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Previous: SENTRY TECHNOLOGY CORP, S-8, 1997-09-04 |
Next: FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 194, 487, 1997-09-04 |
<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) JULY 25, 1997
-------------------------------
IMC HOME EQUITY LOAN TRUST 1997-1
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-4911-03 13-3929417
- -------------------------------------------------------------------------------
(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
----------------------------
NO CHANGE
- -------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Page 1
<PAGE> 2
Item 5. Other Events.
On July 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 June, 1997 dated July 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 June, 1997 was $125,425.52.
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 June, 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: July 25, 1997
Page 4
<PAGE> 5
EXHIBIT INDEX
Exhibit No. Description Page No.
19. Trustee's Monthly Servicing Report
for the Month of June, 1997. 6
Page 5
<PAGE> 1
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
DISTRIBUTION: 25-Jul-97 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 95,086,000.00 73,469,642.02 5,688,430.22 400,409.55 6,088,839.77 67,781,211.80
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
A-8 75,000,000.00 66,752,455.25 2,828,354.84 326,391.69 3,154,746.53 63,924,100.41
R N/A N/A N/A 4,567.30 4,567.30 N/A
- ------------------------------------------------------------------------------------------------------------
TOTALS 325,000,000.00 295,136,097.27 8,516,785.06 1,635,271.35 10,152,056.41 286,619,312.21
============================================================================================================
<CAPTION>
ENDING
SUBORDINATE PRINCIPAL
CLASS AMOUNT BALANCE
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A-1
A-2
A-3
A-4
A-5
A-6
A-7 5,435,029.83 228,130,241.63
A-8 1,518,890.46 65,442,990.87
R
- ------------------------------------------------------------------------------------------------------------
TOTALS 6,953,920.29 293,573,232.50
============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
- --------------------------------------------------------- ------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 59.82405633 4.21102528 712.84113119 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 37.71139787 4.35188920 852.32133880 A-8 5.61750000% 5.86750000%
-------------------------------------------------------- ------------------------------------------
TOTALS 26.20549249 1.937752296 881.905576
========================================================
</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
<PAGE> 2
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
DISTRIBUTION: 25-Jul-97 PAGE # 2
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 7,026,726.51 3,164,668.36
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 10,147,489.11
<CAPTION>
GROUP I GROUP II
------- --------
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 841,513.42 227,273.26
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 295,136,097.27
CLASS A PRINCIPAL DISTRIBUTION 8,516,785.06
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 286,619,312.21
SECTION 7.08 (7) REALIZED LOSSES 0.00
<CAPTION>
GROUP I GROUP II
------- --------
SECTION 7.08 (8) SUBORDINATION REDUCTION AMOUNT 0.00 0.00
SECTION 7.08 (9) (A)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
DUE TO GROUP I UNDERWATER LOANS 0.00
<CAPTION>
PER $1000
---------
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 6,088,839.77 64.04
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 3,154,746.53 42.06
CLASS R DISTRIBUTION 4,567.30
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 201,046.61 0.80
PRINCIPAL PREPAYMENTS 4,645,870.19 18.58
SUBORDINATION INCREASE AMOUNT 841,513.42 3.37
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 42,104.93 0.56
PRINCIPAL PREPAYMENTS 2,558,976.65 34.12
SUBORDINATION INCREASE AMOUNT 227,273.26 3.03
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
<PAGE> 3
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
DISTRIBUTION: 25-Jul-97 PAGE # 3
<TABLE>
<CAPTION>
GROUP I GROUP II
-------- --------
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 228,130,241.63 65,442,990.87
ENDING NUMBER OF LOANS 3910 612
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 67,781,211.80 712.8411312
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 63,924,100.41 852.3213388
<CAPTION>
GROUP I GROUP II
------- --------
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 5,435,029.83 1,518,890.46
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 11.863300% 10.421000%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 6.288800%
SECTION 7.09 (a)(xiii)LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 373,593.43 611,486.52
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 127 7,368,594.98 3.23%
60-89 DAYS 28 1,890,276.80 0.83%
90 + DAYS 114 7,277,588.99 3.19%
</TABLE>
<TABLE>
<CAPTION>
GROUP II
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
--------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 25 2,868,919.63 1.26%
60-89 DAYS 6 1,070,996.63 0.47%
90 + DAYS 25 2,267,805.94 0.99%
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
--------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 152 10,237,514.61 4.49%
60-89 DAYS 34 2,961,273.43 1.30%
90 + DAYS 139 9,545,394.93 4.18%
</TABLE>
* The number and aggregate 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
DISTRIBUTION: 25-Jul-97 PAGE # 4
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 42 8 50
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 2,858,780.12 816,878.92 3,675,659.04
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 6 3 9
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 359,202.73 600,964.93 960,167.66
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 36 7 43
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,231,476.43 511,285.90 2,742,762.33
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,377 1 1378
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 100,184,672.22 270,680.94 100,455,353.16
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 2 0 2
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 181,550.00 0.00 181,550.00
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 220,500.00 0.00 220,500.00
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 2.01179074% 1.70664101% 1.94198838%
</TABLE>
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
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