================================================================================
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)
June 16, 1998
IMC Securities, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-48429-02 59-3284026
- ---------------------------- ------------------------ -------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa, Florida 33617-2362
- ----------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (813) 984-8801
--------------
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(Former name or former address, if changed since last report)
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<PAGE>
Item 5. Other Events.
In connection with the offering of IMC Adjustable Rate Home Equity Loan
Asset Backed Notes, Series 1998-4, described in a Prospectus Supplement to be
dated as of June 19, 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 Bank
Securities Inc.
99.4 Related Computational Materials furnished by Nomura Securities
International, Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMC SECURITIES, INC,
as Depositor
By: /s/ Thomas Middleton
--------------------
Name: Thomas Middleton
Title: President and Chief Operating Officer
Dated: June 17, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C> <C>
99.1 Related Computational Materials furnished by Paine Webber
Incorporated
99.2 Related Computational Materials furnished by Bear, Stearns
& Co. Inc.
99.3 Related Computational Materials furnished by Deutsche
Bank Securities Inc.
99.4 Related Computational Materials furnished by Nomura
Securities International, Inc.
</TABLE>
Exhibit 99.1
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DISCLAIMER
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Owner Trust 1998-4, and not by or as agent for IMC Mortgage Company
(collectively, the "Seller and Servicer"), IMC Securities, Inc. (the
"Depositor") or any of their affiliates. None of the Depositor, the Seller or
the Servicer has prepared, reviewed or participated in the preparation hereof
and is not responsible for the accuracy hereof. The analysis in this report is
accurate to the best of PW's knowledge and is based on information provided by
the Depositor, Seller and Servicer. PW makes no representations as to the
accuracy of such information provided by the Depositor, Seller and Servicer.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed to
be, or constitute, an offer to sell or buy or a solicitation of an offer to sell
or buy any securities, commodities or derivative instruments mentioned herein.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
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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.
- --------------------------------------------------------------------------------
PaineWebber
1
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
POOL SUMMARY (complete collateral tables on pages 7-13)
Number of Loans: 4,337
Current Balance: $395,573,642
Average Balance: $91,209
Minimum Balance: $11,258
Maximum Balance: $660,148
Wtd Average Coupon: 10.17%
Original Term (months): 359
Seasoning (months): 5
Combined Loan-To-Value: 77.83%
Wtd Avg Initial Periodic Rate Cap: 2.56%
Wtd Avg Subsequent Periodic Rate Cap: 1.07%
Wtd Avg Life Cap: 16.64%
Wtd Avg Months to Roll: 18
BOND SENSITIVITY TO PREPAYMENTS
TO CALL
<TABLE>
<CAPTION>
CPR
- -----------------------------------------------------------------------------------------------------------------
CLASS A 0% 15% 22.5% 30% 37.5% 45%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVG LIFE 21.26 5.03 3.30 2.39 1.83 1.45
FIRST PAY 07/98 07/98 07/98 07/98 07/98 07/98
LAST PAY 04/27 12/11 5/07 11/04 05/03 05/02
WINDOW (YEARS) 28.83 13.50 8.92 6.42 4.92 3.92
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
TO MATURITY
<TABLE>
<CAPTION>
CPR
- -----------------------------------------------------------------------------------------------------------------
CLASS A 0% 15% 22.5% 30% 37.5% 45%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVG LIFE 21.30 5.43 3.59 2.60 1.99 1.58
FIRST PAY 07/98 07/98 07/98 07/98 07/98 07/98
LAST PAY 04/28 09/24 02/18 12/12 08/09 04/07
WINDOW (YEARS) 29.83 26.25 19.67 14.50 11.17 8.83
- -----------------------------------------------------------------------------------------------------------------
</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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PaineWebber
2
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
PRICING INFORMATION
<TABLE>
<CAPTION>
Spread Average Ratings
Class Size to LIBOR Life to Call Moody's/S&P
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Notes $600,000,000 [%] 2.39 Aaa/AAA
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Pricing Speed: 30% CPR
Payment Date: The 20th day of each month (or the next
Business Day thereafter) commencing on July
20, 1998.
Interest Accrual Period: Interest will accrue from
the last Payment Date (or from the Closing
Date in the case of the first Payment Date)
to the day before the related Payment Date
based on an Actual/360 day year.
Payment Delay: 0 Days
Settlement (Closing) Date: On or about June 26, 1998.
Statistical Cut-off Date: June 1, 1998 (close of business)
Stated Final Payment Date: August 20, 2029, although it is anticipated
that the Actual Final Payment Date for the
Notes will occur significantly earlier than
the Stated Final Payment Date.
Optional Redemption: The holders of Residual Interests exceeding
in the aggregate a 50% interest may, at
their option effect an early redemption of
the Notes and terminate the Trust on any
Payment Date on or after the Redemption Date
by purchasing all of the Home Equity Loans
at a price equal to or greater than the
Redemption Price. In addition, the Note
Insurer will have rights under limited
circumstances, to purchase the Home Equity
Loans and thereby effect a redemption of the
Notes.
Redemption Date: The Redemption Date is the first Monthly
Remittance Date on which the aggregate Loan
Balance of the Home Equity Loans has
declined to less than 10% of the sum of (x)
the aggregate Loan Balance of the Initial
Home Equity Loans as of the Cut-Off Date and
(y) the original Prefunded Amount.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
3
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Owner Trust 1998-4
Notes: $600 million (single class)
Certificates: Residual Interest (not offered hereby)
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc.
Deutsche Bank Securities Inc.
Nomura Securities International, Inc.
Seller and Servicer: IMC Mortgage Company
Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Owner Trustee: Wilmington Trust Company
Indenture Trustee: The Chase Manhattan Bank
Pre-Funding Account: On the Closing Date, [$150,000,000] 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].
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 June 1, 1998. It is
anticipated that the total unpaid principal
balance of the collateral pool conveyed to
the Trust at closing will be at least
$450,000,000.
Home Equity Loans: - First lien, adjustable rate mortgage
loans.
- 1-4 Family residential properties.
- Substantial percentage of the loans do not
conform to FNMA or FHLMC underwriting
standards or to those standards typically
applied by banks or other lending
institutions, particularly with regard to a
borrower's credit history.
- Approximately 60.31% of the Home Equity
Loans bear prepayment penalties.
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
4
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES (Continued)
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.
Note Rate: On each Payment Date, the "Note Rate" will
be equal to the lesser of (x) the Formula
Note Rate and (y) the Available Funds Cap.
The "Formula Note Rate" for any Payment Date
will equal the lesser of (x) (i) with
respect to any Payment Date which occurs on
or prior to the Redemption Date, One Month
LIBOR plus _% per annum and (ii) with
respect to any Payment Date thereafter, One
Month LIBOR plus _% per annum and (y) 15.00%
per annum.
Available Funds Cap: The "Available Funds Cap" is the weighted
average of the Coupon Rates on the Home
Equity Loans, less (i) prior to January
1999, [.63375%] per annum and (ii) on and
after January 1999, [1.13375%] per annum.
Available Funds Cap
Carry Forward Amount: If, on any Payment Date, the Available Funds
Cap limits the Note Rate (i.e., the rate set
by the Available Funds Cap is less than the
Formula Note Rate), the amount of any such
shortfall will be carried forward and be due
and payable on future Payment Dates and
shall accrue interest at the applicable
Formula Note Rate, until paid (such
shortfall, together with such accrued
interest, the "Available Funds Cap Carry
Forward Amount").
The Insurance Policy for the Notes does not
cover the Available Funds Cap Carry Forward
Amount; the payment of such amount may be
funded only from (i) any excess interest
resulting from the Available Funds Cap being
in excess of the Formula Note Rate on Future
Payment Dates, and (ii) any Net Monthly
Excess Cashflow which would otherwise be
paid to the Servicer or the Indenture
Trustee on account of certain reimbursable
amounts, or to the Owners of the Residual
Interests.
Servicing/Other Fees: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly, Note Insurer fees, and
trustee fees.
Advancing by Servicer: The Servicer is required to advance from its
own funds any delinquent payment of interest
(not principal) unless such interest is
deemed to be non-recoverable (the
"Delinquency Advances").
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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.
- --------------------------------------------------------------------------------
PaineWebber
5
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the Notes
will be provided by (a) the
overcollateralization mechanics which
utilize the excess interest created by the
internal cashflows of the pool, and (b) the
MBIA Insurance Corporation ("MBIA") Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required
level of overcollateralization may increase
or decrease over time.
MBIA Insurance Policy: MBIA (the "Note
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal
on the Notes (i.e. after any losses reduce
the overcollateralization to zero, MBIA will
cover the excess, if any, of the Note
principal balance over the aggregate
collateral balance). The Insurance Policy
does not guarantee the payment of Available
Funds Cap Carry- Forward Amounts. The
Insured Payments do not cover Realized
Losses except to the extent that an
Overcollateralization Deficit exists.
Insured Payments do not cover the Servicer's
failure to make Delinquency Advances except
to the extent that an Overcollateralization
Deficit would otherwise result therefrom.
The Insurance Policy is not cancelable for
any reason.
Federal Tax Aspects: The trust will be an Owner Trust. No
election will be made to treat the Trust
Estate or any portion thereof as a REMIC for
federal income tax purposes. The Notes will
be treated as non-recourse debt obligations
of the trust.
ERISA Considerations: Subject to the discussion in the Prospectus
Supplement and Prospectus, the Notes may be
purchased by employee benefit plans that are
subject to ERISA.
SMMEA Eligibility: The Notes 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.
- --------------------------------------------------------------------------------
PaineWebber
6
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
Aggregate Field Description Count Balance Pool%
State Alaska 7 718,038 0.18
Arizona 65 6,755,491 1.71
Arkansas 9 461,401 0.12
California 298 43,009,112 10.87
Colorado 117 12,496,140 3.16
Connecticut 123 12,889,605 3.26
Delaware 12 889,950 0.23
District of Columbia 5 447,980 0.11
Florida 225 20,419,171 5.16
Georgia 83 8,805,596 2.23
Hawaii 23 3,992,653 1.01
Idaho 63 5,722,175 1.45
Illinois 248 21,459,460 5.42
Indiana 214 12,554,181 3.17
Iowa 22 1,274,963 0.32
Kansas 16 906,975 0.23
Kentucky 32 2,077,412 0.53
Louisiana 14 928,897 0.23
Maine 6 683,974 0.17
Maryland 115 11,228,894 2.84
Massachusetts 103 11,375,931 2.88
Michigan 339 24,585,125 6.22
Minnesota 78 5,979,944 1.51
Mississippi 6 374,120 0.09
Missouri 84 5,457,587 1.38
Montana 17 1,578,821 0.40
Nebraska 8 332,699 0.08
Nevada 20 2,845,028 0.72
New Hampshire 11 1,077,800 0.27
New Jersey 137 16,785,446 4.24
New Mexico 88 8,273,773 2.09
New York 269 28,191,084 7.13
North Carolina 192 15,191,749 3.84
North Dakota 1 37,652 0.01
Ohio 445 29,753,333 7.52
Oklahoma 19 898,492 0.23
Oregon 74 8,653,698 2.19
Pennsylvania 136 11,570,267 2.92
Rhode Island 33 2,927,819 0.74
South Carolina 34 2,697,351 0.68
South Dakota 2 178,881 0.05
Tennessee 25 1,910,874 0.48
Texas 182 15,279,833 3.86
Utah 77 8,580,598 2.17
Vermont 3 244,873 0.06
Virginia 39 4,190,941 1.06
Washington 83 8,868,540 2.24
West Virginia 14 1,016,939 0.26
Wisconsin 116 8,662,712 2.19
Wyoming 5 329,668 0.08
------ ----------- ------
4,337 $395,573,642 100.00%
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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.
