097 2.54
RI 41 4,027,708 0.70
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 9
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
STATE (CONTINUED) SC 16 1,651,748 0.29
SD 1 24,878 0.00
TN 34 2,880,577 0.50
TX 119 10,380,864 1.81
UT 194 21,262,337 3.70
VA 41 5,471,252 0.95
WA 203 22,478,106 3.91
WI 215 15,031,138 2.61
WV 11 752,944 0.13
WY 1 59,753 0.01
=========================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COMBINED LTV 5+% to 10% 2 199,964 0.03
10+% to 15% 2 79,054 0.01
15+% to 20% 8 226,550 0.04
20+% to 25% 12 521,828 0.09
25+% to 30% 23 1,196,768 0.21
30+% to 35% 34 1,662,853 0.29
35+% to 40% 55 3,258,833 0.57
40+% to 45% 93 5,136,775 0.89
45+% to 50% 149 8,900,402 1.55
50+% to 55% 159 12,102,855 2.10
55+% to 60% 317 25,009,458 4.35
60+% to 65% 548 44,870,130 7.80
65+% to 70% 807 69,057,118 12.01
70+% to 75% 1208 124,563,250 21.66
75+% to 80% 1492 152,207,136 26.47
80+% to 85% 697 76,338,765 13.28
85+% to 90% 360 42,362,225 7.37
90+% to 95% 38 5,128,218 0.89
95+% to100% 26 2,176,881 0.38
=========================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 10
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COMBINED LTV 5+% to 10% 2 199,964 0.03
10+% to 15% 2 79,054 0.01
15+% to 20% 8 226,550 0.04
20+% to 25% 12 521,828 0.09
25+% to 30% 23 1,196,768 0.21
30+% to 35% 34 1,662,853 0.29
35+% to 40% 55 3,258,833 0.57
40+% to 45% 93 5,136,775 0.89
45+% to 50% 149 8,900,402 1.55
50+% to 55% 159 12,102,855 2.10
55+% to 60% 317 25,009,458 4.35
60+% to 65% 548 44,870,130 7.80
65+% to 70% 807 69,057,118 12.01
70+% to 75% 1208 124,563,250 21.66
75+% to 80% 1492 152,207,136 26.47
80+% to 85% 697 76,338,765 13.28
85+% to 90% 360 42,362,225 7.37
90+% to 95% 38 5,128,218 0.89
95+% to100% 26 2,176,881 0.38
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COUPON 5+ - 6% 3 368,440 0.06
6+ - 7% 33 4,118,200 0.72
7+ - 8% 297 39,284,466 6.83
8+ - 9% 843 100,405,790 17.46
9+ - 10% 1,620 167,841,155 29.19
10+ - 11% 1,492 134,573,901 23.40
11+ - 12% 969 76,614,333 13.32
12+ - 13% 466 32,895,189 5.72
13+ - 14% 212 13,125,356 2.28
14+ - 15% 87 5,390,096 0.94
15+ - 16% 7 347,351 0.06
16+ - 17% 1 34,789 0.01
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 11
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
CURRENT BALANCE 0K+ to 25K 193 4,043,328 0.70
25K+ to 50K 1,229 47,778,716 8.31
50K+ to 75K 1,438 89,847,836 15.63
75K+ to 100K 1,119 97,888,573 17.02
100K+ to 125K 744 83,348,030 14.50
125K+ to 150K 455 62,452,764 10.86
150K+ to 175K 288 46,673,381 8.12
175K+ to 200K 169 31,724,424 5.52
200K+ to 250K 170 37,940,282 6.60
250K+ to 300K 98 26,745,874 4.65
300K+ to 350K 67 22,011,448 3.83
350K+ to 400K 36 13,624,155 2.37
400K+ to 450K 14 5,922,889 1.03
450K+ to 500K 8 3,911,274 0.68
500K+ to 550K 2 1,086,092 0.19
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
PROPERTY TYPE 2-4 Family 284 27,604,759 4.80
Town House 32 2,134,478 0.37
Mfctrd Housing 19 1,217,592 0.21
Multi-Family 24 2,202,512 0.38
Condo 122 11,622,204 2.02
Single Family Attached 29 2,725,584 0.47
Single Family Detached 5,503 524,737,877 91.26
PUD 17 2,754,061 0.48
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 12
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MONTHS SINCE
ORIGINATION 0 - 1 Mo 382 30,659,652 5.33
2 - 12 Mos 5,398 523,095,610 90.97
13 - 24 Mos 207 18,647,670 3.24
25 Mos or more 43 2,596,134 0.45
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
REMAINING TERM Up to 120 Mos 28 2,130,190 0.37
121 - 180 Mos 165 10,096,072 1.76
181 - 240 Mos 17 1,232,937 0.21
241 - 300 Mos 1 118,398 0.02
