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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)
May 27, 1998
IMC Securities, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 333-48429 59-3284026
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(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa, Florida 33617-2362
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (813) 984-8801
3450 Buschwood Park Drive, Tampa, Florida 33618
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(Former name or former address, if changed since last report)
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<PAGE>
Item 5. Other Events.
In connection with the offering of IMC Home Equity Loan
Pass-Through Certificates, Series 1998-3, described in a Prospectus Supplement
expected to be dated as of May 29, 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").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Related Computational Materials furnished by PaineWebber
Incorporated
99.2 Related Computational Materials furnished by Bear,
Stearns & Co., Inc.
99.3 Related Computational Materials furnished by Deutsche
Morgan Grenfell
99.4 Related Computational Materials furnished by J.P. Morgan
Securities Inc.
99.5 Related Computational Materials furnished by Morgan
Stanley Dean Witter
<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: May 28, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Related Computational Materials furnished by PaineWebber
Incorporated
99.2 Related Computational Materials furnished by Bear,
Stearns & Co. Inc.
99.3 Related Computational Materials furnished by Deutsche
Morgan Grenfell
99.4 Related Computational Materials furnished by
J.P. Morgan Securities Inc.
99.5 Related Computational Materials furnished by Morgan
Stanley Dean Witter
Exhibit 99.1
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IMC HOME EQUITY LOAN TRUST 1998-3
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PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN TRUST 1998-3
DISCLAIMER
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The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Trust 1998-3, and not by or as agent for IMC Mortgage Company, L.P.
(collectively, the "Seller and Servicer"), IMC Securities, Inc. (the
"Depositor") or any of their affiliates. None of the Depositor, the Seller or
the Servicer has prepared, reviewed or participated in the preparation hereof
and is not responsible for the accuracy hereof. The analysis in this report is
accurate to the best of PW's knowledge and is based on information provided by
the Depositor, Seller and Servicer. PW makes no representations as to the
accuracy of such information provided by the Depositor, Seller and Servicer.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed to
be, or constitute, an offer to sell or buy or a solicitation of an offer to sell
or buy any securities, commodities or derivative instruments mentioned herein.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
1
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IMC HOME EQUITY LOAN TRUST 1998-3
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|---------------------------------------------------------------------------|
| THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE |
| DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS |
| SUPPLEMENT. |
|---------------------------------------------------------------------------|
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the pool of Home Equity Loans as of the
Statistical Calculation Date of 5/5/98:
<TABLE>
<S> <C> <C> <C> <C> <C>
Total Number of Loans: 11,063
Total Outstanding Loan Balance: $731,071,895
Balloon (% of Total): 31.17%
Level Pay (% of Total): 68.83%
Average Loan Principal Balance: $66,083 ($5,008 to $556,223)
Weighted Average CLTV: 76.67% (5.71% to 100.00%)
% of Pool with CLTVs (greater than) 90% 3.13%
Weighted Average Coupon: 10.86% (6.49% to 19.15%)
Weighted Average Remaining Term to Maturity (months): 254 (50 to 360)
Weighted Average Seasoning (months): 3 (0 to 40)
Weighted Average Original Term (months): 257 (60 to 360)
Range of Original Terms: Level Pay Balloon
----------------------- ------------------------
Up to 60: 0.11% Up to 60: 0.05%
61 - 120: 1.79% 61 - 120: 0.09%
121 - 180: 16.89% 121 - 180: 31.03%
181 - 240: 8.90%
241 - 300: 1.23%
301 - 360: 39.90%
Lien Position: 1st Lien: 85.48%
2nd Lien: 14.52%
Property Type: Single Family Detached: 89.75%
Single Family Attached: 0.87%
2-4 Family: 7.10%
Condominium/Townhouse: 1.23%
Other: 1.05%
Occupancy Status: Owner Occupied: 94.61%
Non-Owner Occupied: 5.39%
Geographic Distribution: NY: 14.90% CA: 5.34%
(states not listed individually account MI: 8.27% OH: 5.27
for less than 5.00% of the Mortgage FL: 7.94% PA: 5.26
Loan principal balance) NJ: 5.84%
Credit Quality: A: 55.70%
(per IMC's guidelines) B: 24.29%
C: 16.84%
D: 3.17%
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
2
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IMC HOME EQUITY LOAN TRUST 1998-3
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PRICING INFORMATION
$1,000,000,000 Offering Amount (approximate)
FSA Bond Insured
TRANSACTION SUMMARY(a)
<TABLE>
<CAPTION>
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First
Principal Principal Expected
Approximate WAL Payment Window Stated Ratings
Certificate Size Coupon(d) (Years) (Years) (Years) Maturity (Moody's/S&P)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $75,000,000 Fixed 0.33 0.08 0.50 6/20/99 P-1/A-1+
Class A-2 $228,304,000 Fixed 1.00 0.50 1.08 11/20/13 Aaa / AAA
Class A-3 $198,193,000 Fixed 2.00 1.50 1.08 5/20/14 Aaa / AAA
Class A-4 $118,582,000 Fixed 3.00 2.50 1.08 12/20/17 Aaa / AAA
Class A-5 $95,073,000 Fixed 4.00 3.50 1.08 8/20/22 Aaa / AAA
Class A-6 $100,867,000 Fixed 5.40 4.50 2.00 4/20/26 Aaa / AAA
Class A-7 $113,981,000 Fixed(b) 7.70 6.42 1.58 7/20/29 Aaa / AAA
Class A-8 $70,000,000 Fixed/NAS(b) 6.27 3.08 4.92 7/20/29 Aaa / AAA
Class A-9IO $70,000,000(c) Fixed(c) N/A N/A N/A N/A Aaa / AAA
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</TABLE>
Notes:
(a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an additional
1.909% per annum in each month thereafter until month 12. On and after
month 12, 25% CPR. To 10% Optional Call.
(b) Coupon will be increased by [0.50%] for each payment after the Initial
Call Date.
(c) Notional IO has a [5.35%] coupon based on the NAS class for 36 months.
(d) Coupons may be limited as described in the Prospectus.
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 on
July 20, 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 June 10, 1998.
Statistical Cut-off Date: May 5, 1998 (close of business)
Cut-off Date: June 1, 1998 (close of business)
Clean-up Call: The first Monthly Remittance 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.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
3
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IMC HOME EQUITY LOAN TRUST 1998-3
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PRICING INFORMATION (continued)
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 year.
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 (the "Class A-1
Accrual Period") at the Class A-1
Certificate Interest Rate. Calculations of
Interest on the Class A-1 Certificates will
be made on the basis of the actual number of
days elapsed in the related A-1 Accrual
Period and a year of 360 days.
Class A-1 Maturity: The final Payment Date for the Class A-1
Certificates will be June 21, 1999, at which
time the remaining Certificate Principal
Balance, if any, of the Class A-1
certificates will be paid in full. If the
principal remittance amount for such Payment
Date is not sufficient to pay in full the
remaining Certificate Principal Balance, if
any then outstanding, of the Class A-1
Certificates on such date, a draw will be
made on the FSA Insurance Policy in the
amount of such shortfall.
Limited Initial Turbo: 85% of the excess cash flow will be used to
accelerate the bonds until the
overcollateralization target is reached. To
the extent necessary, after the
overcollateralization target is initially
reached, 100% of the excess cash flow will
be available to accelerate the bonds to the
overcollateralization target.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
4
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IMC HOME EQUITY LOAN TRUST 1998-3
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DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Trust 1998-3
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc.
Deutsche Morgan Grenfell
J.P. Morgan Securities Inc.
Morgan Stanley Dean Witter
Seller and Servicer: IMC Mortgage Company
Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Trustee: The Chase Manhattan Bank
Offering Amount: Approximately $1,000,000,000
Statistical Calculation Date: The collateral described herein and in the
prospectus supplement represents the pool of
Home Equity Loans as of the Statistical
Calculation Date of May 5, 1998. It is
anticipated that the total unpaid principal
balance of the collateral pool conveyed to
the Trust at closing will be approximately
$750,000,000.
Pre-Funding Account: On the Closing Date, approximately
$250,000,000 will be deposited in an account
(the "Pre-Funding Account") and will be used
to acquire Subsequent Loans. The
"Pre-Funding Period" is the period
commencing on the Closing Date and ending
generally on the earlier to occur of (i) the
date on which the amount on deposit in the
Pre-Funding Account is less than $100,000
and (ii) August 15, 1998.
Form of Offering: Book-Entry form, same-day funds through DTC,
Euroclear, and CEDEL.
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, Certificate Insurer
fees, and trustee fees.
Advancing by Servicer: The Servicer is required to advance from
its own funds any delinquent payment of
interest (not principal) unless such
interest is deemed to be non-recoverable
(the "Delinquency Advances").
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
5
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IMC HOME EQUITY LOAN TRUST 1998-3
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DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the
Certificates will be provided by (a) the
overcollateralization mechanics which
utilize the excess interest created by the
internal cashflows of the pool, and (b) the
Financial Security Assurance, Inc.("FSA")
Insurance Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required
level of overcollateralization may increase
or decrease over time.
FSA Insurance Policy: FSA (the "Certificate
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal
on the Certificates (i.e. after any losses
reduce the overcollateralization to zero,
FSA will cover the excess, if any, of the
Certificate principal balance over the
aggregate collateral balance). The Insured
Payments do not cover Realized Losses except
to the extent that an Overcollateralization
Deficit exists. Insured Payments do not
cover the Servicer's failure to make
Delinquency Advances except to the extent
that an Overcollateralization Deficit would
otherwise result therefrom. The Insurance
Policy is not cancelable for any reason.
Federal Tax Aspects: The Trust, exclusive of the Pre-funding
account and the Capitalized Interest
account, 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.
ERISA Considerations: The Certificates may be purchased by
employee benefit plans that are subject to
ERISA.
