- --------------------------------------------------------------------------------
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)
March 10, 1997
IMC Securities, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-4911 59-3284026
- --------------------------------------- ---------------------------------------- ---------------------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
3450 Buschwood Park Drive
Tampa Florida 33618
- --------------------------------- ---------------------------------
(Address of Principal (Zip Code)
Executive Offices)
</TABLE>
Registrant's telephone number, including area code (813) 932-2211
No Change
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
In connection with the offering of IMC Home Equity Loan
Pass-Through Certificates, Series 1997-2, described in a Prospectus Supplement
to be dated as of January 16, 1997, certain "Computational Materials" within the
meaning of the May 20, 1994 Kidder, Peabody No-Action Letter and the February
17, 1995 Public Securities Association No-Action Letter were furnished to
certain prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Related Computational Materials furnished by Bear, Stearns
& Co. Inc.
99.2 Related Computational Materials furnished by Paine Webber
Incorporated
99.3 Related Computational Materials furnished by Nomura
Securities International, Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMC SECURITIES, INC. as
Depositor
By: /s/ Thomas Middleton
--------------------------------
Name: Thomas Middleton
Title: President and Chief
Operating Officer
Dated: March 10, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
99.1 Related Computational Materials furnished by Bear,
Stearns & Co. Inc.
99.2 Related Computational Materials furnished by
Paine Webber Incorporated
99.3 Related Computational Materials furnished by Nomura
Securities International, Inc.
Exhibit 99.1
IMC Home Equity Loan Trust 1997-2
Information Relating to the Certificates (page 1 of 5)
<TABLE>
<CAPTION>
TRANSACTION SUMMARY (a), (b)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------
Estimated Estimated Estimated Estimated
WAL Modified Principal Principal Expected
Approximate to Maturity Duration Lockout Window Ratings
Certificate Size Coupon (years) (years) (months) (months) (Moody's/S&P)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $ 126,643,000 Fixed 0.90 0.84 none 22 Aaa/AAA (b)
Class A-2 $ 35,021,000 Fixed 2.10 1.90 21 8 Aaa/AAA (b)
Class A-3 $ 63,371,000 Fixed 3.20 2.78 28 22 Aaa/AAA (b)
Class A-4 $ 42,030,000 Fixed 5.20 4.20 49 30 Aaa/AAA (b)
Class A-5 $ 13,437,000 Fixed 7.40 5.51 78 23 Aaa/AAA (b)
Class A-6 $ 22,498,000 Fixed 11.17 7.23 100 76 Aaa/AAA (b)
Class A-7 $ 27,000,000 Fixed 7.02 5.23 36 140 Aaa/AAA (b)
Class A-8 $ 70,000,000 Floating 3.25 2.68 none 211 Aaa/AAA (b)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------
</TABLE>
Notes: (a) 100% Prepayment Assumption: For the Fixed Rate Group, 4.0%
CPR in month 1, and an additional 1.818% per annum in each month
thereafter until month 12. On and after month 12, 24% CPR. For
the Adjustable Rate Group, constant 25% CPR.
(b) MBIA surety bond.
<TABLE>
<CAPTION>
Class A-1 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 9.59 1.61 1.14 0.90 0.75 0.65
Modified Duration (years) 6.47 1.46 1.06 0.84 0.71 0.62
First Principal Payment 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97
Last Principal Payment 11/20/11 8/20/00 7/20/99 1/20/99 8/20/98 6/20/98
Principal Lockout (months) none none none none none none
Principal Window (months) 176 41 28 22 17 15
Illustrative Yield @ Par (30/360) 6.678% 6.492% 6.402% 6.318% 6.239% 6.165%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-2 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.67 4.09 2.77 2.10 1.69 1.41
Modified Duration (years) 9.13 3.48 2.45 1.90 1.55 1.31
First Principal Payment 11/20/11 8/20/00 7/20/99 1/20/99 8/20/98 6/20/98
Last Principal Payment 11/20/11 1/20/02 6/20/00 8/20/99 2/20/99 10/20/98
Principal Lockout (months) 175 40 27 21 16 14
Principal Window (months) 1 18 12 8 7 5
Illustrative Yield @ Par (30/360) 6.674% 6.612% 6.570% 6.529% 6.487% 6.445%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-2
Information Relating to the Certificates (page 2 of 5)
<TABLE>
<CAPTION>
Class A-3 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.67 6.58 4.34 3.20 2.52 2.07
Modified Duration (years) 9.01 5.12 3.63 2.78 2.24 1.87
First Principal Payment 11/20/11 1/20/02 6/20/00 8/20/99 2/20/99 10/20/98
Last Principal Payment 11/20/11 1/20/06 12/20/02 5/20/01 6/20/00 11/20/99
Principal Lockout (months) 175 57 38 28 22 18
Principal Window (months) 1 49 31 22 17 14
Illustrative Yield @ Par (30/360) 6.868% 6.837% 6.809% 6.778% 6.747% 6.715%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-4 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 15.92 11.11 7.32 5.20 3.98 3.19
Modified Duration (years) 9.20 7.40 5.50 4.20 3.35 2.76
First Principal Payment 11/20/11 1/20/06 12/20/02 5/20/01 6/20/00 11/20/99
Last Principal Payment 6/20/16 1/20/11 8/20/06 10/20/03 2/20/02 2/20/01
Principal Lockout (months) 175 105 68 49 38 31
Principal Window (months) 56 61 45 30 21 16
Illustrative Yield @ Par (30/360) 7.216% 7.206% 7.189% 7.168% 7.145% 7.121%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.38 14.52 10.47 7.40 5.42 4.25
