<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _______ to _______.
Commission File Number 333-24455-03
------------
IMC HOME EQUITY LOAN TRUST 1997-7
----------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 13-3985672
-------------------------------- ----------------------
(State of other jurisdiction of (I.R.S. Employer
Incorporation or organization) 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
--------------
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered:
None None
----------------------- ------------------------------------------
None
- --------------------------------------------------------------------------------
(Title of class)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K (s 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part III
of this Form 10-K or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
Not Applicable
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1997-7
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
PART I ......................................................................... 3
ITEM 1 - BUSINESS ..................................................... 3
ITEM 2 - PROPERTIES ................................................... 3
ITEM 3 - LEGAL PROCEEDINGS ........................................... 3
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS ............................................................ 3
PART II ........................................................................ 3
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND
RELATED STOCKHOLDER MATTERS ........................................ 3
ITEM 6 - SELECTED FINANCIAL DATA ...................................... 3
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS ...................... 3
ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK ........................................................ 4
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA .................. 4
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE ............................ 4
PART III........................................................................ 4
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE
REGISTRANT ......................................................... 4
ITEM 11 - EXECUTIVE COMPENSATION ....................................... 4
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT .............................................. 4
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS ....................................................... 9
PART IV ........................................................................ 9
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K ................................................ 9
SIGNATURES .................................................................. 10
INDEX TO EXHIBITS .............................................................. 11
</TABLE>
-2-
<PAGE> 3
PART I
ITEM 1 - BUSINESS
Not Applicable
ITEM 2 - PROPERTIES
Not Applicable
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings
involving either the IMC Home Equity Loan Trust 1997-7 (the "Trust"),
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated November 1, 1997, among The Chase Manhattan Bank, as trustee (the
"Trustee"), IMC Securities, Inc., as depositor (the "Depositor") and IMC
Mortgage Company, as servicer (the "Servicer"); the Trustee; the Depositor or
the Servicer which relates to the Trust.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED
STOCKHOLDER MATTERS
To the best knowledge of the Depositor, there is no established
public trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A- 4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, Class A-8 Certificates and Class A-9IO
Certificates issued by the Trust are held by the Depository Trust Company
("DTC") which in turn maintains records of holders of beneficial interests in
such Certificates. Based on information obtained by the Trust from DTC, as of
February 19, 1997, there were 12 holders of the Class A-1 Certificates, 3
holders of the Class A-2 Certificates, 4 holders of the Class A-3 Certificates,
10 holders of the Class A-4 Certificates, 10 holders of the Class A-5
Certificates, 1 holder of the Class A-6 Certificates, 1 holders of the Class A-7
Certificates, 20 holders of the Class A-8 Certificates and 1 holder of the Class
A-9IO Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not Applicable
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Not Applicable
-3-
<PAGE> 4
ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1997
was $601,527.16.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting
or financial disclosures between IMC Mortgage Company (the "Issuer") and its
accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not Applicable
ITEM 11 - EXECUTIVE COMPENSATION
Not Applicable
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth (I) the name and address of each
entity owning more than 5% of the outstanding principal amount of each Class of
Class A Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Class A Certificates is based upon information obtained by the
Trust from DTC and represents ownership of beneficial interest in the
Certificates held by DTC. The Depositor is not aware of any Schedules 13D or 13G
filed with the Securities and Exchange Commission in respect of the
Certificates.
