<PAGE>
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): January 28, 1997
ICIFC SECURED ASSETS CORP.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
333-8439 33-071-5871
(Commission File Number) (I.R.S. Employer Identification No.)
20371 Irvine Avenue
Santa Ana Heights, California 92707
(Address of Principal Executive Offices, Including Zip Code)
(714) 556-0122
(Registrant's Telephone Number, Including Area Code)
<PAGE>
Item 5. Other Events
- ------- ------------
Attached as an exhibit are the Collateral Term Sheets (as defined in the
no-action letter dated February 17, 1995 issued by the Securities and Exchange
Commission to the Public Securities Association) prepared by ICIFC Secured
Assets Corp. which are hereby filed pursuant to such letter.
2
<PAGE>
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
(c) Exhibits
<TABLE>
<CAPTION>
Item 601(a) of
Regulation S-K
Exhibit No. Description
- -------------- -----------
<C> <S>
99.1 Collateral Term Sheets prepared
by ICIFC Secured Assets Corp. in
connection with ICIFC Secured
Assets Corp., Mortgage Pass-
Through Certificates
</TABLE>
3
<PAGE>
Index to Exhibits
-----------------
<TABLE>
<CAPTION>
Exhibit No. Description Page
- -------------- ----------- ----
<C> <S> <C>
99.1 Collateral Term Sheets prepared 6
by ICIFC Secured Assets Corp. in
connection with ICIFC Secured
Assets Corp., Mortgage Pass-
Through Certificates
</TABLE>
4
<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.
ICIFC SECURED ASSETS CORP.
Date: January 31, 1997 By: /s/ Richard Johnson
----------------------------------------
Name: Richard Johnson
Title: Chief Financial Officer and Secretary
5
<PAGE>
EXHIBIT 99.1
MORGAN STANLEY
Mortgage/Asset Capital Markets January 29, 1997
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
$275,000,000
APPROXIMATE
ICI FUNDING CORPORATION
MASTER SERVICER AND SELLER
TRANSACTION HIGHLIGHTS*
-----------------------
<TABLE>
<CAPTION>
RATINGS PAYMENT
PAR AMOUNT S&P/DUFF WINDOW AVG. TARGETED SUBORDINATION
CLASS (APPROX.) COUPON TYPE & PHELPS (MONTHS) LIFE PRICE LEVELS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 $32,960,000 6.75% SEQUENTIAL AAA/AAA 19 0.85 PAR 5.75%
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 58,785,000 9.00 SEQUENTIAL AAA/AAA 68 2.05 PREMIUM 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
A-3 20,418,000 7.00 SEQUENTIAL AAA/AAA 12 2.00 PAR 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
A-4 22,864,000 7.15 SEQUENTIAL AAA/AAA 14 3.00 PAR 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
A-5 16,794,000 7.35 SEQUENTIAL AAA/AAA 11 4.00 PAR 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
A-6 19,090,000 7.50 SEQUENTIAL AAA/AAA 16 5.00 PAR 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
A-7 29,872,000 7.75 SEQUENTIAL AAA/AAA 41 7.00 PAR 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
A-8 14,657,000 7.75 SEQUENTIAL AAA/AAA 53 10.90 DISCOUNT 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
A-9 10,499,204 7.75 SEQUENTIAL AAA/AAA 198 17.70 DISCOUNT 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
A-10 33,000,000 7.75 NAS AAA/AAA 297 10.73 PAR 5.75
- ------------------------------------------------------------------------------------------------------------------------------------
B-1 6,187,000 7.75 SUBORDINATE AA/AA 357 11.03 DISCOUNT 3.50
- ------------------------------------------------------------------------------------------------------------------------------------
B-2 2,750,000 7.75 SUBORDINATE A/A 357 11.03 DISCOUNT 2.50
- ------------------------------------------------------------------------------------------------------------------------------------
B-3 2,063,000 7.75 SUBORDINATE BBB/BBB 357 11.03 DISCOUNT 1.75
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* SUBJECT TO CHANGE
MASTER SERVICER: ICI Funding Corporation ("ICIFC")
DEPOSITOR: ICIFC Secured Assets Corp. ("ICIFC")
TRUSTEE: Banker's Trust Company of California, N.A.