SMMEA Eligibility: The Certificates will NOT constitute
"mortgage-related securities" for purposes
of SMMEA.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
6
<PAGE>
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IMC HOME EQUITY LOAN TRUST 1998-3
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BOND SENSITIVITY TO PREPAYMENTS
CLASS A-1 (to call)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 0.81 0.45 0.38 0.33 0.30 0.27
First Principal Payment 07/98 07/98 07/98 07/98 07/98 07/98
Last Principal Payment 06/99 03/99 01/99 12/98 11/98 11/98
Principal Window (years) 1.00 0.75 0.58 0.50 0.42 0.42
CLASS A-2 (to call)
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 9.99 1.65 1.23 1.00 0.86 0.76
Yield @ par 6.39% 6.21% 6.14% 6.08% 6.02% 5.97%
Modified Duration 7.08 1.52 1.15 0.94 0.82 0.73
First Principal Payment 11/02 03/99 01/99 12/98 11/98 11/98
Last Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Principal Window (years) 9.67 1.92 1.33 1.08 0.92 0.75
CLASS A-3 (to call)
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 14.70 3.71 2.58 2.00 1.64 1.40
Yield @ par 6.31% 6.24% 6.20% 6.16% 6.13% 6.09%
Modified Duration 9.37 3.22 2.32 1.83 1.52 1.31
First Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Last Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Principal Window (years) 1.00 2.42 1.58 1.08 0.92 0.75
CLASS A-4 (to call)
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 15.68 5.89 3.99 3.00 2.42 2.02
Yield @ par 6.39% 6.35% 6.33% 6.30% 6.27% 6.24%
Modified Duration 9.68 4.78 3.43 2.66 2.18 1.85
First Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Last Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Principal Window (years) 3.17 2.08 1.42 1.08 0.75 0.58
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
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IMC HOME EQUITY LOAN TRUST 1998-3
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BOND SENSITIVITY TO PREPAYMENTS (continued)
CLASS A-5 (to call)
<TABLE>
<CAPTION>
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.28 8.34 5.39 4.00 3.15 2.60
Yield @ par 6.52% 6.49% 6.47% 6.45% 6.42% 6.40%
Modified Duration 11.01 6.27 4.43 3.43 2.77 2.33
First Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Last Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Principal Window (years) 4.83 2.92 1.58 1.08 0.92 0.75
CLASS A-6 (to call)
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 24.86 11.52 7.66 5.40 4.19 3.38
Yield @ par 6.57% 6.56% 6.54% 6.52% 6.50% 6.48%
Modified Duration 12.01 7.88 5.86 4.43 3.56 2.95
First Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Last Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Principal Window (years) 4.00 3.83 3.42 2.00 1.42 1.08
CLASS A-7 (to call)
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 27.22 14.36 10.35 7.70 5.94 4.77
Yield @ par 6.96% 6.95% 6.94% 6.93% 6.91% 6.90%
Modified Duration 11.98 8.87 7.20 5.81 4.73 3.95
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 0.67 1.00 1.00 1.58 1.42 1.25
CLASS A-8 NAS (to call)
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 12.11 7.76 6.92 6.27 5.47 4.72
Yield @ par 6.47% 6.46% 6.45% 6.45% 6.44% 6.43%
Modified Duration 8.06 5.85 5.37 4.98 4.47 3.96
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 24.25 11.42 7.42 4.92 3.25 2.08
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
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IMC HOME EQUITY LOAN TRUST 1998-3
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BOND SENSITIVITY TO PREPAYMENTS (continued)
CLASS A-7 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 28.24 16.38 12.69 9.71 7.35 5.62
Yield @ par 6.97% 6.98% 7.01% 7.01% 7.00% 6.97%
Modified Duration 12.13 9.49 8.17 6.79 5.52 4.47
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 02/28 03/24 03/18 10/13 12/11 08/09
Principal Window (years) 3.08 12.33 10.33 9.00 8.67 7.33
CLASS A-8 NAS (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 12.11 7.76 6.97 6.44 6.03 5.71
Yield @ par 6.47% 6.46% 6.46% 6.46% 6.48% 6.52%
Modified Duration 8.06 5.85 5.40 5.07 4.81 4.60
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 12/27 06/22 05/13 05/13 10/11 05/09
Principal Window (years) 26.50 21.00 11.92 11.92 10.33 7.92
</TABLE>
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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[GRAPHIC OMITTED]
9
<PAGE>
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IMC HOME EQUITY LOAN TRUST 1998-3
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DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
State Alabama 8 345,256 0.05
Alaska 1 94,849 0.01
Arizona 70 4,235,926 0.58
Arkansas 35 1,516,702 0.21
California 354 39,063,448 5.34
Colorado 126 8,870,812 1.21
Connecticut 169 13,648,367 1.87
Delaware 39 2,284,814 0.31
District of Columbia 17 1,556,237 0.21
Florida 984 58,064,241 7.94
Georgia 392 27,040,033 3.70
Hawaii 19 3,059,993 0.42
Idaho 35 1,742,791 0.24
Illinois 431 28,038,320 3.84
Indiana 386 19,061,668 2.61
Iowa 38 1,892,203 0.26
Kansas 30 1,551,496 0.21
Kentucky 124 6,163,052 0.84
Louisiana 88 4,242,984 0.58
Maine 17 965,714 0.13
Maryland 410 27,731,833 3.79
Massachusetts 210 14,370,556 1.97
Michigan 1,015 60,482,676 8.27
Minnesota 104 7,055,357 0.97
Mississippi 86 3,862,443 0.53
Missouri 142 6,139,041 0.84
Montana 6 639,622 0.09
Nebraska 25 1,081,358 0.15
Nevada 36 2,973,095 0.41
New Hampshire 17 963,936 0.13
New Jersey 474 42,702,007 5.84
New Mexico 54 4,222,615 0.58
New York 1,338 108,905,896 14.90
North Carolina 551 32,525,267 4.45
North Dakota 3 205,876 0.03
Ohio 702 38,528,478 5.27
Oklahoma 40 1,701,950 0.23
Oregon 91 7,564,838 1.03
Pennsylvania 639 38,486,353 5.26
Rhode Island 50 3,575,209 0.49
South Carolina 379 20,855,661 2.85
South Dakota 1 35,000 0.00
Tennessee 469 27,567,027 3.77
Texas 235 15,559,107 2.13
Utah 84 7,446,371 1.02
Vermont 8 518,366 0.07
Virginia 287 17,041,899 2.33
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
10
<PAGE>
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IMC HOME EQUITY LOAN TRUST 1998-3
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Washington 103 8,273,326 1.13
West Virginia 41 1,732,814 0.24
Wisconsin 96 4,723,646 0.65
Wyoming 4 161,366 0.02
------ ----------- ------
Total 11,063 $731,071,895 100.00%
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Combined LTV 5.01 to 10.00 4 76,171 0.01
10.01 to 15.00 13 296,376 0.04
15.01 to 20.00 19 444,685 0.06
20.01 to 25.00 50 1,542,791 0.21
25.01 to 30.00 62 2,527,813 0.35
30.01 to 35.00 83 3,123,038 0.43
35.01 to 40.00 128 6,179,521 0.85
40.01 to 45.00 142 6,258,760 0.86
45.01 to 50.00 239 11,490,323 1.57
50.01 to 55.00 229 13,529,426 1.85
55.01 to 60.00 404 21,386,347 2.93
60.01 to 65.00 676 40,524,426 5.54
65.01 to 70.00 1,038 61,819,420 8.46
70.01 to 75.00 1,574 104,742,599 14.33
75.01 to 80.00 2,955 226,732,383 31.01
80.01 to 85.00 1,554 117,888,440 16.13
85.01 to 90.00 1,219 89,627,166 12.26
90.01 to 95.00 177 6,732,655 0.92
95.01 to 100.00 497 16,149,555 2.21
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Current Coupon 6.001 - 7.000 28 3,265,794 0.45
7.001 - 8.000 160 18,555,342 2.54
8.001 - 9.000 699 68,279,674 9.34
9.001 - 10.000 1,819 157,176,240 21.50
10.001 - 11.000 2,712 190,649,808 26.08
11.001 - 12.000 2,377 143,588,388 19.64
12.001 - 13.000 1,782 92,134,941 12.60
13.001 - 14.000 984 39,537,721 5.41
14.001 - 15.000 377 13,821,815 1.89
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
11
<PAGE>
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
15.001 - 16.000 93 3,156,695 0.43
16.001 - 17.000 28 839,357 0.11
17.001 - 18.000 3 47,120 0.01
19.001 - 20.000 1 19,000 0.00
------ ----------- ------
Total 11,063 $731,071,895 100.00%
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Current Balance Up to 25,000.00 1,831 33,663,800 4.60
25,000.01 to 50,000.00 3,714 140,537,686 19.22
50,000.01 to 75,000.00 2,466 151,347,649 20.70
75,000.01 to 100,000.00 1,226 106,715,177 14.60
100,000.01 to 125,000.00 706 79,183,854 10.83
125,000.01 to 150,000.00 387 52,772,534 7.22
150,000.01 to 175,000.00 220 35,491,479 4.85
175,000.01 to 200,000.00 96 17,812,498 2.44
200,000.01 to 250,000.00 185 41,856,335 5.73
250,000.01 to 300,000.00 142 38,929,431 5.33
300,000.01 to 350,000.00 47 15,165,634 2.07
350,000.01 to 400,000.00 25 9,369,042 1.28
400,000.01 to 450,000.00 10 4,244,102 0.58
450,000.01 to 500,000.00 4 1,897,686 0.26
500,000.01 to 550,000.00 3 1,528,763 0.21
Over 550,000.00 1 556,223 0.08
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Property Type Two- to Four-Family 686 51,902,957 7.10
Townhouse 21 1,261,330 0.17
Manufactured Housing 74 3,300,702 0.45
Multi-Family 28 2,993,101 0.41
Condominium 130 7,725,601 1.06
Single Family Attached 114 6,358,906 0.87
Single Family Detached 9,992 656,157,457 89.75
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
12
<PAGE>
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
Planned Unit Development 15 1,029,384 0.14
Mixed Use 3 342,458 0.05
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Months Since Origination 0 to 1 4,582 283,136,759 38.73
2 to 12 6,405 443,079,668 60.61
13 to 24 73 4,729,197 0.65
25 or more 3 126,271 0.02
------ ----------- ------
Total 11,063 $731,071,895 100.00%
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Remaining Term Up to 120 524 14,946,782 2.04
121 to 180 5,772 350,762,977 47.98
181 to 240 1,193 65,089,579 8.90
241 to 300 145 9,011,432 1.23
301 to 360 3,429 291,261,125 39.84
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Lien Type First Lien 8,311 624,915,592 85.48
Second Lien 2,752 106,156,303 14.52
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Occupancy Owner Occupied 10,362 691,693,546 94.61
Investor Owned 681 38,261,604 5.23
Vacation/Second Home 20 1,116,744 0.15
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
13
<PAGE>
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
------ ----------- ------
Total 11,063 $731,071,895 100.00%
- -------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- -------------------------------------------------------------------------------
[GRAPHIC OMITTED]
14
Exhibit 99.2
<TABLE>
<S> <C>
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
</TABLE>
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3: Computational Materials
- --------------------------------------------------------------------------------
Fax to: Date:
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>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
|---------------------------------------------------------------------------|
| THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE |
| DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS |
| SUPPLEMENT. |
|---------------------------------------------------------------------------|
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the pool of Home Equity Loans as of the
Statistical Calculation Date of 5/5/98:
<TABLE>
<S> <C> <C> <C> <C> <C>
Total Number of Loans: 11,063
Total Outstanding Loan Balance: $731,071,895
Balloon (% of Total): 31.17%
Level Pay (% of Total): 68.83%
Average Loan Principal Balance: $66,083 ($5,008 to $556,223)
Weighted Average CLTV: 76.67% (5.71% to 100.00%)
% of Pool with CLTVs (greater than) 90% 3.13%
Weighted Average Coupon: 10.86% (6.49% to 19.15%)
Weighted Average Remaining Term to Maturity (months): 254 (50 to 360)
Weighted Average Seasoning (months): 3 (0 to 40)
Weighted Average Original Term (months): 257 (60 to 360)
Range of Original Terms: Level Pay Balloon
----------------------- ------------------------
Up to 60: 0.11% Up to 60: 0.05%
61 - 120: 1.79% 61 - 120: 0.09%
121 - 180: 16.89% 121 - 180: 31.03%
181 - 240: 8.90%
241 - 300: 1.23%
301 - 360: 39.90%
Lien Position: 1st Lien: 85.48%
2nd Lien: 14.52%
Property Type: Single Family Detached: 89.75%
Single Family Attached: 0.87%
2-4 Family: 7.10%
Condominium/Townhouse: 1.23%
Other: 1.05%
Occupancy Status: Owner Occupied: 94.61%
Non-Owner Occupied: 5.39%
Geographic Distribution: NY: 14.90% CA: 5.34%
(states not listed individually account MI: 8.27% OH: 5.27
for less than 5.00% of the Mortgage FL: 7.94% PA: 5.26
Loan principal balance) NJ: 5.84%
Credit Quality: A: 55.70%
(per IMC's guidelines) B: 24.29%
C: 16.84%
D: 3.17%
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
2
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
PRICING INFORMATION
$1,000,000,000 Offering Amount (approximate)
FSA Bond Insured
<TABLE>
<CAPTION>
TRANSACTION SUMMARY(a)
- ----------------------------------------------------------------------------------------------------------------------------------
First
Principal Principal Expected
Approximate WAL Payment Window Stated Ratings
Certificate Size Coupon(d) (Years) (Years) (Years) Maturity (Moody's/S&P)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $75,000,000 Fixed 0.33 0.08 0.50 6/20/99 P-1/A-1+
Class A-2 $228,304,000 Fixed 1.00 0.50 1.08 11/20/13 Aaa / AAA
Class A-3 $198,193,000 Fixed 2.00 1.50 1.08 5/20/14 Aaa / AAA
Class A-4 $118,582,000 Fixed 3.00 2.50 1.08 12/20/17 Aaa / AAA
Class A-5 $95,073,000 Fixed 4.00 3.50 1.08 8/20/22 Aaa / AAA
Class A-6 $100,867,000 Fixed 5.40 4.50 2.00 4/20/26 Aaa / AAA
Class A-7 $113,981,000 Fixed(b) 7.70 6.42 1.58 7/20/29 Aaa / AAA
Class A-8 $70,000,000 Fixed/NAS(b) 6.27 3.08 4.92 7/20/29 Aaa / AAA
Class A-9IO $70,000,000(c) Fixed(c) N/A N/A N/A N/A Aaa / AAA
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
(a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an additional 1.909%
per annum in each month thereafter until month 12. On and after month 12,
25% CPR. To 10% Optional Call.
(b) Coupon will be increased by [0.50%] for each payment after the Initial Call
Date.
(c) Notional IO has a [5.35%] coupon based on the NAS class for 36 months.
(d) Coupons may be limited as described in the Prospectus.
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 on July 20, 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 June 10, 1998.
Statistical Cut-off Date: May 5, 1998 (close of business)
Cut-off Date: June 1, 1998 (close of business)
Clean-up Call: The first Monthly Remittance 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.
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
3
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
PRICING INFORMATION (continued)
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 year.
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 (the "Class A-1 Accrual
Period") at the Class A-1 Certificate Interest Rate.
Calculations of Interest on the Class A-1
Certificates will be made on the basis of the actual
number of days elapsed in the related A-1 Accrual
Period and a year of 360 days.
Class A-1 Maturity: The final Payment Date for the Class A-1
Certificates will be June 21, 1999, at which time
the remaining Certificate Principal Balance, if any,
of the Class A-1 certificates will be paid in full.
If the principal remittance amount for such Payment
Date is not sufficient to pay in full the remaining
Certificate Principal Balance, if any then
outstanding, of the Class A-1 Certificates on such
date, a draw will be made on the FSA Insurance
Policy in the amount of such shortfall.
Limited Initial Turbo: 85% of the excess cash flow will be used to
accelerate the bonds until the overcollateralization
target is reached. To the extent necessary, after
the overcollateralization target is initially
reached, 100% of the excess cash flow will be
available to accelerate the bonds to the
overcollateralization target.
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
4
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Trust 1998-3
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc.
Deutsche Morgan Grenfell
J.P. Morgan Securities Inc.