Modified Duration (years) 10.40 8.63 7.05 5.51 4.32 3.53
First Principal Payment 6/20/16 1/20/11 8/20/06 10/20/03 2/20/02 2/20/01
Last Principal Payment 3/20/21 11/20/11 10/20/08 8/20/05 3/20/03 11/20/01
Principal Lockout (months) 230 165 112 78 58 46
Principal Window (months) 58 11 27 23 14 10
Illustrative Yield @ Par (30/360) 7.478% 7.470% 7.460% 7.444% 7.425% 7.404%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-2
Information Relating to the Certificates (page 3 of 5)
<TABLE>
<CAPTION>
Class A-6 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 26.97 15.68 13.86 11.17 8.53 6.38
Modified Duration (years) 11.14 8.86 8.29 7.23 6.00 4.83
First Principal Payment 3/20/21 11/20/11 10/20/08 8/20/05 3/20/03 11/20/01
Last Principal Payment 8/20/26 9/20/19 7/20/14 11/20/11 5/20/11 11/20/08
Principal Lockout (months) 287 175 138 100 71 55
Principal Window (months) 66 95 70 76 99 85
Illustrative Yield @ Par (30/360) 7.665% 7.656% 7.653% 7.645% 7.634% 7.618%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-7 "LOCK BOND" (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.21 8.96 7.84 7.02 6.39 5.91
Modified Duration (years) 8.20 6.22 5.65 5.23 4.88 4.60
First Principal Payment 4/20/00 4/20/00 4/20/00 4/20/00 4/20/00 4/20/00
Last Principal Payment 11/20/11 11/20/11 11/20/11 11/20/11 5/20/11 10/20/08
Principal Lockout (months) 36 36 36 36 36 36
Principal Window (months) 140 140 140 140 134 103
Illustrative Yield @ Par (30/360) 7.191% 7.176% 7.170% 7.165% 7.160% 7.155%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-8 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Constant CPR 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.10 6.52 4.41 3.25 2.52 2.02
Modified Duration (years) 11.41 4.70 3.45 2.68 2.16 1.77
First Principal Payment 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97
Last Principal Payment 9/20/26 10/20/24 12/20/19 10/20/14 1/20/11 4/20/08
Principal Lockout (months) none none none none none none
Principal Window (months) 354 331 273 211 166 133
Illustrative Yield @ Par (30/360) 5.769% 5.770% 5.771% 5.772% 5.773% 5.774%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-2
Information Relating to the Certificates (page 4 of 5)
<TABLE>
<CAPTION>
** Class A-5 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.38 14.52 10.34 7.39 5.42 4.25
Modified Duration (years) 10.40 8.63 7.00 5.51 4.32 3.53
First Principal Payment 6/20/16 1/20/11 8/20/06 10/20/03 2/20/02 2/20/01
Last Principal Payment 3/20/21 11/20/11 1/20/08 5/20/05 3/20/03 11/20/01
Principal Lockout (months) 230 165 112 78 58 46
Principal Window (months) 58 11 18 20 14 10
Illustrative Yield @ Par (30/360) 7.478% 7.470% 7.459% 7.444% 7.425% 7.404%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** Class A-6 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 25.76 14.67 10.83 8.17 6.39 5.14
Modified Duration (years) 10.98 8.58 7.15 5.89 4.90 4.11
First Principal Payment 3/20/21 11/20/11 1/20/08 5/20/05 3/20/03 11/20/01
Last Principal Payment 4/20/23 11/20/11 1/20/08 5/20/05 8/20/03 6/20/02
Principal Lockout (months) 287 175 129 97 71 55
Principal Window (months) 26 1 1 1 6 8
Illustrative Yield @ Par (30/360) 7.664% 7.654% 7.645% 7.633% 7.619% 7.604%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** Class A-7 "LOCK BOND" (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.21 8.96 7.48 6.44 5.55 4.82
Modified Duration (years) 8.20 6.22 5.51 4.94 4.42 3.94
First Principal Payment 4/20/00 4/20/00 4/20/00 4/20/00 4/20/00 4/20/00
Last Principal Payment 11/20/11 11/20/11 1/20/08 5/20/05 8/20/03 6/20/02
Principal Lockout (months) 36 36 36 36 36 36
Principal Window (months) 140 140 94 62 41 27
Illustrative Yield @ Par (30/360) 7.191% 7.176% 7.169% 7.161% 7.152% 7.141%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-2
Information Relating to the Certificates (page 5 of 5)
<TABLE>
<CAPTION>
** Class A-8 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Constant CPR 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.55 5.98 4.08 3.01 2.34 1.89
Modified Duration (years) 11.29 4.51 3.31 2.55 2.05 1.68
First Principal Payment 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97
Last Principal Payment 4/20/23 11/20/11 1/20/08 5/20/05 8/20/03 6/20/02
Principal Lockout (months) none none none none none none
Principal Window (months) 313 176 130 98 77 63
Illustrative Yield @ Par (30/360) 5.769% 5.770% 5.771% 5.772% 5.773% 5.774%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Trust 1997-2
- ---------------------------------
Information relating to the Collateral
Adjustable Rate Home Equity Loans
Preliminary characteristics of the Initial Home
Equity Loans as of 3/1/97:
<TABLE>
<S> <C> <C>
Total Number of Loans: 732
Total Outstanding Loan Balance: $69,985,219
Balloon (% of Total): 0.21%
Non-Balloon (% of Total): 99.79%
Average Loan Principal Balance: $95,608 ($9,979 to $498,242)
Weighted Average CLTV : 74.91% (12.86% to 98.40%)
Weighted Average Coupon: 9.74% (6.50% to 15.16%)
Weighted Average Gross Margin: 6.04% (2.75% to 10.40%)
Weighted Average Lifetime Cap: 16.06% (10.38% to 58.00%)
Weighted Average Lifetime Floor: 9.64% (2.38 % to 15.00%)
Weighted Average Periodic Cap: 1.56% (0.13% to 10.00%)
Weighted Average Remaining Term to
Maturity (months): 352 (166 to 360)