MANAGERS: MORGAN STANLEY (LEAD-MANAGER); Bear Stearns
(Co-manager)
EXPECTED PRICING DATE: February 4, 1997
EXPECTED SETTLEMENT: March 27, 1997, through DTC
DISTRIBUTION DATES: 25th of each month, beginning April 25, 1997
CREDIT ENHANCEMENT: Senior/Subordinate
UNDERLYING COLLATERAL: $275,000,000 30-year and 15-year fixed rate
mortgage loans originated in accordance with
ICIFC's Progressive Series guidelines
DAY COUNT BASIS: 30/360
PREPAYMENT SPEED: Indexed vector ramping from 4% to 16% CPR
over first 12 months and 16% CPR thereafter
(the "Prepayment Assumption")
OPTIONAL CALL: 10% clean-up call
TAX STATUS: REMIC
ERISA ELIGIBILITY: AAA Senior Certificates are ERISA eligible
SMMEA ELIGIBILITY: All Certificates are SMMEA eligible, except
B-2 and B-3
This information has been prepared by Morgan Stanley & Co. Incorporated in
connection with the sale of these securities by ICIFC, and is based on
information about the mortgage loans provided by or on behalf of ICIFC. Any
information herein regarding the mortgage loans supersedes any prior information
regarding the mortgage loans and is superseded by the information regarding the
mortgage loans set forth in the related Prospectus or Prospectus Supplement.
This information has been provided to you at your request and may not be used or
otherwise disseminated in connection with the offer or sale of these or any
other securities, except in the connection with the initial offer or sale of
these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Additional information is available upon
request. These materials are solely for informational purposes and do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading strategy.
ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A
DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY ICIFC WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
Payment Rules
-------------
I. PAYMENT OF INTEREST: The Available Distribution Amount on the pool
will be paid in the following sequence:
1) Fees of 26.5 bp (including master
servicing and trustee fees).
2) Class certificate coupon payments at their
respective coupon rates. Prepayment Interest
Shortfalls due to full and partial
prepayments are covered to the extent of the
master servicing fee.
II. PAYMENT OF PRINCIPAL: Following the payments of interest above,
principal collections will be paid as follows:
1) With principal:
a) Class A-1 through A-9 Certificates are
paid sequentially until zero.
b) Class A-10 Certificate is a NAS bond. It
receives no principal payments for the
first 59 periods. For the next 24
periods, it receives 50% of its pro-rata
percentage of the senior principal, and
thereafter it receives 100% of its pro-
rata percentage of senior principal.
2) The Subordinate Certificates receive their
pro-rata percentage of scheduled principal
and receive their "shifting interest"
percentage of prepayments. They receive no
prepayments for the first five years, and
thereafter receive 30%, 40%, 60%, 80% and
finally 100% of their pro-rata percentage of
prepayments.
COLLATERAL DESCRIPTION
----------------------
APPROXIMATE COMBINED COLLATERAL CHARACTERISTICS:
POOL BALANCE: $275,000,000
NUMBER OF LOANS: 1,870
AVERAGE BALANCE: Average $147,000; minimum $22,500;
maximum $700,000
WEIGHTED AVERAGE GROSS COUPON: 8.90%
PROPERTY TYPE: 91% SFR and PUD; 5% Condo; 4% 2-4 Family
OWNER OCCUPANCY: 93% Owner; 4% Investor; 3% Second
LOAN PURPOSE: 18% Cashout
DOCUMENTATION: 38% Express; 42% Reduced; 20% Full
LOAN TO VALUE RATIO: 78% Weighted Average LTV
GEOGRAPHIC CONCENTRATION: 37% CA
WEIGHTED AVERAGE REMAINING TERM: 348 months, 3 months weighted average
seasoning
ORIGINAL TERM: 30 year; 95%, 15 year; 5%
This information has been prepared by Morgan Stanley & Co. Incorporated in
connection with the sale of these securities by ICIFC, and is based on
information about the mortgage loans provided by or on behalf of ICIFC. Any
information herein regarding the mortgage loans supersedes any prior information
regarding the mortgage loans and is superseded by the information regarding the
mortgage loans set forth in the related Prospectus or Prospectus Supplement.
