<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
August 25, 1998
IMC Securities, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-48429-03 59-3284026
- ---------------------------- ----------------------- -------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa, Florida 33617-2362
----------------------- ----------------------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (813) 984-8801
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(Former name or former address, if changed since last report)
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<PAGE> 2
ITEM 5. OTHER EVENTS.
In connection with the offering of IMC Home Equity Loan Pass-Through
Certificates, Series 1998-5, described in a Prospectus Supplement to be dated as
of August 27, 1998, 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").
The Related Computational Materials furnished to certain prospective
investors by the lead Underwriter, Deutsche Bank Securities Inc., are filed
herewith as Exhibit 99.1. In addition, Bear, Stearns & Co., Inc., PaineWebber
Incorporated and Nomura Securities International, Inc., as co-underwriters,
have furnished Related Computational Materials to certain prospective
investors, which are substantially identical to the Related Computational
Materials furnished by Deutsche Bank Securities Inc., other than the disclosure
in each related co-underwriter's legend. Therefore, only each co-underwriter's
legend has been filed herewith. In addition, Additional Related Computational
Materials furnished to certain prospective investors by Deutsche Bank
Securities Inc. have been filed herewith as Exhibits 99.5 and 99.6.
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 Deutsche Bank
Securities Inc.
99.2 Legend to Related Computational Materials furnished by Bear,
Stearns & Co., Inc.
99.3 Legend to Related Computational Materials furnished by
PaineWebber Incorporated
99.4 Legend to Related Computational Materials furnished by
Nomura Securities International, Inc.
99.5 Additional Related Computational Materials furnished by
Deutsche Bank Securities, Inc.
99.6 Additional Related Computational Materials furnished by
Deutsche Bank Securities 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 25, 1998
<PAGE> 4
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
99.1 Related Computational Materials furnished by Deutsche
Bank Securities Inc.
99.2 Legend to Related Computational Materials furnished by Bear,
Stearns & Co., Inc.
99.3 Legend to Related Computational Materials furnished by
PaineWebber Incorporated
99.4 Legend to Related Computational Materials furnished by Nomura
Securities International, Inc.
99.5 Additional Related Computational Materials furnished by
Deutsche Bank Securities Inc.
99.6 Additional Related Computational Materials furnished by
Deutsche Bank Securities Inc.
<PAGE> 1
EX. 99.1
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
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IMC HOME EQUITY LOAN TRUST 1998-5
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[$500,000,000] OFFERING AMOUNT
TRANSACTION SUMMARY
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
ESTIMATED ESTIMATED ESTIMATED
WAL MODIFIED PAYMENT EXPECTED
APPROXIMATE TO CALL DURATION WINDOW RATINGS
CERTIFICATE(a) SIZE COUPON (YEARS) (YEARS) (# PMT DATES) (MOODY'S/S&P/FITCH)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 [$175,301] Floating (b) [0.90] [0.85] [1-20 (20)] Aaa / AAA / AAA
CLASS A-2 [$63,966] Fixed [2.00] [1.83] [20-28 (9)] Aaa / AAA / AAA
CLASS A-3 [$77,267] Fixed [3.00] [2.66] [28-48 (21)] Aaa / AAA / AAA
CLASS A-4 [$54,546] Fixed [5.40] [4.44] [48-95 (48)] Aaa / AAA / AAA
CLASS A-5 [$23,920] Fixed (c) [7.94] [6.06] [95-95 (1)] Aaa / AAA / AAA
CLASS A-6 [$35,000] Fixed (c) [6.37] [5.08] [39-95 (57)] Aaa / AAA / AAA
CLASS A-7IO [$35,000] IO (d) n/a [1.24] n/a Aaa/AAAr/AAA
CLASS M-1 [$31,250] Fixed (c) [5.35] [4.27] [38-95 (58)] Aa2 / AA / AA
CLASS M-2 [$18,750] Fixed (c) [5.34] [4.22] [37-95 (59)] A2 / A / A
CLASS B [$20,000] Fixed (c) [5.33] [4.09] [37-95 (59)] Baa3 / BBB- / BBB
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTES:
(a) The certificates will be priced to the 10% Optional Termination.
(b) The Pass-Through Rate on the Class A-1 Certificates adjusts monthly based
on One Month LIBOR, and will be the lesser of One Month LIBOR + [ ]%, and
(ii) the weighted average Coupon Rate of the Home Equity Loans, less the
servicing and trustee fees.
(c) The Pass-Through Rate on the Class A-5, A-6, M-1, M-2 and B Certificates
will equal the lesser of (i) their respective Pass-Through Rates, and (ii)
the weighted average Coupon Rate of the Home Equity Loans, less the sum of
(A) approximately [0.50375]% per annum plus (B) the product of the Class
A-7IO Pass-Through Rate and the Class A-7IO Notional Balance divided by
the Loan Balance of the Home Equity Loans. The pass-through rate for each
class remaining outstanding will increase by 0.50% for remittance periods
beginning after the Clean-up Call Date.
(d) The Class A-7IO Certificates are interest only Certificates. Interest on
the Class A-7IO will be paid on a notional principal balance equal to the
then outstanding principal balance of the Class A-6 Certificates
(initially $[35,000,000]) at a Pass-Through Rate of [8.34]% per annum,
from the first Payment Date until the Payment Date in [March 2001].
PRICING INFORMATION
<TABLE>
<S> <C>
PREPAYMENT PRICING
SPEED ASSUMPTION: 4% CPR, increasing to 25% CPR over 12 months
PAYMENT DATE: The 20th day of each month (or the next Business Day thereafter) commencing in October, 1998.
PAYMENT DELAY: With the exception of the Class A-1 Certificates, 19 days. With respect to the Class A-1
Certificates, 0 days.
SETTLEMENT (CLOSING) DATE: On or about September [10], 1998.
CLEAN-UP CALL DATE: The first Payment Date on which the aggregate Loan Balance of the Home Equity Loans has
declined to less than 10% of the aggregate Loan Balance as of the Cut-Off Date.