- --------------------------------------------------------------------------------
PaineWebber
7
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Combined LTV 10.001 to 15.000 1 14,994 0.00
20.001 to 25.000 9 269,210 0.07
25.001 to 30.000 10 385,683 0.10
30.001 to 35.000 14 773,392 0.20
35.001 to 40.000 28 1,417,934 0.36
40.001 to 45.000 38 2,183,280 0.55
45.001 to 50.000 57 3,643,150 0.92
50.001 to 55.000 71 4,554,324 1.15
55.001 to 60.000 128 8,635,766 2.18
60.001 to 65.000 296 21,633,707 5.47
65.001 to 70.000 478 36,580,836 9.25
70.001 to 75.000 733 64,298,416 16.25
75.001 to 80.000 1,324 127,674,526 32.28
80.001 to 85.000 621 63,970,501 16.17
85.001 to 90.000 479 54,016,796 13.66
90.001 to 95.000 23 2,770,508 0.70
95.001 to 100.000 27 2,750,621 0.70
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Current Coupon 5.001 - 6.000 4 310,572 0.08
6.001 - 7.000 4 595,515 0.15
7.001 - 8.000 78 10,274,306 2.60
8.001 - 9.000 520 60,534,207 15.30
9.001 - 10.000 1,241 129,545,710 32.75
10.001 - 11.000 1,331 116,111,651 29.35
11.001 - 12.000 701 51,735,755 13.08
12.001 - 13.000 303 18,778,452 4.75
13.001 - 14.000 112 5,865,522 1.48
14.001 - 15.000 35 1,385,802 0.35
15.001 - 16.000 6 356,241 0.09
16.001 - 17.000 2 79,909 0.02
------ ----------- ------
4,337 $395,573,642 100.00%
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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.
- --------------------------------------------------------------------------------
PaineWebber
8
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Current Balance Up to 25,000.00 123 2,569,955 0.65
25,000.01 to 50,000.00 887 34,645,804 8.76
50,000.01 to 75,000.00 1,169 72,609,876 18.36
75,000.01 to 100,000.00 762 66,363,769 16.78
100,000.01 to 125,000.00 547 61,329,003 15.50
125,000.01 to 150,000.00 313 43,082,399 10.89
150,000.01 to 175,000.00 180 29,103,839 7.36
175,000.01 to 200,000.00 115 21,406,342 5.41
200,000.01 to 250,000.00 121 26,753,466 6.76
250,000.01 to 300,000.00 58 15,796,568 3.99
300,000.01 to 350,000.00 43 13,811,502 3.49
350,000.01 to 400,000.00 13 5,003,551 1.26
400,000.01 to 450,000.00 1 419,515 0.11
450,000.01 to 500,000.00 3 1,475,939 0.37
500,000.01 to 550,000.00 1 541,967 0.14
Over 550,000.00 1 660,148 0.17
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Property Type Two- to Four-Family 265 24,460,008 6.18
Townhouse 17 1,701,402 0.43
Manufactured Housing 36 2,530,667 0.64
Multi-Family 10 832,793 0.21
Condominium 108 8,897,673 2.25
Single Family Attached 73 5,725,811 1.45
Single Family Detached 3,800 348,515,459 88.10
Planned Unit Development 27 2,846,150 0.72
Mixed Use 1 63,680 0.02
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Months Since Origination 0 to 1 321 29,066,142 7.35
2 to 12 3,946 359,547,904 90.89
13 to 24 67 6,767,451 1.71
25 or more 3 192,144 0.05
------ ----------- ------
4,337 $395,573,642 100.00%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
9
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Remaining Term Up to 120 2 52,413 0.01
121 to 180 17 1,310,769 0.33
181 to 240 5 524,077 0.13
301 to 360 4,313 393,686,383 99.52
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Occupancy Owner Occupied 3,993 373,154,741 94.33
Investor Owned 329 21,022,301 5.31
Vacation/Second Home 15 1,396,601 0.35
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Lien Type First Lien 4,328 394,972,690 99.85
Second Lien 9 600,953 0.15
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Life Cap 6.001 - 7.000 1 60,772 0.02
7.001 - 8.000 1 57,762 0.01
10.001 - 11.000 3 384,558 0.10
11.001 - 12.000 6 487,460 0.12
12.001 - 13.000 11 1,790,872 0.45
13.001 - 14.000 48 6,284,044 1.59
14.001 - 15.000 266 31,693,186 8.01
15.001 - 16.000 891 94,346,079 23.85
16.001 - 17.000 1,345 129,915,432 32.84
17.001 - 18.000 1,017 82,628,623 20.89
18.001 - 19.000 466 32,752,372 8.28
19.001 - 20.000 180 10,345,889 2.62
20.001 - 21.000 76 3,575,169 0.90
21.001 - 22.000 15 689,776 0.17
22.001 - 23.000 2 44,796 0.01
26.001 - 27.000 1 75,522 0.02
30.001 - 35.000 7 414,087 0.10
35.001 - 40.000 1 27,243 0.01
------ ----------- ------
4,337 $395,573,642 100.00%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
10
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Life Floor 2.001 - 3.000 1 134,854 0.03
3.001 - 4.000 6 688,402 0.17
4.001 - 5.000 17 1,617,276 0.41
5.001 - 6.000 82 7,936,534 2.01
6.001 - 7.000 158 14,863,334 3.76
7.001 - 8.000 205 21,733,978 5.49
8.001 - 9.000 505 56,734,867 14.34
9.001 - 10.000 1,110 115,093,569 29.10
10.001 - 11.000 1,207 105,947,415 26.78
11.001 - 12.000 638 47,223,037 11.94
12.001 - 13.000 272 16,696,971 4.22
13.001 - 14.000 101 5,362,453 1.36
14.001 - 15.000 28 1,161,265 0.29
15.001 - 16.000 7 379,687 0.10
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Margin (6 Month LIBOR) 2.001 - 3.000 2 202,955 0.05
3.001 - 4.000 10 1,290,506 0.33
4.001 - 5.000 103 9,938,739 2.51
5.001 - 6.000 842 88,046,832 22.26
6.001 - 7.000 1,529 145,431,808 36.76
7.001 - 8.000 994 81,419,234 20.58
8.001 - 9.000 424 32,383,761 8.19
9.001 - 10.000 198 15,321,645 3.87
10.001 - 11.000 116 10,046,652 2.54
11.001 - 12.000 50 4,422,668 1.12
12.001 - 13.000 13 1,147,440 0.29
------ ----------- ------
4,281 $389,652,241 98.50%
Aggregate Field Description Count Balance Pool%
Margin (CMT Loans) 4.001 - 5.000 1 30,909 0.01
5.001 - 6.000 21 2,511,114 0.63
6.001 - 7.000 20 2,086,117 0.53
7.001 - 8.000 14 1,293,261 0.33
------ ----------- ------
56 $5,921,402 1.50%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
11
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Rate Reset (6 month LIBOR) 1998/06 37 2,170,255 0.55
1998/07 87 7,717,879 1.95
1998/08 90 8,281,000 2.09
1998/09 119 10,966,741 2.77
1998/10 111 9,728,023 2.46
1998/11 105 9,525,039 2.41
1998/12 36 3,778,216 0.96
1999/01 7 1,244,771 0.31
1999/02 7 477,930 0.12
1999/03 4 413,113 0.10
1999/04 5 716,911 0.18
1999/05 22 2,070,459 0.52
1999/06 75 8,776,070 2.22
1999/07 100 9,017,084 2.28
1999/08 98 9,111,818 2.30
1999/09 184 18,554,012 4.69
1999/10 174 14,945,889 3.78
1999/11 332 32,881,784 8.31
1999/12 307 26,736,277 6.76
2000/01 345 32,601,281 8.24
2000/02 562 48,905,411 12.36
2000/03 591 49,324,580 12.47
2000/04 404 37,440,101 9.46
2000/05 123 10,440,456 2.64
2000/06 8 569,642 0.14
2000/07 1 122,334 0.03
2000/08 3 293,532 0.07
2000/09 2 98,981 0.03
2000/10 8 415,353 0.11
2000/11 8 423,852 0.11
2000/12 7 486,270 0.12
2001/01 50 5,482,561 1.39
2001/02 46 5,517,345 1.39
2001/03 71 6,527,177 1.65
2001/04 92 7,755,163 1.96
2001/05 20 2,167,158 0.55
2002/08 1 127,253 0.03
2002/12 1 159,276 0.04
2003/01 5 522,077 0.13
2003/02 7 572,198 0.14
2003/03 6 633,729 0.16
2003/04 16 1,641,383 0.41
2003/05 4 311,858 0.08
------ ----------- ------
4,281 $389,652,241 98.50%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
12
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Rate Reset (CMT Loans) 1998/07 11 1,448,482 0.37
1998/08 2 175,556 0.04
1998/12 1 32,828 0.01
1999/01 1 23,328 0.01
1999/04 6 763,140 0.19
1999/05 8 622,699 0.16
1999/06 14 1,694,360 0.43
1999/09 1 38,410 0.01
2000/04 2 216,598 0.05
2000/05 1 65,662 0.02
2000/06 6 537,383 0.14
2000/07 2 240,038 0.06
2001/02 1 62,918 0.02
------ ----------- ------
56 $5,921,402 1.50%
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
13
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DISCLAIMER
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Owner Trust 1998-4, and not by or as agent for IMC Mortgage Company
(collectively, the "Seller and Servicer"), IMC Securities, Inc. (the
"Depositor") or any of their affiliates. None of the Depositor, the Seller or
the Servicer has prepared, reviewed or participated in the preparation hereof
and is not responsible for the accuracy hereof. The analysis in this report is
accurate to the best of PW's knowledge and is based on information provided by
the Depositor, Seller and Servicer. PW makes no representations as to the
accuracy of such information provided by the Depositor, Seller and Servicer.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed to
be, or constitute, an offer to sell or buy or a solicitation of an offer to sell
or buy any securities, commodities or derivative instruments mentioned herein.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
1
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
FINANCIAL CHARACTERISTICS
<TABLE>
<CAPTION>
COLLATERAL SPLIT
Index 2yfix/6mlib 6mlib 1 yr. CMT 3yfix/6mlib Other Ave
<S> <C> <C> <C> <C> <C> <C>
% of Prin Bal 76.74% 7.48% 1.50% 13.01% 1.27% 100.00%
WA Gross Cap 16.73% 16.82% 15.34% 16.23% 16.27% 16.64%
WA Gross Margin 6.93% 8.12% 6.35% 6.69% 6.59% 6.97%
WA Initial Gross Cpn 10.22% 10.07% 9.33% 9.76% 9.62% 10.13%
Prepay penalty (% of pool) 63.37% 62.98% 7.24% 46.25% 66.09% 60.31%
WA Mth to Roll 18.97 32.90 10.93 3.47 46.39 18.23
WAM 355 357 348 353 357 355
WA Interim Cap 1.06% 1.01% 1.99% 1.04% 1.20% 1.07%
Convertible (% of pool) 0% 0% 0% 0% 0% 0%
WA Floor 9.93% 9.94% 8.81% 9.29% 9.52% 9.82%
WA Initial interim 2.79% 2.92% 2.20% 1.12% 1.92% 2.56%
STRUCTURE
LTV ratio
------------------------------------
weighted avg. 77.83%
------------------------------------
Callable at 10% 65 and below 11.00%
2x margin @ call date
Yes
Yes
Step up 65.01-70 9.25%
Interest 70.01-75 16.25%
catch up
Interest on interest catch up 75.01-80 32.28%
80.01-85 16.17%
Floor Pricing Speed >85 15.05%
------------------------------------
LOAN DETAILS
Loan Size, $000s % of Prin. Bal No. of loans
150 and below 70.94% 3,801 Largest Loan $660,148
