================================================================================
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)
November 18, 1998
IMC Securities, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-48429-05 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
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
================================================================================
<PAGE>
Item 5. Other Events.
In connection with the IMC Home Equity Loan Trust 1998-7,
described in a Prospectus Supplement to be dated on or about November 25, 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 Underwriter, PaineWebber Incorporated, are filed
herewith as Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Related Computational Materials furnished by
PaineWebber Incorporated
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMC SECURITIES, INC. as
Depositor
By: /s/ Thomas Middleton
--------------------------------------------
Name: Thomas Middleton
Title: President and Chief Operating Officer
Dated: November 18, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C> <C>
99.1 Related Computational Materials furnished by PaineWebber Incorporated
</TABLE>
Exhibit 99.1
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IMC HOME EQUITY LOAN TRUST 1998-7
- --------------------------------------------------------------------------------
PAINEWEBBER INCORPORATED
PRELIMINARY COLLATERAL INFORMATION
IMC HOME EQUITY LOAN TRUST 1998-7
DISCLAIMER
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1998-7, and not by or as agent for IMC Mortgage Company (collectively, the
"Seller and Interim Servicer"), IMC Securities, Inc. (the "Depositor") or any of
their affiliates. None of the Depositor, the Seller or the Interim 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 Interim Servicer. PW makes no representations as to the
accuracy of such information provided by the Depositor, Seller and Interim
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.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS AS OF THE STATISTICAL
CALCULATION DATE (11/16/98)
- ------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
CONFORMING POOL SUMMARY
- --------------------------------------------------------------------
Number of Loans: 7,921
Current Balance: $521,182,587
Average Balance: $65,798
Minimum Balance: $5,839
Maximum Balance: $339,278
Wtd Average Coupon: 10.58%
Original Term (months): 284
Seasoning (months): 3
Combined Loan-To-Value: 76.66
Amortization Type:
Fixed - 6,578 loans $404,820,840
ARM - 1,343 loans $116,361,747
ARM Summary Information:
Wtd Avg Initial Periodic Rate Cap: 2.43
Wtd Avg Subsequent Periodic Rate Cap: 1.16
Wtd Avg Life Cap: 16.85
Wtd Avg Months to Roll: 19
- --------------------------------------------------------------------
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY
- ----------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
State Florida 778 48,055,088 9.22
New York 506 35,198,293 6.75
Michigan 549 32,082,641 6.16
Illinois 421 31,197,973 5.99
Ohio 527 30,500,727 5.85
North Carolina 487 29,149,186 5.59
New Jersey 243 21,577,867 4.14
Pennsylvania 359 20,801,002 3.99
Tennessee 354 20,709,279 3.97
Indiana 411 20,270,732 3.89
Georgia 298 17,435,524 3.35
South Carolina 218 12,292,334 2.36
Virginia 189 11,929,975 2.29
Maryland 163 10,869,012 2.09
California 116 10,539,164 2.02
Massachusetts 129 10,156,676 1.95
Colorado 106 9,166,275 1.76
Arizona 107 8,450,295 1.62
Connecticut 90 7,968,684 1.53
New Mexico 96 6,665,230 1.28
Wisconsin 99 5,867,699 1.13
Utah 64 5,597,120 1.07
Texas 81 5,394,096 1.03
