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Previous: IMAGE GUIDED TECHNOLOGIES INC, 10QSB/A, 1996-12-12 |
Next: TMP WORLDWIDE INC, S-8, 1996-12-12 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) NOVEMBER 25, 1996
-------------------------------
IMC HOME EQUITY LOAN TRUST 1996-3
- -----------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
<TABLE>
<S> <C> <C>
NEW YORK 333-4911-01 13-3902498
- -----------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
c/o THE CHASE MANHATTAN BANK
STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, NEW YORK, NY 10001-2697
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
</TABLE>
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE
---------------------------
NO CHANGE
- -----------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Page 1
<PAGE> 2
Item 5. Other Events.
On November 25, 1996 a scheduled distribution was made from the
Trust to holders of the Class A Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of October, 1996 dated
November 25, 1996 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly
Report, the gross servicing compensation paid to the Servicer and Subservicers
for the month of October, 1996 was $100,543.07.
Page 2
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits.
19. Trustee's Monthly Servicing Report for the month of October, 1996.
Page 3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of l934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
By: IMC SECURITIES, INC.,
As Depositor
By: /s/ Thomas G. Middleton
-----------------------------------
Thomas G. Middleton
President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
-----------------------------------
Stuart D. Marvin
Chief Financial Officer
Dated: November 25, 1996
Page 4
<PAGE> 5
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of October, 1996. --------
</TABLE>
Page 5
<PAGE> 1
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
DISTRIBUTION: 25-Nov-96 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 84,132,000.00 73,192,157.65 4,345,982.77 426,954.25 4,772,937.02 68,846,174.88
A-2 30,423,000.00 30,423,000.00 0.00 178,988.65 178,988.65 30,423,000.00
A-3 39,920,000.00 39,920,000.00 0.00 241,848.67 241,848.67 39,920,000.00
A-4 9,636,000.00 9,636,000.00 0.00 59,341.70 59,341.70 9,636,000.00
A-5 37,842,000.00 37,842,000.00 0.00 238,404.60 238,404.60 37,842,000.00
A-6 19,855,000.00 19,855,000.00 0.00 129,553.88 129,553.88 19,855,000.00
A-7 28,192,000.00 28,192,000.00 0.00 189,121.33 189,121.33 28,192,000.00
R N/A N/A N/A 4,331.23 4,331.23 N/A
- --------------------------------------------------------------------------------------------------------
TOTALS 250,000,000.00 239,060,157.65 4,345,982.77 1,468,544.31 5,814,527.08 234,714,174.88
- --------------------------------------------------------------------------------------------------------
<CAPTION>
ENDING
SUBORDINATE PRINCIPAL
CLASS AMOUNT BALANCE
- ----------------------------------------
<S> <C> <C>
A-1
A-2
A-3
A-4
A-5 2,974,208.76 237,688,383.64
A-6
A-7
R
- ----------------------------------------
TOTALS 2,974,208.76 237,688,383.64
- ----------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000
PASS THRU RATES
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
- --------------------------------------------------------- -------------------------------------------
<S> <C> <C> <C> <C>
A-1 51.65671527 5.07481398 818.31140203 A-1 7.00000000% 7.00000000%
A-2 0.00000000 5.88333333 1000.00000000 A-2 7.06000000% 7.06000000%
A-3 0.00000000 6.05833342 1000.00000000 A-3 7.27000000% 7.27000000%
A-4 0.00000000 6.15833333 1000.00000000 A-4 7.39000000% 7.39000000%
A-5 0.00000000 6.30000000 1000.00000000 A-5 7.56000000% 7.56000000%
A-6 0.00000000 6.52500025 1000.00000000 A-6 7.83000000% 7.83000000%
A-7 0.00000000 6.70833322 1000.00000000 A-7 8.05000000% 8.05000000%
- --------------------------------------------------------- ------------------------------------------
TOTALS 17.38393107 6.124872895 938.8566995
- ---------------------------------------------------------
</TABLE>
================================================================================
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
EILEEN ROONEY
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
================================================================================
<PAGE> 2
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
DISTRIBUTION: 25-Nov-96 PAGE # 2
<TABLE>
<S> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,846,885.52
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 5,810,195.85
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 730,996.96
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) *BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 239,060,157.65
CLASS A PRINCIPAL DISTRIBUTION 4,345,982.77
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 234,714,174.88
SECTION 7.08 (7) REALIZED LOSSES 0.00
SECTION 7.08 (8) SUBORDINATION REDUCTION AMOUNT 0.00
SECTION 7.08 (9) (A) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
SUBSEQUENT MORTGAGE LOANS 0.00
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
DISTRIBUTION AMOUNT 0.00
(C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
CAPITALIZED INTEREST ACCOUNT 0.00
(D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE CERTIFICATE ACCOUNT 0.00
THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE DEPOSITOR 0.00
PER $1000
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 4,772,937.02 56.73
CLASS A-2 DISTRIBUTION 178,988.65 5.88
CLASS A-3 DISTRIBUTION 241,848.67 6.06
CLASS A-4 DISTRIBUTION 59,341.70 6.16
CLASS A-5 DISTRIBUTION 238,404.60 6.30
CLASS A-6 DISTRIBUTION 129,553.88 6.53
CLASS A-7 DISTRIBUTION 189,121.33 6.71
CLASS R DISTRIBUTION 4,331.23
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 132,480.30 1.16
PRINCIPAL PREPAYMENTS 3,482,505.51 30.40
SUBORDINATION INCREASE AMOUNT 730,996.96 6.38
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 0.00 0.00
SECTION 7.09 (a)(iv) CLASS A-1 CARRYFORWARD 0.00
CLASS A-2 CARRYFORWARD 0.00
CLASS A-3 CARRYFORWARD 0.00
CLASS A-4 CARRYFORWARD 0.00
CLASS A-5 CARRYFORWARD 0.00
CLASS A-6 CARRYFORWARD 0.00
CLASS A-7 CARRYFORWARD 0.00
SECTION 7.09 (a)(v) INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION 0.00
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 237,688,383.64
ENDING NUMBER OF LOANS OUTSTANDING 3,851
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 2,974,208.76
SUBORDINATED DEFICIT 0.00
SECTION 7.09 (a)(ix) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
<PAGE> 3
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
<TABLE>
<S> <C>
DISTRIBUTION: 25-Nov-96 PAGE # 3
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON OF THE MORTGAGE LOANS 11.5930%
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 439,356.37
SECTION 7.09 (a)(xiii) REMAINING PRE-FUNDED AMOUNT 0.00
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
30-59 DAYS 74 3,837,280.88 1.61%
60-89 DAYS 38 2,392,563.04 1.01%
90 + DAYS 83 5,173,576.32 2.18%
*The number and aggregate principal balances of delinquent mortgage loans includes loans in foreclosure
and bankrupcy
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 35
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 2,282,006.45
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 15
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 794,826.18
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 20
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,438,346.37
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1700
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 127,021,672.59
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 2
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 176,485.00
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 196,200.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00
ANNUAL LOSS PERCENTAGE 0.00000000%
SECTION 7.09 (b)(vii) 60 + DELINQUENCY PERCENTAGE 2.19216101%
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
<PAGE> 4
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
DISTRIBUTION: 25-Nov-96
<TABLE>
<CAPTION>
RANGE SMM CPR
<S> <C> <C>
OCT 1.44% 16.02%
SEPT 1.31% 14.62%
AUG 1.30% 14.57%
JULY 0.73% 8.38%
</TABLE>
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