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): July 27, 1998
IMPERIAL CMB TRUST SERIES 1998-1
(as issuer under the Indenture, dated as of January 29, 1998,
providing for the issuance of Collaterialized Asset-Backed Bonds
Series, 1998-1).
IMPERIAL CMB TRUST SERIES 1998-1
(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
July 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 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
January 29, 1998.
Date: October 20, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of July 27, 1998.
Monthly Remittance Statement to the Certificateholders
dated as of August 25, 1998.
IMH Assets Corp.
Imperial CMB Trust Series 1998-1
Collateralized Mortgage Notes
Series 1998-1
Statement to Bondholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 295,678,848.00 277,454,325.71 1,537,559.39 4,224,025.17
M-1 27,982,225.00 26,257,506.83 156,450.98 399,750.01
M-2 24,251,262.00 22,756,506.23 137,487.23 346,450.01
B 14,923,854.00 14,004,004.27 84,607.53 213,200.02
TOTALS 362,836,189.00 340,472,343.04 1,916,105.13 5,183,425.21
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 5,761,584.56 0.00 0.00 273,230,300.54
M-1 556,200.99 0.00 0.00 25,857,756.82
M-2 483,937.24 0.00 0.00 22,410,056.22
B 297,807.55 0.00 0.00 13,790,804.25
TOTALS 7,099,530.34 0.00 0.00 335,288,917.83
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
A 452628AT7 938.363794 5.200099 14.285855 19.485954 924.077939
M-1 452628AU4 938.363795 5.591084 14.285855 19.876939 924.077939
M-2 452628AV2 938.363794 5.669281 14.285855 19.955136 924.077940
B 452628AW0 938.363795 5.669282 14.285855 19.955137 924.077939
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 6.650000% 6.650000%
M-1 7.150000% 7.150000%
M-2 7.250000% 7.250000%
B 7.250000% 7.250000%
SELLER: IMH Assets Corp ADMINISTRATOR: Cindy Tsang
MASTER SERVICER: IMPAC Bankers Trust Co. of California, NA
CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza
RECORD DATE: June 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998 FACTOR INFO.: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-1
Payment Date Statement
Distribution Date: July 27, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 2,103,659.14 197,198.86 518,036.17 2,818,894.17
% OF POOL BALANCE 0.6089% 0.0571% 0.1499% 0.8159%
NUMBER OF LOANS 14 1 2 17
PERCENTAGE OF LOANS 0.5942% 0.0424% 0.0849% 0.7216%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 469,305.09 469,305.09
% OF POOL BALANCE 0.0000% 0.0000% 0.1358% 0.1358%
NUMBER OF LOANS 0 0 3 3
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.1273% 0.1273%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 249,470.55 1,760,846.33
% OF POOL BALANCE 0.0000% 0.0000% 0.0722% 0.5096%
NUMBER OF LOANS 0 0 2 16
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.0849% 0.6791%
% 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%
BOOK VALUE OF REO PROPERTY: 0.00
AGGREGATE COLLECTIONS OF NET
INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 2,491,251.80
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 5,185,797.73
AGGREGATE COLLECTIONS
WITH RESPECT TO THE MORTGAGE LOANS: 7,677,049.53
CURRENT PERIOD BOND
PRINCIPAL DISTRIBUTION AMOUNT PAYABLE: 5,183,425.21
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO BOND HOLDERS: 4,942,000.25
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO CERTIFICATE HOLDERS: 0.00
AGGREGATE PRIOR UNPAID INTEREST SHORTFALL TO BONDHOLDERS: 0.00
AGGREGATE PRIOR UNPAID
INTEREST SHORTFALL TO CERTIFICATEHOLDERS: 0.00
AGGREGATE CURRENT
INTEREST SHORTFALL TO BONDHOLDERS: 0.00
AGGREGATE CURRENT INTEREST
SHORTFALL TO CERTIFICATEHOLDERS:
CURRENT AGGREGATE
PRINCIPAL BALANCE OF THE MORTGAGE LOANS: 345,506,919.21
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 2,356
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-1
Payment Date Statement
Distribution Date: July 27, 1998
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 4,878.09
AMOUNT OF INTEREST ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 62,036.96
AGGREGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 66,915.05
AMOUNT OF PREPAYMENT INTEREST
SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
AMOUNT OF COMPENSATING INTERESTS MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
