March 31, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: ICIFC Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 1997-3; File No. 333-8439.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of ICIFC Secured Assets
Corp. (as Company) under the Pooling and Servicing Agreement,
dated as of September 1, 1997, among the Company, the Master
Servicer and Bankers Trust Company of California, N.A. (the
"Trustee"). The Certificates consist of eleven classes of senior
certificates designated as Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9,
Class A-10 and Class R (collectively, the "Senior Certifcates")
and six classes of subordinated certifiates designated as Class
M-1, Class M-2, and Class M-3 (collectively, the "Class M
Certificates"), Class B-1, Class B-2 and Class B-3 (collectively,
the "Class B Certificates"). Only the Senior Certificates and
the Class M Certificates (collectively, the "Offered
Certificates") are offered under the Prospectus.
The Certificates will evidence undivided interests in a trust
fund (the "Trust Fund") consisting primarily of a pool of
conventional, fixed-rate, one-to four-family first mortgage loans
(the "Mortgage Loans"). ICI Funding Corporation ("ICI Funding")
originated or acquired the Mortgage Loans through its mortgage
loan purchase program from various seller/servicers. ICI Funding
will transfer the Mortgage Loans to the Company pursuant to the
Mortgage Loan Purchase Agreement, dated September 29, 1997 (the
"Mortgage :Loan Purchase Agreement"), in exchange for immediately
available funds, the Class A-9, Class A-10 and Class B
Certificates.
The Certificates were registered under the Securities Act of 1933.
As a result, the Registrant is subject to the filing requirements
of Section 15(d) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). The Trust intends to fulfill these filing
requirements in the manner described herein:
The agent for Registrant will file, promptly after each Distribution
Date as defined in the Indenture Agreement), a Current
Report on Form 8-K in substantially the form enclosed herewith,
including as an exhibit thereto the applicable Distribution Date
Report. Each such Current Report will also disclose under Item 5
any matter occurring during the relevant reporting period which would
be reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
Within 90 days after the end of each fiscal year, the agent for the
Registrant will file an annual report of Form 10-K, which responds to
Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and
13 of Part III and Item 14 of Part IV thereof, and include as
exhibits thereto certain information from the Distribution Date
reports aggregated for such year and a copy of the independent
accountants' annual compliance statement required under the Pooling
and Servicing Agreement.
The agent for the Registrant will follow the above procedures except
for any fiscal year as to which its reporting obligations under
Section 15(d) of the Exchange Act have been suspended pursuant to
such Section. In such event, the agent for the Registrant will file
a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for ICIFC Secured Assets Corp. Mortgage
Pass-Through Certificates, Series 1997-3.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): December 26, 1997
ICIFC SECURED ASSETS CORP.
(as company under a Pooling and Servicing Agreement, dated as of
September 1, 1997, providing for inter alia, the issuance of
Mortgage Pass-Through Certificates, Series 1997-3).
ICIFC SECURED ASSETS CORP.
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-8439 33-071-5871
(Commission File Number) (I.R.S. Employer
Identification No.)
20371 IRVINE AVENUE
SANTA ANA HEIGHTS, CALIFORNIA 92707
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (714) 556-0122
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
December 26, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
January 26, 1998
Monthly Remittance Statement to the Certificateholders dated as of
February 25, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of September 1, 1997.
