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 September 1, 1997, for, among other things, the issuance
of Mortgage Pass-Through Certificates, Series 1997-3)
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 September 30,
1997.
99.2 Monthly remittance statement to the
Certificateholders dated October 31,
1997.
99.3 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 29, 1998
-3-
<PAGE>
EXHIBIT INDEX
DESCRIPTION
- -----------
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 1997-3
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-1 152,291,000.00 152,291,000.00 920,091.45 847,634.42 1,767,725.87 0.00 0.00 151,443,365.58
A-2 45,634,000.00 45,634,000.00 275,705.42 0.00 275,705.42 0.00 0.00 45,634,000.00
A-3 27,873,000.00 27,873,000.00 168,399.38 79,388.88 247,788.26 0.00 0.00 27,793,611.12
A-4 4,114,000.00 4,114,000.00 24,855.42 4,443.09 29,298.51 0.00 0.00 4,109,556.91
A-5 12,841,000.00 12,841,000.00 77,581.04 0.00 77,581.04 0.00 0.00 12,841,000.00
A-6 20,052,000.00 20,052,000.00 121,147.50 0.00 121,147.50 0.00 0.00 20,052,000.00
A-7 37,673,000.00 37,673,000.00 227,607.71 0.00 227,607.71 0.00 0.00 37,673,000.00
A-8 4,186,000.00 4,186,000.00 25,290.42 0.00 25,290.42 0.00 0.00 4,186,000.00
A-9 11,474.25 11,474.25 0.00 27.40 27.40 0.00 0.00 11,446.85
A-10 * 324,123,628.54 324,123,628.54 398,852.61 0.00 398,852.61 0.00 0.00 323,178,843.09
M-1 7,292,000.00 7,292,000.00 44,055.83 4,946.18 49,002.01 0.00 0.00 7,287,053.82
M-2 3,241,000.00 3,241,000.00 19,581.04 2,198.38 21,779.42 0.00 0.00 3,238,801.62
M-3 2,431,000.00 2,431,000.00 14,687.29 1,648.95 16,336.24 0.00 0.00 2,429,351.05
B-1 3,241,000.00 3,241,000.00 19,581.04 2,198.38 21,779.42 0.00 0.00 3,238,801.62
B-2 1,620,000.00 1,620,000.00 9,787.50 1,098.85 10,886.35 0.00 0.00 1,618,901.15
B-3 1,623,054.29 1,623,054.29 9,805.95 1,100.92 10,906.87 0.00 0.00 1,621,953.37
R 100 100 0.6 100 100.6 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 324,123,628.54 324,123,628.54 2,357,030.20 944,785.45 3,301,815.65 0.00 0.00 323,178,843.09
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Class A-10 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-1 44926MBQ2 1,000.000000 6.041667 5.565886 11.607553 994.434114 7.250000% 7.250000%
A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-3 44926MBS8 1,000.000000 6.041667 2.848236 8.889903 997.151764 7.250000% 7.250000%
A-4 44926MBT6 1,000.000000 6.041667 1.079993 7.121660 998.920007 7.250000% 7.250000%
A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-9 44926MBY5 1,000.000000 0.000000 2.387956 2.387956 997.612044 0.000000% 0.000000%
A-10 * 44926MBZ2 1,000.000000 1.230557 0.000000 1.230557 997.085108 1.476668% 1.476338%
M-1 44926MCB4 1,000.000000 6.041666 0.678302 6.719968 999.321698 7.250000% 7.250000%
M-2 44926MCC2 1,000.000000 6.041666 0.678303 6.719969 999.321697 7.250000% 7.250000%
M-3 44926MCD0 1,000.000000 6.041666 0.678301 6.719967 999.321699 7.250000% 7.250000%
B-1 44926MCE8 1,000.000000 6.041666 0.678303 6.719969 999.321697 7.250000% 7.250000%
B-2 44926MCF5 1000 6.041666667 0.678302469 6.719969136 999.3216975 0.0725 0.0725
B-3 44926MCG3 1000 6.041664817 0.678301402 6.719966219 999.3216986 0.0725 0.0725
R 44926MCA6 1000 6 1000 1006 0 0.0725 0.0725
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph M Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Lehman 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 1997-3
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: October 27, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Net Interest Shortfall
----------------- --------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 920,091.45 0.00
A-2 275,705.42 0.00
A-3 168,399.38 0.00
A-4 24,855.42 0.00
A-5 77,581.04 0.00
A-6 121,147.50 0.00
A-7 227,607.71 0.00
A-8 25,290.42 0.00
A-10 398,852.61 0.00
