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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) AUGUST 20, 1998
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IMC HOME EQUITY LOAN TRUST 1998-3
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-48429-01 13-4018231
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(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
C/O THE CHASE MANHATTAN BANK
STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, NEW YORK, NY 10001-2697
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (813) 984-8801
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NO CHANGE
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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Item 5. Other Events.
On August 20, 1998 a scheduled distribution was made from the Trust to
holders of the Class A Certificates. The information contained in the Trustee's
Monthly Servicing Report for the month of July, 1998 dated August 20, 1998
attached hereto as Exhibit 19 is hereby incorporated by reference.
In addition to the information included in the Trustee's Monthly
Report, the gross servicing compensation paid to the Servicer and Subservicers
for the month of July, 1998 was $338,635.55.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits.
19. Trustee's Monthly Servicing Report for the month of July, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of l934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
By: IMC SECURITIES, INC.,
As Depositor
By: /s/ Thomas G. Middleton
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Thomas G. Middleton
President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
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Stuart D. Marvin
Chief Financial Officer
Dated: August 20, 1998
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
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<C> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of July, 1998.
</TABLE>
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EXHIBIT 19
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-3
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DISTRIBUTION: 20-Aug-98
PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
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<S> <C> <C> <C> <C> <C> <C>
A-1 75,000,000.00 63,789,346.27 14,798,581.72 307,861.83 15,106,443.55 48,990,764.55
A-2 228,304,000.00 228,304,000.00 0.00 1,192,888.40 1,192,888.40 228,304,000.00
A-3 198,193,000.00 198,193,000.00 0.00 1,017,390.72 1,017,390.73 198,193,000.00
A-4 118,582,000.00 118,582,000.00 0.00 615,638.22 615,638.22 118,582,000.00
A-5 95,073,000.00 95,073,000.00 0.00 503,886.90 503,886.90 95,073,000.00
A-6 100,867,000.00 100,867,000.00 0.00 537,957.33 537,957.33 100,867,000.00
A-7 113,981,000.00 113,981,000.00 0.00 638,293.60 638,293.60 113,981,000.00
A-8 70,000,000.00 70,000,000.00 0.00 369,833.33 369,833.33 70,000,000.00
R N/A N/A N/A 448,928.77 448,928.77 N/A
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TOTALS 1,000,000,000.00 988,789,346.27 14,798,581.72 5,632,679.11 20,431,260.83 973,990,764.55
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A-9IO 70,000,000.00 70,000,000.00 N/A 312,083.33 312,083.33 70,000,000.00
(NOT'L)
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<CAPTION>
ENDING
O/C PRINCIPAL
AMOUNT BALANCE
<S> <C> <C>
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A-1
A-2
A-3
A-4
A-5 4,823,882.48 978,814,647.03
A-6
A-7
A-8
R
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TOTALS 4,823,882.48 978,814,647.03
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A-9IO
(NOT'L) N/A N/A
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<CAPTION>
FACTOR INFORMATION PER $1,000
PASS THRU RATES
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
<S> <C> <C> <C> <C> <C> <C>
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A-1 197.31442298 4.10482440 653.21019393 A-1 5.60465000% 5.60465000%
A-2 0.00000000 5.22500000 1000.00000000 A-2 6.27000000% 6.27000000%
A-3 0.00000000 5.13333332 1000.00000000 A-3 6.16000000% 6.16000000%
A-4 0.00000000 5.19166669 1000.00000000 A-4 6.23000000% 6.23000000%
A-5 0.00000000 5.30000000 1000.00000000 A-5 6.36000000% 6.36000000%
A-6 0.00000000 5.33333330 1000.00000000 A-6 6.40000000% 6.40000000%
A-7 0.00000000 5.60000000 1000.00000000 A-7 6.72000000% 6.72000000%
A-8 0.00000000 5.28333329 1000.00000000 A-8 6.34000000% 6.34000000%
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TOTALS 14.79858172 5.632679106 973.9907645 A-9IO 5.35000000% 5.35000000%
