<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): April 25, 1997
ICIFC SECURED ASSETS CORP.
(as Seller under the Pooling and Servicing Agreement,
dated as of March 1, 1997,
providing for the issuance of
Mortgage Pass-Through Certificates, Series 1997-1)
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 hereto are copies of the monthly remittance statements to the
Certificateholders, which were distributed to the Certificateholders
by the Trustee.
Item 7. Statements and Exhibits
- ------- -----------------------
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Description
- -------------- -----------
99.1 Monthly remittance statement to the Certificateholders
dated April 25, 1997.
99.2 Monthly remittance statement to the Certificateholders
dated May 25, 1997.
99.3 Monthly remittance statement to the Certificateholders
dated June 25, 1997.
99.4 Monthly remittance statement to the Certificateholders
dated July 25, 1997.
2
<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: August 5, 1997 By: /s/ Mary Glass-Schannault
________________________________
Name: Mary Glass-Schannault
Title: Vice President and Assistant Secretary
3
<PAGE>
Index to Exhibits
-----------------
<TABLE>
<CAPTION>
Description Page
- ----------- ----
<S> <C>
Monthly remittance statement to the Certificateholders dated April 25, 1997. 5
Monthly remittance statement to the Certificateholders dated May 25, 1997. 9
Monthly remittance statement to the Certificateholders dated June 25, 1997. 13
Monthly remittance statement to the Certificateholders dated July 25, 1997. 17
</TABLE>
4
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 32,898,000.00 32,898,000.00 183,680.50 674,298.13 857,978.63 0.00 0.00 32,223,701.87
A-2 67,450,000.00 67,450,000.00 505,875.00 566,424.37 1,072,299.37 0.00 0.00 66,883,575.63
A-3 19,379,000.00 19,379,000.00 110,621.79 0.00 110,621.79 0.00 0.00 19,379,000.00
A-4 21,578,000.00 21,578,000.00 125,871.67 0.00 125,871.67 0.00 0.00 21,578,000.00
A-5 15,706,000.00 15,706,000.00 94,236.00 0.00 94,236.00 0.00 0.00 15,706,000.00
A-6 16,675,000.00 16,675,000.00 101,439.58 0.00 101,439.58 0.00 0.00 16,675,000.00
A-7 22,209,000.00 22,209,000.00 143,433.13 0.00 143,433.13 0.00 0.00 22,209,000.00
A-8 5,512,000.00 5,512,000.00 35,598.33 0.00 35,598.33 0.00 0.00 5,512,000.00
A-9 6,672,000.00 6,672,000.00 43,090.00 0.00 43,090.00 0.00 0.00 6,672,000.00
A-10 56,121,000.00 56,121,000.00 362,448.13 0.00 362,448.13 0.00 0.00 56,121,000.00
PO 162,446.00 162,446.00 0.00 246.21 246.21 0.00 0.00 162,199.79
X 280,491,412.41 270,718,591.23 210,583.89 0.00 210,583.89 0.00 0.00 269,480,856.21
B-1 6,311,000.00 6,311,000.00 40,758.54 4,353.27 45,111.81 0.00 0.00 6,306,646.73
B-2 2,805,000.00 2,805,000.00 18,115.63 1,934.87 20,050.50 0.00 0.00 2,803,065.13
B-3 2,104,000.00 2,104,000.00 13,588.33 1,451.32 15,039.65 0.00 0.00 2,102,548.68
B-4 2,384,000.00 2,384,000.00 15,396.67 1,644.47 17,041.14 0.00 0.00 2,382,355.53
B-5 1,262,000.00 1,262,000.00 8,150.42 870.52 9,020.94 0.00 0.00 1,261,129.48
B-6 1,262,766.00 1,262,766.00 8,155.36 871.05 9,026.41 0.00 0.00 1,261,894.95
R-1 100.00 100.00 0.65 100.00 100.65 0.00 0.00 0.00
R-2 100.00 100.00 0.65 100.00 100.65 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
TOTALS 280,491,412.00 280,491,412.00 2,021,044.27 1,252,294.21 3,273,338.48 0.00 0.00 279,239,117.79
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 44926MAA8 1,000.000000 5.583333 20.496630 26.079963 979.503370 6.700000% 6.700000%
A-2 44926MAB6 1,000.000000 7.500000 8.397693 15.897693 991.602307 9.000000% 9.000000%
A-3 44926MAC4 1,000.000000 5.708333 0.000000 5.708333 1,000.000000 6.850000% 6.850000%
A-4 44926MAD2 1,000.000000 5.833333 0.000000 5.833333 1,000.000000 7.000000% 7.000000%
A-5 44906MAE0 1,000.000000 6.000000 0.000000 6.000000 1,000.000000 7.200000% 7.200000%
A-6 44926MAF7 1,000.000000 6.083333 0.000000 6.083333 1,000.000000 7.300000% 7.300000%
A-7 44926MAG5 1,000.000000 6.458334 0.000000 6.458334 1,000.000000 7.750000% 7.750000%
A-8 44926MAH3 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
A-9 44926MAJ9 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
A-10 44926MAK6 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
PO 44926MAV2 1,000.000000 0.000000 1.515642 1.515642 998.484358 0.000000% 0.000000%
X 44926MAP5 1,000.000000 0.777870 0.000000 0.777870 995.427964 0.933444% 0.931981%
B-1 44926MAL4 1,000.000000 6.458333 0.689791 7.148124 999.310209 7.750000% 7.750000%
B-2 44926MAM2 1,000.000000 6.458335 0.689793 7.148128 999.310207 7.750000% 7.750000%
B-3 44926MAN0 1,000.000000 6.458332 0.689791 7.148123 999.310209 7.750000% 7.750000%
B-4 44926MAQ3 1,000.000000 6.458335 0.689794 7.148129 999.310206 7.750000% 7.750000%
B-5 44926MAR1 1,000.000000 6.458336 0.689794 7.148130 999.310206 7.750000% 7.750000%
B-6 44926MAS9 1,000.000000 6.458330 0.689795 7.148126 999.310205 7.750000% 7.750000%
R-1 44926MAT7 100.000000 0.650000 100.000000 100.650000 0.000000 7.750000% 0.000000%
R-2 44926MAU4 100.000000 0.650000 100.000000 100.650000 0.000000 7.750000% 0.000000%
- --------------------------------------------------------------------------------------------------------------------------------
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Melanie Anbarci
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: March 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: April 25, 1997 FACTOR INFORMATION: (800) 735-7777
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC II
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
