- ------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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 29, 1998
ICIFC SECURED ASSETS CORP. (as depositor under the Pooling and Servicing
Agreement, dated as of June 1, 1997, for, among other things, the issuance of
Mortgage Pass-Through Certificates, Series 1997-2)
ICIFC SECURED ASSETS CORP.
------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
CALIFORNIA 333-31147 33-0705301
- ---------------------------- ----------- ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
20371 Irvine Avenue
Santa Ana Heights,
California 92707
-------------------- ---------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (714) 556-0122
<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. Financial Statements, Pro Forma Financial Information and Exhibits.
-------------------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits:
Item 601(a) of
Regulation S-K
Exhibit No. Description
----------- -----------
99.1 Monthly remittance statement to the
Certificateholders dated August 29, 1997.
99.2 Monthly remittance statement to the
Certificateholders dated September 30,
1997.
99.3 Monthly remittance statement to the
Certificateholders dated October 31,
1997.
99.4 Monthly remittance statement to the
Certificateholders dated November 28,
1997.
-2-
<PAGE>
SIGNATURE
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.
By: /s/ Richard J. Johnson
------------------------------------------
Name: Richard J. Johnson
Title: Chief Financial Officer
Dated: January 30, 1998
-3-
<PAGE>
EXHIBIT INDEX
DESCRIPTION
- -----------
Monthly remittance statement to the Certificateholders dated August 29, 1997.
Monthly remittance statement to the Certificateholders dated September 30, 1997.
Monthly remittance statement to the Certificateholders dated October 31, 1997.
Monthly remittance statement to the Certificateholders dated November 28, 1997.
-4-
<PAGE>
EXHIBITS
-5-
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- --------------------------------------------------------------------------------------------------------------------------------
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-I-1 37,369,000.00 35,618,072.77 215,192.52 1,680,669.48 1,895,862.00 0.00 0.00 33,937,403.29
A-I-2 18,298,000.00 18,298,000.00 107,500.75 0.00 107,500.75 0.00 0.00 18,298,000.00
A-I-3 21,673,000.00 21,673,000.00 130,038.00 0.00 130,038.00 0.00 0.00 21,673,000.00
A-I-4 16,599,000.00 16,599,000.00 105,127.00 0.00 105,127.00 0.00 0.00 16,599,000.00
A-I-5 26,463,000.00 26,463,000.00 173,112.13 0.00 173,112.13 0.00 0.00 26,463,000.00
A-I-6 11,145,514.00 11,145,514.00 71,052.65 0.00 71,052.65 0.00 0.00 11,145,514.00
A-I-7 12,588,628.00 12,588,628.00 83,924.19 0.00 83,924.19 0.00 0.00 12,588,628.00
A-I-8 54,827,000.00 54,766,486.84 365,109.91 30,981.79 396,091.70 0.00 0.00 54,735,505.04
A-I-9 51,505,486.00 50,630,022.39 400,821.01 840,334.74 1,241,155.75 0.00 0.00 49,789,687.65
A-II 22,154,296.00 21,969,904.17 146,466.03 176,878.73 323,344.76 0.00 0.00 21,793,025.44
X * 275,312,264.00 272,458,007.60 189,714.80 0.00 189,714.80 0.00 0.00 269,837,330.94
B-1 6,556,000.00 6,546,396.84 43,642.65 4,888.38 48,531.03 0.00 0.00 6,541,508.46
B-2 3,642,000.00 3,636,665.24 24,244.43 2,715.60 26,960.03 0.00 0.00 3,633,949.64
B-3 2,185,000.00 2,181,799.44 14,545.33 1,629.21 16,174.54 0.00 0.00 2,180,170.23
PO 543,974.00 541,707.30 0.00 65,043.98 65,043.98 0.00 0.00 476,663.32
B-4 2,914,000.00 2,909,731.61 19,398.21 2,172.78 21,570.99 0.00 0.00 2,907,558.83
B-5 1457000 1454865.8 9699.11 1086.39 10785.5 0 0 1453779.41
B-6 1457277 1455142.4 9700.95 1086.59 10787.54 0 0 1454055.81
R-I 100 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 291,378,275.00 288,477,936.80 2,109,289.67 2,807,487.67 4,916,777.34 0.00 0.00 285,670,449.13
