September 28, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Imperial CMB Trust Series 1998-2 Collateralized Asset-Backed
Bonds; File No. 333-38879.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of Imperial CMB Trust Series
1998-2, a Delaware business trust, as Issuer, (the "Issuer") under
the Indenture, dated as of March 27, 1998, between Impac CMB Trust
Series 1998-2, and Bankers Trust Company of California, N.A., a
national banking association, as Indenture Trustee (the "Indenture
Trustee") is a Current Report on Form 8-K.
The Series 1998-2 Collateralized Asset-Backed Bonds will include
the following five classes (the "Bonds"): (i) Class A Bonds (the
"Senior Bonds"); (ii) Class M-1 Bonds, Class M-2 Bonds and Class
M-3 Bonds (collectively, the "Class M Bonds"); and (iii) Class B
Bonds (the "Class B Bonds"; and together with the Class M Bonds, the
"Subordinate Bonds"). The Bonds will represent obligations of the
Imperial CMB Trust Series 1998-2 (the "Issuer"), which will be formed
pursuant to a Trust Agreement to be dated as of March 24, 1998 (as
amended and restated by the Amended and Restated Trust Agreement
dated March 27, 1998, the "Trust Agreement"), between IMH Assets
Corp. (the "Company") and Wilmington Trust Company, as owner trustee
(the "Owner Trustee"). The Bonds will be issued pursuant to the
Indenture.
The Bonds were registered under the Securities Act of 1933 under
Commission File Number 333-38879. 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 (949) 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 1998-2
Collateralized Asset-Backed Bonds Series, 1998-2.
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): April 26, 1998
IMPERIAL CMB TRUST SERIES 1998-2
(as issuer under the Indenture, dated as of March 27, 1998,
providing for the issuance of Collaterialized Asset-Backed Bonds
Series, 1998-2).
IMPERIAL CMB TRUST SERIES 1998-2
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-38879 33-0705301
(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
April 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
May 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
June 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
March 27, 1998.
Date: September 28, 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 April 25, 1998. 4
Monthly Remittance Statement to the Certificateholders
dated as of May 25, 1998. 9
Monthly Remittance Statement to the Certificateholders
dated as of June 25, 1998. 14
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Collateralized Mortgage Notes
Series 1998-2
Statement to Bondholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 117,820,358.00 177,820,358.00 992,830.33 2,242,953.77
M-1 11,854,691.00 11,854,691.00 68,658.42 149,530.26
M-2 16,370,763.00 16,370,763.00 98,906.69 206,494.16
M-3 7,903,127.00 7,903,127.00 47,748.06 99,686,.83
B 6,209,600.00 6,209,600.00 37,516.33 78,325.37
TOTALS 220,158,539.00 220,158,539.00 1,245,659.83 2,776,990.39
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 3,235,784.10 0.00 0.00 175,577,404.23
M-1 218,188.68 0.00 0.00 11,705,160.74
M-2 305,400.85 0.00 0.00 16,164,268.84
M-3 147,434.89 0.00 0.00 7,803,440.17
B 115,841.70 0.00 0.00 6,131,274.63
TOTALS 4,022,650.22 0.00 0.00 217,381,548.61
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A 45254NAA5 1,000.000000 5.583333 12.613594
M-1 45254NAB3 1,000.000000 5.791667 12.613594
M-2 45254NAC1 1,000.000000 6.041666 12.613594
M-3 45254NAD9 1,000.000000 6.041667 12.613593
B 45254NAE7 1,000.000000 6.041666 12.613593
CURRENT
PRINCIPAL
TOTAL BALANCE
A 45254NAA5 18.196927 987.386406
M-1 45254NAB3 18.405261 987.386406
M-2 45254NAC1 18.655261 987.386406
M-3 45254NAD9 18.655260 987.386407
B 45254NAE7 18.655260 987.386407
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 6.700000% 6.700000%
M-1 6.950000% 6.950000%
M-2 7.250000% 7.250000%
M-3 7.250000% 7.750000%
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: March 31, 1998 Irvine, CA 92614
