March 24, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: ICIFC Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 1997-2; File No. 333-8439.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of ICIFC Secured Assets Corp.
(as Seller) under the Pooling and Servicing Agreement, dated as of
June 1, 1997, providing for, inter alia, the issuance of
Mortgage Pass-Through Certificates, Series 1997-2 is a Current
Report on Form 8-K.
The Mortgage Pass-Through Certificates, Series 1997-2 (collectively,
the "Certificates"), consist of seven classes identified as Class
A-I-1, Class A-I-2, Class A-I-3, Class A-I-4, Class A-I-5, Class
A-I-6, and Class A-I-7 (the "Offered Certificates"). The
Certificates will evidence in the aggregate the entire beneficial
ownership interest in the Trust. The Trust will consist of (i) the
Mortgage Loans, (ii) such assets as from time to time are identified
as deposited in respect of the Mortgage Loans in the account (the
"Protected Account") established by the Master Servicer for the
collection of payments on the Mortgage Loans and in the
Certificates account and belonging to the Trust, (iii) property
acquired by foreclosure of such Mortgage Loans or by deed in lieu of
foreclosure; (iv) any applicable Primary Insurance Policies and
standard hazard insurance policies; and (iv) all proceeds of the
foregoing as described in the Prospectus Supplement "Description of
the Certificates").
The Certificates were registered under the Securities Act of 1933.
As a result, the Registrant is subject to the filing requirements of
Section 15(d) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). The Trust intends to fulfill these filing
requirements in the manner described herein:
The agent for Registrant will file, promptly after each Distribution
Date as defined in the Indenture Agreement), a Current
Report on Form 8-K in substantially the form enclosed herewith,
including as an exhibit thereto the applicable Distribution Date
Report. Each such Current Report will also disclose under Item 5
any matter occurring during the relevant reporting period which would
be reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
Within 90 days after the end of each fiscal year, the agent for the
Registrant will file an annual report of Form 10-K, which responds to
Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and
13 of Part III and Item 14 of Part IV thereof, and include as
exhibits thereto certain information from the Distribution Date
reports aggregated for such year and a copy of the independent
accountants' annual compliance statement required under the Pooling
and Servicing Agreement.
The agent for the Registrant will follow the above procedures except
for any fiscal year as to which its reporting obligations under
Section 15(d) of the Exchange Act have been suspended pursuant to
such Section. In such event, the agent for the Registrant will file
a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for ICIFC Secured Assets Corp. Mortgage
Pass-Through Certificates, Series 1997-2.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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
ICIFC SECURED ASSETS CORP.
(as company under a Pooling and Servicing Agreement, dated as of
June 1, 1997, providing for inter alia, the issuance of
Mortgage Pass-Through Certificates, Series 1997-2).
ICIFC SECURED ASSETS CORP.
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-8439 33-071-5871
(Commission File Number) (I.R.S. Employer
Identification No.)
20371 IRVINE AVENUE
SANTA ANA HEIGHTS, CALIFORNIA 92707
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (714) 556-0122
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
December 26, 1997.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of June 1, 1997.