301 - 360 Mos 5,819 561,421,469 97.64
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
OCCUPANCY Primary 5,509 536,200,504 93.25
Investor 486 35,581,708 6.19
Secondary 35 3,216,854 0.56
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIEN TYPE 1 6,019 574,377,922 99.89
2 11 621,144 0.11
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 13
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIFE CAP 6+ - 7% 2 161,897 0.03
10+ - 11% 7 611,364 0.11
11+ - 12% 8 763,634 0.13
12+ - 13% 19 2,476,607 0.43
13+ - 14% 148 19,476,342 3.39
14+ - 15% 561 68,992,073 12.00
15+ - 16% 1,317 141,043,327 24.53
16+ - 17% 1,598 156,360,703 27.19
17+ - 18% 1,215 100,230,296 17.43
18+ - 19% 596 46,757,555 8.13
19+ - 20% 283 20,115,374 3.50
20+ - 21% 124 8,532,020 1.48
21+ - 22% 34 2,116,341 0.37
22+ - 23% 7 459,658 0.08
Over 50% 111 6,901,877 1.20
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIFE FLOOR 2+ - 3% 1 119,869 0.02
4+ - 5% 5 619,019 0.11
5+ - 6% 49 4,756,418 0.83
6+ - 7% 119 12,722,466 2.21
7+ - 8% 397 47,549,740 8.27
8+ - 9% 880 103,856,750 18.06
9+ - 10% 1,569 158,637,502 27.59
10+ - 11% 1,462 131,936,762 22.95
11+ - 12% 916 70,840,105 12.32
12+ - 13% 394 29,355,942 5.11
13+ - 14% 156 9,515,871 1.65
14+ - 15% 75 4,732,455 0.82
15+ - 16% 6 321,377 0.06
16+ - 17% 1 34,789 0.01
==============================================================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 14
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
CMT LOANS
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MARGIN 3+ - 4% 10 1,265,513 0.22%
4+ - 5% 20 2,578,213 0.45%
5+ - 6% 64 6,048,213 1.05%
6+ - 7% 104 11,242,119 1.96%
7+ - 8% 65 4,835,436 0.84%
8+ - 9% 27 1,869,972 0.33%
9+ - 10% 1 87,278 0.02%
10+ - 11% 1 47,466 0.01%
===============================================================================================================
TOTAL 292 $27,974,210 4.87%
</TABLE>
<TABLE>
<CAPTION>
SIX-MONTH LIBOR LOANS
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MARGIN 2+ - 3% 4 305,768 0.05%
3+ - 4% 48 6,797,419 1.18%
4+ - 5% 269 25,000,012 4.35%
5+ - 6% 1,261 140,317,780 24.40%
6+ - 7% 2,042 202,666,639 35.25%
7+ - 8% 1,341 107,991,387 18.78%
8+ - 9% 474 37,801,133 6.57%
9+ - 10% 212 16,618,957 2.89%
10+ - 11% 49 4,814,193 0.84%
11+ - 12% 30 3,627,543 0.63%
12+ - 13% 4 671,878 0.12%
13+ - 14% 4 412,147 0.07%
===============================================================================================================
TOTAL 5,738 $547,024,856 95.13%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 15
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
CMT LOANS
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
RATE RESET 1997/08 1 23,000 0.00%
1997/09 23 2,162,364 0.38%
1997/10 16 1,149,399 0.20%
1997/11 14 699,485 0.12%
1997/12 14 1,075,670 0.19%
1998/01 12 753,685 0.13%
1998/02 11 710,150 0.12%
1998/03 4 413,451 0.07%
1998/04 7 551,949 0.10%
1998/05 5 696,115 0.12%
1998/06 7 523,546 0.09%
1998/07 17 2,212,590 0.38%
1998/08 4 433,126 0.08%
1998/09 2 140,747 0.02%
1998/12 4 468,561 0.08%
1999/01 5 396,990 0.07%
1999/02 3 340,356 0.06%
1999/03 7 879,904 0.15%
1999/04 2 193,673 0.03%
1999/05 13 1,266,061 0.22%
1999/06 31 3,422,457 0.60%
1999/07 40 3,991,524 0.69%
1999/08 32 3,842,172 0.67%
1999/09 13 1,053,315 0.18%
1999/10 2 287,499 0.05%
1999/11 1 59,221 0.01%
2000/02 2 227,200 0.04%
=============================================================================================================
TOTAL 292 $27,974,210 4.87%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 16
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