<TABLE>
<CAPTION>
DTC Participant Number
(Name and Address below) Principal Amount % of Class
- ------------------------ ---------------- ----------
<S> <C> <C>
Class A-1
903 $ 40,800,000 15.99%
908 $ 16,700,000 6.55%
2827 $ 54,500,000 21.36%
2761 $ 26,000,000 10.19%
997 $ 84,740,000 33.21%
</TABLE>
-4-
<PAGE> 5
<TABLE>
<S> <C> <C>
Class A-2
901 $11,000,000 9.75%
903 $15,000,000 13.30%
930 $86,820,000 76.95%
Class A-3
901 $12,000,000 9.93%
352 $23,840,000 19.73%
2834 $80,000,000 66.20%
Class A-4
352 $32,310,000 72.92%
2251 $ 5,000,000 11.28%
Class A-5
902 $10,600,000 14.91%
930 $ 6,000,000 8.44%
908 $ 9,000,000 12.66%
2108 $ 6,800,000 9.56%
50 $ 7,000,000 9.85%
2669 $18,900,000 26.58%
2450 $ 7,000,000 9.85%
Class A-6
997 $61,770,000 100%
Class A-7
997 $54,775,000 100%
Class A-8
2130 $ 3,000,000 5.53%
954 $ 8,600,000 15.85%
2316 $ 9,795,000 18.06%
997 $20,645,000 38.06%
Class A-9IO
997 $54,775,000 100%
<CAPTION>
DTC Participant Number Name and Address
- ---------------------- ----------------
<S> <C>
10 Brown Brothers Harriman & Co.
63 Wall Street, 8th Floor
New York, NY 10005
</TABLE>
-5-
<PAGE> 6
<TABLE>
<S> <C>
30 Prudential Securities Incorporated
Issuer Services c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
50 Morgan Stanley & Co. Incorporated
One Pierrepont Plaza, 7th Floor
Brooklyn, NY 11201
187 Chase Securities Inc.
55 Water Street, Room 434
New York, NY 10041
274 Salomon Brothers Inc.
8800 Hidden River Parkway
Tampa, FL 33637
352 Bear Stearns Securities Corp.
One Metrotech Center North, 4th Floor
Brooklyn, NY 11201-3862
418 Smith Barney Inc.
333 W. 34th Street
New York, NY 10001
498 Deutsche Morgan Grenfell Inc.
Issuer Services c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
652 PWI CMO Account
1000 Harbor Blvd., 8th Floor
Weehawken, NJ 07087
667 Daiwa Securities Trust Company
One Evertrust Plaza
Jersey City, NJ 07302
901 Bank of New York
925 Patterson Plank Rd.
Secaucus, NJ 07094
902 Chase Manhattan Bank
Trim Supervisor 13th Floor
4 New York Plaza
New York, NY 10004
903 Bankers Trust Company
c/o BT Services Tennessee, Inc.
648 Grassmere Park Drive
Nashville, TN 37211
908 Citicorp Services, Inc.
P.O. Box 30576
Tampa, FL 33630-3576
929 First Union National Bank
401 South Tryon Street
Charlotte, NC 28288
930 Chase Manhattan Bank/Chemical
Proxy Department 13th Floor
4 New York Plaza
New York, NY 10004
937 Fiduciary Trust Company International
Two World Trade Center, 96th Floor
New York, NY 10048-0772
</TABLE>
-6-
<PAGE> 7
<TABLE>
<S> <C>
954 Boston Safe Deposit & Trust Co.
c/o Mellon Bank N.A.
Three Mellon Bank Center,Room 153-3015
Pittsburgh, PA 15259
987 Fiduciary SSB
108 Myrtle Street
Newport Office Bldg.
N. Quincy, MA 02171
991 Central Fidelity Bank
P.O. Box 27602
5th Floor Vault
Richmond, VA 23261
997 SSB-Custodian
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
2027 Norwest Bank Minnesota, NA
733 Marquette Avenue
Minneapolis, MN 55479-0056
2108 Comerica Bank
Cap.Chg./Proxy 7CBB/MC 3530
Detroit, MI 48275-3530
2116 Fifth Third Bank (The)
Dept. 00850 - Proxy
38 Fountain Square Plaza
Cincinnati, OH 45263
2128 First National Bank of Maryland
Trust Division-Operations Dept. 101-62
25 S. Charles Street
Baltimore, MD 21201
2130 Bank of America Personal Trust
Proxy Unit #38432
555 S. Flower Street, Level C
Los Angeles, CA 90071
2145 Union Bank Of California, N.A.
Safekeeping Department
475 Sansome Street, 11th Floor
San Francisco, CA 94145
2163 Corestates Bank, N.A.
P.O. Box 7618 F.C. #1-9-1-21
Philadelphia, PA 19106-7618
2203 Republic National Bank of NY Investment Account
One Hanson Place, Lower Level
Brooklyn, NY 11243
2215 Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
2219 Star, Bank, National Association, Cincinnati
P.O. Box 1118
Mail Location 6120
Cincinnati, OH 45201-1118
</TABLE>
-7-
<PAGE> 8
<TABLE>
<S> <C>
2251 Lasalle National Bank
Issuer Services c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
2260 Chase Manhattan Bank/Salomon
4 New York Plaza, 21st Floor
New York, NY 10004
2316 National City Bank
1900 East 9th Street
Cleveland, Ohio 44114
2339 BNY/ITC - Dealers Clearance Special
C/O N.A. Schapiro & Co. IN.
