IMC HOME EQUITY LOAN TRUST 1996-3
8-K, 1996-10-03
ASSET-BACKED SECURITIES
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<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)        AUGUST 25, 1996
                                                --------------------------------


                       IMC HOME EQUITY LOAN TRUST 1996-3
- --------------------------------------------------------------------------------
               (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 
- -------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                             (ZIP CODE)



REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE
                                                  ------------------------------


                                   NO CHANGE
- --------------------------------------------------------------------------------
         (FORMER NAME OF FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)





                                                                          Page 1
<PAGE>   2



Item 5.      Other Events.
             On August 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 July, 1996 dated August 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 July, 1996 was $104,145.80.





                                                                          Page 2
<PAGE>   3



<TABLE>
<S>          <C>
Item 7.      Financial Statements, Pro Forma Financial
             Information and Exhibits.

(a)          Not applicable

(b)          Not applicable

(c)          Exhibits.
</TABLE>

19.   Trustee's Monthly Servicing Report for the month of July, 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


<TABLE>
<CAPTION>
Exhibit No. Description                                             Page No.
<S>      <C>                                                           <C>
19.      Trustee's Monthly Servicing Report                            6   
         for the Month of July, 1996.                               --------
</TABLE>





                                                                          Page 5


<PAGE>   1

<TABLE>
<CAPTION>
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                          SERIES 1996-3
===============================================================================================================================  
               DISTRIBUTION:           26-Aug-96                               
                                                                               
                                                                               
                                                                               
                                                                               
               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       84,132,000.00        2,695,571.65          490,770.00       3,186,341.65       81,436,428.35  
   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                0.00               0.00                 N/A 
- -------------------------------------------------------------------------------------------------------------------------------  
 TOTALS       250,000,000.00      250,000,000.00        2,695,571.65        1,528,028.83       4,223,600.48      247,304,428.35  
- -------------------------------------------------------------------------------------------------------------------------------  


- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------

<CAPTION>                   
IMC HOME EQUITY LOAN TRUST
ORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
==================================================
                           PAGE #  1                                    
                                                                               
                                                                               
                                                                               
                                                                               
                                      ENDING                                   
                  SUBORDINATE        PRINCIPAL                                 
 CLASS               AMOUNT           BALANCE                                  
- --------------------------------------------------
 <S>                <C>             <C>
  A-1                                                                          
  A-2                                                                          
  A-3                                                                          
  A-4                                                                          
  A-5                                                                          
  A-6               753,715.03      248,058,143.38                             
  A-7                                        
   R                                        
- --------------------------------------------------                             
 TOTAL              753,715.03      248,058,143.38                             
- --------------------------------------------------



- --------------------------------------------------
- --------------------------------------------------
</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>          <C>            <C>              
   A-1           32.03979046          5.83333333        967.96020954               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           10.7822866          4.83741448         989.2177134                                                            
- --------------------------------------------------------------------                                                           




=============================================================================================================================   
</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
<TABLE>                                                                        
<CAPTION>                                                                      

- -----------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                          SERIES 1996-3
===================================================================================================================================

          DISTRIBUTION:         26-Aug-96                                                                             PAGE #  2   
                                                                               
                                                                               
<S>                    <C>                                                                      <C>                 <C>             
SECTION 7.08 (1)              BEGINNING CERTIFICATE ACCOUNT                                       4,257,434.42                   
                                                                               
                                                                               
SECTION 7.08 (2)              CLASS A DISTRIBUTION AMOUNT                                         3,365,330.30                   
                                                                               
                                                                               
                                                                               
SECTION 7.08 (3)              SUBORDINATION INCREASE AMOUNT                                         753,715.03                   
                                                                               
SECTION 7.08 (4)              INSURED PAYMENT                                                             0.00                   
                                                                               
SECTION 7.08 (6)              BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                   201,953,000.00                   
                              CLASS A PRINCIPAL DISTRIBUTION                                      2,695,571.65                   
                              ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                      247,304,428.35                   
                                                                               
                                                                               
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                                              64,439.92                   
                          (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL         
                              DISTRIBUTION AMOUNT                                                    50,071.77                   
                          (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE                                                    
                              CAPITALIZED INTEREST ACCOUNT                                              133.88                   
                          (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                                                1,186.86                   
                                                                               
                                                                                                                    PER $1000    
SECTION 7.09 (a)(i)           CLASS A-1 DISTRIBUTION                                              3,186,341.65          37.87    
                              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                                                        0.00                   
                                                                               
SECTION 7.09 (a)(ii)          CLASS A PRINCIPAL DISTRIBUTION                                              
                                                INSTALLMENT PRINCIPAL COLLECTED                     127,894.54           1.12    
                                                PRINCIPAL PREPAYMENTS                             1,602,739.74          13.99    
                                                SUBORDINATION INCREASE AMOUNT                       753,715.03           6.58    
                                                PRIN PREPAY FROM PRE-FUND ACCT                       50,071.77           0.44    
                                                OTHER                                               161,150.57           1.41    
                                                                                       
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                                     248,058,143.38                   
                              ENDING NUMBER OF LOANS OUTSTANDING                                         4,003                   
                                                                                       
                                                                                       
SECTION 7.09 (a)(vii)         SUBORDINATED AMOUNT                                                         0.00                   
                              SUBORDINATED DEFICIT                                                        0.00

SECTION 7.09 (a)(ix)          SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                         114,253.00
                              LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                      48,712.63



(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>   3

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                           SERIES 1996-3
====================================================================================================================================
        DISTRIBUTION:                26-Aug-96                                                                           PAGE # 3 


<S>                          <C>                                                                  <C>           <C>
SECTION 7.09 (a)(x)          WEIGHTED AVERAGE COUPON OF THE MORTGAGE LOANS                          11.6170%

SECTION 7.09 (a)(xii)        LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                            439,873.82

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                116              6,562,361.83              2.64%
                                  60-89 DAYS                 33              2,401,405.29              0.97%
                                   90 + DAYS                  2                159,500.00              0.06%
                             -------------------------------------------------------------------------------

                             *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                                                                  0

                             AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE                                           0.00



                             NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
                             IN THE PRIOR MONTH                                                                              0

                             AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
                             THAT WERE COMMENCED IN THE PRIOR MONTH                                                       0.00


SECTION 7.09 (b)(iii)        NUMBER OF LOANS IN BANKRUPTCY                                                                   4

                             AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY                                     304,681.10


                             NUMBER OF LOANS THAT ARE "BALLOON" LOANS                                                     1770

                             AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"                                 132,458,262.60


SECTION 7.09 (b)(iv)         NUMBER OF REO PROPERTIES                                                                        0

                             AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                                                0.00



SECTION 7.09 (b)(v)          BOOK VALUE OF REO PROPERTY                                                                   0.00



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                                                            1.03238106%




(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>



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