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Previous: NUVEEN TAX FREE UNIT TRUST SERIES 935, S-6EL24, 1997-04-03 |
Next: LASON INC, 10-K/A, 1997-04-03 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED] For the fiscal year ended December 31, 1996 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to .
------- -------
Commission File Number 333-4911-01
-----------
IMC HOME EQUITY LOAN TRUST 1996-3
---------------------------------
(Exact name of registrant as specified in its charter)
New York 13-3902498
- ------------------------------------ ---------------------------------
(State of other jurisdiction of (I.R.S. Employer
Incorporation or organization) 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: (813) 932-2211
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered:
None None
- --------------------------- -----------------------------
None
- -------------------------------------------------------------------------------
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (s 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
Not Applicable
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1996-3
INDEX
<TABLE>
<CAPTION>
Page
<S> <C>
PART I ............................................................ 3
ITEM 1 - BUSINESS........................................ 3
ITEM 2 - PROPERTIES...................................... 3
ITEM 3 - LEGAL PROCEEDINGS............................... 3
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS............................................ 3
PART II ............................................................ 3
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND
RELATED STOCKHOLDER MATTERS ....................... 3
ITEM 6 - SELECTED FINANCIAL DATA ........................ 3
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS ..... 3
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA .... 4
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE ........... 4
PART III ............................................................ 4
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE
REGISTRANT......................................... 4
ITEM 11 - EXECUTIVE COMPENSATION .......................... 4
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT ............................. 4
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS....................................... 8
PART IV ............................................................ 8
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K................................ 8
SIGNATURES........................................................... 10
INDEX TO EXHIBITS.................................................... 11
</TABLE>
-2-
<PAGE> 3
PART I
ITEM 1 - BUSINESS
Not Applicable
ITEM 2 - PROPERTIES
Not Applicable
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings
involving either the IMC Home Equity Loan Trust 1996-3 (the "Trust"),
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated July 1, 1996, among The Chase Manhattan Bank, as trustee (the "Trustee"),
IMC Securities, Inc., as depositor (the "Depositor") and Industry Mortgage
Company, L.P., as servicer (the "Servicer"); the Trustee; the Depositor or the
Servicer which relates to the Trust.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED
STOCKHOLDER MATTERS
To the best knowledge of the Depositor, there is no established public
trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates and Class A-7 Certificates issued by the Trust are held by the
Depository Trust Company ("DTC") which in turn maintains records of holders of
beneficial interests in such Certificates. Based on information obtained by the
Trust from DTC, as of February 13, 1997, there were 9 holders of the Class A-1
Certificates, 28 holders of the Class A-2 Certificates, 6 holders of the Class
A-3 Certificates, 2 holders of the Class A-4 Certificates, 4 holders of the
Class A-5 Certificates, 3 holders of the Class A-6 Certificates and 19 holders
of the Class A-7 Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not Applicable
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Not Applicable
-3-
<PAGE> 4
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1996
was $509,028.03.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or
financial disclosures between Industry Mortgage Company, L.P. (the "Issuer") and
its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not Applicable
ITEM 11 - EXECUTIVE COMPENSATION
Not Applicable
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table sets forth (I) the name and address of each entity
owning more than 5% of the outstanding principal amount of each Class of Class A
Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Class A Certificates is based upon information obtained by the
Trust from DTC and represents ownership of beneficial interest in the
Certificates held by DTC. The Depositor is not aware of any Schedules 13D or 13G
filed with the Securities and Exchange Commission in respect of the
Certificates.
<TABLE>
<CAPTION>
Name and Address Principal Amount % of Class
- ---------------- ---------------- ----------
<S> <C> <C>
Class A-1
Bankers Trust Company $30,905,392.36 53.49%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Bear Stearns Securities Corp. $ 3,159,217.89 5.47%
One Metrotech Center North, 4th Floor
Brooklyn, NY 11201-3862
Boston Safe Deposit & Trust Co. $10,301,797.45 17.83%
c/o Mellon Bank N.A.
Three Mellon Bank Center
</TABLE>
-4-
<PAGE> 5
<TABLE>
<CAPTION>
Name and Address Principal Amount % of Class
- ---------------- ---------------- ----------
(continued)
<S> <C> <C>
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank/Chemical $11,353,954.37 19.65%
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Class A-2
Bank of New York $ 4,260,000.00 14.00%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company $ 1,683,000.00 5.53%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank $ 6,277,000.00 20.63%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
Crestar Bank $ 1,856,000.00 6.10%
P.O. Box 26246
Richmond, VA 23261
First Union National Bank $ 2,192,000.00 7.21%
401 South Tryon Street
Charlotte, NC 28288
Northern Trust Company $ 3,090,000.00 10.16%
801 S. Canal C-In
Chicago, IL 60607
Summit Bank Trust Account $ 2,283,000.00 7.50%
210 Main Street
Hackensack, NJ 07601
Class A-3
Bank of New York $ 2,550,000.00 6.39%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company $10,000,000.00 25.05%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
</TABLE>
-5-
<PAGE> 6
<TABLE>
<CAPTION>
Name and Address Principal Amount % of Class
- ---------------- ---------------- ----------
(continued)
<S> <C> <C>
Chase Manhattan Bank $ 5,000,000.00 12.53%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
Chase Manhattan Bank/ $ 5,000,000.00 12.53%
Broker & Dealer Clearance Dept.