150+-300 23.53% 474 Largest zip concentration 0.27%
300+-500 5.24% 60 Average Loan Size $91,209
500+ 0.30% 2 Weighted Debt/Income 38.80%
Loans over $500,000
Amount LTV Credit Grade Coupon Margin
$660,148 75.00% A 8.50% 6.75%
$541,967 80.00% A 9.45% 6.30%
DISPERSION
Min Max
Loan Dispersion $11,258 $660,148
Max. Cap dispersion 7.00% 36.30%
Cur. Cpn dispersion 5.625% 16.25%
Mgn dispersion 3.000% 12.80%
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
2
<PAGE>
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FEES SEASONING
% of Prin. Bal WAM % of Prin. Bal
Carve out 0.50 (beginning Jan. 1999) W. Ave. 355
Servicing 0.50 <300 0.48%
Surety 0.13 300-340 0.10%
Trustee 0.00375 341-350 10.20%
Total 1.13375 351+ 89.22%
ORIGINATION LOAN PURPOSE
Low Documentation 24.04% Purchase 32.15%
Stated Income 0% Refi 11.56%
Full Documentation 75.96% Cash out 56.29%
100% 1st Liens Yes
PROPERTY TYPE LOCATION
% of Total State % of Total Pool
Owner occupied 94.33% CA 10.87%
Inv 5.31% OH 7.52%
2nd Home 0.35% NY 7.13%
Single Family 90.27% MI 6.22%
2-4 6.18% IL 5.42%
Condo 2.25%
Other 1.30%
CREDIT ENHANCEMENT
CREDIT
% of Total LTV No. of loans Margin
A 48.72% 80.49% 1,835 6.60%
B 25.46% 78.96% 1,120 7.04%
C 22.28% 73.07% 1,155 7.48%
D 3.55% 63.15% 227 8.42%
% Over Initial Target Step down Floor
Collaterization
0 4.00% Month 30 .50%
MONOLINE WRAP
Who is bond insurer? MBIA
Does wrap cover all credit events (bankruptcy, fraud etc)? Yes
Ultimate principal and timely interest? Yes
TRANCHE DETAILS
RATING
<TABLE>
<CAPTION>
.......................Agency and Rating........................
- ---------------------------------------------------------------------------------------------------------------------------
Tranche Amount Index/Cpn Margin Mdys S&P W/O wrap
<S> <C> <C> <C> <C> <C> <C>
A $600,000,000 1mL [ ]bp's Aaa AAA
-
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
3
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
SETTLEMENT DETAILS
<TABLE>
<CAPTION>
Tranche Bt. Price Pricing Speed WAL Maturity
<S> <C> <C> <C> <C> <C>
A $600,000,000 100 30 CPR 2.39 yrs (to call) 08/20/29
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
What is the settlement date? 6/26/98
What date does the first coupon fix on? 6/24/98
What is the accrual period for the first coupon? 6/26/98 - 7/20/98
What libor reference rate is used? 1mo. LIBOR telerate pg 3750 11am London
Time
On what day of the month is the coupon payment made? 20th
If this is a bad day, does the accrual period extend to the next good day? Yes
Does the libor rate fix 2 business days prior to payment? Yes
Does the bond pay with no delay? Yes
</TABLE>
YIELD TABLES
<TABLE>
<CAPTION>
.................................Speed used............................................
<S> <C> <C> <C> <C> <C>
To call 20 25 30 40 50
Act/360 5.87% 5.87% 5.87% 5.87% 5.87%
WAL 3.74 2.94 2.39 1.68 1.25
Window 10.08 7.92 6.42 4.50 3.33
Act/360 5.88% 5.88% 5.88% 5.88% 5.88%
WAL 4.07 3.20 2.60 1.84 1.36
Window 21.83 17.67 14.50 10.33 7.67
COUPON REFIXES
Gross WAC level assuming constant libor
Please detail schedule (mth 1 to 18)
ARM Wac ARM Wac
Mth1 9.254% Mth 10 10.545%
Mth2 10.170% Mth 11 10.545%
Mth3 10.231% Mth 12 10.611%
Mth4 10.231% Mth 13 10.611%
Mth5 10.231% Mth 14 10.638%
Mth6 10.331% Mth 15 10.796%
Mth7 10.331% Mth 16 10.797%
Mth8 10.488% Mth 17 10.797%
Mth9 10.545% Mth 18 10.953%
Please ensure this models refixes during this period on 6m libor arms, as
opposed to providing first refix dates for all the collateral in the pool
</TABLE>
<TABLE>
<CAPTION>
STRUCTURAL FEATURES
<S> <C>
Is call % based on floating tranche only, entire deal or collateral Collateral
balance? % prefunded and final date for prefunding amount to prepay 25% - 8/15/98
Is all cashflow from the OC available to the senior certificate holders? Yes - up to target
Is compensating interest paid on prepayments and curtailments? Yes - (curtailments of 6x monthly payment or more)
Does comp. int. affect available funds or certificate coupon? No
Can the residual be sold? Yes
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
4
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
CONTACTS
Company Name Telephone
Rating Agency S&P Errol Arne 212-208-8986
Rating Agency Moody's Rod Dubitsky 212-553-4610
Rating Agency
Trustee Chase Manhattan Ann Marie Jose 212-946-7148
Master Servicer IMC Laurie Williams 813-984-8801
Servicer
Sub Servicers n/a
Lead Manager PW Chris Connelly 212-713-7973
COLLATERAL FEATURES
Please confirm:
Will Cashflows be modeled on Bloomberg? Yes
Will Delinquency Information be on Bloomberg? Yes
Will arm prepays be reported separately on Bbg? Yes
Any gross coupon step down for collateral good No
performance?
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
- --------------------------------------------------------------------------------
PaineWebber
5
Exhibit 99.2
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
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-4: 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 OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THECOLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
POOL SUMMARY (complete collateral tables on pages 7-13)
Number of Loans: 4,337
Current Balance: $395,573,642
Average Balance: $91,209
Minimum Balance: $11,258
Maximum Balance: $660,148
Wtd Average Coupon: 10.17%
Original Term (months): 359
Seasoning (months): 5
Combined Loan-To-Value: 77.83%
Wtd Avg Initial Periodic Rate Cap: 2.56%
Wtd Avg Subsequent Periodic Rate Cap: 1.07%
Wtd Avg Life Cap: 16.64%
Wtd Avg Months to Roll: 18
BOND SENSITIVITY TO PREPAYMENTS
<TABLE>
<CAPTION>
TO CALL
CPR
- -------------------------------------------------------------------------------------------------------------
CLASS A 0% 15% 22.5% 30% 37.5% 45%
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVG LIFE 21.26 5.03 3.30 2.39 1.83 1.45
FIRST PAY 07/98 07/98 07/98 07/98 07/98 07/98
LAST PAY 04/27 12/11 5/07 11/04 05/03 05/02
WINDOW (YEARS) 28.83 13.50 8.92 6.42 4.92 3.92
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
TO MATURITY
CPR
- -------------------------------------------------------------------------------------------------------------
CLASS A 0% 15% 22.5% 30% 37.5% 45%
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVG LIFE 21.30 5.43 3.59 2.60 1.99 1.58
FIRST PAY 07/98 07/98 07/98 07/98 07/98 07/98
LAST PAY 04/28 09/24 02/18 12/12 08/09 04/07
WINDOW (YEARS) 29.83 26.25 19.67 14.50 11.17 8.83
- -------------------------------------------------------------------------------------------------------------
</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.
1
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
PRICING INFORMATION
<TABLE>
<CAPTION>
Spread Average Ratings
Class Size to LIBOR Life to Call Moody's/S&P
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Notes $600,000,000 [%] 2.39 Aaa/AAA
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
Pricing Speed: 30% CPR
Payment Date: The 20th day of each month (or the next
Business Day thereafter) commencing on July
20, 1998.
Interest Accrual Period: Interest will accrue from the last Payment
Date (or from the Closing Date in the case of
the first Payment Date) to the day before the
related Payment Date based on an Actual/360
day year.
Payment Delay: 0 Days
Settlement (Closing) Date: On or about June 26, 1998.
Statistical Cut-off Date: June 1, 1998 (close of business)
Stated Final Payment Date: August 20, 2029, although it is anticipated
that the Actual Final Payment Date for the
Notes will occur significantly earlier than
the Stated Final Payment Date.
Optional Redemption: The holders of Residual Interests exceeding in
the aggregate a 50% interest may, at their
option effect an early redemption of the Notes
and terminate the Trust on any Payment Date on
or after the Redemption Date by purchasing all
of the Home Equity Loans at a price equal to
or greater than the Redemption Price. In
addition, the Note Insurer will have rights
under limited circumstances, to purchase the
Home Equity Loans and thereby effect a
redemption of the Notes.
Redemption Date: The Redemption Date is the first Monthly
Remittance Date on which the aggregate Loan
Balance of the Home Equity Loans has declined
to less than 10% of the sum of (x) the
aggregate Loan Balance of the Initial Home
Equity Loans as of the Cut-Off Date and (y)
the original Prefunded Amount.
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 OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Owner Trust 1998-4
Notes: $600 million (single class)
Certificates: Residual Interest (not offered hereby)
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc.
Deutsche Bank Securities Inc.
Nomura Securities International, Inc.
Seller and Servicer: IMC Mortgage Company
Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Owner Trustee: Wilmington Trust Company
Indenture Trustee: The Chase Manhattan Bank
Pre-Funding Account: On the Closing Date, [$150,000,000] 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].
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 June 1, 1998. It is
anticipated that the total unpaid principal
balance of the collateral pool conveyed to the
Trust at closing will be at least
$450,000,000.
Home Equity Loans: - First lien, adjustable rate mortgage loans.
- 1-4 Family residential properties.
- Substantial percentage of the loans do not
conform to FNMA or FHLMC underwriting
standards or to those standards typically
applied by banks or other lending
institutions, particularly with regard to a
borrower's credit history.