Date: March 24, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of December 26, 1997. 4
Monthly Remittance Statement to the Certificateholders
dated as of January 27, 1998 9
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1998 15
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-I-1 37,369,000.00 29,581,383.33 178,720.86 2,677,266.67
A-I-2 18,298,000.00 18,298,000.00 107,500.75 0.00
A-I-3 21,673,000.00 21,673,000.00 130,038.00 0.00
A-I-4 16,599,000.00 16,599,000.00 105,127.00 0.00
A-I-5 26,463,000.00 26,463,000.00 173,112.13 0.00
A-I-6 11,145,514.00 11,145,514.00 71,052.65 0.00
A-I-7 12,588,628.00 12,588,628.00 83,924.19 0.00
A-I-8 54,827,000.00 54,672,729.38 364,484.86 31,772.65
A-I-9 51,505,486.00 47,611,677.67 376,925.78 1,338,633.34
A-II 22,154,296.00 21,069,259.02 140,461.73 71,747.40
X* 275,312,264.00 262,542,056.21 181,620.81 0.00
B-1 6,556,000.00 6,531,624.56 43,544.16 5,025.50
B-2 3,642,000.00 3,628,458.92 24,189.73 2,791.78
B-3 2,185,000.00 2,176,876.10 14,512.51 1,674.91
PO 543,974.00 474,477.64 0.00 17,698.90
B-4 2,914,000.00 2,903,165.65 19,354.44 2,233.73
B-5 1,457,000.00 1,451,582.82 9,677.22 1,116.86
B-6 1,457,277.00 1,451,858.80 9,679.06 1,117.08
R-1 100.00 0.00 0.00 0.00
Totals 291,378,275.00 278,320,235.89 2,033,925.88 4,151,078.82
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-I-1 2,855,987.53 0.00 0.00 26,904,116.66
A-I-2 107,500.75 0.00 0.00 18,298,000.00
A-I-3 130,038.00 0.00 0.00 21,673,000.00
A-I-4 105,127.00 0.00 0.00 16,599,000.00
A-I-5 173,112.13 0.00 0.00 26,463,000.00
A-I-6 71,052.65 0.00 0.00 11,145,514.00
A-I-7 83,924.19 0.00 0.00 12,588,628.00
A-I-8 396,257.51 0.00 0.00 54,640,956.73
A-I-9 1,715,559.12 0.00 0.00 46,273,044.33
A-II 212,209.13 0.00 0.00 20,997,511.62
X* 181,620.81 0.00 0.00 258,609,582.82
B-1 48,569.66 0.00 0.00 6,526,599.06
B-2 26,981.51 0.00 0.00 3,625,667.14
B-3 16,187.42 0.00 0.00 2,175,201.19
PO 17,698.90 0.00 0.00 456,778.74
B-4 21,588.17 0.00 0.00 2,900,931.92
B-5 10,794.08 0.00 0.00 1,450,465.96
B-6 10,796.14 0.00 0.00 1,450,741.72
R-1 0.00 0.00 0.00 0.00
Totals 5,405,864.76 0.00 0.00 252,814,081.78
*NOTE: CLASS X REPRESENTS A NOTIONAL BALANCE
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-I-1 44926MAW0 791.602219 4.782597 71.644055 76.426651
A-I-2 44926MAX8 1,000.000000 5.875000 0.000000 5.875000
A-I-3 44926MAY6 1,000.000000 6.000000 0.000000 6.000000
A-I-4 44296MAZ3 1,000.000000 6.333333 0.000000 6.333333
A-I-5 44926MBA7 1,000.000000 6.541667 0.000000 6.541667
A-I-6 44926MBB5 1,000.000000 6.375000 0.000000 6.375000
A-I-7 44926MBC3 1,000.000000 6.666667 0.000000 6.666667
A-I-8 44926MBD1 997.186229 6.647908 0.579507 7.227415
A-I-9 44926MBE9 924.400125 7.318168 25.990112 33.308279
A-II 44926MBF6 951.023631 6.340158 3.238532 9.578690
X* 44926MBG4 953.615551 0.659690 0.000000 0.659690
B-1 44926MBH2 996.281965 6.641879 0.766550 7.408429
B-2 44926MBJ8 996.281966 6.641881 0.766551 7.408432
B-3 44926MBK5 996.281968 6.641881 0.766549 7.408430
PO 44926MBP4 872.243232 0.000000 32.536298 32.536298
