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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) DECEMBER 22, 1997
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IMC HOME EQUITY LOAN TRUST 1997-3
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-24455-01 13-3964151
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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 December 22, 1997 a scheduled distribution was made from the
Trust to holders of the Class A, M and B Certificates. The information
contained in the Trustee's Monthly Servicing Report for the month of November,
1997 dated December 22, 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 $311,118.65.
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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 November, 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
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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: December 22, 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 November, 1997.
</TABLE>
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EXHIBIT 19
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-3
DISTRIBUTION: 22-Dec-97 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE O/C PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 154,090,000.00 87,465,530.37 14,668,067.12 487,620.33 15,155,687.45 72,797,463.25
A-2 122,750,000.00 122,750,000.00 0.00 673,079.17 673,079.17 122,750,000.00
A-3 108,340,000.00 108,340,000.00 0.00 605,801.17 605,801.17 108,340,000.00
A-4 108,310,000.00 108,310,000.00 0.00 617,367.00 617,367.00 108,310,000.00
A-5 81,250,000.00 81,250,000.00 0.00 483,437.50 483,437.50 81,250,000.00 14,000,000.00 732,707,463.25
A-6 37,260,000.00 37,260,000.00 0.00 233,496.00 233,496.00 37,260,000.00
A-7 80,000,000.00 80,000,000.00 0.00 472,000.00 472,000.00 80,000,000.00
M-1 32,000,000.00 32,000,000.00 0.00 195,200.00 195,200.00 32,000,000.00
M-2 44,000,000.00 44,000,000.00 0.00 276,833.33 276,833.33 44,000,000.00
B 32,000,000.00 32,000,000.00 0.00 209,866.67 209,866.67 32,000,000.00
R N/A N/A N/A 1,778,739.89 1,778,739.89 N/A
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TOTALS 800,000,000.00 733,375,530.37 14,668,067.12 6,033,441.06 20,701,508.18 718,707,463.25 14,000,000.00 732,707,463.25
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</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
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<S> <C> <C> <C> <C> <C> <C>
A-1 95.19155766 3.16451639 472.43470212 A-1 6.69000000% 6.69000000%
A-2 0.00000000 5.48333336 1000.00000000 A-2 6.58000000% 6.58000000%
A-3 0.00000000 5.59166670 1000.00000000 A-3 6.71000000% 6.71000000%
A-4 0.00000000 5.70000000 1000.00000000 A-4 6.84000000% 6.84000000%
A-5 0.00000000 5.95000000 1000.00000000 A-5 7.14000000% 7.14000000%
A-6 0.00000000 6.26666667 1000.00000000 A-6 7.52000000% 7.52000000%
A-7 0.00000000 5.90000000 1000.00000000 A-7 7.08000000% 7.08000000%
M-1 0.00000000 6.10000000 1000.00000000 M-1 7.32000000% 7.32000000%
M-2 0.00000000 6.29166659 1000.00000000 M-2 7.55000000% 7.55000000%
B 0.00000000 6.55833344 1000.00000000 B 7.87000000% 7.87000000%
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TOTALS 18.3350839 7.541801324 898.3843291
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</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
ANN MARIE JOSE
THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-7148
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-3
DISTRIBUTION: 22-Dec-97 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 20,703,797.89
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 18,240,868.29
SECTION 7.08 (4) BEGINNING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES 733,375,530.37
PRINCIPAL DISTRIBUTION 14,668,067.12
ENDING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES 718,707,463.25
SECTION 7.08 (5) REALIZED LOSSES 20,443.11
SECTION 7.08 (6) 60+ DAY DELINQUENT LOANS 45,648,191.31
SECTION 7.08 (7) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
SUBSEQUENT MORTGAGE LOANS 0.00
PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL 0.00
PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
CAPITALIZED INTEREST ACCOUNT 0.00
THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE CERTIFICATE ACCOUNT 0.00
THE AMOUNTS TRANSFERRED TO THE SELLER 0.00
SECTION 7.08 (8) THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED 0.00
BECAUSE OF UNDERWATER LOANS
PER $1000
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SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 15,155,687.45 98.36
CLASS A-2 DISTRIBUTION 673,079.17 5.48
CLASS A-3 DISTRIBUTION 605,801.17 5.59
CLASS A-4 DISTRIBUTION 617,367.00 5.70
CLASS A-5 DISTRIBUTION 483,437.50 5.95
CLASS A-6 DISTRIBUTION 233,496.00 6.27
CLASS A-7 DISTRIBUTION 472,000.00 5.90
CLASS M-1 DISTRIBUTION 195,200.00 6.10
CLASS M-2 DISTRIBUTION 276,833.33 6.29
CLASS B DISTRIBUTION 209,866.67 6.56
CLASS R DISTRIBUTION 1,778,739.89
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 861,075.05 1.08
PRINCIPAL PREPAYMENTS 13,091,433.73 16.36
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 711,223.03 0.89
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 4,335.31 0.01
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 M-1 CARRYFORWARD 0.00
CLASS M-2 CARRYFORWARD 0.00
CLASS B CARRYFORWARD 0.00
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 732,707,463.25
ENDING NUMBER OF LOANS OUTSTANDING 11,654
SECTION 7.09 (a)(viii) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
</TABLE>
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-3
DISTRIBUTION: 22-Dec-97 PAGE # 3
<TABLE>
<S> <C> <C>
SECTION 7.09 (a)(ix) WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS 11.5260%
SECTION 7.09 (a)(x) HAS A TRIGGER EVENT OCCURRED? NO
SECTION 7.09 (a)(xi) SENIOR ENHANCEMENT PERCENTAGE 16.6506%
SECTION 7.09 (a)(xii) OVERCOLLATERALIZATION AMOUNT 14,000,000.00
CLASS M-1 CLASS M-2 CLASS B
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SECTION 7.09 (a)(xiii) APPLIED REALIZED LOSS AMOUNT 0.00 0.00 0.00
REALIZED LOSS AMORTIZATION AMOUNT 0.00 0.00 0.00
UNPAID REALIZED LOSS AMOUNT 0.00 0.00 0.00
SECTION 7.09 (a)(xiii) REMAINING PRE-FUNDED AMOUNT 0.00
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 512 30,848,448.00 4.21%
60-89 DAYS 255 13,384,046.00 1.83%
90 + DAYS 440 31,977,345.00 4.36%
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*The number and aggregate principal balances of delinquent mortgage loans includes loans in
foreclosure and bankruptcy
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 146
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 11,512,147.23
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH N/A
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH N/A
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 106
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 6,484,668.91
NUMBER OF LOANS THAT ARE "BALLOON" LOANS N/A
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" N/A
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 6
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 286,800.31
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY N/A
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00577231%
CUMULATIVE REALIZED LOSSES 46,178.45
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.00577231%
</TABLE>