- Approximately 60.31% of the Home Equity
Loans bear prepayment penalties.
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 OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES (Continued)
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.
Note Rate: On each Payment Date, the "Note Rate" will be
equal to the lesser of (x) the Formula Note
Rate and (y) the Available Funds Cap.
The "Formula Note Rate" for any Payment Date
will equal the lesser of (x) (i) with respect
to any Payment Date which occurs on or prior
to the Redemption Date, One Month LIBOR plus
_% per annum and (ii) with respect to any
Payment Date thereafter, One Month LIBOR plus
_% per annum and (y) 15.00% per annum.
Available Funds Cap: The "Available Funds Cap" is the weighted
average of the Coupon Rates on the Home Equity
Loans, less (i) prior to January 1999,
[.63375%] per annum and (ii) on and after
January 1999, [1.13375%] per annum.
Available Funds Cap
Carry Forward Amount: If, on any Payment Date, the Available Funds
Cap limits the Note Rate (i.e., the rate set
by the Available Funds Cap is less than the
Formula Note Rate), the amount of any such
shortfall will be carried forward and be due
and payable on future Payment Dates and shall
accrue interest at the applicable Formula Note
Rate, until paid (such shortfall, together
with such accrued interest, the "Available
Funds Cap Carry Forward Amount").
The Insurance Policy for the Notes does not
cover the Available Funds Cap Carry Forward
Amount; the payment of such amount may be
funded only from (i) any excess interest
resulting from the Available Funds Cap being
in excess of the Formula Note Rate on Future
Payment Dates, and (ii) any Net Monthly Excess
Cashflow which would otherwise be paid to the
Servicer or the Indenture Trustee on account
of certain reimbursable amounts, or to the
Owners of the Residual Interests.
Servicing/Other Fees: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly, Note Insurer fees, and
trustee fees.
Advancing by Servicer: The Servicer is required to advance from its
own funds any delinquent payment of interest
(not principal) unless such interest is deemed
to be non-recoverable (the "Delinquency
Advances").
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 OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the Notes
will be provided by (a) the
overcollateralization mechanics which utilize
the excess interest created by the internal
cashflows of the pool, and (b) the MBIA
Insurance Corporation ("MBIA") Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required level
of overcollateralization may increase or
decrease over time.
MBIA Insurance Policy: MBIA (the "Note
Insurer") will unconditionally and irrevocably
guarantee the timely payment of interest and
ultimate payment of principal on the Notes
(i.e. after any losses reduce the
overcollateralization to zero, MBIA will cover
the excess, if any, of the Note principal
balance over the aggregate collateral
balance). The Insurance Policy does not
guarantee the payment of Available Funds Cap
Carry- Forward Amounts. The Insured Payments
do not cover Realized Losses except to the
extent that an Overcollateralization Deficit
exists. Insured Payments do not cover the
Servicer's failure to make Delinquency
Advances except to the extent that an
Overcollateralization Deficit would otherwise
result therefrom. The Insurance Policy is not
cancelable for any reason.
Federal Tax Aspects: The trust will be an Owner Trust. No election
will be made to treat the Trust Estate or any
portion thereof as a REMIC for federal income
tax purposes. The Notes will be treated as
non-recourse debt obligations of the trust.
ERISA Considerations: Subject to the discussion in the Prospectus
Supplement and Prospectus, the Notes may be
purchased by employee benefit plans that are
subject to ERISA.
SMMEA Eligibility: The Notes 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.
5
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
Aggregate Field Description Count Balance Pool%
State Alaska 7 718,038 0.18
Arizona 65 6,755,491 1.71
Arkansas 9 461,401 0.12
California 298 43,009,112 10.87
Colorado 117 12,496,140 3.16
Connecticut 123 12,889,605 3.26
Delaware 12 889,950 0.23
District of Columbia 5 447,980 0.11
Florida 225 20,419,171 5.16
Georgia 83 8,805,596 2.23
Hawaii 23 3,992,653 1.01
Idaho 63 5,722,175 1.45
Illinois 248 21,459,460 5.42
Indiana 214 12,554,181 3.17
Iowa 22 1,274,963 0.32
Kansas 16 906,975 0.23
Kentucky 32 2,077,412 0.53
Louisiana 14 928,897 0.23
Maine 6 683,974 0.17
Maryland 115 11,228,894 2.84
Massachusetts 103 11,375,931 2.88
Michigan 339 24,585,125 6.22
Minnesota 78 5,979,944 1.51
Mississippi 6 374,120 0.09
Missouri 84 5,457,587 1.38
Montana 17 1,578,821 0.40
Nebraska 8 332,699 0.08
Nevada 20 2,845,028 0.72
New Hampshire 11 1,077,800 0.27
New Jersey 137 16,785,446 4.24
New Mexico 88 8,273,773 2.09
New York 269 28,191,084 7.13
North Carolina 192 15,191,749 3.84
North Dakota 1 37,652 0.01
Ohio 445 29,753,333 7.52
Oklahoma 19 898,492 0.23
Oregon 74 8,653,698 2.19
Pennsylvania 136 11,570,267 2.92
Rhode Island 33 2,927,819 0.74
South Carolina 34 2,697,351 0.68
South Dakota 2 178,881 0.05
Tennessee 25 1,910,874 0.48
Texas 182 15,279,833 3.86
Utah 77 8,580,598 2.17
Vermont 3 244,873 0.06
Virginia 39 4,190,941 1.06
Washington 83 8,868,540 2.24
West Virginia 14 1,016,939 0.26
Wisconsin 116 8,662,712 2.19
Wyoming 5 329,668 0.08
------ ----------- ------
4,337 $395,573,642 100.00%
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.
6
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Combined LTV 10.001 to 15.000 1 14,994 0.00
20.001 to 25.000 9 269,210 0.07
25.001 to 30.000 10 385,683 0.10
30.001 to 35.000 14 773,392 0.20
35.001 to 40.000 28 1,417,934 0.36
40.001 to 45.000 38 2,183,280 0.55
45.001 to 50.000 57 3,643,150 0.92
50.001 to 55.000 71 4,554,324 1.15
55.001 to 60.000 128 8,635,766 2.18
60.001 to 65.000 296 21,633,707 5.47
65.001 to 70.000 478 36,580,836 9.25
70.001 to 75.000 733 64,298,416 16.25
75.001 to 80.000 1,324 127,674,526 32.28
80.001 to 85.000 621 63,970,501 16.17
85.001 to 90.000 479 54,016,796 13.66
90.001 to 95.000 23 2,770,508 0.70
95.001 to 100.000 27 2,750,621 0.70
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Current Coupon 5.001 - 6.000 4 310,572 0.08
6.001 - 7.000 4 595,515 0.15
7.001 - 8.000 78 10,274,306 2.60
8.001 - 9.000 520 60,534,207 15.30
9.001 - 10.000 1,241 129,545,710 32.75
10.001 - 11.000 1,331 116,111,651 29.35
11.001 - 12.000 701 51,735,755 13.08
12.001 - 13.000 303 18,778,452 4.75
13.001 - 14.000 112 5,865,522 1.48
14.001 - 15.000 35 1,385,802 0.35
15.001 - 16.000 6 356,241 0.09
16.001 - 17.000 2 79,909 0.02
------ ----------- ------
4,337 $395,573,642 100.00%
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.
7
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Current Balance Up to 25,000.00 123 2,569,955 0.65
25,000.01 to 50,000.00 887 34,645,804 8.76
50,000.01 to 75,000.00 1,169 72,609,876 18.36
75,000.01 to 100,000.00 762 66,363,769 16.78
100,000.01 to 125,000.00 547 61,329,003 15.50
125,000.01 to 150,000.00 313 43,082,399 10.89
150,000.01 to 175,000.00 180 29,103,839 7.36
175,000.01 to 200,000.00 115 21,406,342 5.41
200,000.01 to 250,000.00 121 26,753,466 6.76
250,000.01 to 300,000.00 58 15,796,568 3.99
300,000.01 to 350,000.00 43 13,811,502 3.49
350,000.01 to 400,000.00 13 5,003,551 1.26
400,000.01 to 450,000.00 1 419,515 0.11
450,000.01 to 500,000.00 3 1,475,939 0.37
500,000.01 to 550,000.00 1 541,967 0.14
Over 550,000.00 1 660,148 0.17
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Property Type Two- to Four-Family 265 24,460,008 6.18
Townhouse 17 1,701,402 0.43
Manufactured Housing 36 2,530,667 0.64
Multi-Family 10 832,793 0.21
Condominium 108 8,897,673 2.25
Single Family Attached 73 5,725,811 1.45
Single Family Detached 3,800 348,515,459 88.10
Planned Unit Development 27 2,846,150 0.72
Mixed Use 1 63,680 0.02
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Months Since Origination 0 to 1 321 29,066,142 7.35
2 to 12 3,946 359,547,904 90.89
13 to 24 67 6,767,451 1.71
25 or more 3 192,144 0.05
------ ----------- ------
4,337 $395,573,642 100.00%
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.
8
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Remaining Term Up to 120 2 52,413 0.01
121 to 180 17 1,310,769 0.33
181 to 240 5 524,077 0.13
301 to 360 4,313 393,686,383 99.52
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Occupancy Owner Occupied 3,993 373,154,741 94.33
Investor Owned 329 21,022,301 5.31
Vacation/Second Home 15 1,396,601 0.35
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Lien Type First Lien 4,328 394,972,690 99.85
Second Lien 9 600,953 0.15
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Life Cap 6.001 - 7.000 1 60,772 0.02
7.001 - 8.000 1 57,762 0.01
10.001 - 11.000 3 384,558 0.10
11.001 - 12.000 6 487,460 0.12
12.001 - 13.000 11 1,790,872 0.45
13.001 - 14.000 48 6,284,044 1.59
14.001 - 15.000 266 31,693,186 8.01
15.001 - 16.000 891 94,346,079 23.85
16.001 - 17.000 1,345 129,915,432 32.84
17.001 - 18.000 1,017 82,628,623 20.89
18.001 - 19.000 466 32,752,372 8.28
19.001 - 20.000 180 10,345,889 2.62
20.001 - 21.000 76 3,575,169 0.90
21.001 - 22.000 15 689,776 0.17
22.001 - 23.000 2 44,796 0.01
26.001 - 27.000 1 75,522 0.02
30.001 - 35.000 7 414,087 0.10
35.001 - 40.000 1 27,243 0.01
------ ----------- ------
4,337 $395,573,642 100.00%
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.