SIX-MONTH LIBOR LOANS
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
RATE RESET 1997/08 73 6,541,979 1.14%
1997/09 458 41,072,036 7.14%
1997/10 494 45,259,964 7.87%
1997/11 473 42,618,839 7.41%
1997/12 341 26,757,447 4.65%
1998/01 188 16,015,183 2.79%
1998/02 188 17,446,249 3.03%
1998/05 1 129,154 0.02%
1998/06 1 43,966 0.01%
1998/07 2 183,255 0.03%
1998/10 10 675,150 0.12%
1998/11 13 761,894 0.13%
1998/12 41 3,503,801 0.61%
1999/01 106 11,676,004 2.03%
1999/02 486 52,645,718 9.16%
1999/03 553 55,609,849 9.67%
1999/04 821 83,915,146 14.59%
1999/05 798 78,468,203 13.65%
1999/06 331 28,831,977 5.01%
1999/07 124 10,350,170 1.80%
1999/08 6 509,150 0.09%
1999/09 4 432,763 0.08%
1999/11 5 365,904 0.06%
1999/12 5 345,076 0.06%
2000/01 14 1,245,899 0.22%
2000/02 32 3,020,951 0.53%
2000/03 44 5,119,564 0.89%
2000/04 75 8,252,471 1.44%
2000/05 48 5,093,187 0.89%
2000/08 1 31,281 0.01%
2001/12 1 71,884 0.01%
2004/11 1 30,742 0.01%
=============================================================================================================
TOTAL 5,738 $547,024,856 95.13%
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 17
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENT ASSUMPTIONS
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CONSTANT PREPAYMENT RATE
NOTE A (TO MATURITY) 15% 20% 25% 30% 35% 40%
- ----------------------------------------------------------------------------------------------------------------
Average Life (years) 5.52 4.13 3.25 2.64 2.20 1.86
Maturity 9/20/23 4/20/19 3/20/15 2/20/12 9/20/09 11/20/07
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
CONSTANT PREPAYMENT RATE
NOTE A (TO CALL) 0% 15% 25% 35% 50%
- ----------------------------------------------------------------------------------------------------------
Average Life (years) 21.29 5.11 2.97 2.01 1.27
Maturity 4/20/26 11/20/10 5/20/05 11/20/02 12/20/00
</TABLE>
- --------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative
<PAGE> 1
EXHIBIT 99.3
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
PRICING INFORMATION
<TABLE>
SPREAD AVERAGE RATINGS
CLASS SIZE (000'S) TO LIBOR LIFE TO CALL MOODY'S/S&P
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Notes $575,000 [%] 2.97 Aaa/AAA
</TABLE>
<TABLE>
<S> <C>
Pricing Speed: 25% CPR
Payment Date: The 20th day of each month (or the next Business Day thereafter)
commencing on September 22, 1997.
Interest Accrual Period: Interest will accrue from the last Payment Date (or from the Closing
Date in the case of the first Payment Date) to the day before the
related Payment Date based on an Actual/360 day year.
Payment Delay: 0 Days
Settlement (Closing) Date: On or about August 21, 1997
Cut-off Date: August 1, 1997 (close of business)
Stated Final Payment Date: The Stated Final Payment Date for the Notes is 10/20/27 although it is
anticipated that the Actual Final Payment Date for the Notes will occur
significantly earlier than the Stated Final Payment Date.
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
2
<PAGE> 2
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF SECURITIES
<TABLE>
<S> <C>
TITLE OF SECURITIES: IMC Home Equity Loan Owner Trust 1997-4
NOTES: $575 million (single class)
CERTIFICATES: Residual Interest (not offered hereby)
LEAD UNDERWRITERS: PaineWebber Incorporated
CO-UNDERWRITERS: Bear, Stearns and Co. Inc.
Nomura Securities International, Inc.
SELLER AND SERVICER: IMC Mortgage Company, L.P.
Headquartered in Tampa, FL
DEPOSITOR: IMC Securities, Inc.
OWNER TRUSTEE: Wilmington Trust Company
INDENTURE TRUSTEE: The Chase Manhattan Bank
CUSTODIAN: BancBoston, N.A.
