March 24, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Imperial CMB Trust Series 1997-2 Collateralized Asset-Backed
Notes; File No. 333-38879.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of IMH Assets Corp. (as
issuer under a series 1997-2 Indenture dated as of November 1, 1997,
providing for, among other things, the issuance of Collateralized
Asset-Backed Notes Series 1997-2 is a Current Report on Form 8-K.
The Imperial CMB Trust Series 1997-2 (the "Issuer") will include
the following four classes (the "Notes")(i) Class A Notes (the
"Senior Notes"), (ii) Class M-1 Notes and Class M-2 Notes (together,
the "Class M Notes"); and (iii) Class B Notes (the "Class B Notes";
and together with the Class M Notes, the "Subordinate Notes").
The Notes will represent obligations of the Imperial CMB Trust
Series 1997-2 (the "Issuer"), which will be formed pursuant to a
Trust Agreement to be dated as of November 1, 1997, between IMH
Assets Corp. (the "Company") and Wilmington Trust Company, the
Owner Trustee(the "Trust Agreement"). The Notes will be issued
pursuant to an Indenture to be dated as of November 1, 1997, between
the Issuer and Bankers Trust Company of California, N.A., the
Indenture Trustee (the "Indenture").
The Notes will be secured by the pledge by the Issuer of its assets
to the Indenture Trustee pusuant to the Indenture which will consst
of the following (such assets, collectively, the "Trust Fund"); (i)
the Mortgage Loans; (ii) collections in respect of principal and
interest of the Mortgage Loans received after the cut-Off Date
(other than payments due on or before the Cut-Off Date); (iii) the
amounts on deposit in any Collection Account (as defined in the
Prospectus), including net earnings thereon; (iv) certain insurance
policies maintained by the related Mortgagors or by or on behalf of
the Master Servicer or related subservicer in respect of the
Mortgage Loans; (v) an assignment of the Company's rights under the
Mortgage Loan Sale and Contribution Agreement (as defined in the
Prospectus Supplement) and the Servicing Agreement; and (vi)
proceeds of the foregoing.
The Notes 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), 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 Imperial CMB Trust Series 1997-2
Collateralized Asset-Backed Notes Series, 1997-2.
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
IMPERIAL CMB TRUST SERIES 1997-2
(as issuer under the Indenture, dated as of November 1, 1997,
providing for the issuance of Collaterialized Asset-Backed Notes
Series, 1997-2).
IMPERIAL CMB TRUST SERIES 1997-2
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-38879 33-0705301
(Commission File Number) (I.R.S. Employer
Identification No.)
c/o WILMINGTON TRUST COMPANY
RODNEY SQUARE NORTH
1100 NORTH MARKET STREET
WILMINGTON, DELAWARE 19890
(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 27, 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 Indenture, dated as of
November 1, 1997.
Date: March 24, 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. 4
Monthly Remittance Statement to the Certificateholders
dated as of January 27, 1998. 6
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1998. 11
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
COLLATERALIZED MORTGAGE NOTES
SERIES 1997-2
STATEMENT TO NOTEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 123,395,358.00 123,395,358.00 298,899.55 480,311.65
M-1 25,404,926.00 25,404,926.00 63,909.27 98,887.69
M-2 21,775,651.00 21,775,651.00 56,473.03 84,760.88
B 7,258,550.00 7,258,550.00 20,518.01 28,253.62
Totals 177,834,485.00 177,834,485.00 439,799.86 692,213.84
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A 779,211.00 0.00 0.00 122,915,046.35
M-1 162,796.96 0.00 0.00 25,306,038.31
M-2 141,233.91 0.00 0.00 21,690,890.12
B 48,771.63 0.00 0.00 7,230,296.38
Totals 1,132,013.70 0.00 0.00 177,142,271.16
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A 452628AP5 1,000.000000 2.422292 3.892461 6.314753
M-1 452628AQ3 1,000.000000 2.515625 3.892461 6.408086
M-2 452628AR1 1,000.000000 2.593403 3.892461 6.485864
B 452628AS9 1,000.000000 2.826737 3.892461 6.719198
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A 996.107539 6.228750% 6.385000%
M-1 996.107539 6.468750% 6.625000%
M-2 996.107539 6.668750% 6.825000%
B 996.107539 7.268750% 7.425000%
Seller: ICI Funding Corporation Administrator: Joseph Murphy
Master Servicer: ICI Funding Corporation Bankers Trust Company
Co-Lead Underwriter: Bear, Sterns & Co. Inc. 3 Park Plaza
Record Date: November 28, 1997 Irvine, CA 92614
Distribution Date: December 26, 1997 Factor Information (800)735-7777
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
COLLATERALIZED MORTGAGE NOTES
SERIES 1997-2
STATEMENT TO NOTEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
CERTIFICATES 0.00 0.00 764,957.08 0.00
Totals 0.00 0.00 764,957.08 0.00
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
CERTIFICATES 764,957.08 0.00 0.00 0.00
Totals 764,957.08 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
CERTIFICATE 0.000000 4.301511 0.000000 4.301511
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
CERTIFICATE 0.000000 0.000000% 0.000000%