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
<PAGE> 2
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
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IMC HOME EQUITY LOAN TRUST 1998-5
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PRICING INFORMATION (CONTINUED)
<TABLE>
<S> <C>
INTEREST ACCRUAL PERIOD: With the exception of the Class A-1 Certificates, interest will accrue on the Certificates at a
fixed rate during the month prior to the month of the related Payment Date based on a 30/360 day
basis.
With respect to any Payment Date, the Class A-1 Certificates will be entitled to interest which
has accrued thereon from the preceding Payment Date (or from the Settlement Date in the case of
the first Payment Date) to and including the day prior to the current Payment Date.
Calculations of Interest on the Class A-1 Certificates will be made on an actual/360 day basis.
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 2
<PAGE> 3
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
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IMC HOME EQUITY LOAN TRUST 1998-5
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DESCRIPTION OF SECURITIES
<TABLE>
<S> <C>
TITLE OF SECURITIES: IMC Home Equity Loan Trust 1998-5
LEAD UNDERWRITER: DEUTSCHE BANK SECURITIES INC.
CO-UNDERWRITERS: Bear, Stearns and Co. Inc.
Nomura Securities
PaineWebber Inc.
SELLER AND SERVICER: IMC Mortgage Company
DEPOSITOR: IMC Securities, Inc.
TRUSTEE: The Chase Manhattan Bank
OFFERING AMOUNT: Approximately $[500,000,000]
CUT-OFF DATE: September 1, 1998
STATISTICAL CALCULATION DATE: The collateral described herein represents the pool of Home Equity Loans as of the Statistical
Calculation Date of August 1, 1998.
FORM OF OFFERING: Book-Entry form, same-day funds through DTC, Euroclear, and CEDEL.
SENIOR CERTIFICATES: Class A-1, A-2, A-3, A-4, A-5, A-6 and A-7IO Certificates.
SUBORDINATE CERTIFICATES: Class M-1, M-2 and B Certificates, as well as the Class R Certificates which are not offered
hereby.
OFFERED CERTIFICATES: The Senior Certificates and the Subordinate Certificate other than the Class R Certificates.
DENOMINATIONS: Minimum denominations of $[25,000] and multiples of $1,000 thereafter.
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").
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 3
<PAGE> 4
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
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IMC HOME EQUITY LOAN TRUST 1998-5
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DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
CREDIT ENHANCEMENT: Credit enhancement with respect to the Certificates will be provided by (1) excess spread; (2)
overcollateralization; and (3) subordination, each as described below.
(1) EXCESS SPREAD: The weighted average interest rate on the Home Equity Loans is generally expected to be higher
than the sum of (a) the servicing fee and trustee fee and (b) the weighted average interest
rate of the Certificates. Such excess is Excess Spread.
(2) OVERCOLLATERALIZATION Excess Spread will be applied, to the extent available, first to make accelerated payments of
principal to the securities then entitled to receive payments of principal. Such application
will cause the aggregate principal balance of the Certificates to amortize more rapidly than the
Home Equity Loans, resulting in overcollateralization.
(3) CLASS SUBORDINATION: The rights of the Class M-1 Certificates to receive payments will be subordinated to such rights
of the Senior Certificates. The rights of the Class M-2 Certificates to receive payments will
be subordinated to such rights of the Senior Certificates and the Class M-1 Certificates. The
rights of the Class B Certificates to receive payments will be subordinated to such rights of
the Senior Certificates and the Class M-1 and Class M-2 Certificates. The rights of the Class
R, which are not offered hereby, will be subordinated to such rights of the Senior Certificates
and the Subordinate Certificates.
INTEREST DISTRIBUTION
PRIORITY: Interest Collections (net of the Servicing Fee) generally will be allocated in the following
priority:
i. To pay the Trustee Fee;
ii. To pay Current Interest plus Interest Carryforward Amounts (unpaid interest from prior
periods) to the Senior Certificates, paid pro rata;
iii. To pay Current Interest to the Class M-1, M-2 and B Certificates, in that order;
iv. Any remaining Interest Collections will be the Monthly Excess Interest Amount, to be a
part of the Monthly Excess Cashflow Amount and to be allocated as described below.
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 4
<PAGE> 5
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
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IMC HOME EQUITY LOAN TRUST 1998-5
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DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
PRINCIPAL DISTRIBUTION
PRIORITY: Prior to the Stepdown Date, or if a Trigger Event is in effect, collections of Principal will be
allocated in the following priority:
i. To the Class A-6 Certificates, the Class A-6 Lockout Distribution Amount;
ii. To the Class A-1 through A-6 Certificates, sequentially, until each of the respective
Principal Balances are reduced to zero.
On or after the Stepdown Date, and as long as a Trigger Event is not in effect, collections of
Principal in an amount sufficient to maintain the relative subordination levels described below
under "Summary of Expected Subordination and Overcollateralization" will be allocated in the
following priority:
i. To the Class A-6, the Class A-6 Lockout Distribution Amount;
ii. To the Class A-1 through A-6 Certificates, sequentially, in reduction of their
respective principal balances; until each of the respective Principal Balances are
reduced to zero;
iii. To the Class M-1, M-2 and B Certificates, in that order, in reduction of their
respective principal balances, so as to maintain the relative subordination levels
described below;
iv. Any remaining amounts, along with any Overcollateralization Reduction Amount, shall be
a part of the Monthly Excess Cashflow Amount.
ALLOCATION OF MONTHLY EXCESS
CASHFLOW AMOUNT: The Monthly Excess Cashflow Amount shall be allocated as follows:
i. As payment of the Extra Principal Distribution Amount in reduction of the Certificate
Principal Balances of the Classes of Certificates then entitled to principal
distributions Certificates (in the same priority as regular principal distributions);
ii. To fund the Interest Carryforward Amounts and Realized Loss Amortization Amounts of the
Class M-1, M-2 and B Certificates, in that order, if any;
iii. To the Servicer for unreimbursed Delinquency Advances and Servicing Advances;
iv. To the Owners of the Class R Certificates.
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 5
<PAGE> 6
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
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IMC HOME EQUITY LOAN TRUST 1998-5
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DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
APPLICATION OF REALIZED
LOSSES: Realized Losses (as defined in the Prospectus Supplement) will be absorbed first by the
application of excess spread, then by the reduction of the Overcollateralization Amount.
