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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) AUGUST 20, 1998
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IMC HOME EQUITY LOAN TRUST 1998-1
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-31197-04 13-3994974
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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 August 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 July, 1998 dated August 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 July, 1998 was $360,188.37.
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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 July, 1998.
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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: August 20, 1998
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
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<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of July, 1998.
</TABLE>
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EXHIBIT 19
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
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DISTRIBUTION: 20-Aug-98 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION
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<S> <C> <C> <C> <C>
A-1 334,270,000.00 277,927,293.11 17,409,030.79 1,380,015.16
A-2 137,610,000.00 137,610,000.00 0.00 723,599.25
A-3 151,170,000.00 151,170,000.00 0.00 807,499.75
A-4 101,640,000.00 101,640,000.00 0.00 559,020.00
A-5 70,310,000.00 70,310,000.00 0.00 407,212.08
A-6 70,000,000.00 70,000,000.00 0.00 380,333.33
M-1 47,500,000.00 47,500,000.00 0.00 278,270.83
M-2 45,000,000.00 45,000,000.00 0.00 276,750.00
B 42,500,000.00 42,500,000.00 0.00 278,729.17
R N/A N/A N/A 0.00
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TOTALS 1,000,000,000.00 943,657,293.11 17,409,030.79 5,091,429.57
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A-7IO 70,000,000.00 70,000,000.00 N/A 481,250.00
(NOT'L)
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<CAPTION>
ENDING ENDING
TOTAL CERTIFICATE O/C PRINCIPAL
CLASS DISTRIBUTION BALANCE AMOUNT BALANCE
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<S> <C> <C> <C> <C>
A-1 18,789,045.95 260,518,262.32
A-2 723,599.25 137,610,000.00
A-3 807,499.75 151,170,000.00
A-4 559,020.00 101,640,000.00
A-5 407,212.08 70,310,000.00 15,460,016.10 941,708,278.42
A-6 380,333.33 70,000,000.00
M-1 278,270.83 47,500,000.00
M-2 276,750.00 45,000,000.00
B 278,729.17 42,500,000.00
R 0.00 N/A
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TOTALS 22,500,460.36 926,248,262.32 15,460,016.10 941,708,278.42
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A-7IO 481,250.00 70,000,000.00 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 52.08074548 4.12844455 779.36477194
A-2 0.00000000 5.25833333 1000.00000000
A-3 0.00000000 5.34166667 1000.00000000
A-4 0.00000000 5.50000000 1000.00000000
A-5 0.00000000 5.79166662 1000.00000000
A-6 0.00000000 5.43333329 1000.00000000
M-1 0.00000000 5.85833326 1000.00000000
M-2 0.00000000 6.15000000 1000.00000000
B 0.00000000 6.55833341 1000.00000000
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TOTALS 17.40903079 5.09142957 926.2482623
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A-7IO N/A 6.87500000 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 5.79750000% 5.76625000%
A-2 6.31000000% 6.31000000%
A-3 6.41000000% 6.41000000%
A-4 6.60000000% 6.60000000%
A-5 6.95000000% 6.95000000%
A-6 6.52000000% 6.52000000%
A-7IO 8.25000000% 8.25000000%
M-1 7.03000000% 7.03000000%
M-2 7.38000000% 7.38000000%
B 7.87000000% 7.87000000%
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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:
THOMAS ROLLAUER
THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3881
(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
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DISTRIBUTION: 20-Aug-98 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 22,984,653.20
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 22,147,960.36
SECTION 7.08 (5) REALIZED LOSSES 0.00
SECTION 7.08 (6) 60+ DAY DELINQUENT LOANS 30,354,406.41
SECTION 7.08 (7) PRE-FUNDED AMT PREVIOUSLY USED 249,717,645.27
PRE-FUNDED AMT DISTRIBUTED AS PRINCIPAL 0.00
PRE-FUNDING A/C EARININGS 0.00
AMTS TRANSFERRED FROM CAP INT A/C TO CERT A/C 0.00
OVERFUNDED INTEREST AMOUNT 0.00
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 18,789,045.95 56.21
CLASS A-2 DISTRIBUTION 723,599.25 5.26
CLASS A-3 DISTRIBUTION 807,499.75 5.34
CLASS A-4 DISTRIBUTION 559,020.00 5.50
CLASS A-5 DISTRIBUTION 407,212.08 5.79
CLASS A-6 DISTRIBUTION 380,333.33 5.43
CLASS A-7IO DISTRIBUTION 481,250.00 6.88
CLASS M-1 DISTRIBUTION 278,270.83 5.86
CLASS M-2 DISTRIBUTION 276,750.00 6.15
CLASS B DISTRIBUTION 278,729.17 6.56
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 825,416.17 0.83
PRINCIPAL PREPAYMENTS 13,325,410.90 13.33
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 3,258,203.72 3.26
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-7IO 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 941,708,278.42
ENDING NUMBER OF LOANS OUTSTANDING 16,497
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 11.1685%
SECTION 7.09 (a)(x) HAS A TRIGGER EVENT OCCURRED? NO
HAS A SUBORDINATED TRIGGER EVENT OCCURRED? NO
SECTION 7.09 (a)(xi) SENIOR ENHANCEMENT PERCENTAGE 15.9773%
SECTION 7.09 (a)(xii) OVERCOLLATERALIZATION AMOUNT 15,460,016.10
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
================================================================================
DISTRIBUTION: 20-Aug-98 PAGE # 3
<TABLE>
<CAPTION>
CLASS M-1 CLASS M-2 CLASS B
----------------------------------------------------
<S> <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:*
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 332 18,381,721.58 1.95%
60-89 DAYS 141 7,797,744.45 0.83%
90 + DAYS 378 22,450,758.08 2.38%
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*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 255
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 15,967,870.26
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 111
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 7,003,436.83
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 93
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 4,926,919.01
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 5065
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 337,206,883.89
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 2
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 105,903.88
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 118,800.00
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