DISTRIBUTION DATE: April 27, 1998 FACTOR INFO: (800)735-7777
Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Collateralized Mortgage Notes
Series 1998-2
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
C-1 2,258,036.00 2,258,036.00 16,123.21 1,505.34
C-2 1,354,822.00 1,354,822.00 9,673.92 903.20
C-3 2,032,233.40 2,032,233.40 14,510.89 1,354.81
X 220,158,539.00 220,158,539.00 313,894.69 0.00
TOTALS 225,803,630.40 225,803,630.40 354,202.71 3,763.35
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
C-1 17,628.55 0.00 0.00 2,256,530.66
C-2 10,577.12 0.00 0.00 1,353,918.80
C-3 15,865.70 0.00 0.00 2,030,878.59
X 313,894.69 0.00 0.00 217,381,548.61
TOTALS 357,966.06 0.00 0.00 223,022,876.66
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
C-1 IMB9802C1 1,000.000000 7.140369 0.666659 7.807028 999.333341
C-2 IMB9802C2 1,000.000000 7.140362 0.666659 7.807021 999.333344
C-3 IMB9802C3 1,000.000000 7.140366 0.666659 7.807025 999.333339
X IMB9802XX 1,000.000000 1.425767 0.000000 1.425767 987.386406
PASS-THROUGH RATES
CLASS CURRENT NEXT
C-1 8.483593% 8.479366%
C-2 8.483593% 8.479366%
C-3 8.483593% 8.479366%
X 1.693978% 1.671208%
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: March 31, 1998 Irvine, CA 92614
DISTRIBUTION DATE: April 27, 1998 FACTOR INFO.: (800)735-7777
Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Payment Date Statement
Distribution Date: April 27, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
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%
FORECLOSURE 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%
BANKRUPTCY 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%
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: 1,647,317.02
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 2,780,753.74
AGGREGATE COLLECTIONS WITH
RESPECT TO THE MORTGAGE LOANS: 4,428,070.76
CURRENT PERIOD BOND PRINCIPAL
DISTRIBUTION AMOUNT PAYABLE: 2,776,990.39
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO BOND HOLDERS: 2,630,219.83
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO CERTIFICATEHOLDERS: 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: 223,022,876.66
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 1,492
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Payment Date Statement
Distribution Date: April 27, 1998
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
AMOUNT OF INTEREST ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
AGGRGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
AMOUNT OF PREPAYMENT INTEREST SHORTFALLS
WITH RESPECT TO THE RELATED PAYMENT DATE: 8,501.78
AMOUNT OF COMPENSATING INTEREST MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 8,501.78
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 1998-2
Collateralized Mortgage Notes
Series 1998-2
Statement to Bondholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 117,820,358.00 175,577,404.23 980,307.17 1,114,099.76
M-1 11,854,691.00 11,705,160.74 67,792.39 74,273.32
M-2 16,370,763.00 16,164,268.84 97,659.12 102,567.91
M-3 7,903,127.00 7,803,440.17 47,145.78 49,515.54
B 6,209,600.00 6,131,274.63 37,043.12 38,905.07
TOTALS 220,158,539.00 217,381,548.61 1,229,947.58 1,379,361.60
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 2,094,406.93 0.00 0.00 174,463,304.47
M-1 142,065.71 0.00 0.00 11,630,887.42
M-2 200,227.03 0.00 0.00 16,061,700.93
M-3 96,661.32 0.00 0.00 7,753,924.63
B 75,948.19 0.00 0.00 6,092,369.56
TOTALS 2,609,309.18 0.00 0.00 216,002,187.01
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A 45254NAA5 987.386406 5.512907 6.265311
M-1 45254NAB3 987.386406 5.718613 6.265311
M-2 45254NAC1 987.386406 5.965459 6.265310
M-3 45254NAD9 987.386407 5.965459 6.265310
B 45254NAE7 987.386407 5.965460 6.265310
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A 11.778218 981.121096
M-1 11.983923 981.121095
M-2 12.230770 981.121096
M-3 12.230769 981.121097
B 12.230770 981.121096
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 6.700000% 6.700000%
M-1 6.950000% 6.950000%