M-1 44,055.83 0.00
M-2 19,581.04 0.00
M-3 14,687.29 0.00
B-1 19,581.04 0.00
B-2 9,787.50 0.00
B-3 9,805.95 0.00
R 0.60 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Monthly Interest Advanced 207,736.23
Monthly Principal Advanced 17,049.14
Compensating Interest Payments made by Master Servicer 179.26
Number of Mortgage Loans remaining as of the end of the
current distribution date: 2171
Stated Principal Balance as of the end of the current
distribution date: 2323,178,843.09
Current Senior Percentage 94.00%
Current Class M-1 Percentage 2.25%
Current Class M-2 Percentage 1.00%
Current Class M-3 Percentage 0.75%
Current Class B-1 Percentage 1.00%
Current Class B-2 Percentage 0.50%
Current Class B-3 Percentage 0.50%
Next Periods Senior Percentage: 93.99%
Next Periods Class M-1 Percentage: 2.25%
Next Periods Class M-2 Percentage: 1.00%
Next Periods Class M-3 Percentage: 0.75%
Next Periods Class B-1 Percentage: 1.00%
Next Periods Class B-2 Percentage: 0.50%
Next Periods Class B-3 Percentage: 0.50%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
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 1,330,047.77 0.00 0.00 1,330,047.77
NUMBER OF LOANS - LOAN GROUP I 8 0 0 8
FORECLOSURE 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
BANKRUPTCY 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
REO LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 411,657.86
NUMBER OF LOANS - LOAN GROUP I 0 0 0 3
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Book Value of all REO Property 0.00
Class M-1 Subordinate Principal Distribution Amount: 4,946.18
Class M-2 Subordinate Principal Distribution Amount: 2,198.38
Class M-3 Subordinate Principal Distribution Amount: 1,648.95
Class B-1 Subordinate Principal Distribution Amount: 2,198.38
Class B-2 Subordinate Principal Distribution Amount: 1,098.85
Class B-3 Subordinate Principal Distribution Amount: 1,100.92
Class M-1 Prepayment Distribution Percentage: 37.49%
Class M-2 Prepayment Distribution Percentage: 16.66%
Class M-3 Prepayment Distribution Percentage: 12.50%
Class B-1 Prepayment Distribution Percentage: 16.66%
Class B-2 Prepayment Distribution Percentage: 8.33%
Class B-3 Prepayment Distribution Percentage: 8.35%
Has A Credit Support Depletion Date Occurred? No
Senior Accelerated Distribution Percentage: 100.00%
Scheduled Payment Lockout Distribution Percentage: 0.00%
Unscheduled Payment Lockout Distribution Percentage: 0.00%
Current Periods Realized Losses 0.00
Weighted Average Term to Maturity: 347
Weighted Average Mortgage Rate (after giving effect to current periods distribution): 8.99%
Bankruptcy Amount: 148,332.00
Fraud Loss Amount: 6,482,472.56
Special Hazard Amount: 2,314,000.00
</TABLE>
Page 3 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
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-1 152,291,000.00 151,443,365.58 914,970.33 3,302,851.32 4,217,821.65 0.00 0.00 148,140,514.26
A-2 45,634,000.00 45,634,000.00 275,705.42 0.00 275,705.42 0.00 0.00 45,634,000.00
A-3 27,873,000.00 27,793,611.12 167,919.73 309,342.88 477,262.61 0.00 0.00 27,484,268.24
A-4 4,114,000.00 4,109,556.91 24,828.57 17,312.74 42,141.31 0.00 0.00 4,092,244.17
A-5 12,841,000.00 12,841,000.00 77,581.04 0.00 77,581.04 0.00 0.00 12,841,000.00
A-6 20,052,000.00 20,052,000.00 121,147.50 0.00 121,147.50 0.00 0.00 20,052,000.00
A-7 37,673,000.00 37,673,000.00 227,607.71 0.00 227,607.71 0.00 0.00 37,673,000.00
A-8 4,186,000.00 4,186,000.00 25,290.42 0.00 25,290.42 0.00 0.00 4,186,000.00
A-9 11,474.25 11,446.85 0.00 27.57 27.57 0.00 0.00 11,419.28
A-10 * 324,123,628.54 323,178,843.09 397,600.99 0.00 397,600.99 0.00 0.00 319,536,147.48
M-1 7,292,000.00 7,287,053.82 44,025.95 4,934.72 48,960.67 0.00 0.00 7,282,119.10
M-2 3,241,000.00 3,238,801.62 19,567.76 2,193.29 21,761.05 0.00 0.00 3,236,608.33