9
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Life Floor 2.001 - 3.000 1 134,854 0.03
3.001 - 4.000 6 688,402 0.17
4.001 - 5.000 17 1,617,276 0.41
5.001 - 6.000 82 7,936,534 2.01
6.001 - 7.000 158 14,863,334 3.76
7.001 - 8.000 205 21,733,978 5.49
8.001 - 9.000 505 56,734,867 14.34
9.001 - 10.000 1,110 115,093,569 29.10
10.001 - 11.000 1,207 105,947,415 26.78
11.001 - 12.000 638 47,223,037 11.94
12.001 - 13.000 272 16,696,971 4.22
13.001 - 14.000 101 5,362,453 1.36
14.001 - 15.000 28 1,161,265 0.29
15.001 - 16.000 7 379,687 0.10
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Margin (6 Month LIBOR) 2.001 - 3.000 2 202,955 0.05
3.001 - 4.000 10 1,290,506 0.33
4.001 - 5.000 103 9,938,739 2.51
5.001 - 6.000 842 88,046,832 22.26
6.001 - 7.000 1,529 145,431,808 36.76
7.001 - 8.000 994 81,419,234 20.58
8.001 - 9.000 424 32,383,761 8.19
9.001 - 10.000 198 15,321,645 3.87
10.001 - 11.000 116 10,046,652 2.54
11.001 - 12.000 50 4,422,668 1.12
12.001 - 13.000 13 1,147,440 0.29
------ ----------- ------
4,281 $389,652,241 98.50%
Aggregate Field Description Count Balance Pool%
Margin (CMT Loans) 4.001 - 5.000 1 30,909 0.01
5.001 - 6.000 21 2,511,114 0.63
6.001 - 7.000 20 2,086,117 0.53
7.001 - 8.000 14 1,293,261 0.33
------ ----------- ------
56 $5,921,402 1.50%
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 OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Rate Reset (6 month LIBOR) 1998/06 37 2,170,255 0.55
1998/07 87 7,717,879 1.95
1998/08 90 8,281,000 2.09
1998/09 119 10,966,741 2.77
1998/10 111 9,728,023 2.46
1998/11 105 9,525,039 2.41
1998/12 36 3,778,216 0.96
1999/01 7 1,244,771 0.31
1999/02 7 477,930 0.12
1999/03 4 413,113 0.10
1999/04 5 716,911 0.18
1999/05 22 2,070,459 0.52
1999/06 75 8,776,070 2.22
1999/07 100 9,017,084 2.28
1999/08 98 9,111,818 2.30
1999/09 184 18,554,012 4.69
1999/10 174 14,945,889 3.78
1999/11 332 32,881,784 8.31
1999/12 307 26,736,277 6.76
2000/01 345 32,601,281 8.24
2000/02 562 48,905,411 12.36
2000/03 591 49,324,580 12.47
2000/04 404 37,440,101 9.46
2000/05 123 10,440,456 2.64
2000/06 8 569,642 0.14
2000/07 1 122,334 0.03
2000/08 3 293,532 0.07
2000/09 2 98,981 0.03
2000/10 8 415,353 0.11
2000/11 8 423,852 0.11
2000/12 7 486,270 0.12
2001/01 50 5,482,561 1.39
2001/02 46 5,517,345 1.39
2001/03 71 6,527,177 1.65
2001/04 92 7,755,163 1.96
2001/05 20 2,167,158 0.55
2002/08 1 127,253 0.03
2002/12 1 159,276 0.04
2003/01 5 522,077 0.13
2003/02 7 572,198 0.14
2003/03 6 633,729 0.16
2003/04 16 1,641,383 0.41
2003/05 4 311,858 0.08
------ ----------- ------
4,281 $389,652,241 98.50%
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 OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Rate Reset (CMT Loans) 1998/07 11 1,448,482 0.37
1998/08 2 175,556 0.04
1998/12 1 32,828 0.01
1999/01 1 23,328 0.01
1999/04 6 763,140 0.19
1999/05 8 622,699 0.16
1999/06 14 1,694,360 0.43
1999/09 1 38,410 0.01
2000/04 2 216,598 0.05
2000/05 1 65,662 0.02
2000/06 6 537,383 0.14
2000/07 2 240,038 0.06
2001/02 1 62,918 0.02
------ ----------- ------
56 $5,921,402 1.50%
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
Exhibit 99.3
Deutsche Bank Securities@
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
POOL SUMMARY (complete collateral tables on pages 7-13)
Number of Loans: 4,337
Current Balance: $395,573,642
Average Balance: $91,209
Minimum Balance: $11,258
Maximum Balance: $660,148
Wtd Average Coupon: 10.17%
Original Term (months): 359
Seasoning (months): 5
Combined Loan-To-Value: 77.83%
Wtd Avg Initial Periodic Rate Cap: 2.56%
Wtd Avg Subsequent Periodic Rate Cap: 1.07%
Wtd Avg Life Cap: 16.64%
Wtd Avg Months to Roll: 18
BOND SENSITIVITY TO PREPAYMENTS
TO CALL
<TABLE>
<CAPTION>
CPR
- -----------------------------------------------------------------------------------------------------------------
CLASS A 0% 15% 22.5% 30% 37.5% 45%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVG LIFE 21.26 5.03 3.30 2.39 1.83 1.45
FIRST PAY 07/98 07/98 07/98 07/98 07/98 07/98
LAST PAY 04/27 12/11 5/07 11/04 05/03 05/02
WINDOW (YEARS) 28.83 13.50 8.92 6.42 4.92 3.92
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
TO MATURITY
<TABLE>
<CAPTION>
CPR
- -----------------------------------------------------------------------------------------------------------------
CLASS A 0% 15% 22.5% 30% 37.5% 45%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVG LIFE 21.30 5.43 3.59 2.60 1.99 1.58
FIRST PAY 07/98 07/98 07/98 07/98 07/98 07/98
LAST PAY 04/28 09/24 02/18 12/12 08/09 04/07
WINDOW (YEARS) 29.83 26.25 19.67 14.50 11.17 8.83
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 1
<PAGE>
Deutsche Bank Securities@
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
PRICING INFORMATION
<TABLE>
<CAPTION>
Spread Average Ratings
Class Size to LIBOR Life to Call Moody's/S&P
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Notes $600,000,000 [%] 2.39 Aaa/AAA
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Pricing Speed: 30% CPR
Payment Date: The 20th day of each month (or the next
Business Day thereafter) commencing on July
20, 1998.
Interest Accrual Period: Interest will accrue from the last Payment
Date (or from the Closing Date in the case
of the first Payment Date) to the day before
the related Payment Date based on an
Actual/360 day year.
Payment Delay: 0 Days
Settlement (Closing) Date: On or about June 26, 1998.
Statistical Cut-off Date: June 1, 1998 (close of business)
Stated Final Payment Date: August 20, 2029, although it is anticipated
that the Actual Final Payment Date for the
Notes will occur significantly earlier than
the Stated Final Payment Date.
Optional Redemption: The holders of Residual Interests exceeding
in the aggregate a 50% interest may, at
their option effect an early redemption of
the Notes and terminate the Trust on any
Payment Date on or after the Redemption Date
by purchasing all of the Home Equity Loans
at a price equal to or greater than the
Redemption Price. In addition, the Note
Insurer will have rights under limited
circumstances, to purchase the Home Equity
Loans and thereby effect a redemption of the
Notes.
Redemption Date: The Redemption Date is the first Monthly
Remittance Date on which the aggregate Loan
Balance of the Home Equity Loans has
declined to less than 10% of the sum of (x)
the aggregate Loan Balance of the Initial
Home Equity Loans as of the Cut-Off Date and
(y) the original Prefunded Amount.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 2
<PAGE>
Deutsche Bank Securities@
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IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Owner Trust 1998-4
Notes: $600 million (single class)
Certificates: Residual Interest (not offered hereby)
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc.
Deutsche Bank Securities Inc.
Nomura Securities International, Inc.
Seller and Servicer: IMC Mortgage Company, Headquartered in
Tampa, FL
Depositor: IMC Securities, Inc.
Owner Trustee: Wilmington Trust Company
Indenture Trustee: The Chase Manhattan Bank
Pre-Funding Account: On the Closing Date, [$150,000,000] 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].
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 June 1, 1998. It is
anticipated that the total unpaid principal
balance of the collateral pool conveyed to
the Trust at closing will be at least
$450,000,000.
Home Equity Loans: - First lien, adjustable rate mortgage
loans.
- 1-4 Family residential properties.
- Substantial percentage of the loans do not
conform to FNMA or FHLMC underwriting
standards or to those standards typically
applied by banks or other lending
institutions, particularly with regard to a
borrower's credit history.
- Approximately 60.31% of the Home Equity
Loans bear prepayment penalties.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 3
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Deutsche Bank Securities@
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IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (Continued)
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.
Note Rate: On each Payment Date, the "Note Rate" will
be equal to the lesser of (x) the Formula
Note Rate and (y) the Available Funds Cap.
The "Formula Note Rate" for any Payment Date
will equal the lesser of (x) (i) with
respect to any Payment Date which occurs on
or prior to the Redemption Date, One Month
LIBOR plus _% per annum and (ii) with
respect to any Payment Date thereafter, One
Month LIBOR plus _% per annum and (y) 15.00%
per annum.
Available Funds Cap: The "Available Funds Cap" is the weighted
average of the Coupon Rates on the Home
Equity Loans, less (i) prior to January
1999, [.63375%] per annum and (ii) on and
after January 1999, [1.13375%] per annum.
Available Funds Cap
Carry Forward Amount: If, on any Payment Date, the Available Funds
Cap limits the Note Rate (i.e., the rate set
by the Available Funds Cap is less than the
Formula Note Rate), the amount of any such
shortfall will be carried forward and be due
and payable on future Payment Dates and
shall accrue interest at the applicable
Formula Note Rate, until paid (such
shortfall, together with such accrued
interest, the "Available Funds Cap Carry
Forward Amount").
The Insurance Policy for the Notes does not
cover the Available Funds Cap Carry Forward
Amount; the payment of such amount may be
funded only from (i) any excess interest
resulting from the Available Funds Cap being
in excess of the Formula Note Rate on Future
Payment Dates, and (ii) any Net Monthly
Excess Cashflow which would otherwise be
paid to the Servicer or the Indenture
Trustee on account of certain reimbursable
amounts, or to the Owners of the Residual
Interests.
Servicing/Other Fees: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly, Note Insurer fees, and
trustee fees.
Advancing by Servicer: The Servicer is required to advance from its
own funds any delinquent payment of interest
(not principal) unless such interest is
deemed to be non-recoverable (the
"Delinquency Advances").
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 4
<PAGE>
Deutsche Bank Securities@
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the Notes
will be provided by (a) the
overcollateralization mechanics which
utilize the excess interest created by the
internal cashflows of the pool, and (b) the
MBIA Insurance Corporation ("MBIA") Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required
level of overcollateralization may increase
or decrease over time.
MBIA Insurance Policy: MBIA (the "Note
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal
on the Notes (i.e. after any losses reduce
the overcollateralization to zero, MBIA will
cover the excess, if any, of the Note
principal balance over the aggregate
collateral balance). The Insurance Policy
does not guarantee the payment of Available
Funds Cap Carry-Forward Amounts. The Insured
Payments do not cover Realized Losses except
to the extent that an Overcollateralization
Deficit exists. Insured Payments do not
cover the Servicer's failure to make
Delinquency Advances except to the extent
that an Overcollateralization Deficit would
otherwise result therefrom. The Insurance
Policy is not cancelable for any reason.
Federal Tax Aspects: The trust will be an Owner Trust. No
election will be made to treat the Trust
Estate or any portion thereof as a REMIC for
federal income tax purposes. The Notes will
be treated as non-recourse debt obligations
of the trust.