Following the reduction of the Overcollateralization Amount to zero, any remaining amount of
Realized Losses will be applied in reduction of:
i. The Class B Certificates until the Class B Certificates have been
reduced to zero;
ii. The Class M-2 Certificates until the Class M-2 Certificates have been
reduced to zero; and
iii. The Class M-1 Certificates until the Class M-1 Certificates have been
reduced to zero.
The Senior Certificates will not be reduced in respect of Realized Losses.
CLASS A-6 LOCKOUT
DISTRIBUTION AMOUNT: For any Payment Date, the product of (i) the applicable Class A-6 Lockout Percentage and
(ii) the product of (a) the Class A-6 principal balance divided by the aggregate Certificate
Principal Balance of the Senior Certificates immediately prior to such Payment Date, and (b)
the Class A Principal Distribution Amount for such Payment Date.
CLASS A-6 LOCKOUT
PERCENTAGE PAYMENTS: Dates (Periods) Lockout Percentage
--------------- ------------------
Oct. 1998 - Sept. 2001 (1-36) 0%
Oct. 2001 - Sept. 2003 (37-60) 45%
Oct. 2003 - Sept. 2004 (61-72) 80%
Oct. 2004 - Sept. 2005 (73-84) 100%
Oct. 2005 and thereafter (85- ) 300%
OVERCOLLATERALIZATION
AMOUNT: As of any Payment Date, the difference between the Loan Balance of the Home
Equity Loans and the Aggregate Certificate Principal Balance.
TARGETED OVER-
COLLATERALIZATION AMOUNT: Prior to the Stepdown Date (defined below), the Targeted Overcollateralization
Amount will equal $[14,000,000]. On or after the Stepdown Date, the Targeted
Overcollateralization Amount will be permitted to decrease to the greater of (i)
[5.60]% of the then outstanding aggregate Loan Balance of the Home Equity Loans
and (ii) $[2,500,000].
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 6
<PAGE> 7
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
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IMC HOME EQUITY LOAN TRUST 1998-5
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DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
OVERCOLLATERALIZATION
STEPDOWN DATE: While a Trigger Event is not in effect, the Stepdown Date is the Payment Date
occurring on the later of:
i. The Payment Date in [November 2001] (the 37th Payment Date); and
ii. The first Payment Date on which the Senior Enhancement Percentage is
greater than or equal to [33.60]%.
OVERCOLLATERALIZATION
RELEASE AMOUNT: The positive difference, if any, between the Targeted Overcollateralization
Amount and the Overcollateralization Amount.
</TABLE>
SUMMARY OF EXPECTED SUBORDINATION AND OVERCOLLATERALIZATION:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
EXPECTED INITIAL
EXPECTED INITIAL OVER- TARGETED TARGETED OVER-
SUBORDINATION (a): COLLATERALIZATION(b) Subordination(c): COLLATERALIZATION(d)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A CERTIFICATES [14.00]% [2.80]% [28.00]% [5.60]%
CLASS M-1 CERTIFICATES [7.75]% [2.80]% [15.50]% [5.60]%
CLASS M-2 CERTIFICATES [4.00]% [2.80]% [8.00]% [5.60]%
CLASS B CERTIFICATES [0.00]% [2.80]% [0.00]% [5.60]%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Represents the expected subordination as of the Closing Date (as a
percentage of the Offered Certificates).
(b) Represents the expected amount of Overcollateralization as of the Payment
Date on which the Targeted Overcollateralization Amount is first reached
(as a percentage of the Offered Certificates).
(c) Represents the expected subordination on and after the Stepdown Date (as a
percentage of the Offered Certificates).
(d) Represents the expected amount of Overcollateralization as of the Stepdown
Date (as a percentage of the Offered Certificates).
<TABLE>
<S> <C>
TRIGGER EVENT: A Trigger Event has occurred if the 60+ day delinquency percentage exceeds 50%
of the Senior Enhancement Percentage. An occurrence of a Trigger Event will
prevent the principal payment priority from switching to a pro-rata
distribution, which includes the Subordinate Certificates, after the Stepdown
Date.
SENIOR ENHANCEMENT
PERCENTAGE: The percentage obtained by dividing (x) the sum of the aggregate Certificate
Principal Balance of the Subordinated Certificates and the Overcollateralization
Amount by (y) the then outstanding Loan Balance of the Home Equity Loans.
FEDERAL TAX ASPECTS: The Trust will consist of two segregated asset pools, (the "Upper-Tier REMIC"
and the "Lower-Tier REMIC"). Each class of the Offered Certificates will be
designated as a "regular interest" in the Upper-Tier REMIC.
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 7
<PAGE> 8
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (CONTINUED)
<TABLE>
<S> <C>
ERISA CONSIDERATION: All of the Senior Certificates are expected to be ERISA eligible. The
Subordinate Certificates will NOT be ERISA eligible.
SMMEA ELIGIBILITY: The Certificates will NOT constitute "mortgage-related securities" for purposes
of SMMEA.
PROSPECTUS: The Certificates are being offered pursuant to a Prospectus which includes a
Prospectus Supplement (together, the "Prospectus"). Complete information with
respect to the Certificates and the Home Equity Loans 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 Certificates may not be consummated unless the purchaser has
received the Prospectus.