HOME EQUITY LOANS: The Home Equity Loans consist of adjustable rate conventional home
equity loans. The Home Equity Loans are secured by first and second
lien mortgages or deeds of trust primarily on one to four family
residential properties. A substantial portion of the loans included in
the pool do not conform to FNMA or FHLMC underwriting standards or to
those standards typically applied by banks or other lending
institutions, particularly with regard to a borrower's credit history.
Approximately 64% of the Home Equity Loans bear prepayment penalties.
OFFERING: Public shelf offering - a prospectus and prospectus supplement will be
distributed after pricing.
FORM OF OFFERING: Book-Entry form, same-day funds through DTC, Euroclear, and CEDEL.
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
3
<PAGE> 3
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
DENOMINATIONS: The Notes are issuable in minimum denominations of an
original amount of $25,000 and multiples of $1,000
thereafter.
NOTE RATE: On each Payment Date, the "Note Rate" will be equal to
the lesser of (x) with respect to any Payment Date which
occurs on or prior to the Redemption Date, One-Month
LIBOR plus __% per annum and for any Payment Date
thereafter, One-Month LIBOR plus __% per annum, and (y)
the Available Funds Cap.
AVAILABLE FUNDS CAP: The "Available Funds Cap" is the weighted average of the
Coupon Rates on the Home Equity Loans, less 62.375 bps
per annum.
AVAILABLE FUNDS CAP
CARRY FORWARD AMOUNT: If, on any Payment Date, the Available Funds Cap limits
the Note Rate (i.e., the rate set by the Available Funds
Cap is less than the Formula Note Rate which is defined
in clause (x) of the definition of Note Rate above), the
amount of any such shortfall will be carried forward and
be due and payable on future Payment Dates and shall
accrue interest at the applicable Formula Note Rate,
until paid (such shortfall, together with such accrued
interest, the "Available Funds Cap Carry Forward
Amount").
The Insurance Policy for the Notes does not cover the
Available Funds Cap Carry Forward Amount; the payment
of such amount may be funded only from (i) any excess
interest resulting from the Available Funds Cap being in
excess of the Formula Note Rate on Future Payment Dates,
and (ii) any Net Monthly Excess Cashflow which would
otherwise be paid to the Servicer or the Indenture
Trustee on account of certain reimburseable amounts, or
to the Owners of the Residual Interests.
Although Owners of the Notes will be entitled to receive
any Available Funds Cap Carry Forward Amount from and to
the extent of funds available therefor as described
herein, there is no assurance that such funds will be
available. The failure to pay any Available Funds Cap
Carry Forward Amount due to a lack of funds therefor
will not constitute an Event of Default under the
Indenture. In addition, the Insurance Policy does not
cover, and the ratings of the notes do not address the
likelihood of the payment of any Available Funds Cap
Carry Forward Amount.
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
4
<PAGE> 4
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
CREDIT ENHANCEMENT: Credit enhancement with respect to the Notes will be
provided by (a) the overcollateralization mechanics
which utilize the excess interest created by the
internal cashflows of the pool, and (b) the MBIA
Insurance Policy.
Overcollateralization: The required application of the
cashflow from the pool results in a limited acceleration
of the Notes relative to the amortization of the Home
Equity Loans in the early months of the transaction. The
accelerated amortization is achieved by the application
of certain excess interest to the payment in reduction of
the Note Principal Balance. This acceleration feature
creates overcollateralization (i.e., the excess of the
aggregate outstanding Loan Balance of the Home Equity
Loans over the Note Principal Balance). Once the
required level of overcollateralization is reached, and
subject to the provisions below, the acceleration feature
will cease unless necessary to maintain the required
level of overcollateralization. The Sale and Servicing
Agreement provides that, subject to certain floors, caps
and triggers, the required level of overcollateralization
may increase or decrease over time.
MBIA Insurance Policy: MBIA Insurance Corporation (the
"Note Insurer") will unconditionally and irrevocably
guarantee the timely payment of interest and ultimate
payment of principal on the Notes (i.e. after any losses
reduce the overcollateralization to zero, MBIA will cover
the excess, if any, of the Note principal balance over
the aggregate collateral balance). The Insurance Policy
does not guarantee the payment of Available Funds Cap
Carry- Forward Amounts. The Insured Payments do not
cover Realized Losses except to the extent that an
Overcollateralization Deficit exists. Insured Payments
do not cover the Servicer's failure to make Delinquency
Advances except to the extent that an Overcollateralization
Deficit would otherwise result therefrom. The Insurance
Policy is not cancelable for any reason.