II-A-1 32,898,000.00 32,898,000.00 237,179.61 674,298.13 911,477.74 0.00 0.00 32,223,701.87
II-A-2 67,450,000.00 67,450,000.00 486,283.80 566,424.37 1,052,708.17 0.00 0.00 66,883,575.63
II-A-3 19,379,000.00 19,379,000.00 139,713.77 0.00 139,713.77 0.00 0.00 19,379,000.00
II-A-4 21,578,000.00 21,578,000.00 155,567.56 0.00 155,567.56 0.00 0.00 21,578,000.00
II-A-5 15,706,000.00 15,706,000.00 113,233.11 0.00 113,233.11 0.00 0.00 15,706,000.00
II-A-6 16,675,000.00 16,675,000.00 120,219.16 0.00 120,219.16 0.00 0.00 16,675,000.00
II-A-7 22,209,000.00 22,209,000.00 160,116.78 0.00 160,116.78 0.00 0.00 22,209,000.00
II-A-8 5,512,000.00 5,512,000.00 39,739.01 0.00 39,739.01 0.00 0.00 5,512,000.00
II-A-9 6,672,000.00 6,672,000.00 48,102.08 0.00 48,102.08 0.00 0.00 6,672,000.00
II-A-10 56,121,000.00 56,121,000.00 404,606.87 0.00 404,606.87 0.00 0.00 56,121,000.00
II-PO 162,446.00 162,446.00 0.00 246.21 246.21 0.00 0.00 162,199.79
II-B-1 6,311,000.00 6,311,000.00 45,499.44 4,353.27 49,852.71 0.00 0.00 6,306,646.73
II-B-2 2,805,000.00 2,805,000.00 20,222.77 1,934.87 22,157.64 0.00 0.00 2,803,065.13
II-B-3 2,104,000.00 2,104,000.00 15,168.88 1,451.32 16,620.20 0.00 0.00 2,102,548.68
II-B-4 2,384,000.00 2,384,000.00 17,187.56 1,644.47 18,832.03 0.00 0.00 2,382,355.53
II-B-5 1,262,000.00 1,262,000.00 9,098.45 870.52 9,968.97 0.00 0.00 1,261,129.48
II-B-6 1,262,766.00 1,262,766.00 9,103.97 871.05 9,975.02 0.00 0.00 1,261,894.95
II-R-1 100.00 100.00 0.72 100.00 100.72 0.00 0.00 0.00
R-2 100.00 100.00 0.72 100.00 100.72 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
TOTALS 280,491,412.00 280,491,412.00 2,021,044.27 1,252,294.21 3,273,338.48 0.00 0.00 279,239,117.79
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
II-A-1 IC9701201 1,000.000000 7.209545 20.496630 27.706175 979.503370 8.651454% 8.649897%
II-A-2 IC9701202 1,000.000000 7.209545 8.397693 15.607238 991.602307 8.651454% 8.649897%
II-A-3 IC9701203 1,000.000000 7.209545 0.000000 7.209545 1,000.000000 8.651454% 8.649897%
II-A-4 IC9701204 1,000.000000 7.209545 0.000000 7.209545 1,000.000000 8.651454% 8.649897%
II-A-5 IC9701205 1,000.000000 7.209545 0.000000 7.209545 1,000.000000 8.651454% 8.649897%
II-A-6 IC9701206 1,000.000000 7.209545 0.000000 7.209545 1,000.000000 8.651454% 8.649897%
II-A-7 IC9701207 1,000.000000 7.209545 0.000000 7.209545 1,000.000000 8.651454% 8.649897%
II-A-8 IC9701208 1,000.000000 7.209545 0.000000 7.209545 1,000.000000 8.651454% 8.649897%
II-A-9 IC9701209 1,000.000000 7.209545 0.000000 7.209545 1,000.000000 8.651454% 8.649897%
II-A-10 IC9701210 1,000.000000 7.209545 0.000000 7.209545 1,000.000000 8.651454% 8.649897%
II-PO IC9701213 1,000.000000 0.000000 1.515642 1.515642 998.484358 0.000000% 0.000000%
II-B-1 IC9701215 1,000.000000 0.720954 0.689791 1.410745 999.310209 8.651454% 8.649897%
II-B-2 IC9701216 1,000.000000 0.720954 0.689793 1.410748 999.310207 8.651454% 8.649897%
II-B-3 IC9701217 1,000.000000 0.720954 0.689791 1.410745 999.310209 8.651454% 8.649897%
II-B-4 IC9701218 1,000.000000 0.720954 0.689794 1.410749 999.310206 8.651454% 8.649897%
II-B-5 IC9701219 1,000.000000 0.720954 0.689794 1.410748 999.310206 8.651454% 8.649897%
II-B-6 IC9701220 1,000.000000 0.720954 0.689795 1.410750 999.310205 8.651454% 8.649897%
II-R-1 IC9701221 1,000.000000 0.721000 1,000.000000 1,000.721000 0.000000 8.651454% 0.0000000
R-2 IC9701222 100.000000 0.721000 100.000000 100.721000 0.000000 8.651454% 0.0000000
- ---------------------------------------------------------------------------------------------------------------------------------
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Melanie Anbarci
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: March 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: April 25, 1997 FACTOR INFORMATION: (800) 735-7777
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
- --------------------------------------------------------------------------------
Distribution Date: April 25, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class Interest Accrued Interest Shortfall
---------------- ------------------ -------------------
<C> <S> <C>
A-1 183,680.50 0.00
A-2 505,875.00 0.00
A-3 110,621.79 0.00
A-4 125,871.67 0.00
A-5 94,236.00 0.00
A-6 101,439.58 0.00
A-7 143,433.13 0.00
A-8 35,598.33 0.00
A-9 43,090.00 0.00
A-10 362,448.13 0.00
X 210,583.89 0.00
B-1 40,758.54 0.00
B-2 18,115.63 0.00
B-3 13,588.33 0.00
B-4 15,396.67 0.00
B-5 8,150.42 0.00
B-6 8,155.36 0.00
R-1 0.65 0.00
<S> <C>
Monthly Interest Advanced 314,923.20
Monthly Principal Advanced 28,305.12
Compensatory Interest Payments made by Master Servicer 7,073.97
Realized Losses
a) Due to Deficient Valuations 0.00
b) Liquidated Mortgage Loans 0.00
Scheduled Principal 193,695.22
Principal Prepayments
a) Received from Liquidated Mortgage Loans 0.00
b) All other principal received during related Prepayment Period 1,058,598.99
c) Principal amount received from Net Liquidation Proceeds 0.00
Number of Mortgage Loans (excluding REO Property) remaining as of the end related Due Period: 1918
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Distribution Date: April 25, 1997
- ---------------------------------------------------------------------------------------------------------------------------------
DELINQUENCY 30 TO 59 60 TO 89 90 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL:
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 2,074,609.56 585,748.27 0.00 2,660,357.83
NUMBER OF LOANS 18 2 0 20