Weighted Average Seasoning (months): 6 (0 to 38)
Weighted Average Original Term (months): 359 (180 to 360)
Weighted Average Months to First Rate
Change: 7.23 (1 to 30)
Range of Original Terms: Non-Balloon Balloon
------------------------------- --------------------------------
61 - 120: 0.00% 61 - 120: 0.00%
121 - 180: 0.44% 121 - 180: 0.21%
181 - 240: 0.20%
241 - 300: 0.00%
301 - 360: 99.15%
Lien Position: 1st Lien: 99.58%
2nd Lien: 0.42%
Index: 6-mo LIBOR: 50.06%
1-yr CMT: 49.94%
Property Type: Single Family Detached: 96.45% Condominium/Townhouse: 1.43%
Single Family Attached: 0.23% Other: 0.07%
2-4 Family: 1.82%
Occupancy Status: Owner Occupied: 95.83%
Non-Owner Occupied: 4.17%
Geographic Distribution: MI: 25.55%
(states not listed individually account GA: 11.81%
for less than 5.00% of the Mortgage CA: 6.99%
Loan principal balance) IL: 6.36%
Credit Quality: A: 48.25%
(per IMC's guidelines) B: 29.14%
C: 17.58%
D: 5.03%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[GRAPHIC OMITTED]
<PAGE>
IMC Home Equity Loan Trust 1997-2
- ----------------------------------
Information relating to the Collateral
Fixed Rate Home Equity Loans
Preliminary characteristics of the Initial Home
Equity Loans as of 3/1/97:
<TABLE>
<S> <C> <C>
Total Number of Loans: 5,334
Total Outstanding Loan Balance: $329,867,131
Balloon (% of Total): 59.84%
Level Pay (% of Total): 40.16%
Average Loan Principal Balance: $61,842 ($2,979 to $547,497)
Weighted Average CLTV : 74.86% (7.69% to 100.00%)
% of Pool with LTVs 85%: 13.61%
Weighted Average Coupon: 11.80% (7.22% to 18.99%)
Weighted Average Remaining Term to Maturity (months): 209 (13 to 360)
Weighted Average Seasoning (months): 3 (0 to 89)
Weighted Average Original Term (months): 212 (15 to 360 )
Range of Original Terms: Level Pay Balloon
--------------------------------- ------------------------------
Up to 60: 0.09% Up to 60: 0.06%
61 - 120: 1.63% 61 - 120: 0.34%
121 - 180: 12.07% 121 - 180: 59.42%
181 - 240: 11.35% 181 - 240: 0.01%
241 - 300: 0.28%
301 - 360: 14.76%
Lien Position: 1st Lien: 91.35%
2nd Lien: 8.65%
Property Type: Single Family Detached: 89.45%
Single Family Attached: 1.67%
2-4 Family: 6.89%
Condominium/Townhouse: 1.43%
Other: 0.56%
Occupancy Status: Owner Occupied: 93.18%
Non-Owner Occupied: 6.82%
Geographic Distribution: NY: 14.19% MD: 6.07%
(states not listed individually account MI: 8.32% IL: 5.76%
for less than 5.00% of the Mortgage FL: 8.03%
Loan principal balance) NJ: 6.31%
Credit Quality: A: 43.83%
(per IMC's guidelines) B: 27.90%
C: 22.67%
D: 5.60%
</TABLE>
Recipients of these Computational Materials must read and acknowledge the
attached document "STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING
ESTIMATES, AND OTHER INFORMATION" before using or relying on the information
contained herein. In addition, recipients of these Computational Materials may
only use or rely on the information contained herein if read in conjunction with
the related Prospectus and Prospectus Supplement. If you have not received the
statement described above or the related Prospectus and Prospectus Supplement,
please contact your account executive at Bear, Stearns & Co. Inc.
[GRAPHIC OMITTED]
Exhibit 99.2
IMC Home Equity Loan Trust 1997-2
The information included herein is produced and provided exclusively by Paine
Webber Incorporated ("PW") as underwriter for the IMC Home Equity Loan Trust
1997-2 transaction, and not by or as agent for Industry Mortgage Company, L.P.
or any of its affiliates (collectively, the "Depositor"). The Depositor has not
prepared, reviewed or participated in the preparation hereof, is not responsible
for the accuracy hereof and has not authorized the dissemination hereof. The
analysis in this report is accurate to the best of PW's knowledge and is based
on information provided by the Depositor. PW makes no representations as to the
accuracy of such information provided by the Depositor.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, 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.
Information Relating to the Certificates (page 1 of 5)
<TABLE>
<CAPTION>
TRANSACTION SUMMARY (a), (b)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------
Estimated Estimated Estimated Estimated
WAL Modified Principal Principal Expected
Approximate to Maturity Duration Lockout Window Ratings
Certificate Size Coupon (years) (years) (months) (months) (Moody's/S&P)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $ 126,643,000 Fixed 0.90 0.84 none 22 Aaa/AAA (b)
Class A-2 $ 35,021,000 Fixed 2.10 1.90 21 8 Aaa/AAA (b)
Class A-3 $ 63,371,000 Fixed 3.20 2.78 28 22 Aaa/AAA (b)
Class A-4 $ 42,030,000 Fixed 5.20 4.20 49 30 Aaa/AAA (b)
Class A-5 $ 13,437,000 Fixed 7.40 5.51 78 23 Aaa/AAA (b)
Class A-6 $ 22,498,000 Fixed 11.17 7.23 100 76 Aaa/AAA (b)
Class A-7 $ 27,000,000 Fixed 7.02 5.23 36 140 Aaa/AAA (b)
Class A-8 $ 70,000,000 Floating 3.25 2.68 none 211 Aaa/AAA (b)
- ---------------- -------------- ------------ -------------- ------------ ------------ ------------- ----------------
</TABLE>
Notes: (a) 100% Prepayment Assumption: For the Fixed Rate Group, 4.0%
CPR in month 1, and an additional 1.818% per annum in each month
thereafter until month 12. On and after month 12, 24% CPR. For
the Adjustable Rate Group, constant 25% CPR.
