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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) JUNE 22, 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
(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 June 22, 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 May, 1998 dated June 22,
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 May, 1998 was $367,034.47.
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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 May, 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: June 22, 1998
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of May, 1998. --------
</TABLE>
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EXHIBIT 19
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 22-Jun-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
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 334,270,000.00 308,176,443.21 13,237,739.66 1,628,937.21 14,866,676.87 294,938,703.56
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 9,108,710.82 969,777,414.38
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 0.00 0.00 N/A
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TOTALS 1,000,000,000.00 973,906,443.21 13,237,739.66 5,340,351.62 18,578,091.28 960,668,703.56 9,108,710.82 969,777,414.38
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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)
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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 39.60193752 4.87311817 882.33674443
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 13.23773966 5.34035162 960.6687036
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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>
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
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 22-Jun-98 PAGE # 2
<TABLE>
<S> <C> <C>
SECTION 7.08(1) BEGINNING CERTIFICATE ACCOUNT 19,062,371.83
SECTION 7.08(2) CLASS A DISTRIBUTION AMOUNT 18,225,591.28
SECTION 7.08(5) REALIZED LOSSES 0.00
SECTION 7.08(6) 60+ DAY DELINQUENT LOANS 22,137,303.34
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
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<S> <C> <C> <C>
SECTION 7.09(a)(i) CLASS A-1 DISTRIBUTION 14,866,676.87 44.48
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 787,150.92 0.79
PRINCIPAL PREPAYMENTS 9,553,373.19 9.55
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 2,896,706.80 2.90
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 508.75 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 969,777,414.38
ENDING NUMBER OF LOANS OUTSTANDING 16,970
SECTION 7.09(a)(viii) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 513.73
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
SECTION 7.09(a)(ix) WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS 11.1767%
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 14.8600%
SECTION 7.09(a)(xii) OVERCOLLATERALIZATION AMOUNT 9,108,710.82
</TABLE>
(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 22-Jun-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>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 422 23,693,157.24 2.44%
60-89 DAYS 197 10,109,026.29 1.04%
90 + DAYS 199 11,991,940.14 1.24%
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</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 12
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 816,553.89
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 8
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 650,171.91
SECTION 7.09(b)(iii) NUMBER OF LOANS IN BANKRUPTCY 55
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 3,169,376.09
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 5218
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 348,438,569.48
SECTION 7.09(b)(iv) NUMBER OF REO PROPERTIES 1
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 36,336.91
SECTION 7.09(b)(v) BOOK VALUE OF REO PROPERTY 91,800.00
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 1997, THE CHASE MANHATTAN BANK