This information has been provided to you at your request and may not be used or
otherwise disseminated in connection with the offer or sale of these or any
other securities, except in the connection with the initial offer or sale of
these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Additional information is available upon
request. These materials are solely for informational purposes and do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading strategy.
ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A
DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY ICIFC WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. ANY
DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON
SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering,
these materials shall be deemed superseded, amended and supplemented in their
entirety by such Prospectus and Prospectus Supplement. To Our Readers Worldwide:
In addition, please note that this information has been provided by Morgan
Stanley & Co. Incorporated and approved by Morgan Stanley & Co. International
Limited, a member of the Securities and Futures Authority and Morgan Stanley
Japan Ltd. We recommend that investors obtain the advice of their Morgan Stanley
& Co. International Limited or Morgan Stanley Japan Ltd. representative about
the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<PAGE>
ICIFC COLLATERAL
Range of Current Balances
<TABLE>
<CAPTION>
Weighted Avg
Total Total Total Ltv Original Average
Balance Current Count Balance Current Percent (by Current Balance) Balance Current
- -------------------------- ----- --------------- ------- -------------------- ---------------
<S> <C> <C> <C> <C> <C>
0 to less than 200000 1,383 151,477,205.47 58.87 77.13 109,527.99
200000 to less than 250000 168 37,252,773.10 14.48 81.55 221,742.70
250000 to less than 300000 92 25,030,044.25 9.73 78.60 272,065.70
300000 to less than 350000 44 14,109,024.82 5.48 76.51 320,659.66
350000 to less than 400000 26 9,768,274.58 3.80 76.74 375,702.87
400000 to less than 450000 17 7,172,793.48 2.79 77.01 421,929.03
450000 to less than 500000 14 6,669,104.35 2.59 74.92 476,364.60
500000 to less than 550000 5 2,567,371.75 1.00 74.91 513,474.35
600000 to less than 650000 2 1,247,877.14 0.48 71.35 623,938.57
650000 to less than 700000 2 1,300,000.00 0.51 72.20 650,000.00
700000 to less than 750000 1 700,000.00 0.27 31.80 700,000.00
- -------------------------- ----- --------------- ------- -------------------- ---------------
1,754 257,294,468.94 100.00 77.61 146,690.12
</TABLE>
Range of Current Gross Coupons
<TABLE>
<CAPTION>
Weighted Avg
Total Total Total Coupon Current
Coupon Current Count Balance Current Percent (by Current Balance)
- ------------------------ ----- --------------- ------- --------------------
<S> <C> <C> <C> <C>
5.5 to less than 5.75 1 114,367.00 0.04 5.6250
6.25 to less than 6.5 1 192,306.23 0.07 6.3750
7.25 to less than 7.5 1 111,796.57 0.04 7.2500
7.5 to less than 7.75 3 394,404.34 0.15 7.5000
7.75 to less than 8 23 4,949,555.18 1.92 7.8424
8 to less than 8.25 60 9,813,700.95 3.81 8.0708
8.25 to less than 8.5 151 25,460,658.18 9.90 8.3115
8.5 to less than 8.75 268 41,913,199.24 16.29 8.5685
8.75 to less than 9 520 76,461,569.07 29.72 8.8137
9 to less than 9.25 301 42,682,856.68 16.59 9.0514
9.25 to less than 9.5 178 25,695,445.50 9.99 9.2980
9.5 to less than 9.75 74 10,418,575.40 4.05 9.5327
9.75 to less than 10 70 8,493,752.51 3.30 9.8076
10 to less than 10.25 23 2,639,210.96 1.03 10.0224
10.25 to less than 10.5 18 1,786,626.49 0.69 10.2822
10.5 to less than 10.75 16 1,633,635.05 0.63 10.5516
10.75 to less than 11 13 1,290,985.23 0.50 10.8011