(b) MBIA surety bond.
<TABLE>
<CAPTION>
Class A-1 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 9.59 1.61 1.14 0.90 0.75 0.65
Modified Duration (years) 6.47 1.46 1.06 0.84 0.71 0.62
First Principal Payment 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97
Last Principal Payment 11/20/11 8/20/00 7/20/99 1/20/99 8/20/98 6/20/98
Principal Lockout (months) none none none none none none
Principal Window (months) 176 41 28 22 17 15
Illustrative Yield @ Par (30/360) 6.678% 6.492% 6.402% 6.318% 6.239% 6.165%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-2 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.67 4.09 2.77 2.10 1.69 1.41
Modified Duration (years) 9.13 3.48 2.45 1.90 1.55 1.31
First Principal Payment 11/20/11 8/20/00 7/20/99 1/20/99 8/20/98 6/20/98
Last Principal Payment 11/20/11 1/20/02 6/20/00 8/20/99 2/20/99 10/20/98
Principal Lockout (months) 175 40 27 21 16 14
Principal Window (months) 1 18 12 8 7 5
Illustrative Yield @ Par (30/360) 6.674% 6.612% 6.570% 6.529% 6.487% 6.445%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-2
The information included herein is produced and provided exclusively by Paine
Webber Incorporated ("PW") as underwriter for the IMC Home Equity Loan Trust
1997-2 transaction, and not by or as agent for Industry Mortgage Company, L.P.
or any of its affiliates (collectively, the "Depositor"). The Depositor has not
prepared, reviewed or participated in the preparation hereof, is not responsible
for the accuracy hereof and has not authorized the dissemination hereof. The
analysis in this report is accurate to the best of PW's knowledge and is based
on information provided by the Depositor. PW makes no representations as to the
accuracy of such information provided by the Depositor.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, 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.
Information Relating to the Certificates (page 2 of 5)
<TABLE>
<CAPTION>
Class A-3 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.67 6.58 4.34 3.20 2.52 2.07
Modified Duration (years) 9.01 5.12 3.63 2.78 2.24 1.87
First Principal Payment 11/20/11 1/20/02 6/20/00 8/20/99 2/20/99 10/20/98
Last Principal Payment 11/20/11 1/20/06 12/20/02 5/20/01 6/20/00 11/20/99
Principal Lockout (months) 175 57 38 28 22 18
Principal Window (months) 1 49 31 22 17 14
Illustrative Yield @ Par (30/360) 6.868% 6.837% 6.809% 6.778% 6.747% 6.715%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-4 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 15.92 11.11 7.32 5.20 3.98 3.19
Modified Duration (years) 9.20 7.40 5.50 4.20 3.35 2.76
First Principal Payment 11/20/11 1/20/06 12/20/02 5/20/01 6/20/00 11/20/99
Last Principal Payment 6/20/16 1/20/11 8/20/06 10/20/03 2/20/02 2/20/01
Principal Lockout (months) 175 105 68 49 38 31
Principal Window (months) 56 61 45 30 21 16
Illustrative Yield @ Par (30/360) 7.216% 7.206% 7.189% 7.168% 7.145% 7.121%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-5 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.38 14.52 10.47 7.40 5.42 4.25
Modified Duration (years) 10.40 8.63 7.05 5.51 4.32 3.53
First Principal Payment 6/20/16 1/20/11 8/20/06 10/20/03 2/20/02 2/20/01
Last Principal Payment 3/20/21 11/20/11 10/20/08 8/20/05 3/20/03 11/20/01
Principal Lockout (months) 230 165 112 78 58 46
Principal Window (months) 58 11 27 23 14 10
Illustrative Yield @ Par (30/360) 7.478% 7.470% 7.460% 7.444% 7.425% 7.404%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-2
The information included herein is produced and provided exclusively by Paine
Webber Incorporated ("PW") as underwriter for the IMC Home Equity Loan Trust
1997-2 transaction, and not by or as agent for Industry Mortgage Company, L.P.
or any of its affiliates (collectively, the "Depositor"). The Depositor has not
prepared, reviewed or participated in the preparation hereof, is not responsible
for the accuracy hereof and has not authorized the dissemination hereof. The
analysis in this report is accurate to the best of PW's knowledge and is based
on information provided by the Depositor. PW makes no representations as to the
accuracy of such information provided by the Depositor.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, 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.
