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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) JANUARY 20, 1999
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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 January 20, 1999 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 December, 1998 dated
January 20, 1999 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 December, 1998 was $361,247.15.
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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 December, 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: January 20, 1999
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EXHIBIT INDEX
Exhibit No. Description Page No.
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19. Trustee's Monthly Servicing Report 6
for the Month of December, 1998.
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EXHIBIT 19
IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-3
DISTRIBUTION: 20-Jan-99 PAGE 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE O/C PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 75,000,000.00 0.00 0.00 0.00 0.00 0.00
A-2 228,304,000.00 211,833,830.03 22,990,827.11 1,106,831.76 24,097,658.87 188,843,002.92
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 16,345,197.18 901.884,200.10
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 376,513.59 376,513.59 N/A
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TOTALS 1,000,000,000.00 908,529,830.03 22,990,827.11 5,166,345.46 28,157,172.58 885,539,002.92 16,345,197.18 901,884.200.10
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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 N/A N/A
(NOT'L)
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</TABLE>
<TABLE>
<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
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<S> <C> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000 A-1 5.60465000% 5.60465000%
A-2 100.70269077 4.84806118 827.15591017 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 5.30.00000 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 5.60.00000 1000.00000000 A-7 6.72000000% 6.72000000%
A-8 0.00000000 5.28333329 1000.00000000 A-8 6.34000000% 6.34000000%
- -------------------------------------------------------------------- A-9IO 5.35000000% 5.35000000%
TOTALS 22.99082711 5.166345464 885.5390029 ------------------------------------------------
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A-9IO N/A 4.45833329 1000.0000000
(NOT'L)
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</TABLE>
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-Jan-99 PAGE 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 28,562,927.28
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 28,092,742.31
SECTION 7.08 (3) OVERCOLLATERALIZATION INCREASE AMOUNT 2,133,577.03
SECTION 7.08 (4) INSURED PAYMENT AMOUNT FOR SUCH PAYMENT DATE 0.00
SECTION 7.08 (7) REALIZED LOSSES 7,637.99
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
<CAPTION>
PER $1000
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SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 0.00 0.00
CLASS A-2 DISTRIBUTION 24,097,658.87 105.55
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 1,154,002.65 1.15
PRINCIPAL PREPAYMENTS 19,672,681.43 19.67
OVERCOLLATERALIZATION INCREASE 2,133,577.03 2.13
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 30,566.00 0.03
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 16,345,197.18
OVERCOLLATERALIZATION DEFICIT AMOUNT 0.00
SECTION 7.09 (a)(viii) ENDING AGGREGATE LOAN BALANCE 901,884,200.10
ENDING NUMBER OF LOANS OUTSTANDING 14,075
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 10.8007%
SECTION 7.09 (a)(xiii) LOAN BALANCE OF LARGEST HOME EQUITY LOAN OUTSTANDING 546103.46
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-Jan-99 PAGE 3
<TABLE>
<CAPTION>
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C>
30-59 DAYS 610 36,972,713.23 4.10%
60-89 DAYS 187 11,087,551.71 1.23%
90 + DAYS 445 27,700,134.43 3.07%
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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 389
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 24,100,588.17
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 80
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 4,661,785.31
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 128
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 8,831,764.68
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 3358
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 259,361,783.93
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 11
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 838,977.70
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 873,900.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00076380%
CURRENT PERIOD REALIZED LOSSES 7637.99
CUMULATIVE REALIZED LOSSES 7,637.99
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.00130937%
SECTION 7.09 (b)(vii) 60+ DELINQUENCY PERCENTAGE (ROLLING SIX MONTH) 3.06831541%
60+ DAY DELINQUENT LOANS 39,626,663.84
</TABLE>
(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