- ---------------------------------------------------------------------------------------------------------------------------------
LOANS IN FORECLOSURE
- ---------------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
LOANS IN BANKRUPTCY
- ---------------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
LOANS IN REO STATUS
- ---------------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
Book Value of all REO Property 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------
AGGREGATE REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
- -------------------------------------------------------------------------------
<S> <C>
A-2 0.00
A-3 0.00
A-4 0.00
A-5 0.00
A-6 0.00
A-7 0.00
A-8 0.00
A-9 0.00
A-10 0.00
PO 0.00
X 0.00
B-1 0.00
B-3 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
R-2 0.00
- -------------------------------------------------------------------------------
Applicable Senior Percentage 94.25%
Applicable Subordinate Percentage 5.75%
Applicable Senior Prepayment Percentage 100.00%
Applicable Subordinate Prepayment Percentage 0.00%
- -------------------------------------------------------------------------------
</TABLE>
8 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 32,898,000.00 32,223,701.87 179,915.67 1,799,481.95 1,979,397.62 0.00 0.00 30,424,219.92
A-2 67,450,000.00 66,883,575.63 501,626.82 1,511,602.04 2,013,228.86 0.00 0.00 65,371,973.59
A-3 19,379,000.00 19,379,000.00 110,621.79 0.00 110,621.79 0.00 0.00 19,379,000.00
A-4 21,578,000.00 21,578,000.00 125,871.67 0.00 125,871.67 0.00 0.00 21,578,000.00
A-5 15,706,000.00 15,706,000.00 94,236.00 0.00 94,236.00 0.00 0.00 15,706,000.00
A-6 16,675,000.00 16,675,000.00 101,439.58 0.00 101,439.58 0.00 0.00 16,675,000.00
A-7 22,209,000.00 22,209,000.00 143,433.13 0.00 143,433.13 0.00 0.00 22,209,000.00
A-8 5,512,000.00 5,512,000.00 35,598.33 0.00 35,598.33 0.00 0.00 5,512,000.00
A-9 6,672,000.00 6,672,000.00 43,090.00 0.00 43,090.00 0.00 0.00 6,672,000.00
A-10 56,121,000.00 56,121,000.00 362,448.13 0.00 362,448.13 0.00 0.00 56,121,000.00
PO 162,446.00 162,199.79 0.00 268.80 268.80 0.00 0.00 161,930.99
X 270,718,591.23 269,480,856.21 209,691.49 0.00 209,691.49 0.00 0.00 266,174,338.09
B-1 6,311,000.00 6,306,646.73 40,730.43 4,376.41 45,106.84 0.00 0.00 6,302,270.32
B-2 2,805,000.00 2,803,065.13 18,103.13 1,945.15 20,048.28 0.00 0.00 2,801,119.98
B-3 2,104,000.00 2,102,548.68 13,578.96 1,459.04 15,038.00 0.00 0.00 2,101,089.64
B-4 2,384,000.00 2,382,355.53 15,386.05 1,653.21 17,039.26 0.00 0.00 2,380,702.32
B-5 1,262,000.00 1,261,129.48 8,144.79 875.13 9019.94 0.00 0.00 1260254.33
B-6 1,262,766.00 1,261,894.95 8,149.74 875.68 9025.42 0.00 0.00 1261019.27
R-1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 280,491,412.00 279,239,117.79 2,012,065.71 3,322,537.43 5,334,603.14 0.00 0.00 275,916,580.36
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PASS THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 44926MAA8 979.503370 5.468894 54.698825 60.167719 924.804545 6.700000% 6.700000%
A-2 44926MAB6 991.602307 7.437017 22.410705 29.847722 969.191603 9.000000% 9.000000%
A-3 44926MAC4 1,000.000000 5.708333 0.000000 5.708333 1,000.000000 6.850000% 6.850000%
A-4 44926MAD2 1,000.000000 5.833333 0.000000 5.833333 1,000.000000 7.000000% 7.000000%
A-5 44906MAE0 1,000.000000 6.000000 0.000000 6.000000 1,000.000000 7.200000% 7.200000%
A-6 44926MAF7 1,000.000000 6.083333 0.000000 6.083333 1,000.000000 7.300000% 7.300000%
A-7 44926MAG5 1,000.000000 6.458334 0.000000 6.458334 1,000.000000 7.750000% 7.750000%
A-8 44926MAH3 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
A-9 44926MAJ9 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
A-10 44926MAK6 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
PO 44926MAV2 998.484358 0.000000 1.654704 1.654704 996.829654 0.000000% 0.000000%
X 44926MAP5 995.427964 0.774574 0.000000 0.774574 983.214108 0.933758% 0.931372%
B-1 44926MAL4 999.310209 6.453879 0.693457 7.147336 998.616752 7.750000% 7.750000%
B-2 44926MAM2 999.310207 6.453879 0.693458 7.147337 999.616749 7.750000% 7.750000%
B-3 44926MAN0 999.310209 6.453878 0.693460 7.147338 998.616749 7.750000% 7.750000%
B-4 44926MAQ3 999.310206 6.453880 0.693461 7.147341 998.616745 7.750000% 7.750000%
B-5 44926MAR1 999.310206 6.453875 0.693463 7.147338 998.616743 7.750000% 7.750000%
B-6 44926MAS9 999.310205 6.453880 0.693462 7.147342 998.616743 7.750000% 7.750000%
R-1 44926MAT7 0.000000 0.000000 0.000000 0.000000 0.000000 7.750000% 7.750000%
R-2 44926MAU4 0.000000 0.000000 0.000000 0.000000 0.000000 7.750000% 7.750000%
- ------------------------------------------------------------------------------------------------------------------------------------
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Melanie Anbarci
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: April 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: May 27, 1997 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFIC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC II
REVISED
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
II-A-1 32,898,000.00 32,223,701.87 232,323.79 1,799,481.95 2,031,805.73 0.00 0.00 30,424,219.92
II-A-2 67,450,000.00 66,883,575.63 482,211.68 1,511,602.04 1,993,813.72 0.00 0.00 65,371,973.59
II-A-3 19,379,000.00 19,379,000.00 139,717.11 0.00 139,717.11 0.00 0.00 19,379,000.00
II-A-4 21,578,000.00 21,578,000.00 155,571.28 0.00 155,571.28 0.00 0.00 21,578,000.00
II-A-5 15,706,000.00 15,706,000.00 113,235.82 0.00 113,235.82 0.00 0.00 15,706,000.00
II-A-6 16,675,000.00 16,675,000.00 120,222.04 0.00 120,222.04 0.00 0.00 16,675,000.00