Seller: ICI Funding Corporation Administrator: Joseph Murphy
Master Servicer: ICI Funding Corporation Bankers Trust Company
Co-Lead Underwriter: Bear, Sterns & Co. Inc. 3 Park Plaza
Record Date: November 28, 1997 Irvine, CA 92614
Distribution Date: December 26, 1997 Factor Information (800)735-7777
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
PAYMENT DATE STATEMENT
DISTRIBUTION DATE: DECEMBER 26, 1997
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 345,950.10
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.1914%
NUMBER OF LOANS 0 0 0 2
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.1953%
REO LOAN INFORMAION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
ADDITIONAL INFORMATION RELATING TO ANY REO PROPERTY (SEE ATTACHED,IF ANY)
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT
TO THE MORTGAGE LOANS: 1,023,057.81
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT
TO THE MORTGAGE LOANS: 677,076.64
AGGREGATE COLLECTIONS WITH RESPECT TO THE
MORTGAGE LOANS: 1,700,134.45
CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE
TO THE NOTEHOLDERS: 1,204,756.94
CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE
TO THE NOTEHOLDERS: 692,213.84
CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE
TO THE NOTEHOLDERS: 0.00
CURRENT PERIOD CARRY FORWARD AMOUNT: 0.00
AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: 0.00
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: 180,771,549.11
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 1,024
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 7.9669%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 356
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
PAYMENT DATE STATEMENT
DISTRIBUTION DATE: DECEMBER 26, 1997
CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: 3,629,275.26
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: 3,629,277.95
CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: 764,957.08
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT
TO THE RELATED PAYMENT DATE: 15,137.20
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO
THE RELATED PAYMENT DATE: 183,846.45
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED
PAYMENT DATE: 198,983.65
AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT
TO THE RELATED PAYMENT DATE: 0.00
AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO
THE RELATED PAYMENT DATE: 0.00
IS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO
MAXIMUM BOND INTEREST RATE FOR THE RELATED PAYMENT DATE: 14.0000%
AVAILABLE FUNDS INTEREST AMOUNT: 1,204,756.95
AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED
PAYMENT DATE: 0.00
CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: 0.00
CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0000%
DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0000%
ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0000%
NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE
LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED
PAYMENT DATE: 0
AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO MORTGAGE
LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 0
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE
RELATED PAYMENT DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE
CLOSING DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO SECTION 3.18 OF THE SERVICING AGREEMENT FOR THE RELATED PAYMENT
DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO SECTION 3.18 OF THE SERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
COLLATERALIZED MORTGAGE NOTES
SERIES 1997-2
STATEMENT TO NOTEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 123,395,358.00 122,915,046.35 675,810.82 1,690,167.06
M-1 25,404,926.00 25,306,038.31 144,367.43 347,975.56
M-2 21,775,651.00 21,690,890.12 127,479.17 298,264.77
B 7,258,550.00 7,230,296.38 46,228.71 99,421.59
Totals 177,834,485.00 177,142,271.16 993,886.13 2,435,828.98
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A 2,365,977.88 0.00 0.00 121,224,879.29
M-1 492,342.56 0.00 0.00 24,958,062.75
M-2 425,743.94 0.00 0.00 21,392,625.35
B 145,650.30 0.00 0.00 7,130,874.79
Totals 3,429,715.11 0.00 0.00 174,706,442.18
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A 452628AP5 996.107539 5.476793 13.697169 19.173962
M-1 452628AQ3 996.107539 5.682655 13.697169 19.379824
M-2 452628AR1 996.107539 5.854207 13.697169 19.551376
B 452628AS9 996.107539 6.368863 13.697169 20.066032
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A 982.410370 6.385000% 5.947500%
M-1 982.410370 6.625000% 6.187500%
M-2 982.410370 6.825000% 6.387500%
B 982.410370 7.425000% 6.987500%
Seller: ICI Funding Corporation Administrator: Joseph Murphy
Master Servicer: ICI Funding Corporation Bankers Trust Company
Co-Lead Underwriter: Bear, Sterns & Co. Inc. 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92614
Distribution Date: January 26, 1998 Factor Information (800)735-7777
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
COLLATERALIZED MORTGAGE NOTES
SERIES 1997-2
STATEMENT TO NOTEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
CERTIFICATES 0.00 0.00 213,960.71 0.00
Totals 0.00 0.00 213,960.71 0.00
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
