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Previous: MININGCO COM INC, S-1/A, 1999-02-25 |
Next: FINANCIAL ASSET SECS CORP ASSET BACKED CERTS SRS 1999-1, 8-K, 1999-02-25 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------------
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
------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-7
- -------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-48429-05 13-7182266
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (813) 984-8801
-----------------------------
NO CHANGE
- -------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Page 1
<PAGE> 2
Item 5. Other Events.
On January 20, 1999 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 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 $250,003.72.
Page 2
<PAGE> 3
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.
Page 3
<PAGE> 4
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
-----------------------------------------
Thomas G. Middleton
President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
-----------------------------------------
Stuart D. Marvin
Chief Financial Officer
Dated: January 20, 1999
Page 4
<PAGE> 5
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>
Page 5
<PAGE> 1
Exhibit 19
IMC HOME EQUITY LOAN TRUST 1998-7 ASSET BACKED NOTES SERIES 1998-7A & 1998-7B
STATEMENT TO CERTIFICATEHOLDERS
JANUARY 20, 1999
DISTRIBUTION IN DOLLARS
<TABLE>
<CAPTION>
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ------ -------------- -------------- ------------ ------------ ------------ -------- -------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
a 529,000,000.00 529,000,000.00 2,812,516.67 3,948,440.50 6,760,957.17 0.00 0.00 525,051,559.50
b 71,000,000.00 71,000,000.00 385,766.67 951,775.33 1,337,542.00 0.00 0.00 70,048,224.67
cert 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 600,000,000.00 600,000,000.00 3,198,283.34 4,900,215.83 8,098,499.17 0.00 0.00 595,099,784.17
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
- -------------------------------------------------------------------- ---------------------------------------------
PRIOR CURRENT CURRENT
CLASS PRINCIPAL PRINCIPAL PASS-THRU
FACTOR INTEREST PRINCIPAL TOTAL FACTOR CLASS RATE
- ----- ------ -------- --------- ----- ------ ----- ----
<S> <C> <C> <C> <C> <C> <C> <C>
a 1,000.0000000 5.316667 7.463971 12.780637 992.5360293 a 6.380000%
b 1,000.0000000 5.433333 13.405286 18.838620 986.5947137 b 6.520000%
TOTALS 1,000.0000000 5.330472 8.167026 13.497499 991.8329736
</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
Thomas Rollauer
450 W. 33rd Street, 14th Floor,
New York, New York 10001
Tel: (212) 946 3881
Email: [email protected]
<PAGE> 2
IMC HOME EQUITY LOAN TRUST 1998-7 ASSET BACKED NOTES SERIES 1998-7A & 1998-7B
JANUARY 20, 1999
POOL 1 INFORMATION
<TABLE>
<CAPTION>
<S> <C> <C>
Section 3.08 (1) Beginning Pool 1 Note Account Balance 0.00
Section 3.08 (2) Note A Current Interest 2,812,516.67
Section 3.08 (2) Note A Principal Remittance Amount 3,948,440.50
Section 3.08 (6) Pool 1 Realized Losses 0.00
Section 3.08 (7) Pool 1 Overcollateralization Reduction Amount 0.00
Section 3.08 (7) Pool 1 Overcollateralization Amount 1,516,868.53
Section 3.09(a)(ii) Note A Principal Distribution
Installment Principal Collected 141,782.36
Principal Prepayments 2,290,944.60
Overcolateralization Increase Amount 1,515,713.54
Recoveries From Prior Periods 0.00
Other 0.00
Section 3.09 (a)(iv) Note A Carry Forward Amount 0.00
Section 3.09 (a)(vi) Ending Aggregate Pool 1 Loan Balance 526,568,428.03
Ending Number of Loan Outstanding in Pool 1 8,056
Section 3.09 (a)(ix) Weighted Average Coupon Rate of Home Equity Loans in Pool 1 10.580000%
Section 3.09 (a)(xi) Pool 1 Substitution Amount-Principal 0.00
Pool 1 Substitution Amount-Interest 0.00
Pool 1 Loan Purchase Amount-Principal 0.00
Pool 1 Loan Purchase Amount-Interest 0.00
</TABLE>
<PAGE> 3
IMC HOME EQUITY LOAN TRUST 1998-7 ASSET BACKED NOTES SERIES 1998-7A & 1998-7B
JANUARY 20, 1999