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
5
<PAGE> 5
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
PAYMENT AND DISTRIBUTION
PRIORITIES: (1) The Trustee fees and expenses and MBIA Fees;
(2) To the Owners of the Notes, the Current Interest;
(3) To the Owners of the Notes, the Principal Distribution Amount;
(4) To the Owners of the Notes, in payment of the Principal
Distribution Amount to the extent of any Available Funds
Shortfall from Total Monthly Excess Cashflow;
(5) To MBIA, amounts owed on account of any Reimbursement Account
from Total Monthly Excess Cashflow;
(6) To the Owners of the Notes, any Overcollateralization
Deficiency Amount from Net Monthly Excess Cashflow;
(7) To the Owners of the Notes, any Available Funds Cap Carry
Forward Amounts from Net Monthly Excess Cashflow;
(8) To the Servicer, any unreimbursed Servicing Advances from Net
Monthly Excess Cashflow.
(9) To the Servicer, any unreimbursed Servicing Advances and to
MBIA, any Reimbursement Amounts;
(10) To the Trustee, any unreimbursed expenses, and;
(11) To the holders of the Residual Interest, the remaining
distributable amounts.
<CAPTION>
<S> <C>
OPTIONAL TERMINATION: The Notes may be redeemed in full at the option of
the holders of at least 50% of the Residual Interest
after the Loan Principal Balance is less than 10% of
the original Loan Principal Balance. In addition,
the Servicer and the Note Insurer will have rights,
under limited circumstances, to acquire all of the
Home Equity Loans from the Indenture Trustee and
thereby effect a redemption of the Notes.
SERVICING/OTHER FEES: The collateral is subject to certain fees, including
a servicing fee of 0.50% per annum payable monthly,
Note Insurer fees, and trustee fees.
ADVANCING BY SERVICER: The Servicer is required to advance from its own
funds any delinquent payment of interest (not
principal) unless such interest is deemed to be
non-recoverable (the "Delinquency Advances").
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
6
<PAGE> 6
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
FEDERAL TAX ASPECTS: The trust will be an Owner Trust. No election will be
made to treat the Trust Estate or any portion thereof
as a REMIC for federal income tax purposes. The Notes
will be treated as non-recourse obligations of the
Issuer and the Issuer will not be characterized as an
association (or a publicly traded partnership) taxable
as a corporation. Investors are advised to consult
their tax advisors and to review the Prospectus and
Prospectus Supplement.
ERISA CONSIDERATIONS: The Notes may be purchased by employee benefit plans
that are subject to ERISA. See applicable sections in
the Prospectus and Prospectus Supplement.
SMMEA ELIGIBILITY: The Notes will NOT constitute "mortgage-related
securities" for purposes of SMMEA.
PROSPECTUS: The Notes are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus"). Complete information with respect to
the Notes and the collateral is contained in the
Prospectus. The material presented herein is qualified
in its entirety by the information appearing in the
Prospectus. To the extent that the foregoing is
inconsistent with the Prospectus, the Prospectus shall
govern in all respects. Sales of the Notes may not be
consummated unless the purchaser has received the
Prospectus.
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
7
<PAGE> 7
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
<TABLE>
<CAPTION>
POOL LEVEL DETAIL:
- ----------------------
<S> <C>
NUMBER OF LOANS 6,030
CURRENT BALANCE $574,999,066
AVERAGE BALANCE $95,356
MINIMUM BALANCE $11,098
MAXIMUM BALANCE $548,067
WTD AVERAGE COUPON 10.0864%
ORIGINAL TERM (MOS) 356
SEASONING (MOS) 5
COMBINED LOAN-TO-VALUE 74.64%
</TABLE>
The sums and percentages in the following tables may not equal the totals shown
due to rounding.