11 to less than 11.25 14 1,650,940.04 0.64 11.0236
11.25 to less than 11.5 9 776,540.89 0.30 11.3329
11.5 to less than 11.75 3 176,927.22 0.07 11.5371
11.75 to less than 12 2 171,380.31 0.07 11.7966
12 to less than 12.25 3 338,940.54 0.13 12.0305
12.5 to less than 12.75 1 73,500.00 0.03 12.5000
14 to less than 14.25 1 53,595.36 0.02 14.0000
- ------------------------ ----- --------------- ------- --------------------
1,754 257,294,468.94 100.00 8.8964
</TABLE>
Range of Current Net Coupons
<TABLE>
<CAPTION>
Weighted Avg
Total Total Total Coupon Net
Coupon Net Count Balance Current Percent (by Current Balance)
- ------------------------ ----- --------------- ------- --------------------
<S> <C> <C> <C> <C>
5.25 to less than 5.5 1 114,367.00 0.04 5.360
6 to less than 6.25 1 192,306.23 0.07 6.110
6.75 to less than 7 1 111,796.57 0.04 6.985
7 to less than 7.25 3 394,404.34 0.15 7.235
7.25 to less than 7.5 7 1,261,827.37 0.49 7.486
7.5 to less than 7.75 47 8,056,690.14 3.13 7.677
7.75 to less than 8 97 18,204,371.26 7.08 7.948
8 to less than 8.25 197 31,644,559.09 12.30 8.184
8.25 to less than 8.5 408 60,475,688.33 23.50 8.437
8.5 to less than 8.75 445 64,097,097.19 24.91 8.659
8.75 to less than 9 230 33,374,704.78 12.97 8.919
9 to less than 9.25 126 17,551,915.80 6.82 9.165
</TABLE>
This information has been prepared by Morgan Stanley & Co. Incorporated in
connection with the sale of these securities by ICIFC, and is based on
information about the mortgage loans provided by or on behalf of ICIFC. Any
information herein regarding the mortgage loans supersedes any prior information
regarding the mortgage loans and is superseded by the information regarding the
mortgage loans set forth in the related Prospectus or Prospectus Supplement.
This information has been provided to you at your request and may not be used or
otherwise disseminated in connection with the offer or sale of these or any
other securities, except in the connection with the initial offer or sale of
these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Additional information is available upon
request. These materials are solely for informational purposes and do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading strategy.
ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A
DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY ICIFC WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
1
<PAGE>
ICIFC COLLATERAL
<TABLE>
<CAPTION>
Weighted Avg
Total Total Total Coupon Net
Coupon Net Count Balance Current Percent (by Current Balance)
- ------------------------ ----- --------------- ------- --------------------
<S> <C> <C> <C> <C>
9.25 to less than 9.5 57 7,310,885.97 2.84 9.438
9.5 to less than 9.75 49 6,078,545.73 2.36 9.655
9.75 to less than 10 17 1,798,225.87 0.70 9.952
10 to less than 10.25 15 1,419,974.42 0.55 10.194
10.25 to less than 10.5 15 1,407,443.39 0.55 10.425
10.5 to less than 10.75 16 1,896,781.14 0.74 10.696
10.75 to less than 11 7 573,775.51 0.22 10.917
11 to less than 11.25 7 639,192.60 0.25 11.134
11.25 to less than 11.5 2 115,961.40 0.05 11.428
11.5 to less than 11.75 3 364,205.71 0.14 11.683
11.75 to less than 12 1 82,653.74 0.03 11.860
12 to less than 12.25 1 73,500.00 0.03 12.235
13.5 to less than 13.75 1 53,595.36 0.02 13.735
- ------------------------ ----- --------------- ------- --------------------
1,754 257,294,468.94 100.00 8.631
</TABLE>
Range of Remaining Term
<TABLE>
<CAPTION>
Weighted Avg
Total Total Total Term Remaining
Term Remaining Count Balance Current Percent (by Current Balance)
- -------------- ----- --------------- ------- --------------------
<S> <C> <C> <C> <C>
