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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No. 1
to
Form 10-K/A
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _______ to _______.
Commission File Number 333-48429-05
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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(Exact name of registrant as specified in its charter)
New York 13-7182266
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(State of other jurisdiction of (I.R.S. Employer
Incorporation or organization) 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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Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered:
None None
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None
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(Title of class)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .
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Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (s 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and
asked prices of such stock, as of specified date within 60 days prior to the
date of filing:
Not Applicable
Documents Incorporated by Reference:
Not Applicable
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Part IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
EXHIBIT NO. DESCRIPTION
99.1 Annual Report of Independent
Accountants with respect to the
Servicer's overall servicing
operations (with Management
Assertion on Compliance with USAP).
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: IMC Securities, Inc.,
As Depositor
By: /s/ Thomas G. Middleton
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Name: Thomas G. Middleton
Title: President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
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Name: Stuart D. Marvin
Title: Chief Financial Officer
Date: May 17, 1999
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INDEX TO EXHIBITS
Item 14
EXHIBIT NO. DESCRIPTION
99.1 Annual Report of Independent
Accountants with respect to the
Servicer's overall servicing
operations (with Management
Assertion on Compliance with USAP).
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EXHIBIT 99.1
PRICEWATERHOUSECOOPERS
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PRICEWATERHOUSECOOPERS LLP
200 East Las Olas Boulevard
Suite 1700
Ft. Lauderdale, FL 33301
Telephone (954) 764-7111
Facsimile (954) 525-4453
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors of
Ocwen Federal Bank FSB
We have examined management's assertion about Ocwen Federal Bank FSB's ("the
Bank") compliance with the minimum servicing standards in the Mortgage Bankers
Association of America's (MBA's) Uniform Single Attestation Program for
Mortgage Bankers, with respect to the IMC Home Equity Loan Owner Trust 1998-7,
as of and for the year ended December 31, 1998, included in the accompanying
management assertion. Management is responsible for the Bank's compliance with
those minimum servicing standards. Our responsibility is to express an opinion
on management's assertion about the entity's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Bank's compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Bank's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Bank has complied with the
aforementioned minimum servicing standards, except for the instance of
noncompliance described in management's assertion, as of and for the year ended
December 31, 1998 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
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PricewaterhouseCoopers LLP
Fort Lauderdale, Florida
April 28, 1999
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O C W E N
MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP
April 28, 1999
As of and for the year ended December 31, 1998, with respect to IMC Home Equity
Loan Owner Trust 1998-7, except as specifically noted below, Ocwen Federal Bank
FSB (the "Bank") has complied in all material respects with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
(MBA's) Uniform Single Attestation Program for Mortgage Bankers ("USAP").
The Bank's December 1998 custodial account reconciliation was not prepared
within 45 days after the cutoff date. However, the reconciliation has
subsequently been prepared, and the reconciliations for January and February
1999 were prepared within 45 days after the cutoff date.
As of and for this same period, the Bank had in effect a fidelity bond in the
amount of $15,000,000 and an errors and omissions policy in the amount of
$10,000,000.
/s/ Christine A. Reich
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Christine A. Reich, President
/s/ Scott W. Anderson
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Scott W. Anderson, Vice President
of Residential Assets
/s/ Joseph P. Hillery
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Joseph P. Hillery, Senior Manager
of Investor Reporting
OCWEN FINANCIAL CORPORATION OCWEN FEDERAL BANK FSB