One Chase Manhattan Plaza, 58th Floor
New York, NY 10005
2424 Custodial Trust Company
101 Carnegie Center
Princeton, NJ 08540
2438 The Bank of New York/Western Trust Company
One Wall Street
New York, NY 10286
2450 UMB Bank, NA
P.O. Box 419260
Kansas City, MO 64141-6260
2616 PNC Bank, National Association
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
2669 Northern Trust Company
801 S. Canal C-In
Chicago, IL 60607
2761 Morgan Stanley Trust Company
Investor Communications Services
51 Mercedes Way
Edgewood, NY 11717
2827 Investors Fiduciary Trust Company/SSB
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
2834 PNC Bank, N.A./Pittsburgh
One PNC Plaza, 9th Floor, 249 5th Avenue
Pittsburgh, PA 15222-7707
5132 Merrill Lynch, Pierce, Fenner & Smith, Inc. - Debt SEC
4 Corporate Place
Corporate Park 287
Piscataway, NJ 08855
</TABLE>
-8-
<PAGE> 9
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
Part IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
---------- -----------
<S> <C>
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
</TABLE>
(b) Reports on Form 8-K
2 reports on Form 8-K have been filed by the issuer during the period covered by
this report.
<TABLE>
<CAPTION>
DATE OF REPORTS ON FORM 8-K ITEMS REPORTED/FINANCIAL
STATEMENTS FILED
<S> <C>
December 22, 1997 Trustee's Monthly Report for the November
Monthly Period.
January 20, 1998 Trustee's Monthly Report for the December
Monthly Period.
</TABLE>
-9-
<PAGE> 10
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Depositor has duly caused this Report to be
signed on its behalf by the undersigned, thereunto duly authorized.
By: IMC Securities, Inc.,
As Depositor
By: /s/ Thomas G. Middleton
--------------------------------------
Name: Thomas G. Middleton
Title: President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
--------------------------------------
Name: Stuart D. Marvin
Title: Chief Financial Officer
Date: March 28, 1998
-10-
<PAGE> 11
INDEX TO EXHIBITS
-----------------
Item 14(C)
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- -----------
<S> <C>
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
</TABLE>
-11-
<PAGE> 1
EXHIBIT 99.1
-12-
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1997-7
Officer's Certificate
In connection with the above-referenced trust and pursuant to Section 8.16 of
the related Pooling and Servicing Agreement ("Agreement"), IMC Mortgage Company
(as "Servicer"), hereby confirms the following:
(i) a review of the activities of the Servicer during 1997 and of performance
under the Agreement has been made under my supervision; and
(ii) to the best of my knowledge, based on such review, the Servicer has
fulfilled all of its obligations under the Agreement for the calendar year 1997.
IMC Mortgage Company
By: /s/ Thomas G. Middleton
------------------------------------
Thomas G. Middleton
President & Chief Operating Officer
<PAGE> 1
EXHIBIT 99.2
<PAGE> 2
REPORT OF INDEPENDENT ACCOUNTANTS-UNIFORM SINGLE ATTESTATION PROGRAM
To the Board of Directors of
IMC Mortgage Company and Subsidiaries
We have examined the assertion by IMC Mortgage Company and Subsidiaries'
management about compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers (USAP) as of and for the year ended December 31, 1997
included in the accompanying management assertion. Management is responsible for
IMC Mortgage Company and Subsidiaries' compliance with those minimum servicing
standards. Our responsibility is to express an opinion on management's assertion
about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accounts and, accordingly, included
examining, on a test basis, evidence about IMC Mortgage Company and
Subsidiaries' compliance with the minimum servicing standards and performing
such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on IMC Mortgage Company and
Subsidiaries' compliance with the minimum servicing standards.
In our opinion, management's assertion that IMC Mortgage Company and
Subsidiaries complied with the aforementioned minimum servicing standards as of
and for the year ended December 31, 1997 is fairly stated, in all material
respects.
/s/ COOPERS & LYBRAND L.L.P.