B-4 44926MBL3 996.281966 6.641881 0.766551 7.408432
B-5 44926MBM1 996.281963 6.641881 0.766548 7.408428
B-6 44926MAN9 996.281970 6.641881 0.766553 7.408434
R-1 IC9702119 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-I-1 719.958165 7.250000% 7.250000%
A-I-2 1,000.000000 7.050000% 7.050000%
A-I-3 1,000.000000 7.200000% 7.200000%
A-I-4 1,000.000000 7.600000% 7.600000%
A-I-5 1,000.000000 7.850000% 7.850000%
A-I-6 1,000.000000 7.650000% 7.650000%
A-I-7 1,000.000000 8.000000% 8.000000%
A-I-8 996.606722 8.000000% 8.000000%
A-I-9 898.410013 9.500000% 9.500000%
A-II 947.785099 8.000000% 8.000000%
X* 939.331867 0.830134% 0.823449%
B-1 995.515415 8.000000% 8.000000%
B-2 995.515415 8.000000% 8.000000%
B-3 995.515419 8.000000% 8.000000%
PO 839.706935 0.000000% 0.000000%
B-4 995.515415 8.000000% 8.000000%
B-5 995.515415 8.000000% 8.000000%
B-6 995.515417 8.000000% 8.000000%
R-1 0.000000 8.000000% 8.000000%
Seller: ICIFC Secured Assets Corp. Administrator: Joseph Murphy
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Salomon Brothers 3 Park Plaza
Record Date: November 28, 1997 Irvine, CA 92714
Distribution Date: December 26, 1997 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: December 26, 1997
Class Interest Accrued Interest Shortfall
A-I-1 178,720.86 0.00
A-I-2 107,500.75 0.00
A-I-3 130,038.00 0.00
A-I-4 105,127.00 0.00
A-I-5 173,112.13 0.00
A-I-6 71,052.65 0.00
A-I-7 83,924.19 0.00
A-I-8 364,484.86 0.00
A-I-9 376,925.78 0.00
A-II 140,461.73 0.00
X 181,620.81 0.00
B-1 43,544.16 0.00
B-2 24,189.73 0.00
B-3 14,512.51 0.00
B-4 19,354.44 0.00
B-5 9,677.22 0.00
B-6 9,697.06 0.00
R-1 0.00 0.00
Group I Group II Total
Monthly Interest Advanced 167,412.15 8,571.96 175,984.11
Monthly Principal Advanced 12,218.13 3,394.53 15,612.66
Compensatory Interest Payments 18,509.63 0.00 18,509.63
made by Master Servicer
Realized Losses
a) Due to Deficient Valuations 0.00 0.00 0.00
b) Liquidated Mortgage Loans 0.00 0.00 0.00
Scheduled Principal 146,563.95 65,849.53 214,413.48
Principal Prepayments
a) Principal amount received 0.00 0.00 0.00
from Net Liquidation Proceeds
b) All other principal received
during related 3,925,625.58 11,039.76 3,936,665.34
Prepayment Period
c) Principal amount received in
connection with the purchase
of Mortgage loans 0.00 0.00 0.00
d) Principal recieved from
Insurance Proceeds 0.00 0.00 0.00
3,925,625.58 11,039.76 3,936,665.34
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: December 26, 1997
DELINQUENCY 30 TO 60 61 TO 90 91 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL
PRINC.BAL.-LOAN GROUPI 3,069,501.25 234,312.82 0.00 3,303,814.07
# OF LOANS-LOAN GROUPI 14 3 0 17
PRINC.BAL.-LOAN GROUPII 56,458.98 0.00 0.00 56,458.98
# OF LOANS-LOAN GROUPII 1 0 0 1
FORECLOSURE LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 228,541.92 1,093,138.85 1,321,680.77
# OF LOANS-LOAN GROUPI 0 2 5 7
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0.00