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
8
<PAGE> 8
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
STATE AR 10 864,697 0.15
AZ 67 5,017,965 0.87
CA 663 90,425,868 15.73
CO 158 16,909,819 2.94
CT 107 10,313,399 1.79
DC 21 3,183,638 0.55
DE 14 1,273,267 0.22
FL 208 17,513,261 3.05
GA 96 10,275,408 1.79
HI 97 18,866,775 3.28
IA 25 1,632,935 0.28
ID 89 7,496,561 1.30
IL 387 36,205,773 6.30
IN 185 11,928,473 2.07
KS 12 783,602 0.14
KY 31 1,834,151 0.32
LA 7 513,451 0.09
MA 71 8,341,061 1.45
MD 235 27,001,695 4.70
ME 6 348,855 0.06
MI 898 64,968,264 11.30
MN 104 8,604,453 1.50
MO 128 7,102,980 1.24
MS 2 166,490 0.03
MT 22 2,126,455 0.37
NC 122 10,277,368 1.79
NE 10 542,139 0.09
NH 9 887,101 0.15
NJ 97 11,937,042 2.08
NM 178 14,818,076 2.58
NV 17 1,853,188 0.32
NY 249 28,895,444 5.03
OH 461 33,418,851 5.81
OK 16 1,013,048 0.18
OR 177 19,027,111 3.31
PA 175 14,609,097 2.54
RI 41 4,027,708 0.70
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
9
<PAGE> 9
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
STATE (CONTINUED) SC 16 1,651,748 0.29
SD 1 24,878 0.00
TN 34 2,880,577 0.50
TX 119 10,380,864 1.81
UT 194 21,262,337 3.70
VA 41 5,471,252 0.95
WA 203 22,478,106 3.91
WI 215 15,031,138 2.61
WV 11 752,944 0.13
WY 1 59,753 0.01
======================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COMBINED LTV 5+% to 10% 2 199,964 0.03
10+% to 15% 2 79,054 0.01
15+% to 20% 8 226,550 0.04
20+% to 25% 12 521,828 0.09
25+% to 30% 23 1,196,768 0.21
30+% to 35% 34 1,662,853 0.29
35+% to 40% 55 3,258,833 0.57
40+% to 45% 93 5,136,775 0.89
45+% to 50% 149 8,900,402 1.55
50+% to 55% 159 12,102,855 2.10
55+% to 60% 317 25,009,458 4.35
60+% to 65% 548 44,870,130 7.80
65+% to 70% 807 69,057,118 12.01
70+% to 75% 1208 124,563,250 21.66
75+% to 80% 1492 152,207,136 26.47
80+% to 85% 697 76,338,765 13.28
85+% to 90% 360 42,362,225 7.37
90+% to 95% 38 5,128,218 0.89
95+% to100% 26 2,176,881 0.38
======================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
10
<PAGE> 10
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COMBINED LTV 5+% to 10% 2 199,964 0.03
10+% to 15% 2 79,054 0.01
15+% to 20% 8 226,550 0.04
20+% to 25% 12 521,828 0.09
25+% to 30% 23 1,196,768 0.21
30+% to 35% 34 1,662,853 0.29
35+% to 40% 55 3,258,833 0.57
40+% to 45% 93 5,136,775 0.89
45+% to 50% 149 8,900,402 1.55
50+% to 55% 159 12,102,855 2.10
55+% to 60% 317 25,009,458 4.35
60+% to 65% 548 44,870,130 7.80
65+% to 70% 807 69,057,118 12.01
70+% to 75% 1208 124,563,250 21.66
75+% to 80% 1492 152,207,136 26.47
80+% to 85% 697 76,338,765 13.28
85+% to 90% 360 42,362,225 7.37
90+% to 95% 38 5,128,218 0.89
95+% to100% 26 2,176,881 0.38
========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
COUPON 5+ - 6% 3 368,440 0.06
6+ - 7% 33 4,118,200 0.72
7+ - 8% 297 39,284,466 6.83
8+ - 9% 843 100,405,790 17.46
9+ - 10% 1,620 167,841,155 29.19
10+ - 11% 1,492 134,573,901 23.40
11+ - 12% 969 76,614,333 13.32
12+ - 13% 466 32,895,189 5.72
13+ - 14% 212 13,125,356 2.28
14+ - 15% 87 5,390,096 0.94
15+ - 16% 7 347,351 0.06
16+ - 17% 1 34,789 0.01
========================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
11
<PAGE> 11
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
CURRENT BALANCE 0K+ to 25K 193 4,043,328 0.70
25K+ to 50K 1,229 47,778,716 8.31
50K+ to 75K 1,438 89,847,836 15.63
75K+ to 100K 1,119 97,888,573 17.02
100K+ to 125K 744 83,348,030 14.50
125K+ to 150K 455 62,452,764 10.86
150K+ to 175K 288 46,673,381 8.12
175K+ to 200K 169 31,724,424 5.52
200K+ to 250K 170 37,940,282 6.60
250K+ to 300K 98 26,745,874 4.65
300K+ to 350K 67 22,011,448 3.83
