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<PAGE> 1
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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)
September 23, 1997
IMC Home Equity Loan Trust 1997-5
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-24455-02 Being Applied For
- - ----------------------------- -------------- ------------------
(State or Other Jurisdiction) (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o The Chase Manhattan Bank, as Trustee
450 West 33rd Street, 15th Floor
New York, New York 10001
---------------------- -----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 946-8600
--------------
No Change
--------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Description of the Certificates and the Mortgage Loans
IMC Securities, Inc. registered issuances of up to $3,000,000,000
principal amount of Home Equity Loan Asset Backed Certificates on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, as
amended (the "Act"), by a Registration Statement on Form S-3 (Registration File
No 333-24455) (as amended, the "Registration Statement"). Pursuant to the
Registration Statement, IMC Home Equity Loan Trust 1997-5 (the "Registrant" or
the "Trust") issued $975,000,000 in aggregate principal amount of its Home
Equity Loan Pass-Through Certificates, Series 1997-5 (the "Certificates"), on
September 23, 1997 (the "Closing Date").
The assets of the Trust initially include a pool of closed-end home
equity loans (the "Home Equity Loans") secured by mortgage or deeds of trust
primarily on one-to four family residential properties. Interest distributions
on the Certificates are based on the Certificate Principal Balance thereof and
the applicable Pass-Through Rate thereof. As of the Closing Date, the Home
Equity Loans possessed the characteristics described in the Prospectus dated
June 6, 1997 and the Prospectus Supplement dated September 15, 1997 filed
pursuant to Rule 424(b)(5) of the Act on September 19, 1997. In such Prospectus
Supplement, a commitment was made to provide a description of the pool of Home
Equity Loans, including loans acquired or removed between the Cut-off Date
(September 1, 1997) and the Closing Date, in a current report on Form 8-K. Such
description is attached hereto as Exhibit 99.1
<PAGE> 3
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Description of the Home Equity Loans as of the Closing
Date (September 23, 1997).
<PAGE> 4
SIGNATURES
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.
IMC HOME EQUITY LOAN TRUST 1997-5
By: IMC SECURITIES, INC., as Depositor
By: /s/ Thomas Middleton
--------------------------------
Name: Thomas Middleton
Title: President and Chief
Operating Officer
November 3, 1997
<PAGE> 5
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
99.1 Description of the Home Equity Loans as
of the Closing Date (September 23, 1997)
<PAGE> 1
IMC HOME EQUITY LOAN TRUST SERIES 1997-5
<TABLE>
<CAPTION>
NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
OCCUPANCY STATUS HOME EQUITY LOANS BALANCE LOAN BALANCE
- - ---------------- ----------------- ------- ------------
<S> <C> <C> <C>
Owner Occupied 15,266 $900,443,501.40 92.35%
Investor Owned 1,341 72,657,016.26 7.45%
Vacation / Second Home 29 1,899,152.29 0.19%
-- ------------ -----
Total 16,636 $974,999,669.96 100.00%
====== =============== =======
<CAPTION>
TYPES OF MORTGAGED NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
PROPERTIES HOME EQUITY LOANS BALANCE LOAN BALANCE