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 8
<PAGE> 9
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS
<TABLE>
- --------------------------------------------------------------------------------------------------------------
CLASS A-1 (TO CALL)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 8.743 1.492 1.105 0.901 0.774 0.687
Modified Duration 6.284 1.375 1.035 0.850 0.734 0.653
First Principal Payment 10/20/98 10/20/98 10/20/98 10/20/98 10/20/98 10/20/98
Last Principal Payment 4/20/13 9/20/01 10/20/00 5/20/00 1/20/00 11/20/99
Principal Window (years) 14.583 3.000 2.083 1.667 1.333 1.167
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS A-2 (TO CALL)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 14.738 3.744 2.586 2.000 1.638 1.395
Yield @ par 6.215 6.150 6.110 6.072 6.036 6.000
Modified Duration 9.446 3.255 2.328 1.833 1.519 1.303
First Principal Payment 4/20/13 9/20/01 10/20/00 5/20/00 1/20/00 11/20/99
Last Principal Payment 7/20/13 3/20/03 10/20/01 1/20/01 8/20/00 4/20/00
Principal Window (years) 0.333 1.583 1.083 0.750 0.667 0.500
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS A-3 (TO CALL)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 16.554 6.302 4.104 3.000 2.322 1.944
Yield @ par 6.370 6.338 6.309 6.278 6.245 6.217
Modified Duration 9.974 5.029 3.510 2.657 2.103 1.781
First Principal Payment 7/20/13 3/20/03 10/20/01 1/20/01 8/20/00 4/20/00
Last Principal Payment 9/20/19 11/20/07 4/20/04 9/20/02 6/20/01 12/20/00
Principal Window (years) 6.250 4.750 2.583 1.750 0.917 0.750
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS A-4 (TO CALL)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 24.767 12.117 7.984 5.400 3.788 2.622
Yield @ par 6.346 6.333 6.318 6.298 6.272 6.232
Modified Duration 12.233 8.226 6.066 4.439 3.269 2.354
First Principal Payment 9/20/19 11/20/07 4/20/04 9/20/02 6/20/01 12/20/00
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/03 8/20/01
Principal Window (years) 6.000 5.417 4.917 4.000 2.583 0.750
- --------------------------------------------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 9
<PAGE> 10
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
<TABLE>
- --------------------------------------------------------------------------------------------------------------
CLASS A-5 (TO CALL)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 26.944 14.528 10.444 7.944 6.057 4.285
Yield @ par 6.479 6.470 6.461 6.451 6.437 6.413
Modified Duration 12.510 9.211 7.416 6.036 4.886 3.632
First Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/03 8/20/01
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 0.083 0.083 0.083 0.083 1.083 2.250
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS A-6 (TO CALL)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 11.664 7.590 6.861 6.366 5.704 5.026
Yield @ par 6.250 6.234 6.230 6.227 6.221 6.213
Modified Duration 7.960 5.791 5.373 5.084 4.669 4.207
First Principal Payment 10/20/01 10/20/01 10/20/01 12/20/01 5/20/02 11/20/02
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 23.917 11.500 7.417 4.750 2.667 1.000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS A-7IO (TO CALL)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Yield @ 18.9355 6.663 6.663 6.663 6.663 6.663 6.663
Modified Duration 1.244 1.244 1.244 1.244 1.244 1.244
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS M-1 (TO CALL)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 20.658 9.922 6.996 5.346 4.517 4.212
Yield @ par 7.027 7.008 6.992 6.976 6.964 6.958
Modified Duration 10.477 6.789 5.265 4.267 3.736 3.540
First Principal Payment 7/20/13 9/20/03 3/20/02 11/20/01 1/20/02 4/20/02
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 12.167 9.583 7.000 4.833 3.000 1.583
- --------------------------------------------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 10
<PAGE> 11
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
<TABLE>
- --------------------------------------------------------------------------------------------------------------
CLASS M-2 (TO CALL)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 20.658 9.922 6.996 5.336 4.436 3.978
Yield @ par 7.333 7.313 7.297 7.280 7.266 7.256
Modified Duration 10.221 6.688 5.205 4.220 3.646 3.341
First Principal Payment 7/20/13 9/20/03 3/20/02 10/20/01 12/20/01 1/20/02
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 12.167 9.583 7.000 4.917 3.083 1.833
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS B (TO CALL)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 20.658 9.922 6.996 5.329 4.393 3.870
Yield @ par 8.337 8.315 8.296 8.277 8.259 8.247
Modified Duration 9.447 6.374 5.016 4.090 3.523 3.187
First Principal Payment 7/20/13 9/20/03 3/20/02 10/20/01 10/20/01 11/20/01
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 12.167 9.583 7.000 4.917 3.250 2.000
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS A-4 (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 24.849 12.143 8.068 5.411 3.788 2.622
Yield @ par 6.347 6.333 6.322 6.299 6.272 6.232
Modified Duration 12.248 8.236 6.108 4.445 3.269 2.354
First Principal Payment 9/20/19 11/20/07 4/20/04 9/20/02 6/20/01 12/20/00
Last Principal Payment 7/20/26 7/20/13 5/20/10 2/20/07 12/20/03 8/20/01
Principal Window (years) 6.917 5.750 6.167 4.500 2.583 0.750
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS A-5 (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 28.829 17.889 14.357 11.423 8.129 4.589
Yield @ par 6.492 6.527 6.564 6.578 6.549 6.443
Modified Duration 12.829 10.294 9.103 7.824 6.053 3.823
First Principal Payment 7/20/26 7/20/13 5/20/10 2/20/07 12/20/03 8/20/01
Last Principal Payment 4/20/28 2/20/24 3/20/18 11/20/13 3/20/12 11/20/09
Principal Window (years) 1.833 10.667 7.917 6.833 8.333 8.333
- --------------------------------------------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 11
<PAGE> 12
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
<TABLE>
- --------------------------------------------------------------------------------------------------------------
CLASS A-6 (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 11.664 7.594 6.919 6.566 6.453 6.609
