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Previous: WMC SECURED ASSETS CORP, S-3/A, 1998-02-13 |
Next: EQUITY INVESTOR FUND SEL TEN PORT 1998 INTL SER A HONG KONG, 497, 1998-02-13 |
<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 1997-7
- ------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-24455-03 13-3985672
- ------------------------------------------------------------------------------
(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 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 $358,718.45.
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 1997-7
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-1 255,140,000.00 250,769,756.69 7,172,005.61 1,234,022.30 8,406,027.91 243,597,751.08
A-2 112,820,000.00 112,820,000.00 0.00 613,928.83 613,928.83 112,820,000.00
A-3 120,840,000.00 120,840,000.00 0.00 658,578.00 658,578.00 120,840,000.00
A-4 44,310,000.00 44,310,000.00 0.00 248,136.00 248,136.00 44,310,000.00
A-5 71,100,000.00 71,100,000.00 0.00 400,530.00 400,530.00 71,100,000.00 3,453,100.63 751,334,225.37
A-6 61,770,000.00 61,770,000.00 0.00 352,089.00 352,089.00 61,770,000.00
A-7 54,775,000.00 54,775,000.00 0.00 320,433.75 320,433.75 54,775,000.00
A-8 54,245,000.00 54,245,000.00 0.00 300,607.71 300,607.71 54,245,000.00
R N/A N/A N/A 0.00 0.00 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 775,000,000.00 770,629,756.69 7,172,005.61 4,128,325.59 11,300,331.20 763,457,751.08 3,453,100.63 751,334,225.37
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
A-9IO 54,245,000.00 54,245,000.00 N/A 226,020.83 226,020.83 54,245,000.00 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 28.11007923 4.83664772 954.76111578 A-1 5.82750000% 6.10875000%
A-2 0.00000000 5.44166664 1000.00000000 A-2 6.53000000% 6.53000000%
A-3 0.00000000 5.45000000 1000.00000000 A-3 6.54000000% 6.54000000%
A-4 0.00000000 5.60000000 1000.00000000 A-4 6.72000000% 6.72000000%
A-5 0.00000000 5.63333333 1000.00000000 A-5 6.76000000% 6.76000000%
A-6 0.00000000 5.70000000 1000.00000000 A-6 6.84000000% 6.84000000%
A-7 0.00000000 5.85000000 1000.00000000 A-7 7.02000000% 7.02000000%
A-8 0.00000000 5.54166670 1000.00000000 A-8 6.65000000% 6.65000000%
- --------------------------------------------------------------- A-9IO 5.00000000% 5.00000000%
TOTALS 9.25420079338867 5.32687172903226 985.106775587248
- --------------------------------------------------------------- ---------------------------------------
- ---------------------------------------------------------------
A-11IO N/A 4.16666661 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 1997-7
DISTRIBUTION: 20-Jan-98 PAGE # 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 11,605,762.93
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 10,999,723.49
SECTION 7.08 (3) OVERCOLLATERALIZATION INCREASE AMOUNT 2,423,759.35
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (7) REALIZED LOSSES 0.00
SECTION 7.08 (8) OVERCOLLATERALIZATION REDUCTION AMOUNT 0.00
SECTION 7.08 (9) (A) PRE-FUNDED AMOUNT PREVIOUSLY USED 176,682,473.66
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL 0.00
(C) PRE-FUNDED ACCOUNT EARNINGS 875,554.69
(D) AMOUNTS TRANSFERRED FROM CAPITALIZED INTEREST A/C 915,186.18
SECTION 7.08 (10) 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 8,406,027.91 32.95
CLASS A-2 DISTRIBUTION 613,928.83 5.44
CLASS A-3 DISTRIBUTION 658,578.00 5.45
CLASS A-4 DISTRIBUTION 248,136.00 5.60
CLASS A-5 DISTRIBUTION 400,530.00 5.63
CLASS A-6 DISTRIBUTION 352,089.00 5.70
CLASS A-7 DISTRIBUTION 320,433.75 5.85
CLASS A-8 DISTRIBUTION 300,607.71 5.54
CLASS A-9IO DISTRIBUTION 226,020.83
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 1,679,025.37 2.17
PRINCIPAL PREPAYMENTS 3,069,220.89 3.96
OVERCOLLATERALIZATION INCREASE AMT 2,423,759.35 3.13
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-9IO CARRYFORWARD 0.00
SECTION 7.09 (a)(vii) OVERCOLLATERALIZATION AMOUNT 3,453,100.63
OVERCOLLATERALIZATION DEFICIT 0.00
SECTION 7.09 (a)(viii)ENDING AGGREGATE LOAN BALANCE 751,334,225.37
ENDING NUMBER OF LOANS OUTSTANDING 13,222
SECTION 7.09 (a)(x) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
SECTION 7.09 (a)(xi) WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS 11.3240%
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
<PAGE> 3
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-7
DISTRIBUTION: 20-Jan-98 PAGE # 3
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
SECTION 7.09 (a)(xiii) LOAN BALANCE OF LARGEST HOME EQUITY LOAN 213,885.74
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------- ----- -------------- ----------
30-59 DAYS 553 31,031,702.00 3.34%
60-89 DAYS 213 12,353,061.76 1.33%
90 + DAYS 112 5,265,701.91 0.57%
*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 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 0.00
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 13
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 641,127.39
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 4084
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 273,313,029.18
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%
SECTION 7.09 (b)(vii) 60+ DELINQUENCY PERCENTAGE 2.34499682%
60 DAY DELINQUENT LOANS 17,618,763.67
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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