# OF LOANS-LOAN GROUPII 0 0 0 0
BANKRPUTCY LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 0.00 0.00 9
# OF LOANS-LOAN GROUPI 0 0 0 1,222,015.71
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0
# OF LOANS-LOAN GROUPII 0 0 0 0.00
REO LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 0.00 0.00 0.00
# OF LOANS-LOAN GROUPI 0 0 0 0
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0.00
# OF LOANS-LOAN GROUPII 0 0 0 0
GROUPI GROUPII TOTAL
Book Value of REO Property 0.00 0.00 0.00
Number of Mortgage Loans
(excluding REO Progerty) remaining as of
the end related Due Period: 1,696 217 1,913
AGGREGATED REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
CLASS AGGREGATE AMOUNT
A-I-1
A-I-2 0.00
A-I-3 0.00
A-I-4 0.00
A-I-5 0.00
A-I-6 0.00
A-I-7 0.00
A-I-8 0.00
A-I-9 0.00
A-II 0.00
B-1 0.00
B-2 0.00
B-3 0.00
PO 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
GROUP I GROUP II
Applicable Senior Percentage 93.47% 93.46%
Applicable Subordinate Percentage 6.53% 6.54%
Applicable Senior Prepayment Percentage 100.00% 100.00%
Applicable Subordinate Prepayment Percentage 0.00% 0.00%
Weighted Average Coupon Rate 9.07% 8.62%
Weighted Average Months to Maturity 350 167
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-I-1 37,369,000.00 26,904,116.66 162,545.70 2,306,535.57
A-I-2 18,298,000.00 18,298,000.00 107,500.75 0.00
A-I-3 21,673,000.00 21,673,000.00 130,038.00 0.00
A-I-4 16,599,000.00 16,599,000.00 105,127.00 0.00
A-I-5 26,463,000.00 26,463,000.00 173,112.13 0.00
A-I-6 11,145,514.00 11,145,514.00 71,052.65 0.00
A-I-7 12,588,628.00 12,588,628.00 83,924.19 0.00
A-I-8 54,827,000.00 54,640,956.73 364,273.04 32,166.88
A-I-9 51,505,486.00 46,273,044.33 366,328.27 1,153,267.78
A-II 22,154,296.00 20,997,511.62 139,983.41 83,121.76
X* 275,312,264.00 258,609,582.82 178,205.35 0.00
B-1 6,556,000.00 6,526,599.06 43,510.66 5,082.36
B-2 3,642,000.00 3,625,667.14 24,171.11 2,823.36
B-3 2,185,000.00 2,175,201.19 14,501.34 1,693.86
PO 543,974.00 456,778.74 0.00 1,125.11
B-4 2,914,000.00 2,900,931.92 19,339.55 2,259.00
B-5 1,457,000.00 1,450,465.96 9,669.77 1,129.50
B-6 1,457,277.00 1,450,741.72 9,671.61 1,129.72
R-1 100.00 0.00 0.00 0.00
Totals 291,378,275.00 274,169,157.07 2,002,954.53 3,590,334.90
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-I-1 2,469,081.27 0.00 0.00 24,597,581.09
A-I-2 107,500.75 0.00 0.00 18,298,000.00
A-I-3 130,038.00 0.00 0.00 21,673,000.00
A-I-4 105,127.00 0.00 0.00 16,599,000.00
A-I-5 173,112.13 0.00 0.00 26,463,000.00
A-I-6 71,052.65 0.00 0.00 11,145,514.00
A-I-7 83,924.19 0.00 0.00 12,588,628.00
A-I-8 396,439.92 0.00 0.00 54,608,789.85
A-I-9 1,519,596.05 0.00 0.00 45,119,776.55
A-II 223,105.17 0.00 0.00 20,914,389.86
X* 178,205.35 0.00 0.00 255,046,758.73
B-1 48,593.02 0.00 0.00 6,521,516.70
B-2 26,994.47 0.00 0.00 3,622,843.78
B-3 16,195.20 0.00 0.00 2,173,507.33
PO 1,125.11 0.00 0.00 455,653.63
B-4 21,598.55 0.00 0.00 2,898,672.92
B-5 10,799.27 0.00 0.00 1,449,336.46
B-6 10,801.33 0.00 0.00 1,449,612.00
R-1 0.00 0.00 0.00 0.00
Totals 5,593,289.43 0.00 0.00 270,578,822.17