Date: March 31, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of December 26, 1997. 5
Monthly Remittance Statement to the Certificateholders
dated as of January 26, 1998. 10
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1998. 15
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 152,291,000.00 148,140,514.26 895,015.60 2,803,729.66
A-2 45,634,000.00 45,634,000.00 275,705.41 0.00
A-3 27,873,000.00 27,484,268.24 166,050.78 262,595.47
A-4 4,114,000.00 4,092,244.17 24,723.98 14,696.47
A-5 12,841,000.00 12,841,000.00 77,581.04 0.00
A-6 20,052,000.00 20,052,000.00 121,147.50 0.00
A-7 37,673,000.00 37,673,000.00 227,607.71 0.00
A-8 4,186,000.00 4,186,000.00 25,290.42 0.00
A-9 11,474.25 11,419.28 0.00 27.73
A-10* 324,123,628.54 319,536,147.48 391,874.93 0.00
M-1 7,292,000.00 7,282,119.10 43,996.14 4,990.46
M-2 3,241,000.00 3,236,608.33 19,554.51 2,218.06
M-3 2,431,000.00 2,427,705.92 14,667.39 1,663.72
B-1 3,241,000.00 3,236,608.33 19,554.51 2,218.06
B-2 1,620,000.00 1,617,804.85 9,774.24 1,108.69
B-3 1,623,054.29 1,620,855.00 9,792.67 1,110.78
R 100.00 0.00 0.00 0.00
Totals 324,123,628.54 319,536,147.48 2,322,336.83 3,094,359.10
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1 3,698,745.26 0.00 0.00 145,336,784.60
A-2 275,705.41 0.00 0.00 45,634,000.00
A-3 428,646.25 0.00 0.00 27,221,672.77
A-4 39,420.45 0.00 0.00 4,077,547.70
A-5 77,581.04 0.00 0.00 12,841,000.00
A-6 121,147.50 0.00 0.00 20,052,000.00
A-7 227,607.71 0.00 0.00 37,673,000.00
A-8 25,290.42 0.00 0.00 4,186,000.00
A-9 27.73 0.00 0.00 11,391.55
A-10* 391,874.93 0.00 0.00 316,441,788.38
M-1 48,986.60 0.00 0.00 7,277,128.64
M-2 21,772.57 0.00 0.00 3,234,390.27
M-3 16,331.11 0.00 0.00 2,426,042.20
B-1 21,772.57 0.00 0.00 3,234,390.27
B-2 10,882.93 0.00 0.00 1,616,696.16
B-3 10,903.45 0.00 0.00 1,619,744.22
R 0.00 0.00 0.00 0.00
Totals 5,416,695.93 0.00 0.00 316,441,788.38
*Class A-10 Represents a Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 44926MBQ2 972.746349 5.877009 18.410344 24.287353
A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667
A-3 44926MBS8 986.053465 5.957406 9.421141 15.378547
A-4 44296MBT6 994.711757 6.009718 3.572307 9.582025
A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667
A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667
A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667
A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667
A-9 44926MBY5 995.209273 0.000000 2.416716 2.416716
A-10* 44926MZ2 985.846508 1.209029 0.000000 1.209029
M-1 44926MCB4 998.644967 6.033481 0.684375 6.717855
M-2 44926MCC2 998.644965 6.033480 0.684375 6.717856
M-3 44926MCD0 998.644969 6.033480 0.684377 6.717857
B-1 44926MCE8 998.644965 6.033480 0.684375 6.717856
B-2 44926MCF5 998.644969 6.033481 0.684377 6.717858
B-3 44926MCG3 998.644968 6.033483 0.684376 6.717859
R 44926MCA6 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1 954.336005 7.250000% 7.250000%
A-2 1,000.000000 7.250000% 7.250000%
A-3 976.632324 7.250000% 7.250000%
A-4 991.139451 7.250000% 7.250000%
A-5 1,000.000000 7.250000% 7.250000%
A-6 1,000.000000 7.250000% 7.250000%
A-7 1,000.000000 7.250000% 7.250000%
A-8 1,000.000000 7.250000% 7.250000%
A-9 992.792557 0.000000% 0.000000%
A-10* 976.299660 1.471664% 1.471516%
M-1 997.960592 7.250000% 7.250000%
M-2 997.960589 7.250000% 7.250000%
M-3 997.960592 7.250000% 7.250000%
B-1 997.960589 7.250000% 7.250000%
B-2 997.960593 7.250000% 7.250000%
B-3 997.960592 7.250000% 7.250000%
R 0.000000 7.250000% 7.250000%