4 New York Plaza, 21st Floor
New York, NY 10015
Chase Manhattan Bank/Chemical $16,370,000.00 41.01%
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Class A-4
Bankers Trust Company $ 9,536,000.00 98.96%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Class A-5
Chase Manhattan Bank/ $ 5,000,000.00 13.21%
Broker & Dealer Clearance Dept.
4 New York Plaza, 21st Floor
New York, NY 10015
Chase Manhattan Bank/Chemical $25,842,000.00 68.29%
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Chase Manhattan Bank, Trust $ 5,000,000.00 13.21%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
SSB-Custodian $ 2,000,000.00 5.29%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-6
Chase Manhattan Bank $14,000,000.00 70.51%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
Citibank/Private Banking Division $ 5,000,000.00 25.18%
1309 N. Ward Street, 2nd Floor
</TABLE>
-6-
<PAGE> 7
<TABLE>
<CAPTION>
Name and Address Principal Amount % of Class
- ---------------- ---------------- ----------
(continued)
<S> <C> <C>
Tampa, Fl 33607
Class A-7
Bank of New York $ 1,850,000.00 6.56%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Boston Safe Deposit & Trust Co. $ 3,650,000.00 12.95%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Corestates Bank/Commonwealth of PA $ 3,600,000.00 12.77%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Chase Manhattan Bank, Trust $ 7,742,000.00 27.46%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
SSB-Custodian $ 4,200,000.00 14.90%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Fifth Third Bank (The) $ 3,000,000.00 10.64%
Dept. 00850 - Proxy
38 Fountain Square Plaza
Cincinnati, OH 45263
</TABLE>
-7-
<PAGE> 8
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
Part IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- -----------
<S> <C>
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall servicing
operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
</TABLE>
(b) Reports on Form 8-K
5 reports on Form 8-K have been filed by the issuer during the period covered by
this report.
<TABLE>
<CAPTION>
DATE OF REPORTS ON FORM 8-K ITEMS REPORTED/FINANCIAL
STATEMENTS FILED
<S> <C>
August 25, 1996 Trustee's Monthly Report for the July
Monthly Period.
September 25, 1996 Trustee's Monthly Report for the August
Monthly Period.
October 25, 1996 Trustee's Monthly Report for the September
Monthly Period.
</TABLE>
-8-
<PAGE> 9
<TABLE>
<S> <C>
November 25, 1996 Trustee's Monthly Report for the October
Monthly Period.
December 26, 1996 Trustee's Monthly Report for the November
Monthly Period.
</TABLE>
<PAGE> 10
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: IMC Securities, Inc.,
As Depositor
By: /s/ Thomas G. Middleton
----------------------------------------
Name: Thomas G. Middleton
Title: President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
----------------------------------------
Name: Stuart D. Marvin
Title: Chief Financial Officer
Date: March 28, 1997
-10-
<PAGE> 11
INDEX TO EXHIBITS
Item 14(C)
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- -----------
<S> <C>
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall servicing
operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
</TABLE>
-11-
<PAGE> 1
EXHIBIT 99.1
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1996-3
Officer's Certificate
In connection with the above-referenced trust and pursuant to Section 8.16 of
the related Pooling and Servicing Agreement ("Agreement"), Industry Mortgage
Company, L.P. ( as "Servicer"), hereby confirms the following:
(i) a review of the activities of the Servicer during 1996 and of performance
under the Agreement has been made under my supervision; and
(ii) to the best of my knowledge, based on such review, the Servicer has
fulfilled all of its obligations under the Agreement for the calender year
1996.
Industry Mortgage Company, L.P.
By: /s/ Thomas G. Middleton
-------------------------------------------
Thomas G. Middleton
President and Chief Operating Officer
<PAGE> 1
EXHIBIT 99.2
<PAGE> 2
[COOPERS & LYBRAND LETTERHEAD]
REPORT OF INDEPENDENT ACCOUNTANTS-UNIFORM SINGLE ATTESTATION PROGRAM
To the Board of Directors of
IMC Mortgage Company and Subsidiaries
We have examined the assertion by IMC Mortgage Company and Subsidiaries'
management about compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers (USAP) as of and for the year ended December 31,
1996 included in the accompanying management assertion. Management is
responsible for IMC Mortgage Company and Subsidiaries' compliance with those
minimum servicing standards. Our responsibility is to express an opinion on
management's assertion about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accounts and, accordingly, included
examining, on a test basis, evidence about IMC Mortgage Company and
Subsidiaries' compliance with the minimum servicing standards and performing
such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on IMC Mortgage Company and
Subsidiaries' compliance with the minimum servicing standards.
