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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 OWNER TRUST 1998-4
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-48429-02 BEING APPLIED FOR
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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 Notes. 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 $162,284.45.
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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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<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of July, 1998.
</TABLE>
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EXHIBIT 19
IMC HOME EQUITY LOAN OWNER TRUST
HOME EQUITY LOAN ASSET-BACKED NOTES
SERIES 1998-4
DISTRIBUTION: 20-Aug-98 PAGE # 1
<TABLE>
<CAPTION>
====================================================================================================================================
ORIGINAL BEGINNING ENDING OVER- ENDING
NOTE NOTE PRINCIPAL INTEREST TOTAL NOTE COLLATERALIZATION LOAN
BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C>
600,000,000.00 594,483,191.04 8,334,730.94 2,977,431.91 11,312,162.85 586,148,460.09 3,525,172.36 486,097,969.27
====================================================================================================================================
</TABLE>
FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
=========================================================
PRINCIPAL INTEREST ENDING NOTE
DISTRIBUTION DISTRIBUTION BALANCE
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<S> <C> <C>
13.89121824 4.96238652 976.91410016
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</TABLE>
NOTE RATES
<TABLE>
<CAPTION>
===============================================
INIT NOTE CURR NOTE
RATE RATE
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<S> <C>
5.81625% 5.81625%
===============================================
</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
THOMAS ROLLAUER
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3881
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IMC HOME EQUITY LOAN OWNER TRUST
HOME EQUITY LOAN ASSET-BACKED NOTES
SERIES 1998-4
DISTRIBUTION: 20-Aug-98 PAGE # 2
<TABLE>
<S> <C> <C>
SECTION 3.08 (1) BEGINNING NOTE ACCOUNT BALANCE 11,378,081.91
SECTION 3.08 (2) MONTHLY PAYMENT AMOUNT 11,312,162.85
SECTION 3.08 (3) OVERCOLLATERALIZATION INCREASE AMOUNT 1,431,723.30
SECTION 3.08 (4) INSURED PAYMENT 0.00
SECTION 3.08 (7) REALIZED LOSSES 0.00
SECTION 3.08 (8) OVERCOLLATERALIZATION REDUCTION AMOUNT 0.00
SECTION 3.08 (9) PRE-FUNDED AMT PREVIOUSLY USED 0.00
PRE-FUNDED AMT DISTRIBUTED AS PRINCIPAL 48.71
PRE-FUNDING A/C EARNINGS 306,470.69
AMTS TRANSFERRED FROM CAP INT A/C TO NOTE A/C 496,063.78
AMT TRANSFERRED TO SELLER 265,149.41
AMOUNT OF SUBSEQUENT LOANS TRANSFERRED ON 8/7/98* 103,575,663.18
* SUBSEQUENT LOANS NOT INCLUDED IN REMITTANCE PERIOD
<CAPTION>
PER $1000
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<S> <C> <C> <C>
SECTION 3.09 (a)(i) NOTE DISTRIBUTION 11,312,162.85 18.85
SECTION 3.09 (a)(ii) PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 182,543.98 0.30
PRINCIPAL PREPAYMENTS 6,720,414.95 11.20
OVERCOLLATERALIZATION INCREASE AMOUNT 1,431,723.30 2.39
OTHER 48.71 0.00
SECTION 3.09 (a)(iv) CARRYFORWARD AMOUNT 0.00
SECTION 3.09 (a)(v) INSURED PAYMENT 0.00
SECTION 3.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 486,097,969.27
ENDING NUMBER OF LOANS OUTSTANDING 5,358
SECTION 3.09 (a)(vii) OVERCOLLATERALIZATION AMOUNT 3,525,172.36
OVERCOLLATERALIZATION DEFICIT 0.00
SECTION 3.09 (a)(ix) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
SECTION 3.09 (a)(x) WEIGHTED AVERAGE COUPON OF THE HOME EQUITY LOANS 10.2062%
SECTION 3.09 (a)(xii) WEIGHTED AVERAGE GROSS MARGIN OF THE HOME EQUITY LOANS N/A
SECTION 3.09 (a)(xiii) THREE LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 494,546.29
541,683.40
659,691.50
SECTION 3.09 (a)(xv) AVAILABLE FUNDS CAP CARRY FORWARD AMORTIZATION AMOUNT 0.00
AVAILABLE FUNDS CAP CARRY FORWARD AMOUNT 0.00
SECTION 3.09 (a)(xvi) REMAINING PRE-FUNDED AMOUNT 103,575,711.89
</TABLE>
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IMC HOME EQUITY LOAN OWNER TRUST
HOME EQUITY LOAN ASSET-BACKED NOTES
SERIES 1998-4
DISTRIBUTION: 20-Aug-98 PAGE # 3
<TABLE>
<CAPTION>
SECTION 3.09(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 178 14,144,108.40 2.91%
60-89 DAYS 96 7,214,548.93 1.48%
90 + DAYS 84 5,997,780.31 1.23%
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*The number and aggregate principal balances of
delinquent mortgage loans includes loans in
foreclosure and bankruptcy
SECTION 3.09(b)(ii) NUMBER OF LOANS IN FORECLOSURE 38
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 3,160,526.12
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 1
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 14,945.53
SECTION 3.09(b)(iii) NUMBER OF LOANS IN BANKRUPTCY 12
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 999,486.90
SECTION 3.09(b)(iii) NUMBER OF LOANS THAT ARE "BALLOON" LOANS 13
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 927,245.42
SECTION 3.09(b)(iv) NUMBER OF REO PROPERTIES 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 0.00
SECTION 3.09(b)(v) BOOK VALUE OF REO PROPERTY 0.00
SECTION 3.09(b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.00000000%
SECTION 3.09(b)(vii) 90+ DELINQUENCY PERCENTAGE (ROLLING SIX MONTH) 0.85915667%
90+ DELINQUENT LOANS 5,997,780.31
</TABLE>