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Note: Class X Represents a Notional Balance
- --------------------------------------------------------------------------------
<TABLE>
<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>
A-I-1 44926MAW0 953.144927 5.758584 44.974965 50.733549 908.169962 7.250000% 7.250000%
A-I-2 44926MAX8 1,000.000000 5.875000 0.000000 5.875000 1,000.000000 7.050000% 7.050000%
A-I-3 44926MAY6 1,000.000000 6.000000 0.000000 6.000000 1,000.000000 7.200000% 7.200000%
A-I-4 44926MAZ3 1,000.000000 6.333333 0.000000 6.333333 1,000.000000 7.600000% 7.600000%
A-I-5 44926MBA7 1,000.000000 6.541667 0.000000 6.541667 1,000.000000 7.850000% 7.850000%
A-I-6 44926MBB5 1,000.000000 6.375000 0.000000 6.375000 1,000.000000 7.650000% 7.650000%
A-I-7 44926MBC3 1,000.000000 6.666667 0.000000 6.666667 1,000.000000 8.000000% 8.000000%
A-I-8 44926MBD1 998.896289 6.659309 0.565083 7.224391 998.331206 8.000000% 8.000000%
A-I-9 44926MBE9 983.002517 7.782103 16.315441 24.097545 966.687076 9.500000% 9.500000%
A-II 44926MBF6 991.676927 6.611180 7.983947 14.595127 983.692979 8.000000% 8.000000%
X * 44926MBG4 989.632658 0.689090 0.000000 0.689090 980.113733 0.835570% 0.829281%
B-1 44926MBH2 998.535210 6.656902 0.745635 7.402537 997.789576 8.000000% 8.000000%
B-2 44926MBJ8 998.535211 6.656900 0.745634 7.402534 997.789577 8.000000% 8.000000%
B-3 44926MBK5 998.535213 6.656902 0.745634 7.402535 997.789579 8.000000% 8.000000%
PO 44926MBP4 995.8330729 0 119.5718545 119.5718545 876.2612184 0 0
B-4 44926MBL3 998.5352128 6.656901167 0.745634866 7.402536033 997.7895779 0.08 0.08
B-5 44926MBM1 998.5352093 6.656904598 0.745634866 7.402539465 997.7895745 0.08 0.08
B-6 44926MBN9 998.5352133 6.656901879 0.745630378 7.402532257 997.7895829 0.08 0.08
R-I IC9702119 0 5.06262E-13 0 5.06262E-13 0 0.08 0.08
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joe Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Salmon Brothers 3 Park Plaza
RECORD DATE: August 29, 1997 Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1997 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- -------------------------------------------------------------------------------------------------------------------------------
Distribution Date: September 25, 1997
- -------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Net Interest Shortfall
----------------- --------------------------------------------------------------------------
<S> <C> <C>
A-I-1 215,192.52 0.00
A-I-2 107,500.75 0.00
A-I-3 130,038.00 0.00
A-I-4 105,127.00 0.00
A-I-5 173,112.13 0.00
A-I-6 71,052.65 0.00
A-I-7 83,924.19 0.00
A-I-8 365,109.91 0.00
A-I-9 400,821.01 0.00
A-II 146,466.03 0.00
X 189,714.80 0.00
B-1 43,642.65 0.00
B-2 24,244.43 0.00
B-3 14,545.33 0.00
B-4 19,398.21 0.00
B-5 9,699.11 0.00
B-6 9,700.95 0.00
R-I 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL:
----------------------------------------------------------
<S> <C> <C> <C>
Monthly Interest Advanced 124,328.47 5,068.92 129,397.39
Monthly Principal Advanced 9,114.94 2,167.63 11,282.57
Compensating Interest Payments made by Master Servicer 9,092.42 184.77 9,277.19
Realized Losses
a) Due to Deficient Valuations 0.00 0.00 0.00
b) Liquidated Mortgage Loans 0.00 0.00 0.00
Scheduled Principal 149,826.07 65,709.28 215,535.35
Principal Prepayments
a) Principal amount received from Net Liquidation Proceeds 0.00 0.00 0.00
b) All other principal received during related Prepayment
Period 2,411,850.50 180,101.82 2,591,952.32
c) Principal amount received in connection with the purchase
of Mortgage Loans 0.00 0.00 0.00
d) Principal received from Insurance Proceeds 0.00 0.00 0.00
------------ ---------- ------------
2,411,850.50 180,101.82 2,591,952.32