II-A-7 22,209,000.00 22,209,000.00 160,120.61 0.00 160,120.61 0.00 0.00 22,209,000.00
II-A-8 5,512,000.00 5,512,000.00 39,739.96 0.00 39,739.96 0.00 0.00 5,512,000.00
II-A-9 6,672,000.00 6,672,000.00 48,103.23 0.00 48,103.23 0.00 0.00 6,672,000.00
II-A-10 56,121,000.00 56,121,000.00 404,616.55 0.00 404,616.55 0.00 0.00 56,121,000.00
II-PO 162,446.00 162,199.79 0.00 268.80 268.80 0.00 0.00 161,930.99
II-B-1 6,311,000.00 6,306,646.73 45,469.14 4,376.41 49,845.55 0.00 0.00 6,302,270.32
II-B-2 2,805,000.00 2,803,065.13 20,209.31 1,945.15 22,154.46 0.00 0.00 2,801,119.98
II-B-3 2,104,000.00 2,102,548.68 15,158.78 1,459.04 16,617.82 0.00 0.00 2,101,089.64
II-B-4 2,384,000.00 2,382,355.59 17,176.11 1,653.21 18,829.32 0.00 0.00 2,380,702.32
II-B-5 1,262,000.00 1,261,129.48 9,092.39 875.15 9,967.54 0.00 0.00 1,260,254.33
II-B-6 1,262,766.00 1,261,894.95 9,097.91 875.68 9,973.59 0.00 0.00 1,261,019.27
II-R-1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 280,491,412.00 279,239,117.79 2,012,065.71 3,322,537.43 5,334,603.14 0.00 0.00 275,916,580.36
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
II-A-1 IC9701201 979.503370 7.061943 54.698825 61.760768 924.804545 8.651661% 8.649025%
II-A-2 IC9701202 991.602307 7.149172 22.410705 29.559877 969.191603 8.651661% 8.649025%
II-A-3 IC9701203 1,000.000000 7.209717 0.000000 7.209717 1,000.000000 8.651661% 8.649025%
II-A-4 IC9701204 1,000.000000 7.209717 0.000000 7.209717 1,000.000000 8.651661% 8.649025%
II-A-5 IC9701205 1,000.000000 7.209717 0.000000 7.209717 1,000.000000 8.651661% 8.649025%
II-A-6 IC9701206 1,000.000000 7.209717 0.000000 7.209717 1,000.000000 8.651661% 8.649025%
II-A-7 IC9701207 1,000.000000 7.209717 0.000000 7.209717 1,000.000000 8.651661% 8.649025%
II-A-8 IC9701208 1,000.000000 7.209717 0.000000 7.209717 1,000.000000 8.651661% 8.649025%
II-A-9 IC9701209 1,000.000000 7.209717 0.000000 7.209717 1,000.000000 8.651661% 8.649025%
II-A-10 IC9701210 1,000.000000 7.209717 0.000000 7.209717 1,000.000000 8.651661% 8.649025%
II-PO IC9701213 998.484358 0.000000 1.654704 1.654704 996.829654 0.000000% 0.000000%
II-B-1 IC9701215 999.310209 0.720474 0.693457 1.413932 998.616752 8.651661% 8.649025%
II-B-2 IC9701216 999.310207 0.720474 0.693458 1.413933 998.616749 8.651661% 8.649025%
II-B-3 IC9701217 999.310209 0.720474 0.693460 1.413934 998.616749 8.651661% 8.649025%
II-B-4 IC9701218 999.310206 0.720474 0.693461 1.413935 998.616745 8.651661% 8.649025%
II-B-5 IC9701219 999.310206 0.720474 0.693463 1.413937 998.616743 8.651661% 8.649025%
II-B-6 IC9701220 999.310205 0.720474 0.693462 1.413936 998.616743 8.651661% 8.649025%
II-R-1 IC9701221 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
R-2 IC9701222 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- ------------------------------------------------------------------------------------------------------------------------------------
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Melanie Anbarci
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: April 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: May 27, 1997 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REVISED
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Distribution Date: May 27, 1997
- ---------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Interest Shortfall
--------- ---------------- ------------------
<S> <C> <C>
A-1 179,915.67 0.00
A-2 501,626.82 0.00
A-3 110,621.79 0.00
A-4 125,871.67 0.00
A-5 94,236.00 0.00
A-6 101,439.58 0.00
A-7 143,433.13 0.00
A-8 35,598.33 0.00
A-9 43,090.00 0.00
A-10 362,448.13 0.00
X 209,691.49 0.00
B-1 40,730.43 0.00
B-2 18,103.13 0.00
B-3 13,578.95 0.00
B-4 15,386.05 0.00
B-5 8,144.79 0.00
B-6 8,149.74 0.00
R-1 0.00 0.00
<S> <C>
Monthly Interest Advanced 241,121.76
Monthly Principal Advanced 20,810.85
Compensatory Interest Payments made by Master Servicer 2,696.22
Realized Losses
a) Due to Deficient Valuations 0.00
b) Liquidated Mortgage Loans 0.00
Scheduled Principal 193,988.47
Principal Prepayments
a) Received from Liquidated Mortgage Loans 0.00
b) All other principal received during related Prepayment Period 3,128,548.96
c) Principal amount received from Net Liquidation Proceeds 0.00
Number of Mortgage Loans (excluding REO Property) remaining as of the end related Due Period: 1905
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REVISED
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
Distribution Date: May 27, 1997
- -----------------------------------------------------------------------------------------------
DELINQUENCY 30 TO 59 60 TO 89 90 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL:
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SCHEDULED PRINCIPAL BALANCE 2,799,775.31 358,619.44 0.00 3,158,394.75
NUMBER OF LOANS 19 1 0 20
- -----------------------------------------------------------------------------------------------
LOANS IN FORECLOSURE
- -----------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 53,877.56 0.00 0.00 53,908.51
NUMBER OF LOANS 1 0 0 1
- -----------------------------------------------------------------------------------------------
LOANS IN BANKRUPTCY
- -----------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- -----------------------------------------------------------------------------------------------
LOANS IN REO STATUS
- -----------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- -----------------------------------------------------------------------------------------------
Book Value of all REO Property 0.00