Yield @ par 6.250 6.235 6.233 6.239 6.273 6.329
Modified Duration 7.960 5.792 5.402 5.198 5.135 5.233
First Principal Payment 10/20/01 10/20/01 10/20/01 12/20/01 5/20/02 11/20/02
Last Principal Payment 2/20/28 11/20/23 12/20/17 7/20/13 1/20/12 8/20/09
Principal Window (years) 26.417 22.167 16.250 11.667 9.750 6.833
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS M-1 (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 20.949 10.320 7.534 5.847 4.923 4.548
Yield @ par 7.029 7.018 7.016 7.009 6.999 6.993
Modified Duration 10.521 6.916 5.495 4.519 3.970 3.753
First Principal Payment 7/20/13 9/20/03 3/20/02 11/20/01 1/20/02 4/20/02
Last Principal Payment 2/20/28 10/20/19 3/20/14 5/20/12 9/20/09 9/20/07
Principal Window (years) 14.667 16.167 12.083 10.583 7.750 5.500
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS M-2 (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 20.936 10.221 7.517 5.773 4.790 4.271
Yield @ par 7.335 7.321 7.320 7.309 7.298 7.289
Modified Duration 10.259 6.783 5.421 4.439 3.849 3.526
First Principal Payment 7/20/13 9/20/03 3/20/02 10/20/01 12/20/01 1/20/02
Last Principal Payment 11/20/27 7/20/17 7/20/13 1/20/11 7/20/08 9/20/06
Principal Window (years) 14.417 13.917 11.417 9.333 6.667 4.750
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
CLASS B (TO MATURITY)
- --------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- --------------------------------------------------------------------------------------------------------------
Average Life (years) 20.869 10.027 7.350 5.605 4.617 4.057
Yield @ par 8.338 8.317 8.312 8.296 8.281 8.269
Modified Duration 9.470 6.405 5.151 4.222 3.646 3.301
First Principal Payment 7/20/13 9/20/03 3/20/02 10/20/01 10/20/01 11/20/01
Last Principal Payment 7/20/27 5/20/15 1/20/13 9/20/09 6/20/07 11/20/05
Principal Window (years) 14.083 11.750 10.917 8.000 5.750 4.083
- --------------------------------------------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 12
<PAGE> 13
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
DESCRIPTION OF THE POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CALCULATION DATE
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
TOTAL NUMBER OF LOANS: 8,277
TOTAL OUTSTANDING LOAN BALANCE: $499,994,462.56
BALLOON (% OF TOTAL): 64.82%
LEVEL PAY (% OF TOTAL): 35.18%
AVERAGE LOAN PRINCIPAL BALANCE (CURRENT): $60,407.69
WEIGHTED AVERAGE CLTV: 77.22%
% OF POOL WITH CLTVs>90%: 3.13%
WEIGHTED AVERAGE COUPON: 10.85%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 249.9
WEIGHTED AVERAGE SEASONING (MONTHS): 2.3
WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 252.2
RANGE OF ORIGINAL TERMS: LEVEL PAY BALLOON
--------- -------
Up to 60: 0.14% Up to 60: 0.04%
61 - 120: 2.65% 61 - 120: 0.24%
121 - 180: 22.99% 121 - 180: 99.72%
181 - 240: 16.13%
241 - 300: 1.36%
301 - 360: 56.73%
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 13
<PAGE> 14
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
STATE COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 10 798,775 0.16
Arizona 63 3,424,552 0.68
Arkansas 22 811,785 0.16
California 84 6,688,666 1.34
Colorado 101 6,226,056 1.25
Connecticut 104 7,483,480 1.50
Delaware 37 2,254,962 0.45
District of Columbia 8 736,572 0.15
Florida 930 49,546,824 9.91
Georgia 297 16,379,240 3.28
Hawaii 6 589,285 0.12
Idaho 20 804,975 0.16
Illinois 422 27,979,219 5.60
Indiana 419 19,830,422 3.97
Iowa 41 1,956,527 0.39
Kansas 20 1,103,745 0.22
Kentucky 100 4,847,770 0.97
Louisiana 62 2,962,570 0.59
Maine 18 1,167,794 0.23
Maryland 290 19,423,326 3.88
Massachusetts 156 11,307,623 2.26
Michigan 908 53,569,894 10.71
Minnesota 51 3,512,652 0.70
Mississippi 82 3,641,874 0.73
Missouri 84 3,913,932 0.78
Montana 5 330,802 0.07
Nebraska 34 1,481,359 0.30
Nevada 24 1,612,499 0.32
New Hampshire 10 743,627 0.15
New Jersey 335 26,710,245 5.34
New Mexico 53 3,781,851 0.76
New York 848 62,786,931 12.56
North Carolina 393 23,371,279 4.67
North Dakota 2 60,897 0.01
Ohio 590 33,278,510 6.66
Oklahoma 12 384,864 0.08
Oregon 34 1,638,303 0.33
Pennsylvania 496 27,770,018 5.55
Rhode Island 31 2,096,356 0.42
South Carolina 266 15,002,860 3.00
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 14
<PAGE> 15
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
STATE (CONTINUED) COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
South Dakota 2 51,080 0.01
Tennessee 366 20,765,811 4.15
Texas 115 7,626,617 1.53
Utah 48 3,302,182 0.66
Vermont 5 257,962 0.05
Virginia 137 8,203,371 1.64
Washington 20 1,232,671 0.25
West Virginia 44 2,282,515 0.46
Wisconsin 67 3,854,498 0.77
Wyoming 5 404,837 0.08
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
COMBINED LTV COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
10.001 - 15.000 8 178,410 0.04
15.001 - 20.000 29 741,992 0.15
20.001 - 25.000 37 1,108,392 0.22
25.001 - 30.000 50 1,257,616 0.25
30.001 - 35.000 73 2,697,488 0.54
35.001 - 40.000 96 4,108,934 0.82
40.001 - 45.000 99 3,819,135 0.76
45.001 - 50.000 182 8,148,930 1.63
50.001 - 55.000 159 6,815,636 1.36
55.001 - 60.000 282 13,237,860 2.65
60.001 - 65.000 475 25,417,565 5.08
65.001 - 70.000 753 42,866,882 8.57
70.001 - 75.000 1,055 62,224,369 12.45
75.001 - 80.000 2,325 158,250,397 31.65
80.001 - 85.000 1,226 85,458,008 17.09
85.001 - 90.000 915 68,000,578 13.60
90.001 - 95.000 111 3,885,377 0.78
95.001 - 100.000 402 11,776,894 2.36
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 15
<PAGE> 16
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
CURRENT COUPON COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
4.001 - 5.000 1 51,344 0.01
6.001 - 7.000 15 1,926,129 0.39
7.001 - 8.000 41 3,982,722 0.80
8.001 - 9.000 496 39,001,151 7.80
9.001 - 10.000 1,561 115,350,965 23.07
10.001 - 11.000 2,343 150,900,566 30.18
11.001 - 12.000 1,798 102,287,240 20.46
12.001 - 13.000 1,198 54,207,817 10.84
13.001 - 14.000 575 23,740,404 4.75
14.001 - 15.000 192 6,762,791 1.35
15.001 - 16.000 44 1,448,739 0.29
16.001 - 17.000 9 205,103 0.04
17.001 - 18.000 2 99,348 0.02
18.001 - 19.000 2 30,144 0.01
-------- --------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
CURRENT BALANCE COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