Seller: ICIFC Secured Assets Corp. Administrator: Joseph Murphy
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Lehman Brothers 3 Park Plaza
Record Date: November 28, 1997 Irvine, CA 92614
Distribution Date: December 26, 1997 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTION DATE: DECEMBER 26, 1997
CLASS INTEREST ACCRUED NET INTEREST SHORTFALL
A-1 895,015.60 0.00
A-2 275,705.41 0.00
A-3 166,050.78 0.00
A-4 24,723.98 0.00
A-5 77,581.04 0.00
A-6 121,147.50 0.00
A-7 227,607.71 0.00
A-8 25,290.42 0.00
A-10 391,874.93 0.00
M-1 43,996.14 0.00
M-2 19,554.51 0.00
M-3 14,667.39 0.00
B-1 19,554.51 0.00
B-2 9,774.24 0.00
B-3 9,792.67 0.00
R 0.00 0.00
Monthly Interest Advanced 496,792.93
Monthly Principal Advanced 42,598.16
Compensating Interest Payments made by Master Servicer 13,387.14
Number of Mortgage Loans remaining as of the end of the
current distribution date 2137
Stated Principal Balance as of the end of the current
distribution date: 316,441,788.38
Current Senior Percentage 93.92%
Current Class M-1 Percentage 2.28%
Current Class M-2 Percentage 1.01%
Current Class M-3 Percentage 0.76%
Current Class B-1 Percentage 1.01%
Current Class B-2 Percentage 0.51%
Current Class B-3 Percentage 0.51%
Next Periods Senior Percentage: 93.87%
Next Periods Class M-1 Percentage 2.30%
Next Periods Class M-2 Percentage 1.02%
Next Periods Class M-3 Percentage 0.77%
Next Periods Class B-1 Percentage 1.02%
Next Periods Class B-2 Percentage 0.51%
Next Periods Class B-3 Percentage 0.51%
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: December 26, 1997
DELINQUENT
LOAN 30-60 61-90 91+
INFORMATION: DAYS DAYS DAYS
PRINCIPAL BALANCE-LOAN GROUPI 4,996,248.46 289,295.02 72,223.79
NUMBER OF LOANS-LOAN GROUPI 32 3 1
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00 1,067,305.54 0.00
NUMBER OF LOANS-LOAN GROUPI 0 7 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00 103,154.40 0.00
NUMBER OF LOANS-LOAN GROUPI 0 1 0
REO LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00 0.00 0.00
NUMBER OF LOANS-LOAN GROUPI 0 0 0
DELINQUENT
LOAN
INFORMATION: TOTAL
PRINCIPAL BALANCE-LOAN GROUPI 5,357,767.27
NUMBER OF LOANS-LOAN GROUPI 36
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 1,067,305.54
NUMBER OF LOANS-LOAN GROUPI 7
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 819,931.00
NUMBER OF LOANS-LOAN GROUPI 6
REO LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00
NUMBER OF LOANS-LOAN GROUPI 0
Book Value of all REO Property 0.00
Class M-1 Subordinate Principal Distribution Amount: 4,990.46
Class M-2 Subordinate Principal Distribution Amount: 2,218.06
Class M-3 Subordinate Principal Distribution Amount: 1,663.72
Class B-1 Subordinate Principal Distribution Amount: 2,218.06
Class B-2 Subordinate Principal Distribution Amount: 1,108.69
Class B-3 Subordinate Principal Distribution Amount: 1,110.78
Class M-1 Prepayment Distribution Percentage: 37.49%
Class M-2 Prepayment Distribution Percentage: 16.66%
Class M-3 Prepayment Distribution Percentage: 12.50%
Class B-1 Prepayment Distribution Percentage: 16.66%
Class B-2 Prepayment Distribution Percentage: 8.33%
Class B-3 Prepayment Distribution Percentage: 8.35%
Has a Credit Support Depletion Date Occurred? No
Senior Accelerated Distribution Percentage: 100.00%
Scheduled Payment Lockout Distribution Percentage: 0.00%
Unscheduled Payment Lockout Distribution Percentage: 0.00%
Current Periods Realized Losses 0.00
Aggregate Realized Losses Since Inception 0.00
Weighted Average Term to Maturity: 345