- -----------------------------------------------------------------------------------------------
AGGREGATE REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
- -----------------------------------------------------------------------------------------------
<S> <C>
A-2 0.00
A-3 0.00
A-4 0.00
A-5 0.00
A-6 0.00
A-7 0.00
A-8 0.00
A-9 0.00
A-10 0.00
PO 0.00
X 0.00
B-1 0.00
B-3 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
R-2 0.00
- ----------------------------------------------------------------------------------------------
Applicable Senior Percentage 94.23%
Applicable Subordinate Percentage 5.77%
Applicable Senior Prepayment Percentage 100.00%
Applicable Subordinate Prepayment Percentage 0.00%
- ----------------------------------------------------------------------------------------------
</TABLE>
12 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 32,898,000.00 30,424,219.92 169,868.56 1,734,366.36 1,904,234.92 0.00 0.00 28,689,853.56
A-2 67,450,000.00 65,371,973.59 490,289.80 1,456,903.60 1,947,193.40 0.00 0.00 63,915,069.99
A-3 19,379,000.00 19,379,000.00 110,621.79 0.00 110,621.79 0.00 0.00 19,379,000.00
A-4 21,578,000.00 21,578,000.00 125,871.67 0.00 125,871.67 0.00 0.00 21,578,000.00
A-5 15,706,000.00 15,706,000.00 94,236.00 0.00 94,236.00 0.00 0.00 15,706,000.00
A-6 16,675,000.00 16,675,000.00 101,439.58 0.00 101,439.58 0.00 0.00 16,675,000.00
A-7 22,209,000.00 22,209,000.00 143,433.13 0.00 143,433.13 0.00 0.00 22,209,000.00
A-8 5,512,000.00 5,512,000.00 35,598.33 0.00 35,598.33 0.00 0.00 5,512,000.00
A-9 6,672,000.00 6,672,000.00 43,090.00 0.00 43,090.00 0.00 0.00 6,672,000.00
A-10 56,121,000.00 56,121,000.00 362,448.13 0.00 362,448.13 0.00 0.00 56,121,000.00
PO 162,446.00 161,930.99 0.00 482.89 482.89 0.00 0.00 161,448.10
X 280,491,412.41 266,174,338.10 206,995.15 0.00 206,995.15 0.00 0.00 262,998,206.56
B-1 6,311,000.00 6,302,270.32 40,702.16 4,438.15 45,140.31 0.00 0.00 6,297,832.17
B-2 2,805,000.00 2,801,119.98 18,090.57 1,972.59 20,063.16 0.00 0.00 2,799,147.39
B-3 2,104,000.00 2,101,089.64 13,569.54 1,479.62 15,049.16 0.00 0.00 2,099,610.02
B-4 2,384,000.00 2,380,702.32 15,375.37 1,676.53 17,051.90 0.00 0.00 2,379,025.79
B-5 1,262,000.00 1,260,254.33 8,139.14 887.49 9,026.63 0.00 0.00 1,259,366.84
B-6 1,232,766.00 1,261,019.27 8,144.08 888.03 9,032.11 0.00 0.00 1,260,131.24
R-1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------------
TOTALS 280,491,412.00 275,916,580.36 1,987,913.00 3,203,095.26 5,191,008.26 0.00 0.00 272,713,485.10
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 44926MAA8 924.804545 5.163492 52.719508 57.883000 872.085037 6.700000% 6.700000%
A-2 44926MAB6 969.191603 7.268937 21.599757 28.868694 947.591846 9.000000% 9.000000%
A-3 44926MAC4 1,000.000000 5.708333 0.000000 5.708333 1,000.000000 6.850000% 6.850000%
A-4 44926MAD2 1,000.000000 5.833333 0.000000 5.833333 1,000.000000 7.000000% 7.000000%
A-5 44906MAE0 1,000.000000 6.000000 0.000000 6.000000 1,000.000000 7.200000% 7.200000%
A-6 44926MAF7 1,000.000000 6.083333 0.000000 6.083333 1,000.000000 7.300000% 7.300000%
A-7 44926MAG5 1,000.000000 6.458334 0.000000 6.458334 1,000.000000 7.750000% 7.750000%
A-8 44926MAH3 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
A-9 44926MAJ9 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
A-10 44926MAK6 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
PO 44926MAV2 996.829654 0.000000 2.972619 2.972619 993.857036 0.000000% 0.000000%
X 44926MAP5 948.957174 0.737973 0.000000 0.737973 937.633720 0.933201% 0.927699%
B-1 44926MAL4 998.616752 6.449399 0.703240 7.152640 997.913511 7.750000% 7.750000%
B-2 44926MAM2 998.616749 6.449401 0.703241 7.152642 997.913508 7.750000% 7.750000%
B-3 44926MAN0 998.616749 6.449401 0.703241 7.152643 997.913508 7.750000% 7.750000%
B-4 44926MAQ3 998.616745 6.449400 0.703242 7.152643 997.913503 7.750000% 7.750000%
B-5 44926MAR1 998.616743 6.449398 0.703241 7.152639 997.913502 7.750000% 7.750000%
B-6 44926MAS9 998.616743 6.449398 0.703242 7.152640 997.913501 7.750000% 7.750000%
R-1 44926MAT7 0.000000 0.000000 0.000000 0.000000 0.00000000 7.750000% 7.750000%
R-2 44926MAU4 0.000000 0.000000 0.000000 0.000000 0.00000000 0.000000% 0.000000%
- ------------------------------------------------------------------------------------------------------------------------------
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Melanie Anbarci
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: May 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: June 25, 1997 FACTOR INFORMATION: (800) 735-7777
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
13 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC II
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
II-A-1 32,898,000.00 30,424,219.92 219,327.95 1,734,366.36 1,953,694.31 0.00 0.00 28,689,853.56
II-A-2 67,450,000.00 65,371,973.59 471,266.02 1,456,903.60 1,928,169.62 0.00 0.00 63,915,069.99
II-A-3 19,379,000.00 19,379,000.00 139,703.05 0.00 139,703.05 0.00 0.00 19,379,000.00
II-A-4 21,578,000.00 21,578,000.00 155,555.62 0.00 155,555.62 0.00 0.00 21,578,000.00
II-A-5 15,706,000.00 15,706,000.00 113,224.42 0.00 113,224.42 0.00 0.00 15,706,000.00
II-A-6 16,675,000.00 16,675,000.00 120,209.94 0.00 120,209.94 0.00 0.00 16,675,000.00
II-A-7 22,209,000.00 22,209,000.00 160,104.50 0.00 160,104.50 0.00 0.00 22,209,000.00
II-A-8 5,512,000.00 5,512,000.00 39,735.96 0.00 39,735.96 0.00 0.00 5,512,000.00
II-A-9 6,672,000.00 6,672,000.00 48,098.39 0.00 48,098.39 0.00 0.00 6,672,000.00