0.01 - 10,000.00 85 742,567 0.15
10,000.01 - 20,000.00 738 11,859,411 2.37
20,000.01 - 30,000.00 1,066 27,171,813 5.43
30,000.01 - 40,000.00 1,145 40,591,455 8.12
40,000.01 - 50,000.00 1,087 49,228,036 9.85
50,000.01 - 60,000.00 951 52,624,346 10.52
60,000.01 - 70,000.00 706 46,015,346 9.20
70,000.01 - 80,000.00 592 44,407,339 8.88
80,000.01 - 90,000.00 412 35,094,788 7.02
90,000.01 - 100,000.00 312 29,772,281 5.95
100,000.01 - 110,000.00 277 29,068,727 5.81
110,000.01 - 120,000.00 204 23,513,833 4.70
120,000.01 - 130,000.00 140 17,547,827 3.51
130,000.01 - 140,000.00 122 16,432,431 3.29
140,000.01 - 150,000.00 95 13,743,686 2.75
150,000.01 - 160,000.00 86 13,418,133 2.68
160,000.01 - 170,000.00 60 9,943,110 1.99
170,000.01 - 180,000.00 53 9,292,802 1.86
180,000.01 - 190,000.00 40 7,395,442 1.48
190,000.01 - 200,000.00 38 7,457,327 1.49
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 16
<PAGE> 17
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
CURRENT BALANCE COUNT BALANCE$ POOL%
(CONTINUED)
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
200,000.01 - 210,000.00 32 6,565,005 1.31
210,000.01 - 220,000.00 14 3,032,564 0.61
220,000.01 - 230,000.00 17 3,799,605 0.76
230,000.01 - 240,000.00 2 469,115 0.09
250,000.01 - 260,000.00 1 260,000 0.05
260,000.01 - 270,000.00 1 265,156 0.05
280,000.01 - 290,000.00 1 282,318 0.06
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
PROPERTY TYPE COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
Two Family 367 25,704,778 5.14
Three Family 62 5,047,414 1.01
Four Family 83 7,052,000 1.41
Condo 4 & Less Stories 96 5,060,678 1.01
Condo > 4 Stories 20 1,073,531 0.21
Manu Hsg Dbl-Wide 1 30,670 0.01
Manufactured Housing 104 5,022,327 1.00
Mixed Use 6 694,339 0.14
Multi Family Residential 11 1,015,583 0.20
PUD - Attached 1 70,863 0.01
PUD - Detached 16 1,653,810 0.33
Single Family - Attached 248 13,402,750 2.68
Single Family - Detached 7,236 432,705,304 86.54
Townhouse 26 1,460,417 0.29
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 17
<PAGE> 18
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
REMAINING TERM COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
=< 60 19 517,775 0.10
61 - 90 19 708,571 0.14
91 - 120 314 8,286,116 1.66
121 - 150 7 324,996 0.06
151 - 180 4,514 249,602,407 49.92
181 - 210 5 257,580 0.05
211 - 240 928 52,028,251 10.41
241 - 270 1 58,416 0.01
271 - 300 78 4,350,829 0.87
301 >= 2,392 183,859,523 36.77
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
LIEN TYPE COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
First Lien 6,541 446,330,518 89.27
Second Lien 1,736 53,663,945 10.73
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
OCCUPANCY COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
OWNER 7,677 469,724,430 93.95
NON-OWNER 600 30,270,033 6.05
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 18
<PAGE> 19
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
MONTHS SINCE ORIGINATION COUNT BALANCE$ POOL%
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
0 958 59,613,040 11.92
1 2,088 126,967,568 25.39
2 2,260 135,957,236 27.19
3 1,248 75,131,673 15.03
4 738 44,727,726 8.95
5 535 32,740,672 6.55
6 - 12 429 23,945,548 4.79
13 - 24 14 623,555 0.12
25 - 36 7 287,445 0.06
-------- --------------- ----------
TOTAL: 8,277 499,994,463 100.00
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 19
<PAGE> 1
EX. 99.2
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA - BOSTON - CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS - LOS ANGELES - NEW YORK - SAN FRANCISCO 245 Park Avenue
FRANKFORT - GENEVA - HONG KONG New York, N.Y. 10167
LONDON - PARIS - TOKYO (212) 272-2000; (212) 272-7294 fax
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5: COMPUTATIONAL MATERIALS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FAX TO: DATE: 8/25/98
COMPANY: # PAGES (incl. cover):
FAX NO: PHONE NO:
- --------------------------------------------------------------------------------
FROM: PHONE NO:
- --------------------------------------------------------------------------------
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES,
AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. The
Information is provided solely by Bear Stearns, not as agent for any issuer, and
although it may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation and makes no representations regarding its
accuracy or completeness. Should you receive Information that refers to the
"Statement Regarding Assumptions and Other Information," please refer to this
statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Any information herein
regarding the collateral or the securities supersedes any prior information
regarding the collateral or the securities and will be superseded by information
regarding the collateral and/or the securities contained in the Offering
Documents. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current..
Contact your registered representative for Offering Documents, current
Information or additional materials, including other models for performance
analysis, which are likely to produce different results, and any further
explanation regarding the Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear, Stearns. and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Stearns shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE> 2
[Refer to Exhibit 99.1 for Computational Materials]
- --------------------------------------------------------------------------------
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 the Statement. You may obtain
a copy of the Statement from your sales representative.
- --------------------------------------------------------------------------------
Page 1
- --------------------------------------------------------------------------------
<PAGE> 1
EX. 99.3
IMC HOME EQUITY LOAN TRUST 1998-5
---------------------------------
PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN TRUST 1998-5
DISCLAIMER
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1998-5, and not by or as agent for IMC Mortgage Company (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.