*NOTE: CLASS X REPRESENTS A NOTIONAL BALANCE
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-I-1 44926MAW0 791.958165 4.349747 61.723235 66.072982
A-I-2 44926MAX8 1,000.000000 5.875000 0.000000 5.875000
A-I-3 44926MAY6 1,000.000000 6.000000 0.000000 6.000000
A-I-4 44296MAZ3 1,000.000000 6.333333 0.000000 6.333333
A-I-5 44926MBA7 1,000.000000 6.541667 0.000000 6.541667
A-I-6 44926MBB5 1,000.000000 6.375000 0.000000 6.375000
A-I-7 44926MBC3 1,000.000000 6.666667 0.000000 6.666667
A-I-8 44926MBD1 996.606722 6.644045 0.586698 7.230743
A-I-9 44926MBE9 898.410013 7.112413 22.391164 29.503577
A-II 44926MBF6 947.785099 6.318567 3.751948 10.070515
X* 44926MBG4 939.331867 0.647284 0.000000 0.647284
B-1 44926MBH2 995.515415 6.636769 0.775223 7.411992
B-2 44926MBJ8 995.515415 6.636768 0.775222 7.411991
B-3 44926MBK5 996.515419 6.636769 0.775222 7.411991
PO 44926MBP4 839.706935 0.000000 2.068316 2.068316
B-4 44926MBL3 995.515415 6.636771 0.775223 7.411994
B-5 44926MBM1 995.515415 6.636767 0.775223 7.411990
B-6 44926MAN9 996.515417 6.636768 0.775227 7.411995
R-1 IC9702119 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-I-1 658.234930 7.250000% 7.250000%
A-I-2 1,000.000000 7.050000% 7.050000%
A-I-3 1,000.000000 7.200000% 7.200000%
A-I-4 1,000.000000 7.600000% 7.600000%
A-I-5 1,000.000000 7.850000% 7.850000%
A-I-6 1,000.000000 7.650000% 7.650000%
A-I-7 1,000.000000 8.000000% 8.000000%
A-I-8 996.020024 8.000000% 8.000000%
A-I-9 876.018849 9.500000% 9.500000%
A-II 944.033151 8.000000% 8.000000%
X* 926.390837 0.826908% 0.819419%
B-1 994.740192 8.000000% 8.000000%
B-2 994.740192 8.000000% 8.000000%
B-3 994.740197 8.000000% 8.000000%
PO 837.638619 0.000000% 0.000000%
B-4 994.740192 8.000000% 8.000000%
B-5 994.740192 8.000000% 8.000000%
B-6 994.740190 8.000000% 8.000000%
R-1 0.000000 8.000000% 8.000000%
Seller: ICIFC Secured Assets Corp. Administrator: Cindy Tsang
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Salomon Brothers 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92714
Distribution Date: January 26, 1998 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: January 26, 1998
Class Interest Accrued Interest Shortfall
A-I-1 162,545.70 0.00
A-I-2 107,500.75 0.00
A-I-3 130,038.00 0.00
A-I-4 105,127.00 0.00
A-I-5 173,112.13 0.00
A-I-6 71,052.65 0.00
A-I-7 83,924.19 0.00
A-I-8 364,273.04 0.00
A-I-9 366,328.27 0.00
A-II 139,983.41 0.00
X 178,205.35 0.00
B-1 43,510.66 0.00
B-2 24,171.11 0.00
B-3 14,501.34 0.00
B-4 19,339.55 0.00
B-5 9,669.77 0.00
B-6 9,671.61 0.00
R-1 0.00 0.00
Group I Group II Total
Monthly Interest Advanced 212,836.03 14,302.24 227,138.27
Monthly Principal Advanced 15,708.44 5,864.52 21.572.96
Compensatory Interest Payments 12,885.99 0.00 12,885.99
made by Master Servicer
Realized Losses
a) Due to Deficient Valuations 0.00 0.00 0.00
b) Liquidated Mortgage Loans 0.00 0.00 0.00
Scheduled Principal 148,105.16 66,400.60 214,505.76
Principal Prepayments
a) Principal amount received 0.00 0.00 0.00