Information Relating to the Certificates (page 3 of 5)
<TABLE>
<CAPTION>
Class A-6 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 26.97 15.68 13.86 11.17 8.53 6.38
Modified Duration (years) 11.14 8.86 8.29 7.23 6.00 4.83
First Principal Payment 3/20/21 11/20/11 10/20/08 8/20/05 3/20/03 11/20/01
Last Principal Payment 8/20/26 9/20/19 7/20/14 11/20/11 5/20/11 11/20/08
Principal Lockout (months) 287 175 138 100 71 55
Principal Window (months) 66 95 70 76 99 85
Illustrative Yield @ Par (30/360) 7.665% 7.656% 7.653% 7.645% 7.634% 7.618%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class A-7 "LOCK BOND" (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.21 8.96 7.84 7.02 6.39 5.91
Modified Duration (years) 8.20 6.22 5.65 5.23 4.88 4.60
First Principal Payment 4/20/00 4/20/00 4/20/00 4/20/00 4/20/00 4/20/00
Last Principal Payment 11/20/11 11/20/11 11/20/11 11/20/11 5/20/11 10/20/08
Principal Lockout (months) 36 36 36 36 36 36
Principal Window (months) 140 140 140 140 134 103
Illustrative Yield @ Par (30/360) 7.191% 7.176% 7.170% 7.165% 7.160% 7.155%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Class A-8 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Constant CPR 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.10 6.52 4.41 3.25 2.52 2.02
Modified Duration (years) 11.41 4.70 3.45 2.68 2.16 1.77
First Principal Payment 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97
Last Principal Payment 9/20/26 10/20/24 12/20/19 10/20/14 1/20/11 4/20/08
Principal Lockout (months) none none none none none none
Principal Window (months) 354 331 273 211 166 133
Illustrative Yield @ Par (30/360) 5.769% 5.770% 5.771% 5.772% 5.773% 5.774%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-2
The information included herein is produced and provided exclusively by Paine
Webber Incorporated ("PW") as underwriter for the IMC Home Equity Loan Trust
1997-2 transaction, and not by or as agent for Industry Mortgage Company, L.P.
or any of its affiliates (collectively, the "Depositor"). The Depositor has not
prepared, reviewed or participated in the preparation hereof, is not responsible
for the accuracy hereof and has not authorized the dissemination hereof. The
analysis in this report is accurate to the best of PW's knowledge and is based
on information provided by the Depositor. PW makes no representations as to the
accuracy of such information provided by the Depositor.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, 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.
Information Relating to the Certificates (page 4 of 5)
<TABLE>
<CAPTION>
** Class A-5 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.38 14.52 10.34 7.39 5.42 4.25
Modified Duration (years) 10.40 8.63 7.00 5.51 4.32 3.53
First Principal Payment 6/20/16 1/20/11 8/20/06 10/20/03 2/20/02 2/20/01
Last Principal Payment 3/20/21 11/20/11 1/20/08 5/20/05 3/20/03 11/20/01
Principal Lockout (months) 230 165 112 78 58 46
Principal Window (months) 58 11 18 20 14 10
Illustrative Yield @ Par (30/360) 7.478% 7.470% 7.459% 7.444% 7.425% 7.404%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** Class A-6 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 25.76 14.67 10.83 8.17 6.39 5.14
Modified Duration (years) 10.98 8.58 7.15 5.89 4.90 4.11
First Principal Payment 3/20/21 11/20/11 1/20/08 5/20/05 3/20/03 11/20/01
Last Principal Payment 4/20/23 11/20/11 1/20/08 5/20/05 8/20/03 6/20/02
Principal Lockout (months) 287 175 129 97 71 55
Principal Window (months) 26 1 1 1 6 8
Illustrative Yield @ Par (30/360) 7.664% 7.654% 7.645% 7.633% 7.619% 7.604%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
** Class A-7 "LOCK BOND" (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0% 12% 18% 24% 30% 36%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 13.21 8.96 7.48 6.44 5.55 4.82
Modified Duration (years) 8.20 6.22 5.51 4.94 4.42 3.94
First Principal Payment 4/20/00 4/20/00 4/20/00 4/20/00 4/20/00 4/20/00
Last Principal Payment 11/20/11 11/20/11 1/20/08 5/20/05 8/20/03 6/20/02
Principal Lockout (months) 36 36 36 36 36 36
Principal Window (months) 140 140 94 62 41 27
Illustrative Yield @ Par (30/360) 7.191% 7.176% 7.169% 7.161% 7.152% 7.141%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-2
The information included herein is produced and provided exclusively by Paine
Webber Incorporated ("PW") as underwriter for the IMC Home Equity Loan Trust
1997-2 transaction, and not by or as agent for Industry Mortgage Company, L.P.
or any of its affiliates (collectively, the "Depositor"). The Depositor has not
prepared, reviewed or participated in the preparation hereof, is not responsible
for the accuracy hereof and has not authorized the dissemination hereof. The
analysis in this report is accurate to the best of PW's knowledge and is based
on information provided by the Depositor. PW makes no representations as to the
accuracy of such information provided by the Depositor.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, 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.
Information Relating to the Certificates (page 5 of 5)
<TABLE>
<CAPTION>
** Class A-8 (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Constant CPR 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.55 5.98 4.08 3.01 2.34 1.89
Modified Duration (years) 11.29 4.51 3.31 2.55 2.05 1.68
First Principal Payment 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97 4/21/97
Last Principal Payment 4/20/23 11/20/11 1/20/08 5/20/05 8/20/03 6/20/02
Principal Lockout (months) none none none none none none
Principal Window (months) 313 176 130 98 77 63
Illustrative Yield @ Par (30/360) 5.769% 5.770% 5.771% 5.772% 5.773% 5.774%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPHIC OMITTED]
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER INCORPORATED FINANCIAL ADVISOR
IMMEDIATELY.
<PAGE>
IMC Home Equity Loan Trust 1997-2
- ---------------------------------
The information included herein is produced and provided exclusively by Paine
Webber Incorporated ("PW") as underwriter for the IMC Home Equity Loan Trust
1997-2 transaction, and not by or as agent for Industry Mortgage Company, L.P.
or any of its affiliates (collectively, the "Depositor"). The Depositor has not
prepared, reviewed or participated in the preparation hereof, is not responsible
for the accuracy hereof and has not authorized the dissemination hereof. The
analysis in this report is accurate to the best of PW's knowledge and is based
on information provided by the Depositor. PW makes no representations as to the
accuracy of such information provided by the Depositor.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, 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.