Minnesota 73 5,341,741 1.02
Missouri 101 5,296,288 1.02
Kentucky 101 4,984,302 0.96
Rhode Island 58 4,353,355 0.84
Mississippi 94 4,275,336 0.82
Nevada 47 3,820,150 0.73
Washington 40 3,450,069 0.66
Oregon 43 3,342,366 0.64
Louisiana 70 3,332,243 0.64
Hawaii 16 2,942,962 0.56
Arkansas 50 2,768,168 0.53
Idaho 34 2,250,176 0.43
Nebraska 31 1,627,949 0.31
Kansas 29 1,529,043 0.29
West Virginia 33 1,513,606 0.29
Delaware 21 1,291,479 0.25
Iowa 25 1,155,758 0.22
Oklahoma 23 1,008,446 0.19
New Hampshire 12 903,079 0.17
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY (continued)
- ----------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
State (continued) Maine 14 774,987 0.15
South Dakota 11 525,958 0.1
Wyoming 5 322,873 0.06
Vermont 5 211,512 0.04
Montana 3 192,360 0.04
North Dakota 3 127,020 0.02
Alabama 2 125,899 0.02
District of Columbia 3 110,332 0.02
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Combined LTV 5.01 to 10.00% 1 9,954 0
10.01 to 15.00 5 96,675 0.02
15.01 to 20.00 17 345,771 0.07
20.01 to 25.00 32 936,359 0.18
25.01 to 30.00 42 1,394,316 0.27
30.01 to 35.00 69 2,427,949 0.47
35.01 to 40.00 90 3,396,042 0.65
40.01 to 45.00 95 4,224,493 0.81
45.01 to 50.00 141 6,105,073 1.17
50.01 to 55.00 154 6,811,546 1.31
55.01 to 60.00 256 12,869,957 2.47
60.01 to 65.00 458 25,328,515 4.86
65.01 to 70.00 706 40,186,029 7.71
70.01 to 75.00 1,083 67,244,125 12.9
75.01 to 80.00 2,263 162,662,272 31.21
80.01 to 85.00 1,034 76,114,254 14.6
85.01 to 90.00 618 50,298,807 9.65
90.01 to 95.00 54 2,942,155 0.56
95.01 to 100.00 220 6,058,037 1.16
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Property Type Two- to Four-Family 491 38,029,107 7.3
Townhouse 56 4,245,170 0.81
Manufactured Housing 129 7,012,498 1.35
Condominium 142 8,141,522 1.56
Single Family Attached 112 5,127,662 0.98
Single Family Detached 6,406 406,756,886 78.04
Mixed Use 2 139,485 0.03
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY (continued)
- ----------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Current Coupon 5.001 - 6.000% 1 156,958 0.03
6.001 - 7.000 10 1,425,173 0.27
7.001 - 8.000 104 9,330,667 1.79
8.001 - 9.000 539 46,338,724 8.89
9.001 - 10.000 1,567 119,706,344 22.97
10.001 - 11.000 2,295 148,274,139 28.45
11.001 - 12.000 1,456 85,444,301 16.39
12.001 - 13.000 859 38,844,099 7.45
13.001 - 14.000 381 15,457,737 2.97
14.001 - 15.000 87 3,147,571 0.6
15.001 - 16.000 28 978,604 0.19
16.001 - 17.000 6 154,336 0.03
17.001 - 18.000 3 110,698 0.02
18.001 - 19.000 2 82,978 0.02
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Current Balance Up to $25,000.00 948 17,310,584 3.32
25,000.01 to 50,000.00 2,347 88,706,455 17.02
50,000.01 to 75,000.00 1,904 116,795,812 22.41
75,000.01 to 100,000.00 959 83,029,507 15.93
100,000.01 to 125,000.00 527 58,592,724 11.24
125,000.01 to 150,000.00 322 43,666,782 8.38
150,000.01 to 175,000.00 147 23,724,610 4.55
175,000.01 to 200,000.00 100 18,762,986 3.6
200,000.01 to 250,000.00 74 15,961,487 3.06
250,000.01 to 300,000.00 7 1,901,386 0.36
300,000.01 to 350,000.00 3 999,998 0.19
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY (continued)
- ----------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Months Since Origination 0 to 1 1,970 124,974,766 23.98
2 to 12 5,328 341,586,767 65.54
13 to 24 38 2,792,630 0.54
25 or more 2 98,166 0.02
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Remaining Term Up to 120 242 6,541,335 1.26
121 to 180 3,241 183,707,687 35.25
181 to 240 685 35,252,961 6.76
241 to 300 186 12,147,180 2.33
301 to 360 2,984 231,803,168 44.48