M-2 7.250000% 7.250000%
M-3 7.250000% 7.750000%
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: April 31, 1998 Irvine, CA 92614
DISTRIBUTION DATE: May 26, 1998 FACTOR INFO.: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Collateralized Mortgage Notes
Series 1998-2
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
C-1 2,258,036.00 2,256,530.66 16,073.23 1,529.92
C-2 1,354,822.00 1,353,918.00 9,643.94 917.95
C-3 2,032,233.40 2,030,878.59 14,465.91 1,376.93
X 220,158,539.00 217,381,548.61 308,563.02 0.00
TOTALS 225,803,630.40 223,022,876.66 348,746.10 3,824.80
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
C-1 17,603.15 0.00 0.00 2,255,000.74
C-2 10,561.89 0.00 0.00 1,353,000.85
C-3 15,842.84 0.00 0.00 2,029,501.66
X 308,563.02 0.00 0.00 216,002,187.01
TOTALS 352,570.90 0.00 0.00 221,639,690.26
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
C-1 IMB9802C1 999.333341 7.118235 0.677544 7.795779 998.655796
C-2 IMB9802C2 999.333344 7.118234 0.677544 7.795778 998.655801
C-3 IMB9802C3 999.333339 7.118233 0.677544 7.795777 998.655794
X IMB9802XX 987.386406 1.401549 0.000000 1.401549 981.121096
PASS-THROUGH RATES
CLASS CURRENT NEXT
C-1 8.479366% 8.479051%
C-2 8.479366% 8.479051%
C-3 8.479366% 8.479051%
X 1.689751% 1.671487%
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: April 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: May 26, 1998 FACTOR INFO.: (800)735-7777
Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Payment Date Statement
Distribution Date: May 26, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 3,142,328.91 81,405.28 0.00 3,223,734.19
% OF POOL BALANCE 1.4178% 0.0367% 0.0000% 1.4545%
NUMBER OF LOANS 21 1 0 22
PERCENTAGE OF LOANS 1.4141% 0.0673% 0.0000% 1.4815%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 157,186.40 0.00 0.00 157,186.40
% OF POOL BALANCE 0.0709% 0.0000% 0.0000% 0.0709%
NUMBER OF LOANS 1 0 0 1
PERCENTAGE OF LOANS 0.0673% 0.0000% 0.0000% 0.0673%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 200,667.59 0.00 0.00 386,617.98
% OF POOL BALANCE 0.0905% 0.0000% 0.0000% 0.1744%
NUMBER OF LOANS 1 0 0 2
PERCENTAGE OF LOANS 0.0673% 0.0000% 0.0000% 0.1347%
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: 1,412,289.17
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 1,364,415.34
AGGREGATE COLLECTIONS WITH
RESPECT TO THE MORTGAGE LOANS: 2,776,704.51
CURRENT PERIOD BOND
PRINCIPAL DISTRIBUTION AMOUNT PAYABLE: 1,379,361.61
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO BOND HOLDERS: 1,231,978.08
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO CERTIFICATEHOLDERS: 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: 221,639,690.26
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 1,485
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Payment Date Statement
Distribution Date: May 26, 1998
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 18,771.06
AMOUNT OF INTEREST ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 214,185.37
AGGRGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 232,956.43
AMOUNT OF PREPAYMENT INTEREST
SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 3,456.19
AMOUNT OF COMPENSATING INTEREST
MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 3,456.19
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 1998-2
Collateralized Mortgage Notes
Series 1998-2
Statement to Bondholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 117,820,358.00 174,463,304.47 974,086.78 2,359,315.71
M-1 11,854,691.00 11,630,887.42 67,362.22 157,287.72
M-2 16,370,763.00 16,061,700.93 97,039.44 217,206.84
M-3 7,903,127.00 7,753,924.63 46,846.63 104,858.48
B 7,903,127.00 6,092,369.56 36,808.07 82,388.81
TOTALS 221,852,066.00 216,002,187.01 1,222,143.14 2,921,057.56
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 3,333,402.49 0.00 0.00 172,103,988.76
M-1 224,649.94 0.00 0.00 11,473,599.70
M-2 314,246.28 0.00 0.00 15,844,494.09
M-3 151,705.11 0.00 0.00 7,649,066.15
B 119,196.88 0.00 0.00 6,009,980.75
