<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) NOVEMBER 20, 1998
--------------------------------
IMC HOME EQUITY LOAN TRUST 1998-1
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-31197-04 13-3994974
(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 November 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 October, 1998 dated
November 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 October, 1998 was $365,257.33.
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 October, 1998.
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: November 20, 1998
Page 4
<PAGE> 5
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of October, 1998. --------
</TABLE>
Page 5
<PAGE> 1
EXHIBIT 19
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
================================================================================
DISTRIBUTION: 20-Nov-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-1 334,270,000.00 223,277,102.21 20,534,834.33 1,026,102.67 21,560,937.00 202,742,267.88
A-2 137,610,000.00 137,610,000.00 0.00 723,599.25 723,599.25 137,610,000.00
A-3 151,170,000.00 151,170,000.00 0.00 807,499.75 807,499.75 151,170,000.00
A-4 101,640,000.00 101,640,000.00 0.00 559,020.00 559,020.00 101,640,000.00
A-5 70,310,000.00 70,310,000.00 0.00 407,212.08 407,212.08 70,310,000.00 21,500,000.00 889,972,267.88
A-6 70,000,000.00 70,000,000.00 0.00 380,333.33 380,333.33 70,000,000.00
M-1 47,500,000.00 47,500,000.00 0.00 278,270.83 278,270.83 47,500,000.00
M-2 45,000,000.00 45,000,000.00 0.00 276,750.00 276,750.00 45,000,000.00
B 42,500,000.00 42,500,000.00 0.00 278,729.17 278,729.17 42,500,000.00
R N/A N/A N/A 1,938,107.59 1,938,107.59 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 1,000,000,000.00 889,007,102.21 20,534,834.33 6,675,624.67 27,210,459.00 868,472,267.88 21,500,000.00 889,972,267.88
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
A-7IO 70,000,000.00 70,000,000.00 N/A 481,250.00 481,250.00 70,000,000.00 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 61.43187939 3.06968220 606.52247548 A-1 5.79750000% 5.33688000%
A-2 0.00000000 5.25833333 1000.00000000 A-2 6.31000000% 6.31000000%
A-3 0.00000000 5.34166667 1000.00000000 A-3 6.41000000% 6.41000000%
A-4 0.00000000 5.50000000 1000.00000000 A-4 6.60000000% 6.60000000%
A-5 0.00000000 5.79166662 1000.00000000 A-5 6.95000000% 6.95000000%
A-6 0.00000000 5.43333329 1000.00000000 A-6 6.52000000% 6.52000000%
M-1 0.00000000 5.85833326 1000.00000000 A-7IO 8.25000000% 8.25000000%
M-2 0.00000000 6.15000000 1000.00000000 M-1 7.03000000% 7.03000000%
B 0.00000000 6.55833341 1000.00000000 M-2 7.38000000% 7.38000000%
- ---------------------------------------------------------- B 7.87000000% 7.87000000%
TOTALS 20.53483433 6.675624672 868.4722679 -----------------------------------------
- ----------------------------------------------------------
- ----------------------------------------------------------
A-7IO N/A 6.87500000 1000.00000000
(NOT'L)
- ----------------------------------------------------------
</TABLE>
================================================================================
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
- --------------------------------------------------------------------------------
<PAGE> 2
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
================================================================================
DISTRIBUTION: 20-Nov-98 PAGE # 2
<TABLE>
<S> <C> <C>
SECTION 7.08(1) BEGINNING CERTIFICATE ACCOUNT 27,694,490.16
SECTION 7.08(2) CLASS A DISTRIBUTION AMOUNT 24,919,851.41
SECTION 7.08(5) REALIZED LOSSES 0.00
SECTION 7.08(6) 60+ DAY DELINQUENT LOANS 35,682,696.67
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
<CAPTION>
PER $1000
---------
<S> <C> <C> <C>
SECTION 7.09(a)(i) CLASS A-1 DISTRIBUTION 21,560,937.00 64.50
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 1,938,107.59
SECTION 7.09(a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 798,914.73 0.80
PRINCIPAL PREPAYMENTS 19,048,144.54 19.05
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 687,775.06 0.69
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 889,972,267.88
ENDING NUMBER OF LOANS OUTSTANDING 15,599
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 11.1437%
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 17.5848%
SECTION 7.09(a)(xii) OVERCOLLATERALIZATION AMOUNT 21,500,000.00
</TABLE>
- --------------------------------------------------------------------------------
<PAGE> 3
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
================================================================================
DISTRIBUTION: 20-Nov-98 PAGE # 3
<TABLE>
<CAPTION>
CLASS M-1 CLASS M-2 CLASS B
--------------------------------------------
<S> <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
</TABLE>
SECTION 7.09(b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT
MORTGAGE LOANS:*
<TABLE>
<CAPTION>
------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 469 26,416,616.71 2.97%
60-89 DAYS 158 8,268,772.44 0.93%
90 + DAYS 457 26,673,121.65 3.00%
------------------------------------------------------------
</TABLE>
*The number and aggregate principal balances of
delinquent mortgage loans includes loans in foreclosure
and bankruptcy
<TABLE>
<S> <C> <C>
SECTION 7.09(b)(ii) NUMBER OF LOANS IN FORECLOSURE 370
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 22,678,476.74
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 79
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 4,918,519.61
SECTION 7.09(b)(iii) NUMBER OF LOANS IN BANKRUPTCY 202
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 11,508,931.00
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 4764
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 316,919,207.50
SECTION 7.09(b)(iv) NUMBER OF REO PROPERTIES 11
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 740,802.58
SECTION 7.09(b)(v) BOOK VALUE OF REO PROPERTY 670,410.00
SECTION 7.09(b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00860068%
CUMULATIVE REALIZED LOSSES 86,006.80
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.01290102%
</TABLE>
- --------------------------------------------------------------------------------
