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Previous: COMMEMORATIVE BRANDS INC, 10-Q/A, 1997-07-14 |
Next: FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 203, S-6EL24/A, 1997-07-14 |
<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) JUNE 25, 1997
--------------------------------
IMC HOME EQUITY LOAN TRUST 1997-1
- --------------------------------------------------------------------------------
(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 (813) 932-2211
------------------------------
NO CHANGE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Page 1
<PAGE> 2
Item 5. Other Events.
On June 25, 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 May, 1997 dated June 25,
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 May, 1997 was $128,041.10.
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 May, 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.
By: IMC SECURITIES, INC.,
As Depositor
By: /s/ Thomas G. Middleton
-----------------------------------
Thomas G. Middleton
President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
-----------------------------------
Stuart D. Marvin
Chief Financial Officer
Dated: June 25, 1997
Page 4
<PAGE> 5
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of May, 1997. -------
</TABLE>
Page 5
<PAGE> 1
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
================================================================================
<TABLE>
<CAPTION>
DISTRIBUTION: 25-Jun-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> <C> <C>
A-1 95,086,000.00 78,591,886.10 5,122,244.08 428,325.78 5,550,569.86 73,469,642.02
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 4,593,516.41 232,977,158.43
A-8 75,000,000.00 68,973,264.89 2,220,809.64 326,008.84 2,546,818.48 66,752,455.25 1,291,617.20 68,044,072.45
R N/A N/A N/A 4,455.20 4,455.20 N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 325,000,000.00 302,479,150.99 7,343,053.72 1,662,692.63 9,005,746.35 295,136,097.27 5,885,133.61 301,021,230.88
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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<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 53.86959258 4.50461456 772.66518751 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 29.61079520 4.34678453 890.03273667 A-8 5.61750000% 5.86750000%
--------------------------------------------
- -----------------------------------------------------------
TOTALS 22.59401145 1.983002392 908.1110685
- -----------------------------------------------------------
</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
----------------------------------------------------------------------
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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<PAGE> 2
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
================================================================================
<TABLE>
<CAPTION>
DISTRIBUTION: 25-Jun-97 PAGE # 2
GROUP I GROUP II
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 6,513,880.96 2,564,463.24
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 9,001,291.15
GROUP I GROUP II
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 833,149.13 232,491.07
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 302,479,150.99
CLASS A PRINCIPAL DISTRIBUTION 7,343,053.72
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 295,136,097.27
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 5,550,569.86 58.37
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 2,546,818.48 33.96
CLASS R DISTRIBUTION 4,455.20
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 207,783.69 0.83
PRINCIPAL PREPAYMENTS 4,081,311.26 16.33
SUBORDINATION INCREASE AMOUNT 833,149.13 3.33
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 39,750.84 0.53
PRINCIPAL PREPAYMENTS 1,948,567.73 25.98
SUBORDINATION INCREASE AMOUNT 232,491.07 3.10
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>
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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<PAGE> 3
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
================================================================================
<TABLE>
<CAPTION>
DISTRIBUTION: 25-Jun-97 PAGE # 3
GROUP I GROUP II
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 232,977,158.43 68,044,072.45
ENDING NUMBER OF LOANS 3987 636
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 73,469,642.02 772.6651875
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 66,752,455.25 890.0327367
GROUP I GROUP II
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 4,593,516.41 1,291,617.20
SUBORDINATION DEFICIT 0.00 0.00
SECTION 7.09 (a)(ix) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON RATE 11.893700% 10.354800%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 6.279600%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 374,353.02 611,916.78
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>
<TABLE>
<CAPTION>
GROUP I
---------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 172 9,430,656.01 4.05%
60-89 DAYS 32 1,821,375.10 0.78%
90 + DAYS 105 6,732,592.50 2.89%
---------------------------------------------------------------------
<CAPTION>
GROUP II
----------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
----------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 24 2,251,987.84 0.97%
60-89 DAYS 10 859,769.01 0.37%
90 + DAYS 17 1,579,755.67 0.68%
----------------------------------------------------------------------
<CAPTION>
AGGREGATE
---------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 196 11,682,643.85 5.01%
60-89 DAYS 42 2,681,144.11 1.15%
90 + DAYS 122 8,312,348.17 3.57%
---------------------------------------------------------------------
</TABLE>
*The number and aggrgate principal balance of delinquent loans includes loans
in foreclosure and bankruptcy
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
- --------------------------------------------------------------------------------
<PAGE> 4
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
================================================================================
<TABLE>
<CAPTION>
PAGE # 4
DISTRIBUTION: 25-Jun-97
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 43 7 50
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 2,919,957.12 354,931.97 3,274,889.09
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 13 2 15
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 1,094,181.76 69,087.96 1,163,269.72
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 32 4 36
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,085,716.25 329,465.00 2,415,181.25
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,405 1 1406
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 102,278,581.26 270,776.78 102,549,358.04
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES
0 0 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
0.00 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 1.76021200% 1.35490616% 1.67924077%
</TABLE>
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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