350K+ to 400K 36 13,624,155 2.37
400K+ to 450K 14 5,922,889 1.03
450K+ to 500K 8 3,911,274 0.68
500K+ to 550K 2 1,086,092 0.19
========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
PROPERTY TYPE 2-4 Family 284 27,604,759 4.80
Town House 32 2,134,478 0.37
Mfctrd Housing 19 1,217,592 0.21
Multi-Family 24 2,202,512 0.38
Condo 122 11,622,204 2.02
Single Family Attached 29 2,725,584 0.47
Single Family Detached 5,503 524,737,877 91.26
PUD 17 2,754,061 0.48
========================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
12
<PAGE> 12
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MONTHS SINCE
ORIGINATION 0 - 1 Mo 382 30,659,652 5.33
2 - 12 Mos 5,398 523,095,610 90.97
13 - 24 Mos 207 18,647,670 3.24
25 Mos or more 43 2,596,134 0.45
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
REMAINING TERM Up to 120 Mos 28 2,130,190 0.37
121 - 180 Mos 165 10,096,072 1.76
181 - 240 Mos 17 1,232,937 0.21
241 - 300 Mos 1 118,398 0.02
301 - 360 Mos 5,819 561,421,469 97.64
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
OCCUPANCY Primary 5,509 536,200,504 93.25
Investor 486 35,581,708 6.19
Secondary 35 3,216,854 0.56
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIEN TYPE 1 6,019 574,377,922 99.89
2 11 621,144 0.11
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
13
<PAGE> 13
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIFE CAP 6+ - 7% 2 161,897 0.03
10+ - 11% 7 611,364 0.11
11+ - 12% 8 763,634 0.13
12+ - 13% 19 2,476,607 0.43
13+ - 14% 148 19,476,342 3.39
14+ - 15% 561 68,992,073 12.00
15+ - 16% 1,317 141,043,327 24.53
16+ - 17% 1,598 156,360,703 27.19
17+ - 18% 1,215 100,230,296 17.43
18+ - 19% 596 46,757,555 8.13
19+ - 20% 283 20,115,374 3.50
20+ - 21% 124 8,532,020 1.48
21+ - 22% 34 2,116,341 0.37
22+ - 23% 7 459,658 0.08
Over 50% 111 6,901,877 1.20
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
LIFE FLOOR 2+ - 3% 1 119,869 0.02
4+ - 5% 5 619,019 0.11
5+ - 6% 49 4,756,418 0.83
6+ - 7% 119 12,722,466 2.21
7+ - 8% 397 47,549,740 8.27
8+ - 9% 880 103,856,750 18.06
9+ - 10% 1,569 158,637,502 27.59
10+ - 11% 1,462 131,936,762 22.95
11+ - 12% 916 70,840,105 12.32
12+ - 13% 394 29,355,942 5.11
13+ - 14% 156 9,515,871 1.65
14+ - 15% 75 4,732,455 0.82
15+ - 16% 6 321,377 0.06
16+ - 17% 1 34,789 0.01
===========================================================================
TOTAL 6,030 $574,999,065 100.00%
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
14
<PAGE> 14
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
CMT LOANS
<TABLE>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MARGIN 3+ - 4% 10 1,265,513 0.22%
4+ - 5% 20 2,578,213 0.45%
5+ - 6% 64 6,048,213 1.05%
6+ - 7% 104 11,242,119 1.96%
7+ - 8% 65 4,835,436 0.84%
8+ - 9% 27 1,869,972 0.33%
9+ - 10% 1 87,278 0.02%
10+ - 11% 1 47,466 0.01%
=========================================================================
TOTAL 292 $27,974,210 4.87%
</TABLE>
SIX-MONTH LIBOR LOANS
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
MARGIN 2+ - 3% 4 305,768 0.05%
3+ - 4% 48 6,797,419 1.18%
4+ - 5% 269 25,000,012 4.35%
5+ - 6% 1,261 140,317,780 24.40%
6+ - 7% 2,042 202,666,639 35.25%
7+ - 8% 1,341 107,991,387 18.78%
8+ - 9% 474 37,801,133 6.57%
9+ - 10% 212 16,618,957 2.89%
10+ - 11% 49 4,814,193 0.84%
11+ - 12% 30 3,627,543 0.63%
12+ - 13% 4 671,878 0.12%
13+ - 14% 4 412,147 0.07%
============================================================================
TOTAL 5,738 $547,024,856 95.13%
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
15
<PAGE> 15
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
CMT LOANS
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