TOTALS 4,143,200.70 0.00 0.00 213,081,129.45
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A 45254NAA5 981.121096 5.477926 13.267973
M-1 45254NAB3 981.121095 5.682326 13.267973
M-2 45254NAC1 981.121096 5.927606 13.267973
M-3 45254NAD9 981.121097 5.927607 13.267974
B 45254NAE7 770.880888 4.657406 10.424837
CURRENT
PRINCIPAL
CUSIP TOTAL BALANCE
A 45254NAA5 18.745899 967.853123
M-1 45254NAB3 18.950299 967.853122
M-2 45254NAC1 19.195579 967.853123
M-3 45254NAD9 19.195580 967.853123
B 45254NAE7 15.082243 760.456051
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 6.700000% 6.700000%
M-1 6.950000% 6.950000%
M-2 7.250000% 7.250000%
M-3 7.250000% 7.750000%
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: May 29, 1998 Irvine, CA 92614
DISTRIBUTION DATE: June 25, 1998 FACTOR INFO.: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Collateralized Mortgage Notes
Series 1998-2
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
C-1 6,209,600.00 2,255,000.74 16,096.73 1,524.83
C-2 2,258,036.00 1,353,000.85 9,658.04 914.90
C-3 1,354,822.00 2,029,501.66 14,487.06 1,372.35
X 2,032,233.40 216,002,187.01 307,215.68 0.00
TOTALS 11,854,691.40 221,639,690.26 347,457.51 3,812.07
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
C-1 17,621.65 0.00 0.00 2,253,475.91
C-2 10,572.94 0.00 0.00 1,352,085.95
C-3 15,859.41 0.00 0.00 2,028,129.31
X 307,215.68 0.00 0.00 213,081,129.45
TOTALS 351,269.58 0.00 0.00 218,714,820.62
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
C-1 IMB9802C1 363.147504 2.592233 0.245560
C-2 IMB9802C2 599.193658 4.277186 0.405174
C-3 IMB9802C3 1,497.983986 10.692962 1.012934
X IMB9802XX 106,288.080400 151.171455 0.000000
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
C-1 2.837793 362.901944
C-2 4.682360 598.788483
C-3 11.705896 1,496.971049
X 151.171455 104,850.717172
PASS-THROUGH RATES
CLASS CURRENT NEXT
C-1 8.479051% 8.476487%
C-2 8.479051% 8.476487%
C-3 8.479051% 8.476487%
X 1.689436% 1.668922%
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: May 29, 1998 Irvine, CA 92614
DISTRIBUTION DATE: June 25, 1998 FACTOR INFO.: (800)735-7777
Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Payment Date Statement
Distribution Date: June 25, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 2,731,535.07 584,011.83 0.00 3,315,546.90
% OF POOL BALANCE 1.2489% 0.2670% 0.0000% 1.5159%
NUMBER OF LOANS 20 5 0 25
PERCENTAGE OF LOANS 1.3596% 0.3399% 0.0000% 1.6995%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 347,055.02 0.00 347,055.02
% OF POOL BALANCE 0.0000% 0.1587% 0.0000% 0.1587%
NUMBER OF LOANS 0 2 0 2
PERCENTAGE OF LOANS 0.0000% 0.1360% 0.0000% 0.1360%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 200,097.72 0.00 729,071.53
% OF POOL BALANCE 0.0000% 0.0915% 0.0000% 0.3333%
NUMBER OF LOANS 0 1 0 6
PERCENTAGE OF LOANS 0.0000% 0.0680% 0.0000% 0.4079%
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: 1,389,764.80
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 2,905,523.60
AGGREGATE COLLECTIONS WITH
RESPECT TO THE MORTGAGE LOANS: 4,295,288.40
CURRENT PERIOD BOND
PRINCIPAL DISTRIBUTION AMOUNT PAYABLE: 2,921,057.56
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO BOND HOLDERS: 2,774,997.21
AGGREGATE PRINCIPAL PREPAYMENTS
INCLUDED IN DISTRIBUTION TO CERTIFICATEHOLDERS: 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: 218,714,820.63
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 1,471
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Payment Date Statement
Distribution Date: June 25, 1998
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 19,346,03
AMOUNT OF INTEREST ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 226,385.40
AGGRGATE ADVANCES MADE WITH
RESPECT TO THE RELATED PAYMENT DATE: 245,731.43
AMOUNT OF PREPAYMENT INTEREST
SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 9,510.25
AMOUNT OF COMPENSATING INTEREST MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 9,510.25
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