Weighted Average Mortgage Rate(after giving effect to current periods
distribution) 8.99%
Bankruptcy Amount: 148,332.00
Fraud Loss Amount: 6,482,472.56
Special Hazard Amount: 2,314,000.00
0.00
0.00
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 152,291,000.00 145,336,784.60 878,076.41 3,332,721.81
A-2 45,634,000.00 45,634,000.00 275,705.42 0.00
A-3 27,873,000.00 27,221,672.77 164,464.27 312,140.53
A-4 4,114,000.00 4,077,547.70 24,635.18 17,469.31
A-5 12,841,000.00 12,841,000.00 77,581.04 0.00
A-6 20,052,000.00 20,052,000.00 121,147.50 0.00
A-7 37,673,000.00 37,673,000.00 227,607.71 0.00
A-8 4,186,000.00 4,186,000.00 25,290.42 0.00
A-9 11,474.25 11,391.55 0.00 29.59
A-10* 324,123,628.54 316,441,788.38 388,040.99 0.00
M-1 7,292,000.00 7,277,128.64 43,965.99 5,039.00
M-2 3,241,000.00 3,234,390.27 19,541.11 2,239.63
M-3 2,431,000.00 2,426,042.20 14,657.34 1,679.90
B-1 3,241,000.00 3,234,390.27 19,541.11 2,239.63
B-2 1,620,000.00 1,616,696.16 9,767.54 1,119.47
B-3 1,623,054.29 1,619,744.22 9,785.95 1,121.58
R 100.00 0.00 0.00 0.00
Totals 324,123,628.54 316,441,788.38 2,299,807.98 3,675,800.45
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1 4,210,798.22 0.00 0.00 142,004,062.79
A-2 275,705.42 0.00 0.00 45,634,000.00
A-3 476,604.80 0.00 0.00 26,909,532.24
A-4 42,104.49 0.00 0.00 4,060,078.39
A-5 77,581.04 0.00 0.00 12,841,000.00
A-6 121,147.50 0.00 0.00 20,052,000.00
A-7 227,607.71 0.00 0.00 37,673,000.00
A-8 25,290.42 0.00 0.00 4,186,000.00
A-9 29.59 0.00 0.00 11,361.96
A-10* 388,040.99 0.00 0.00 312,765,987.93
M-1 49,004.99 0.00 0.00 7,272,089.64
M-2 21,780.74 0.00 0.00 3,232,150.64
M-3 16,337.24 0.00 0.00 2,424,362.30
B-1 21,780.74 0.00 0.00 3,232,150.64
B-2 10,887.01 0.00 0.00 1,615,576.69
B-3 10,907.53 0.00 0.00 1,618,622.64
R 0.00 0.00 0.00 0.00
Totals 5,975,608.43 0.00 0.00 312,765,987.93
*Class A-10 Represents a Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 44926MBQ2 954.336005 5.765780 21.883905 27.649685
A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667
A-3 44926MBS8 976.632324 5.900487 11.198670 17.099157
A-4 44296MBT6 991.139451 5.988133 4.246308 10.234441
A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667
A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667
A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667
A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667
A-9 44926MBY5 992.792557 0.000000 2.578818 2.578818
A-10* 44926MZ2 976.299660 1.197201 0.000000 1.197201
M-1 44926MCB4 997.960592 6.029346 0.691031 6.720377
M-2 44926MCC2 997.960589 6.029346 0.691031 6.720376
M-3 44926MCD0 997.960592 6.029346 0.691032 6.720378
B-1 44926MCE8 997.960589 6.029346 0.691031 6.720376
B-2 44926MCF5 997.960593 6.029346 0.691031 6.720377
B-3 44926MCG3 997.960592 6.029342 0.691030 6.720373
R 44926MCA6 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1 932.452100 7.250000% 7.250000%
A-2 1,000.000000 7.250000% 7.250000%
A-3 965.433654 7.250000% 7.250000%
A-4 986.893143 7.250000% 7.250000%
A-5 1,000.000000 7.250000% 7.250000%
A-6 1,000.000000 7.250000% 7.250000%
A-7 1,000.000000 7.250000% 7.250000%
A-8 1,000.000000 7.250000% 7.250000%
A-9 990.213739 0.000000% 0.000000%
A-10* 964.958924 1.471516% 1.469237%
M-1 997.269561 7.250000% 7.250000%
M-2 997.269559 7.250000% 7.250000%
M-3 997.269560 7.250000% 7.250000%
B-1 997.269559 7.250000% 7.250000%
B-2 997.269562 7.250000% 7.250000%
B-3 997.269561 7.250000% 7.250000%
R 0.000000 7.250000% 7.250000%
Seller: ICIFC Secured Assets Corp. Administrator: Cindy Tsang
