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<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) JANUARY 20, 1998
-------------------------------
IMC HOME EQUITY LOAN TRUST 1997-5
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-24455-02 13-3970384
- --------------------------------------------------------------------------------
(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 January 20, 1998 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 December,
1997 dated January 20, 1998 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 December, 1997 was $403,866.52.
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 December, 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: January 20, 1998
Page 4
<PAGE> 5
EXHIBIT INDEX
Exhibit No. Description Page No.
19. Trustee's Monthly Servicing Report 6
for the Month of December, 1997.
Page 5
<PAGE> 1
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-5
DISTRIBUTION: 20-Jan-98 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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 107,250,000.00 94,892,096.64 4,101,750.33 514,789.62 4,616,539.95 90,790,346.31
A-2 141,300,000.00 117,609,659.05 11,116,722.72 574,012.73 11,690,735.45 106,492,936.33
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 12,250,260.42 935,983,543.06
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
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 975,000,000.00 938,951,755.69 15,218,473.05 5,234,248.20 20,452,721.25 923,733,282.64 12,250,260.42 935,983,543.06
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
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)
- ------------------------------------------------------------------------------------------------------------------------------------
</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 38.24475832 4.79990322 846.53003552 A-1 6.51000000% 6.51000000%
A-2 78.67461232 4.06236893 753.66550835 A-2 5.74625000% 6.05875000%
A-3 0.00000000 5.45000000 1000.00000000 A-3 6.54000000% 6.54000000%
A-4 0.00000000 5.44166669 1000.00000000 A-4 6.53000000% 6.53000000%
A-5 0.00000000 5.50833333 1000.00000000 A-5 6.61000000% 6.61000000%
A-6 0.00000000 5.69166681 1000.00000000 A-6 6.83000000% 6.83000000%
A-7 0.00000000 5.75000000 1000.00000000 A-7 6.90000000% 6.90000000%
A-8 0.00000000 5.95000000 1000.00000000 A-8 7.14000000% 7.14000000%
A-9 0.00000000 6.09166679 1000.00000000 A-9 7.31000000% 7.31000000%
A-10 0.00000000 5.73333333 1000.00000000 A-10 6.88000000% 6.88000000%
M-1 0.00000000 5.90000000 1000.00000000 A-11IO 8.50000000% 8.50000000%
M-2 0.00000000 6.09166676 1000.00000000 M-1 7.08000000% 7.08000000%
B 0.00000000 6.32500000 1000.00000000 M-2 7.31000000% 7.31000000%
- --------------------------------------------------------------- B 7.59000000% 7.59000000%
TOTALS 15.6086903091569 5.36845969230769 947.418751425285 ----------------------------------------
- ---------------------------------------------------------------
- ---------------------------------------------------------------
A-11IO N/A 7.08333333 1000.00000000
(NOT'L)
- ---------------------------------------------------------------
</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
(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
<PAGE> 2
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-5
DISTRIBUTION: 20-Jan-98 PAGE # 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 20,939,083.70
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 18,755,364.99
SECTION 7.08 (5) REALIZED LOSSES 0.00
SECTION 7.08 (6) 60+ DAY DELINQUENT LOANS 37,496,204.12
SECTION 7.08 (8) THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED 0.00
BECAUSE OF UNDERWATER LOANS
PER $1000
---------
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 4,616,539.95 43.04
CLASS A-2 DISTRIBUTION 11,690,735.45 82.74
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 766,486.31 0.79
PRINCIPAL PREPAYMENTS 11,486,607.43 11.78
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 2,965,379.31 3.04
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 935,983,543.06
ENDING NUMBER OF LOANS OUTSTANDING 16,000
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 11.5045%
SECTION 7.09 (a)(x) HAS A TRIGGER EVENT OCCURRED? NO
SECTION 7.09 (a)(xi) SENIOR ENHANCEMENT PERCENTAGE 15.3716%
SECTION 7.09 (a)(xii) OVERCOLLATERALIZATION AMOUNT 12,250,260.42
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
<PAGE> 3
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-5
DISTRIBUTION: 20-Jan-98 PAGE # 3
<TABLE>
<CAPTION>
CLASS M-1 CLASS M-2 CLASS B
------------------------------------------------
<S> <C> <C> <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
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
------------------------------------------------------------------------------------
30-59 DAYS 344 18,095,498.10 1.93%
60-89 DAYS 230 11,762,257.89 1.26%
90 + DAYS 426 25,733,946.23 2.75%
------------------------------------------------------------------------------------
*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 16
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 1,369,829.69
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 9
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 804,268.64
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 84
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 4,685,942.52
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 5938
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 423,082,965.59
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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