CERTIFICATES 213,960.71 0.00 0.00 0.00
Totals 213,960.71 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
CERTIFICATE 0.000000 1.203145 0.000000 1.203145
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
CERTIFICATE 0.000000 0.000000% 0.000000%
Seller: ICI Funding Corporation Administrator: Joseph Murphy
Master Servicer: ICI Funding Corporation Bankers Trust Company
Co-Lead Underwriter: Bear, Sterns & Co. Inc. 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92614
Distribution Date: January 26, 1998 Factor Information (800)735-7777
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
PAYMENT DATE STATEMENT
DISTRIBUTION DATE: JANUARY 26, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 6,746,989.61 154,900.99 0.00 6,901,890.80
PERCENTAGE OF POOL BALANCE 3.7833% 0.0869% 0.0000% 3.8702%
NUMBER OF LOANS 55 1 0 0
PERCENTAGE OF LOANS 5.4455% 0.0990% 0.0000% 5.5446%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 82,339.48 0.00 0.00 82,339.48
PERCENTAGE OF POOL BALANCE 0.0462% 0.0000% 0.0000% 0.0462%
NUMBER OF LOANS 2 0 0 2
PERCENTAGE OF LOANS 0.1980% 0.0000% 0.0000% 0.1980%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 345,727.25
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.1939%
NUMBER OF LOANS 0 0 0 2
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.1980%
REO LOAN INFORMAION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
ADDITIONAL INFORMATION RELATING TO ANY REO PROPERTY (SEE ATTACHED,IF ANY)
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT
TO THE MORTGAGE LOANS: 862,337.66
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT
TO THE MORTGAGE LOANS: 2,405,826.82
AGGREGATE COLLECTIONS WITH RESPECT TO THE
MORTGAGE LOANS: 3,268,164.48
CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE
TO THE NOTEHOLDERS: 1,207,846.84
CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE
TO THE NOTEHOLDERS: 2,435,828.98
CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE
TO THE NOTEHOLDERS: 0.00
CURRENT PERIOD CARRY FORWARD AMOUNT: 0.00
AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: 0.00
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: 178,335,720.13
CURRENT AGGREGATE PRINCIPAL BALANCE OF "CONDO SELECT LOANS: 4,179,653.64
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 1,010
AGGREGATE NUMBER OF CONDO SELECT LOANS IN POOL: 41.00
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 8.0179%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 355
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
PAYMENT DATE STATEMENT
DISTRIBUTION DATE: JANUARY 26, 1998
CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: 3,629,275.26
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: 3,629,277.95
CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: 213,960.71
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT
TO THE RELATED PAYMENT DATE: 30,002.16
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO
THE RELATED PAYMENT DATE: 347,648.31
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED
PAYMENT DATE: 377,650.47
AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT
TO THE RELATED PAYMENT DATE: 1,239.52
AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO
THE RELATED PAYMENT DATE: 1,239.52
IS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO
MAXIMUM BOND INTEREST RATE FOR THE RELATED PAYMENT DATE: 14.0000%
AVAILABLE FUNDS INTEREST AMOUNT: 1,207,846.83
AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED
PAYMENT DATE: 0.00
CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: 0.00
CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0000%
DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0869%
ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0434%
NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE
LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED
PAYMENT DATE: 0
AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO MORTGAGE
LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 0
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE
RELATED PAYMENT DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE
CLOSING DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO SECTION 3.18 OF THE SERVICING AGREEMENT FOR THE RELATED PAYMENT
DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO SECTION 3.18 OF THE SERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
COLLATERALIZED MORTGAGE NOTES
SERIES 1997-2
STATEMENT TO NOTEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 123,395,358.00 121,224,879.29 600,820.81 1,066,470.54
M-1 25,404,926.00 24,958,062.75 128,690.01 219,567.46
M-2 21,775,651.00 21,392,625.35 113,871.16 188,200.68
B 7,258,550.00 7,130,874.79 41,522.49 62,733.56
Totals 177,834,485.00 174,706,442.18 884,904.47 1,536,972.23
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A 1,667,291.35 0.00 0.00 120,158,408.75
M-1 348,257.47 0.00 0.00 24,738,495.29
M-2 302,071.84 0.00 0.00 21,204,424.67
B 104,256.05 0.00 0.00 7,068,141.23
Totals 2,421,876.70 0.00 0.00 173,169,469.94
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A 452628AP5 982.410370 4.869071 8.642712 13.511783
M-1 452628AQ3 982.410370 5.065553 8.642712 13.708265
M-2 452628AR1 982.410370 5.229288 8.642712 13.872000