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- --------------------------------------------------------------------------------------------------------------------------------
Distribution Date: September 25, 1997
- -------------------------------------------------------------------------------------------------------------------------------
DELINQUENT
LOAN 30-60 61-90 91 +
INFORMATION: DAYS DAYS DAYS TOTAL
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE - LOAN GROUP I 1,261,327.56 0.00 0.00 1,261,327.56
NUMBER OF LOANS - LOAN GROUP I 11 0 0 11
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 913,561.90 0.00 999,400.08
NUMBER OF LOANS - LOAN GROUP I 0 4 0 4
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 449,172.08 0.00 449177
NUMBER OF LOANS - LOAN GROUP I 0 1 0 718,226.43
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0.00
REO LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP I 0 0 0 0
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
----------------------------------------------
<S> <C> <C> <C>
Book Value of all REO Property 0.00 0.00 0.00
Number of Mortgage Loans (excluding REO Property) remaining as
of the end related Due Period: 1,751 219 1,970
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
AGGREGATE REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
- --------------------------------------------------------------------------------------------------------------------
CLASS AGGREGATE AMOUNT CLASS AGGREGATE AMOUNT
----- ---------------- ----- ----------------
<S> <C> <C> <C>
A-I-1 0.00 A-II 0.00
A-I-2 0.00 B-1 0.00
A-I-3 0.00 B-2 0.00
A-I-4 0.00 B-3 0.00
A-I-5 0.00 PO 0.00
A-I-6 0.00 B-4 0.00
A-I-7 0.00 B-5 0.00
A-I-8 0.00 B-6 0.00
A-I-9 0.00 R-I 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II
---------------------------------------
<S> <C> <C>
Applicable Senior Percentage 93.69% 93.66%
Applicable Subordinate Percentage 6.31% 6.34%
Applicable Senior Prepayment Percentage 100.00% 100.00%
Applicable Subordinate Prepayment Percentage 0.00% 0.00%
WAC 9.08% 8.61%
WAMM 354 170
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
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-I-1 37,369,000.00 33,937,403.29 205,038.48 1,443,929.19 1,648,967.67 0.00 0.00 32,493,474.11
A-I-2 18,298,000.00 18,298,000.00 107,500.75 0.00 107,500.75 0.00 0.00 18,298,000.00
A-I-3 21,673,000.00 21,673,000.00 130,038.00 0.00 130,038.00 0.00 0.00 21,673,000.00
A-I-4 16,599,000.00 16,599,000.00 105,127.00 0.00 105,127.00 0.00 0.00 16,599,000.00
A-I-5 26,463,000.00 26,463,000.00 173,112.13 0.00 173,112.13 0.00 0.00 26,463,000.00
A-I-6 11,145,514.00 11,145,514.00 71,052.65 0.00 71,052.65 0.00 0.00 11,145,514.00
A-I-7 12,588,628.00 12,588,628.00 83,924.19 0.00 83,924.19 0.00 0.00 12,588,628.00
A-I-8 54,827,000.00 54,735,505.04 364,903.37 31,348.52 396,251.89 0.00 0.00 54,704,156.52
A-I-9 51,505,486.00 49,789,687.65 394,168.36 721,964.59 1,116,132.95 0.00 0.00 49,067,723.06
A-II 22,154,296.00 21,793,025.44 145,286.84 364,286.63 509,573.47 0.00 0.00 21,428,738.81
X * 275,312,264.00 269,837,330.94 186,997.21 0.00 186,997.21 0.00 0.00 267,286,661.45
B-1 6,556,000.00 6,541,508.46 43,610.06 4,929.22 48,539.28 0.00 0.00 6,536,579.24
B-2 3,642,000.00 3,633,949.64 24,226.33 2,738.29 26,964.62 0.00 0.00 3,631,211.35
B-3 2,185,000.00 2,180,170.23 14,534.47 1,642.82 16,177.29 0.00 0.00 2,178,527.41
PO 543,974.00 476,663.32 0.00 1,111.87 1,111.87 0.00 0.00 475,551.45
B-4 2,914,000.00 2,907,558.83 19,383.73 2,190.93 21,574.66 0.00 0.00 2,905,367.90
B-5 1457000 1453779.41 9691.86 1095.47 10787.33 0 0 1452683.94
B-6 1457277 1454055.81 9693.71 1095.68 10789.39 0 0 1452960.13
R-I 100 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 291,378,275.00 285,670,449.13 2,088,289.14 2,576,333.21 4,664,622.35 0.00 0.00 283,094,115.92
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Note: Class X Represents a Notional Balance
