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Previous: NUVEEN TAX FREE UNIT TRUST SERIES 980, S-6, 1997-12-15 |
Next: MEDICAL SCIENCE SYSTEMS INC, 8-A12B/A, 1997-12-15 |
<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) NOVEMBER 20, 1997
----------------------------
IMC HOME EQUITY LOAN TRUST 1997-2
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-4911-04 13-3964150
- -------------------------------------------------------------------------------
(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 November 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 October, 1997 dated
November 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 October, 1997 was $144,836.12.
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 October, 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: November 20, 1997
Page 4
<PAGE> 5
EXHIBIT INDEX
Exhibit No. Description Page No.
19. Trustee's Monthly Servicing Report 6
for the Month of October, 1997.
Page 5
<PAGE> 1
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-2
DISTRIBUTION: 20-Nov-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-1 126,643,000.00 80,014,514.37 10,599,300.25 442,080.19 11,041,380.44 69,415,214.12
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 22,498,000.00 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 8,309,329.24 281,081,543.36
A-8 70,000,000.00 55,806,481.76 2,259,280.86 280,884.87 2,540,165.73 53,547,200.90 1,433,966.44 54,981,167.34
R N/A N/A N/A 0.00 0.00 N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 400,000,000.00 339,177,996.13 12,858,581.11 1,929,157.87 14,787,738.98 326,319,415.02 9,743,295.68 336,062,710.70
===================================================================================================================================
</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 83.69432381 3.49075898 548.11725970 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 32.27544086 4.01264100 764.96001286 A-8 5.72000000% 5.84500000%
- ---------------------------------------------------------- -------------------------------------
TOTALS 32.14645278 1.879880527 815.7985376
==========================================================
</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 1997-2
DISTRIBUTION: 20-Nov-97 Page # 2
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08(1) BEGINNING CERTIFICATE ACCOUNT 12,285,337.04 2,547,599.72
SECTION 7.08(2) CLASS A DISTRIBUTION AMOUNT 14,787,738.98
<CAPTION>
GROUP I GROUP II
------- --------
SECTION 7.08(3) SUBORDINATION INCREASE AMOUNT 937,381.24 158,847.40
SECTION 7.08(4) INSURED PAYMENT 0.00 0.00
SECTION 7.08(6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 339,177,996.13
CLASS A PRINCIPAL DISTRIBUTION 12,858,581.11
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 326,319,415.02
SECTION 7.08(7) REALIZED LOSSES 49,813.66
<CAPTION>
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 7.8(10) THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED 0.00
DUE TO GROUP I UNDERWATER LOANS
<CAPTION>
PER $1000
---------
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 11,041,380.44 87.19
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 2,540,165.73 36.29
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 222,994.95 0.68
PRINCIPAL PREPAYMENTS 9,339,337.72 28.30
SUBORDINATION INCREASE AMOUNT 937,381.24 2.84
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 99,586.34 0.30
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 24,907.19 0.36
PRINCIPAL PREPAYMENTS 2,075,526.27 29.65
SUBORDINATION INCREASE AMOUNT 158,847.40 2.27
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
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 1997-2
DISTRIBUTION: 20-Nov-97 PAGE # 3
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 281,081,543.36 54,981,167.34
ENDING NUMBER OF LOANS 4620 592
<CAPTION>
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 69,415,214.12 548.1172597
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 53,547,200.90 764.9600129
<CAPTION>
GROUP I GROUP II
------- --------
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 8,309,329.24 1,433,966.44
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 11.718600% 10.357800%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 6.025700%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 545,939.17 496,092.28
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>
GROUP I
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 200 12,544,461.30 3.73%
60-89 DAYS 71 4,000,917.80 1.19%
90 + DAYS 230 15,426,963.27 4.59%
</TABLE>
<TABLE>
GROUP II
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 20 2,292,932.13 0.68%
60-89 DAYS 14 1,152,438.75 0.34%
90 + DAYS 28 2,484,327.83 0.74%
</TABLE>
<TABLE>
AGGREGATE
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 220 14,837,393.43 4.42%
60-89 DAYS 85 5,153,356.55 1.53%
90 + DAYS 258 17,911,291.10 5.33%
</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 1997-2
PAGE # 4
DISTRIBUTION: 20-Nov-97
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 120 12 132
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 8,772,844.64 1,050,878.80 9,823,723.44
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 37 2 39
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 2,523,137.61 145,174.49 2,668,312.10
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 85 9 94
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 4,735,169.43 809,051.82 5,544,221.25
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 2,248 2 2,250
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 165,616,220.12 158,130.65 165,774,350.77
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 16 2 18
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 827,088.25 331,773.83 1,158,862.08
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 1,170,500.00 527776 1,698,276.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.01846861% 0.00000000% 0.01523661%
CUMULATIVE REALIZED LOSSES 60,946.42 0.00 60,946.42
CURRENT PERIOD REALIZED LOSSES 49,813.66 0.00 49,813.66
ANNUAL LOSS PERCENTAGE 0.01846861% 0.00000000% 0.01523661%
SECTION 7.09 (b)(vii) 90 + DELINQUENCY PERCENTAGE 3.65617809% 2.39682436% 5.67458173%
</TABLE>
(C) COPYRIGHT 1997, CHASE BANKING CORPORAWTION
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