- - ---------- ----------------- ------- ------------
<S> <C> <C> <C>
Single Family Detached 15,236 878,264,652.46 90.08%
Two- to Four-Family 961 72,051,219.52 7.39%
Condominium 173 9,557,030.50 0.98%
Multi-Family 74 5,079,730.98 0.52%
Single Family Attached 72 3,689,847.44 0.38%
Townhouse 50 2,979,592.42 0.31%
Manufactured Housing 47 2,213,216.42 0.23%
Planned Unit Development 18 709,573.11 0.07%
Mixed Use 5 454,807.11 0.05%
- ---------- -----
Total 16,636 $974,999,669.96 100.00%
====== =============== =======
</TABLE>
Page 1
<PAGE> 2
<TABLE>
<CAPTION>
RANGE OF NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
ORIGINAL CLTV'S HOME EQUITY LOANS BALANCE LOAN BALANCE
- - --------------- ----------------- ------- ------------
<S> <C> <C> <C>
5.01 to 10.00 10 $187,291.68 0.02%
10.01 to 15.00 40 828,374.63 0.08%
15.01 to 20.00 67 1,857,412.06 0.19%
20.01 to 25.00 100 3,050,860.02 0.31%
25.01 to 30.00 125 4,376,348.34 0.45%
30.01 to 35.00 143 4,966,844.75 0.51%
35.01 to 40.00 208 7,700,747.20 0.79%
40.01 to 45.00 264 11,606,799.62 1.19%
45.01 to 50.00 374 16,516,457.84 1.69%
50.01 to 55.00 379 18,778,015.03 1.93%
55.01 to 60.00 689 36,189,891.24 3.71%
60.01 to 65.00 1,046 58,170,004.22 5.97%
65.01 to 70.00 1,621 87,675,250.03 8.99%
70.01 to 75.00 2,410 148,596,946.44 15.24%
75.01 to 80.00 4,212 293,073,662.77 30.06%
80.01 to 85.00 2,013 128,161,588.17 13.14%
85.01 to 90.00 1,489 105,347,072.35 10.80%
90.01 to 95.00 417 14,062,557.48 1.44%
95.01 to 100.00 1,029 33,853,546.09 3.47%
----- ------------- -----
Total 16,636 $974,999,669.96 100.00%
====== =============== =======
</TABLE>
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
RANGE OF NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
COUPON RATES HOME EQUITY LOANS BALANCE LOAN BALANCE
- - ------------ ----------------- ------- ------------
<S> <C> <C> <C>
Up to 7.000 10 $905,008.16 0.09%
7.001 to 8.000 65 5,699,358.47 0.58%
8.001 to 9.000 376 36,649,640.13 3.76%
9.001 to 10.000 1,772 141,900,716.48 14.55%
10.001 to 11.000 3,424 245,741,334.75 25.20%
11.001 to 12.000 3,995 238,996,829.34 24.51%
12.001 to 13.000 3,319 166,564,670.38 17.08%
13.001 to 14.000 2,061 87,242,762.69 8.95%
14.001 to 15.000 1,111 36,809,206.55 3.78%
15.001 to 16.000 385 11,302,081.94 1.16%
16.001 to 17.000 79 2,324,771.21 0.24%
17.001 to 18.000 33 719,033.99 0.07%
18.001 to 19.000 4 99,655.03 0.01%
19.001 to 20.000 2 44,600.84 0.00%
- --------- -----
Total 16,636 $974,999,669.96 100.00%
====== =============== =======
<CAPTION>
DISTRIBUTION BY NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
LIEN POSITION HOME EQUITY LOANS BALANCE LOAN BALANCE
- - ------------- ----------------- ------- ------------
<S> <C> <C> <C>
First Lien 12,859 $860,374,112.83 88.24%
Second Lien 3,777 114,625,557.12 11.76%
----- -------------- ------
Total 16,636 $974,999,669.96 100.00%
====== =============== =======
</TABLE>
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
MONTHS REMAINING NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
TO MATURITY HOME EQUITY LOANS BALANCE LOAN BALANCE
- - ------------ ----------------- ------- ------------
<S> <C> <C> <C>
Up to 120 777 $22,315,432.37 2.29%
121 to 180 10,935 609,852,121.35 62.55%
181 to 240 2,217 119,356,501.42 12.24%
241 to 300 52 3,458,183.45 0.35%
301 or more 2,655 220,017,431.37 22.57%
----- -------------- ------
Total 16,636 $974,999,669.96 100.00%
====== =============== =======