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Occupancy Owner Occupied 6,820 442,944,592 84.99
Investor Owned 498 25,451,984 4.88
Vacation/Second Home 20 1,055,754 0.2
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lien Type First Lien 6,325 440,515,575 84.52
Second Lien 1,013 28,936,755 5.55
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
IMC Credit Grade A 3,305 233,781,914 44.86
B 2,320 156,531,164 30.03
C 1,956 112,078,995 21.50
D 340 18,790,514 3.61
----- ------------ -------
7,921 $521,182,587 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY (continued)
- ----------------------------------------------------------------------
ARM INFORMATION
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Life Cap 9.001 - 10.000% 1 71,358 0.06
10.001 - 11.000 1 141,433 0.12
13.001 - 14.000 5 659,697 0.57
14.001 - 15.000 58 6,486,939 5.57
15.001 - 16.000 246 23,665,840 20.34
16.001 - 17.000 448 40,744,496 35.02
17.001 - 18.000 338 27,173,700 23.35
18.001 - 19.000 153 12,156,357 10.45
19.001 - 20.000 59 3,546,840 3.05
20.001 - 21.000 25 1,224,801 1.05
21.001 - 22.000 5 276,263 0.24
22.001 - 23.000 2 144,561 0.12
26.001 - 27.000 1 31,186 0.03
30.001 - 35.000 1 38,275 0.03
----- ------------ -------
1,343 $116,361,747 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Life Floor 2.001 - 3.000% 1 27,883 0.02
3.001 - 4.000 1 193,246 0.17
4.001 - 5.000 4 362,422 0.31
5.001 - 6.000 26 2,566,286 2.21
6.001 - 7.000 49 3,861,948 3.32
7.001 - 8.000 42 3,968,243 3.41
8.001 - 9.000 150 15,349,985 13.19
9.001 - 10.000 368 35,025,232 30.1
10.001 - 11.000 390 32,556,205 27.98
11.001 - 12.000 187 14,835,610 12.75
12.001 - 13.000 84 5,364,637 4.61
13.001 - 14.000 28 1,502,998 1.29
14.001 - 15.000 9 534,536 0.46
15.001 - 16.000 4 212,515 0.18
----- ------------ -------
1,343 $116,361,747 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY (continued)
- ----------------------------------------------------------------------
ARM INFORMATION - CMT LOANS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Margin 2.001 - 3.000% 1 27,883 5.19
5.001 - 6.000 1 146,642 27.3
6.001 - 7.000 1 107,869 20.08
8.001 - 9.000 3 254,671 47.42
----- ------------ -------
6 $ 537,064 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Rate Reset 1999/05 2 174,525 32.5
1999/08 1 107,869 20.08
2000/08 2 153,183 28.52
2000/09 1 101,487 18.9
----- ------------ -------
6 $ 537,064 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
ARM INFORMATION - LIBOR LOANS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Margin 2.001 - 3.000% 1 112,610 0.1
3.001 - 4.000 3 419,469 0.36
4.001 - 5.000 60 6,022,190 5.2
5.001 - 6.000 331 29,643,690 25.59
6.001 - 7.000 463 42,177,850 36.42
7.001 - 8.000 301 23,983,356 20.71
8.001 - 9.000 102 7,549,922 6.52
9.001 - 10.000 50 3,803,513 3.28
10.001 - 11.000 18 1,609,376 1.39
11.001 - 12.000 7 479,314 0.41
12.001 - 13.000 1 23,393 0.02
----- ------------ -------
1,337 $115,824,683 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY (continued)
- ----------------------------------------------------------------------
ARM INFORMATION - LIBOR LOANS (continued)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Rate Reset 1998/12 3 318,666 0.28
1999/01 16 1,738,669 1.5
1999/02 46 4,605,282 3.98
1999/03 37 3,665,264 3.16
1999/04 12 1,422,215 1.23
1999/05 18 1,894,896 1.64
1999/06 12 1,288,807 1.11
1999/07 8 607,011 0.52
1999/08 12 934,885 0.81
1999/09 13 1,169,089 1.01
1999/10 9 926,749 0.8
1999/11 12 1,143,702 0.99
1999/12 21 1,292,273 1.12
2000/01 31 2,561,208 2.21
2000/02 15 1,038,327 0.9
2000/03 15 1,158,100 1
2000/04 31 2,579,124 2.23
2000/05 86 7,509,064 6.48
2000/06 91 7,455,348 6.44