from Net Liquidation Proceeds
b) All other principal received
during related 3,353,934.77 21.894.37 3,375,829.14
Prepayment Period
c) Principal amount received in
connection with the purchase
of Mortgage loans 0.00 0.00 0.00
d) Principal recieved from
Insurance Proceeds 0.00 0.00 0.00
3,353,934.77 21,894.37 3,375,829.14
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: January 26, 1998
DELINQUENCY 30 TO 60 61 TO 90 91 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL
PRINC.BAL.-LOAN GROUPI 3,192,249.03 591,092.79 669,447.76 3,852,789.58
# OF LOANS-LOAN GROUPI 22 3 1 26
PRINC.BAL.-LOAN GROUPII 197,838.86 0.00 0.00 197,838.86
# OF LOANS-LOAN GROUPII 1 0 0 2
FORECLOSURE LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 602,901.83 639,312.40 1,317,010.21
# OF LOANS-LOAN GROUPI 0 3 5 8
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0.00
# OF LOANS-LOAN GROUPII 0 0 0 0
BANKRPUTCY LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 0.00 0.00 6
# OF LOANS-LOAN GROUPI 0 0 0 773,653.65
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0
# OF LOANS-LOAN GROUPII 0 0 0 0.00
REO LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 0.00 606,886.56 606,886.56
# OF LOANS-LOAN GROUPI 0 0 1 1
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0.00
# OF LOANS-LOAN GROUPII 0 0 0 0
GROUPI GROUPII TOTAL
Book Value of REO Property 0.00 0.00 0.00
Number of Mortgage Loans
(excluding REO Progerty) remaining as of
the end related Due Period: 1,674 217 1,891
AGGREGATED REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
CLASS AGGREGATE AMOUNT
A-I-1
A-I-2 0.00
A-I-3 0.00
A-I-4 0.00
A-I-5 0.00
A-I-6 0.00
A-I-7 0.00
A-I-8 0.00
A-I-9 0.00
A-II 0.00
B-1 0.00
B-2 0.00
B-3 0.00
PO 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
GROUP I GROUP II
Applicable Senior Percentage 93.37% 93.46%
Applicable Subordinate Percentage 6.63% 6.54%
Applicable Senior Prepayment Percentage 100.00% 100.00%
Applicable Subordinate Prepayment Percentage 0.00% 0.00%
Weighted Average Coupon Rate 9.07% 8.62%
Weighted Average Months to Maturity 349 166
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-I-1 37,369,000.00 24,597,581.09 148,610.39 3,162,034.17
A-I-2 18,298,000.00 18,298,000.00 107,500.75 0.00
A-I-3 21,673,000.00 21,673,000.00 130,038.00 0.00
A-I-4 16,599,000.00 16,599,000.00 105,127.00 0.00
A-I-5 26,463,000.00 26,463,000.00 173,112.13 0.00
A-I-6 11,145,514.00 11,145,514.00 71,052.65 0.00
A-I-7 12,588,628.00 12,588,628.00 83,924.19 0.00
A-I-8 54,827,000.00 54,608,789.85 364,058.60 32,336.24
A-I-9 51,505,486.00 45,119,776.55 357,198.23 1,581,017.09
A-II 22,154,296.00 20,914,389.86 139,429.27 263,960.99
X* 275,312,264.00 255,046,758.73 175,227.77 0.00
B-1 6,556,000.00 6,521,516.70 43,476.78 5,103.01
B-2 3,642,000.00 3,622,843.78 24,152.29 2,834.83
B-3 2,185,000.00 2,173,507.33 14,490.05 1,700.74
PO 543,974.00 455,653.63 0.00 1,807.23
B-4 2,914,000.00 2,898,672.92 19,324.49 2,268.18
B-5 1,457,000.00 1,449,336.46 9,662.24 1,134.09
B-6 1,457,277.00 1,449,612.00 9,664.08 1,134.31