AGGREGATE AMOUNT OF
REALIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
CUMULATIVE AMOUNT
OF REALIZED LOSSES SINCE THE CLOSING DATE: 0.00
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 THE 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
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-1
Collateralized Mortgage Notes
Series 1998-1
Statement to Bondholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 295,678,848.00 273,230,300.54 1,514,151.25 7,589,597.98
M-1 27,982,225.00 25,857,756.82 154,069.13 718,258.47
M-2 24,251,262.00 22,410,056.22 135,394.09 622,490.69
B 14,923,854.00 13,790,804.25 83,319.44 383,071.20
TOTALS 362,836,189.00 335,288,917.83 1,886,933.91 9,313,418.34
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 9,103,749.23 0.00 0.00 265,640,702.56
M-1 872,327.60 0.00 0.00 25,139,498.35
M-2 757,884.78 0.00 0.00 21,787,565.53
B 466,390.64 0.00 0.00 13,407,733.05
TOTALS 11,200,352.25 0.00 0.00 325,975,499.49
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
A 452628AT7 924.077939 5.120932 25.668383 30.789315 898.409556
M-1 452628AU4 924.077939 5.505964 25.668383 31.174347 898.409556
M-2 452628AV2 924.077940 5.582971 25.668383 31.251354 898.409556
B 452628AW0 924.077939 5.582971 25.668383 31.251354 898.409556
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 6.650000% 6.650000%
M-1 7.150000% 7.150000%
M-2 7.250000% 7.250000%
B 7.250000% 7.250000%
SELLER: IMH Assets Corp ADMINISTRATOR: Cindy Tsang
MASTER SERVICER: IMPAC Bankers Trust Co. of California, NA
CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza
RECORD DATE: July 31, 1998 Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998 FACTOR INFO.: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-1
Payment Date Statement
Distribution Date: August 25, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 1,908,407.33 168,393.56 394,029.86 2,470,830.75
% OF POOL BALANCE 0.5677% 0.0501% 0.1172% 0.7350%
NUMBER OF LOANS 11 2 2 15
PERCENTAGE OF LOANS 0.4764% 0.0866% 0.0866% 0.6496%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 843,233.29 469,043.19 1,312,276.48
% OF POOL BALANCE 0.0000% 0.2508% 0.1395% 0.3903%
NUMBER OF LOANS 0 6 3 9
PERCENTAGE OF LOANS 0.0000% 0.2599% 0.1299% 0.3898%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 249,330.28 1,873,084.37
% OF POOL BALANCE 0.0000% 0.0000% 0.0742% 0.5572%
NUMBER OF LOANS 0 0 2 17
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0866% 0.7362%
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00%
% 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%
BOOK VALUE OF REO PROPERTY: 0.00
AGGREGATE COLLECTIONS OF NET
INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 2,448,834.95
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 9,315,782.70
AGGREGATE COLLECTIONS
WITH RESPECT TO THE MORTGAGE LOANS: 11,764,617.65
CURRENT PERIOD BOND
PRINCIPAL DISTRIBUTION AMOUNT PAYABLE: 9,313,418.34
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO BOND HOLDERS: 9,075,504.79
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO CERTIFICATE HOLDERS: 0.00
AGGREGATE PRIOR UNPAID INTEREST SHORTFALL TO BONDHOLDERS: 0.00
AGGREGATE PRIOR UNPAID
INTEREST SHORTFALL TO CERTIFICATEHOLDERS: 0.00
AGGREGATE CURRENT
INTEREST SHORTFALL TO BONDHOLDERS: 0.00
AGGREGATE CURRENT INTEREST
SHORTFALL TO CERTIFICATEHOLDERS: 0.00
CURRENT AGGREGATE
PRINCIPAL BALANCE OF THE MORTGAGE LOANS: 336,186,250.40
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 2,309
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-1
Payment Date Statement
Distribution Date: August 25, 1998
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 4,886.11
AMOUNT OF INTEREST ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 65,762.40
AGGREGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 70,648.51
AMOUNT OF PREPAYMENT INTEREST
SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
AMOUNT OF COMPENSATING INTERESTS MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
AGGREGATE AMOUNT OF
REALIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
CUMULATIVE AMOUNT
OF REALIZED LOSSES SINCE THE CLOSING DATE: 0.00
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 THE 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
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