ERISA Considerations: Subject to the discussion in the Prospectus
Supplement and Prospectus, the Notes may be
purchased by employee benefit plans that are
subject to ERISA.
SMMEA Eligibility: The Notes 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 5
<PAGE>
Deutsche Bank Securities@
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IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
Aggregate Field Description Count Balance Pool%
State Alaska 7 718,038 0.18
Arizona 65 6,755,491 1.71
Arkansas 9 461,401 0.12
California 298 43,009,112 10.87
Colorado 117 12,496,140 3.16
Connecticut 123 12,889,605 3.26
Delaware 12 889,950 0.23
District of Columbia 5 447,980 0.11
Florida 225 20,419,171 5.16
Georgia 83 8,805,596 2.23
Hawaii 23 3,992,653 1.01
Idaho 63 5,722,175 1.45
Illinois 248 21,459,460 5.42
Indiana 214 12,554,181 3.17
Iowa 22 1,274,963 0.32
Kansas 16 906,975 0.23
Kentucky 32 2,077,412 0.53
Louisiana 14 928,897 0.23
Maine 6 683,974 0.17
Maryland 115 11,228,894 2.84
Massachusetts 103 11,375,931 2.88
Michigan 339 24,585,125 6.22
Minnesota 78 5,979,944 1.51
Mississippi 6 374,120 0.09
Missouri 84 5,457,587 1.38
Montana 17 1,578,821 0.40
Nebraska 8 332,699 0.08
Nevada 20 2,845,028 0.72
New Hampshire 11 1,077,800 0.27
New Jersey 137 16,785,446 4.24
New Mexico 88 8,273,773 2.09
New York 269 28,191,084 7.13
North Carolina 192 15,191,749 3.84
North Dakota 1 37,652 0.01
Ohio 445 29,753,333 7.52
Oklahoma 19 898,492 0.23
Oregon 74 8,653,698 2.19
Pennsylvania 136 11,570,267 2.92
Rhode Island 33 2,927,819 0.74
South Carolina 34 2,697,351 0.68
South Dakota 2 178,881 0.05
Tennessee 25 1,910,874 0.48
Texas 182 15,279,833 3.86
Utah 77 8,580,598 2.17
Vermont 3 244,873 0.06
Virginia 39 4,190,941 1.06
Washington 83 8,868,540 2.24
West Virginia 14 1,016,939 0.26
Wisconsin 116 8,662,712 2.19
Wyoming 5 329,668 0.08
------ ----------- ------
4,337 $395,573,642 100.00%
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 6
<PAGE>
Deutsche Bank Securities@
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IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Combined LTV 10.001 to 15.000 1 14,994 0.00
20.001 to 25.000 9 269,210 0.07
25.001 to 30.000 10 385,683 0.10
30.001 to 35.000 14 773,392 0.20
35.001 to 40.000 28 1,417,934 0.36
40.001 to 45.000 38 2,183,280 0.55
45.001 to 50.000 57 3,643,150 0.92
50.001 to 55.000 71 4,554,324 1.15
55.001 to 60.000 128 8,635,766 2.18
60.001 to 65.000 296 21,633,707 5.47
65.001 to 70.000 478 36,580,836 9.25
70.001 to 75.000 733 64,298,416 16.25
75.001 to 80.000 1,324 127,674,526 32.28
80.001 to 85.000 621 63,970,501 16.17
85.001 to 90.000 479 54,016,796 13.66
90.001 to 95.000 23 2,770,508 0.70
95.001 to 100.000 27 2,750,621 0.70
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Current Coupon 5.001 - 6.000 4 310,572 0.08
6.001 - 7.000 4 595,515 0.15
7.001 - 8.000 78 10,274,306 2.60
8.001 - 9.000 520 60,534,207 15.30
9.001 - 10.000 1,241 129,545,710 32.75
10.001 - 11.000 1,331 116,111,651 29.35
11.001 - 12.000 701 51,735,755 13.08
12.001 - 13.000 303 18,778,452 4.75
13.001 - 14.000 112 5,865,522 1.48
14.001 - 15.000 35 1,385,802 0.35
15.001 - 16.000 6 356,241 0.09
16.001 - 17.000 2 79,909 0.02
------ ----------- ------
4,337 $395,573,642 100.00%
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 7
<PAGE>
Deutsche Bank Securities@
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IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Current Balance Up to 25,000.00 123 2,569,955 0.65
25,000.01 to 50,000.00 887 34,645,804 8.76
50,000.01 to 75,000.00 1,169 72,609,876 18.36
75,000.01 to 100,000.00 762 66,363,769 16.78
100,000.01 to 125,000.00 547 61,329,003 15.50
125,000.01 to 150,000.00 313 43,082,399 10.89
150,000.01 to 175,000.00 180 29,103,839 7.36
175,000.01 to 200,000.00 115 21,406,342 5.41
200,000.01 to 250,000.00 121 26,753,466 6.76
250,000.01 to 300,000.00 58 15,796,568 3.99
300,000.01 to 350,000.00 43 13,811,502 3.49
350,000.01 to 400,000.00 13 5,003,551 1.26
400,000.01 to 450,000.00 1 419,515 0.11
450,000.01 to 500,000.00 3 1,475,939 0.37
500,000.01 to 550,000.00 1 541,967 0.14
Over 550,000.00 1 660,148 0.17
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Property Type Two- to Four-Family 265 24,460,008 6.18
Townhouse 17 1,701,402 0.43
Manufactured Housing 36 2,530,667 0.64
Multi-Family 10 832,793 0.21
Condominium 108 8,897,673 2.25
Single Family Attached 73 5,725,811 1.45
Single Family Detached 3,800 348,515,459 88.10
Planned Unit Development 27 2,846,150 0.72
Mixed Use 1 63,680 0.02
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Months Since Origination 0 to 1 321 29,066,142 7.35
2 to 12 3,946 359,547,904 90.89
13 to 24 67 6,767,451 1.71
25 or more 3 192,144 0.05
------ ----------- ------
4,337 $395,573,642 100.00%
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 8
<PAGE>
Deutsche Bank Securities@
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IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Remaining Term Up to 120 2 52,413 0.01
121 to 180 17 1,310,769 0.33
181 to 240 5 524,077 0.13
301 to 360 4,313 393,686,383 99.52
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Occupancy Owner Occupied 3,993 373,154,741 94.33
Investor Owned 329 21,022,301 5.31
Vacation/Second Home 15 1,396,601 0.35
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Lien Type First Lien 4,328 394,972,690 99.85
Second Lien 9 600,953 0.15
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Life Cap 6.001 - 7.000 1 60,772 0.02
7.001 - 8.000 1 57,762 0.01
10.001 - 11.000 3 384,558 0.10
11.001 - 12.000 6 487,460 0.12
12.001 - 13.000 11 1,790,872 0.45
13.001 - 14.000 48 6,284,044 1.59
14.001 - 15.000 266 31,693,186 8.01
15.001 - 16.000 891 94,346,079 23.85
16.001 - 17.000 1,345 129,915,432 32.84
17.001 - 18.000 1,017 82,628,623 20.89
18.001 - 19.000 466 32,752,372 8.28
19.001 - 20.000 180 10,345,889 2.62
20.001 - 21.000 76 3,575,169 0.90
21.001 - 22.000 15 689,776 0.17
22.001 - 23.000 2 44,796 0.01
26.001 - 27.000 1 75,522 0.02
30.001 - 35.000 7 414,087 0.10
35.001 - 40.000 1 27,243 0.01
------ ----------- ------
4,337 $395,573,642 100.00%
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 9
<PAGE>
Deutsche Bank Securities@
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Life Floor 2.001 - 3.000 1 134,854 0.03
3.001 - 4.000 6 688,402 0.17
4.001 - 5.000 17 1,617,276 0.41
5.001 - 6.000 82 7,936,534 2.01
6.001 - 7.000 158 14,863,334 3.76
7.001 - 8.000 205 21,733,978 5.49
8.001 - 9.000 505 56,734,867 14.34
9.001 - 10.000 1,110 115,093,569 29.10
10.001 - 11.000 1,207 105,947,415 26.78
11.001 - 12.000 638 47,223,037 11.94
12.001 - 13.000 272 16,696,971 4.22
13.001 - 14.000 101 5,362,453 1.36
14.001 - 15.000 28 1,161,265 0.29
15.001 - 16.000 7 379,687 0.10
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Margin (6 Month LIBOR) 2.001 - 3.000 2 202,955 0.05
3.001 - 4.000 10 1,290,506 0.33
4.001 - 5.000 103 9,938,739 2.51
5.001 - 6.000 842 88,046,832 22.26
6.001 - 7.000 1,529 145,431,808 36.76
7.001 - 8.000 994 81,419,234 20.58
8.001 - 9.000 424 32,383,761 8.19
9.001 - 10.000 198 15,321,645 3.87
10.001 - 11.000 116 10,046,652 2.54
11.001 - 12.000 50 4,422,668 1.12
12.001 - 13.000 13 1,147,440 0.29
------ ----------- ------
4,281 $389,652,241 98.50%
Aggregate Field Description Count Balance Pool%
Margin (CMT Loans) 4.001 - 5.000 1 30,909 0.01
5.001 - 6.000 21 2,511,114 0.63
6.001 - 7.000 20 2,086,117 0.53
7.001 - 8.000 14 1,293,261 0.33
------ ----------- ------
56 $5,921,402 1.50%
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 10
<PAGE>
Deutsche Bank Securities@
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Rate Reset (6 month LIBOR) 1998/06 37 2,170,255 0.55
1998/07 87 7,717,879 1.95
1998/08 90 8,281,000 2.09
1998/09 119 10,966,741 2.77
1998/10 111 9,728,023 2.46
1998/11 105 9,525,039 2.41
1998/12 36 3,778,216 0.96
1999/01 7 1,244,771 0.31
1999/02 7 477,930 0.12
1999/03 4 413,113 0.10
1999/04 5 716,911 0.18
1999/05 22 2,070,459 0.52
1999/06 75 8,776,070 2.22
1999/07 100 9,017,084 2.28
1999/08 98 9,111,818 2.30
1999/09 184 18,554,012 4.69
1999/10 174 14,945,889 3.78
1999/11 332 32,881,784 8.31
1999/12 307 26,736,277 6.76
2000/01 345 32,601,281 8.24
2000/02 562 48,905,411 12.36
2000/03 591 49,324,580 12.47
2000/04 404 37,440,101 9.46
2000/05 123 10,440,456 2.64
2000/06 8 569,642 0.14
2000/07 1 122,334 0.03
2000/08 3 293,532 0.07
2000/09 2 98,981 0.03
2000/10 8 415,353 0.11
2000/11 8 423,852 0.11
2000/12 7 486,270 0.12
2001/01 50 5,482,561 1.39
2001/02 46 5,517,345 1.39
2001/03 71 6,527,177 1.65
2001/04 92 7,755,163 1.96
2001/05 20 2,167,158 0.55
2002/08 1 127,253 0.03
2002/12 1 159,276 0.04
2003/01 5 522,077 0.13
2003/02 7 572,198 0.14
2003/03 6 633,729 0.16
2003/04 16 1,641,383 0.41
2003/05 4 311,858 0.08
------ ----------- ------
4,281 $389,652,241 98.50%
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 11
<PAGE>
Deutsche Bank Securities@
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Rate Reset (CMT Loans) 1998/07 11 1,448,482 0.37
1998/08 2 175,556 0.04
1998/12 1 32,828 0.01
1999/01 1 23,328 0.01
1999/04 6 763,140 0.19
1999/05 8 622,699 0.16
1999/06 14 1,694,360 0.43
1999/09 1 38,410 0.01
2000/04 2 216,598 0.05
2000/05 1 65,662 0.02
2000/06 6 537,383 0.14
2000/07 2 240,038 0.06
2001/02 1 62,918 0.02
------ ----------- ------
56 $5,921,402 1.50%
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 12
Exhibit 99.4
Nomura Securities International, Inc.