Information relating to the Collateral
Adjustable Rate Home Equity Loans
Preliminary characteristics of the Initial Home
Equity Loans as of 3/1/97:
<TABLE>
<S> <C> <C>
Total Number of Loans: 732
Total Outstanding Loan Balance: $69,985,219
Balloon (% of Total): 0.21%
Non-Balloon (% of Total): 99.79%
Average Loan Principal Balance: $95,608 ($9,979 to $498,242)
Weighted Average CLTV : 74.91% (12.86% to 98.40%)
Weighted Average Coupon: 9.74% (6.50% to 15.16%)
Weighted Average Gross Margin: 6.04% (2.75% to 10.40%)
Weighted Average Lifetime Cap: 16.06% (10.38% to 58.00%)
Weighted Average Lifetime Floor: 9.64% (2.38 % to 15.00%)
Weighted Average Periodic Cap: 1.56% (0.13% to 10.00%)
Weighted Average Remaining Term to
Maturity (months): 352 (166 to 360)
Weighted Average Seasoning (months): 6 (0 to 38)
Weighted Average Original Term (months): 359 (180 to 360)
Weighted Average Months to First Rate
Change: 7.23 (1 to 30)
Range of Original Terms: Non-Balloon Balloon
------------------------------- --------------------------------
61 - 120: 0.00% 61 - 120: 0.00%
121 - 180: 0.44% 121 - 180: 0.21%
181 - 240: 0.20%
241 - 300: 0.00%
301 - 360: 99.15%
Lien Position: 1st Lien: 99.58%
2nd Lien: 0.42%
Index: 6-mo LIBOR: 50.06%
1-yr CMT: 49.94%
Property Type: Single Family Detached: 96.45% Condominium/Townhouse: 1.43%
Single Family Attached: 0.23% Other: 0.07%
2-4 Family: 1.82%
Occupancy Status: Owner Occupied: 95.83%
Non-Owner Occupied: 4.17%
Geographic Distribution: MI: 25.55%
(states not listed individually account GA: 11.81%
for less than 5.00% of the Mortgage CA: 6.99%
Loan principal balance) IL: 6.36%
Credit Quality: A: 48.25%
(per IMC's guidelines) B: 29.14%
C: 17.58%
D: 5.03%
</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.
[GRAPHIC OMITTED]
<PAGE>
IMC Home Equity Loan Trust 1997-2
- ----------------------------------
The information included herein is produced and provided exclusively by Paine
Webber Incorporated ("PW") as underwriter for the IMC Home Equity Loan Trust
1997-2 transaction, and not by or as agent for Industry Mortgage Company, L.P.
or any of its affiliates (collectively, the "Depositor"). The Depositor has not
prepared, reviewed or participated in the preparation hereof, is not responsible
for the accuracy hereof and has not authorized the dissemination hereof. The
analysis in this report is accurate to the best of PW's knowledge and is based
on information provided by the Depositor. PW makes no representations as to the
accuracy of such information provided by the Depositor.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, 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.
Information relating to the Collateral
Fixed Rate Home Equity Loans
Preliminary characteristics of the Initial Home
Equity Loans as of 3/1/97:
<TABLE>
<S> <C> <C>
Total Number of Loans: 5,334
Total Outstanding Loan Balance: $329,867,131
Balloon (% of Total): 59.84%
Level Pay (% of Total): 40.16%
Average Loan Principal Balance: $61,842 ($2,979 to $547,497)
Weighted Average CLTV : 74.86% (7.69% to 100.00%)
% of Pool with LTVs 85%: 13.61%
Weighted Average Coupon: 11.80% (7.22% to 18.99%)
Weighted Average Remaining Term to Maturity (months): 209 (13 to 360)
Weighted Average Seasoning (months): 3 (0 to 89)
Weighted Average Original Term (months): 212 (15 to 360 )
Range of Original Terms: Level Pay Balloon
--------------------------------- ------------------------------
Up to 60: 0.09% Up to 60: 0.06%
61 - 120: 1.63% 61 - 120: 0.34%
121 - 180: 12.07% 121 - 180: 59.42%
181 - 240: 11.35% 181 - 240: 0.01%
241 - 300: 0.28%
301 - 360: 14.76%
Lien Position: 1st Lien: 91.35%
2nd Lien: 8.65%
Property Type: Single Family Detached: 89.45%
Single Family Attached: 1.67%
2-4 Family: 6.89%
Condominium/Townhouse: 1.43%
Other: 0.56%
Occupancy Status: Owner Occupied: 93.18%
Non-Owner Occupied: 6.82%
Geographic Distribution: NY: 14.19% MD: 6.07%
(states not listed individually account MI: 8.32% IL: 5.76%
for less than 5.00% of the Mortgage FL: 8.03%
Loan principal balance) NJ: 6.31%
Credit Quality: A: 43.83%
(per IMC's guidelines) B: 27.90%
C: 22.67%
D: 5.60%
</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.
[GRAPHIC OMITTED]
Exhibit 99.3
Nomura Securities International, Inc. - Residential Whole Loan Desk
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Trading Desk: x.2266 Chris Woschenko
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IMC Home Equity Loan Trust 1997-2
$400,000,000
Preliminary Structure
<TABLE>
<CAPTION>
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<S> <C> <C> <C> <C>
Approximate
Class Balance Coupon WAL Allocation
----- ------- ------ --- ----------
A-1 $126,643,000 Fixed 0.90 $0
A-2 $ 35,021,000 Fixed 2.10 $0
A-3 $ 63,371,000 Fixed 3.20 $0
A-4 $ 42,030,000 Fixed 5.20 $0
A-5 $ 13,437,000 Fixed 7.40 $0
A-6 $ 22,498,000 Fixed 11.17 $0
A-7 $ 27,000,000 Fixed 7.02 $0
A-8 $ 70,000,000 Floater 3.25 $70,000,000
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</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Issuer: IMC Home Equity Loan Trust 1997-2
Seller/Servicer: Industry Mortgage Company, L.P.