Morgan Stanley Dean Witter
Seller and Servicer: IMC Mortgage Company
Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Trustee: The Chase Manhattan Bank
Offering Amount: Approximately $1,000,000,000
Statistical Calculation Date: The collateral described herein and in the
prospectus supplement represents the pool of
Home Equity Loans as of the Statistical
Calculation Date of May 5, 1998. It is
anticipated that the total unpaid principal
balance of the collateral pool conveyed to
the Trust at closing will be approximately
$750,000,000.
Pre-Funding Account: On the Closing Date, approximately
$250,000,000 will be deposited in an account
(the "Pre-Funding Account") and will be used
to acquire Subsequent Loans. The "Pre-Funding
Period" is the period commencing on the
Closing Date and ending generally on the
earlier to occur of (i) the date on which the
amount on deposit in the Pre-Funding Account
is less than $100,000 and (ii) August 15,
1998.
Form of Offering: Book-Entry form, same-day funds through DTC,
Euroclear, and CEDEL.
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, Certificate Insurer fees,
and trustee fees.
Advancing by Servicer: The Servicer is required to advance from its
own funds any delinquent payment of interest
(not principal) unless such interest is
deemed to be non-recoverable (the
"Delinquency Advances").
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
5
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the
Certificates will be provided by (a) the
overcollateralization mechanics which utilize
the excess interest created by the internal
cashflows of the pool, and (b) the Financial
Security Assurance, Inc.("FSA") Insurance
Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required level
of overcollateralization may increase or
decrease over time.
FSA Insurance Policy: FSA (the "Certificate
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal on
the Certificates (i.e. after any losses
reduce the overcollateralization to zero, FSA
will cover the excess, if any, of the
Certificate principal balance over the
aggregate collateral balance). The Insured
Payments do not cover Realized Losses except
to the extent that an Overcollateralization
Deficit exists. Insured Payments do not cover
the Servicer's failure to make Delinquency
Advances except to the extent that an
Overcollateralization Deficit would otherwise
result therefrom. The Insurance Policy is not
cancelable for any reason.
Federal Tax Aspects: The Trust, exclusive of the Pre-funding
account and the Capitalized Interest account,
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.
ERISA Considerations: The Certificates may be purchased by employee
benefit plans that are subject to ERISA.
SMMEA Eligibility: The Certificates will NOT constitute
"mortgage-related securities" for purposes of
SMMEA.
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
6
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS
<TABLE>
<CAPTION>
CLASS A-1 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 0.81 0.45 0.38 0.33 0.30 0.27
First Principal Payment 07/98 07/98 07/98 07/98 07/98 07/98
Last Principal Payment 06/99 03/99 01/99 12/98 11/98 11/98
Principal Window (years) 1.00 0.75 0.58 0.50 0.42 0.42
CLASS A-2 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 9.99 1.65 1.23 1.00 0.86 0.76
Yield @ par 6.39% 6.21% 6.14% 6.08% 6.02% 5.97%
Modified Duration 7.08 1.52 1.15 0.94 0.82 0.73
First Principal Payment 11/02 03/99 01/99 12/98 11/98 11/98
Last Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Principal Window (years) 9.67 1.92 1.33 1.08 0.92 0.75
CLASS A-3 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 14.70 3.71 2.58 2.00 1.64 1.40
Yield @ par 6.31% 6.24% 6.20% 6.16% 6.13% 6.09%
Modified Duration 9.37 3.22 2.32 1.83 1.52 1.31
First Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Last Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Principal Window (years) 1.00 2.42 1.58 1.08 0.92 0.75
CLASS A-4 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 15.68 5.89 3.99 3.00 2.42 2.02
Yield @ par 6.39% 6.35% 6.33% 6.30% 6.27% 6.24%
Modified Duration 9.68 4.78 3.43 2.66 2.18 1.85
First Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Last Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Principal Window (years) 3.17 2.08 1.42 1.08 0.75 0.58
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
7
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (continued)
<TABLE>
<CAPTION>
CLASS A-5 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.28 8.34 5.39 4.00 3.15 2.60
Yield @ par 6.52% 6.49% 6.47% 6.45% 6.42% 6.40%
Modified Duration 11.01 6.27 4.43 3.43 2.77 2.33
First Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Last Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Principal Window (years) 4.83 2.92 1.58 1.08 0.92 0.75
CLASS A-6 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 24.86 11.52 7.66 5.40 4.19 3.38
Yield @ par 6.57% 6.56% 6.54% 6.52% 6.50% 6.48%
Modified Duration 12.01 7.88 5.86 4.43 3.56 2.95
First Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Last Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Principal Window (years) 4.00 3.83 3.42 2.00 1.42 1.08
CLASS A-7 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 27.22 14.36 10.35 7.70 5.94 4.77
Yield @ par 6.96% 6.95% 6.94% 6.93% 6.91% 6.90%
Modified Duration 11.98 8.87 7.20 5.81 4.73 3.95
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 0.67 1.00 1.00 1.58 1.42 1.25
CLASS A-8 NAS (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 12.11 7.76 6.92 6.27 5.47 4.72
Yield @ par 6.47% 6.46% 6.45% 6.45% 6.44% 6.43%
Modified Duration 8.06 5.85 5.37 4.98 4.47 3.96
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 24.25 11.42 7.42 4.92 3.25 2.08
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
8
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (continued)
<TABLE>
<CAPTION>
CLASS A-7 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 28.24 16.38 12.69 9.71 7.35 5.62
Yield @ par 6.97% 6.98% 7.01% 7.01% 7.00% 6.97%
Modified Duration 12.13 9.49 8.17 6.79 5.52 4.47
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 02/28 03/24 03/18 10/13 12/11 08/09
Principal Window (years) 3.08 12.33 10.33 9.00 8.67 7.33
CLASS A-8 NAS (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 12.11 7.76 6.97 6.44 6.03 5.71
Yield @ par 6.47% 6.46% 6.46% 6.46% 6.48% 6.52%
Modified Duration 8.06 5.85 5.40 5.07 4.81 4.60
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 12/27 06/22 05/13 05/13 10/11 05/09
Principal Window (years) 26.50 21.00 11.92 11.92 10.33 7.92
</TABLE>
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
9
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL
OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
State Alabama 8 345,256 0.05
Alaska 1 94,849 0.01
Arizona 70 4,235,926 0.58
Arkansas 35 1,516,702 0.21
California 354 39,063,448 5.34
Colorado 126 8,870,812 1.21
Connecticut 169 13,648,367 1.87
Delaware 39 2,284,814 0.31
District of Columbia 17 1,556,237 0.21
Florida 984 58,064,241 7.94
Georgia 392 27,040,033 3.70
Hawaii 19 3,059,993 0.42
Idaho 35 1,742,791 0.24
Illinois 431 28,038,320 3.84
Indiana 386 19,061,668 2.61
Iowa 38 1,892,203 0.26
Kansas 30 1,551,496 0.21
Kentucky 124 6,163,052 0.84
Louisiana 88 4,242,984 0.58
Maine 17 965,714 0.13
Maryland 410 27,731,833 3.79
Massachusetts 210 14,370,556 1.97
Michigan 1,015 60,482,676 8.27
Minnesota 104 7,055,357 0.97
Mississippi 86 3,862,443 0.53
Missouri 142 6,139,041 0.84
Montana 6 639,622 0.09
Nebraska 25 1,081,358 0.15
Nevada 36 2,973,095 0.41
New Hampshire 17 963,936 0.13
New Jersey 474 42,702,007 5.84
New Mexico 54 4,222,615 0.58
New York 1,338 108,905,896 14.90
North Carolina 551 32,525,267 4.45
North Dakota 3 205,876 0.03
Ohio 702 38,528,478 5.27
Oklahoma 40 1,701,950 0.23
Oregon 91 7,564,838 1.03
Pennsylvania 639 38,486,353 5.26
Rhode Island 50 3,575,209 0.49
South Carolina 379 20,855,661 2.85
South Dakota 1 35,000 0.00
Tennessee 469 27,567,027 3.77
Texas 235 15,559,107 2.13
Utah 84 7,446,371 1.02
Vermont 8 518,366 0.07
Virginia 287 17,041,899 2.33
Washington 103 8,273,326 1.13
West Virginia 41 1,732,814 0.24
Wisconsin 96 4,723,646 0.65
Wyoming 4 161,366 0.02
------ ----------- ------
Total 11,063 $731,071,895 100.00%
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
10
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Combined LTV 5.01 to 10.00 4 76,171 0.01
10.01 to 15.00 13 296,376 0.04
15.01 to 20.00 19 444,685 0.06
20.01 to 25.00 50 1,542,791 0.21
25.01 to 30.00 62 2,527,813 0.35
30.01 to 35.00 83 3,123,038 0.43
35.01 to 40.00 128 6,179,521 0.85
40.01 to 45.00 142 6,258,760 0.86
45.01 to 50.00 239 11,490,323 1.57
50.01 to 55.00 229 13,529,426 1.85
55.01 to 60.00 404 21,386,347 2.93
60.01 to 65.00 676 40,524,426 5.54
65.01 to 70.00 1,038 61,819,420 8.46
70.01 to 75.00 1,574 104,742,599 14.33
75.01 to 80.00 2,955 226,732,383 31.01
80.01 to 85.00 1,554 117,888,440 16.13
85.01 to 90.00 1,219 89,627,166 12.26
90.01 to 95.00 177 6,732,655 0.92
95.01 to 100.00 497 16,149,555 2.21
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Current Coupon 6.001 - 7.000 28 3,265,794 0.45
7.001 - 8.000 160 18,555,342 2.54
8.001 - 9.000 699 68,279,674 9.34
9.001 - 10.000 1,819 157,176,240 21.50
10.001 - 11.000 2,712 190,649,808 26.08
11.001 - 12.000 2,377 143,588,388 19.64
12.001 - 13.000 1,782 92,134,941 12.60
13.001 - 14.000 984 39,537,721 5.41
14.001 - 15.000 377 13,821,815 1.89
15.001 - 16.000 93 3,156,695 0.43
16.001 - 17.000 28 839,357 0.11
17.001 - 18.000 3 47,120 0.01
19.001 - 20.000 1 19,000 0.00
------ ----------- ------
Total 11,063 $731,071,895 100.00%
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
11
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Current Balance Up to 25,000.00 1,831 33,663,800 4.60
25,000.01 to 50,000.00 3,714 140,537,686 19.22
50,000.01 to 75,000.00 2,466 151,347,649 20.70
75,000.01 to 100,000.00 1,226 106,715,177 14.60
100,000.01 to 125,000.00 706 79,183,854 10.83
125,000.01 to 150,000.00 387 52,772,534 7.22
150,000.01 to 175,000.00 220 35,491,479 4.85
175,000.01 to 200,000.00 96 17,812,498 2.44
200,000.01 to 250,000.00 185 41,856,335 5.73
250,000.01 to 300,000.00 142 38,929,431 5.33
300,000.01 to 350,000.00 47 15,165,634 2.07
350,000.01 to 400,000.00 25 9,369,042 1.28
400,000.01 to 450,000.00 10 4,244,102 0.58
450,000.01 to 500,000.00 4 1,897,686 0.26
500,000.01 to 550,000.00 3 1,528,763 0.21
Over 550,000.00 1 556,223 0.08
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Property Type Two- to Four-Family 686 51,902,957 7.10
Townhouse 21 1,261,330 0.17
Manufactured Housing 74 3,300,702 0.45
Multi-Family 28 2,993,101 0.41
Condominium 130 7,725,601 1.06
Single Family Attached 114 6,358,906 0.87
Single Family Detached 9,992 656,157,457 89.75
Planned Unit Development 15 1,029,384 0.14
Mixed Use 3 342,458 0.05
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Months Since Origination 0 to 1 4,582 283,136,759 38.73
2 to 12 6,405 443,079,668 60.61
13 to 24 73 4,729,197 0.65
25 or more 3 126,271 0.02
------ ----------- ------
Total 11,063 $731,071,895 100.00%
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
12
<PAGE>
IMC HOME EQUITY LOAN TRUST 1998-3
- --------------------------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Remaining Term Up to 120 524 14,946,782 2.04
121 to 180 5,772 350,762,977 47.98
181 to 240 1,193 65,089,579 8.90
241 to 300 145 9,011,432 1.23
301 to 360 3,429 291,261,125 39.84
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Lien Type First Lien 8,311 624,915,592 85.48
Second Lien 2,752 106,156,303 14.52
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Occupancy Owner Occupied 10,362 691,693,546 94.61
Investor Owned 681 38,261,604 5.23
Vacation/Second Home 20 1,116,744 0.15
------ ----------- ------
Total 11,063 $731,071,895 100.00%
BEAR STEARNS
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
13
Exhibit 99.3
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
|---------------------------------------------------------------------------|
| THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE |
| DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS |
| SUPPLEMENT. |
|---------------------------------------------------------------------------|
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the pool of Home Equity Loans as of the
Statistical Calculation Date of 5/5/98:
<TABLE>
<S> <C> <C> <C> <C> <C>
Total Number of Loans: 11,063
Total Outstanding Loan Balance: $731,071,895
Balloon (% of Total): 31.17%
Level Pay (% of Total): 68.83%
Average Loan Principal Balance: $66,083 ($5,008 to $556,223)
Weighted Average CLTV: 76.67% (5.71% to 100.00%)
% of Pool with CLTVs (greater than) 90% 3.13%
Weighted Average Coupon: 10.86% (6.49% to 19.15%)
Weighted Average Remaining Term to Maturity (months): 254 (50 to 360)
Weighted Average Seasoning (months): 3 (0 to 40)
Weighted Average Original Term (months): 257 (60 to 360)
Range of Original Terms: Level Pay Balloon
----------------------- ------------------------
Up to 60: 0.11% Up to 60: 0.05%
61 - 120: 1.79% 61 - 120: 0.09%
121 - 180: 16.89% 121 - 180: 31.03%
181 - 240: 8.90%
241 - 300: 1.23%
301 - 360: 39.90%
Lien Position: 1st Lien: 85.48%
2nd Lien: 14.52%
Property Type: Single Family Detached: 89.75%
Single Family Attached: 0.87%
2-4 Family: 7.10%
Condominium/Townhouse: 1.23%
Other: 1.05%
Occupancy Status: Owner Occupied: 94.61%
Non-Owner Occupied: 5.39%
Geographic Distribution: NY: 14.90% CA: 5.34%
(states not listed individually account MI: 8.27% OH: 5.27
for less than 5.00% of the Mortgage FL: 7.94% PA: 5.26
Loan principal balance) NJ: 5.84%
Credit Quality: A: 55.70%
(per IMC's guidelines) B: 24.29%
C: 16.84%
D: 3.17%
</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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
PRICING INFORMATION
$1,000,000,000 Offering Amount (approximate)
FSA Bond Insured
TRANSACTION SUMMARY(a)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
First
Principal Principal Expected
Approximate WAL Payment Window Stated Ratings
Certificate Size Coupon(d) (Years) (Years) (Years) Maturity (Moody's/S&P)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $75,000,000 Fixed 0.33 0.08 0.50 6/20/99 P-1/A-1+
Class A-2 $228,304,000 Fixed 1.00 0.50 1.08 11/20/13 Aaa / AAA
Class A-3 $198,193,000 Fixed 2.00 1.50 1.08 5/20/14 Aaa / AAA
Class A-4 $118,582,000 Fixed 3.00 2.50 1.08 12/20/17 Aaa / AAA
Class A-5 $95,073,000 Fixed 4.00 3.50 1.08 8/20/22 Aaa / AAA
Class A-6 $100,867,000 Fixed 5.40 4.50 2.00 4/20/26 Aaa / AAA
Class A-7 $113,981,000 Fixed(b) 7.70 6.42 1.58 7/20/29 Aaa / AAA
Class A-8 $70,000,000 Fixed/NAS(b) 6.27 3.08 4.92 7/20/29 Aaa / AAA
Class A-9IO $70,000,000(c) Fixed(c) N/A N/A N/A N/A Aaa / AAA
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Notes:
(a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an additional 1.909%
per annum in each month thereafter until month 12. On and after month 12,
25% CPR. To 10% Optional Call.