M-3 2,431,000.00 2,429,351.05 14,677.33 1,645.13 16,322.46 0.00 0.00 2,427,705.92
B-1 3,241,000.00 3,238,801.62 19,567.76 2,193.29 21,761.05 0.00 0.00 3,236,608.33
B-2 1,620,000.00 1,618,901.15 9,780.86 1,096.30 10,877.16 0.00 0.00 1,617,804.85
B-3 1,623,054.29 1,621,953.37 9,799.30 1,098.37 10,897.67 0.00 0.00 1,620,855.00
R 100 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 324,123,628.54 323,178,843.09 2,350,070.67 3,642,695.61 5,992,766.28 0.00 0.00 319,536,147.48
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Class A-10 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-1 44926MBQ2 994.434114 6.008039 21.687764 27.695804 972.746349 7.250000% 7.250000%
A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-3 44926MBS8 997.151764 6.024458 11.098299 17.122757 986.053465 7.250000% 7.250000%
A-4 44926MBT6 998.920007 6.035141 4.208250 10.243391 994.711757 7.250000% 7.250000%
A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-9 44926MBY5 997.612044 0.000000 2.402771 2.402771 995.209273 0.000000% 0.000000%
A-10 *44926MBZ2 997.085108 1.226695 0.000000 1.226695 985.846508 1.476338% 1.471664%
M-1 44926MCB4 999.321698 6.037569 0.676731 6.714299 998.644967 7.250000% 7.250000%
M-2 44926MCC2 999.321697 6.037569 0.676732 6.714301 998.644965 7.250000% 7.250000%
M-3 44926MCD0 999.321699 6.037569 0.676730 6.714299 998.644969 7.250000% 7.250000%
B-1 44926MCE8 999.321697 6.037569 0.676732 6.714301 998.644965 7.250000% 7.250000%
B-2 44926MCF5 999.3216975 6.037567901 0.676728395 6.714296296 998.6449691 0.0725 0.0725
B-3 44926MCG3 999.3216986 6.037567603 0.67673029 6.714297893 998.6449683 0.0725 0.0725
R 44926MCA6 0 0 0 0 0 0.0725 0.0725
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph M Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Lehman 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 1997-3
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: November 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Net Interest Shortfall
----------------- ---------------- ------------------------
<S> <C> <C> <C>
A-1 914,970.33 0.00
A-2 275,705.42 0.00
A-3 167,919.73 0.00
A-4 24,828.57 0.00
A-5 77,581.04 0.00
A-6 121,147.50 0.00
A-7 227,607.71 0.00
A-8 25,290.42 0.00
A-10 397,600.99 0.00
M-1 44,025.95 0.00
M-2 19,567.76 0.00
M-3 14,677.33 0.00
B-1 19,567.76 0.00
B-2 9,780.86 0.00
B-3 9,799.30 0.00
R 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Monthly Interest Advanced 394,340.33
Monthly Principal Advanced 31,612.91
Compensating Interest Payments made by Master Servicer 17,490.06
Number of Mortgage Loans remaining as of the end of the
current distribution date: 2151
Stated Principal Balance as of the end of the current
distribution date: 319,536,147.48
Current Senior Percentage 93.99%
Current Class M-1 Percentage 2.25%
Current Class M-2 Percentage 1.00%
Current Class M-3 Percentage 0.75%
Current Class B-1 Percentage 1.00%
Current Class B-2 Percentage 0.50%
Current Class B-3 Percentage 0.50%
Next Periods Senior Percentage: 93.92%
Next Periods Class M-1 Percentage: 2.28%
Next Periods Class M-2 Percentage: 1.01%
Next Periods Class M-3 Percentage: 0.76%
Next Periods Class B-1 Percentage: 1.01%
Next Periods Class B-2 Percentage: 0.51%
Next Periods Class B-3 Percentage: 0.51%
</TABLE>
Page 2 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
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 4,716,565.73 243,518.36 0.00 4,960,084.09
NUMBER OF LOANS - LOAN GROUP I 28 3 0 31
FORECLOSURE 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
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 103,213.08 0.00 0.00 475,198.86
NUMBER OF LOANS - LOAN GROUP I 1 0 0 4
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
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Book Value of all REO Property 0.00