<TABLE>
<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-I-1 44926MAW0 908.169962 5.486860 38.639760 44.126620 869.530202 7.250000% 7.250000%
A-I-2 44926MAX8 1,000.000000 5.875000 0.000000 5.875000 1,000.000000 7.050000% 7.050000%
A-I-3 44926MAY6 1,000.000000 6.000000 0.000000 6.000000 1,000.000000 7.200000% 7.200000%
A-I-4 44926MAZ3 1,000.000000 6.333333 0.000000 6.333333 1,000.000000 7.600000% 7.600000%
A-I-5 44926MBA7 1,000.000000 6.541667 0.000000 6.541667 1,000.000000 7.850000% 7.850000%
A-I-6 44926MBB5 1,000.000000 6.375000 0.000000 6.375000 1,000.000000 7.650000% 7.650000%
A-I-7 44926MBC3 1,000.000000 6.666667 0.000000 6.666667 1,000.000000 8.000000% 8.000000%
A-I-8 44926MBD1 998.331206 6.655541 0.571772 7.227313 997.759435 8.000000% 8.000000%
A-I-9 44926MBE9 966.687076 7.652939 14.017237 21.670176 952.669839 9.500000% 9.500000%
A-II 44926MBF6 983.692979 6.557953 16.443160 23.001113 967.249820 8.000000% 8.000000%
X * 44926MBG4 980.113733 0.679219 0.000000 0.679219 970.849092 0.831600% 0.829947%
B-1 44926MBH2 997.789576 6.651931 0.751864 7.403795 997.037712 8.000000% 8.000000%
B-2 44926MBJ8 997.789577 6.651930 0.751864 7.403795 997.037713 8.000000% 8.000000%
B-3 44926MBK5 997.789579 6.651931 0.751863 7.403794 997.037716 8.000000% 8.000000%
PO 44926MBP4 876.2612184 0 2.043976367 2.043976367 874.217242 0 0
B-4 44926MBL3 997.7895779 6.651932052 0.751863418 7.40379547 997.0377145 0.08 0.08
B-5 44926MBM1 997.7895745 6.65192862 0.75186685 7.40379547 997.0377076 0.08 0.08
B-6 44926MBN9 997.7895829 6.651933709 0.751868039 7.403801748 997.0377149 0.08 0.08
R-I IC9702119 0 0 0 0 0 0.08 0.08
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Salomon Brothers 3 Park Plaza
RECORD DATE: September 30, 1997 Irvine, CA 92614
DISTRIBUTION DATE: October 27, 1997 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: October 27, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Net Interest Shortfall
----------------- --------------------------------------------------------------------------
<S> <C> <C> <C>
A-I-1 205,038.48 0.00
A-I-2 107,500.75 0.00
A-I-3 130,038.00 0.00
A-I-4 105,127.00 0.00
A-I-5 173,112.13 0.00
A-I-6 71,052.65 0.00
A-I-7 83,924.19 0.00
A-I-8 364,903.37 0.00
A-I-9 394,168.36 0.00
A-II 145,286.84 0.00
X 186,997.21 0.00
B-1 43,610.06 0.00
B-2 24,226.33 0.00
B-3 14,534.47 0.00
B-4 19,383.73 0.00
B-5 9,691.86 0.00
B-6 9,693.71 0.00
R-I 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL:
-------------------------------------------------------------
<S> <C> <C> <C>
Monthly Interest Advanced 144,579.11 9,828.87 154,407.98
Monthly Principal Advanced 10,362.30 3,837.64 14,199.94
Compensating Interest Payments made by Master Servicer 9,025.10 129.41 9,154.51
Realized Losses
a) Due to Deficient Valuations 0.00 0.00 0.00
b) Liquidated Mortgage Loans 0.00 0.00 0.00
Scheduled Principal 150,217.49 65,415.52 215,633.01
Principal Prepayments
a) Principal amount received from Net Liquidation Proceeds 0.00 0.00 0.00
b) All other principal received during related Prepayment
Period 2,056,861.59 303,838.61 2,360,700.20
c) Principal amount received in connection with the purchase
of Mortgage Loans 0.00 0.00 0.00
d) Principal received from Insurance Proceeds 0.00 0.00 0.00
------------ ---------- ------------
2,056,861.59 303,838.61 2,360,700.20
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: October 27, 1997
DELINQUENT
LOAN 30-60 61-90 91 +
INFORMATION: DAYS DAYS DAYS TOTAL
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE - LOAN GROUP I 1,351,259.92 0.00 0.00 1,351,259.92
NUMBER OF LOANS - LOAN GROUP I 12 0 0 12
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 250,213.57 934,246.62 1,184,460.19
NUMBER OF LOANS - LOAN GROUP I 0 3 4 7
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 448,960.82 448968