(b) Coupon will be increased by [0.50%] for each payment after the Initial Call
Date.
(c) Notional IO has a [5.35%] coupon based on the NAS class for 36 months.
(d) Coupons may be limited as described in the Prospectus.
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 on July 20, 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 June 10, 1998.
Statistical Cut-off Date: May 5, 1998 (close of business)
Cut-off Date: June 1, 1998 (close of business)
Clean-up Call: The first Monthly Remittance 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.
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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
PRICING INFORMATION (continued)
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
year.
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 (the "Class A-1
Accrual Period") at the Class A-1 Certificate
Interest Rate. Calculations of Interest on the
Class A-1 Certificates will be made on the basis
of the actual number of days elapsed in the
related A-1 Accrual Period and a year of 360
days.
Class A-1 Maturity: The final Payment Date for the Class A-1
Certificates will be June 21, 1999, at which time
the remaining Certificate Principal Balance, if
any, of the Class A-1 certificates will be paid
in full. If the principal remittance amount for
such Payment Date is not sufficient to pay in
full the remaining Certificate Principal Balance,
if any then outstanding, of the Class A-1
Certificates on such date, a draw will be made on
the FSA Insurance Policy in the amount of such
shortfall.
Limited Initial Turbo: 85% of the excess cash flow will be used to
accelerate the bonds until the
overcollateralization target is reached. To the
extent necessary, after the overcollateralization
target is initially reached, 100% of the excess
cash flow will be available to accelerate the
bonds to the overcollateralization target.
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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Trust 1998-3
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc. Deutsche Morgan
Grenfell J.P. Morgan Securities Inc. Morgan
Stanley Dean Witter
Seller and Servicer: IMC Mortgage Company Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Trustee: The Chase Manhattan Bank
Offering Amount: Approximately $1,000,000,000
Statistical Calculation Date: The collateral described herein and in the
prospectus supplement represents the pool of Home
Equity Loans as of the Statistical Calculation
Date of May 5, 1998. It is anticipated that the
total unpaid principal balance of the collateral
pool conveyed to the Trust at closing will be
approximately $750,000,000.
Pre-Funding Account: On the Closing Date, approximately $250,000,000
will be deposited in an account (the "Pre-Funding
Account") and will be used to acquire Subsequent
Loans. The "Pre-Funding Period" is the period
commencing on the Closing Date and ending
generally on the earlier to occur of (i) the date
on which the amount on deposit in the Pre-Funding
Account is less than $100,000 and (ii) August 15,
1998.
Form of Offering: Book-Entry form, same-day funds through DTC,
Euroclear, and CEDEL.
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, Certificate Insurer fees, and
trustee fees.
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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
DESCRIPTION OF SECURITIES (Continued)
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").
Credit Enhancement: Credit enhancement with respect to the
Certificates will be provided by (a) the
overcollateralization mechanics which utilize the
excess interest created by the internal cashflows
of the pool, and (b) the Financial Security
Assurance, Inc. ("FSA") Insurance Policy.
Overcollateralization: Subject to certain floors,
caps and triggers, the required level of
overcollateralization may increase or decrease
over time.
FSA Insurance Policy: FSA (the "Certificate
Insurer") will unconditionally and irrevocably
guarantee the timely payment of interest and
ultimate payment of principal on the Certificates
(i.e. after any losses reduce the
overcollateralization to zero, FSA will cover the
excess, if any, of the Certificate principal
balance over the aggregate collateral balance).
The Insured Payments do not cover Realized Losses
except to the extent that an
Overcollateralization Deficit exists. Insured
Payments do not cover the Servicer's failure to
make Delinquency Advances except to the extent
that an Overcollateralization Deficit would
otherwise result therefrom. The Insurance Policy
is not cancelable for any reason.
Federal Tax Aspects: The Trust, exclusive of the Pre-funding account
and the Capitalized Interest account, 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.
ERISA Considerations: The Certificates may be purchased by employee
benefit plans that are subject to ERISA.
SMMEA Eligibility: The Certificates will NOT constitute
"mortgage-related securities" for purposes of
SMMEA.
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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS
<TABLE>
<CAPTION>
CLASS A-1 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 0.81 0.45 0.38 0.33 0.30 0.27
First Principal Payment 07/98 07/98 07/98 07/98 07/98 07/98
Last Principal Payment 06/99 03/99 01/99 12/98 11/98 11/98
Principal Window (years) 1.00 0.75 0.58 0.50 0.42 0.42
<CAPTION>
CLASS A-2 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 9.99 1.65 1.23 1.00 0.86 0.76
Yield @ par 6.39% 6.21% 6.14% 6.08% 6.02% 5.97%
Modified Duration 7.08 1.52 1.15 0.94 0.82 0.73
First Principal Payment 11/02 03/99 01/99 12/98 11/98 11/98
Last Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Principal Window (years) 9.67 1.92 1.33 1.08 0.92 0.75
<CAPTION>
CLASS A-3 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 14.70 3.71 2.58 2.00 1.64 1.40
Yield @ par 6.31% 6.24% 6.20% 6.16% 6.13% 6.09%
Modified Duration 9.37 3.22 2.32 1.83 1.52 1.31
First Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Last Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Principal Window (years) 1.00 2.42 1.58 1.08 0.92 0.75
<CAPTION>
CLASS A-4 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 15.68 5.89 3.99 3.00 2.42 2.02
Yield @ par 6.39% 6.35% 6.33% 6.30% 6.27% 6.24%
Modified Duration 9.68 4.78 3.43 2.66 2.18 1.85
First Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Last Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Principal Window (years) 3.17 2.08 1.42 1.08 0.75 0.58
</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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (continued)
<TABLE>
<CAPTION>
CLASS A-5 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.28 8.34 5.39 4.00 3.15 2.60
Yield @ par 6.52% 6.49% 6.47% 6.45% 6.42% 6.40%
Modified Duration 11.01 6.27 4.43 3.43 2.77 2.33
First Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Last Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Principal Window (years) 4.83 2.92 1.58 1.08 0.92 0.75
<CAPTION>
CLASS A-6 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 24.86 11.52 7.66 5.40 4.19 3.38
Yield @ par 6.57% 6.56% 6.54% 6.52% 6.50% 6.48%
Modified Duration 12.01 7.88 5.86 4.43 3.56 2.95
First Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Last Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Principal Window (years) 4.00 3.83 3.42 2.00 1.42 1.08
<CAPTION>
CLASS A-7 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 27.22 14.36 10.35 7.70 5.94 4.77
Yield @ par 6.96% 6.95% 6.94% 6.93% 6.91% 6.90%
Modified Duration 11.98 8.87 7.20 5.81 4.73 3.95
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 0.67 1.00 1.00 1.58 1.42 1.25
<CAPTION>
CLASS A-8 NAS (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 12.11 7.76 6.92 6.27 5.47 4.72
Yield @ par 6.47% 6.46% 6.45% 6.45% 6.44% 6.43%
Modified Duration 8.06 5.85 5.37 4.98 4.47 3.96
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 24.25 11.42 7.42 4.92 3.25 2.08
</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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (continued)
<TABLE>
<CAPTION>
CLASS A-7 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 28.24 16.38 12.69 9.71 7.35 5.62
Yield @ par 6.97% 6.98% 7.01% 7.01% 7.00% 6.97%
Modified Duration 12.13 9.49 8.17 6.79 5.52 4.47
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 02/28 03/24 03/18 10/13 12/11 08/09
Principal Window (years) 3.08 12.33 10.33 9.00 8.67 7.33
<CAPTION>
CLASS A-8 NAS (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 12.11 7.76 6.97 6.44 6.03 5.71
Yield @ par 6.47% 6.46% 6.46% 6.46% 6.48% 6.52%
Modified Duration 8.06 5.85 5.40 5.07 4.81 4.60
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 12/27 06/22 05/13 05/13 10/11 05/09
Principal Window (years) 26.50 21.00 11.92 11.92 10.33 7.92
</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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
State Alabama 8 345,256 0.05
Alaska 1 94,849 0.01
Arizona 70 4,235,926 0.58
Arkansas 35 1,516,702 0.21
California 354 39,063,448 5.34
Colorado 126 8,870,812 1.21
Connecticut 169 13,648,367 1.87
Delaware 39 2,284,814 0.31
District of Columbia 17 1,556,237 0.21
Florida 984 58,064,241 7.94
Georgia 392 27,040,033 3.70
Hawaii 19 3,059,993 0.42
Idaho 35 1,742,791 0.24
Illinois 431 28,038,320 3.84
Indiana 386 19,061,668 2.61
Iowa 38 1,892,203 0.26
Kansas 30 1,551,496 0.21
Kentucky 124 6,163,052 0.84
Louisiana 88 4,242,984 0.58
Maine 17 965,714 0.13
Maryland 410 27,731,833 3.79
Massachusetts 210 14,370,556 1.97
Michigan 1,015 60,482,676 8.27
Minnesota 104 7,055,357 0.97
Mississippi 86 3,862,443 0.53
Missouri 142 6,139,041 0.84
Montana 6 639,622 0.09
Nebraska 25 1,081,358 0.15
Nevada 36 2,973,095 0.41
New Hampshire 17 963,936 0.13
New Jersey 474 42,702,007 5.84
New Mexico 54 4,222,615 0.58
New York 1,338 108,905,896 14.90
North Carolina 551 32,525,267 4.45
North Dakota 3 205,876 0.03
Ohio 702 38,528,478 5.27
Oklahoma 40 1,701,950 0.23
Oregon 91 7,564,838 1.03
Pennsylvania 639 38,486,353 5.26
Rhode Island 50 3,575,209 0.49
South Carolina 379 20,855,661 2.85
South Dakota 1 35,000 0.00
Tennessee 469 27,567,027 3.77
Texas 235 15,559,107 2.13
Utah 84 7,446,371 1.02
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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
Vermont 8 518,366 0.07
Virginia 287 17,041,899 2.33
Washington 103 8,273,326 1.13
West Virginia 41 1,732,814 0.24
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Wisconsin 96 4,723,646 0.65
Wyoming 4 161,366 0.02
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Combined LTV 5.01 to 10.00 4 76,171 0.01
10.01 to 15.00 13 296,376 0.04
15.01 to 20.00 19 444,685 0.06
20.01 to 25.00 50 1,542,791 0.21
25.01 to 30.00 62 2,527,813 0.35
30.01 to 35.00 83 3,123,038 0.43
35.01 to 40.00 128 6,179,521 0.85
40.01 to 45.00 142 6,258,760 0.86
45.01 to 50.00 239 11,490,323 1.57
50.01 to 55.00 229 13,529,426 1.85
55.01 to 60.00 404 21,386,347 2.93
60.01 to 65.00 676 40,524,426 5.54
65.01 to 70.00 1,038 61,819,420 8.46
70.01 to 75.00 1,574 104,742,599 14.33
75.01 to 80.00 2,955 226,732,383 31.01
80.01 to 85.00 1,554 117,888,440 16.13
85.01 to 90.00 1,219 89,627,166 12.26
90.01 to 95.00 177 6,732,655 0.92
95.01 to 100.00 497 16,149,555 2.21
------ ----------- ------
Total 11,063 $731,071,895 100.00%
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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Current Coupon 6.001 - 7.000 28 3,265,794 0.45
7.001 - 8.000 160 18,555,342 2.54
8.001 - 9.000 699 68,279,674 9.34
9.001 - 10.000 1,819 157,176,240 21.50
10.001 - 11.000 2,712 190,649,808 26.08
11.001 - 12.000 2,377 143,588,388 19.64
12.001 - 13.000 1,782 92,134,941 12.60
13.001 - 14.000 984 39,537,721 5.41
14.001 - 15.000 377 13,821,815 1.89
15.001 - 16.000 93 3,156,695 0.43
16.001 - 17.000 28 839,357 0.11
17.001 - 18.000 3 47,120 0.01
19.001 - 20.000 1 19,000 0.00
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Current Balance Up to 25,000.00 1,831 33,663,800 4.60
25,000.01 to 50,000.00 3,714 140,537,686 19.22
50,000.01 to 75,000.00 2,466 151,347,649 20.70
75,000.01 to 100,000.00 1,226 106,715,177 14.60
100,000.01 to 125,000.00 706 79,183,854 10.83
125,000.01 to 150,000.00 387 52,772,534 7.22
150,000.01 to 175,000.00 220 35,491,479 4.85
175,000.01 to 200,000.00 96 17,812,498 2.44
200,000.01 to 250,000.00 185 41,856,335 5.73
250,000.01 to 300,000.00 142 38,929,431 5.33
300,000.01 to 350,000.00 47 15,165,634 2.07
350,000.01 to 400,000.00 25 9,369,042 1.28
400,000.01 to 450,000.00 10 4,244,102 0.58
450,000.01 to 500,000.00 4 1,897,686 0.26