II-A-10 56,121,000.00 56,121,000.00 404,575.83 0.00 404,575.83 0.00 0.00 56,121,000.00
II-PO 162,446.00 161,930.99 0.00 482.89 482.89 0.00 0.00 161,448.10
II-B-1 6,311,000.00 6,302,270.32 45,433.01 4,438.15 49,871.16 0.00 0.00 6,297,832.17
II-B-2 2,805,000.00 2,801,119.98 20,193.25 1,972.59 22,165.84 0.00 0.00 2,799,147.39
II-B-3 2,104,000.00 2,101,089.64 15,146.74 1,479.62 16,626.36 0.00 0.00 2,099,610.02
II-B-4 2,384,000.00 2,380,702.32 17,162.46 1,676.53 18,838.99 0.00 0.00 2,379,025.79
II-B-5 1,262,000.00 1,260,254.33 9,085.16 887.49 9,972.65 0.00 0.00 1,259,366.84
II-B-6 1,262,766.00 1,261,019.27 9,090.68 888.03 9,978.71 0.00 0.00 1,260,131.24
II-R-1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------------
TOTALS 280,491,412.00 275,916,580.36 1,987,913.00 3,203,095.26 5,191,008.26 0.00 0.00 272,713,485.10
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
II-A-1 IC9701201 924.804545 6.666908 52.719508 59.386416 872.085037 8.650790% 8.645191%
II-A-2 IC9701202 969.191603 6.986894 21.599757 28.586651 947.591846 8.650790% 8.645191%
II-A-3 IC9701203 1,000.000000 7.208992 0.000000 7.208992 1,000.000000 8.650790% 8.645191%
II-A-4 IC9701204 1,000.000000 7.208992 0.000000 7.208992 1,000.000000 8.650790% 8.645191%
II-A-5 IC9701205 1,000.000000 7.208992 0.000000 7.208992 1,000.000000 8.650790% 8.645191%
II-A-6 IC9701206 1,000.000000 7.208992 0.000000 7.208992 1,000.000000 8.650790% 8.645191%
II-A-7 IC9701207 1,000.000000 7.208992 0.000000 7.208992 1,000.000000 8.650790% 8.645191%
II-A-8 IC9701208 1,000.000000 7.208992 0.000000 7.208992 1,000.000000 8.650790% 8.645191%
II-A-9 IC9701209 1,000.000000 7.208992 0.000000 7.208992 1,000.000000 8.650790% 8.645191%
II-A-10 IC9701210 1,000.000000 7.208992 0.000000 7.208992 1,000.000000 8.650790% 8.645191%
II-PO IC9701213 996.829654 0.000000 2.972619 2.972619 993.857036 0.000000% 0.000000%
II-B-1 IC9701215 998.616752 0.719902 0.703240 1.423142 997.913511 8.650790% 8.645191%
II-B-2 IC9701216 998.616749 0.719902 0.703241 1.423143 997.913508 8.650790% 8.645191%
II-B-3 IC9701217 998.616749 0.719902 0.703241 1.423143 997.913508 8.650790% 8.645191%
II-B-4 IC9701218 998.616745 0.719902 0.703242 1.423144 997.913503 8.650790% 8.645191%
II-B-5 IC9701219 998.616743 0.719902 0.703241 1.423143 997.913502 8.650790% 8.645191%
II-B-6 IC9701220 998.616743 0.719902 0.703242 1.423144 997.913501 8.650790% 8.645191%
II-R-1 IC9701221 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
R-2 IC9701222 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -------------------------------------------------------------------------------------------------------------------------------
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Melanie Anbarci
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: May 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: June 25, 1997 FACTOR INFORMATION (800) 735-7777
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
14 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Distribution Date: June 25, 1997
- ------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Interest Shortfall
----------- ---------------- ------------------
<C> <S> <C>
A-1 169,868.56 0.00
A-2 490,289.80 0.00
A-3 110,621.79 0.00
A-4 125,871.67 0.00
A-5 94,236.00 0.00
A-6 101,439.58 0.00
A-7 143,433.13 0.00
A-8 35,598.33 0.00
A-9 43,090.00 0.00
A-10 362,448.13 0.00
X 206,995.15 0.00
B-1 40,702.16 0.00
B-2 18,090.57 0.00
B-3 13,569.54 0.00
B-4 15,375.37 0.00
B-5 8,139.14 0.00
B-6 8,144.08 0.00
R-1 0.00 0.00
<S> <C>
Monthly Interest Advanced 451,666.17
Monthly Principal Advanced 41,965.78
Compensatory Interest Payments made by Master Servicer 15,291.19
Realized Losses
a) Due to Deficient Valuations 0.00
b) Liquidated Mortgage Loans 0.00
Scheduled Principal 194,522.38
Principal Prepayments
a) Received from Liquidated Mortgage Loans 0.00
b) All other principal received during related Prepayment Period 3,008,572.88
c) Principal amount received from Net Liquidation Proceeds 0.00
Number of Mortgage Loans (excluding REO Property) remaining as of the end related Due Period: 1891
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
15 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Distribution Date: June 25, 1997
- --------------------------------------------------------------------------------------------------------
DELINQUENCY 30 TO 59 60 TO 89 90 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL:
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SCHEDULED PRINCIPAL BALANCE 1,750,806.34 694,971.46 0.00 2,445,777.80
NUMBER OF LOANS 12 2 0 14
- --------------------------------------------------------------------------------------------------------
LOANS IN FORECLOSURE
- --------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 553,981.44 0.00 554,248.79
NUMBER OF LOANS 0 3 0 3
- --------------------------------------------------------------------------------------------------------
LOANS IN BANKRUPTCY
- --------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- --------------------------------------------------------------------------------------------------------
LOANS IN REO STATUS
- --------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- --------------------------------------------------------------------------------------------------------
Book Value of all REO Property 0.00
- --------------------------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
- --------------------------------------------------------------------------------------------------------
<S> <C>
A-2 0.00
A-3 0.00
A-4 0.00
