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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) SEPTEMBER 21, 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 September 21, 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 August, 1998 dated
September 21, 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 August, 1998 was $376,124.12.
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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 August, 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: September 21, 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 August, 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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<TABLE>
<CAPTION>
DISTRIBUTION: 21-Sep-98 PAGE # 1
ORIGINAL BEGINNING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE O/C
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT
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<S> <C> <C> <C> <C> <C> <C>
A-1 334,270,000.00 260,518,262.32 18,372,573.66 1,333,492.25 19,706,065.91 242,145,688.66
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 18,121,868.22
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 1,000,000,000.00 926,248,262.32 18,372,573.66 5,044,906.66 23,417,480.32 907,875,688.66 18,121,868.22
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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
(NOT'L)
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<CAPTION>
ENDING
PRINCIPAL
BALANCE
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925,997,556.88
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925,997,556.88
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- -----------------
N/A
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<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
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<S> <C> <C> <C> <C> <C> <C>
A-1 54.96327417 3.98926691 724.40149777 A-1 5.79750000% 5.75844000%
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 18.37257366 5.04490666 907.8756887
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A-7IO N/A 6.8500000 1000.00000000
(NOT'L)
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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: 21-Sep-98 PAGE # 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 23,901,624.06
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 23,064,980.32
SECTION 7.08 (5) REALIZED LOSSES 33,440.57
SECTION 7.08 (6) 60+ DAY DELINQUENT LOANS 30,241,747.60
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 EARNINGS 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
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SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 19,706,065.91 58.95
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 948,861.42 0.95
PRINCIPAL PREPAYMENTS 14,602,068.30 14.60
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 2,695,292.69 2.70
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 126,351.25 0.13
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 925,997,556.88
ENDING NUMBER OF LOANS OUTSTANDING 16,227
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 11.1616%
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 16.5359%
SECTION 7.09 (a)(xii) OVERCOLLATERALIZATION AMOUNT 18,121,868.22
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
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DISTRIBUTION: 21-Sep-98 PAGE # 3
<TABLE>
<CAPTION>
CLASS M-1 CLASS M-2 CLASS B
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<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
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 387 22,400,454.36 2.42%
60-89 DAYS 118 5,870,438.42 0.63%
90 + DAYS 415 24,285,470.03 2.62%
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*The number and aggregate principal balances of delinquent mortgage loans includes loans in
foreclosure and bankruptcy
<CAPTION>
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 303
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 18,464,751.94
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 66
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 3,471,779.74
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 100
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 5,280,557.87
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 4968
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 330,476,697.62
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 2
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 85,839.15
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 37,800.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00334406%
CUMULATIVE REALIZED LOSSES 33,440.57
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.00668811%
</TABLE>