500,000.01 to 550,000.00 3 1,528,763 0.21
Over 550,000.00 1 556,223 0.08
------ ----------- ------
Total 11,063 $731,071,895 100.00%
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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Property Type Two- to Four-Family 686 51,902,957 7.10
Townhouse 21 1,261,330 0.17
Manufactured Housing 74 3,300,702 0.45
Multi-Family 28 2,993,101 0.41
Condominium 130 7,725,601 1.06
Single Family Attached 114 6,358,906 0.87
Single Family Detached 9,992 656,157,457 89.75
Planned Unit Development 15 1,029,384 0.14
Mixed Use 3 342,458 0.05
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Months Since Origination 0 to 1 4,582 283,136,759 38.73
2 to 12 6,405 443,079,668 60.61
13 to 24 73 4,729,197 0.65
25 or more 3 126,271 0.02
------ ----------- ------
Total 11,063 $731,071,895 100.00%
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>
Deutsche Morgan Grenfell@
---------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
---------------------------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Remaining Term Up to 120 524 14,946,782 2.04
121 to 180 5,772 350,762,977 47.98
181 to 240 1,193 65,089,579 8.90
241 to 300 145 9,011,432 1.23
301 to 360 3,429 291,261,125 39.84
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Lien Type First Lien 8,311 624,915,592 85.48
Second Lien 2,752 106,156,303 14.52
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Occupancy Owner Occupied 10,362 691,693,546 94.61
Investor Owned 681 38,261,604 5.23
Vacation/Second Home 20 1,116,744 0.15
------ ----------- ------
Total 11,063 $731,071,895 100.00%
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>
"Bond Id : IMC 1998-3 WRAP A3"
"Bond Type : "
"Original Balance : 198193000.00"
"Coupon : 6.260000"
<TABLE>
<CAPTION>
"Per" "PmtDate" "Balance" "Interest" "Principal" "PrepayPen" "TotalCash" "IntShtFall" "PrinShtFall" "Loss" "CumLoss"
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 0 198193000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1 19980720 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
2 19980820 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
3 19980920 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
4 19981020 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
5 19981120 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
6 19981220 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
7 19990120 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
8 19990220 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
9 19990320 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
10 19990420 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
11 19990520 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
12 19990620 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
13 19990720 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
14 19990820 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
15 19990920 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
16 19991020 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
17 19991120 198193000.00 1033906.82 0.00 0.00 1033906.82 0.00 0.00 0.00 0.00
18 19991220 181211088.55 1033906.82 16981911.45 0.00 18015818.27 0.00 0.00 0.00 0.00
19 20000120 163957099.98 945317.85 17253988.57 0.00 18199306.41 0.00 0.00 0.00 0.00
20 20000220 147121825.48 855309.54 16835274.50 0.00 17690584.04 0.00 0.00 0.00 0.00
21 20000320 130695199.20 767485.52 16426626.28 0.00 17194111.81 0.00 0.00 0.00 0.00
22 20000420 114667395.89 681793.29 16027803.31 0.00 16709596.60 0.00 0.00 0.00 0.00
23 20000520 99028825.20 598181.58 15638570.69 0.00 16236752.27 0.00 0.00 0.00 0.00
24 20000620 83770126.05 516600.37 15258699.15 0.00 15775299.52 0.00 0.00 0.00 0.00
25 20000720 68882161.20 437000.82 14887964.86 0.00 15324965.68 0.00 0.00 0.00 0.00
26 20000820 54356011.87 359335.27 14526149.33 0.00 14885484.60 0.00 0.00 0.00 0.00
27 20000920 40182972.60 283557.20 14173039.27 0.00 14456596.47 0.00 0.00 0.00 0.00
28 20001020 26354546.10 209621.17 13828426.50 0.00 14038047.67 0.00 0.00 0.00 0.00
29 20001120 12862438.35 137482.88 13492107.75 0.00 13629590.63 0.00 0.00 0.00 0.00
30 20001220 0.00 67099.05 12862438.35 0.00 12929537.40 0.00 0.00 0.00 0.00
31 20010120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
32 20010220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
33 20010320 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
34 20010420 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
35 20010520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
36 20010620 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
<CAPTION>
"Per" "NegAmort" "Coupon" "StatedCoupon"
<S> <C> <C> <C>
0 0.00 0.000000 0.000000
1 0.00 6.260000 6.260000
2 0.00 6.260000 6.260000
3 0.00 6.260000 6.260000
4 0.00 6.260000 6.260000
5 0.00 6.260000 6.260000
6 0.00 6.260000 6.260000
7 0.00 6.260000 6.260000
8 0.00 6.260000 6.260000
9 0.00 6.260000 6.260000
10 0.00 6.260000 6.260000
11 0.00 6.260000 6.260000
12 0.00 6.260000 6.260000
13 0.00 6.260000 6.260000
14 0.00 6.260000 6.260000
15 0.00 6.260000 6.260000
16 0.00 6.260000 6.260000
17 0.00 6.260000 6.260000
18 0.00 6.260000 6.260000
19 0.00 6.260000 6.260000
20 0.00 6.260000 6.260000
21 0.00 6.260000 6.260000
22 0.00 6.260000 6.260000
23 0.00 6.260000 6.260000
24 0.00 6.260000 6.260000
25 0.00 6.260000 6.260000
26 0.00 6.260000 6.260000
27 0.00 6.260000 6.260000
28 0.00 6.260000 6.260000
29 0.00 6.260000 6.260000
30 0.00 6.260000 6.260000
31 0.00 0.000000 6.260000
32 0.00 0.000000 6.260000
33 0.00 0.000000 6.260000
34 0.00 0.000000 6.260000
35 0.00 0.000000 6.260000
36 0.00 0.000000 6.260000
</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>
"Bond Id : IMC 1998-3 WRAP A3"
"Bond Type : "
"Original Balance : 198193000.00"
"Coupon : 6.260000"
<TABLE>
<CAPTION>
"Per" "PmtDate" "Balance" "Interest" "Principal" "PrepayPen" "TotalCash" "IntShtFall" "PrinShtFall" "Loss" "CumLoss"
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
37 20010720 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
38 20010820 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
39 20010920 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
40 20011020 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
41 20011120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
42 20011220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
43 20020120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
44 20020220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
45 20020320 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
46 20020420 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
47 20020520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
48 20020620 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
49 20020720 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
50 20020820 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
51 20020920 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
52 20021020 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
53 20021120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
54 20021220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
55 20030120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
56 20030220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
57 20030320 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
58 20030420 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
59 20030520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
60 20030620 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
61 20030720 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
62 20030820 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
63 20030920 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
64 20031020 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
65 20031120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
66 20031220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
67 20040120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
68 20040220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
69 20040320 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
70 20040420 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
71 20040520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
72 20040620 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
73 20040720 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
74 20040820 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
75 20040920 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
76 20041020 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
<CAPTION>
"Per" "NegAmort" "Coupon" "StatedCoupon"
<S> <C> <C> <C>
37 0.00 0.000000 6.260000
38 0.00 0.000000 6.260000
39 0.00 0.000000 6.260000
40 0.00 0.000000 6.260000
41 0.00 0.000000 6.260000
42 0.00 0.000000 6.260000
43 0.00 0.000000 6.260000
44 0.00 0.000000 6.260000
45 0.00 0.000000 6.260000
46 0.00 0.000000 6.260000
47 0.00 0.000000 6.260000
48 0.00 0.000000 6.260000
49 0.00 0.000000 6.260000
50 0.00 0.000000 6.260000
51 0.00 0.000000 6.260000
52 0.00 0.000000 6.260000
53 0.00 0.000000 6.260000
54 0.00 0.000000 6.260000
55 0.00 0.000000 6.260000
56 0.00 0.000000 6.260000
57 0.00 0.000000 6.260000
58 0.00 0.000000 6.260000
59 0.00 0.000000 6.260000
60 0.00 0.000000 6.260000
61 0.00 0.000000 6.260000
62 0.00 0.000000 6.260000
63 0.00 0.000000 6.260000
64 0.00 0.000000 6.260000
65 0.00 0.000000 6.260000
66 0.00 0.000000 6.260000
67 0.00 0.000000 6.260000
68 0.00 0.000000 6.260000
69 0.00 0.000000 6.260000
70 0.00 0.000000 6.260000
71 0.00 0.000000 6.260000
72 0.00 0.000000 6.260000
73 0.00 0.000000 6.260000
74 0.00 0.000000 6.260000
75 0.00 0.000000 6.260000
76 0.00 0.000000 6.260000
</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>
"Bond Id : IMC 1998-3 WRAP A3"
"Bond Type : "
"Original Balance : 198193000.00"
"Coupon : 6.260000"
<TABLE>
<CAPTION>
"Per" "PmtDate" "Balance" "Interest" "Principal" "PrepayPen" "TotalCash" "IntShtFall" "PrinShtFall" "Loss" "CumLoss"
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
77 20041120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
78 20041220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
79 20050120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
80 20050220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
81 20050320 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
82 20050420 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
83 20050520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
84 20050620 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
85 20050720 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
86 20050820 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
87 20050920 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
88 20051020 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
89 20051120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
90 20051220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
91 20060120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
92 20060220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
93 20060320 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
94 20060420 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
95 20060520 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -- ---------- ------------- ------------ ------------ ------------ ------------- ------------- -------------- ------- ----------
24469107.25 198193000.00 0.00 222662107.25
<CAPTION>
"Per" "NegAmort" "Coupon" "StatedCoupon"
<S> <C> <C> <C>
77 0.00 0.000000 6.260000
78 0.00 0.000000 6.260000
79 0.00 0.000000 6.260000
80 0.00 0.000000 6.260000
81 0.00 0.000000 6.260000
82 0.00 0.000000 6.260000
83 0.00 0.000000 6.260000
84 0.00 0.000000 6.260000
85 0.00 0.000000 6.260000
86 0.00 0.000000 6.260000
87 0.00 0.000000 6.260000
88 0.00 0.000000 6.260000
89 0.00 0.000000 6.260000
90 0.00 0.000000 6.260000
91 0.00 0.000000 6.260000
92 0.00 0.000000 6.260000
93 0.00 0.000000 6.260000
94 0.00 0.000000 6.260000
95 0.00 0.000000 6.260000
- -- ---- -------- --------
</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.
Exhibit 99.4
- --------------------------------------------------------------------------------
JP MORGAN IMC MORTGAGE MAY 27, 1998
- --------------------------------------------------------------------------------
COMPUTATIONAL MATERIALS
$1,000,000,000
(APPROXIMATE)
IMC HOME EQUITY LOAN TRUST, SERIES 1998-3
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 1
<PAGE>
JP MORGAN
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS
SUPPLEMENT.