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Lehman Brothers 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92614
Distribution Date: January 26, 1998 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTION DATE: JANUARY 26, 1998
CLASS INTEREST ACCRUED NET INTEREST SHORTFALL
A-1 878,076.41 0.00
A-2 275,705.42 0.00
A-3 164,464.27 0.00
A-4 24,635.18 0.00
A-5 77,581.04 0.00
A-6 121,147.50 0.00
A-7 227,607.71 0.00
A-8 25,290.42 0.00
A-10 388,040.99 0.00
M-1 43,965.99 0.00
M-2 19,541.11 0.00
M-3 14,657.34 0.00
B-1 19,541.11 0.00
B-2 9,767.54 0.00
B-3 9,785.95 0.00
R 0.00 0.00
Monthly Interest Advanced 492,824.98
Monthly Principal Advanced 42,571.52
Compensating Interest Payments made by Master Servicer 8,531.86
Number of Mortgage Loans remaining as of the end of the
current distribution date 2123
Stated Principal Balance as of the end of the current
distribution date: 312,765,987.93
Current Senior Percentage 93.87%
Current Class M-1 Percentage 2.30%
Current Class M-2 Percentage 1.02%
Current Class M-3 Percentage 0.77%
Current Class B-1 Percentage 1.02%
Current Class B-2 Percentage 0.51%
Current Class B-3 Percentage 0.51%
Next Periods Senior Percentage: 93.80%
Next Periods Class M-1 Percentage 2.33%
Next Periods Class M-2 Percentage 1.03%
Next Periods Class M-3 Percentage 0.78%
Next Periods Class B-1 Percentage 1.03%
Next Periods Class B-2 Percentage 0.52%
Next Periods Class B-3 Percentage 0.52%
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: January 26, 1998
DELINQUENT
LOAN 30-60 61-90 91+
INFORMATION: DAYS DAYS DAYS
PRINCIPAL BALANCE-LOAN GROUPI 3,952,289.00 840,768.71 244,822.01
NUMBER OF LOANS-LOAN GROUPI 25 7 2
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 44,871.99 874,176.86 986,423.90
NUMBER OF LOANS-LOAN GROUPI 1 5 6
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 251,507.93 0.00 0.00
NUMBER OF LOANS-LOAN GROUPI 2 0 0
REO LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00 0.00 0.00
NUMBER OF LOANS-LOAN GROUPI 0 0 0
DELINQUENT
LOAN
INFORMATION: TOTAL
PRINCIPAL BALANCE-LOAN GROUPI 5,037,879.72
NUMBER OF LOANS-LOAN GROUPI 34
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 1,905,472.75
NUMBER OF LOANS-LOAN GROUPI 12
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 819,461.16
NUMBER OF LOANS-LOAN GROUPI 6
REO LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00
NUMBER OF LOANS-LOAN GROUPI 0
Book Value of all REO Property 0.00
Class M-1 Subordinate Principal Distribution Amount: 5,039.00
Class M-2 Subordinate Principal Distribution Amount: 2,239.63
Class M-3 Subordinate Principal Distribution Amount: 1,679.90
Class B-1 Subordinate Principal Distribution Amount: 2,239.63
Class B-2 Subordinate Principal Distribution Amount: 1,119.47
Class B-3 Subordinate Principal Distribution Amount: 1,121.58
Class M-1 Prepayment Distribution Percentage: 37.49%
Class M-2 Prepayment Distribution Percentage: 16.66%
Class M-3 Prepayment Distribution Percentage: 12.50%
Class B-1 Prepayment Distribution Percentage: 16.66%
Class B-2 Prepayment Distribution Percentage: 8.33%
Class B-3 Prepayment Distribution Percentage: 8.35%
Has a Credit Support Depletion Date Occurred? No
Senior Accelerated Distribution Percentage: 100.00%
Scheduled Payment Lockout Distribution Percentage: 0.00%
Unscheduled Payment Lockout Distribution Percentage: 0.00%
Current Periods Realized Losses 0.00
Aggregate Realized Losses Since Inception 0.00
Weighted Average Term to Maturity: 343
Weighted Average Mortgage Rate(after giving effect to current periods
distribution) 8.98%