R-1 100.00 0.00 0.00 0.00
Totals 291,378,275.00 270,578,822.17 1,976,048.91 5,055,330.88
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-I-1 3,310,644.56 0.00 0.00 21,435,546.92
A-I-2 107,500.75 0.00 0.00 18,298,000.00
A-I-3 130,038.00 0.00 0.00 21,673,000.00
A-I-4 105,127.00 0.00 0.00 16,599,000.00
A-I-5 173,112.13 0.00 0.00 26,463,000.00
A-I-6 71,052.65 0.00 0.00 11,145,514.00
A-I-7 83,924.19 0.00 0.00 12,588,628.00
A-I-8 396,394.84 0.00 0.00 54,576,453.60
A-I-9 1,938,215.32 0.00 0.00 43,538,759.47
A-II 403,390.26 0.00 0.00 20,650,428.87
X* 175,227.77 0.00 0.00 250,224,898.75
B-1 48,579.79 0.00 0.00 6,516,413.69
B-2 26,987.12 0.00 0.00 3,620,008.95
B-3 16,190.79 0.00 0.00 2,171,806.59
PO 1,807.23 0.00 0.00 453,846.40
B-4 21,592.67 0.00 0.00 2,896,404.74
B-5 10,796.33 0.00 0.00 1,448,202.37
B-6 10,798.39 0.00 0.00 1,448,477.69
R-1 0.00 0.00 0.00 0.00
Totals 7,031,379.79 0.00 0.00 265,523,491.29
*NOTE: CLASS X REPRESENTS A NOTIONAL BALANCE
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-I-1 44926MAW0 658.234930 3.976836 84.616505 88.593341
A-I-2 44926MAX8 1,000.000000 5.875000 0.000000 5.875000
A-I-3 44926MAY6 1,000.000000 6.000000 0.000000 6.000000
A-I-4 44296MAZ3 1,000.000000 6.333333 0.000000 6.333333
A-I-5 44926MBA7 1,000.000000 6.541667 0.000000 6.541667
A-I-6 44926MBB5 1,000.000000 6.375000 0.000000 6.375000
A-I-7 44926MBC3 1,000.000000 6.666667 0.000000 6.666667
A-I-8 44926MBD1 996.020024 6.640134 0.589787 7.229920
A-I-9 44926MBE9 876.018849 6.935149 30.696091 37.631240
A-II 44926MBF6 944.033151 6.293555 11.914664 18.208218
X* 44926MBG4 926.390837 0.636469 0.000000 0.636469
B-1 44926MBH2 994.740192 6.631602 0.778372 7.409974
B-2 44926MBJ8 994.740192 6.631601 0.778372 7.409973
B-3 44926MBK5 994.740197 6.631602 0.778371 7.409973
PO 44926MBP4 837.638619 0.000000 3.322273 3.322273
B-4 44926MBL3 994.740192 6.631603 0.778373 7.409976
B-5 44926MBM1 994.740192 6.631599 0.778373 7.409973
B-6 44926MAN9 994.740190 6.631601 0.778376 7.409978
R-1 IC9702119 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-I-1 573.618425 7.250000% 7.250000%
A-I-2 1,000.000000 7.050000% 7.050000%
A-I-3 1,000.000000 7.200000% 7.200000%
A-I-4 1,000.000000 7.600000% 7.600000%
A-I-5 1,000.000000 7.850000% 7.850000%
A-I-6 1,000.000000 7.650000% 7.650000%
A-I-7 1,000.000000 8.000000% 8.000000%
A-I-8 995.430237 8.000000% 8.000000%
A-I-9 845.322758 9.500000% 9.500000%
A-II 932.118487 8.000000% 8.000000%
X* 908.876688 0.824450% 0.819799%
B-1 993.961820 8.000000% 8.000000%
B-2 993.961820 8.000000% 8.000000%
B-3 993.961826 8.000000% 8.000000%
PO 834.316346 0.000000% 0.000000%
B-4 993.961819 8.000000% 8.000000%
B-5 993.961819 8.000000% 8.000000%
B-6 993.961814 8.000000% 8.000000%
R-1 0.000000 8.000000% 8.000000%
Seller: ICIFC Secured Assets Corp. Administrator: Cindy Tsang
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Salomon Brothers 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92714