- -------------------------------------------------------------------------------
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the pool of Home Equity Loans as of the
Statistical Calculation Date of 5/5/98:
<TABLE>
<S> <C> <C> <C> <C> <C>
Total Number of Loans: 11,063
Total Outstanding Loan Balance: $731,071,895
Balloon (% of Total): 31.17%
Level Pay (% of Total): 68.83%
Average Loan Principal Balance: $66,083 ($5,008 to $556,223)
Weighted Average CLTV: 76.67% (5.71% to 100.00%)
% of Pool with CLTVs (greater than) 90% 3.13%
Weighted Average Coupon: 10.86% (6.49% to 19.15%)
Weighted Average Remaining Term to Maturity (months): 254 (50 to 360)
Weighted Average Seasoning (months): 3 (0 to 40)
Weighted Average Original Term (months): 257 (60 to 360)
Range of Original Terms: Level Pay Balloon
----------------------- ------------------------
Up to 60: 0.11% Up to 60: 0.05%
61 - 120: 1.79% 61 - 120: 0.09%
121 - 180: 16.89% 121 - 180: 31.03%
181 - 240: 8.90%
241 - 300: 1.23%
301 - 360: 39.90%
Lien Position: 1st Lien: 85.48%
2nd Lien: 14.52%
Property Type: Single Family Detached: 89.75%
Single Family Attached: 0.87%
2-4 Family: 7.10%
Condominium/Townhouse: 1.23%
Other: 1.05%
Occupancy Status: Owner Occupied: 94.61%
Non-Owner Occupied: 5.39%
Geographic Distribution: NY: 14.90% CA: 5.34%
(states not listed individually account MI: 8.27% OH: 5.27
for less than 5.00% of the Mortgage FL: 7.94% PA: 5.26
Loan principal balance) NJ: 5.84%
Credit Quality: A: 55.70%
(per IMC's guidelines) B: 24.29%
C: 16.84%
D: 3.17%
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 2
<PAGE>
JP MORGAN
PRICING INFORMATION
$1,000,000,000 Offering Amount (approximate)
FSA Bond Insured
TRANSACTION SUMMARY(a)
<TABLE>
<CAPTION>
- ---------------- --------------- ------------- -------------- ------------ -------------- ----------------- ----------------------
First
Principal Principal Expected
Approximate WAL Payment Window Stated Ratings
Certificate Size Coupon(d) (Years) (Years) (Years) Maturity (Moody's/S&P)
- ---------------- --------------- ------------- -------------- ------------ -------------- ----------------- ----------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $75,000,000 Fixed 0.33 0.08 0.50 6/20/99 P-1/A-1+
Class A-2 $228,304,000 Fixed 1.00 0.50 1.08 11/20/13 Aaa / AAA
Class A-3 $198,193,000 Fixed 2.00 1.50 1.08 5/20/14 Aaa / AAA
Class A-4 $118,582,000 Fixed 3.00 2.50 1.08 12/20/17 Aaa / AAA
Class A-5 $95,073,000 Fixed 4.00 3.50 1.08 8/20/22 Aaa / AAA
Class A-6 $100,867,000 Fixed 5.40 4.50 2.00 4/20/26 Aaa / AAA
Class A-7 $113,981,000 Fixed(b) 7.70 6.42 1.58 7/20/29 Aaa / AAA
Class A-8 $70,000,000 Fixed/NAS(b) 6.27 3.08 4.92 7/20/29 Aaa / AAA
Class A-9IO $70,000,000(c) Fixed(c) N/A N/A N/A N/A Aaa / AAA
- ---------------- --------------- ------------- -------------- ------------ -------------- ----------------- ----------------------
</TABLE>
Notes:
(a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an additional 1.909%
per annum in each month thereafter until month 12. On and after month 12,
25% CPR. To 10% Optional Call.
(b) Coupon will be increased by [0.50%] for each payment after the Initial Call
Date.
(c) Notional IO has a [5.35%] coupon based on the NAS class for 36 months.
(d) Coupons may be limited as described in the Prospectus.
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 on July
20, 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 June 10, 1998.
Statistical Cut-off Date: May 5, 1998 (close of business)
Cut-off Date: June 1, 1998 (close of business)
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 3
<PAGE>
JP MORGAN
Clean-up Call: The first Monthly Remittance 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.
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 year.
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 (the "Class A-1
Accrual Period") at the Class A-1
Certificate Interest Rate. Calculations of
Interest on the Class A-1 Certificates will
be made on the basis of the actual number of
days elapsed in the related A-1 Accrual
Period and a year of 360 days.
Class A-1 Maturity: The final Payment Date for the Class A-1
Certificates will be June 21, 1999, at which
time the remaining Certificate Principal
Balance, if any, of the Class A-1
certificates will be paid in full. If the
principal remittance amount for such Payment
Date is not sufficient to pay in full the
remaining Certificate Principal Balance, if
any then outstanding, of the Class A-1
Certificates on such date, a draw will be
made on the FSA Insurance Policy in the
amount of such shortfall.
Limited Initial Turbo: 85% of the excess cash flow will be used to
accelerate the bonds until the
overcollateralization target is reached. To
the extent necessary, after the
overcollateralization target is initially
reached, 100% of the excess cash flow will
be available to accelerate the bonds to the
overcollateralization target.
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 4
<PAGE>
JP MORGAN
DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Trust 1998-3
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc.
Deutsche Morgan Grenfell
J.P. Morgan Securities Inc.
Morgan Stanley Dean Witter
Seller and Servicer: IMC Mortgage Company
Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Trustee: The Chase Manhattan Bank
Offering Amount: Approximately $1,000,000,000
Statistical Calculation Date: The collateral described herein and in the
prospectus supplement represents the pool of
Home Equity Loans as of the Statistical
Calculation Date of May 5, 1998. It is
anticipated that the total unpaid principal
balance of the collateral pool conveyed to
the Trust at closing will be approximately
$750,000,000.
Pre-Funding Account: On the Closing Date, approximately
$250,000,000 will be deposited in an account
(the "Pre-Funding Account") and will be used
to acquire Subsequent Loans. The
"Pre-Funding Period" is the period
commencing on the Closing Date and ending
generally on the earlier to occur of (i) the
date on which the amount on deposit in the
Pre-Funding Account is less than $100,000
and (ii) August 15, 1998.
Form of Offering: Book-Entry form, same-day funds through DTC,
Euroclear, and CEDEL.
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, Certificate Insurer fees,
and trustee fees.
Advancing by Servicer: The Servicer is required to advance from its
own funds any delinquent payment of interest
(not principal) unless such interest is
deemed to be non-recoverable (the
"Delinquency Advances").
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 5
<PAGE>
JP MORGAN
DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the
Certificates will be provided by (a) the
overcollateralization mechanics which
utilize the excess interest created by the
internal cashflows of the pool, and (b) the
Financial Security Assurance, Inc.("FSA")
Insurance Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required
level of overcollateralization may increase
or decrease over time.
FSA Insurance Policy: FSA (the "Certificate
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal
on the Certificates (i.e. after any losses
reduce the overcollateralization to zero,
FSA will cover the excess, if any, of the
Certificate principal balance over the
aggregate collateral balance). The Insured
Payments do not cover Realized Losses except
to the extent that an Overcollateralization
Deficit exists. Insured Payments do not
cover the Servicer's failure to make
Delinquency Advances except to the extent
that an Overcollateralization Deficit would
otherwise result therefrom. The Insurance
Policy is not cancelable for any reason.
Federal Tax Aspects: The Trust, exclusive of the Pre-funding
account and the Capitalized Interest
account, 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.
ERISA Considerations: The Certificates may be purchased by
employee benefit plans that are subject to
ERISA.
SMMEA Eligibility: The Certificates will NOT constitute
"mortgage-related securities" for purposes
of SMMEA.
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 6
<PAGE>
JP MORGAN
BOND SENSITIVITY TO PREPAYMENTS
<TABLE>
<CAPTION>
CLASS A-1 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 0.81 0.45 0.38 0.33 0.30 0.27
First Principal Payment 07/98 07/98 07/98 07/98 07/98 07/98
Last Principal Payment 06/99 03/99 01/99 12/98 11/98 11/98
Principal Window (years) 1.00 0.75 0.58 0.50 0.42 0.42
CLASS A-2 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 9.99 1.65 1.23 1.00 0.86 0.76
Yield @ par 6.39% 6.21% 6.14% 6.08% 6.02% 5.97%
Modified Duration 7.08 1.52 1.15 0.94 0.82 0.73
First Principal Payment 11/02 03/99 01/99 12/98 11/98 11/98
Last Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Principal Window (years) 9.67 1.92 1.33 1.08 0.92 0.75
CLASS A-3 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 14.70 3.71 2.58 2.00 1.64 1.40
Yield @ par 6.31% 6.24% 6.20% 6.16% 6.13% 6.09%
Modified Duration 9.37 3.22 2.32 1.83 1.52 1.31
First Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Last Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Principal Window (years) 1.00 2.42 1.58 1.08 0.92 0.75
CLASS A-4 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 15.68 5.89 3.99 3.00 2.42 2.02
Yield @ par 6.39% 6.35% 6.33% 6.30% 6.27% 6.24%
Modified Duration 9.68 4.78 3.43 2.66 2.18 1.85
First Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Last Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Principal Window (years) 3.17 2.08 1.42 1.08 0.75 0.58
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 7
<PAGE>
JP MORGAN
BOND SENSITIVITY TO PREPAYMENTS (continued)
<TABLE>
<CAPTION>
CLASS A-5 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.28 8.34 5.39 4.00 3.15 2.60
Yield @ par 6.52% 6.49% 6.47% 6.45% 6.42% 6.40%
Modified Duration 11.01 6.27 4.43 3.43 2.77 2.33
First Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Last Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Principal Window (years) 4.83 2.92 1.58 1.08 0.92 0.75
CLASS A-6 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 24.86 11.52 7.66 5.40 4.19 3.38
Yield @ par 6.57% 6.56% 6.54% 6.52% 6.50% 6.48%
Modified Duration 12.01 7.88 5.86 4.43 3.56 2.95
First Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Last Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Principal Window (years) 4.00 3.83 3.42 2.00 1.42 1.08
CLASS A-7 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 27.22 14.36 10.35 7.70 5.94 4.77
Yield @ par 6.96% 6.95% 6.94% 6.93% 6.91% 6.90%
Modified Duration 11.98 8.87 7.20 5.81 4.73 3.95
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 0.67 1.00 1.00 1.58 1.42 1.25
CLASS A-8 NAS (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 12.11 7.76 6.92 6.27 5.47 4.72
Yield @ par 6.47% 6.46% 6.45% 6.45% 6.44% 6.43%
Modified Duration 8.06 5.85 5.37 4.98 4.47 3.96
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 24.25 11.42 7.42 4.92 3.25 2.08
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 8
<PAGE>
JP MORGAN
BOND SENSITIVITY TO PREPAYMENTS (continued)
<TABLE>
<CAPTION>
CLASS A-7 (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 28.24 16.38 12.69 9.71 7.35 5.62
Yield @ par 6.97% 6.98% 7.01% 7.01% 7.00% 6.97%
Modified Duration 12.13 9.49 8.17 6.79 5.52 4.47
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 02/28 03/24 03/18 10/13 12/11 08/09
Principal Window (years) 3.08 12.33 10.33 9.00 8.67 7.33
CLASS A-8 NAS (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 12.11 7.76 6.97 6.44 6.03 5.71
Yield @ par 6.47% 6.46% 6.46% 6.46% 6.48% 6.52%
Modified Duration 8.06 5.85 5.40 5.07 4.81 4.60
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 12/27 06/22 05/13 05/13 10/11 05/09
Principal Window (years) 26.50 21.00 11.92 11.92 10.33 7.92
</TABLE>
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 9
<PAGE>
JP MORGAN
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
State Alabama 8 345,256 0.05
Alaska 1 94,849 0.01
Arizona 70 4,235,926 0.58
Arkansas 35 1,516,702 0.21
California 354 39,063,448 5.34
Colorado 126 8,870,812 1.21
Connecticut 169 13,648,367 1.87
Delaware 39 2,284,814 0.31
District of Columbia 17 1,556,237 0.21
Florida 984 58,064,241 7.94
Georgia 392 27,040,033 3.70
Hawaii 19 3,059,993 0.42
Idaho 35 1,742,791 0.24
Illinois 431 28,038,320 3.84
Indiana 386 19,061,668 2.61
Iowa 38 1,892,203 0.26
Kansas 30 1,551,496 0.21
Kentucky 124 6,163,052 0.84
Louisiana 88 4,242,984 0.58
Maine 17 965,714 0.13
Maryland 410 27,731,833 3.79
Massachusetts 210 14,370,556 1.97
Michigan 1,015 60,482,676 8.27
Minnesota 104 7,055,357 0.97
Mississippi 86 3,862,443 0.53
Missouri 142 6,139,041 0.84
Montana 6 639,622 0.09
Nebraska 25 1,081,358 0.15
Nevada 36 2,973,095 0.41
New Hampshire 17 963,936 0.13
New Jersey 474 42,702,007 5.84
New Mexico 54 4,222,615 0.58
New York 1,338 108,905,896 14.90
North Carolina 551 32,525,267 4.45
North Dakota 3 205,876 0.03
Ohio 702 38,528,478 5.27
