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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) OCTOBER 27, 1997
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IMC HOME EQUITY LOAN TRUST 1997-1
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-4911-03 13-3929417
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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) 984-8801
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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 October 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 September, 1997 dated
October 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 September, 1997 was $115,983.19.
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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 September, 1997.
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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
-----------------------------------
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: October 27, 1997
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of September, 1997.
</TABLE>
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
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DISTRIBUTION: 27-Oct-97 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 95,086,000.00 58,080,048.76 6,848,864.01 316,536.27 7,165,400.28 51,231,184.75
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 5,500,000.00 211,645,184.75
A-8 75,000,000.00 57,772,912.47 3,352,248.83 299,713.03 3,651,961.86 54,420,663.64 2,162,509.21 56,583,172.85
R N/A N/A N/A 828,669.70 828,669.70 N/A
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TOTALS 325,000,000.00 270,766,961.23 10,201,112.84 2,348,821.81 12,549,934.65 260,565,848.39 7,662,509.21 268,228,357.60
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</TABLE>
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FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
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<S> <C> <C> <C>
A-1 72.02810098 3.32894716 538.78788413
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 44.69665107 3.99617373 725.60884853
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TOTALS 31.38803951 1.802388917 801.741072
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</TABLE>
PASS THRU RATES
<TABLE>
<CAPTION>
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
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<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% 5.83625000%
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</TABLE>
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
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ANN MARIE JOSE
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-7148
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(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
================================================================================
DISTRIBUTION: 27-Oct-97 PAGE # 2
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 8,802,183.90 3,783,831.85
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 11,721,264.95
GROUP I GROUP II
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SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 58,636.37 69,802.30
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 270,766,961.23
CLASS A PRINCIPAL DISTRIBUTION 10,201,112.84
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 260,565,848.39
SECTION 7.08 (7) REALIZED LOSSES 58,636.37
GROUP I GROUP II
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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
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SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 7,165,400.28 75.36
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 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 3,651,961.86 48.69
CLASS R DISTRIBUTION 828,669.70
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 215,668.15 0.86
PRINCIPAL PREPAYMENTS 6,534,195.86 26.14
SUBORDINATION INCREASE AMOUNT 58,636.37 0.23
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 40,363.63 0.16
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 29,376.48 0.39
PRINCIPAL PREPAYMENTS 3,253,070.05 43.37
SUBORDINATION INCREASE AMOUNT 69,802.30 0.93
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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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
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DISTRIBUTION: 27-Oct-97 PAGE # 3
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 211,645,184.75 56,583,172.85
ENDING NUMBER OF LOANS 3642 547
ENDING CERTIFICATE BALANCE: PER $1000
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CLASS A-1 51,231,184.75 538.7878841
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 54,420,663.64 725.6088485
GROUP I GROUP II
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SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 5,500,000.00 2,162,509.21
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 11.859200% 10.520200%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY
LOANS IN GROUP II 6.276800%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 373,227.24 610,177.09
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>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 131 6,822,208.15 2.54%
60-89 DAYS 37 2,287,919.47 0.85%
90 + DAYS 165 11,625,142.66 4.33%
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</TABLE>
GROUP II
<TABLE>
<CAPTION>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 19 1,356,139.42 0.51%
60-89 DAYS 3 300,349.39 0.11%
90 + DAYS 33 3,526,116.76 1.31%
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</TABLE>
AGGREGATE
<TABLE>
<CAPTION>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 150 8,178,347.57 3.05%
60-89 DAYS 40 2,588,268.86 0.96%
90 + DAYS 198 15,151,259.42 5.65%
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</TABLE>
* The number and aggrgate principal balance of delinquent loans includes
loans in foreclosure and bankruptcy
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
================================================================================
PAGE # 4
DISTRIBUTION: 27-Oct-97
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 54 12 66
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 3,866,870.01 1,440,081.08 5,306,951.09
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 3 1 4
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 135,780.09 249,112.24 384,892.33
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 70 9 79
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 4,726,178.48 718,032.30 5,444,210.78
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,270 1 1271
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 92,090,528.61 270,387.81 92,360,916.42
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 10 1 11
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 526,138.84 18,000.00 544,138.84
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 727,000.00 34,000.00 761,000.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.02345455% 0.00000000% 0.01804196%
CUMULATIVE REALIZED LOSSES 58,636.37 0.00 58,636.37
CURRENT PERIOD REALIZED LOSSES 58,636.37 0.00 58,636.37
ANNUAL LOSS PERCENTAGE 0.02345455% 0.00000000% 0.01804196%
SECTION 7.09 (b)(vii) 90 + DELINQUENCY PERCENTAGE 3.83710945% 4.16119389% 3.90501898%
</TABLE>
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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