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Previous: CHAMPION MORTGAGE HOLDINGS CORP, 15-12G, 1997-06-10 |
Next: SILVERLEAF RESORTS INC, 3, 1997-06-10 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) MAY 27, 1997
-------------------------------
IMC HOME EQUITY LOAN TRUST 1997-1
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
<TABLE>
<S> <C> <C>
NEW YORK 333-4911-01 13-3902498
- -----------------------------------------------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
C/O THE CHASE MANHATTAN BANK
STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, NEW YORK, NY 10001-2697
- -----------------------------------------------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (813) 932-2211
-------------------------------
NO CHANGE
- -----------------------------------------------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
</TABLE>
Page 1
<PAGE> 2
Item 5. Other Events.
On May 27, 1997 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 April, 1997 dated May 27,
1997 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 April, 1997 was $130,264.00.
Page 2
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits.
19. Trustee's Monthly Servicing Report for the month of April, 1997.
Page 3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of l934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
<TABLE>
<S> <C>
By: IMC SECURITIES, INC.,
As Depositor
By: /s/ Thomas G. Middleton
-------------------------------------
Thomas G. Middleton
President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
-------------------------------------
Stuart D. Marvin
Chief Financial Officer
</TABLE>
Dated:May 27, 1997
Page 4
<PAGE> 5
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of April, 1997. --------
</TABLE>
Page 5
<PAGE> 1
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
==================================================================================================================================
DISTRIBUTION: 27-May-97 PAGE # 1
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>
A-1 95,086,000.00 83,199,522.47 4,607,636.37 453,437.40 5,061,073.77 78,591,886.10
A-2 31,086,000.00 31,086,000.00 0.00 171,491.10 171,491.10 31,086,000.00
A-3 46,349,000.00 46,349,000.00 0.00 263,416.82 263,416.82 46,349,000.00
A-4 37,517,000.00 37,517,000.00 0.00 222,913.51 222,913.51 37,517,000.00
A-5 10,065,000.00 10,065,000.00 0.00 61,732.00 61,732.00 10,065,000.00
A-6 17,897,000.00 17,897,000.00 0.00 113,049.38 113,049.38 17,897,000.00
A-7 12,000,000.00 12,000,000.00 0.00 71,300.00 71,300.00 12,000,000.00 3,760,367.28 237,266,253.38
A-8 75,000,000.00 70,817,296.31 1,844,031.42 369,351.54 2,213,382.96 68,973,264.89 1,059,126.13 70,032,391.02
R N/A N/A N/A 3,984.15 3,984.15 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 325,000,000.00 308,930,818.78 6,451,667.79 1,730,675.90 8,182,343.69 302,479,150.99 4,819,493.41 307,298,644.40
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</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 48.45756862 4.76870833 826.53478009 A-1 6.54000000% 6.54000000%
A-2 0.00000000 5.51666667 1000.00000000 A-2 6.62000000% 6.62000000%
A-3 0.00000000 5.68333341 1000.00000000 A-3 6.82000000% 6.82000000%
A-4 0.00000000 5.94166671 1000.00000000 A-4 7.13000000% 7.13000000%
A-5 0.00000000 6.13333333 1000.00000000 A-5 7.36000000% 7.36000000%
A-6 0.00000000 6.31666648 1000.00000000 A-6 7.58000000% 7.58000000%
A-7 0.00000000 5.94166667 1000.00000000 A-7 7.13000000% 7.13000000%
A-8 24.58708560 4.92468720 919.64353187 A-8 5.61750000% 5.86750000%
------------------------------------------------
- ----------------------------------------------------------
TOTALS 19.85128551 2.022875226 930.70508
- ----------------------------------------------------------
</TABLE>
================================================================================
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
--------------------------------------------------------
ANN MARIE JOSE
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-7148
--------------------------------------------------------
<PAGE> 2
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
=============================================================================================================================
DISTRIBUTION: 27-May-97 PAGE # 2
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,974,950.15 2,216,291.27
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 8,178,359.54
GROUP I GROUP II
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 904,448.36 212,262.46
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 308,930,818.78
CLASS A PRINCIPAL DISTRIBUTION 6,451,667.79
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 302,479,150.99
SECTION 7.08 (7) REALIZED LOSSES 0.00
GROUP I GROUP II
SECTION 7.08 (8) SUBORDINATION REDUCTION AMOUNT 0.00 0.00
SECTION 7.08 (9) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