Oklahoma 40 1,701,950 0.23
Oregon 91 7,564,838 1.03
Pennsylvania 639 38,486,353 5.26
Rhode Island 50 3,575,209 0.49
South Carolina 379 20,855,661 2.85
South Dakota 1 35,000 0.00
Tennessee 469 27,567,027 3.77
Texas 235 15,559,107 2.13
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 10
<PAGE>
JP MORGAN
Utah 84 7,446,371 1.02
Vermont 8 518,366 0.07
Virginia 287 17,041,899 2.33
Washington 103 8,273,326 1.13
West Virginia 41 1,732,814 0.24
Wisconsin 96 4,723,646 0.65
Wyoming 4 161,366 0.02
------ ------------ ------
Total 11,063 $731,071,895 100.00%
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Combined LTV 5.01 to 10.00 4 76,171 0.01
10.01 to 15.00 13 296,376 0.04
15.01 to 20.00 19 444,685 0.06
20.01 to 25.00 50 1,542,791 0.21
25.01 to 30.00 62 2,527,813 0.35
30.01 to 35.00 83 3,123,038 0.43
35.01 to 40.00 128 6,179,521 0.85
40.01 to 45.00 142 6,258,760 0.86
45.01 to 50.00 239 11,490,323 1.57
50.01 to 55.00 229 13,529,426 1.85
55.01 to 60.00 404 21,386,347 2.93
60.01 to 65.00 676 40,524,426 5.54
65.01 to 70.00 1,038 61,819,420 8.46
70.01 to 75.00 1,574 104,742,599 14.33
75.01 to 80.00 2,955 226,732,383 31.01
80.01 to 85.00 1,554 117,888,440 16.13
85.01 to 90.00 1,219 89,627,166 12.26
90.01 to 95.00 177 6,732,655 0.92
95.01 to 100.00 497 16,149,555 2.21
------ ------------ ------
Total 11,063 $731,071,895 100.00%
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 11
<PAGE>
JP MORGAN
Aggregate Field Description Count Balance$ Pool%
Current Coupon 6.001 - 7.000 28 3,265,794 0.45
7.001 - 8.000 160 18,555,342 2.54
8.001 - 9.000 699 68,279,674 9.34
9.001 - 10.000 1,819 157,176,240 21.50
10.001 - 11.000 2,712 190,649,808 26.08
11.001 - 12.000 2,377 143,588,388 19.64
12.001 - 13.000 1,782 92,134,941 12.60
13.001 - 14.000 984 39,537,721 5.41
14.001 - 15.000 377 13,821,815 1.89
15.001 - 16.000 93 3,156,695 0.43
16.001 - 17.000 28 839,357 0.11
17.001 - 18.000 3 47,120 0.01
19.001 - 20.000 1 19,000 0.00
------ ----------- ------
Total 11,063 $731,071,895 100.00%
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Current Balance Up to 25,000.00 1,831 33,663,800 4.60
25,000.01 to 50,000.00 3,714 140,537,686 19.22
50,000.01 to 75,000.00 2,466 151,347,649 20.70
75,000.01 to 100,000.00 1,226 106,715,177 14.60
100,000.01 to 125,000.00 706 79,183,854 10.83
125,000.01 to 150,000.00 387 52,772,534 7.22
150,000.01 to 175,000.00 220 35,491,479 4.85
175,000.01 to 200,000.00 96 17,812,498 2.44
200,000.01 to 250,000.00 185 41,856,335 5.73
250,000.01 to 300,000.00 142 38,929,431 5.33
300,000.01 to 350,000.00 47 15,165,634 2.07
350,000.01 to 400,000.00 25 9,369,042 1.28
400,000.01 to 450,000.00 10 4,244,102 0.58
450,000.01 to 500,000.00 4 1,897,686 0.26
500,000.01 to 550,000.00 3 1,528,763 0.21
Over 550,000.00 1 556,223 0.08
------ ------------ ------
Total 11,063 $731,071,895 100.00%
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 12
<PAGE>
JP MORGAN
Aggregate Field Description Count Balance$ Pool%
Property Type Two- to Four-Family 686 51,902,957 7.10
Townhouse 21 1,261,330 0.17
Manufactured Housing 74 3,300,702 0.45
Multi-Family 28 2,993,101 0.41
Condominium 130 7,725,601 1.06
Single Family Attached 114 6,358,906 0.87
Single Family Detached 9,992 656,157,457 89.75
Planned Unit Development 15 1,029,384 0.14
Mixed Use 3 342,458 0.05
------ ------------ ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Months Since Origination 0 to 1 4,582 283,136,759 38.73
2 to 12 6,405 443,079,668 60.61
13 to 24 73 4,729,197 0.65
25 or more 3 126,271 0.02
------ ------------ ------
Total 11,063 $731,071,895 100.00%
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 13
<PAGE>
JP MORGAN
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Remaining Term Up to 120 524 14,946,782 2.04
121 to 180 5,772 350,762,977 47.98
181 to 240 1,193 65,089,579 8.90
241 to 300 145 9,011,432 1.23
301 to 360 3,429 291,261,125 39.84
------ ------------ ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Lien Type First Lien 8,311 624,915,592 85.48
Second Lien 2,752 106,156,303 14.52
------ ------------ ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Occupancy Owner Occupied 10,362 691,693,546 94.61
Investor Owned 681 38,261,604 5.23
Vacation/Second Home 20 1,116,744 0.15
------ ------------ ------
Total 11,063 $731,071,895 100.00%
Additional information is available upon request. Information herein is believed
to be reliable but J.P. Morgan does not warrant its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. Any description of the
collateral contained herein supersedes any previous collateral information and
will be superseded by the final prospectus relating to the securities. These
materials are not intended as an offer or solicitation with respect to the
purchase or sale of any security, and have been provided to you for
informational purposes only and may not be relied upon by you in evaluating the
merits of investing in the securities. Any investment decision with respect to
the securities should be made by you based solely upon the information contained
in the final prospectus relating to the securities. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the collateral or the performance characteristics of
the securities. This information was prepared in reliance on information
regarding the collateral furnished by the seller of the collateral. J.P. Morgan
may hold a position or act as market maker in the financial instruments of any
issuer discussed herein or act as advisor or lender to such issuer. J.P. Morgan
Securities Inc. is a member of SIPC and SFA. Copyright 1997 J.P. Morgan & Co.
Incorporated.
Page 14
Exhibit 99.5
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN TRUST 1998-3
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
|---------------------------------------------------------------------------|
| THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE |
| DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS |
| SUPPLEMENT. |
|---------------------------------------------------------------------------|
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the pool of Home Equity Loans as of the
Statistical Calculation Date of 5/5/98:
<TABLE>
<S> <C> <C> <C> <C> <C>
Total Number of Loans: 11,063
Total Outstanding Loan Balance: $731,071,895
Balloon (% of Total): 31.17%
Level Pay (% of Total): 68.83%
Average Loan Principal Balance: $66,083 ($5,008 to $556,223)
Weighted Average CLTV: 76.67% (5.71% to 100.00%)
% of Pool with CLTVs (greater than) 90% 3.13%
Weighted Average Coupon: 10.86% (6.49% to 19.15%)
Weighted Average Remaining Term to Maturity (months): 254 (50 to 360)
Weighted Average Seasoning (months): 3 (0 to 40)
Weighted Average Original Term (months): 257 (60 to 360)
Range of Original Terms: Level Pay Balloon
----------------------- ------------------------
Up to 60: 0.11% Up to 60: 0.05%
61 - 120: 1.79% 61 - 120: 0.09%
121 - 180: 16.89% 121 - 180: 31.03%
181 - 240: 8.90%
241 - 300: 1.23%
301 - 360: 39.90%
Lien Position: 1st Lien: 85.48%
2nd Lien: 14.52%
Property Type: Single Family Detached: 89.75%
Single Family Attached: 0.87%
2-4 Family: 7.10%
Condominium/Townhouse: 1.23%
Other: 1.05%
Occupancy Status: Owner Occupied: 94.61%
Non-Owner Occupied: 5.39%
Geographic Distribution: NY: 14.90% CA: 5.34%
(states not listed individually account MI: 8.27% OH: 5.27
for less than 5.00% of the Mortgage FL: 7.94% PA: 5.26
Loan principal balance) NJ: 5.84%
Credit Quality: A: 55.70%
(per IMC's guidelines) B: 24.29%
C: 16.84%
D: 3.17%
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
2
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
PRICING INFORMATION
$1,000,000,000 Offering Amount (approximate)
FSA Bond Insured
TRANSACTION SUMMARY(a)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
First
Principal Principal Expected
Approximate WAL Payment Window Stated Ratings
Certificate Size Coupon(d) (Years) (Years) (Years) Maturity (Moody's/S&P)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 $75,000,000 Fixed 0.33 0.08 0.50 6/20/99 P-1/A-1+
Class A-2 $228,304,000 Fixed 1.00 0.50 1.08 11/20/13 Aaa / AAA
Class A-3 $198,193,000 Fixed 2.00 1.50 1.08 5/20/14 Aaa / AAA
Class A-4 $118,582,000 Fixed 3.00 2.50 1.08 12/20/17 Aaa / AAA
Class A-5 $95,073,000 Fixed 4.00 3.50 1.08 8/20/22 Aaa / AAA
Class A-6 $100,867,000 Fixed 5.40 4.50 2.00 4/20/26 Aaa / AAA
Class A-7 $113,981,000 Fixed(b) 7.70 6.42 1.58 7/20/29 Aaa / AAA
Class A-8 $70,000,000 Fixed/NAS(b) 6.27 3.08 4.92 7/20/29 Aaa / AAA
Class A-9IO $70,000,000(c) Fixed(c) N/A N/A N/A N/A Aaa / AAA
- ---------------- --------------- ------------- -------------- ------------ -------------- ----------------- ----------------------
</TABLE>
Notes:
(a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an additional
1.909% per annum in each month thereafter until month 12. On and after
month 12, 25% CPR. To 10% Optional Call.
(b) Coupon will be increased by [0.50%] for each payment after the Initial
Call Date.
(c) Notional IO has a [5.35%] coupon based on the NAS class for 36 months.
(d) Coupons may be limited as described in the Prospectus.
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 on
July 20, 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 June 10, 1998.
Statistical Cut-off Date: May 5, 1998 (close of business)
Cut-off Date: June 1, 1998 (close of business)
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
3
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
PRICING INFORMATION (continued)
Clean-up Call: The first Monthly Remittance 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.
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 year.
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 (the "Class A-1
Accrual Period") at the Class A-1
Certificate Interest Rate. Calculations of
Interest on the Class A-1 Certificates will
be made on the basis of the actual number of
days elapsed in the related A-1 Accrual
Period and a year of 360 days.
Class A-1 Maturity: The final Payment Date for the Class A-1
Certificates will be June 21, 1999, at which
time the remaining Certificate Principal
Balance, if any, of the Class A-1
certificates will be paid in full. If the
principal remittance amount for such Payment
Date is not sufficient to pay in full the
remaining Certificate Principal Balance, if
any then outstanding, of the Class A-1
Certificates on such date, a draw will be
made on the FSA Insurance Policy in the
amount of such shortfall.
Limited Initial Turbo: 85% of the excess cash flow will be used
to accelerate the bonds until the
overcollateralization target is reached.
To the extent necessary, after the
overcollateralization target is initially
reached, 100% of the excess cash flow will
be available to accelerate the bonds to the
overcollateralization target.
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
4
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Trust 1998-3
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc.
Deutsche Morgan Grenfell
J.P. Morgan Securities Inc.
Morgan Stanley Dean Witter
Seller and Servicer: IMC Mortgage Company
Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Trustee: The Chase Manhattan Bank
Offering Amount: Approximately $1,000,000,000
Statistical Calculation Date: The collateral described herein and in the
prospectus supplement represents the pool of
Home Equity Loans as of the Statistical
Calculation Date of May 5, 1998. It is
anticipated that the total unpaid principal
balance of the collateral pool conveyed to
the Trust at closing will be approximately
$750,000,000.
Pre-Funding Account: On the Closing Date, approximately
$250,000,000 will be deposited in an account
(the "Pre-Funding Account") and will be used
to acquire Subsequent Loans. The
"Pre-Funding Period" is the period
commencing on the Closing Date and ending
generally on the earlier to occur of (i) the
date on which the amount on deposit in the
Pre-Funding Account is less than $100,000
and (ii) August 15, 1998.
Form of Offering: Book-Entry form, same-day funds through DTC,
Euroclear, and CEDEL.
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, Certificate Insurer fees,
and trustee fees.
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
5
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
Advancingby 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").
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
6
<PAGE>
-----------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-----------------------------------------
DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the
Certificates will be provided by (a)
the overcollateralization mechanics which
utilize the excess interest created by the
internal cashflows of the pool, and (b) the
Financial Security Assurance, Inc.("FSA")
Insurance Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required
level of overcollateralization may increase
or decrease over time.