A-5 0.00
A-6 0.00
A-7 0.00
A-8 0.00
A-9 0.00
A-10 0.00
PO 0.00
X 0.00
B-1 0.00
B-3 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
R-2 0.00
- --------------------------------------------------------------------------------------------------------
<S> <C>
Applicable Senior Percentage 94.16%
Applicable Subordinate Percentage 5.84%
Applicable Senior Prepayment Percentage 100.00%
Applicable Subordinate Prepayment Percentage 0.00%
- -------------------------------------------------------------------------------------------------------
</TABLE>
16 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 32,898,000.00 28,689,853.56 160,185.02 1,588,935.02 1,749,120.04 0.00 0.00 27,100,918.54
A-2 67,450,000.00 63,915,069.99 479,363.02 1,334,738.26 1,814,101.28 0.00 0.00 62,580,331.73
A-3 19,379,000.00 19,379,000.00 110,621.79 0.00 110,621.79 0.00 0.00 19,379,000.00
A-4 21,578,000.00 21,578,000.00 125,871.67 0.00 125,871.67 0.00 0.00 21,578,000.00
A-5 15,706,000.00 15,706,000.00 94,236.00 0.00 94,236.00 0.00 0.00 15,706,000.00
A-6 16,675,000.00 16,675,000.00 101,439.58 0.00 101,439.58 0.00 0.00 16,675,000.00
A-7 22,209,000.00 22,209,000.00 143,433.13 0.00 143,433.13 0.00 0.00 22,209,000.00
A-8 5,512,000.00 5,512,000.00 35,598.33 0.00 35,598.33 0.00 0.00 5,512,000.00
A-9 6,672,000.00 6,672,000.00 43,090.00 0.00 43,090.00 0.00 0.00 6,672,000.00
A-10 56,121,000.00 56,121,000.00 362,448.13 0.00 362,448.13 0.00 0.00 56,121,000.00
PO 162,446.00 161,448.10 0.00 293.76 293.76 0.00 0.00 161,154.34
X 270,718,591.23 262,998,206.56 204,564.31 0.00 204,564.31 0.00 0.00 260,078,917.68
B-1 6,311,000.00 6,297,832.17 40,673.50 4,497.02 45,170.52 0.00 0.00 6,293,335.15
B-2 2,805,000.00 2,799,147.39 18,077.83 1,998.75 20,076.58 0.00 0.00 2,797,148.64
B-3 2,104,000.00 2,099,610.02 13,559.98 1,499.24 15,059.22 0.00 0.00 2,098,110.78
B-4 2,384,000.00 2,379,025.79 15,364.54 1,698.76 17,063.30 0.00 0.00 2,377,327.03
B-5 1,262,000.00 1,259,366.84 8,133.41 899.26 9032.67 0.00 0.00 1,258,467.58
B-6 1,262,766.00 1,260,131.24 8,138.35 899.81 9038.16 0.00 0.00 1,259,231.43
R-1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 280,491,412.00 272,713,485.10 1,964,798.59 2,935,459.88 4,900,258.47 0.00 0.00 269,778,025.22
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 44926MAA8 872.085037 4.869142 48.298833 53.167975 823.786204 6.700000% 6.700000%
A-2 44926MAB6 947.591846 7.106939 19.788558 26.895497 927.803287 9.000000% 9.000000%
A-3 44926MAC4 1,000.000000 5.708333 0.000000 5.708333 1,000.000000 6.850000% 6.850000%
A-4 44926MAD2 1,000.000000 5.833333 0.000000 5.833333 1,000.000000 7.000000% 7.000000%
A-5 44906MAE0 1,000.000000 6.000000 0.000000 6.000000 1,000.000000 7.200000% 7.200000%
A-6 44926MAF7 1,000.000000 6.083333 0.000000 6.083333 1,000.000000 7.300000% 7.300000%
A-7 44926MAG5 1,000.000000 6.458334 0.000000 6.458334 1,000.000000 7.750000% 7.750000%
A-8 44926MAH3 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
A-9 44926MAJ9 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
A-10 44926MAK6 1,000.000000 6.458333 0.000000 6.458333 1,000.000000 7.750000% 7.750000%
PO 44926MAV2 993.857036 0.000000 1.808355 1.808355 992.048681 0.000000% 0.000000%
X 44926MAP5 971.481882 0.755635 0.000000 0.755635 960.698401 0.927671% 0.922528%
B-1 44926MAL4 997.913511 6.444858 0.712569 7.157427 997.200943 7.750000% 7.750000%
B-2 44926MAM2 997.913508 6.444859 0.712567 7.157426 997.200941 7.750000% 7.750000%
B-3 44926MAN0 997.913508 6.444857 0.712567 7.157424 997.200941 7.750000% 7.750000%
B-4 44926MAQ3 997.913503 6.444857 0.712567 7.157424 997.200935 7.750000% 7.750000%
B-5 44926MAR1 997.913502 6.444857 0.712567 7.157425 997.200935 7.750000% 7.750000%
B-6 44926MAS9 997.913501 6.444860 0.712571 7.157431 997.200930 7.750000% 7.750000%
R-1 44926MAT7 0.000000 0.000000 0.000000 0.000000 0.000000 7.750000% 7.750000%
R-2 44926MAU4 0.000000 0.000000 0.000000 0.000000 0.000000 7.750000% 7.750000%
- -----------------------------------------------------------------------------------------------------------------------------------
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: June 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: July 25, 1997 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
17 (C)Copyright 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC II
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
II-A-1 32,898,000.00 28,689,853.56 206,822.10 1,588,935.02 1,795,757.12 0.00 0.00 27,100,918.54
II-A-2 67,450,000.00 63,915,069.99 460,756.93 1,334,738.26 1,795,495.19 0.00 0.00 62,580,331.73
II-A-3 19,379,000.00 19,379,000.00 139,701.15 0.00 139,701.15 0.00 0.00 19,379,000.00
II-A-4 21,578,000.00 21,578,000.00 155,553.50 0.00 155,553.50 0.00 0.00 21,578,000.00
II-A-5 15,706,000.00 15,706,000.00 113,222.88 0.00 113,222.88 0.00 0.00 15,706,000.00
II-A-6 16,675,000.00 16,675,000.00 120,208.30 0.00 120,208.30 0.00 0.00 16,675,000.00
II-A-7 22,209,000.00 22,209,000.00 160,102.31 0.00 160,102.31 0.00 0.00 22,209,000.00
II-A-8 5,512,000.00 5,512,000.00 39,735.42 0.00 39,735.42 0.00 0.00 5,512,000.00
II-A-9 6,672,000.00 6,672,000.00 48,097.74 0.00 48,097.74 0.00 0.00 6,672,000.00
II-A-10 56,121,000.00 56,121,000.00 404,570.31 0.00 404,570.31 0.00 0.00 56,121,000.00
II-PO 162,446.00 161,448.10 0.00 293.76 293.76 0.00 0.00 161,154.34
II-B-1 6,311,000.00 6,297,832.17 45,400.40 4,497.02 49,897.42 0.00 0.00 6,293,335.15
II-B-2 2,805,000.00 2,799,147.39 20,178.76 1,998.75 22,177.51 0.00 0.00 2,797,148.64
II-B-3 2,104,000.00 2,099,610.02 15,135.86 1,499.24 16,635.10 0.00 0.00 2,098,110.78
