<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 1996-4
(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 1996-4
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.......................................... 7
PART IV ............................................................... 7
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K................................... 7
SIGNATURES.............................................................. 8
INDEX TO EXHIBITS....................................................... 9
</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 1996-4 (the "Trust"),
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated October 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 and Class A-6
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 14 holders of the Class A-1 Certificates, 1
holder of the Class A-2 Certificates, 13 holders of the Class A-3 Certificates,
3 holders of the Class A-4 Certificates, 3 holders of the Class A-5
Certificates and 1 holder of the Class A-6 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 $257,092.07.
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 $25,882,201.43 25.47%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit & Trust Co. $20,792,035.15 20.46%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
</TABLE>
-4-
<PAGE> 5
<TABLE>
<CAPTION>
Name and Address Principal Amount % of Class
- ---------------- ---------------- ----------
(continued)
<S> <C> <C>
Chase Manhattan Bank $19,844,746.58 19.53%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
Chase Manhattan Bank/Chemical $ 8,627,400.48 8.49%
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
SSB-Custodian $ 8,627,400.48 8.49%
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-2
PNC Bank, N.A./Pittsburgh $40,131,000.00 100.00%
One PNC Plaza, 9th Floor, 249 5th Avenue
Pittsburgh, PA 15222-7707
Class A-3
Bankers Trust Company $15,250,000.00 26.08%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit & Trust Co. $ 7,650,000.00 13.08%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank $21,172,000.00 36.21%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
Citicorp Services, Inc. $ 3,000,000.00 5.13%
P.O. Box 30576
Tampa, FL 33630-3576
Northern Trust Company $ 3,150,000.00 5.39%
801 S. Canal C-In
Chicago, IL 60607
Witter (Dean) Reynolds, Inc. $ 5,000,000.00 8.55%
5690 West Cypress Street
Tampa, FL 33607
</TABLE>
-5-
<PAGE> 6
<TABLE>
<CAPTION>
Name and Address Principal Amount % of Class
- ---------------- ---------------- ----------
(continued)
Class A-4
<S> <C> <C>
Chase Manhattan Bank $49,189,000.00 95.63%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
Class A-5
Boston Safe Deposit & Trust Co. $ 5,000,000.00 30.40%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank $ 8,445,000.00 51.35%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
Citicorp Services, Inc. $ 3,000,000.00 18.24%
P.O. Box 30576
Tampa, FL 33630-3576
Class A-6
Chase Manhattan Bank/Chemical $25,711,000.00 100.0%
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
</TABLE>
-6-
<PAGE> 7
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
2 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>
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>
-7-
<PAGE> 8
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
-8-
<PAGE> 9
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>
-9-
<PAGE> 1
EXHIBIT 99.1
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1996-4
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.
/s/ Coopers & Lybrand LLP
Tampa, Florida
February 21, 1997
<PAGE> 3
[IMC MORTGAGE 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
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
- --------------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------------------------------------------------------------
<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
- ------------------------------------------------------------------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------------------------------------------------------------
</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 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%
- -------------------------------------------------------------------------------------------------------------------------
TOTALS 12.3531425 6.651751911 987.6468575
- -------------------------------------------------------------------------------------------------------------------------
</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
- --------------------------------------------------------------------------------
<PAGE> 3
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
- --------------------------------------------------------------------------------
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
---------
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
- --------------------------------------------------------------------------------
<PAGE> 4
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
<PAGE> 5
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
- --------------------------------------------------------------------------------
DISTRIBUTION: 25-Nov-96
RANGE SMM CPR
-------------------------------------
OCT 0.91% 10.42%
-------------------------------------
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
- --------------------------------------------------------------------------------
<PAGE> 6
IMC EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
DISTRIBUTION: 26-DEC-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-1 117,802,000.00 113,972,525.82 5,287,718.14 625,899.12 5,913,617.26 108,684,807.69
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 1,700,017.36 302,582,825.05
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 289,033.17 289,033.17 N/A
R N/A N/A N/A 2,329.28 2,329.28 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 310,000,000.00 306,170,525.82 5,287,718.14 2,038,516.37 7,326,234.51 300,882,807.69 1,700,017.36 302,582,825.05
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
- ---------------------------------------------------------------------
<S> <C> <C> <C>
A-1 44.88648866 5.31314511 922.60579351
A-2 0.00000000 5.48333333 1000.00000000
A-3 0.00000000 5.67500000 1000.00000000
A-4 0.00000000 5.92500010 1000.00000000
A-5 0.00000000 6.17500030 1000.00000000
A-6 0.00000000 6.34166660 1000.00000000
S N/A N/A N/A
- ---------------------------------------------------------------------
TOTALS 17.05715528102 6.6581078105219 970.5897022169436
- ---------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PASS THRU RATES
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
-------------------------------------------
<C> <C> <C>
A-1 6.59000000% 6.59000000%
A-2 6.58000000% 6.58000000%
A-3 6.81000000% 6.81000000%
A-4 7.11000000% 7.11000000%
A-5 7.41000000% 7.41000000%
A-6 7.61000000% 7.61000000%
S 1.13751860% 1.13283211%
-------------------------------------------
</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
<PAGE> 7
IMC EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
DISTRIBUTION: 26-DEC-96 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 7,367,027.35
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 7,034,872.06
SECTION 7.08 (3) CLASS S DISTRIBUTION AMOUNT 2,329.28
SECTION 7.08 (4) SUBORDINATION INCREASE AMOUNT 847,896.89
SECTION 7.08 (5) INSURED PAYMENT 0.00
SECTION 7.08 (7) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 306,170,525.82
CLASS A PRINCIPAL DISTRIBUTION 5,287,718.14
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 300,882,807.69
SECTION 7.08 (8) REALIZED LOSSES 0.00
CUMULATIVE REALIZED LOSSES 0.00
SECTION 7.08 (9) SUBORDINATION REDUCTION AMOUNT 0.00
SECTION 7.08 (10) 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
SECTION 7.08 (11) THE AMOUNT BY WHICH THE SERVING FEE IS REDUCED
BECAUSE OF THE UNDERWATER LOANS 0.00
PER $1000
---------
50.20
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 5,913,617.26 5.48
CLASS A-2 DISTRIBUTION 220,051.65 5.68
CLASS A-3 DISTRIBUTION 331,828.60 5.93
CLASS A-4 DISTRIBUTION 304,776.08 6.18
CLASS A-5 DISTRIBUTION 101,547.88 6.34
CLASS A-6 DISTRIBUTION 163,050.59
CLASS S DISTRIBUTION 289,033.17
CLASS R DISTRIBUTION 2,329.28
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION 1.23
INSTALLMENT PRINCIPAL COLLECTED 194,277.82 26.88
PRINCIPAL PREPAYMENTS 4,245,543.43 5.37
SUBORDINATION INCREASE AMOUNT 847,896.89 0.00
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 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 302,582,825.05
ENDING NUMBER OF LOANS OUTSTANDING 5,090
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 1,700,017.36
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> 8
IMC EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-4
DISTRIBUTION: 26-DEC-96 PAGE # 3
<TABLE>
<S> <C> <C>
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON OF THE MORTGAGE LOANS 11.9319%
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 516,948.56
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 163 8,442,364.33 2.79%
60-89 DAYS 70 4,665,035.99 1.54%
90 + DAYS 31 1,992,980.95 0.66%
-----------------------------------------------------------------------
*The number and aggregate principal balances of delinquent mortgage loans
includes loans in foreclosure an
<TABLE>
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 104,000.00
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 104,000.00
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 18
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,126,482.82
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 2242
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 168,176,391.84
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 1.64810192%
</TABLE>