NUMBER OF LOANS - LOAN GROUP I 0 0 1 1,005,680.15
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0.00
REO LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP I 0 0 0 0
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
----------------------------------------------------------
<S> <C> <C> <C>
Book Value of all REO Property 0.00 0.00 0.00
Number of Mortgage Loans (excluding REO Property)
remaining as of the end related Due Period: 1,737 218 1,955
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
AGGREGATE REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS AGGREGATE AMOUNT CLASS AGGREGATE AMOUNT
----- ---------------- ----- ----------------
<S> <C> <C> <C> <C>
A-I-1 0.00 A-II 0.00
A-I-2 0.00 B-1 0.00
A-I-3 0.00 B-2 0.00
A-I-4 0.00 B-3 0.00
A-I-5 0.00 PO 0.00
A-I-6 0.00 B-4 0.00
A-I-7 0.00 B-5 0.00
A-I-8 0.00 B-6 0.00
A-I-9 0.00 R-I 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II
---------------------------------------
<S> <C> <C>
Applicable Senior Percentage 93.63% 93.63%
Applicable Subordinate Percentage 6.37% 6.37%
Applicable Senior Prepayment Percentage 100.00% 100.00%
Applicable Subordinate Prepayment Percentage 0.00% 0.00%
WAC 9.07% 8.63%
WAMM 353 169
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
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-I-1 37,369,000.00 32,493,474.11 196,314.74 2,912,090.77 3,108,405.51 0.00 0.00 29,581,383.33
A-I-2 18,298,000.00 18,298,000.00 107,500.75 0.00 107,500.75 0.00 0.00 18,298,000.00
A-I-3 21,673,000.00 21,673,000.00 130,038.00 0.00 130,038.00 0.00 0.00 21,673,000.00
A-I-4 16,599,000.00 16,599,000.00 105,127.00 0.00 105,127.00 0.00 0.00 16,599,000.00
A-I-5 26,463,000.00 26,463,000.00 173,112.13 0.00 173,112.13 0.00 0.00 26,463,000.00
A-I-6 11,145,514.00 11,145,514.00 71,052.65 0.00 71,052.65 0.00 0.00 11,145,514.00
A-I-7 12,588,628.00 12,588,628.00 83,924.19 0.00 83,924.19 0.00 0.00 12,588,628.00
A-I-8 54,827,000.00 54,704,156.52 364,694.38 31,427.15 396,121.53 0.00 0.00 54,672,729.38
A-I-9 51,505,486.00 49,067,723.06 388,452.81 1,456,045.39 1,844,498.20 0.00 0.00 47,611,677.67
A-II 22,154,296.00 21,428,738.81 142,858.26 359,479.79 502,338.05 0.00 0.00 21,069,259.02
X * 275,312,264.00 267,286,661.45 185,868.25 0.00 185,868.25 0.00 0.00 262,542,056.21
B-1 6,556,000.00 6,536,579.24 43,577.19 4,954.68 48,531.87 0.00 0.00 6,531,624.56
B-2 3,642,000.00 3,631,211.35 24,208.08 2,752.43 26,960.51 0.00 0.00 3,628,458.92
B-3 2,185,000.00 2,178,527.41 14,523.52 1,651.31 16,174.83 0.00 0.00 2,176,876.10
PO 543,974.00 475,551.45 0.00 1,073.81 1,073.81 0.00 0.00 474,477.64
B-4 2,914,000.00 2,905,367.90 19,369.12 2,202.25 21,571.37 0.00 0.00 2,903,165.65
B-5 1457000 1452683.94 9684.56 1101.12 10785.68 0 0 1451582.82
B-6 1457277 1452960.13 9686.4 1101.33 10787.73 0 0 1451858.8
R-I 100 0 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 291,378,275.00 283,094,115.92 2,069,992.03 4,773,880.03 6,843,872.06 0.00 0.00 278,320,235.89
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Note: Class X Represents a Notional Balance
<TABLE>
<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-I-1 44926MAW0 869.530202 5.253412 77.927982 83.181394 791.602219 7.250000% 7.250000%
A-I-2 44926MAX8 1,000.000000 5.875000 0.000000 5.875000 1,000.000000 7.050000% 7.050000%
A-I-3 44926MAY6 1,000.000000 6.000000 0.000000 6.000000 1,000.000000 7.200000% 7.200000%
A-I-4 44926MAZ3 1,000.000000 6.333333 0.000000 6.333333 1,000.000000 7.600000% 7.600000%
A-I-5 44926MBA7 1,000.000000 6.541667 0.000000 6.541667 1,000.000000 7.850000% 7.850000%
A-I-6 44926MBB5 1,000.000000 6.375000 0.000000 6.375000 1,000.000000 7.650000% 7.650000%
A-I-7 44926MBC3 1,000.000000 6.666667 0.000000 6.666667 1,000.000000 8.000000% 8.000000%
A-I-8 44926MBD1 997.759435 6.651730 0.573206 7.224935 997.186229 8.000000% 8.000000%
