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Previous: PRESTOLITE ELECTRIC HOLDING INC, 424B5, 1999-02-25 |
Next: SIERRA HOLDINGS GROUP INC, 10QSB, 1999-02-25 |
<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) JANUARY 20, 1999
------------------------------
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 January 20, 1999 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 December, 1998 dated January
20, 1999 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 December, 1998 was $334,083.59.
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 December, 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: January 20, 1999
Page 4
<PAGE> 5
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- ---------
19. Trustee's Monthly Servicing Report 6
for the Month of December, 1998.
Page 5
<PAGE> 1
EXHIBIT 19
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 20 Jan-99 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-1 334,270,000.00 180,901,458.79 24,720,464.75 864,464.76 25,584,929.51 156,180,994.04
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 21,500,307.77 843,411,301.81
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 2,283,209.87 2,283,209.87 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 1,000,000,000.00 846,631,458.79 24,720,464.75 6,859,089.04 31,579,553.79 821,910,994.04 21,500,307.77 843,411,301.81
- ------------------------------------------------------------------------------------------------------------------------------------
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 73.95358468 2.58612726 467.23006564 A-1 5.79750000% 5.73438000%
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 24.72046475 6.85908904 821.91099404
- --------------------------------------------------------------------
- --------------------------------------------------------------------
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
(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
<PAGE> 2
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 20-Jan-99 PAGE 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 32,063,439.45
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 28,943,843.92
SECTION 7.08 (5) REALIZED LOSSES 0.00
SECTION 7.08 (6) 60+ DAY DELINQUENT LOANS 50,080,275.71
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
<CAPTION>
PER $1000
---------
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 25,584,929.51 76.54
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 2,283,209.87
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 1,020,358.23 1.02
PRINCIPAL PREPAYMENTS 23,699,798.75 23.70
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 0.00 0.00
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
RECOVERIES FROM PRIOR PERIODS 307.77
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 843,411,301.81
ENDING NUMBER OF LOANS OUTSTANDING 14,803
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 11.1240%
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 18.5556%
SECTION 7.09 (a)(xii) OVERCOLLATERALIZATION AMOUNT 21,500,307.77
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
<PAGE> 3
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-1
DISTRIBUTION: 20-Jan-99 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>
<TABLE>
<CAPTION>
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
-----------------------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 632 36,091,482.80 4.28%
60-89 DAYS 198 11,927,670.21 1.41%
90 + DAYS 622 36,487,545.65 4.33%
-----------------------------------------------------------------------------------------------------
*The number and aggregate principal balances of delinquent mortgage loans includes loans in
foreclosure and bankruptcy
</TABLE>
<TABLE>
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 424
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 26,763,994.94
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 125
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 7,935,241.56
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 283
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 16,059,838.38
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 4488
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 297,316,410.64
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 31
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 1,665,059.85
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 1,565,550.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00972533%
CUMULATIVE REALIZED LOSSES 97,253.32
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.01167040%
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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