Bankruptcy Amount: 148,332.00
Fraud Loss Amount: 6,482,472.56
Special Hazard Amount: 2,314,000.00
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 152,291,000.00 142,004,062.79 857,941.21 3,028,286.39
A-2 45,634,000.00 45,634,000.00 275,705.41 0.00
A-3 27,873,000.00 26,909,532.24 162,578.42 283,627.31
A-4 4,114,000.00 4,060,078.39 24,529.64 15,873.53
A-5 12,841,000.00 12,841,000.00 77,581.04 0.00
A-6 20,052,000.00 20,052,000.00 121,147.50 0.00
A-7 37,673,000.00 37,673,000.00 227,607.71 0.00
A-8 4,186,000.00 4,186,000.00 25,290.42 0.00
A-9 11,474.25 11,361.96 0.00 29.77
A-10* 324,123,628.54 312,765,987.93 382,939.38 0.00
M-1 7,292,000.00 7,272,089.64 43,935.54 5,096.96
M-2 3,241,000.00 3,232,150.64 19,527.58 2,265.39
M-3 2,431,000.00 2,424,362.30 14,647.19 1,699.22
B-1 3,241,000.00 3,232,150.64 19,527.58 2,265.39
B-2 1,620,000.00 1,615,576.69 9,760.78 1,132.35
B-3 1,623,054.29 1,618,622.64 9,779.18 1,134.48
R 100.00 0.00 0.00 0.00
Totals 324,123,628.54 312,765,987.93 2,272,498.58 3,341,410.79
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1 3,886,227.60 0.00 0.00 138,975,776.40
A-2 275,705.41 0.00 0.00 45,634,000.00
A-3 446,205.73 0.00 0.00 26,625,904.93
A-4 40,403.17 0.00 0.00 4,044,204.86
A-5 77,581.04 0.00 0.00 12,841,000.00
A-6 121,147.50 0.00 0.00 20,052,000.00
A-7 227,607.71 0.00 0.00 37,673,000.00
A-8 25,290.42 0.00 0.00 4,186,000.00
A-9 29.77 0.00 0.00 11,332.19
A-10* 382,939.38 0.00 0.00 309,424,577.14
M-1 49,032.50 0.00 0.00 7,266,992.68
M-2 21,792.97 0.00 0.00 3,229,885.25
M-3 16,346.41 0.00 0.00 2,422,663.08
B-1 21,792.97 0.00 0.00 3,229,885.25
B-2 10,893.13 0.00 0.00 1,614,444.34
B-3 10,913.66 0.00 0.00 1,617,488.16
R 0.00 0.00 0.00 0.00
Totals 5,613,909.37 0.00 0.00 309,424,577.14
*Class A-10 Represents a Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 44926MBQ2 932.452100 5.633565 19.884868 25.518432
A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667
A-3 44926MBS8 965.433654 5.832828 10.175701 16.008529
A-4 44296MBT6 986.893143 5.962479 3.858418 9.820897
A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667
A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667
A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667
A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667
A-9 44926MBY5 990.213739 0.000000 2.594505 2.594505
A-10* 44926MZ2 964.958924 1.181461 0.000000 1.181461
M-1 44926MCB4 997.269561 6.025170 0.698980 6.724150
M-2 44926MCC2 997.269559 6.025171 0.698979 6.724150
M-3 44926MCD0 997.269560 6.025171 0.698980 6.724151
B-1 44926MCE8 997.269559 6.025171 0.698979 6.724150
B-2 44926MCF5 997.269562 6.025173 0.698981 6.724154
B-3 44926MCG3 997.269561 6.025171 0.698978 6.724150
R 44926MCA6 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1 912.567232 7.250000% 7.250000%
A-2 1,000.000000 7.250000% 7.250000%
A-3 955.257953 7.250000% 7.250000%
A-4 983.034725 7.250000% 7.250000%
A-5 1,000.000000 7.250000% 7.250000%
A-6 1,000.000000 7.250000% 7.250000%
A-7 1,000.000000 7.250000% 7.250000%
A-8 1,000.000000 7.250000% 7.250000%
A-9 987.619234 0.000000% 0.000000%
A-10* 954.649862 1.469237% 1.469664%
M-1 996.570581 7.250000% 7.250000%
M-2 996.570580 7.250000% 7.250000%
M-3 996.570580 7.250000% 7.250000%
B-1 996.570580 7.250000% 7.250000%
B-2 996.570580 7.250000% 7.250000%
B-3 996.570583 7.250000% 7.250000%
R 0.000000 7.250000% 7.250000%
Seller: ICIFC Secured Assets Corp. Administrator: Cindy Tsang
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Lehman Brothers 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92614