B 452628AS9 982.410370 5.720494 8.642712 14.363206
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A 973.767658 5.947500% 5.947500%
M-1 973.767658 6.187500% 6.187500%
M-2 973.767658 6.387500% 6.387500%
B 973.767657 6.987500% 6.987500%
Seller: ICI Funding Corporation Administrator: Cindy Tsang
Master Servicer: ICI Funding Corporation Bankers Trust Company
Co-Lead Underwriter: Bear, Sterns & Co. Inc. 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92614
Distribution Date: February 25, 1998 Factor Information (800)735-7777
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
COLLATERALIZED MORTGAGE NOTES
SERIES 1997-2
STATEMENT TO NOTEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
CERTIFICATES 0.00 0.00 319,282.06 0.00
Totals 0.00 0.00 319,282.06 0.00
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
CERTIFICATES 319,282.06 0.00 0.00 0.00
Totals 319,282.06 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
CERTIFICATE 0.000000 1.795389 0.000000 1.795389
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
CERTIFICATE 0.000000 0.000000% 0.000000%
Seller: ICI Funding Corporation Administrator: Cindy Tsang
Master Servicer: ICI Funding Corporation Bankers Trust Company
Co-Lead Underwriter: Bear, Sterns & Co. Inc. 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92614
Distribution Date: February 25, 1998 Factor Information (800)735-7777
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
PAYMENT DATE STATEMENT
DISTRIBUTION DATE: FEBRUARY 25, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 4,369,625.17 2,015,799.52 740,645.03 7,126,069.72
PERCENTAGE OF POOL BALANCE 2.4715% 1.1402% 0.4189% 4.0306%
NUMBER OF LOANS 34 19 3 56
PERCENTAGE OF LOANS 3.3898% 1.8943% 0.2991% 5.5833%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 336,959.92 0.00 415,174.02
PERCENTAGE OF POOL BALANCE 0.0000% 0.1906% 0.0000% 0.2348%
NUMBER OF LOANS 0 4 0 5
PERCENTAGE OF LOANS 0.0000% 0.3988% 0.0000% 0.4985%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 221,511.55 0.00 567,014.40
PERCENTAGE OF POOL BALANCE 0.0000% 0.1253% 0.0000% 0.3207%
NUMBER OF LOANS 0 1 0 3
PERCENTAGE OF LOANS 0.0000% 0.0997% 0.0000% 0.2991%
REO LOAN INFORMAION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
ADDITIONAL INFORMATION RELATING TO ANY REO PROPERTY (SEE ATTACHED,IF ANY)
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT
TO THE MORTGAGE LOANS: 853,617.28
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT
TO THE MORTGAGE LOANS: 1,507,822.60
AGGREGATE COLLECTIONS WITH RESPECT TO THE
MORTGAGE LOANS: 2,361,439.88
CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE
TO THE NOTEHOLDERS: 1,204,186.53
CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE
TO THE NOTEHOLDERS: 1,536,972.23
CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE
TO THE NOTEHOLDERS: 0.00
CURRENT PERIOD CARRY FORWARD AMOUNT: 0.00
AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: 0.00
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: 176,798,747.90
CURRENT AGGREGATE PRINCIPAL BALANCE OF "CONDO SELECT LOANS: 4,096,312.31
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 1,003
AGGREGATE NUMBER OF CONDO SELECT LOANS IN POOL: 41.00
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 8.0884%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 354
IMH ASSETS CORP.
IMPERIAL CMB TRUST SERIES 1997-2
PAYMENT DATE STATEMENT
DISTRIBUTION DATE: FEBRUARY 25, 1998
CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: 3,629,275.26
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: 3,629,277.95
CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: 319,282.06
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT
TO THE RELATED PAYMENT DATE: 29,149.63
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO
THE RELATED PAYMENT DATE: 350,533.94
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED
PAYMENT DATE: 379,683.57
AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT
TO THE RELATED PAYMENT DATE: 3,861.84
AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO
THE RELATED PAYMENT DATE: 3,861.84
IS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO
MAXIMUM BOND INTEREST RATE FOR THE RELATED PAYMENT DATE: 14.0000%
AVAILABLE FUNDS INTEREST AMOUNT: 1,202,040.91
AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED
PAYMENT DATE: 0.00
CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: 0.00
CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0000%
DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 1.8750%
ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.9809%
NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE
LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED
PAYMENT DATE: 0
AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO MORTGAGE
LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 0
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE
RELATED PAYMENT DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE
CLOSING DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO SECTION 3.18 OF THE SERVICING AGREEMENT FOR THE RELATED PAYMENT
DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT
TO SECTION 3.18 OF THE SERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00