A-I-9 44926MBE9 952.669839 7.541970 28.269715 35.811684 924.400125 9.500000% 9.500000%
A-II 44926MBF6 967.249820 6.448332 16.226189 22.674521 951.023631 8.000000% 8.000000%
X * 44926MBG4 970.849092 0.675118 0.000000 0.675118 953.615551 0.834467% 0.826160%
B-1 44926MBH2 997.037712 6.646917 0.755747 7.402665 996.281965 8.000000% 8.000000%
B-2 44926MBJ8 997.037713 6.646919 0.755747 7.402666 996.281966 8.000000% 8.000000%
B-3 44926MBK5 997.037716 6.646920 0.755748 7.402668 996.281968 8.000000% 8.000000%
PO 44926MBP4 874.217242 0 1.974009787 1.974009787 872.2432322 0 0
B-4 44926MBL3 997.0377145 6.646918325 0.755748113 7.402666438 996.2819664 0.08 0.08
B-5 44926MBM1 997.0377076 6.646918325 0.755744681 7.402663006 996.2819629 0.08 0.08
B-6 44926MBN9 997.0377149 6.646917504 0.755745133 7.402662637 996.2819697 0.08 0.08
R-I IC9702119 0 0 0 0 0 0.08 0.08
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Salomon Brothers 3 Park Plaza
RECORD DATE: October 31, 1997 Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1997 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: November 25, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Net Interest Shortfall
----------------- --------------------------------------------------------------------------
<S> <C> <C>
A-I-1 196,314.74 0.00
A-I-2 107,500.75 0.00
A-I-3 130,038.00 0.00
A-I-4 105,127.00 0.00
A-I-5 173,112.13 0.00
A-I-6 71,052.65 0.00
A-I-7 83,924.19 0.00
A-I-8 364,694.38 0.00
A-I-9 388,452.81 0.00
A-II 142,858.26 0.00
X 185,868.25 0.00
B-1 43,577.19 0.00
B-2 24,208.08 0.00
B-3 14,523.52 0.00
B-4 19,369.12 0.00
B-5 9,684.56 0.00
B-6 9,686.40 0.00
R-I 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL:
----------------------------------------------------------
<S> <C> <C> <C>
Monthly Interest Advanced 131,806.56 9,479.15 141,285.71
Monthly Principal Advanced 9,310.31 3,744.06 13,054.37
Compensating Interest Payments made by Master Servicer 17,347.46 77.79 17,425.25
Realized Losses
a) Due to Deficient Valuations 0.00 0.00 0.00
b) Liquidated Mortgage Loans 0.00 0.00 0.00
Scheduled Principal 149,413.89 65,296.75 214,710.64
Principal Prepayments
a) Principal amount received from Net Liquidation
Proceeds 0.00 0.00 0.00
b) All other principal received during related
Prepayment Period 4,260,053.43 299,115.96 4,559,169.39
c) Principal amount received in connection with the
purchase of Mortgage Loans 0.00 0.00 0.00
d) Principal received from Insurance Proceeds 0.00 0.00 0.00
------------------ -------------- ----------------
4,260,053.43 299,115.96 4,559,169.39
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: November 25, 1997
DELINQUENT
LOAN 30-60 61-90 91 +
INFORMATION: DAYS DAYS DAYS TOTAL
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE - LOAN GROUP I 833,536.32 0.00 0.00 833,536.32
NUMBER OF LOANS - LOAN GROUP I 7 0 0 7
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 353,040.01 857,615.39 1,347,103.04
NUMBER OF LOANS - LOAN GROUP I 0 3 4 7
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 7
NUMBER OF LOANS - LOAN GROUP I 0 0 0 1,005,126.73
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0.00
REO LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP I 0 0 0 0
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
-------------------------------------------------
<S> <C> <C> <C>
Book Value of all REO Property 0.00 0.00 0.00
Number of Mortgage Loans (excluding REO Property) remaining as of the
end related Due Period: 1,715 217 1,932
</TABLE>
- --------------------------------------------------------------------------------
AGGREGATE REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS AGGREGATE AMOUNT CLASS AGGREGATE AMOUNT
----- ---------------- ----- ----------------
<S> <C> <C>
A-I-1 0.00 A-II 0.00
A-I-2 0.00 B-1 0.00
A-I-3 0.00 B-2 0.00