Distribution Date: February 25, 1998 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
CLASS INTEREST ACCRUED NET INTEREST SHORTFALL
A-1 857,941.21 0.00
A-2 275,705.41 0.00
A-3 162,578.42 0.00
A-4 24,529.64 0.00
A-5 77,581.04 0.00
A-6 121,147.50 0.00
A-7 227,607.71 0.00
A-8 25,290.42 0.00
A-10 382,939.38 0.00
M-1 43,935.54 0.00
M-2 19,527.58 0.00
M-3 14,647.19 0.00
B-1 19,527.58 0.00
B-2 9,760.78 0.00
B-3 9,779.18 0.00
R 0.00 0.00
Monthly Interest Advanced 509,702.58
Monthly Principal Advanced 44,116.97
Compensating Interest Payments made by Master Servicer 11,107.71
Number of Mortgage Loans remaining as of the end of the
current distribution date 2107
Stated Principal Balance as of the end of the current
distribution date: 309,424,577.14
Current Senior Percentage 93.80%
Current Class M-1 Percentage 2.33%
Current Class M-2 Percentage 1.03%
Current Class M-3 Percentage 0.78%
Current Class B-1 Percentage 1.03%
Current Class B-2 Percentage 0.52%
Current Class B-3 Percentage 0.52%
Next Periods Senior Percentage: 93.74%
Next Periods Class M-1 Percentage 2.35%
Next Periods Class M-2 Percentage 1.04%
Next Periods Class M-3 Percentage 0.78%
Next Periods Class B-1 Percentage 1.04%
Next Periods Class B-2 Percentage 0.52%
Next Periods Class B-3 Percentage 0.52%
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: January 26, 1998
DELINQUENT
LOAN 30-60 61-90 91+
INFORMATION: DAYS DAYS DAYS
PRINCIPAL BALANCE-LOAN GROUPI 4,511,409.86 1,145,341.36 118,014.05
NUMBER OF LOANS-LOAN GROUPI 32 7 1
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00 0.00 1,225,468.54
NUMBER OF LOANS-LOAN GROUPI 0 0 9
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 148,336.55 103,035.71 294,510.61
NUMBER OF LOANS-LOAN GROUPI 1 1 1
REO LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00 0.00 0.00
NUMBER OF LOANS-LOAN GROUPI 0 0 0
DELINQUENT
LOAN
INFORMATION: TOTAL
PRINCIPAL BALANCE-LOAN GROUPI 5,774,765.27
NUMBER OF LOANS-LOAN GROUPI 40
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 1,747,900.97
NUMBER OF LOANS-LOAN GROUPI 12
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 1,498,500.95
NUMBER OF LOANS-LOAN GROUPI 9
REO LOAN INFORMATION:
PRINCIPAL BALANCE-LOAN GROUPI 0.00
NUMBER OF LOANS-LOAN GROUPI 0
Book Value of all REO Property 0.00
Class M-1 Subordinate Principal Distribution Amount: 5,096.96
Class M-2 Subordinate Principal Distribution Amount: 2,265.39
Class M-3 Subordinate Principal Distribution Amount: 1,699.22
Class B-1 Subordinate Principal Distribution Amount: 2,265.39
Class B-2 Subordinate Principal Distribution Amount: 1,132.35
Class B-3 Subordinate Principal Distribution Amount: 1,134.48
Class M-1 Prepayment Distribution Percentage: 37.49%
Class M-2 Prepayment Distribution Percentage: 16.66%
Class M-3 Prepayment Distribution Percentage: 12.50%
Class B-1 Prepayment Distribution Percentage: 16.66%
Class B-2 Prepayment Distribution Percentage: 8.33%
Class B-3 Prepayment Distribution Percentage: 8.35%
Has a Credit Support Depletion Date Occurred? No
Senior Accelerated Distribution Percentage: 100.00%
Scheduled Payment Lockout Distribution Percentage: 0.00%
Unscheduled Payment Lockout Distribution Percentage: 0.00%
Current Periods Realized Losses 0.00
Aggregate Realized Losses Since Inception 0.00
Weighted Average Term to Maturity: 342
Weighted Average Mortgage Rate(after giving effect to current periods
distribution) 8.98%
Bankruptcy Amount: 148,332.00
Fraud Loss Amount: 6,482,472.56
Special Hazard Amount: 2,314,000.00