In our opinion, management's assertion that IMC Mortgage Company and
Subsidiaries' complied with the aforementioned minimum servicing standards as
of and for the year ended December 31, 1996 is fairly stated, in all material
respects.
Tampa, Florida
February 21, 1997
/s/ Coopers & Lybrand L.L.P.
<PAGE> 3
[IMC LETTERHEAD]
As of and for the year ended December 31, 1996, IMC Mortgage Company and
Subsidiaries has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers. As of and for this same
period, IMC Mortgage Company And Subsidiaries had in effect a fidelity bond and
errors and omissions policy in the amount of $7,000,000.
/s/ Thomas G. Middleton
--------------------------------------
Thomas G. Middleton, President and Chief
Operating Officer
/s/ Stuart D. Marvin
--------------------------------------
Stuart D. Marvin, Chief Financial Officer
<PAGE> 1
EXHIBIT 99.3
<PAGE> 2
<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> 3
<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> 4
<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>
<PAGE> 5
EXHIBIT 19
- --------------------------------------------------------------------------------
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>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
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> 6
- --------------------------------------------------------------------------------
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> 7
- --------------------------------------------------------------------------------
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:*
-------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
-------------------------------------------------------------------------------
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%
-------------------------------------------------------------------------------
* 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
<PAGE> 8
EXHIBIT 19
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
DISTRIBUTION: 25-Oct-96 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE 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 77,295,580.66 4,103,423.01 450,890.89 4,554,313.90 73,192,157.65
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 2,243,211.80 241,303,369.45
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 4,091.15 4,091.15 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 250,000,000.00 243,163,580.66 4,103,423.01 1,492,240.87 5,595,663.88 239,060,157.65 2,243,211.80 241,303,369.45
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
FACTOR INFORMATION PER $1,000
PASS THRU RATES
<TABLE>
<CAPTION>
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 48.77362969 5.35932689 869.96811730 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 16.41369205 4.809414744 956.2406306
- --------------------------------------------------------
==================================================================================================================================
</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> 9
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
DISTRIBUTION: 25-Oct-96 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,628,572.91
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 4,733,302.55
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 739,340.28
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) *BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 243,163,580.66
CLASS A PRINCIPAL DISTRIBUTION 4,103,423.01
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 239,060,157.65
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 4,554,313.90 54.13
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 4,091.15
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 164,272.15 1.43
PRINCIPAL PREPAYMENTS 3,199,810.58 27.93
SUBORDINATION INCREASE AMOUNT 739,340.28 6.45
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 241,303,369.45
ENDING NUMBER OF LOANS OUTSTANDING 3,908
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 2,243,211.80
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> 10
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
DISTRIBUTION: 25-Oct-96 PAGE # 3
<TABLE>
<S> <C> <C> <C>
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON OF THE MORTGAGE LOANS 11.6000%
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:*
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
--------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 109 7,015,068.40 2.91%
60-89 DAYS 50 3,222,051.41 1.34%
90 + DAYS 56 3,297,416.71 1.37%
--------------------------------------------------------------------
</TABLE>
* The number and aggregate principal balances of delinquent
mortgage loans includes loans in foreclosure and bankruptcy
<TABLE>
<S> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 20
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 1,487,180.27
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 14
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 833,389.86
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 12
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 747,505.15
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,730
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 129,338,644.93
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 2
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 176,484.61
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 1.83705850%
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
<PAGE> 11
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> 12
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> 13
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> 14
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>
<PAGE> 15
IMC EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
DISTRIBUTION: 26-DEC-96 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 6,615,585.59
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 6,581,521.95
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 720,430.34
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) *BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 234,714,174.88
CLASS A PRINCIPAL DISTRIBUTION 5,142,660.43
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 229,571,514.44
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 5,544,263.12 65.90
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 2,294.51
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 162,215.67 1.42
PRINCIPAL PREPAYMENTS 4,260,014.42 37.19
SUBORDINATION INCREASE AMOUNT 720,430.34 6.29
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 233,266,153.55
ENDING NUMBER OF LOANS OUTSTANDING 3,780
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 3,694,639.11
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>
<PAGE> 16
IMC EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-3
DISTRIBUTION: 26-DEC-96 PAGE # 3
<TABLE>
<S> <C> <C>
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON OF THE MORTGAGE LOANS 11.5774%
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 439,223.76
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:*
</TABLE>
-----------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
-----------------------------------------------------------------------------
30-59 DAYS 118 7,111,673.20 3.05%
60-89 DAYS 46 2,774,977.19 1.19%
90 + DAYS 106 6,862,954.91 2.94%
-----------------------------------------------------------------------------
*The number and aggregate principal balances of delinquent mortgage loans
includes loans in foreclosure and bankruptcy
<TABLE>
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 35
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 2,342,677.13
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 3
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 208,177.54
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 32
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,205,671.28
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1669
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 124,543,534.49
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 2
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 176,484.61
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 2.59520680%
</TABLE>
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