170 to 179 87 9,680,337.42 3.76 178.58
180 to 189 34 3,372,345.48 1.31 180.00
300 to 309 1 114,367.00 0.04 309.00
320 to 329 14 2,040,772.67 0.79 326.04
330 to 339 2 197,594.82 0.08 335.16
340 to 349 9 1,321,439.99 0.51 347.40
350 to 359 1,104 162,146,501.34 63.02 358.58
360 to 369 503 78,421,110.22 30.48 360.00
- -------------- ----- --------------- ------- --------------------
1,754 257,294,468.94 100.00 349.54
</TABLE>
Range of Original LTV
<TABLE>
<CAPTION>
Weighted Avg
Total Total Total Ltv Original
Ltv Original PMI Insurance Count Balance Current Percent (by Current Balance)
- ------------ ------------- ----- --------------- ------- --------------------
<S> <C> <C> <C> <C> <C>
0+ to 50 NO INS 125 13,181,931.35 5.12 41.61
50+ to 60 NO INS 99 11,017,128.42 4.28 56.15
60+ to 70 NO INS 247 33,090,123.73 12.86 66.96
70+ to 80 NO INS 693 111,314,622.83 43.26 77.62
80+ to 90 COMNWLTH 542 81,541,584.13 31.69 89.37
GEMICO 3 409,471.36 0.16 89.97
MGIC 2 215,383.10 0.08 86.52
NO INS 10 1,223,453.66 0.48 86.69
PMI 2 354,778.30 0.14 89.97
RMIC 1 134,500.89 0.05 90.00
UGRIC 5 573,522.94 0.22 88.90
90+ to 95 COMNWLTH 13 2,372,986.03 0.92 94.00
MGIC 4 749,767.79 0.29 94.82
PMI 1 206,194.27 0.08 93.80
UGRIC 3 481,927.32 0.19 94.65
95+ to 100 COMNWLTH 4 427,092.82 0.17 96.92
- ------------ ------------- ----- --------------- ------- --------------------
1,754 257,294,468.94 100.00 77.61
</TABLE>
Range of Current LTV
<TABLE>
<CAPTION>
Weighted Avg
Total Total Total Ltv Current
Ltv Current PMI Insurance Count Balance Current Percent (by Current Balance)
- ----------- ------------- ----- --------------- ------- --------------------
<S> <C> <C> <C> <C> <C>
0+ to 50 NO INS 127 13,312,231.35 5.17 41.41
50+ to 60 COMNWLTH 1 43,993.59 0.02 58.66
NO INS 109 11,833,692.25 4.60 55.99
60+ to 70 COMNWLTH 3 305,863.39 0.12 67.27
NO INS 258 34,899,044.01 13.56 66.76
</TABLE>
This information has been prepared by Morgan Stanley & Co. Incorporated in
connection with the sale of these securities by ICIFC, and is based on
information about the mortgage loans provided by or on behalf of ICIFC. Any
information herein regarding the mortgage loans supersedes any prior information
regarding the mortgage loans and is superseded by the information regarding the
mortgage loans set forth in the related Prospectus or Prospectus Supplement.
This information has been provided to you at your request and may not be used or
otherwise disseminated in connection with the offer or sale of these or any
other securities, except in the connection with the initial offer or sale of
these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Additional information is available upon
request. These materials are solely for informational purposes and do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading strategy.
ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A
DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY ICIFC WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
2
<PAGE>
ICIFC COLLATERAL
<TABLE>
<CAPTION>
Weighted Avg
Total Total Total Ltv Current
Ltv Current PMI Insurance Count Balance Current Percent (by Current Balance)
- ----------- ------------- ----- --------------- ------- --------------------
<S> <C> <C> <C> <C> <C>
70+ to 80 COMNWLTH 19 2,457,010.10 0.95 77.37
NO INS 670 108,558,838.72 42.19 77.06
80+ to 90 COMNWLTH 522 79,454,275.94 30.88 88.41
GEMICO 3 409,471.36 0.16 87.76
MGIC 2 215,383.10 0.08 84.50
NO INS 10 1,223,453.66 0.48 85.91
PMI 2 354,778.30 0.14 86.38
RMIC 1 134,500.89 0.05 86.77
UGRIC 5 573,522.94 0.22 87.74
90+ to 95 COMNWLTH 11 1,723,386.58 0.67 93.60
MGIC 4 749,767.79 0.29 94.21