II-B-4 2,384,000.00 2,379,025.79 17,150.14 1,698.76 18,848.90 0.00 0.00 2,377,327.03
II-B-5 1,262,000.00 1,259,366.84 9,078.64 899.26 9,977.90 0.00 0.00 1,258,467.58
II-B-6 1,262,766.00 1,260,131.24 9,084.15 899.81 9,983.96 0.00 0.00 1,259,231.43
II-R-1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 280,491,412.00 272,713,485.10 1,964,798.59 2,935,459.88 4,900,258.47 0.00 0.00 269,778,025.22
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
II-A-1 IC9701201 872.085037 6.286768 48.298833 54.585601 823.786204 8.650672% 8.639903%
II-A-2 IC9701202 947.591846 6.831089 19.788558 26.619647 927.803287 8.650672% 8.639903%
II-A-3 IC9701203 1,000.000000 7.208893 0.000000 7.208893 1,000.000000 8.650672% 8.639903%
II-A-4 IC9701204 1,000.000000 7.208893 0.000000 7.208893 1,000.000000 8.650672% 8.639903%
II-A-5 IC9701205 1,000.000000 7.208893 0.000000 7.208893 1,000.000000 8.650672% 8.639903%
II-A-6 IC9701206 1,000.000000 7.208893 0.000000 7.208893 1,000.000000 8.650672% 8.639903%
II-A-7 IC9701207 1,000.000000 7.208893 0.000000 7.208893 1,000.000000 8.650672% 8.639903%
II-A-8 IC9701208 1,000.000000 7.208893 0.000000 7.208893 1,000.000000 8.650672% 8.639903%
II-A-9 IC9701209 1,000.000000 7.208893 0.000000 7.208893 1,000.000000 8.650672% 8.639903%
II-A-10 IC9701210 1,000.000000 7.208893 0.000000 7.208893 1,000.000000 8.650672% 8.639903%
II-PO IC9701213 993.857036 0.000000 1.808355 1.808355 992.048681 0.000000% 0.000000%
II-B-1 IC9701215 997.913511 0.719385 0.712569 1.431954 997.200943 8.650672% 8.639903%
II-B-2 IC9701216 997.913508 0.719385 0.712567 1.431952 997.200941 8.650672% 8.639903%
II-B-3 IC9701217 997.913508 0.719385 0.712567 1.431952 997.200941 8.650672% 8.639903%
II-B-4 IC9701218 997.913503 0.719385 0.712567 1.431952 997.200935 8.650672% 8.639903%
II-B-5 IC9701219 997.913502 0.719385 0.712567 1.431953 997.200935 8.650672% 8.639903%
II-B-6 IC9701220 997.913501 0.719385 0.712571 1.431956 997.200930 8.650672% 8.639903%
II-R-1 IC9701221 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
R-2 IC9701222 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- ------------------------------------------------------------------------------------------------------------------------------------
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: June 30, 1997 Irvine, CA 92714
DISTRIBUTION DATE: July 25, 1997 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
18 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Interest Shortfall
----------- ---------------- ------------------
<C> <S> <C>
A-1 160,185.02 0.00
A-2 479,363.02 0.00
A-3 110,621.79 0.00
A-4 125,871.67 0.00
A-5 94,236.00 0.00
A-6 101,439.58 0.00
A-7 143,433.13 0.00
A-8 35,598.33 0.00
A-9 43,090.00 0.00
A-10 362,448.13 0.00
X 204,564.31 0.00
B-1 40,673.50 0.00
B-2 18,077.83 0.00
B-3 13,559.98 0.00
B-4 15,364.54 0.00
B-5 8,133.41 0.00
B-6 8,138.35 0.00
R-1 0.00 0.00
<S> <C>
Monthly Interest Advanced 286,842.57
Monthly Principal Advanced 26,657.52
Compensatory Interest Payments made by Master Servicer 10,241.19
Realized Losses
a) Due to Deficient Valuations 0.00
b) Liquidated Mortgage Loans 0.00
Scheduled Principal 194,954.10
Principal Prepayments
a) Received from Liquidated Mortgage Loans 0.00
b) All other principal received during related Prepayment Period 2,740,505.78
c) Principal amount received from Net Liquidation Proceeds 0.00
Number of Mortgage Loans (excluding REO Property) remaining as of the end related Due Period: 1872
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
19 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 25, 1997
- ------------------------------------------------------------------------------------------------------------------------
DELINQUENCY 30 TO 59 60 TO 89 90 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL:
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 3,483,734.21 191,320.33 0.00 3,675,054.54
NUMBER OF LOANS 20 1 0 21
- ------------------------------------------------------------------------------------------------------------------------
LOANS IN FORECLOSURE
- ------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 581,676.17 1,194,502.83 1,777,094.69
NUMBER OF LOANS 0 4 4 8
- ------------------------------------------------------------------------------------------------------------------------
LOANS IN BANKRUPTCY
- ------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
LOANS IN REO STATUS
- ------------------------------------------------------------------------------------------------------------------------
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
Book Value of all REO Property 0.00
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
AGGREGATE REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
- ------------------------------------------------------------------------------------------------------------------------
<S> <C>
A-2 0.00
A-3 0.00
A-4 0.00
A-5 0.00
A-6 0.00
A-7 0.00
A-8 0.00
A-9 0.00
A-10 0.00
PO 0.00
X 0.00
B-1 0.00
B-3 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
R-2 0.00
- ------------------------------------------------------------------------------------------------------------------------
Applicable Senior Percentage 94.10%
Applicable Subordinate Percentage 5.90%
Applicable Senior Prepayment Percentage 100.00%
Applicable Subordinate Prepayment Percentage 0.00%
Weighted Average Coupon Rate 8.91%
Weighted Average Months to Maturity 343
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
20 (C) COPYRIGHT 1997 Bankers Trust Company