Structure: Sequential Pay
Underwriters: ARMs - NSI
Fixed - Bear Stearns / PaineWebber
Credit Support: Excess Spread / Over Collateralization
MBIA Insured
Collateral: Home-Equity, closed-end, 1st & 2nd liens
Call Feature: 10% Clean-up
Distribution Date: 20th of each month
Rating: Aaa / Moody's - AAA / S&P
ERISA: Yes
SMMEA: No
Trustee: Chase Manhattan Bank
Anticipated Dates: Pre-Marketing - Monday and Tuesday, March 10 and 11
Launch Deal - Wednesday, March 12
Price Deal - Thursday, March 13
Settlement - Thursday, March 20
</TABLE>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
offer to sell or solicitation of an offer to buy any securities. All information
is hypothetical or preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any such assumption
may differ from actual results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates may have a position
in the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura and certain
of its affiliates may have acted as an underwriter of such securities, and may
currently be providing investment banking or other services to the issuers of
such securities and/or borrowers and their affiliates. Copyrights (C) 1995.
Nomura Securities International, Inc.
Form No. 124
<PAGE>
IMC Home Equity Loan Trust 1997-2
Collateral Summary
<TABLE>
<CAPTION>
Fixed Rate Home Equity Loans Adjustable Rate Home Equity Loans
---------------------------- ---------------------------------
Balance: Balance:
<S> <C> <C> <C>
Average: $61,842 Average: $95,608
Maximum: $547,497 Maximum: $498,242
Minimum: $2,979 Minimum: $9,979
WA CLTV: 74.86% WA CLTV: 74.91%
WAC: 11.80% WAC: 9.74%
Current WAM: 209 WA Margin: 6.04%
Original WAM: 212 WA Life Cap: 16.06%
WA Life Floor: 9.64%
Mortgage Type: WA Periodic Cap: 1.56%
30 Year Fixed: 40.16% WA First Reset: 7.23
30/15 Balloons: 59.84% Current WAM: 352
Original WAM: 359
Property Type:
SFD: 89.45% Mortgage Type:
2-4 Units: 6.89% Non-Balloons: 99.79%
Condo: 1.43% 30/15 Balloons: 00.21%
Occupancy Status: Index Type:
Owner Occupied: 93.18% 6 Month LIBOR: 50.06%
Non-Owner Occupied: 6.82% 1 Yr. CMT: 49.94%
Geographics: Property Type:
NY: 14.19%, NJ: 6.31%, MD: 6.07% SFD: 96.45%
MI: 8.32%, FL: 8.03%, IL: 5.76% 2-4 Units: 1.82%
Condo: 1.43%
Lien Positions:
1st Liens: 91.35%, 2nd Liens: 8.65% Occupancy Status:
Owner Occupied: 95.83%
Credit Quality: Non-Owner Occupied: 4.17%
A: 43.83%, B: 27.90%,
C: 22.67%, D: 5.60% Geographics:
GA: 11.81%, IL: 6.36%,
MI: 25.55%, CA: 6.99%
Lien Positions:
1st Liens: 99.58%, 2nd Liens: 0.42%
Credit Quality:
A: 48.25%, B: 29.14%,
C: 17.58%, D: 5.03%
</TABLE>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
offer to sell or solicitation of an offer to buy any securities. All information
is hypothetical or preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any such assumption
may differ from actual results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates may have a position
in the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura and certain
of its affiliates may have acted as an underwriter of such securities, and may
currently be providing investment banking or other services to the issuers of
such securities and/or borrowers and their affiliates. Copyrights (C) 1995.
Nomura Securities International, Inc.
Form No. 124
<PAGE>
IMC Home Equity Loan Trust 1997-2
Illustrative Yields @ Par
<TABLE>
<CAPTION>
Speed 0% CPR 50% CPR 75% CPR 100% CPR 125% CPR 150% CPR
------ ------- ------- -------- -------- --------
Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL
Class
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 6.678 9.590 6.492 1.610 6.402 1.140 6.318 0.900 6.239 0.750 6.165 0.650
A2 6.674 14.670 6.612 4.090 6.570 2.770 6.529 2.100 6.487 1.690 6.445 1.410
A3 6.868 14.670 6.837 6.580 6.809 4.340 6.778 3.200 6.747 2.520 6.715 2.070
A4 7.216 15.920 7.206 11.110 7.189 7.320 7.168 5.200 7.145 3.980 7.121 3.190
A5 7.478 21.380 7.470 14.520 7.460 10.470 7.444 7.400 7.425 5.420 7.404 4.250
A6 7.665 26.970 7.656 15.680 7.653 13.860 7.645 11.170 7.634 8.530 7.618 6.380
A7 7.191 13.210 7.176 8.960 7.170 7.840 7.165 7.020 7.160 6.390 7.155 5.910
A8 5.769 21.100 5.770 6.520 5.771 4.410 5.772 3.250 5.773 2.520 5.774 2.020
To 10% Clean-up Call
Speed 0% CPR 50% CPR 75% CPR 100% CPR 125% CPR 150% CPR
------ ------- ------- -------- -------- --------
Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL
Class
A5 7.478 21.380 7.470 14.520 7.459 10.340 7.444 7.390 7.425 5.420 7.404 4.250
A6 7.664 25.760 7.654 14.670 7.645 10.830 7.633 8.170 7.619 6.390 7.604 5.140
A7 7.191 13.210 7.176 8.960 7.169 7.480 7.161 6.440 7.152 5.550 7.141 4.820
A8 5.769 20.550 5.770 5.980 5.771 4.080 5.772 3.010 5.773 2.340 5.774 1.890
</TABLE>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
offer to sell or solicitation of an offer to buy any securities. All information
is hypothetical or preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any such assumption
may differ from actual results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates may have a position
in the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura and certain
of its affiliates may have acted as an underwriter of such securities, and may
currently be providing investment banking or other services to the issuers of
such securities and/or borrowers and their affiliates. Copyrights (C) 1995.
