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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) NOVEMBER 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 November 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 October, 1998 dated
November 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 October, 1998 was $378,373.29.
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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 October, 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: November 20, 1998
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of October, 1998. --------
</TABLE>
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EXHIBIT 19
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-3
===============================================================================
DISTRIBUTION: 20-Nov-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 16,505,203.45 15,462,386.59 79,657.85 15,542,044.44 1,042,816.87
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 1,017,390.73 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 408,928.87 408,928.87 N/A
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TOTALS 1,000,000,000.00 941,505,203.45 15,462,386.59 5,364,475.23 20,826,861.82 926,042,816.87
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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
CLASS AMOUNT BALANCE
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<S> <C> <C>
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A-1
A-2
A-3
A-4
A-5 12,009,861.23 938,052,678.10
A-6
A-7
A-8
R
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TOTALS 12,009,861.23 938,052,678.10
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A-9IO N/A N/A
(NOT'L)
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</TABLE>
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<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
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<S> <C> <C> <C>
A-1 206.16515451 1.06210467 13.90422488
A-2 0.00000000 5.22500000 1000.00000000
A-3 0.00000000 5.13333332 1000.00000000
A-4 0.00000000 5.19166669 1000.00000000
A-5 0.00000000 5.30000000 1000.00000000
A-6 0.00000000 5.33333330 1000.00000000
A-7 0.00000000 5.60000000 1000.00000000
A-8 0.00000000 5.28333329 1000.00000000
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TOTALS 15.46238659 5.364475227 926.0428169
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A-9IO N/A 4.45833329 1000.00000000
(NOT'L)
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</TABLE>
<TABLE>
<CAPTION>
PASS THRU RATES
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
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<S> <C> <C>
A-1 5.60465000% 5.60465000%
A-2 6.27000000% 6.27000000%
A-3 6.16000000% 6.16000000%
A-4 6.23000000% 6.23000000%
A-5 6.36000000% 6.36000000%
A-6 6.40000000% 6.40000000%
A-7 6.72000000% 6.72000000%
A-8 6.34000000% 6.34000000%
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A-9IO 5.35000000% 5.35000000%
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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-Nov-98 PAGE # 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 21,236,027.08
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 20,730,016.28
SECTION 7.08 (3) OVERCOLLATERALIZATION INCREASE AMOUNT 2,317,263.58
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 237,695,026.32
PRE-FUNDED AMT DISTRIBUTED AS PRINCIPAL 0.00
PRE-FUNDING A/C EARNINGS 0.00
AMTS TRANSFERRED FROM CAP INT A/C TO CERT A/C 0.00
OVERFUNDED INTEREST AMOUNT 0.00
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 15,542,044.44 207.23
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 867,038.86 0.87
PRINCIPAL PREPAYMENTS 12,278,084.15 12.28
OVERCOLLATERALIZATION INCREASE 2,317,263.58 2.32
PRIN PREPAY FROM PRE-FUND ACCT 0.00 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 12,009,861.23
OVERCOLLATERALIZATION DEFICIT AMOUNT 0.00
SECTION 7.09 (a)(viii) ENDING AGGREGATE LOAN BALANCE 938,052,678.10
ENDING NUMBER OF LOANS OUTSTANDING 14,770
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 10.8097%
SECTION 7.09 (a)(xiii) LOAN BALANCE OF LARGEST HOME EQUITY LOAN OUTSTANDING 548706.11
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-Nov-98 PAGE # 3
<TABLE>
<S> <C>
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
</TABLE>
<TABLE>
<CAPTION>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 547 31,454,438.40 3.35%
60-89 DAYS 159 10,007,344.61 1.07%
90 + DAYS 317 19,287,232.92 2.06%
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*The number and aggregate principal balances of delinquent mortgage loans includes loans in
foreclosure and bankruptcy
</TABLE>
<TABLE>
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 289
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 17,749,744.17
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 101
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 5,772,735.33
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 78
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 5,278,550.58
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 3498
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 272,171,927.99
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 3
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 310,486.03
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 386,000.00
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) 2.23577566%
60+ DAY DELINQUENT LOANS 29,605,063.56
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
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