A-I-4 0.00 B-3 0.00
A-I-5 0.00 PO 0.00
A-I-6 0.00 B-4 0.00
A-I-7 0.00 B-5 0.00
A-I-8 0.00 B-6 0.00
A-I-9 0.00 R-I 0.00
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II
---------------------------------------
<S> <C> <C>
Applicable Senior Percentage 93.58% 93.54%
Applicable Subordinate Percentage 6.42% 6.46%
Applicable Senior Prepayment Percentage 100.00% 100.00%
Applicable Subordinate Prepayment Percentage 0.00% 0.00%
WAC 9.07% 8.63%
WAMM 351 168
</TABLE>
- --------------------------------------------------------------------------------
Page 3 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
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-I-1 37,369,000.00 29,581,383.33 178,720.86 2,677,266.67 2,855,987.53 0.00 0.00 26,904,116.66
A-I-2 18,298,000.00 18,298,000.00 107,500.75 0.00 107,500.75 0.00 0.00 18,298,000.00
A-I-3 21,673,000.00 21,673,000.00 130,038.00 0.00 130,038.00 0.00 0.00 21,673,000.00
A-I-4 16,599,000.00 16,599,000.00 105,127.00 0.00 105,127.00 0.00 0.00 16,599,000.00
A-I-5 26,463,000.00 26,463,000.00 173,112.13 0.00 173,112.13 0.00 0.00 26,463,000.00
A-I-6 11,145,514.00 11,145,514.00 71,052.65 0.00 71,052.65 0.00 0.00 11,145,514.00
A-I-7 12,588,628.00 12,588,628.00 83,924.19 0.00 83,924.19 0.00 0.00 12,588,628.00
A-I-8 54,827,000.00 54,672,729.38 364,484.86 31,772.65 396,257.51 0.00 0.00 54,640,956.73
A-I-9 51,505,486.00 47,611,677.67 376,925.78 1,338,633.34 1,715,559.12 0.00 0.00 46,273,044.33
A-II 22,154,296.00 21,069,259.02 140,461.73 71,747.40 212,209.13 0.00 0.00 20,997,511.62
X * 275,312,264.00 262,542,056.21 181,620.81 0.00 181,620.81 0.00 0.00 258,609,582.82
B-1 6,556,000.00 6,531,624.56 43,544.16 5,025.50 48,569.66 0.00 0.00 6,526,599.06
B-2 3,642,000.00 3,628,458.92 24,189.73 2,791.78 26,981.51 0.00 0.00 3,625,667.14
B-3 2,185,000.00 2,176,876.10 14,512.51 1,674.91 16,187.42 0.00 0.00 2,175,201.19
PO 543,974.00 474,477.64 0.00 17,698.90 17,698.90 0.00 0.00 456,778.74
B-4 2,914,000.00 2,903,165.65 19,354.44 2,233.73 21,588.17 0.00 0.00 2,900,931.92
B-5 1457000 1451582.82 9677.22 1116.86 10794.08 0 0 1450465.96
B-6 1457277 1451858.8 9679.06 1117.08 10796.14 0 0 1450741.72
R-I 100 0 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 291,378,275.00 278,320,235.89 2,033,925.88 4,151,078.82 6,185,004.70 0.00 0.00 274,169,157.07
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Note: Class X Represents a Notional Balance
<TABLE>
<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>
A-I-1 44926MAW0 791.602219 4.782597 71.644055 76.426651 719.958165 7.250000% 7.250000%
A-I-2 44926MAX8 1,000.000000 5.875000 0.000000 5.875000 1,000.000000 7.050000% 7.050000%
A-I-3 44926MAY6 1,000.000000 6.000000 0.000000 6.000000 1,000.000000 7.200000% 7.200000%
A-I-4 44926MAZ3 1,000.000000 6.333333 0.000000 6.333333 1,000.000000 7.600000% 7.600000%
A-I-5 44926MBA7 1,000.000000 6.541667 0.000000 6.541667 1,000.000000 7.850000% 7.850000%
A-I-6 44926MBB5 1,000.000000 6.375000 0.000000 6.375000 1,000.000000 7.650000% 7.650000%
A-I-7 44926MBC3 1,000.000000 6.666667 0.000000 6.666667 1,000.000000 8.000000% 8.000000%
A-I-8 44926MBD1 997.186229 6.647908 0.579507 7.227415 996.606722 8.000000% 8.000000%
A-I-9 44926MBE9 924.400125 7.318168 25.990112 33.308279 898.410013 9.500000% 9.500000%
A-II 44926MBF6 951.023631 6.340158 3.238532 9.578690 947.785099 8.000000% 8.000000%
X * 44926MBG4 953.615551 0.659690 0.000000 0.659690 939.331867 0.830134% 0.823449%
B-1 44926MBH2 996.281965 6.641879 0.766550 7.408429 995.515415 8.000000% 8.000000%
B-2 44926MBJ8 996.281966 6.641881 0.766551 7.408432 995.515415 8.000000% 8.000000%
B-3 44926MBK5 996.281968 6.641881 0.766549 7.408430 995.515419 8.000000% 8.000000%
PO 44926MBP4 872.2432322 0 32.53629769 32.53629769 839.7069345 0 0
B-4 44926MBL3 996.2819664 6.641880577 0.766551132 7.408431709 995.5154152 0.08 0.08