2000/07 136 11,873,964 10.25
2000/08 274 23,075,227 19.92
2000/09 276 23,812,116 20.56
2000/10 61 5,898,528 5.09
2000/11 1 69,000 0.06
2000/12 1 50,841 0.04
2001/03 1 76,716 0.07
2001/04 1 106,790 0.09
2001/05 1 39,886 0.03
2001/06 5 429,152 0.37
2001/07 5 367,134 0.32
2001/08 38 2,688,354 2.32
2001/09 37 2,968,915 2.56
2001/10 6 482,480 0.42
2003/01 3 293,290 0.25
2003/05 2 253,519 0.22
2003/08 1 30,088 0.03
----- ------------ -------
1,337 $115,824,683 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS AS OF THE STATISTICAL
CALCULATION DATE (11/16/98)
- ------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
NON - CONFORMING POOL SUMMARY
- ---------------------------------------------------------------------------
Number of Loans: 371
Current Balance: $70,472,556
Average Balance: $189,953
Minimum Balance: $11,196
Maximum Balance: $501,861
Wtd Average Coupon: 10.33%
Original Term (months): 280
Seasoning (months): 4
Combined Loan-To-Value: 78.11%
Amortization Type:
Fixed - 317 loans $55,257,447
ARM - 54 loans $15,215,109
ARM Summary Information:
Wtd Avg Initial Periodic Rate Cap: 2.51
Wtd Avg Subsequent Periodic Rate Cap: 1.11
Wtd Avg Life Cap: 16.59
Wtd Avg Months to Roll: 18
- ---------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY
- --------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
State California 46 9,526,469 13.52
Florida 34 6,885,631 9.77
New Jersey 36 6,806,651 9.66
New York 47 5,625,404 7.98
Connecticut 20 4,248,967 6.03
Illinois 20 3,971,779 5.64
Maryland 21 3,164,963 4.49
Georgia 15 3,078,627 4.37
Michigan 12 2,992,589 4.25
Colorado 11 2,695,090 3.82
Massachusetts 18 2,405,205 3.41
Tennessee 7 2,094,219 2.97
Arizona 11 1,963,488 2.79
Ohio 7 1,756,461 2.49
North Carolina 5 1,406,423 2
Washington 6 1,298,212 1.84
New Mexico 4 1,241,476 1.76
Pennsylvania 8 944,373 1.34
South Carolina 5 922,055 1.31
Utah 4 862,591 1.22
Oregon 3 719,861 1.02
Virginia 5 675,165 0.96
Nevada 4 620,939 0.88
Louisiana 2 530,309 0.75
Wisconsin 3 508,603 0.72
Minnesota 2 429,420 0.61
Hawaii 1 423,362 0.6
Maine 1 410,555 0.58
Missouri 2 353,602 0.5
Texas 1 299,566 0.43
Oklahoma 1 254,523 0.36
Arkansas 1 244,137 0.35
Nebraska 1 239,705 0.34
Kentucky 1 237,673 0.34
Idaho 1 230,750 0.33
District of Columbia 1 227,645 0.32
Rhode Island 2 88,460 0.13
Indiana 1 51,000 0.07
Mississippi 1 36,606 0.05
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY (continued)
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Combined LTV 15.01 to 20.00% 1 299,743 0.43
30.01 to 35.00 1 244,699 0.35
35.01 to 40.00 2 619,437 0.88
40.01 to 45.00 3 456,565 0.65
45.01 to 50.00 1 64,825 0.09
50.01 to 55.00 5 1,261,917 1.79
55.01 to 60.00 3 504,462 0.72
60.01 to 65.00 14 2,294,062 3.26
65.01 to 70.00 31 5,812,235 8.25
70.01 to 75.00 47 11,807,697 16.76
75.01 to 80.00 109 23,954,855 33.99
80.01 to 85.00 68 11,381,260 16.15
85.01 to 90.00 46 9,422,700 13.37
90.01 to 95.00 10 860,486 1.22
95.01 to 100.00 30 1,487,614 2.11
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Current Coupon 6.001 - 7.000% 6 1,724,788 2.45
7.001 - 8.000 7 1,975,323 2.8
8.001 - 9.000 38 10,730,848 15.23
9.001 - 10.000 69 16,871,354 23.94
10.001 - 11.000 113 21,573,377 30.61
11.001 - 12.000 61 8,888,527 12.61
12.001 - 13.000 53 5,442,983 7.72
13.001 - 14.000 23 3,228,201 4.58
14.001 - 15.000 1 37,155 0.05
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY (continued)
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Current Balance Up to $25,000.00 6 110,539 0.16
25,000.01 to 50,000.00 72 2,900,120 4.12
50,000.01 to 75,000.00 48 2,927,251 4.15
75,000.01 to 100,000.00 19 1,675,608 2.38