Class M-1 Subordinate Principal Distribution Amount: 4,934.72
Class M-2 Subordinate Principal Distribution Amount: 2,193.29
Class M-3 Subordinate Principal Distribution Amount: 1,645.13
Class B-1 Subordinate Principal Distribution Amount: 2,193.29
Class B-2 Subordinate Principal Distribution Amount: 1,096.30
Class B-3 Subordinate Principal Distribution Amount: 1,098.37
Class M-1 Prepayment Distribution Percentage: 37.49%
Class M-2 Prepayment Distribution Percentage: 16.66%
Class M-3 Prepayment Distribution Percentage: 12.50%
Class B-1 Prepayment Distribution Percentage: 16.66%
Class B-2 Prepayment Distribution Percentage: 8.33%
Class B-3 Prepayment Distribution Percentage: 8.35%
Has A Credit Support Depletion Date Occurred? No
Senior Accelerated Distribution Percentage: 100.00%
Scheduled Payment Lockout Distribution Percentage: 0.00%
Unscheduled Payment Lockout Distribution Percentage: 0.00%
Current Periods Realized Losses 0.00
Aggregate Realized Losses Since Inception 0.00
Weighted Average Term to Maturity: 346
Weighted Average Mortgage Rate (after giving effect to
current periods distribution): 8.99%
Bankruptcy Amount: 148,332.00
Fraud Loss Amount: 6,482,472.56
Special Hazard Amount: 2,314,000.00
</TABLE>
Page 3 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
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-1 152,291,000.00 148,140,514.26 895,015.60 2,803,729.66 3,698,745.26 0.00 0.00 145,336,784.60
A-2 45,634,000.00 45,634,000.00 275,705.41 0.00 275,705.41 0.00 0.00 45,634,000.00
A-3 27,873,000.00 27,484,268.24 166,050.78 262,595.47 428,646.25 0.00 0.00 27,221,672.77
A-4 4,114,000.00 4,092,244.17 24,723.98 14,696.47 39,420.45 0.00 0.00 4,077,547.70
A-5 12,841,000.00 12,841,000.00 77,581.04 0.00 77,581.04 0.00 0.00 12,841,000.00
A-6 20,052,000.00 20,052,000.00 121,147.50 0.00 121,147.50 0.00 0.00 20,052,000.00
A-7 37,673,000.00 37,673,000.00 227,607.71 0.00 227,607.71 0.00 0.00 37,673,000.00
A-8 4,186,000.00 4,186,000.00 25,290.42 0.00 25,290.42 0.00 0.00 4,186,000.00
A-9 11,474.25 11,419.28 0.00 27.73 27.73 0.00 0.00 11,391.55
A-10 * 324,123,628.54 319,536,147.48 391,874.93 0.00 391,874.93 0.00 0.00 316,441,788.38
M-1 7,292,000.00 7,282,119.10 43,996.14 4,990.46 48,986.60 0.00 0.00 7,277,128.64
M-2 3,241,000.00 3,236,608.33 19,554.51 2,218.06 21,772.57 0.00 0.00 3,234,390.27
M-3 2,431,000.00 2,427,705.92 14,667.39 1,663.72 16,331.11 0.00 0.00 2,426,042.20
B-1 3,241,000.00 3,236,608.33 19,554.51 2,218.06 21,772.57 0.00 0.00 3,234,390.27
B-2 1,620,000.00 1,617,804.85 9,774.24 1,108.69 10,882.93 0.00 0.00 1,616,696.16
B-3 1,623,054.29 1,620,855.00 9,792.67 1,110.78 10,903.45 0.00 0.00 1,619,744.22
R 100 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 324,123,628.54 319,536,147.48 2,322,336.83 3,094,359.10 5,416,695.93 0.00 0.00 316,441,788.38
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Class A-10 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-1 44926MBQ2 972.746349 5.877009 18.410344 24.287353 954.336005 7.250000% 7.250000%
A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-3 44926MBS8 986.053465 5.957406 9.421141 15.378547 976.632324 7.250000% 7.250000%
A-4 44926MBT6 994.711757 6.009718 3.572307 9.582025 991.139451 7.250000% 7.250000%
A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-9 44926MBY5 995.209273 0.000000 2.416716 2.416716 992.792557 0.000000% 0.000000%
A-10 *44926MBZ2 985.846508 1.209029 0.000000 1.209029 976.299660 1.471664% 1.471516%
M-1 44926MCB4 998.644967 6.033481 0.684375 6.717855 997.960592 7.250000% 7.250000%
M-2 44926MCC2 998.644965 6.033480 0.684375 6.717856 997.960589 7.250000% 7.250000%
M-3 44926MCD0 998.644969 6.033480 0.684377 6.717857 997.960592 7.250000% 7.250000%
B-1 44926MCE8 998.644965 6.033480 0.684375 6.717856 997.960589 7.250000% 7.250000%
