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Previous: U S PHYSICIANS INC, S-1/A, 1998-01-30 |
Next: SEQUOIA MORTGAGE FUNDING CORP, 8-K/A, 1998-01-30 |
<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) DECEMBER 26, 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
- --------------------------------------------------------------------------------
(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 December 26, 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 November, 1997 dated
December 26, 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 November, 1997 was $107,350.43.
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 November, 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: December 26, 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 November, 1997.
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 19
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
DISTRIBUTION: 26-Dec-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
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------
A-1 95,086,000.00 44,199,999.53 7,725,378.37 240,890.00 7,966,268.37 36,474,621.16
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 6,691,759.48 198,080,380.64
A-8 75,000,000.00 50,706,707.18 1,521,239.05 256,199.16 1,777,438.21 49,185,468.13 2,203,043.76 51,388,511.89
R N/A N/A N/A 10,368.37 10,368.37 N/A
- ------------------------------------------------------------------------------------------------------------------------------
TOTALS 325,000,000.00 249,820,706.71 9,246,617.42 1,411,360.34 10,657,977.76 240,574,089.29 8,894,803.24 249,468,892.53
- ------------------------------------------------------------------------------------------------------------------------------
</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 81.24622310 2.53339083 383.59612519 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 20.28318733 3.41598880 655.80624173 A-8 5.61750000% 5.86750000%
-----------------------------------------------
- --------------------------------------------------
TOTALS 28.45113052 1.650708244 740.227967
- --------------------------------------------------
</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
DISTRIBUTION: 26-Dec-97 PAGE # 2
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 8,360,704.23 2,330,580.02
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 10,647,609.39
GROUP I GROUP II
------- --------
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 654,918.87 0.00
SUBORDINATION INCREASE FROM OTHER GROUP 544,233.36 0.00
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 49,820,706.71
CLASS A PRINCIPAL DISTRIBUTION 9,246,617.42
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 40,574,089.29
SECTION 7.08 (7) REALIZED LOSSES 7,392.75
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 7,966,268.37 83.78
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 1,777,438.21 23.70
CLASS R DISTRIBUTION 10,368.37
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 150,366.22 0.60
PRINCIPAL PREPAYMENTS 6,368,045.34 25.47
SUBORDINATION INCREASE AMOUNT 654,918.87 2.62
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 552,047.94 2.21
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 8,455.61 0.11
PRINCIPAL PREPAYMENTS 1,876,996.38 25.03
SUBORDINATION INCREASE AMOUNT 0.00 0.00
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER -364,212.94 -4.86
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
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
DISTRIBUTION: 26-Dec-97 PAGE # 3
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 198,080,380.64 51,388,511.89
ENDING NUMBER OF LOANS 3428 506
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 36,474,621.16 383.5961252
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 49,185,468.13 655.8062417
GROUP I GROUP II
------- --------
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 6,691,759.48 2,203,043.76
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 11.856400% 10.747300%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 6.305100%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 373,227.24 609,289.61
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:*
<CAPTION>
GROUP I
---------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
30-59 DAYS 182 9,098,922.00 3.65%
60-89 DAYS 58 3,052,840.00 1.22%
90 + DAYS 204 13,361,951.00 5.38%
---------------------------------------------------------------------------
GROUP II
---------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------
30-59 DAYS 28 2,756,729.00 1.11%
60-89 DAYS 16 1,499,669.00 0.60%
90 + DAYS 34 3,447,904.00 1.38%
---------------------------------------------------------------------------
AGGREGATE
---------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------
30-59 DAYS 210 11,855,651.00 4.75%
60-89 DAYS 74 4,552,509.00 1.82%
90 + DAYS 238 16,809,855.00 6.74%
---------------------------------------------------------------------------
</TABLE>
*The number and aggrgate principal balance of delinquent loans includes loans
in foreclosure and bankruptcy
<PAGE> 4
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
DISTRIBUTION: 26-Dec-97 PAGE # 4
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 82 15 97
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 7,632,965.51 1,284,307.33 8,917,272.84
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED N/A N/A 0
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE N/A N/A 0.00
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 76 9 85
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 5,000,742.06 904,287.24 5,905,029.30
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,184 N/A 1184
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 85,390,214.54 N/A 85,390,214.54
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 14 1 15
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 1,105,018.51 18,000.00 1,123,018.51
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY N/A 34,000.00 34,000.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.02641165% 0.00000000% 0.02031665%
CUMULATIVE REALIZED LOSSES 66,029.12 0.00 66,029.12
CURRENT PERIOD REALIZED LOSSES 7,392.75 0.00 7,392.75
ANNUAL LOSS PERCENTAGE 0.02641165% 0.00000000% 0.02031665%
SECTION 7.09 (b)(vii) 90 + DELINQUENCY PERCENTAGE 5.20265685% 5.72659003% 5.31551352%
</TABLE>
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