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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) OCTOBER 20, 1997
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IMC HOME EQUITY LOAN TRUST 1997-5
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-24455-02 13-3970384
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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 October 20, 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 September, 1997 dated
October 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 September, 1997 was $406,250.02.
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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 September, 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: October 20, 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 September, 1997. --------
</TABLE>
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-5
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DISTRIBUTION: 20-Oct-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>
A-1 107,250,000.00 107,250,000.00 4,128,139.25 581,831.25 4,709,970.50 103,121,860.75
A-2 141,300,000.00 141,300,000.00 5,912,943.19 608,958.84 6,521,902.03 135,387,056.81
A-3 105,200,000.00 105,200,000.00 0.00 573,340.00 573,340.00 105,200,000.00
A-4 122,500,000.00 122,500,000.00 0.00 666,604.17 666,604.17 122,500,000.00
A-5 119,910,000.00 119,910,000.00 0.00 660,504.25 660,504.25 119,910,000.00 3,126,080.27 968,084,997.83
A-6 22,480,000.00 22,480,000.00 0.00 127,948.67 127,948.67 22,480,000.00
A-7 72,990,000.00 72,990,000.00 0.00 419,692.50 419,692.50 72,990,000.00
A-8 42,410,000.00 42,410,000.00 0.00 252,339.50 252,339.50 42,410,000.00
A-9 41,085,000.00 41,085,000.00 0.00 250,276.13 250,276.13 41,085,000.00
A-10 68,250,000.00 68,250,000.00 0.00 391,300.00 391,300.00 68,250,000.00
M-1 39,000,000.00 39,000,000.00 0.00 230,100.00 230,100.00 39,000,000.00
M-2 53,625,000.00 53,625,000.00 0.00 326,665.63 326,665.63 53,625,000.00
B 39,000,000.00 39,000,000.00 0.00 246,675.00 246,675.00 39,000,000.00
R N/A N/A N/A 0.00 0.00 N/A
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TOTALS 975,000,000.00 975,000,000.00 10,041,082.44 5,336,235.94 15,377,318.38 964,958,917.56 3,126,080.27 968,084,997.83
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A-11IO 68,250,000.00 68,250,000.00 N/A 483,437.50 483,437.50 68,250,000.00 N/A N/A
(NOT'L)
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</TABLE>
FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
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<S> <C> <C> <C>
A-1 38.49080886 5.42500000 961.50919114
A-2 41.84673174 4.30968747 958.15326826
A-3 0.00000000 5.45000000 1000.00000000
A-4 0.00000000 5.44166669 1000.00000000
A-5 0.00000000 5.50833333 1000.00000000
A-6 0.00000000 5.69166681 1000.00000000
A-7 0.00000000 5.75000000 1000.00000000
A-8 0.00000000 5.95000000 1000.00000000
A-9 0.00000000 6.09166679 1000.00000000
A-10 0.00000000 5.73333333 1000.00000000
M-1 0.00000000 5.90000000 1000.00000000
M-2 0.00000000 6.09166676 1000.00000000
B 0.00000000 6.32500000 1000.00000000
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TOTALS 10.2985461 5.473062503 989.7014539
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A-11IO N/A 7.08333333 1000.00000000
(NOT'L)
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</TABLE>
PASS THRU RATES
<TABLE>
<CAPTION>
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
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<S> <C> <C>
A-1 6.51000000% 6.51000000%
A-2 5.74625000% 5.74625000%
A-3 6.54000000% 6.54000000%
A-4 6.53000000% 6.53000000%
A-5 6.61000000% 6.61000000%
A-6 6.83000000% 6.83000000%
A-7 6.90000000% 6.90000000%
A-8 7.14000000% 7.14000000%
A-9 7.31000000% 7.31000000%
A-10 6.88000000% 6.88000000%
A-11IO 8.50000000% 8.50000000%
M-1 7.08000000% 7.08000000%
M-2 7.31000000% 7.31000000%
B 7.59000000% 7.59000000%
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</TABLE>
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
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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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(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-5
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DISTRIBUTION: 20-Oct-97 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 15,863,781.15
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 13,679,962.12
SECTION 7.08 (5) REALIZED LOSSES 0.00
SECTION 7.08 (6) 60+ DAY DELINQUENT LOANS 6,077,113.09
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 4,709,970.50 43.92
CLASS A-2 DISTRIBUTION 6,521,902.03 46.16
CLASS A-3 DISTRIBUTION 573,340.00 5.45
CLASS A-4 DISTRIBUTION 666,604.17 5.44
CLASS A-5 DISTRIBUTION 660,504.25 5.51
CLASS A-6 DISTRIBUTION 127,948.67 5.69
CLASS A-7 DISTRIBUTION 419,692.50 5.75
CLASS A-8 DISTRIBUTION 252,339.50 5.95
CLASS A-9 DISTRIBUTION 250,276.13 6.09
CLASS A-10 DISTRIBUTION 391,300.00 5.73
CLASS A-11IO DISTRIBUTION 483,437.50 7.08
CLASS M-1 DISTRIBUTION 230,100.00 5.90
CLASS M-2 DISTRIBUTION 326,665.63 6.09
CLASS B DISTRIBUTION 246,675.00 6.33
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 609,603.68 0.63
PRINCIPAL PREPAYMENTS 6,305,442.51 6.47
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 3,126,036.25 3.21
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
CLASS A-9 CARRYFORWARD 0.00
CLASS A-10 CARRYFORWARD 0.00
CLASS A-11IO 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 968,084,997.83
ENDING NUMBER OF LOANS OUTSTANDING 16,528
SECTION 7.09 (a)(viii) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
SECTION 7.09 (a)(ix) WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS 11.5153%
SECTION 7.09 (a)(x) HAS A TRIGGER EVENT OCCURRED? NO
SECTION 7.09 (a)(xi) SENIOR ENHANCEMENT PERCENTAGE 13.9193%
SECTION 7.09 (a)(xii) OVERCOLLATERALIZATION AMOUNT 3,126,080.27
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-5
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DISTRIBUTION: 20-Oct-97 PAGE # 3
<TABLE>
<CAPTION>
CLASS M-1 CLASS M-2 CLASS B
----------------------------------------------------------
<S> <C> <C> <C> <C>
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
</TABLE>
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF
DELINQUENT MORTGAGE LOANS:*
<TABLE>
<CAPTION>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 587 34,058,978.37 3.52%
60-89 DAYS 105 5,312,760.47 0.55%
90 + DAYS 12 764,352.62 0.08%
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</TABLE>
* The number and aggregate principal balances of delinquent mortgage loans
includes loans in foreclosure and bankruptcy
<TABLE>
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 2
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 109,170.31
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 0.00
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 23
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,084,041.51
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 6132
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 437,903,357.77
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 0.00
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 0.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.00000000%
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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