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A-9IO N/A 4.45833329 1000.00000000
(NOT'L)
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</TABLE>
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
======================================================
THOMAS ROLLAUER
THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3881
=====================================================
(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-3
==============================================================================
DISTRIBUTION: 20-Aug-98 PAGE # 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 20,845,281.89
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 20,294,415.39
SECTION 7.08 (3) OVERCOLLATERIZATION INCREASE AMOUNT 2,543,929.67
SECTION 7.08 (4) INSURED PAYMENT AMOUNT FOR SUCH PAYMENT DATE 0.00
SECTION 7.08 (7) REALIZED LOSSES 0.00
SECTION 7.08 (8) OVERCOLLATERALIZATION REDUCTION AMOUNT 0.00
SECTION 7.08 (9) PRE-FUNDED AMT PREVIOUSLY USED 99,995,416.13
PRE-FUNDED AMT DISTRIBUTED AS PRINCIPAL 638.65
PRE-FUNDING A/C EARNINGS 61,118.83
AMTS TRANSFERRED FROM CAP INT A/C TO CERT A/C 61,118.83
OVERFUNDED INTEREST AMOUNT 286,800.88
SECTION 7.08 (10) THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED 0.00
BECAUSE OF UNDERWATER LOANS
PER $1000
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SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 15,106,443.55 201.42
CLASS A-2 DISTRIBUTION 1,192,888.40 5.23
CLASS A-3 DISTRIBUTION 1,017,390.73 5.13
CLASS A-4 DISTRIBUTION 615,638.22 5.19
CLASS A-5 DISTRIBUTION 503,886.90 5.30
CLASS A-6 DISTRIBUTION 537,957.33 5.33
CLASS A-7 DISTRIBUTION 638,293.60 9.12
CLASS A-8 DISTRIBUTION 369,833.33 3.24
CLASS A-9IO DISTRIBUTION 312,083.33 4.46
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 734,732.02 0.73
PRINCIPAL PREPAYMENTS 11,519,281.38 11.52
OVERCOLLATERALIZATION INCREASE 2,543,929.67 2.54
PRIN PREPAY FROM PRE-FUND ACCT 638.65 0.00
OTHER 0.00 0.00
SECTION 7.09 (a)(iv) CLASS A-1 CARRYFORWARD 0.00
CLASS A-2 CARRYFORWARD 0.00
CLASS A-3 CARRYFORWARD 0.00
CLASS A-4 CARRYFORWARD 0.00
CLASS A-5 CARRYFORWARD 0.00
CLASS A-6 CARRYFORWARD 0.00
CLASS A-7 CARRYFORWARD 0.00
CLASS A-8 CARRYFORWARD 0.00
CLASS A-9IO CARRYFORWARD 0.00
SECTION 7.09 (a)(vii) OVERCOLLATERALIZATION AMOUNT 4,823,882.48
OVERCOLLATERALIZATION DEFICIT AMOUNT 0.00
SECTION 7.09 (a)(viii) ENDING AGGREGATE LOAN BALANCE 978,814,647.03
ENDING NUMBER OF LOANS OUTSTANDING 15,172
SECTION 7.09 (a)(x) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
SECTION 7.09 (a)(xi) WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS 10.8282%
SECTION 7.09 (a)(xiii) LOAN BALANCE OF LARGEST HOME EQUITY LOAN OUTSTANDING 552518.16
SECTION 7.09 (a)(xiv) REMAINING PRE-FUNDED AMOUNT 0.00
SECTION 7.09 (a)(xv) HAS THE SERVICER TERMINATION TEST FAILED? NO
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-3
==============================================================================
DISTRIBUTION: 20-Aug-98 PAGE # 3
<TABLE>
<CAPTION>
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
<S> <C> <C> <C> <C> <C>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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30-59 DAYS 373 21,856,119.69 2.23%
60-89 DAYS 156 10,661,058.10 1.09%
90 + DAYS 112 7,059,447.58 0.72%
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*The number and aggregate principal balances of delinquent mortgage loans includes
loans in foreclosure and bankruptcy
<S> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 53
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 3,518,590.45
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 2
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 61,236.64
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 24
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,681,715.07
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 3647
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 284,749,096.31
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 0.00
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 0.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00000000%
CURRENT PERIOD REALIZED LOSSES 0.00
CUMULATIVE REALIZED LOSSES 0.00
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.00000000%
SECTION 7.09 (b)(vii) 60+ DELINQUENCY PERCENTAGE (ROLLING SIX MONTH) 0.49267470%
60+ DAY DELINQUENT LOANS 17,720,505.68
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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