PMI 1 206,194.27 0.08 93.51
UGRIC 3 481,927.32 0.19 91.63
95+ to 100 COMNWLTH 3 357,133.38 0.14 96.26
- ----------- ------------- ----- --------------- ------- --------------------
1,754 257,294,468.94 100.00 76.68
</TABLE>
Property Type
<TABLE>
<CAPTION>
Total Total Total Maximum Maximum
Property Count Balance Current Percent Ltv Original Balance Original
- -------- ----- --------------- ------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
SFR 1,374 208,330,710.95 80.97 97.00 700,000.00
CONDO 136 13,739,450.56 5.34 95.00 300,000.00
D-PUD 76 13,477,571.07 5.24 95.00 650,000.00
PUD 91 12,967,086.43 5.04 90.00 357,300.00
2-FAMILY 54 6,329,251.52 2.46 90.00 297,450.00
3-FAMILY 12 1,338,676.70 0.52 85.00 270,000.00
4-FAMILY 10 1,080,239.83 0.42 75.00 185,000.00
N/A 1 31,481.88 0.01 70.00 31,500.00
- -------- ----- --------------- ------- ------------ ----------------
1,754 257,294,468.94 100.00 97.00 700,000.00
</TABLE>
Owner Occupancy
<TABLE>
<CAPTION>
Total Total Total Maximum Maximum
Owner Occ Count Balance Current Percent Ltv Original Balance Original
- --------- ----- --------------- ------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
OWNER 1,542 237,958,198.83 92.48 97.00 700,000.00
INVESTOR 128 10,750,338.23 4.18 90.00 456,000.00
SECOND 84 8,585,931.88 3.34 90.00 300,000.00
- --------- ----- --------------- ------- ------------ ----------------
1,754 257,294,468.94 100.00 97.00 700,000.00
</TABLE>
Loan Purpose
<TABLE>
<CAPTION>
Total Total Total Maximum Maximum
Loan Purpose Count Balance Current Percent Ltv Original Balance Original
- ------------ ----- --------------- ------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
PURCHASE 1,161 169,154,111.13 65.74 97.00 650,000.00
CASHOUT 352 47,488,431.93 18.46 90.00 700,000.00
REFI 225 37,679,030.58 14.64 95.00 500,000.00
CONSTRUC 16 2,972,895.30 1.16 94.40 611,450.00
- ------------ ----- --------------- ------- ------------ ----------------
1,754 257,294,468.94 100.00 97.00 700,000.00
</TABLE>
Lien Status
<TABLE>
<CAPTION>
Total Total Total
Lien Status Count Balance Current Percent
- ----------- ----- --------------- -------
<S> <C> <C> <C>
1st 1,754 257,294,468.94 100.00
- ----------- ----- --------------- -------
1,754 257,294,468.94 100.00
</TABLE>
Documentation
<TABLE>
<CAPTION>
Total Total Total Maximum Maximum
Loan Doc Count Balance Current Percent Ltv Original Balance Original
- -------- ----- --------------- ------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
EXPRESS 671 98,837,315.36 38.41 90.80 498,500.00
STATED 477 68,333,476.85 26.56 95.00 650,000.00
FULL 334 52,370,160.40 20.35 97.00 700,000.00
NO RATIO 200 28,374,374.79 11.03 80.80 650,000.00
NODOC 53 6,926,750.16 2.69 75.30 423,500.00
</TABLE>
This information has been prepared by Morgan Stanley & Co. Incorporated in
connection with the sale of these securities by ICIFC, and is based on
information about the mortgage loans provided by or on behalf of ICIFC. Any
information herein regarding the mortgage loans supersedes any prior information
regarding the mortgage loans and is superseded by the information regarding the
mortgage loans set forth in the related Prospectus or Prospectus Supplement.
This information has been provided to you at your request and may not be used or
otherwise disseminated in connection with the offer or sale of these or any
other securities, except in the connection with the initial offer or sale of
these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Additional information is available upon
request. These materials are solely for informational purposes and do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading strategy.
ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A
DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY ICIFC WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
3
<PAGE>
ICIFC COLLATERAL
<TABLE>
<CAPTION>
Total Total Total Maximum Maximum
Loan Doc Count Balance Current Percent Ltv Original Balance Original
- -------- ----- --------------- ------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
ALT 18 2,240,391.38 0.87 89.90 300,000.00
LIMITED 1 212,000.00 0.08 80.00 212,000.00
- -------- ----- --------------- ------- ------------ ----------------
1,754 257,294,468.94 100.00 97.00 700,000.00
</TABLE>
State
<TABLE>
<CAPTION>
Total Total Total Maximum Maximum
Address State Count Balance Current Percent Ltv Original Balance Original
- ------------- ----- --------------- ------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
CA 493 95,717,659.01 37.20 96.90 650,000.00
FL 451 49,383,102.12 19.19 96.90 500,000.00
NY 142 21,430,148.36 8.33 90.00 423,500.00
NJ 118 17,142,224.75 6.66 95.00 637,000.00
NV 48 7,154,185.62 2.78 96.90 456,000.00
TX 58 6,664,138.25 2.59 97.00 313,350.00
NC 49 6,559,642.20 2.55 90.00 285,500.00
MA 44 6,461,565.33 2.51 90.00 700,000.00
WA 41 4,807,898.20 1.87 90.00 237,650.00
MD 27 4,739,266.59 1.84 95.00 390,000.00
GA 30 3,878,119.81 1.51 90.00 500,000.00
VA 25 3,740,726.68 1.45 90.00 379,600.00
UT 19 3,384,321.86 1.32 90.00 462,000.00
CT 20 3,283,360.48 1.28 90.00 445,000.00
IL 24 2,821,128.79 1.10 90.00 330,000.00
PA 22 2,609,786.15 1.01 90.00 350,000.00
CO 15 2,076,294.89 0.81 90.00 327,000.00
AZ 18 1,800,913.83 0.70 90.00 157,000.00
OK 9 1,668,704.26 0.65 80.00 420,000.00
TN 11 1,392,174.22 0.54 90.00 247,500.00
OR 13 1,152,913.70 0.45 90.00 162,000.00
RI 11 1,086,105.97 0.42 80.00 178,000.00
MO 9 1,049,615.59 0.41 90.00 300,000.00
DC 6 760,120.80 0.30 90.00 277,200.00
SC 5 615,743.77 0.24 80.00 216,000.00
DE 5 602,466.75 0.23 90.00 400,000.00
IN 4 549,500.00 0.21 90.00 260,000.00
NM 4 536,392.63 0.21 80.00 185,600.00
ID 2 512,600.00 0.20 71.80 312,600.00
MS 1 500,000.00 0.19 66.60 500,000.00
AR 2 478,000.00 0.19 80.00 372,000.00
MN 3 440,301.21 0.17 80.00 244,000.00
AL 4 392,985.15 0.15 90.00 147,750.00
KS 3 358,800.00 0.14 70.00 184,000.00
LA 3 240,655.49 0.09 62.70 90,000.00
ME 3 204,800.00 0.08 80.00 104,800.00
MI 2 190,918.91 0.07 89.00 108,474.00
NH 3 190,050.70 0.07 70.00 102,900.00
VT 1 149,809.66 0.06 75.00 150,000.00
MT 2 133,400.00 0.05 75.00 75,000.00
HI 1 122,223.71 0.05 75.00 123,750.00
WY 1 121,450.00 0.05 74.90 121,450.00
WI 1 121,000.00 0.05 89.60 121,000.00
KY 1 69,253.50 0.03 85.50 69,300.00
- ------------- ----- --------------- ------- ------------ ----------------
1,754 257,294,468.94 100.00 97.00 700,000.00
</TABLE>
This information has been prepared by Morgan Stanley & Co. Incorporated in
connection with the sale of these securities by ICIFC, and is based on
information about the mortgage loans provided by or on behalf of ICIFC. Any
information herein regarding the mortgage loans supersedes any prior information
regarding the mortgage loans and is superseded by the information regarding the
mortgage loans set forth in the related Prospectus or Prospectus Supplement.
This information has been provided to you at your request and may not be used or
otherwise disseminated in connection with the offer or sale of these or any
other securities, except in the connection with the initial offer or sale of
these securities to you to the extent set forth below. NO REPRESENTATION IS MADE
AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE
MATERIALS. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Additional information is available upon
request. These materials are solely for informational purposes and do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading strategy.
ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A
DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY ICIFC WHICH WOULD
CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials
shall be deemed superseded, amended and supplemented in their entirety by such
Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition,
please note that this information has been provided by Morgan Stanley & Co.
Incorporated and approved by Morgan Stanley & Co. International Limited, a
member of the Securities and Futures Authority and Morgan Stanley Japan Ltd. We
recommend that investors obtain the advice of their Morgan Stanley & Co.
International Limited or Morgan Stanley Japan Ltd. representative about the
investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY
THE U.K. SECURITIES AND FUTURES AUTHORITY.
4