RATE RESET 1997/08 1 23,000 0.00%
1997/09 23 2,162,364 0.38%
1997/10 16 1,149,399 0.20%
1997/11 14 699,485 0.12%
1997/12 14 1,075,670 0.19%
1998/01 12 753,685 0.13%
1998/02 11 710,150 0.12%
1998/03 4 413,451 0.07%
1998/04 7 551,949 0.10%
1998/05 5 696,115 0.12%
1998/06 7 523,546 0.09%
1998/07 17 2,212,590 0.38%
1998/08 4 433,126 0.08%
1998/09 2 140,747 0.02%
1998/12 4 468,561 0.08%
1999/01 5 396,990 0.07%
1999/02 3 340,356 0.06%
1999/03 7 879,904 0.15%
1999/04 2 193,673 0.03%
1999/05 13 1,266,061 0.22%
1999/06 31 3,422,457 0.60%
1999/07 40 3,991,524 0.69%
1999/08 32 3,842,172 0.67%
1999/09 13 1,053,315 0.18%
1999/10 2 287,499 0.05%
1999/11 1 59,221 0.01%
2000/02 2 227,200 0.04%
=========================================================================
TOTAL 292 $27,974,210 4.87%
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
16
<PAGE> 16
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
SIX-MONTH LIBOR LOANS
<TABLE>
<CAPTION>
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
<S> <C> <C> <C> <C>
RATE RESET 1997/08 73 6,541,979 1.14%
1997/09 458 41,072,036 7.14%
1997/10 494 45,259,964 7.87%
1997/11 473 42,618,839 7.41%
1997/12 341 26,757,447 4.65%
1998/01 188 16,015,183 2.79%
1998/02 188 17,446,249 3.03%
1998/05 1 129,154 0.02%
1998/06 1 43,966 0.01%
1998/07 2 183,255 0.03%
1998/10 10 675,150 0.12%
1998/11 13 761,894 0.13%
1998/12 41 3,503,801 0.61%
1999/01 106 11,676,004 2.03%
1999/02 486 52,645,718 9.16%
1999/03 553 55,609,849 9.67%
1999/04 821 83,915,146 14.59%
1999/05 798 78,468,203 13.65%
1999/06 331 28,831,977 5.01%
1999/07 124 10,350,170 1.80%
1999/08 6 509,150 0.09%
1999/09 4 432,763 0.08%
1999/11 5 365,904 0.06%
1999/12 5 345,076 0.06%
2000/01 14 1,245,899 0.22%
2000/02 32 3,020,951 0.53%
2000/03 44 5,119,564 0.89%
2000/04 75 8,252,471 1.44%
2000/05 48 5,093,187 0.89%
2000/08 1 31,281 0.01%
2001/12 1 71,884 0.01%
2004/11 1 30,742 0.01%
===========================================================================
TOTAL 5,738 $547,024,856 95.13%
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
17
<PAGE> 17
---------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1997-4
---------------------------------------
BOND SENSITIVITY TO PREPAYMENT ASSUMPTIONS
<TABLE>
<CAPTION>
CONSTANT PREPAYMENT RATE
NOTE A (TO MATURITY) 15% 20% 25% 30% 35% 40%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 5.52 4.13 3.25 2.64 2.20 1.86
Expected Maturity 9/20/23 4/20/19 3/20/15 2/20/12 9/20/09 11/20/07
</TABLE>
<TABLE>
<CAPTION>
CONSTANT PREPAYMENT RATE
NOTE A (TO CALL) 15% 20% 25% 30% 35% 40%
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 5.10 3.79 2.97 2.42 2.01 1.71
Expected Maturity 11/20/10 7/20/07 5/20/05 12/20/03 11/20/02 2/20/02
</TABLE>
<TABLE>
<S> <C>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
[NOMURA LOGO] offer to sell or solicitation of an offer to buy any securities. All
information is hypothetical or preliminary and subject to change. No such
information should be viewed as projections, forecasts, predictions or opinions.
The same may be based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective investors are
advised to consult the final prospectus, prospectus supplement, or private
placement memorandum in connection with their investments. Nomura and its
affiliates may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent for another person.
In addition, Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be providing investment
banking or other services to the issuers or such securities and/or borrowers and
their affiliates.
Copyright(c) 1995. Nomura Securities International, Inc. Form No. 124
</TABLE>
18