Distribution Date: February 25, 1998 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: February 25, 1998
Class Interest Accrued Interest Shortfall
A-I-1 148,610.39 0.00
A-I-2 107,500.75 0.00
A-I-3 130,038.00 0.00
A-I-4 105,127.00 0.00
A-I-5 173,112.13 0.00
A-I-6 71,052.65 0.00
A-I-7 83,924.19 0.00
A-I-8 364,058.60 0.00
A-I-9 357,198.23 0.00
A-II 139,429.27 0.00
X 175,227.77 0.00
B-1 43,476.78 0.00
B-2 24,152.29 0.00
B-3 14,490.05 0.00
B-4 19,324.49 0.00
B-5 9,662.24 0.00
B-6 9,664.08 0.00
R-1 0.00 0.00
Group I Group II Total
Monthly Interest Advanced 171,177.88 11,378.93 182,556.81
Monthly Principal Advanced 12,923.89 4,855.71 17,779.60
Compensatory Interest Payments 11,653.61 772.54 12,426.15
made by Master Servicer
Realized Losses
a) Due to Deficient Valuations 0.00 0.00 0.00
b) Liquidated Mortgage Loans 0.00 0.00 0.00
Scheduled Principal 146,899.74 66,427.13 213,326.87
Principal Prepayments
a) Principal amount received 0.00 0.00 0.00
from Net Liquidation Proceeds
b) All other principal received
during related 4,638,925.09 203,078.92 4,842,004.01
Prepayment Period
c) Principal amount received in
connection with the purchase
of Mortgage loans 0.00 0.00 0.00
d) Principal recieved from
Insurance Proceeds 0.00 0.00 0.00
4,638,925.09 203,078.92 4,842,004.01
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-2
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: February 25, 1998
DELINQUENCY 30 TO 60 61 TO 90 91 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL
PRINC.BAL.-LOAN GROUPI 3,299,763.16 73,073.94 69,410.59 3,442,247.69
# OF LOANS-LOAN GROUPI 17 1 1 19
PRINC.BAL.-LOAN GROUPII 122,128.69 0.00 0.00 122,128.69
# OF LOANS-LOAN GROUPII 1 0 0 1
FORECLOSURE LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 0.00 1,482,587.72 1,621,770.08
# OF LOANS-LOAN GROUPI 0 0 8 8
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0.00
# OF LOANS-LOAN GROUPII 0 0 0 0
BANKRPUTCY LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 0.00 0.00 7
# OF LOANS-LOAN GROUPI 0 0 0 853,725.68
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0
# OF LOANS-LOAN GROUPII 0 0 0 0.00
REO LOAN INFORMATION
PRINC.BAL.-LOAN GROUPI 0.00 0.00 606,564.21 606,564.21
# OF LOANS-LOAN GROUPI 0 0 1 1
PRINC.BAL.-LOAN GROUPII 0.00 0.00 0.00 0.00
# OF LOANS-LOAN GROUPII 0 0 0 0
GROUPI GROUPII TOTAL
Book Value of REO Property 0.00 0.00 0.00
Number of Mortgage Loans
(excluding REO Progerty) remaining as of
the end related Due Period: 1,652 216 1,868
AGGREGATED REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
CLASS AGGREGATE AMOUNT
A-I-1
A-I-2 0.00
A-I-3 0.00
A-I-4 0.00
A-I-5 0.00
A-I-6 0.00
A-I-7 0.00
A-I-8 0.00
A-I-9 0.00
A-II 0.00
B-1 0.00
B-2 0.00
B-3 0.00
PO 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
GROUP I GROUP II
Applicable Senior Percentage 93.28% 93.45%
Applicable Subordinate Percentage 6.72% 6.55%
Applicable Senior Prepayment Percentage 100.00% 100.00%
Applicable Subordinate Prepayment Percentage 0.00% 0.00%
Weighted Average Coupon Rate 9.06% 8.62%
Weighted Average Months to Maturity 348 165
