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 1998-2
(as issuer under the Indenture, dated as of March 27, 1998,
providing for the issuance of Collateralized 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
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
March 27, 1998.
Date: March 26, 1999 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 1998-2
Collateralized Mortgage Notes
Series 1998-2
Statement to Bondholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 117,820,358.00 172,103,988.76 960,913.94 2,360,740.83
M-1 11,854,691.00 11,473,599.70 66,451.26 157,382.73
M-2 16,370,763.00 15,844,494.09 95,727.15 217,338.04
M-3 7,903,127.00 7,649,066.15 46,213.11 104,921,81
B 7,903,127.00 6,009,980.75 36,310.30 82,438.57
TOTALS 211,852,066.00 213,081,129.45 1,205,615.76 2,922,821.98
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 3,321,654.77 0.00 0.00 169,743,247.93
M-1 223,833.99 0.00 0.00 11,316,216.97
M-2 313,065.19 0.00 0.00 15,627,156.05
M-3 151,134.92 0.00 0.00 7,544,144.34
B 118,748.87 0.00 0.00 5,927,542.18
TOTALS 4,128,437.74 0.00 0.00 210,158,307.47
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A 45254NAA5 967.853123 5.403847 13.275987
M-1 45254NAB3 967.853123 5.605482 13.275988
M-2 45254NAC1 967.853123 5.847446 13.275987
M-3 45254NAD9 967.853123 5.847446 13.275987
B 45254NAE7 967.853123 4.594422 10.431133
CURRENT
PRINCIPAL
TOTAL BALANCE
A 45254NAA5 18.679834 954.577135
M-1 45254NAB3 18.881470 954.577135
M-2 45254NAC1 19.123433 954.577135
M-3 45254NAD9 19.123433 954.577135
B 45254NAE7 15.025555 750.024918
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: June 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: July 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: July 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
Collateralized Mortgage Notes
Series 1998-2
Statement to Bondholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 177,820,358.00 169,743,247.93 947,733.13 2,146,398.76 3,
>094,131.89 0.00 0.00 167,596,849.17
M-1 11,854,691.00 11,316,216.97 65,539.76 143,093.26
>208,633.02 0.00 0.00 11,173,123.71
M-2 16,370,763.00 15,627,156.05 94,414.07 197,604.96
>292,019.03 0.00 0.00 15,429,551.09
M-3 7,903,127.00 7,544,144.34 45,579.21 95,395.50
>140,974.71 0.00 0.00 7,448,748.84
B 6,209,600.00 5,927,542.18 35,812.23 74,953.61
>110,765.84 0.00 0.00 5,852,588.57
TOTALS 220,158,539.00 210,158,307.47 1,189,078.40 2,657,446.09 3,
>846,524.49 0.00 0.00 207,500,861.38
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 45254NAA5 954.577135 5.329722 12.070602
> 17.400324 942.506533 6.700000% 6.700000%
M-1 45254NAB3 954.577135 5.528593 12.070602
> 17.599195 942.506533 6.950000% 6.950000%
M-2 45254NAC1 954.577135 5.767237 12.070602
> 17.837839 942.506534 7.250000% 7.250000%
M-3 45254NAD9 954.577136 5.767237 12.070602
> 17.837839 942.506534 7.250000% 7.750000%
B 45254NAE7 954.577135 5.767236 12.070602
> 17.837838 942.506533 7.250000% 7.250000%
SELLER: IMH Assets Corp ADMI
>NISTRATOR: 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 INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Collateralized Mortgage Notes
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
C-1 2,258,036.00 2,251,928.29 16,081.39 1,567.26
> 17,648.65 0.00 0.00 2,250,361.03
C-2 1,354,822.00 1,351,157.38 9,648.83 940.36
> 10,589.19 0.00 0.00 1,350,217.02
C-3 2,032,233.40 2,026,736.46 14,473.26 1,410.54
> 15,883.80 0.00 0.00 2,025,325.92
X 225,803,630.00 210,158,307.47 298,583.64 0.00
>298,583.64 0.00 0.00 207,500,861.38
TOTALS 231,448,721.40 215,788,129.60 338,787.12 3,918.16
>342,705.28 0.00 0.00 213,126,765.35
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
C-1 IMB9802C1 997.295123 7.121848 0.694083
> 7.815931 996.601042 8.475926% 8.475860%
C-2 IMB9802C2 997.295128 7.121843 0.694083
> 7.815926 996.601044 8.475926% 8.475860%
C-3 IMB9802C3 997.295124 7.121849 0.694083
> 7.815932 996.601040 8.475926% 8.475860%
X IMB9802XX 930.712706 1.322316 0.000000
> 1.322316 918.943869 1.686311% 1.668296%
SELLER: IMH Assets Corp ADMI
>NISTRATOR: 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 INFORMATION(800) 735-7777
Page 1 of 1
> (c) COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Payment Date Statement
Distribution Date: August 25, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 6
>0 TO 89 90 PLUS
INFORMATION DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 2,477,119.30
>749,254.14 617,028.67 3,843,402.11
PERCENTAGE OF POOL BALANCE 1.1623%
> 0.3516% 0.2895% 1.8033%
NUMBER OF LOANS 19
> 6 5 30
PERCENTAGE OF LOANS 1.3185%
> 0.4164% 0.3470% 2.0819%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 1,054,948.55 1,054,948.55
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.4950% 0.4950%
NUMBER OF LOANS 0
> 0 6 6
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.4164% 0.4164%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 153,073.87
> 0.00 198,945.31 1,472,042.47
PERCENTAGE OF POOL BALANCE 0.0718%
> 0.0000% 0.0933% 0.6907%
NUMBER OF LOANS 1
> 0 1 9
PERCENTAGE OF LOANS 0.0694%
> 0.0000% 0.0694% 0.6246%
REO 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%
BOOK VALUE OF REO PROPERTY:
> 0.00
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS:
> 1,273,983.22
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS:
> 2,635,380.44
AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS:
> 3,909,363.66
CURRENT PERIOD BOND PRINCIPAL DISTRIBUTION AMOUNT PAYABLE:
> 2,657,446.09
AGGREGATE PRINCIPAL PREPAYMENTS INCLUDED IN DISTRIBUTION TO BOND HOLDERS:
> 2,511,183.10
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:
> 0.01
AGGREGATE CURRENT INTEREST SHORTFALL TO BONDHOLDERS:
> 0.00
AGGREGATE CURRENT INTEREST SHORTFALL TO CERTIFICATEHOLDERS:
> 0.01
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS:
> 213,126,765.36
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL:
> 1,441
Page 2 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
IMH Assets Corp.
Imperial CMB Trust Series 1998-2
Payment Date Statement
Distribution Date: August 25, 1998
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 25,983.81
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 298,965.98
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 324,949.79
AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DA
>TE: 7,903.27
AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 7,903.27
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 MORTG
>AGE
LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DAT
>E: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTG
>AGE
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
> (c) COPYRIGHT 1998 Bankers Trust Company