FSA Insurance Policy: FSA (the "Certificate
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal
on the Certificates (i.e. after any losses
reduce the overcollateralization to zero,
FSA will cover the excess, if any, of the
Certificate principal balance over the
aggregate collateral balance). The Insured
Payments do not cover Realized Losses except
to the extent that an Overcollateralization
Deficit exists. Insured Payments do not
cover the Servicer's failure to make
Delinquency Advances except to the extent
that an Overcollateralization Deficit would
otherwise result therefrom. The Insurance
Policy is not cancelable for any reason.
Federal Tax Aspects: The Trust, exclusive of the Pre-funding
account and the Capitalized Interest
account, 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.
ERISA Considerations: The Certificates may be purchased by
employee benefit plans that are subject to
ERISA.
SMMEA Eligibility: The Certificates will NOT constitute
"mortgage-related securities" for
purposes of SMMEA.
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
7
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS
CLASS A-1 (to call)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 0.81 0.45 0.38 0.33 0.30 0.27
First Principal Payment 07/98 07/98 07/98 07/98 07/98 07/98
Last Principal Payment 06/99 03/99 01/99 12/98 11/98 11/98
Principal Window (years) 1.00 0.75 0.58 0.50 0.42 0.42
CLASS A-2 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 9.99 1.65 1.23 1.00 0.86 0.76
Yield @ par 6.39% 6.21% 6.14% 6.08% 6.02% 5.97%
Modified Duration 7.08 1.52 1.15 0.94 0.82 0.73
First Principal Payment 11/02 03/99 01/99 12/98 11/98 11/98
Last Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Principal Window (years) 9.67 1.92 1.33 1.08 0.92 0.75
CLASS A-3 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 14.70 3.71 2.58 2.00 1.64 1.40
Yield @ par 6.31% 6.24% 6.20% 6.16% 6.13% 6.09%
Modified Duration 9.37 3.22 2.32 1.83 1.52 1.31
First Principal Payment 06/12 01/01 04/00 12/99 09/99 07/99
Last Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Principal Window (years) 1.00 2.42 1.58 1.08 0.92 0.75
CLASS A-4 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 15.68 5.89 3.99 3.00 2.42 2.02
Yield @ par 6.39% 6.35% 6.33% 6.30% 6.27% 6.24%
Modified Duration 9.68 4.78 3.43 2.66 2.18 1.85
First Principal Payment 05/13 05/03 10/01 12/00 07/00 03/00
Last Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Principal Window (years) 3.17 2.08 1.42 1.08 0.75 0.58
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
8
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (continued)
CLASS A-5 (to call)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 20.28 8.34 5.39 4.00 3.15 2.60
Yield @ par 6.52% 6.49% 6.47% 6.45% 6.42% 6.40%
Modified Duration 11.01 6.27 4.43 3.43 2.77 2.33
First Principal Payment 06/16 05/05 02/03 12/01 03/01 09/00
Last Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Principal Window (years) 4.83 2.92 1.58 1.08 0.92 0.75
CLASS A-6 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 24.86 11.52 7.66 5.40 4.19 3.38
Yield @ par 6.57% 6.56% 6.54% 6.52% 6.50% 6.48%
Modified Duration 12.01 7.88 5.86 4.43 3.56 2.95
First Principal Payment 03/21 03/08 08/04 12/02 01/02 05/01
Last Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Principal Window (years) 4.00 3.83 3.42 2.00 1.42 1.08
CLASS A-7 (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 27.22 14.36 10.35 7.70 5.94 4.77
Yield @ par 6.96% 6.95% 6.94% 6.93% 6.91% 6.90%
Modified Duration 11.98 8.87 7.20 5.81 4.73 3.95
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 0.67 1.00 1.00 1.58 1.42 1.25
CLASS A-8 NAS (to call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 12.11 7.76 6.92 6.27 5.47 4.72
Yield @ par 6.47% 6.46% 6.45% 6.45% 6.44% 6.43%
Modified Duration 8.06 5.85 5.37 4.98 4.47 3.96
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 09/25 11/12 11/08 05/06 09/04 07/03
Principal Window (years) 24.25 11.42 7.42 4.92 3.25 2.08
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
9
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (continued)
CLASS A-7 (to maturity)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 28.24 16.38 12.69 9.71 7.35 5.62
Yield @ par 6.97% 6.98% 7.01% 7.01% 7.00% 6.97%
Modified Duration 12.13 9.49 8.17 6.79 5.52 4.47
First Principal Payment 02/25 12/11 12/07 11/04 05/03 05/02
Last Principal Payment 02/28 03/24 03/18 10/13 12/11 08/09
Principal Window (years) 3.08 12.33 10.33 9.00 8.67 7.33
CLASS A-8 NAS (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
- ------------------------------------------------------------------------------------------------------------
Average Life (years) 12.11 7.76 6.97 6.44 6.03 5.71
Yield @ par 6.47% 6.46% 6.46% 6.46% 6.48% 6.52%
Modified Duration 8.06 5.85 5.40 5.07 4.81 4.60
First Principal Payment 07/01 07/01 07/01 07/01 07/01 07/01
Last Principal Payment 12/27 06/22 05/13 05/13 10/11 05/09
Principal Window (years) 26.50 21.00 11.92 11.92 10.33 7.92
</TABLE>
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
10
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
State Alabama 8 345,256 0.05
Alaska 1 94,849 0.01
Arizona 70 4,235,926 0.58
Arkansas 35 1,516,702 0.21
California 354 39,063,448 5.34
Colorado 126 8,870,812 1.21
Connecticut 169 13,648,367 1.87
Delaware 39 2,284,814 0.31
District of Columbia 17 1,556,237 0.21
Florida 984 58,064,241 7.94
Georgia 392 27,040,033 3.70
Hawaii 19 3,059,993 0.42
Idaho 35 1,742,791 0.24
Illinois 431 28,038,320 3.84
Indiana 386 19,061,668 2.61
Iowa 38 1,892,203 0.26
Kansas 30 1,551,496 0.21
Kentucky 124 6,163,052 0.84
Louisiana 88 4,242,984 0.58
Maine 17 965,714 0.13
Maryland 410 27,731,833 3.79
Massachusetts 210 14,370,556 1.97
Michigan 1,015 60,482,676 8.27
Minnesota 104 7,055,357 0.97
Mississippi 86 3,862,443 0.53
Missouri 142 6,139,041 0.84
Montana 6 639,622 0.09
Nebraska 25 1,081,358 0.15
Nevada 36 2,973,095 0.41
New Hampshire 17 963,936 0.13
New Jersey 474 42,702,007 5.84
New Mexico 54 4,222,615 0.58
New York 1,338 108,905,896 14.90
North Carolina 551 32,525,267 4.45
North Dakota 3 205,876 0.03
Ohio 702 38,528,478 5.27
Oklahoma 40 1,701,950 0.23
Oregon 91 7,564,838 1.03
Pennsylvania 639 38,486,353 5.26
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
11
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
Rhode Island 50 3,575,209 0.49
South Carolina 379 20,855,661 2.85
South Dakota 1 35,000 0.00
Tennessee 469 27,567,027 3.77
Texas 235 15,559,107 2.13
Utah 84 7,446,371 1.02
Vermont 8 518,366 0.07
Virginia 287 17,041,899 2.33
Washington 103 8,273,326 1.13
West Virginia 41 1,732,814 0.24
Wisconsin 96 4,723,646 0.65
Wyoming 4 161,366 0.02
------ ----------- ------
Total 11,063 $731,071,895 100.00%
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
12
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Combined LTV 5.01 to 10.00 4 76,171 0.01
10.01 to 15.00 13 296,376 0.04
15.01 to 20.00 19 444,685 0.06
20.01 to 25.00 50 1,542,791 0.21
25.01 to 30.00 62 2,527,813 0.35
30.01 to 35.00 83 3,123,038 0.43
35.01 to 40.00 128 6,179,521 0.85
40.01 to 45.00 142 6,258,760 0.86
45.01 to 50.00 239 11,490,323 1.57
50.01 to 55.00 229 13,529,426 1.85
55.01 to 60.00 404 21,386,347 2.93
60.01 to 65.00 676 40,524,426 5.54
65.01 to 70.00 1,038 61,819,420 8.46
70.01 to 75.00 1,574 104,742,599 14.33
75.01 to 80.00 2,955 226,732,383 31.01
80.01 to 85.00 1,554 117,888,440 16.13
85.01 to 90.00 1,219 89,627,166 12.26
90.01 to 95.00 177 6,732,655 0.92
95.01 to 100.00 497 16,149,555 2.21
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Current Coupon 6.001 - 7.000 28 3,265,794 0.45
7.001 - 8.000 160 18,555,342 2.54
8.001 - 9.000 699 68,279,674 9.34
9.001 - 10.000 1,819 157,176,240 21.50
10.001 - 11.000 2,712 190,649,808 26.08
11.001 - 12.000 2,377 143,588,388 19.64
12.001 - 13.000 1,782 92,134,941 12.60
13.001 - 14.000 984 39,537,721 5.41
14.001 - 15.000 377 13,821,815 1.89
15.001 - 16.000 93 3,156,695 0.43
16.001 - 17.000 28 839,357 0.11
17.001 - 18.000 3 47,120 0.01
19.001 - 20.000 1 19,000 0.00
------ ----------- ------
Total 11,063 $731,071,895 100.00%
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
13
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Current Balance Up to 25,000.00 1,831 33,663,800 4.60
25,000.01 to 50,000.00 3,714 140,537,686 19.22
50,000.01 to 75,000.00 2,466 151,347,649 20.70
75,000.01 to 100,000.00 1,226 106,715,177 14.60
100,000.01 to 125,000.00 706 79,183,854 10.83
125,000.01 to 150,000.00 387 52,772,534 7.22
150,000.01 to 175,000.00 220 35,491,479 4.85
175,000.01 to 200,000.00 96 17,812,498 2.44
200,000.01 to 250,000.00 185 41,856,335 5.73
250,000.01 to 300,000.00 142 38,929,431 5.33
300,000.01 to 350,000.00 47 15,165,634 2.07
350,000.01 to 400,000.00 25 9,369,042 1.28
400,000.01 to 450,000.00 10 4,244,102 0.58
450,000.01 to 500,000.00 4 1,897,686 0.26
500,000.01 to 550,000.00 3 1,528,763 0.21
Over 550,000.00 1 556,223 0.08
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Property Type Two- to Four-Family 686 51,902,957 7.10
Townhouse 21 1,261,330 0.17
Manufactured Housing 74 3,300,702 0.45
Multi-Family 28 2,993,101 0.41
Condominium 130 7,725,601 1.06
Single Family Attached 114 6,358,906 0.87
Single Family Detached 9,992 656,157,457 89.75
Planned Unit Development 15 1,029,384 0.14
Mixed Use 3 342,458 0.05
------ ----------- ------
Total 11,063 $731,071,895 100.00%
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
14
<PAGE>
-------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-3
-------------------------------------------
DESCRIPTION OF THE STATISTICAL POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CUT-OFF DATE
Aggregate Field Description Count Balance$ Pool%
Months Since Origination 0 to 1 4,582 283,136,759 38.73
2 to 12 6,405 443,079,668 60.61
13 to 24 73 4,729,197 0.65
25 or more 3 126,271 0.02
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Remaining Term Up to 120 524 14,946,782 2.04
121 to 180 5,772 350,762,977 47.98
181 to 240 1,193 65,089,579 8.90
241 to 300 145 9,011,432 1.23
301 to 360 3,429 291,261,125 39.84
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Lien Type First Lien 8,311 624,915,592 85.48
Second Lien 2,752 106,156,303 14.52
------ ----------- ------
Total 11,063 $731,071,895 100.00%
Aggregate Field Description Count Balance$ Pool%
Occupancy Owner Occupied 10,362 691,693,546 94.61
Investor Owned 681 38,261,604 5.23
Vacation/Second Home 20 1,116,744 0.15
------ ----------- ------
Total 11,063 $731,071,895 100.00%
- -------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by IMC Mortgage Company with respect to the expected characteristics of
the pool of closed-end mortgage loans in which these securities will represent
undivided beneficial interests. The actual characteristics and performance of
the closed-end mortgage loans will differ from the assumptions used in preparing
these materials, which are hypothetical in nature. Changes in the assumptions
may have a material impact on the information set forth in these materials. No
representation is made that any performance or return indicated herein will be
achieved. For example, it is very unlikely that closed-end mortgage loans will
prepay at a constant rate or follow a predictable pattern. This information may
not be used or otherwise disseminated in connection with the offer or sale of
these or any other securities, except in connection with the initial offer or
sale of these securities to you to the extent set forth below. NO REPRESENTATION
IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is
available upon request. These materials do not constitute an offer to buy or
sell or a solicitation of an offer to buy or sell any security or instrument or
to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL
ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS
SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT
CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL
CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY
AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE
UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT
NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND
PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials,
including any description of the closed-end mortgage loans contained herein,
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority, and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investment concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
- -------------------------------------------------------------------------------
15
