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<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) MAY 20, 1997
-------------------------------
IMC HOME EQUITY LOAN TRUST 1997-2
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
<TABLE>
<S> <C> <C>
NEW YORK 333-4911-01 13-3902498
- ----------------------------------------------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYEE
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)
</TABLE>
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (813) 932-2211
------------------------------
NO CHANGE
- --------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Page 1
<PAGE> 2
Item 5. Other Events.
On May 20, 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 April, 1997 dated May 20,
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 April, 1997 was $164,745.82.
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 April, 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.
<TABLE>
<S> <C>
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
</TABLE>
Dated:May 20, 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 April, 1997. --------
</TABLE>
Page 5
<PAGE> 1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-2
===================================================================================================================================
DISTRIBUTION 20-May-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-1 128,643,000.00 121,546,776.99 4,745,678.17 671,545.94 5,417,224.11 116,801,098.82
A-2 35,021,000.00 35,021,000.00 0.00 195,533.92 195,533.92 35,021,000.00
A-3 63,371,000.00 63,371,000.00 0.00 366,495.62 366,495.62 63,371,000.00
A-4 42,030,000.00 42,030,000.00 0.00 253,931.25 253,931.25 42,030,000.00
A-5 13,437,000.00 13,437,000.00 0.00 83,757.30 83,757.30 13,437,000.00
A-6 22,496,000.00 22,498,000.00 0.00 143,799.72 143,799.72 22,498,000.00
A-7 27,000,000.00 27,000,000.00 0.00 162,675.00 162,675.00 27,000,000.00 2,159,656.27 322,317,755.09
A-8 70,000,000.00 69,295,696.85 1,435,890.24 329,765.71 1,765,655.95 67,859,806.61 370,330.99 68,230,137.60
R N/A N/A N/A 0.00 0.00 N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 400,000,000.00 394,199,473.84 6,181,568.41 2,207,504.46 8,389,072.87 388,017,905.43 2,529,987.26 390,547,892.69
- -----------------------------------------------------------------------------------------------------------------------------------
</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 37.47288180 5.30266924 922.28625996 A-1 6.63000000% 6.63000000%
A-2 0.00000000 5.58333343 1000.00000000 A-2 6.70000000% 6.70000000%
A-3 0.00000000 5.78333339 1000.00000000 A-3 6.94000000% 6.94000000%
A-4 0.00000000 6.04166667 1000.00000000 A-4 7.25000000% 7.25000000%
A-5 0.00000000 6.23333333 1000.00000000 A-5 7.48000000% 7.48000000%
A-6 0.00000000 6.39166681 1000.00000000 A-6 7.67000000% 7.67000000%
A-7 0.00000000 6.02500000 1000.00000000 A-7 7.23000000% 7.23000000%
A-8 20.51271771 4.71093871 969.42580871 A-8 5.72000000% 5.90750000%
- --------------------------------------------------------- ----------------------------------------------
TOTALS 15.45392103 2.199596695 970.0447636
- ---------------------------------------------------------
</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
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-2
====================================================================================================================================
DISTRIBUTION: 20-May-97 PAGE # 2
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 6,666,715.87 1,774,886.50
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 8,389,072.87
GROUP I GROUP II
------- --------
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 1,142,994.67 196,486.54
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 394,199,473.84
CLASS A PRINCIPAL DISTRIBUTION 6,181,568.41
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 388,017,905.43
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 5,417,224.11 42.78
CLASS A-2 DISTRIBUTION 195,533.92 5.58
CLASS A-3 DISTRIBUTION 366,495.62 5.78
CLASS A-4 DISTRIBUTION 253,931.25 6.04
CLASS A-5 DISTRIBUTION 83,757.30 6.23
CLASS A-6 DISTRIBUTION 143,799.72 6.39
CLASS A-7 DISTRIBUTION 162,675.00 6.03
CLASS A-8 DISTRIBUTION 1,765,655.95 25.22
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 200,680.74 0.61
PRINCIPAL PREPAYMENTS 3,372,828.28 10.22
SUBORDINATION INCREASE AMOUNT 1,142,994.67 3.46
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 29,174.48 0.09
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 27,069.53 0.39
PRINCIPAL PREPAYMENTS 1,212,334.17 17.32
SUBORDINATION INCREASE AMOUNT 196,486.54 2.81
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>
- ------------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-2
====================================================================================================================================
DISTRIBUTION: 20-May-97 PAGE # 3
GROUP I GROUP II
------- --------
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 322,317,755.09 68,230,137.60
ENDING NUMBER OF LOANS 5221 716
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 116,801,098.82 922.28626
CLASS A-2 35,021,000.00 1000
CLASS A-3 63,371,000.00 1000
CLASS A-4 42,030,000.00 1000
CLASS A-5 13,437,000.00 1000
CLASS A-6 22,498,000.00 1000
CLASS A-7 27,000,000.00 1000
CLASS A-8 67,859,806.61 969.4258087
GROUP I GROUP II
------- --------
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 2,159,656.27 370,330.99
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 29,472.38
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON RATE 11.781400% 9.749800%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 6.031700%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 547,497.36 497,941.74
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>
---------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 175 11,138,222.54 3.46%
60-89 DAYS 74 4,710,487.77 1.46%
90 + DAYS 52 3,582,018.67 1.11%
---------------------------------------------------------------------------
</TABLE>
GROUP II
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 6 568,795.83 0.18%
60-89 DAYS 8 614,748.76 0.19%
90 + DAYS 1 361,587.95 0.11%
---------------------------------------------------------------------------
</TABLE>
AGGREGATE
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 181 11,707,018.37 3.63%
60-89 DAYS 82 5,325,236.53 1.65%
90 + DAYS 53 3,943,606.62 1.22%
---------------------------------------------------------------------------
</TABLE>
*The number and aggregate principal balance of delinquent
loans includes loans in foreclosure and bankruptcy
<PAGE> 4
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-2
====================================================================================================================================
PAGE # 4
DISTRIBUTION: 20-May-97
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 2 0 2
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 298,782.83 0.00 298,782.83
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 2 0 2
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 298,782.83 0.00 298,782.83
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 21 2 23
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,806,317.30 186,096.15 1,992,413.45
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 2,595 0 2595
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 192,694,719.81 0.00 192,694,719.81
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 1.32027077% 0.52522598% 1.00976262%
</TABLE>
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