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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 1998-5
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-48429-03 13-4024896
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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, M and B 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 $188,541.83.
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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
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
- ----------- ----------- --------
<S> <C> <C>
19. Trustee's Monthly Servicing Report 6
for the Month of December, 1998.
</TABLE>
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-5
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-1 175,301,000.00 152,802,167.59 8,138,016.98 725,094.67 8,863,111.65 144,664,150.61
A-2 63,966,000.00 63,966,000.00 0.00 318,230.85 318,230.85 63,966,000.00
A-3 77,267,000.00 77,267,000.00 0.00 399,212.83 399,212.83 77,267,000.00
A-4 54,546,000.00 54,546,000.00 0.00 283,184.65 283,184.65 54,546,000.00
A-5 23,920,000.00 23,920,000.00 0.00 131,161.33 131,161.33 23,920,000.00 5,579,653.13 474,942,803.74
A-6 35,000,000.00 35,000,000.00 0.00 176,750.00 176,750.00 35,000,000.00
M-1 31,250,000.00 31,250,000.00 0.00 173,958.33 173,958.33 31,250,000.00
M-2 18,750,000.00 18,750,000.00 0.00 110,625.00 110,625.00 18,750,000.00
B 20,000,000.00 20,000,000.00 0.00 141,166.67 141,166.67 20,000,000.00
R N/A N/A N/A 0.00 0.00 N/A
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TOTALS 500,000,000.00 477,501,167.59 8,138,016.98 2,459,384.33 10,597,401.31 469,363,150.61 5,579,653.13 474,942,803.74
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A-7IO 35,000,000.00 35,000,000.00 N/A 243,250.00 243,250.00 35,000,000.00 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
- ---------------------------------------------------------------- ----------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 46.42310643 4.13628371 825.23288863 A-1 5.69500000% 5.69438000%
A-2 0.00000000 4.97500000 1000.00000000 A-2 5.97000000% 5.97000000%
A-3 0.00000000 5.16666662 1000.00000000 A-3 6.20000000% 6.20000000%
A-4 0.00000000 5.19166667 1000.00000000 A-4 6.23000000% 6.23000000%
A-5 0.00000000 5.48333319 1000.00000000 A-5 6.58000000% 6.58000000%
A-6 0.00000000 5.05000000 1000.00000000 A-6 6.06000000% 6.06000000%
M-1 0.00000000 5.56666656 1000.00000000 A-7IO 8.34000000% 8.34000000%
M-2 0.00000000 5.90000000 1000.00000000 M-1 6.68000000% 6.68000000%
B 0.00000000 7.05833350 1000.00000000 M-2 7.08000000% 7.08000000%
- ---------------------------------------------------------------- B 8.47000000% 8.47000000%
TOTALS 16.27603396 4.91876866 938.7263012 -----------------------------------------------
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A-7IO N/A 6.95000000 1000.00000000
(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 1998, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-5
DISTRIBUTION: 20-Jan-99 PAGE 2
<TABLE>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 0.00
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 10,414,901.31
SECTION 7.08 (5) REALIZED LOSSES 0.00
SECTION 7.08 (6) 60+ DAY DELINQUENT LOANS 14,841,395.76
PER $1000
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SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 8,863,111.65 58.00
CLASS A-2 DISTRIBUTION 318,230.85 4.98
CLASS A-3 DISTRIBUTION 399,212.83 5.17
CLASS A-4 DISTRIBUTION 283,184.65 5.19
CLASS A-5 DISTRIBUTION 131,161.33 5.48
CLASS A-6 DISTRIBUTION 176,750.00 5.05
CLASS A-7IO DISTRIBUTION 243,250.00 6.95
CLASS M-1 DISTRIBUTION 173,958.33 5.57
CLASS M-2 DISTRIBUTION 110,625.00 5.90
CLASS B DISTRIBUTION 141,166.67 7.06
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 461,058.10 0.97
PRINCIPAL PREPAYMENTS 6,295,602.37 13.18
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 1,381,356.51 2.89
RECOVERIES FROM PRIOR MONTHS 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-7IO CARRYFORWARD 0.00
CLASS M-1 CARRYFORWARD 0.00
CLASS M-2 CARRYFORWARD 0.00
CLASS B CARRYFORWARD 0.00
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 474,942,803.74
ENDING NUMBER OF LOANS OUTSTANDING 7,989
SECTION 7.09 (a)(viii) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
SECTION 7.09 (a)(ix) WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS 10.8143%
SECTION 7.09 (a)(x) HAS A TRIGGER EVENT OCCURRED? NO
HAS A SUBORDINATED TRIGGER EVENT OCCURRED? NO
SECTION 7.09 (a)(xi) SENIOR ENHANCEMENT PERCENTAGE 15.9134%
SECTION 7.09 (a)(xii) OVERCOLLATERALIZATION AMOUNT 5,579,653.13
</TABLE>
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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IMC HOME EQUITY LOAN TRUST
PASS-THROUGH CERTIFICATES
SERIES 1998-5
DISTRIBUTION: 20-Jan-99 PAGE 3
<TABLE>
<CAPTION>
CLASS M-1 CLASS M-2 CLASS B
---------------------------------------------------------
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(xiii) APPLIED REALIZED LOSS AMOUNT 0.00 0.00 0.00
REALIZED LOSS AMORTIZATION AMOUNT 0.00 0.00 0.00
UNPAID REALIZED LOSS AMOUNT 0.00 0.00 0.00
</TABLE>
<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 301 17,455,530.21 3.68%
60-89 DAYS 108 6,341,852.27 1.34%
90 + DAYS 153 8,499,543.49 1.79%
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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 129
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 7,443,563.16
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 46
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 2,490,569.44
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 44
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,920,044.70
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 2461
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 171,173,758.08
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
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00
</TABLE>
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