100,000.01 to 125,000.00 7 739,900 1.05
125,000.01 to 150,000.00 5 674,645 0.96
150,000.01 to 175,000.00 4 635,897 0.9
200,000.01 to 250,000.00 68 16,288,874 23.11
250,000.01 to 300,000.00 77 21,063,943 29.89
300,000.01 to 350,000.00 36 11,589,040 16.44
350,000.01 to 400,000.00 19 7,323,659 10.39
400,000.01 to 450,000.00 5 2,115,865 3
450,000.01 to 500,000.00 4 1,925,355 2.73
500,000.01 to 550,000.00 1 501,861 0.71
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Property Type Two- to Four-Family 13 1,532,922 2.18
Townhouse 1 247,727 0.35
Multi-Family 13 1,252,572 1.78
Condominium 2 541,382 0.77
Single Family Attached 2 308,052 0.44
Single Family Detached 340 66,589,902 94.49
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Months Since Origination 0 to 1 61 12,161,737 17.26
2 to 12 300 55,786,864 79.16
13 to 24 10 2,523,955 3.58
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY (continued)
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Remaining Term Up to 120 5 255,088 0.36
121 to 180 190 28,449,112 40.37
181 to 240 37 3,054,988 4.34
241 to 300 4 802,676 1.14
301 to 360 135 37,910,693 53.79
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Occupancy Owner Occupied 364 69,544,707 98.68
Investor Owned 6 578,021 0.82
Vacation/Second Home 1 349,828 0.5
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Lien Type First Lien 222 61,776,595 87.66
Second Lien 149 8,695,961 12.34
----- ------------ -------
371 $ 70,472,556 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY (continued)
- --------------------------------------------------------------------------
ARM INFORMATION
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Life Cap 14.001 - 15.000% 7 2,125,572 13.97
15.001 - 16.000 12 3,315,577 21.79
16.001 - 17.000 16 4,885,883 32.11
17.001 - 18.000 14 3,680,487 24.19
18.001 - 19.000 2 516,717 3.4
19.001 - 20.000 1 349,828 2.3
20.001 - 21.000 2 341,045 2.24
----- ------------ -------
54 $ 15,215,109 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Life Floor 5.001 - 6.000% 2 738,306 4.85
6.001 - 7.000 3 920,369 6.05
7.001 - 8.000 3 942,280 6.19
8.001 - 9.000 13 3,558,498 23.39
9.001 - 10.000 11 3,320,404 21.82
10.001 - 11.000 13 3,430,678 22.55
11.001 - 12.000 5 1,321,652 8.69
12.001 - 13.000 1 349,828 2.3
13.001 - 14.000 3 633,093 4.16
----- ------------ -------
54 $ 15,215,109 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-7
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY (continued)
- --------------------------------------------------------------------------
ARM INFORMATION - LIBOR LOANS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Margin 4.001 - 5.000% 1 229,076 1.51
5.001 - 6.000 14 4,417,267 29.03
6.001 - 7.000 17 5,014,614 32.96
7.001 - 8.000 13 3,186,042 20.94
8.001 - 9.000 6 1,618,853 10.64
9.001 - 10.000 2 469,632 3.09
11.001 - 12.000 1 279,625 1.84
----- ------------ -------
54 $ 15,215,109 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Rate Reset 1999/01 1 243,752 1.6
1999/02 2 540,415 3.55
1999/03 1 368,087 2.42
1999/04 1 246,425 1.62
1999/05 4 1,320,251 8.68
1999/09 1 301,664 1.98
1999/12 1 254,322 1.67
2000/01 4 649,518 4.27
2000/02 2 600,430 3.95
2000/04 1 292,048 1.92
2000/05 4 811,550 5.33
2000/06 1 314,179 2.06
2000/07 4 989,326 6.5
2000/08 11 3,647,108 23.97
2000/09 9 2,683,641 17.64
2000/10 3 813,468 5.35
2001/04 1 358,916 2.36
2001/07 1 266,778 1.75
2001/08 1 279,625 1.84
2001/09 1 233,608 1.54
----- ------------ -------
54 $ 15,215,109 100.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PaineWebber
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
