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Previous: JWGENESIS FINANCIAL CORP /, 3, 1998-06-12 |
Next: RESORTQUEST INTERNATIONAL INC, S-1, 1998-06-12 |
<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) MAY 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 May 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 April, 1998 dated May
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 April, 1998 was $366,997.09.
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 April, 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: May 20, 1998
Page 4
<PAGE> 5
EXHIBIT INDEX
Exhibit No. Description Page No.
19. Trustee's Monthly Servicing Report
for the Month of April, 1998. 6
Page 5
<PAGE> 1
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 20-May-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-1 334,270,000.00 323,564,073.04 15,387,629.83 1,554,792.78 16,942,422.61 308,176,443.21
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 6,212,004.03 980,118,447.24
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
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 1,000,000,000.00 989,294,073.04 15,387,629.83 5,266,207.19 20,653,837.02 973,906,443.21 6,212,004.03 980,118,447.24
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
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>
FACTOR INFORMATION PER $1,000
PASS THRU RATES
<TABLE>
<CAPTION>
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 46.03353526 4.65130816 921.93868195 A-1 5.79750000% 5.76625000%
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 15.3876298298524 5.26620719 973.90644321479 ---------------------------------------------
- -------------------------------------------------------------------
- -------------------------------------------------------------------
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:
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> 2
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 20-May-98 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 21,138,149.89
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 20,301,337.02
SECTION 7.08 (5) REALIZED LOSSES 0.00
SECTION 7.08 (6) 60+ DAY DELINQUENT LOANS 17,297,983.80
SECTION 7.08 (7) PRE-FUNDED AMT PREVIOUSLY USED 150,000,258.45
PRE-FUNDED AMT DISTRIBUTED AS PRINCIPAL 228.95
PRE-FUNDING A/C EARININGS 147,697.84
AMTS TRANSFERRED FROM CAP INT A/C TO CERT A/C 147,697.84
OVERFUNDED INTEREST AMOUNT 84,310.52
SECTION 7.08 (8) THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED 0.00
BECAUSE OF UNDERWATER LOANS
<CAPTION>
PER $1000
---------
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 16,942,422.61 50.68
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 1,408,608.91 1.41
PRINCIPAL PREPAYMENTS 10,701,386.93 10.70
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 3,216,101.53 3.22
PRIN PREPAY FROM PRE-FUND ACCT 228.95 0.00
OTHER 61,303.51 0.06
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 980,118,447.24
ENDING NUMBER OF LOANS OUTSTANDING 17,148
SECTION 7.09 (a)(viii) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 9,220.18
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 55,551.07
SECTION 7.09 (a)(ix) WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS 11.1779%
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 14.4076%
SECTION 7.09 (a)(xii) OVERCOLLATERALIZATION AMOUNT 6,212,004.03
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
</TABLE>
<PAGE> 3
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 20-May-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
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
---------------------------------------------------------------------------------------------
30-59 DAYS 408 21,809,284.14 2.23%
60-89 DAYS 211 11,565,070.32 1.18%
90 + DAYS 85 5,696,576.57 0.58%
* 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 5
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 235,948.95
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 5
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 235,948.95
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 32
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,829,413.02
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 5275
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 352,399,124.78
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 1996, THE CHASE MANHATTAN BANK
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