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF MONTHS NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
SINCE ORIGINATION HOME EQUITY LOANS BALANCE LOAN BALANCE
- - ----------------- ----------------- ------- ------------
<S> <C> <C> <C>
0 to 1 1,506 $86,169,349.86 8.84%
2 to 12 15,032 882,268,771.59 90.49%
13 to 24 91 6,306,148.77 0.65%
25 or more 7 255,399.74 0.03%
- ----------
Total 16,636 $974,999,669.96 100.00%
====== =============== =======
</TABLE>
Page 4
<PAGE> 5
<TABLE>
<CAPTION>
CUT-OFF DATE NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
LOAN BALANCES HOME EQUITY LOANS BALANCE LOAN BALANCE
- - ------------- ----------------- ------- ------------
<S> <C> <C> <C>
Up to 25,000.00 3,406 $61,477,914.43 6.31%
25,000.01 to 50,000.00 5,826 216,608,183.53 22.22%
50,000.01 to 75,000.00 3,427 210,132,822.65 21.55%
75,000.01 to 100,000.00 1,743 151,471,916.25 15.54%
100,000.01 to 125,000.00 942 105,388,557.37 10.81%
125,000.01 to 150,000.00 556 75,765,844.89 7.77%
150,000.01 to 175,000.00 281 45,306,459.56 4.65%
175,000.01 to 200,000.00 160 29,853,888.04 3.06%
200,000.01 to 250,000.00 156 34,884,536.53 3.58%
250,000.01 to 300,000.00 65 17,721,537.94 1.82%
300,000.01 to 350,000.00 39 12,527,162.37 1.28%
350,000.01 to 400,000.00 21 7,844,743.30 0.80%
400,000.01 to 450,000.00 11 4,582,715.93 0.47%
450,000.01 to 500,000.00 3 1,422,387.18 0.15%
- ------------ -----
Total 16,636 $974,988,669.96 100.00%
====== =============== =======
</TABLE>
Page 5
<PAGE> 6
<TABLE>
<CAPTION>
NUMBER OF INITIAL AGGREGATE LOAN % OF AGGREGATE
STATE HOME EQUITY LOANS BALANCE LOAN BALANCE
- - ----- ----------------- ------- ------------
<S> <C> <C> <C>
Alaska 6 $273,342.58 0.03%
Alabama 17 994,050.54 0.10%
Arkansas 92 3,661,800.62 0.38%
Arizona 153 8,999,181.54 0.92%
California 287 24,896,778.96 2.55%
Colorado 266 16,454,833.50 1.69%
Connecticut 265 16,930,885.19 1.74%
District of Columbia 131 8,940,960.02 0.92%
Deleware 116 6,582,852.31 0.68%
Florida 1,580 87,193,805.58 8.94%
Georgia 618 32,738,599.12 3.36%
Hawaii 20 2,089,939.52 0.21%
Iowa 64 3,095,166.28 0.32%
Idaho 68 2,606,217.25 0.27%
Illinois 785 43,864,175.88 4.50%
Indiana 600 27,618,875.54 2.83%
Kansas 48 2,192,204.37 0.22%
Kentucky 128 6,030,393.87 0.62%
Louisiana 80 3,226,293.42 0.33%
Massachusetts 306 17,288,514.86 1.77%
Maryland 1,041 63,612,572.14 6.52%
Maine 23 1,065,948.11 0.11%
Michigan 963 48,643,673.88 4.99%
Minnesota 109 6,117,211.51 0.63%
Missouri 172 7,905,869.60 0.81%
Mississippi 70 2,903,383.27 0.30%
Montana 10 396,433.71 0.04%
North Carolina 713 34,702,478.89 3.56%
North Dakota 15 740,419.62 0.08%
Nebraska 78 3,759,971.56 0.39%
New Hampshire 15 804,174.47 0.08%
New Jersey 772 54,206,095.04 5.56%
New Mexico 115 7,460,689.50 0.77%
Nevada 29 1,350,677.49 0.14%
New York 2,336 180,731,330.65 18.54%
Ohio 847 48,244,457.07 4.95%
Oklahoma 60 2,395,554.71 0.25%
Oregon 151 10,978,078.09 1.13%
Pennsylvania 1,202 61,525,380.70 6.31%
Rhode Island 117 6,834,044.24 0.70%
South Carolina 245 10,937,244.73 1.12%
South Dakota 3 125,039.21 0.01%
Tennessee 683 35,746,850.36 3.67%
Texas 223 13,184,572.78 1.35%
Utah 171 10,208,510.29 1.05%
Virginia 401 20,254,978.52 2.08%
Vermont 7 320,431.15 0.03%
Washington 199 12,717,665.55 1.30%
Wisconsin 115 5,842,739.57 0.60%
West Virginia 108 4,969,373.35 0.51%
Wyoming 13 634,949.26 0.07%
-- ---------- -----
Total 16,636 $974,999,669.96 100.00%
====== =============== =======
</TABLE>
Page 6
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