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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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
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IMC HOME EQUITY LOAN TRUST 1996-4
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-4911-01 13-3902498
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(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
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NO CHANGE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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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 $129,165.96.
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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.
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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
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Thomas G. Middleton
President, Chief Operating Officer,
Assistant Secretary and Director
By:/s/ Stuart D. Marvin
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Stuart D. Marvin
Chief Financial Officer
Dated: November 25, 1996
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EXHIBIT INDEX
Exhibit No. Description Page No.
19. Trustee's Monthly Servicing Report
for the Month of October, 1996. 6
Page 5
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
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DISTRIBUTION: 25-Nov-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
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 117,802,000.00 117,802,000.00 3,829,474.18 646,929.32 4,476,403.50 113,972,525.82
A-2 40,131,000.00 40,131,000.00 0.00 220,051.65 220,051.65 40,131,000.00
A-3 58,472,000.00 58,472,000.00 0.00 331,828.60 331,828.60 58,472,000.00
A-4 51,439,000.00 51,439,000.00 0.00 304,776.08 304,776.08 51,439,000.00
A-5 16,445,000.00 16,445,000.00 0.00 101,547.88 101,547.88 16,445,000.00 852,120.48 307,022,646.30
A-6 25,711,000.00 25,711,000.00 0.00 163,050.59 163,050.59 25,711,000.00
S N/A N/A N/A 293,858.97 293,858.97 N/A
R N/A N/A N/A 0.00 0.00 N/A
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TOTALS 310,000,000.00 310,000,000.00 3,829,474.18 2,062,043.09 5,891,517.27 306,170,525.82 852,120.48 307,022,646.30
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</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
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<S> <C> <C> <C> <C> <C> <C>
A-1 32.50771783 5.49166669 967.49228217 A-1 6.59000000% 6.59000000%
A-2 0.00000000 5.48333333 1000.00000000 A-2 6.58000000% 6.58000000%
A-3 0.00000000 5.67500000 1000.00000000 A-3 6.81000000% 6.81000000%
A-4 0.00000000 5.92500010 1000.00000000 A-4 7.11000000% 7.11000000%
A-5 0.00000000 6.17500030 1000.00000000 A-5 7.41000000% 7.41000000%
A-6 0.00000000 6.34166660 1000.00000000 A-6 7.61000000% 7.61000000%
S N/A N/A N/A S 1.13751860% 1.13751860%
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TOTALS 12.3531425 6.651751911 987.6468575
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</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
EILEEN ROONEY
THE CHASE MANHATTAN BANK
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
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DISTRIBUTION: 25-Nov-96 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,932,825.79
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 5,597,658.30
SECTION 7.08 (3) CLASS S DISTRIBUTION AMOUNT 0.00
SECTION 7.08 (4) SUBORDINATION INCREASE AMOUNT 852,120.48
SECTION 7.08 (5) INSURED PAYMENT 0.00
SECTION 7.08 (7) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 310,000,000.00
CLASS A PRINCIPAL DISTRIBUTION 3,829,474.18
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 306,170,525.82
SECTION 7.08 (8) REALIZED LOSSES 0.00
SECTION 7.08 (9) SUBORDINATION REDUCTION AMOUNT 0.00
SECTION 7.08 (10) (A) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
SUBSEQUENT MORTGAGE LOANS 88,538.00
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
DISTRIBUTION AMOUNT 1,703.44
(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
THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE DEPOSITOR 0.00
SECTION 7.08 (11) THE AMOUNT BY WHICH THE SERVING FEE IS REDUCED
BECAUSE OF THE UNDERWATER LOANS 0.00
PER $1000
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SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 4,476,403.50 38.00
CLASS A-2 DISTRIBUTION 220,051.65 5.48
CLASS A-3 DISTRIBUTION 331,828.60 5.68
CLASS A-4 DISTRIBUTION 304,776.08 5.93
CLASS A-5 DISTRIBUTION 101,547.88 6.18
CLASS A-6 DISTRIBUTION 163,050.59 6.34
CLASS S DISTRIBUTION 293,858.97
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 147,934.59 0.94
PRINCIPAL PREPAYMENTS 2,827,715.67 17.90
SUBORDINATION INCREASE AMOUNT 852,120.48 5.40
PRIN PREPAY FROM PRE-FUND ACCT 1,703.44 0.01
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 S 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 307,022,646.30
ENDING NUMBER OF LOANS OUTSTANDING 5,149
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 852,120.48
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
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
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DISTRIBUTION: 25-Nov-96 PAGE # 3
<TABLE>
<S> <C> <C>
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON OF THE MORTGAGE LOANS 11.9406%
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDIING 519,162.53
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 178 10,686,528.03 3.48%
60-89 DAYS 49 3,347,881.69 1.09%
90 + DAYS 1 16,500.00 0.01%
</TABLE>
* 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 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 85,370.66
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 85,370.66
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 11
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 698,411.76
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 2,273
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 170,491,558.37
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 1.09580897%
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
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DISTRIBUTION: 25-Nov-96
RANGE SMM CPR
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OCT 0.91% 10.42%
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(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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