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Previous: GULF ISLAND FABRICATION INC, 424B4, 1997-04-04 |
Next: U S RESTAURANT PROPERTIES INC, S-4/A, 1997-04-04 |
<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) March 25, 1997
-----------------------------
IMC HOME EQUITY LOAN TRUST 1997-1
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
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
------------------------
No change
---------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
Item 5. Other Events
On March 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 February, 1997 dated March
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 February, 1997 and $134,150.50.
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 February, 1997.
Page 3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, 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:March 25, 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 February, 1997. -------
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 19
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
<TABLE>
<CAPTION>
DISTRIBUTION: 25-Mar-97
ORIGINAL BEGINNING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 95,086,000.00 91,860,172.30 4,002,682.59 500,637.94 4,503,320.53
A-2 31,086,000.00 31,086,000.00 0.00 171,491.10 171,491.10
A-3 46,349,000.00 46,349,000.00 0.00 263,416.82 263,416.82
A-4 37,517,000.00 37,517,000.00 0.00 222,913.51 222,913.51
A-5 10,065,000.00 10,065,000.00 0.00 61,732.00 61,732.00
A-6 17,897,000.00 17,897,000.00 0.00 113,049.38 113,049.38
A-7 12,000,000.00 12,000,000.00 0.00 71,300.00 71,300.00
A-8 75,000,000.00 73,814,865.63 1,242,692.99 315,921.23 1,561,614.22
R N/A N/A N/A 4,017.64 4,017.64
- -----------------------------------------------------------------------------------------------------------------------------
TOTALS 325,000,000.00 320,589,037.93 5,245,375.58 1,727,479.62 6,972,855.20
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
PAGE # 1
ENDING ENDING
CERTIFICATE SUBORDINATE PRINCIPAL
CLASS BALANCE AMOUNT BALANCE
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 87,857,489.71
A-2 31,086,000.00
A-3 46,349,000.00
A-4 37,517,000.00
A-5 10,065,000.00
A-6 17,897,000.00
A-7 12,000,000.00 1,920,203.18 244,691,692.89
A-8 72,572,172.64 619,116.05 73,191,288.69
R N/A
- --------------------------------------------------------------------------------
TOTALS 315,343,662.35 2,539,319.23 317,882,981.58
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 42.09539354 5.26510675 923.97923680
A-2 0.00000000 5.51666667 1000.00000000
A-3 0.00000000 5.68333341 1000.00000000
A-4 0.00000000 5.94166671 1000.00000000
A-5 0.00000000 6.13333333 1000.00000000
A-6 0.00000000 6.31666648 1000.00000000
A-7 0.00000000 5.94166667 1000.00000000
A-8 16.56923987 4.25228307 967.62896853
- ------------------------------------------------------------------------------
TOTALS 16.13961717 2.09654405 970.2851918
- ------------------------------------------------------------------------------
</TABLE>
PASS THRU RATES
<TABLE>
<CAPTION>
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
- --------------------------------------------------------------------------
<S> <C> <C>
A-1 6.54000000% 6.54000000%
A-2 6.62000000% 6.62000000%
A-3 6.82000000% 6.82000000%
A-4 7.13000000% 7.13000000%
A-5 7.36000000% 7.36000000%
A-6 7.58000000% 7.58000000%
A-7 7.13000000% 7.13000000%
A-8 5.61750000% 5.55500000%
- --------------------------------------------------------------------------
</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
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
<TABLE>
<CAPTION>
DISTRIBUTION: 25-Mar-97 PAGE # 2
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,455,539.97 1,576,067.34
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 6,968,837.56
GROUP I GROUP II
------- --------
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 906,777.33 260,365.33
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 320,589,037.93
CLASS A PRINCIPAL DISTRIBUTION 5,245,375.58
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 315,343,662.35
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 4,503,320.53 47.36
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 51,732.00 6.13
CLASS A-6 DISTRIBUTION 113,049.38 6.32
CLASS A-7 DISTRIBUTION 71,300.00 5.94
CLASS A-8 DISTRIBUTION 1,581,614.22 20.82
CLASS R DISTRIBUTION 4,017.64
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 178,082.91 0.71
PRINCIPAL PREPAYMENTS 2,917,822.35 11.67
SUBORDINATION INCREASE AMOUNT 906,777.33 3.63
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 29,155.02 0.39
PRINCIPAL PREPAYMENTS 953,172.64 12.71
SUBORDINATION INCREASE AMOUNT 260,365.33 3.47
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>
DISTRIBUTION: 25-Mar-97 PAGE # 3
GROUP I GROUP II
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 244,691,692.89 73,191,288.69
ENDING NUMBER OF LOANS 4180 672
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 87,857,489.71 923.9792368
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 72,572,172.64 967.6259685
GROUP I GROUP II
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 1,920,203.18 519,116.05
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 11.912400% 10.090700%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 0.000000%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 347,892.47 613,190.02
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 117 6,599,414.05 2.70%
60-89 DAYS 52 3,754,736.43 1.53%
90 + DAYS 41 2,839,388.16 1.16%
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GROUP II
- --------------------------------------------------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 18 1,435,704.22 0.59%
60-89 DAYS 11 1,029,066.82 0.42%
90 + DAYS 5 734,000.00 0.30%
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
AGGREGATE
- --------------------------------------------------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 135 8,035,118.27 3.28%
60-89 DAYS 63 4,783,803.25 1.96%
90 + DAYS 46 3,573,388.16 1.46%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*The number and aggrgate principal balance of delinquent loans includes loans in
foreclosure and bankruptcy
<PAGE> 4
<TABLE>
<CAPTION>
PAGE # 4
DISTRIBUTION: 25-Mar-97
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 1 0 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 46,978.14 0.00 46,978.14
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 1 0 1
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 46,978.14 0.00 46,978.14
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 12 1 13
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 992,114.39 87,554.29 1,079,668.68
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,484 2 1486
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 108,091,779.68 378,863.22 108,470,642.90
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
CURRENT PERIOD REALIZED LOSSES 0.00 0.00
ANNUAL LOSS PERCENTAGE (ROLLING 6 MONTH) 0.00000000% 0.00000000% 0.00000000%
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.00000000% 0.00000000% 0.00000000%
SECTION 7.09 (b)(vii) 90 + DELINQUENCY PERCENTAGE 1.43283943% 0.50142579% 1.12412063%
</TABLE>
<PAGE> 5
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
DISTRIBUTION: 25-Mar-97
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
RANGE SMM CPR
- -------------------------------------------------------------------------
<S> <C> <C>
FEB 1.20% 13.52%
JAN 0.83% 9.47%
- -------------------------------------------------------------------------
</TABLE>
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