B-5 44926MBM1 996.2819629 6.641880577 0.766547701 7.408428277 995.5154152 0.08 0.08
B-6 44926MBN9 996.2819697 6.641880713 0.766552961 7.408433675 995.5154168 0.08 0.08
R-I IC9702119 0 7.90479E-13 0 7.90479E-13 0 0.08 0.08
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Salomon Brothers 3 Park Plaza
RECORD DATE: November 28, 1997 Irvine, CA 92614
DISTRIBUTION DATE: December 26, 1997 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: December 26, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Net Interest Shortfall
----------------- --------------------------------------------------------------------------
<S> <C> <C>
A-I-1 178,720.86 0.00
A-I-2 107,500.75 0.00
A-I-3 130,038.00 0.00
A-I-4 105,127.00 0.00
A-I-5 173,112.13 0.00
A-I-6 71,052.65 0.00
A-I-7 83,924.19 0.00
A-I-8 364,484.86 0.00
A-I-9 376,925.78 0.00
A-II 140,461.73 0.00
X 181,620.81 0.00
B-1 43,544.16 0.00
B-2 24,189.73 0.00
B-3 14,512.51 0.00
B-4 19,354.44 0.00
B-5 9,677.22 0.00
B-6 9,679.06 0.00
R-I 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL:
----------------------------------------------------------
<S> <C> <C> <C>
Monthly Interest Advanced 167,412.15 8,571.96 175,984.11
Monthly Principal Advanced 12,218.13 3,394.53 15,612.66
Compensating Interest Payments made by Master Servicer 18,509.63 0.00 18,509.63
Realized Losses
a) Due to Deficient Valuations 0.00 0.00 0.00
b) Liquidated Mortgage Loans 0.00 0.00 0.00
Scheduled Principal 148,563.95 65,849.53 214,413.48
Principal Prepayments
a) Principal amount received from Net Liquidation
Proceeds 0.00 0.00 0.00
b) All other principal received during related
Prepayment Period 3,925,625.58 11,039.76 3,936,665.34
c) Principal amount received in connection with the
purchase of Mortgage Loans 0.00 0.00 0.00
d) Principal received from Insurance Proceeds 0.00 0.00 0.00
- - -
3,925,625.58 11,039.76 3,936,665.34
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: December 26, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT
LOAN 30-60 61-90 91 +
INFORMATION: DAYS DAYS DAYS TOTAL
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE - LOAN GROUP I 3,069,501.25 234,312.82 0.00 3,303,814.07
NUMBER OF LOANS - LOAN GROUP I 14 3 0 17
PRINCIPAL BALANCE - LOAN GROUP II 56,458.98 0.00 0.00 56,458.98
NUMBER OF LOANS - LOAN GROUP II 1 0 0 1
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 228,541.92 1,093,138.85 1,321,680.77
NUMBER OF LOANS - LOAN GROUP I 0 2 5 7
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 9
NUMBER OF LOANS - LOAN GROUP I 0 0 0 1,222,015.71
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0.00
REO LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP I 0 0 0 0
PRINCIPAL BALANCE - LOAN GROUP II 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP II 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
---------------------------------------------------------------
<S> <C> <C> <C>
Book Value of all REO Property 0.00 0.00 0.00
Number of Mortgage Loans (excluding REO Property)
remaining as of the end related Due Period: 1,696 217 1,913
- -</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS AGGREGATE AMOUNT CLASS AGGREGATE AMOUNT
----- ---------------- ----- ----------------
<S> <C> <C> <C>
A-I-1 0.00 A-II 0.00
A-I-2 0.00 B-1 0.00
A-I-3 0.00 B-2 0.00
A-I-4 0.00 B-3 0.00
A-I-5 0.00 PO 0.00
A-I-6 0.00 B-4 0.00
A-I-7 0.00 B-5 0.00
A-I-8 0.00 B-6 0.00
A-I-9 0.00 R-I 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II
--------------------------------------------
<S> <C> <C>
Applicable Senior Percentage 93.47% 93.46%
Applicable Subordinate Percentage 6.53% 6.54%
Applicable Senior Prepayment Percentage 100.00% 100.00%
Applicable Subordinate Prepayment Percentage 0.00% 0.00%
WAC 9.07% 8.62%
WAMM 350 167
- -------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