B-2 44926MCF5 998.6449691 6.033481481 0.684376543 6.717858025 997.9605926 0.0725 0.0725
B-3 44926MCG3 998.6449683 6.033482712 0.684376368 6.71785908 997.9605919 0.0725 0.0725
R 44926MCA6 0 0 0 0 0 0.0725 0.0725
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph M Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Lehman 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 1997-3
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: December 26, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Class Interest Accrued Net Interest Shortfall
----------------- --------------------------------------------------------------------------
<S> <C> <C>
A-1 895,015.60 0.00
A-2 275,705.41 0.00
A-3 166,050.78 0.00
A-4 24,723.98 0.00
A-5 77,581.04 0.00
A-6 121,147.50 0.00
A-7 227,607.71 0.00
A-8 25,290.42 0.00
A-10 391,874.93 0.00
M-1 43,996.14 0.00
M-2 19,554.51 0.00
M-3 14,667.39 0.00
B-1 19,554.51 0.00
B-2 9,774.24 0.00
B-3 9,792.67 0.00
R 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Monthly Interest Advanced 496,792.93
Monthly Principal Advanced 42,598.16
Compensating Interest Payments made by
Master Servicer 13,387.14
Number of Mortgage Loans remaining as of
the end of the current distribution date: 2137
Stated Principal Balance as of the end of the
current distribution date: 316,441,788.38
Current Senior Percentage 93.92%
Current Class M-1 Percentage 2.28%
Current Class M-2 Percentage 1.01%
Current Class M-3 Percentage 0.76%
Current Class B-1 Percentage 1.01%
Current Class B-2 Percentage 0.51%
Current Class B-3 Percentage 0.51%
Next Periods Senior Percentage: 93.87%
Next Periods Class M-1 Percentage: 2.30%
Next Periods Class M-2 Percentage: 1.02%
Next Periods Class M-3 Percentage: 0.77%
Next Periods Class B-1 Percentage: 1.02%
Next Periods Class B-2 Percentage: 0.51%
Next Periods Class B-3 Percentage: 0.51%
</TABLE>
Page 2 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
<PAGE>
<TABLE>
<CAPTION>
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
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 4,996,248.46 289,295.02 72,223.79 5,357,767.27
NUMBER OF LOANS - LOAN GROUP I 32 3 1 36
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 1,067,305.54 0.00 1,067,305.54
NUMBER OF LOANS - LOAN GROUP I 0 7 0 7
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 103,154.40 0.00 819,931.00
NUMBER OF LOANS - LOAN GROUP I 0 1 0 6
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
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Book Value of all REO Property 0.00
Class M-1 Subordinate Principal Distribution Amount: 4,990.46
Class M-2 Subordinate Principal Distribution Amount: 2,218.06
Class M-3 Subordinate Principal Distribution Amount: 1,663.72
Class B-1 Subordinate Principal Distribution Amount: 2,218.06
Class B-2 Subordinate Principal Distribution Amount: 1,108.69
Class B-3 Subordinate Principal Distribution Amount: 1,110.78
Class M-1 Prepayment Distribution Percentage: 37.49%
Class M-2 Prepayment Distribution Percentage: 16.66%
Class M-3 Prepayment Distribution Percentage: 12.50%
Class B-1 Prepayment Distribution Percentage: 16.66%
Class B-2 Prepayment Distribution Percentage: 8.33%
Class B-3 Prepayment Distribution Percentage: 8.35%
Has A Credit Support Depletion Date Occurred? No
Senior Accelerated Distribution Percentage: 100.00%
Scheduled Payment Lockout Distribution Percentage: 0.00%
Unscheduled Payment Lockout Distribution Percentage: 0.00%
Current Periods Realized Losses 0.00
Aggregate Realized Losses Since Inception 0.00
Weighted Average Term to Maturity: 345
Weighted Average Mortgage Rate (after giving effect
to current periods distribution): 8.99%
Bankruptcy Amount: 148,332.00
Fraud Loss Amount: 6,482,472.56
Special Hazard Amount: 2,314,000.00
</TABLE>
Page 3 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