- --------------------------------------------------------------------------------
[Refer to Exhibit 99.1 for Computational Materials]
- --------------------------------------------------------------------------------
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
1
<PAGE> 1
EXHIBIT 99.4
AUGUST 25, 1998 NOMURA SECURITIES INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
[Refer to Exhibit 99.1 for Computational Materials]
- --------------------------------------------------------------------------------
NOMURA SECURITIES INTERNATIONAL, INC. 1
---------------------------------------------------------------------
[NOMURA ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The information
LOGO] contained herein is based on sources Nomura Securities International,
Inc. ("Nomura") believes to be reliable. Nomura makes no
representations 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 1995. Nomura Securities International, Inc.
Form No. 124
- --------------------------------------------------------------------------------
<PAGE> 1
EX. 99.5
DEUTSCHE BANK SECURITIES[/]
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
POOL 500 AND A
- --------------------------------------------------------------------------------------------------------------
Grouping COUNT % CURBAL Avg CURBAL RATE AGE RTM CLTV
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
<= 15 yrs 1,354 19.64 48,927,990.39 36,135.89 11.048 3 170 80.4575
15 - 30 yrs 1,538 47.53 118,379,058.96 76,969.48 10.121 2 329 79.4749
BALLOON 1,059 32.83 81,770,668.62 77,214.98 10.572 3 177 80.8840
- --------------------------------------------------------------------------------------------------------------
Total: 3,951 100.00 249,077,717.97 63,041.69 10.451 2 248 80.1305
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
POOL 500 AND B
- --------------------------------------------------------------------------------------------------------------
Grouping COUNT % CURBAL Avg CURBAL RATE AGE RTM CLTV
- --------------------------------------------------------------------------------------------------------------
<= 15 yrs 530 14.30 19,644,764.07 37,065.59 10.830 2 171 72.3411
15 - 30 yrs 956 49.04 67,354,550.43 70,454.55 10.616 2 332 77.8839
BALLOON 714 36.65 50,333,294.10 70,494.81 11.109 2 178 79.5258
- --------------------------------------------------------------------------------------------------------------
Total: 2,200 100.00 137,332,608.60 62,423.91 10.827 2 253 77.6928
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
POOL 500 AND C
- --------------------------------------------------------------------------------------------------------------
Grouping COUNT % CURBAL Avg CURBAL RATE AGE RTM CLTV
- --------------------------------------------------------------------------------------------------------------
<= 15 yrs 414 13.58 12,973,058.54 31,335.89 11.471 2 171 67.0227
15 - 30 yrs 769 48.00 45,867,457.87 59,645.59 11.277 2 331 72.0055
BALLOON 604 38.42 36,716,630.94 60,789.12 11.860 2 178 73.6871
- --------------------------------------------------------------------------------------------------------------
Total: 1,787 100.00 95,557,147.35 53,473.50 11.527 2 250 71.9752
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
POOL 500 AND D
- --------------------------------------------------------------------------------------------------------------
Grouping COUNT % CURBAL Avg CURBAL RATE AGE RTM CLTV
- --------------------------------------------------------------------------------------------------------------
<= 15 yrs 67 11.03 1,989,195.96 29,689.49 12.733 2 166 52.1032
15 - 30 yrs 141 49.67 8,953,530.53 63,500.22 12.770 2 338 62.2331
BALLOON 131 39.30 7,084,262.15 54,078.34 13.390 2 178 62.6843
- --------------------------------------------------------------------------------------------------------------
Total: 339 100.00 18,026,988.64 53,176.96 13.010 2 256 61.2926
- --------------------------------------------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
<PAGE> 1
EXHIBIT 99.6
DEUTSCHE BANK SECURITIES(@)
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
A-7IO SENSITIVITY TO PREPAYMENT ASSUMPTIONS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
YIELD TO CALL % OF PREPAYMENT ASSUMPTION
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A-7IO (1) 0% 50% 75% 100% 125% 150% 175% 200%
- -----------------------------------------------------------------------------------------------------------------------
YIELD(2) 6.663% 6.663% 6.663% 6.663% 6.663% 6.663% 6.663% 6.344%(3)
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Class A-7IO Certificates are interest only Certificates. Interest on
the Class A-7IO will be paid on a notional principal balance equal to the
then outstanding principal balance of the Class A-6 Certificates (initially
$[35,000,000]) at a Pass-Through Rate of [8.34]% per annum, from the first
Payment Date until the Payment Date in [March 2001].
(2) Yield is based on purchase price of 18.9355% of Notional Balance.