SUBSEQUENT MORTGAGE LOANS 0.00 0.00
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
DISTRIBUTION AMOUNT 0.00 0.00
(C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
CAPITALIZED INTEREST ACCOUNT 0.00 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 (10) THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED 0.00
DUE TO GROUP I UNDERWATER LOANS
PER $1000
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 5,061,073.77 53.23
CLASS A-2 DISTRIBUTION 171,491.10 5.52
CLASS A-3 DISTRIBUTION 263,416.82 5.68
CLASS A-4 DISTRIBUTION 222,913.51 5.94
CLASS A-5 DISTRIBUTION 61,732.00 6.13
CLASS A-6 DISTRIBUTION 113,049.38 6.32
CLASS A-7 DISTRIBUTION 71,300.00 5.94
CLASS A-8 DISTRIBUTION 2,213,382.96 29.51
CLASS R DISTRIBUTION 3,984.15
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 88,002.98 0.35
PRINCIPAL PREPAYMENTS 3,615,185.03 14.46
SUBORDINATION INCREASE AMOUNT 904,448.36 3.62
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 0.00 0.00
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 27,947.40 0.37
PRINCIPAL PREPAYMENTS 1,603,821.56 21.38
SUBORDINATION INCREASE AMOUNT 212,262.46 2.83
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
CLASS A-8 CARRYFORWARD 0.00
0.00
SECTION 7.09 (a)(v) INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION 0.00
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
====================================================================================================================================
DISTRIBUTION: 27-May-97 PAGE # 3
GROUP I GROUP II
------- --------
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 237,266,253.38 70,032,391.02
ENDING NUMBER OF LOANS 4,060 652
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 78,591,886.10 826.5347801
CLASS A-2 31,086,000.00 1000
CLASS A-3 46,349,000.00 1000
CLASS A-4 37,517,000.00 1000
CLASS A-5 10,065,000.00 1000
CLASS A-6 17,897,000.00 1000
CLASS A-7 12,000,000.00 1000
CLASS A-8 68,973,264.89 919.6435319
GROUP I GROUP II
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 3,760,367.28 1,059,126.13
SUBORDINATION DEFICIT 0.00 0.00
0.00
SECTION 7.09 (a)(ix) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON RATE 11.900300% 10.272400%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN
GROUP II 6.275400%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 374,674.17 612,344.10
SECTION 7.09 (a)(xiv) REMAINING PRE-FUNDED AMOUNT 0.00 0.00
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF
DELINQUENT MORTGAGE LOANS:*
</TABLE>
GROUP I
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
-------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 134 7,744,362.20 3.26%
60-89 DAYS 49 2,739,841.74 1.15%
90 + DAYS 90 5,959,497.64 2.51%
-------------------------------------------------------------------------------
</TABLE>
GROUP II
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
-------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 24 2,146,419.40 0.90%
60-89 DAYS 4 549,151.58 0.23%
90 + DAYS 16 1,411,164.65 0.59%
-------------------------------------------------------------------------------
</TABLE>
AGGREGATE
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
-------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 158 9,890,781.60 4.17%
60-89 DAYS 53 3,288,993.32 1.39%
90 + DAYS 106 7,370,662.29 3.11%
-------------------------------------------------------------------------------
</TABLE>
*The number and aggrgate principal balance of delinquent
loans includes loans in foreclosure and bankruptcy
<PAGE> 4
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
====================================================================================================================================
PAGE # 4
DISTRIBUTION: 27-May-97
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 30 6 36
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 1,825,850.44 414,927.99 2,240,778.43
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 28 6 34
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 1,753,940.70 414,927.99 2,168,868.69
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 22 4 26
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,602,675.78 329,583.82 1,932,259.60
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,431 1 1,432
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 104,037,279.35 270,871.70 104,308,151.05
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES
0 0 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
0.00 0.00
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY
0.00 0.00 0.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00000000% 0.00000000% 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00 0.00 0.00
CURRENT PERIOD REALIZED LOSSES 0.00 0.00 0.00
ANNUAL LOSS PERCENTAGE 0.00000000% 0.00000000% 0.00000000%
SECTION 7.09 (b)(vii) 90 + DELINQUENCY PERCENTAGE 1.47781301% 1.11321636% 1.43287412%
</TABLE>
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