Structured Finance Desk
-----------------------
Trading Desk: 1820
-----------------------
IMC Home Equity Loan Owner Trust 1998 - 4
$600,000,000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
Note WAL Mod Moody's/S&P
Balance Cpn To Call Dur Rating Price Talk Allocation
------- --- ------- --- ------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$600,000,000 Floater 2.39 Aaa/AAA $75,000,000
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Issuer: IMC Home Equity Loan Owner Trust 1998-4
Seller / Servicer: IMC Mortgage Company
Owner Trustee: Wilmington Trust Company
Indenture Trustee: The Chase Manhattan Bank
Structure: Single Class of Adjustable Rate Home Equity Loan Asset Backed Notes
Underwriters: Lead Manager: PaineWebber
Co-Managers: Nomura, Bear Stearns and Deutsche Bank
Credit Enhancement: Over-collateralization and MBIA insurance policy
Collateral: Adjustable rate residential home-equity mortgage loans
Call Feature: 10% Clean-up
ERISA: Yes, subject to conditions
SMMEA: No
Form of Offering: Book-entry form, same-day funds through DTC, Euroclear, and
CEDEL
Dates: Pre-Marketing: June 16, 1998
----- Launch Deal: June 18, 1998
Price Deal: June 19, 1998
Settlement: June 26, 1998
First Payment Date: July 20, 1998
</TABLE>
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc.
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
Nomura Securities International, Inc.
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DISCLAIMER
- --------------------------------------------------------------------------------
The information included herein is produced and provided exclusively by Nomura
Securities International, Incorporated ("Nomura") as underwriter for the IMC
Home Equity Loan Owner Trust 1998-4, and not by or as agent for IMC Mortgage
Company (collectively, the "Seller and Servicer"), IMC Securities, Inc. (the
"Depositor") or any of their affiliates. None of the Depositor, the Seller or
the Servicer has prepared, reviewed or participated in the preparation hereof
and is not responsible for the accuracy hereof. The analysis in this report is
accurate to the best of Nomura's knowledge and is based on information provided
by the Depositor, Seller and Servicer. Nomura 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 Nomura'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, Nomura 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. Nomura (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, Nomura 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, Nomura has not addressed the
legal, accounting and tax implications of the analysis with respect to you and
Nomura strongly urges you to seek advice from your counsel, accountant and tax
advisor.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 1
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
POOL SUMMARY (complete collateral tables on pages 7-13)
Number of Loans: 4,337
Current Balance: $395,573,642
Average Balance: $91,209
Minimum Balance: $11,258
Maximum Balance: $660,148
Wtd Average Coupon: 10.17%
Original Term (months): 359
Seasoning (months): 5
Combined Loan-To-Value: 77.83%
Wtd Avg Initial Periodic Rate Cap: 2.56%
Wtd Avg Subsequent Periodic Rate Cap: 1.07%
Wtd Avg Life Cap: 16.64%
Wtd Avg Months to Roll: 18
BOND SENSITIVITY TO PREPAYMENTS
TO CALL
<TABLE>
<CAPTION>
CPR
- -----------------------------------------------------------------------------------------------------------------
CLASS A 0% 15% 22.5% 30% 37.5% 45%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVG LIFE 21.26 5.03 3.30 2.39 1.83 1.45
FIRST PAY 07/98 07/98 07/98 07/98 07/98 07/98
LAST PAY 04/27 12/11 5/07 11/04 05/03 05/02
WINDOW (YEARS) 28.83 13.50 8.92 6.42 4.92 3.92
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
TO MATURITY
<TABLE>
<CAPTION>
CPR
- -----------------------------------------------------------------------------------------------------------------
CLASS A 0% 15% 22.5% 30% 37.5% 45%
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVG LIFE 21.30 5.43 3.59 2.60 1.99 1.58
FIRST PAY 07/98 07/98 07/98 07/98 07/98 07/98
LAST PAY 04/28 09/24 02/18 12/12 08/09 04/07
WINDOW (YEARS) 29.83 26.25 19.67 14.50 11.17 8.83
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 2
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
PRICING INFORMATION
<TABLE>
<CAPTION>
Spread Average Ratings
Class Size to LIBOR Life to Call Moody's/S&P
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Notes $600,000,000 [%] 2.39 Aaa/AAA
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Pricing Speed: 30% CPR
Payment Date: The 20th day of each month (or the next
Business Day thereafter) commencing on July
20, 1998.
Interest Accrual Period: Interest will accrue from the last Payment
Date (or from the Closing Date in the case
of the first Payment Date) to the day before
the related Payment Date based on an
Actual/360 day year.
Payment Delay: 0 Days
Settlement (Closing) Date: On or about June 26, 1998.
Statistical Cut-off Date: June 1, 1998 (close of business)
Stated Final Payment Date: August 20, 2029, although it is anticipated
that the Actual Final Payment Date for the
Notes will occur significantly earlier than
the Stated Final Payment Date.
Optional Redemption: The holders of Residual Interests exceeding
in the aggregate a 50% interest may, at
their option effect an early redemption of
the Notes and terminate the Trust on any
Payment Date on or after the Redemption Date
by purchasing all of the Home Equity Loans
at a price equal to or greater than the
Redemption Price. In addition, the Note
Insurer will have rights under limited
circumstances, to purchase the Home Equity
Loans and thereby effect a redemption of the
Notes.
Redemption Date: The Redemption Date is the first Monthly
Remittance Date on which the aggregate Loan
Balance of the Home Equity Loans has
declined to less than 10% of the sum of (x)
the aggregate Loan Balance of the Initial
Home Equity Loans as of the Cut-Off Date and
(y) the original Prefunded Amount.
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 3
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Owner Trust 1998-4
Notes: $600 million (single class)
Certificates: Residual Interest (not offered hereby)
Lead Underwriter: PaineWebber Incorporated
Co-Underwriters: Bear, Stearns and Co. Inc.
Deutsche Bank Securities Inc.
Nomura Securities International, Inc.
Seller and Servicer: IMC Mortgage Company
Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Owner Trustee: Wilmington Trust Company
Indenture Trustee: The Chase Manhattan Bank
Pre-Funding Account: On the Closing Date, [$150,000,000] 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].
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 June 1, 1998. It is
anticipated that the total unpaid principal
balance of the collateral pool conveyed to
the Trust at closing will be at least
$450,000,000.
Home Equity Loans: - First lien, adjustable rate mortgage
loans.
- 1-4 Family residential properties.
- Substantial percentage of the loans do not
conform to FNMA or FHLMC underwriting
standards or to those standards typically
applied by banks or other lending
institutions, particularly with regard to a
borrower's credit history.
- Approximately 60.31% of the Home Equity
Loans bear prepayment penalties.
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 4
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES (Continued)
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.
Note Rate: On each Payment Date, the "Note Rate" will
be equal to the lesser of (x) the Formula
Note Rate and (y) the Available Funds Cap.
The "Formula Note Rate" for any Payment Date
will equal the lesser of (x) (i) with
respect to any Payment Date which occurs on
or prior to the Redemption Date, One Month
LIBOR plus _% per annum and (ii) with
respect to any Payment Date thereafter, One
Month LIBOR plus _% per annum and (y) 15.00%
per annum.
Available Funds Cap: The "Available Funds Cap" is the weighted
average of the Coupon Rates on the Home
Equity Loans, less (i) prior to January
1999, [.63375%] per annum and (ii) on and
after January 1999, [1.13375%] per annum.
Available Funds Cap
Carry Forward Amount: If, on any Payment Date, the Available Funds
Cap limits the Note Rate (i.e., the rate set
by the Available Funds Cap is less than the
Formula Note Rate), the amount of any such
shortfall will be carried forward and be due
and payable on future Payment Dates and
shall accrue interest at the applicable
Formula Note Rate, until paid (such
shortfall, together with such accrued
interest, the "Available Funds Cap Carry
Forward Amount").
The Insurance Policy for the Notes does not
cover the Available Funds Cap Carry Forward
Amount; the payment of such amount may be
funded only from (i) any excess interest
resulting from the Available Funds Cap being
in excess of the Formula Note Rate on Future
Payment Dates, and (ii) any Net Monthly
Excess Cashflow which would otherwise be
paid to the Servicer or the Indenture
Trustee on account of certain reimbursable
amounts, or to the Owners of the Residual
Interests.
Servicing/Other Fees: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly, Note Insurer fees, and
trustee fees.
Advancing by Servicer: The Servicer is required to advance from its
own funds any delinquent payment of interest
(not principal) unless such interest is
deemed to be non-recoverable (the
"Delinquency Advances").
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 5
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the Notes
will be provided by (a) the
overcollateralization mechanics which
utilize the excess interest created by the
internal cashflows of the pool, and (b) the
MBIA Insurance Corporation ("MBIA") Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required
level of overcollateralization may increase
or decrease over time.
MBIA Insurance Policy: MBIA (the "Note
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal
on the Notes (i.e. after any losses reduce
the overcollateralization to zero, MBIA will
cover the excess, if any, of the Note
principal balance over the aggregate
collateral balance). The Insurance Policy
does not guarantee the payment of Available
Funds Cap Carry-Forward Amounts. The Insured
Payments do not cover Realized Losses except
to the extent that an Overcollateralization
Deficit exists. Insured Payments do not
cover the Servicer's failure to make
Delinquency Advances except to the extent
that an Overcollateralization Deficit would
otherwise result therefrom. The Insurance
Policy is not cancelable for any reason.
Federal Tax Aspects: The trust will be an Owner Trust. No
election will be made to treat the Trust
Estate or any portion thereof as a REMIC for
federal income tax purposes. The Notes will
be treated as non-recourse debt obligations
of the trust.
ERISA Considerations: Subject to the discussion in the Prospectus
Supplement and Prospectus, the Notes may be
purchased by employee benefit plans that are
subject to ERISA.
SMMEA Eligibility: The Notes will NOT constitute
"mortgage-related securities" for purposes
of SMMEA.