(3) The exact point where yield falls off is 197% of Prepayment Assumption.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
<PAGE> 2
DEUTSCHE BANK SECURITIES(@)
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
POOL 500 AND A
- ----------------------------------------------------------------------------------------------------------------------------------
Grouping COUNT % CURBAL Avg CURBAL RATE AGE RTM CLTV
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
<= 15 yrs 1,354 19.64 48,927,990.39 36,135.89 11.048 3 170 80.4575
15 - 30 yrs 1,538 47.53 118,379,058.96 76,969.48 10.121 2 329 79.4749
BALLOON 1,059 32.83 81,770,668.62 77,214.98 10.572 3 177 80.8840
- ----------------------------------------------------------------------------------------------------------------------------------
Total: 3,951 100.00 249,077,717.97 63,041.69 10.451 2 248 80.1305
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
POOL 500 AND B
- ----------------------------------------------------------------------------------------------------------------------------------
Grouping COUNT % CURBAL Avg CURBAL RATE AGE RTM CLTV
- ----------------------------------------------------------------------------------------------------------------------------------
<= 15 yrs 530 14.30 19,644,764.07 37,065.59 10.830 2 171 72.3411
15 - 30 yrs 956 49.04 67,354,550.43 70,454.55 10.616 2 332 77.8839
BALLOON 714 36.65 50,333,294.10 70,494.81 11.109 2 178 79.5258
- ----------------------------------------------------------------------------------------------------------------------------------
Total: 2,200 100.00 137,332,608.60 62,423.91 10.827 2 253 77.6928
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
POOL 500 AND C
- ----------------------------------------------------------------------------------------------------------------------------------
Grouping COUNT % CURBAL Avg CURBAL RATE AGE RTM CLTV
- ----------------------------------------------------------------------------------------------------------------------------------
<= 15 yrs 414 13.58 12,973,058.54 31,335.89 11.471 2 171 67.0227
15 - 30 yrs 769 48.00 45,867,457.87 59,645.59 11.277 2 331 72.0055
BALLOON 604 38.42 36,716,630.94 60,789.12 11.860 2 178 73.6871
- ----------------------------------------------------------------------------------------------------------------------------------
Total: 1,787 100.00 95,557,147.35 53,473.50 11.527 2 250 71.9752
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
POOL 500 AND D
- ----------------------------------------------------------------------------------------------------------------------------------
Grouping COUNT % CURBAL Avg CURBAL RATE AGE RTM CLTV
- ----------------------------------------------------------------------------------------------------------------------------------
<= 15 yrs 67 11.03 1,989,195.96 29,689.49 12.733 2 166 52.1032
15 - 30 yrs 141 49.67 8,953,530.53 63,500.22 12.770 2 338 62.2331
BALLOON 131 39.30 7,084,262.15 54,078.34 13.390 2 178 62.6843
- ----------------------------------------------------------------------------------------------------------------------------------
Total: 339 100.00 18,026,988.64 53,176.96 13.010 2 256 61.2926
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
<PAGE> 3
DEUTSCHE BANK SECURITIES(@)
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
CASHFLOWS OF A-2 TRANCHE AT VARIOUS PREPAYMENT SPEEDS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
A2 @ 145
- -----------------------------------------------------------------------
"Balance" "Interest" "Principal" "PrepayPen" "TotalCash"
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
63,966,000 - - - -
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -----------------------------------------------------------------------
61,253,487 328,892 2,712,513 - 3,041,405
- -----------------------------------------------------------------------
48,579,094 314,945 12,674,393 - 12,989,338
- -----------------------------------------------------------------------
36,379,888 249,778 12,199,206 - 12,448,984
- -----------------------------------------------------------------------
24,638,132 187,053 11,741,755 - 11,928,808
- -----------------------------------------------------------------------
13,336,753 126,681 11,301,380 - 11,428,061
- -----------------------------------------------------------------------
2,459,308 68,573 10,877,444 - 10,946,018
- -----------------------------------------------------------------------
- 12,645 2,459,308 - 2,471,953
- -----------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
<PAGE> 4
DEUTSCHE BANK SECURITIES(@)
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
CASHFLOWS OF A-2 TRANCHE AT VARIOUS PREPAYMENT SPEEDS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
A2 @ 120
- -------------------------------------------------------------------------
"Balance" "Interest" "Principal" "PrepayPen" "TotalCash"
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
63,966,000 - - - -
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
56,416,185 328,892 7,549,815 - 7,878,707
- -------------------------------------------------------------------------
46,408,382 290,073 10,007,803 - 10,297,876
- -------------------------------------------------------------------------
36,700,000 238,616 9,708,382 - 9,946,998
- -------------------------------------------------------------------------
27,282,141 188,699 9,417,859 - 9,606,559
- -------------------------------------------------------------------------
18,146,169 140,276 9,135,972 - 9,276,248
- -------------------------------------------------------------------------
9,283,705 93,302 8,862,464 - 8,955,766
- -------------------------------------------------------------------------
686,617 47,734 8,597,088 - 8,644,821
- -------------------------------------------------------------------------
- 3,530 686,617 - 690,148
- -------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 2
<PAGE> 5
DEUTSCHE BANK SECURITIES(@)
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
CASHFLOWS OF A-2 TRANCHE AT VARIOUS PREPAYMENT SPEEDS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
A2 @ 130
- -------------------------------------------------------------------------
"Balance" "Interest" "Principal" "PrepayPen" "TotalCash"
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
63,966,000 - - - -
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
63,966,000 328,892 - - 328,892
- -------------------------------------------------------------------------
54,540,008 328,892 9,425,992 - 9,754,883
- -------------------------------------------------------------------------
43,625,680 280,427 10,914,329 - 11,194,755
- -------------------------------------------------------------------------
33,070,164 224,309 10,555,516 - 10,779,824
- -------------------------------------------------------------------------
22,861,732 170,036 10,208,431 - 10,378,467
- -------------------------------------------------------------------------
12,989,039 117,547 9,872,694 - 9,990,241
- -------------------------------------------------------------------------
3,441,105 66,785 9,547,934 - 9,614,719
- -------------------------------------------------------------------------
- 17,693 3,441,105 - 3,458,798
- -------------------------------------------------------------------------
- - - - -
- -------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 3
<PAGE> 6
DEUTSCHE BANK SECURITIES(@)
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
- --------------------------------------------------------------------------------
CASHFLOWS OF A-2 TRANCHE AT VARIOUS PREPAYMENT SPEEDS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
A2 @ 100
- --------------------------------------------------------------------------
"Balance" "Interest" "Principal" "PrepayPen" "TotalCash"
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
63,966,000.00 - - - -
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
63,966,000.00 328,891.85 - - 328,891.85
- --------------------------------------------------------------------------
56,563,557.96 328,891.85 7,402,442.04 - 7,731,333.89
- --------------------------------------------------------------------------
48,394,292.72 290,830.96 8,169,265.24 - 8,460,096.20
- --------------------------------------------------------------------------
40,423,300.58 248,827.32 7,970,992.14 - 8,219,819.46
- --------------------------------------------------------------------------
32,645,814.36 207,843.14 7,777,486.22 - 7,985,329.36
- --------------------------------------------------------------------------
25,057,180.85 167,853.90 7,588,633.51 - 7,756,487.41
- --------------------------------------------------------------------------
17,652,858.10 128,835.67 7,404,322.75 - 7,533,158.42
- --------------------------------------------------------------------------
10,428,412.75 90,765.11 7,224,445.35 - 7,315,210.46
- --------------------------------------------------------------------------
3,379,517.47 53,619.42 7,048,895.28 - 7,102,514.70
- --------------------------------------------------------------------------
- 17,376.35 3,379,517.47 - 3,396,893.82
- --------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 4