Nomura Securities International, Inc.
Form No. 124
<PAGE>
IMC Home Equity Loan Trust 1997-2
Illustrative Yields @ Par
<TABLE>
<CAPTION>
Speed 0% PPY 50% PPY 75% PPY 100% PPY 125% PPY 150% PPY
------ ------- ------- -------- -------- --------
Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL
Class
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 6.678 9.590 6.492 1.610 6.402 1.140 6.318 0.900 6.239 0.750 6.165 0.650
A2 6.674 14.670 6.612 4.090 6.570 2.770 6.529 2.100 6.487 1.690 6.445 1.410
A3 6.868 14.670 6.837 6.580 6.809 4.340 6.778 3.200 6.747 2.520 6.715 2.070
A4 7.216 15.920 7.206 11.110 7.189 7.320 7.168 5.200 7.145 3.980 7.121 3.190
A5 7.478 21.380 7.470 14.520 7.460 10.470 7.444 7.400 7.425 5.420 7.404 4.250
A6 7.665 26.970 7.656 15.680 7.653 13.860 7.645 11.170 7.634 8.530 7.618 6.380
A7 7.191 13.210 7.176 8.960 7.170 7.840 7.165 7.020 7.160 6.390 7.155 5.910
A8 5.769 21.100 5.770 6.520 5.771 4.410 5.772 3.250 5.773 2.520 5.774 2.020
To 10% Clean-up Call
Speed 0% CPR 12% CPR 18% CPR 24% CPR 30% CPR 36% CPR
------ ------- ------- ------- ------- -------
Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL
Class
A5 7.478 21.380 7.470 14.520 7.459 10.340 7.444 7.390 7.425 5.420 7.404 4.250
A6 7.664 25.760 7.654 14.670 7.645 10.830 7.633 8.170 7.619 6.390 7.604 5.140
A7 7.191 13.210 7.176 8.960 7.169 7.480 7.161 6.440 7.152 5.550 7.141 4.820
-------------- ------------- ------------- ------------- ------------- -------------
0% CPR 12.5% CPR 18.75% CPR 25% CPR 31.25% CPR 37.5% CPR
-------------- ------------- ------------- ------------- ------------- -------------
A8 5.769 20.550 5.770 5.980 5.771 4.080 5.772 3.010 5.773 2.340 5.774 1.890
</TABLE>
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information contained
herein is based on sources Nomura Securities International, Inc. ("Nomura")
believes to be reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be considered an
offer to sell or solicitation of an offer to buy any securities. All information
is hypothetical or preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any such assumption
may differ from actual results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates may have a position
in the securities discussed herein and may purchase or sell the same on a
principal basis or as agent for another person. In addition, Nomura and certain
of its affiliates may have acted as an underwriter of such securities, and may
currently be providing investment banking or other services to the issuers of
such securities and/or borrowers and their affiliates. Copyrights (C) 1995.
Nomura Securities International, Inc.
Form No. 124
<PAGE>
IMC Home Equity Loan Trust 1997-2
Illustrative Yields @ Par
<TABLE>
<CAPTION>
Speed 0% PPC 50% PPC 75% PPC 100% PPC 125% PPC 150% PPC
------ ------- ------- -------- -------- --------
Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL
Class
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 6.678 9.590 6.492 1.610 6.402 1.140 6.318 0.900 6.239 0.750 6.165 0.650
A2 6.674 14.670 6.612 4.090 6.570 2.770 6.529 2.100 6.487 1.690 6.445 1.410
A3 6.868 14.670 6.837 6.580 6.809 4.340 6.778 3.200 6.747 2.520 6.715 2.070
A4 7.216 15.920 7.206 11.110 7.189 7.320 7.168 5.200 7.145 3.980 7.121 3.190
A5 7.478 21.380 7.470 14.520 7.460 10.470 7.444 7.400 7.425 5.420 7.404 4.250
A6 7.665 26.970 7.656 15.680 7.653 13.860 7.645 11.170 7.634 8.530 7.618 6.380
A7 7.191 13.210 7.176 8.960 7.170 7.840 7.165 7.020 7.160 6.390 7.155 5.910
-------------- ------------- ------------- ------------- ------------- --------------
0% CPR 12.5% CPR 18.75% CPR 25% CPR 31.25% CPR 37.5% CPR
-------------- ------------- ------------- ------------- ------------- -------------
A8 5.769 21.100 5.770 6.520 5.771 4.410 5.772 3.250 5.773 2.520 5.774 2.020
To 10% Clean-up Call
Speed 0% CPR 12% CPR 18% CPR 24% CPR 30% CPR 36% CPR
------ ------- ------- ------- ------- -------
Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL Yield WAL
Class
A5 7.478 21.380 7.470 14.520 7.459 10.340 7.444 7.390 7.425 5.420 7.404 4.250
A6 7.664 25.760 7.654 14.670 7.645 10.830 7.633 8.170 7.619 6.390 7.604 5.140
A7 7.191 13.210 7.176 8.960 7.169 7.480 7.161 6.440 7.152 5.550 7.141 4.820
-------------- -------------- -------------- ------------- ------------- -------------
0% CPR 12.5% CPR 18.75% CPR 25% CPR 31.25% CPR 37.5% CPR
-------------- -------------- -------------- ------------- ------------- ------------
A8 5.769 20.550 5.770 5.980 5.771 4.080 5.772 3.010 5.773 2.340 5.774 1.890
</TABLE>
