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Previous: IMC HOME EQUITY LOAN TRUST 1996-3, 8-K, 1996-10-03 |
Next: STEIN ROE INSTITUTIONAL TRUST, N-1A EL, 1996-10-03 |
<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) SEPTEMBER 25, 1996
--------------------------------
IMC HOME EQUITY LOAN TRUST 1996-3
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
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)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE
-----------------------------
NO CHANGE
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(FORMER NAME OF FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Page 1
<PAGE> 2
Item 5. Other Events.
On September 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 August, 1996 dated
September 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 August, 1996 was $103,357.56.
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 August, 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: September 25, 1996
Page 4
<PAGE> 5
EXHIBIT INDEX
Exhibit No. Description Page No.
19. Trustee's Monthly Servicing Report 6
for the Month of August, 1996. --------
Page 5
<PAGE> 1
EXHIBIT 19
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
================================================================================
DISTRIBUTION: 25-Sep-96 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATEE SUBORDINATE PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 84,132,000.00 81,436,428.35 4,140,847.69 475,045.83 4,615,893.52 77,295,580.66
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 1,503,871.52 244,667,452.18
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 1,587.07 1,587.07 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 250,000,000.00 247,304,428.35 4,140,847.69 1,513,891.73 5,654,739.42 243,163,580.66 1,503,871.52 244,667,452.18
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
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> <C> <C>
A-1 49.21846254 5.64643453 918.74174700 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 16.56339076 4.826559144 972.6543226
- ---------------------------------------------------------
</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
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
================================================================================
DISTRIBUTION: 25-Sep-96 PAGE # 2
<TABLE>
<S> <C> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,688,201.09
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 4,794,882.17
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 750,156.49
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) *BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 247,304,428.35
CLASS A PRINCIPAL DISTRIBUTION 4,140,847.69
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 243,163,580.66
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 4,615,893.52 54.86
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 1,587.07
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 159,935.09 1.40
PRINCIPAL PREPAYMENTS 3,230,756.11 28.20
SUBORDINATION INCREASE AMOUNT 750,156.49 6.55
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 244,667,452.18
ENDING NUMBER OF LOANS OUTSTANDING 3,953
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 1,503,871.52
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
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK * Previous reports did not include all the starting
class balances. This figure as been adjusted to
reflect all the certificate balances.
</TABLE>
<PAGE> 3
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
================================================================================
DISTRIBUTION: 25-Sep-96 PAGE # 3
<TABLE>
<S> <C> <C> <C>
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON OF THE MORTGAGE LOANS 11.6067%
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 439,617.67
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:*
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 96 5,639,276.85 2.30%
60-89 DAYS 44 2,358,705.89 0.96%
90 + DAYS 25 1,653,196.32 0.68%
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* The number and aggregate principal balances of delinquent mortgage loans includes loans in
foreclosure and bankruptcy
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 7
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 688,730.33
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 7
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 688,730.33
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 9
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 660,628.31
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1748
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 130,715,761.70
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 1
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 156,947.00
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 166,500.00
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 1.36813246%
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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