Tampa, Florida
February 20, 1998
<PAGE> 3
[IMC MORTGAGE COMPANY LETTERHEAD]
March 23, 1998
Coopers & Lybrand
101 East Kennedy Blvd. Suite 1500
Tampa, FL 33602
As of and for the year ended December 31, 1997, IMC Mortgage Company and
Subsidiaries has compiled in all material respects with minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers. For the period January 1 to
June 30, 1997, IMC Mortgage Company and Subsidiaries had in effect a fidelity
bond policy in the amount of $4,000,000. As of and for the six months ended
December 31, 1997, IMC Mortgage Company and Subsidiaries had in effect a
fidelity bond policy in the amount of $8,000,000. As of and for the year ended
December 31, 1997, IMC Mortgage Company and Subsidiaries had in effect an errors
and omissions policy in the amount of $2,000,000.
/s/ Stuart D. Marvin
-----------------------------------------
Stuart D. Marvin, Chief Financial Officer
<PAGE> 1
EXHIBIT 99.3
<PAGE> 2
EXHIBIT 19
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-7
DISTRIBUTION: 22-Dec-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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 255,140,000.00 255,140,000.00 4,370,243.31 1,073,820.48 5,444,063.79 250,769,756.69
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 1,029,341.28 579,399,997.97
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 775,000,000.00 775,000,000.00 4,370,243.31 3,968,123.77 8,338,367.08 770,629,756.69 1,029,341.28 579,399,997.97
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
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>
FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
- ---------------------------------------------------------------
<S> <C> <C> <C>
A-1 17.12880499 4.20875002 982.87119501
A-2 0.00000000 5.44166664 1000.00000000
A-3 0.00000000 5.45000000 1000.00000000
A-4 0.00000000 5.60000000 1000.00000000
A-5 0.00000000 5.63333333 1000.00000000
A-6 0.00000000 5.70000000 1000.00000000
A-7 0.00000000 5.85000000 1000.00000000
A-8 0.00000000 5.54166670 1000.00000000
- ---------------------------------------------------------------
TOTALS 5.639023619 5.120159703 994.3609764
- ---------------------------------------------------------------
- ---------------------------------------------------------------
A-11IO N/A 4.16666661 1000.00000000
(NOT'L)
- ---------------------------------------------------------------
</TABLE>
PASS THRU RATES
<TABLE>
<CAPTION>
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
- -----------------------------------------------------------------
<S> <C> <C>
A-1 5.82750000% 5.82750000%
A-2 6.53000000% 6.53000000%
A-3 6.54000000% 6.54000000%
A-4 6.72000000% 6.72000000%
A-5 6.76000000% 6.76000000%
A-6 6.84000000% 6.84000000%
A-7 7.02000000% 7.02000000%
A-8 6.65000000% 6.65000000%
A-11IO 5.00000000% 5.00000000%
- -----------------------------------------------------------------
</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
<PAGE> 3
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-7
DISTRIBUTION: 22-Dec-97 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 8,643,698.53
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 8,037,759.37
SECTION 7.08 (3) OVERCOLLATERALIZATION INCREASE AMOUNT 1,029,341.29
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 0.00
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL
(C) PRE-FUNDED ACCOUNT EARNINGS
(D) AMOUNTS TRANSFERRED FROM CAPITALIZED INTEREST A/C
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 5,444,063.79 21.34
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 489,520.24 0.63
PRINCIPAL PREPAYMENTS 2,851,381.78 3.68
OVERCOLLATERALIZATION INCREASE AMT 1,029,341.29 1.33
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 1,029,341.28
OVERCOLLATERALIZATION DEFICIT 0.00
SECTION 7.09 (a)(viii)ENDING AGGREGATE LOAN BALANCE 579,399,997.97
ENDING NUMBER OF LOANS OUTSTANDING 10,260
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 11.4197%
</TABLE>
<PAGE> 4
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1997-7
DISTRIBUTION: 22-Dec-97 PAGE # 3
<TABLE>
<S> <C> <C>
SECTION 7.09 (a)(xiii) LOAN BALANCE OF LARGEST HOME EQUITY LOAN 214,144.02
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
<CAPTION>
------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
------------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 792 47,716,490.00 8.24%
60-89 DAYS 166 8,487,018.00 1.46%
90 + DAYS 14 980,261.17 0.17%
------------------------------------------------------------------------------------
*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 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 59,715.15
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 59,715.15
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 0.00
NUMBER OF LOANS THAT ARE "BALLOON" LOANS N/A
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" N/A
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 1.63397984%
60 DAY DELINQUENT LOANS 9,467,279.17
</TABLE>
<PAGE> 5
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> 6
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> 7
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