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 6
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
Aggregate Field Description Count Balance Pool%
State Alaska 7 718,038 0.18
Arizona 65 6,755,491 1.71
Arkansas 9 461,401 0.12
California 298 43,009,112 10.87
Colorado 117 12,496,140 3.16
Connecticut 123 12,889,605 3.26
Delaware 12 889,950 0.23
District of Columbia 5 447,980 0.11
Florida 225 20,419,171 5.16
Georgia 83 8,805,596 2.23
Hawaii 23 3,992,653 1.01
Idaho 63 5,722,175 1.45
Illinois 248 21,459,460 5.42
Indiana 214 12,554,181 3.17
Iowa 22 1,274,963 0.32
Kansas 16 906,975 0.23
Kentucky 32 2,077,412 0.53
Louisiana 14 928,897 0.23
Maine 6 683,974 0.17
Maryland 115 11,228,894 2.84
Massachusetts 103 11,375,931 2.88
Michigan 339 24,585,125 6.22
Minnesota 78 5,979,944 1.51
Mississippi 6 374,120 0.09
Missouri 84 5,457,587 1.38
Montana 17 1,578,821 0.40
Nebraska 8 332,699 0.08
Nevada 20 2,845,028 0.72
New Hampshire 11 1,077,800 0.27
New Jersey 137 16,785,446 4.24
New Mexico 88 8,273,773 2.09
New York 269 28,191,084 7.13
North Carolina 192 15,191,749 3.84
North Dakota 1 37,652 0.01
Ohio 445 29,753,333 7.52
Oklahoma 19 898,492 0.23
Oregon 74 8,653,698 2.19
Pennsylvania 136 11,570,267 2.92
Rhode Island 33 2,927,819 0.74
South Carolina 34 2,697,351 0.68
South Dakota 2 178,881 0.05
Tennessee 25 1,910,874 0.48
Texas 182 15,279,833 3.86
Utah 77 8,580,598 2.17
Vermont 3 244,873 0.06
Virginia 39 4,190,941 1.06
Washington 83 8,868,540 2.24
West Virginia 14 1,016,939 0.26
Wisconsin 116 8,662,712 2.19
Wyoming 5 329,668 0.08
------ ----------- ------
4,337 $395,573,642 100.00%
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 7
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Combined LTV 10.001 to 15.000 1 14,994 0.00
20.001 to 25.000 9 269,210 0.07
25.001 to 30.000 10 385,683 0.10
30.001 to 35.000 14 773,392 0.20
35.001 to 40.000 28 1,417,934 0.36
40.001 to 45.000 38 2,183,280 0.55
45.001 to 50.000 57 3,643,150 0.92
50.001 to 55.000 71 4,554,324 1.15
55.001 to 60.000 128 8,635,766 2.18
60.001 to 65.000 296 21,633,707 5.47
65.001 to 70.000 478 36,580,836 9.25
70.001 to 75.000 733 64,298,416 16.25
75.001 to 80.000 1,324 127,674,526 32.28
80.001 to 85.000 621 63,970,501 16.17
85.001 to 90.000 479 54,016,796 13.66
90.001 to 95.000 23 2,770,508 0.70
95.001 to 100.000 27 2,750,621 0.70
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Current Coupon 5.001 - 6.000 4 310,572 0.08
6.001 - 7.000 4 595,515 0.15
7.001 - 8.000 78 10,274,306 2.60
8.001 - 9.000 520 60,534,207 15.30
9.001 - 10.000 1,241 129,545,710 32.75
10.001 - 11.000 1,331 116,111,651 29.35
11.001 - 12.000 701 51,735,755 13.08
12.001 - 13.000 303 18,778,452 4.75
13.001 - 14.000 112 5,865,522 1.48
14.001 - 15.000 35 1,385,802 0.35
15.001 - 16.000 6 356,241 0.09
16.001 - 17.000 2 79,909 0.02
------ ----------- ------
4,337 $395,573,642 100.00%
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 8
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Current Balance Up to 25,000.00 123 2,569,955 0.65
25,000.01 to 50,000.00 887 34,645,804 8.76
50,000.01 to 75,000.00 1,169 72,609,876 18.36
75,000.01 to 100,000.00 762 66,363,769 16.78
100,000.01 to 125,000.00 547 61,329,003 15.50
125,000.01 to 150,000.00 313 43,082,399 10.89
150,000.01 to 175,000.00 180 29,103,839 7.36
175,000.01 to 200,000.00 115 21,406,342 5.41
200,000.01 to 250,000.00 121 26,753,466 6.76
250,000.01 to 300,000.00 58 15,796,568 3.99
300,000.01 to 350,000.00 43 13,811,502 3.49
350,000.01 to 400,000.00 13 5,003,551 1.26
400,000.01 to 450,000.00 1 419,515 0.11
450,000.01 to 500,000.00 3 1,475,939 0.37
500,000.01 to 550,000.00 1 541,967 0.14
Over 550,000.00 1 660,148 0.17
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Property Type Two- to Four-Family 265 24,460,008 6.18
Townhouse 17 1,701,402 0.43
Manufactured Housing 36 2,530,667 0.64
Multi-Family 10 832,793 0.21
Condominium 108 8,897,673 2.25
Single Family Attached 73 5,725,811 1.45
Single Family Detached 3,800 348,515,459 88.10
Planned Unit Development 27 2,846,150 0.72
Mixed Use 1 63,680 0.02
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Months Since Origination 0 to 1 321 29,066,142 7.35
2 to 12 3,946 359,547,904 90.89
13 to 24 67 6,767,451 1.71
25 or more 3 192,144 0.05
------ ----------- ------
4,337 $395,573,642 100.00%
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 9
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Remaining Term Up to 120 2 52,413 0.01
121 to 180 17 1,310,769 0.33
181 to 240 5 524,077 0.13
301 to 360 4,313 393,686,383 99.52
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Occupancy Owner Occupied 3,993 373,154,741 94.33
Investor Owned 329 21,022,301 5.31
Vacation/Second Home 15 1,396,601 0.35
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Lien Type First Lien 4,328 394,972,690 99.85
Second Lien 9 600,953 0.15
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Life Cap 6.001 - 7.000 1 60,772 0.02
7.001 - 8.000 1 57,762 0.01
10.001 - 11.000 3 384,558 0.10
11.001 - 12.000 6 487,460 0.12
12.001 - 13.000 11 1,790,872 0.45
13.001 - 14.000 48 6,284,044 1.59
14.001 - 15.000 266 31,693,186 8.01
15.001 - 16.000 891 94,346,079 23.85
16.001 - 17.000 1,345 129,915,432 32.84
17.001 - 18.000 1,017 82,628,623 20.89
18.001 - 19.000 466 32,752,372 8.28
19.001 - 20.000 180 10,345,889 2.62
20.001 - 21.000 76 3,575,169 0.90
21.001 - 22.000 15 689,776 0.17
22.001 - 23.000 2 44,796 0.01
26.001 - 27.000 1 75,522 0.02
30.001 - 35.000 7 414,087 0.10
35.001 - 40.000 1 27,243 0.01
------ ----------- ------
4,337 $395,573,642 100.00%
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 10
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Life Floor 2.001 - 3.000 1 134,854 0.03
3.001 - 4.000 6 688,402 0.17
4.001 - 5.000 17 1,617,276 0.41
5.001 - 6.000 82 7,936,534 2.01
6.001 - 7.000 158 14,863,334 3.76
7.001 - 8.000 205 21,733,978 5.49
8.001 - 9.000 505 56,734,867 14.34
9.001 - 10.000 1,110 115,093,569 29.10
10.001 - 11.000 1,207 105,947,415 26.78
11.001 - 12.000 638 47,223,037 11.94
12.001 - 13.000 272 16,696,971 4.22
13.001 - 14.000 101 5,362,453 1.36
14.001 - 15.000 28 1,161,265 0.29
15.001 - 16.000 7 379,687 0.10
------ ----------- ------
4,337 $395,573,642 100.00%
Aggregate Field Description Count Balance Pool%
Margin (6 Month LIBOR) 2.001 - 3.000 2 202,955 0.05
3.001 - 4.000 10 1,290,506 0.33
4.001 - 5.000 103 9,938,739 2.51
5.001 - 6.000 842 88,046,832 22.26
6.001 - 7.000 1,529 145,431,808 36.76
7.001 - 8.000 994 81,419,234 20.58
8.001 - 9.000 424 32,383,761 8.19
9.001 - 10.000 198 15,321,645 3.87
10.001 - 11.000 116 10,046,652 2.54
11.001 - 12.000 50 4,422,668 1.12
12.001 - 13.000 13 1,147,440 0.29
------ ----------- ------
4,281 $389,652,241 98.50%
Aggregate Field Description Count Balance Pool%
Margin (CMT Loans) 4.001 - 5.000 1 30,909 0.01
5.001 - 6.000 21 2,511,114 0.63
6.001 - 7.000 20 2,086,117 0.53
7.001 - 8.000 14 1,293,261 0.33
------ ----------- ------
56 $5,921,402 1.50%
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 11
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMC HOME EQUITY LOAN OWNER TRUST 1998-4
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance
Pool%
Rate Reset (6 month LIBOR) 1998/06 37 2,170,255 0.55
1998/07 87 7,717,879 1.95
1998/08 90 8,281,000 2.09
1998/09 119 10,966,741 2.77
1998/10 111 9,728,023 2.46
1998/11 105 9,525,039 2.41
1998/12 36 3,778,216 0.96
1999/01 7 1,244,771 0.31
1999/02 7 477,930 0.12
1999/03 4 413,113 0.10
1999/04 5 716,911 0.18
1999/05 22 2,070,459 0.52
1999/06 75 8,776,070 2.22
1999/07 100 9,017,084 2.28
1999/08 98 9,111,818 2.30
1999/09 184 18,554,012 4.69
1999/10 174 14,945,889 3.78
1999/11 332 32,881,784 8.31
1999/12 307 26,736,277 6.76
2000/01 345 32,601,281 8.24
2000/02 562 48,905,411 12.36
2000/03 591 49,324,580 12.47
2000/04 404 37,440,101 9.46
2000/05 123 10,440,456 2.64
2000/06 8 569,642 0.14
2000/07 1 122,334 0.03
2000/08 3 293,532 0.07
2000/09 2 98,981 0.03
2000/10 8 415,353 0.11
2000/11 8 423,852 0.11
2000/12 7 486,270 0.12
2001/01 50 5,482,561 1.39
2001/02 46 5,517,345 1.39
2001/03 71 6,527,177 1.65
2001/04 92 7,755,163 1.96
2001/05 20 2,167,158 0.55
2002/08 1 127,253 0.03
2002/12 1 159,276 0.04
2003/01 5 522,077 0.13
2003/02 7 572,198 0.14
2003/03 6 633,729 0.16
2003/04 16 1,641,383 0.41
2003/05 4 311,858 0.08
------ ----------- ------
4,281 $389,652,241 98.50%
DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (Cont.)
- --------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- --------------------------------------------------------------------------------
Aggregate Field Description Count Balance Pool%
Rate Reset (CMT Loans) 1998/07 11 1,448,482 0.37
1998/08 2 175,556 0.04
1998/12 1 32,828 0.01
1999/01 1 23,328 0.01
1999/04 6 763,140 0.19
1999/05 8 622,699 0.16
1999/06 14 1,694,360 0.43
1999/09 1 38,410 0.01
2000/04 2 216,598 0.05
2000/05 1 65,662 0.02
2000/06 6 537,383 0.14
2000/07 2 240,038 0.06
2001/02 1 62,918 0.02
------ ----------- ------
56 $5,921,402 1.50%
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc. 12
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