POOL 2 INFORMATION
<TABLE>
<CAPTION>
<S> <C> <C>
Section 3.08 (1) Beginning Pool 2 Note Account Balance 0.00
Section 3.08 (2) Note B Current Interest 385,766.67
Section 3.08 (2) Note B Principal Remittance Amount 951,775.33
Section 3.08 (6) Pool 2 Realized Losses 0.00
Section 3.08 (7) Pool 2 Overcollateralization Reduction Amount 0.00
Section 3.08 (7) Pool 2 Overcollateralization Amount 183,495.34
Section 3.09(a)(ii) Note B Principal Distribution
Installment Principal Collected 124,929.74
Principal Prepayments 651,122.01
Overcolateralization Increase Amount 175,723.58
Recoveries From Prior Periods 0.00
Other 0.00
Section 3.09 (a)(iv) Note B Carry Forward Amount 0.00
Section 3.09 (a)(vi) Ending Aggregate Pool 2 Loan Balance 70,231,720.01
Ending Number of Loan Outstanding in Pool 2 384
Section 3.09 (a)(ix) Weighted Average Coupon Rate of Home Equity Loans in Pool 2 10.250600%
Section 3.09 (a)(xi) Pool 2 Substitution Amount-Principal 0.00
Pool 2 Substitution Amount-Interest 0.00
Pool 2 Loan Purchase Amount-Principal 0.00
Pool 2 Loan Purchase Amount-Interest 0.00
</TABLE>
<PAGE> 4
IMC HOME EQUITY LOAN TRUST 1998-7 ASSET BACKED NOTES SERIES 1998-7A & 1998-7B
JANUARY 20, 1999
Section 3.09 (b)(i) Delinquency Information
<TABLE>
<CAPTION>
Group 1
Period Number Principal Balance Percentage
<S> <C> <C> <C>
31-60 days 339 22,896,489.52 4.35%
61-90 days 108 7,213,404.67 1.37%
91+ days 4 296,848.98 0.06%
Total 451 30,406,743.17 5.78%
Group 2
Period Number Principal Balance Percentage
31-60 days 8 1,233,149.39 1.76%
61-90 days 2 515,240.72 0.73%
91+ days 0 0.00 0.00%
Total 10 1,748,390.11 2.49%
</TABLE>
Section 3.09 (b)(ii) Foreclosure Information
<TABLE>
<CAPTION>
Group 1
Number Principal Balance Percentage
<S> <C> <C>
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
</TABLE>
Total Number of Loans in Foreclosure
Total Balance of Loans in Foreclosure
<TABLE>
<S> <C> <C>
Section 3.09 (b)(ii) Number of Loans in Foreclosure that were commenced in prior month
Pool 1 0
Pool 2 0
Total 0
Section 3.09 (b)(ii) Balance of Loans in Foreclosure that were commenced in prior month
Pool 1 0.00
Pool 2 0.00
Total 0.00
Section 3.09 (b)(iii) Number of Loans in Bankruptcy
Pool 1 0
Pool 2 0
Total 0
Section 3.09 (b)(iii) Balance of Loans in Bankruptcy
Pool 1 0.00
Pool 2 0.00
Total 0.00
</TABLE>
<PAGE> 5
IMC HOME EQUITY LOAN TRUST 1998-7 ASSET BACKED NOTES SERIES 1998-7A & 1998-7B
JANUARY 20, 1999
<TABLE>
<S> <C> <C>
Section 3.09 (b)(iii) Number of Balloon Loans
Pool 1 2
Pool 2 1
Total 3
Section 3.09 (b)(iii) Balance of Balloon Loans
Pool 1 115,436.92
Pool 2 269,305.80
Total 384,742.72
Pool 1 0
Pool 2 0
Total 0
Section 3.09 (b)(iv) Balance of REO Properties
Pool 1 0.00
Pool 2 0.00
Total 0.00
Section 3.09 (b)(v) Book Value of REO Properties
Pool 1 0.00
Pool 2 0.00
Total 0.00
AGGREGATE INFORMATION
Section 3.08 (3) Amount of Insured Payment 0.00
Section 3.09 (b)(vi) Cumulative Loss Percentage 0.000000%
Current Period Realized Losses (both Pools) 0.00
Cumulative Realized Losses 0.00
Annual Loss Percentage (Rolling 12 month) 0.000000%
Section 3.09 (b)(vii) Sixty Plus Delinquency Percentage (Rolling 6 Month) 1.344754%
Sixty Plus Day Delinquent Loans 8,025,494.37
</TABLE>
<PAGE> 6
IMC HOME EQUITY LOAN TRUST 1998-7 ASSET BACKED NOTES SERIES 1998-7A & 1998-7B
JANUARY 20, 1999
POOL 1 NOTE ACCOUNT
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CREDITS
Monthly Remittance Amount 6,876,340.31
DEBITS
Trustee Fee 1,645.53
Trustee Reimbursable Expenses 0.00
Owner Trustee Fee 3,529.28
Premium Amount 110,208.33
Note A Current Interest 2,812,516.67
Principal Distribution (including O/C Amount) 3,948,440.50
Certificate Account Distribution 0.00
Remaining Amount 0.00
POOL 2 NOTE ACCOUNT
CREDITS
Monthly Remittance Amount 1,353,023.86
DEBITS
Trustee Fee 219.48
Trustee Reimbursable Expenses 0.00
Owner Trustee Fee 470.72
Premium Amount 14,791.67
Note B Current Interest 385,766.67
Principal Distribution (including O/C Amount) 951,775.33
Certificate Account Distribution 0.00
Remaining Amount 0.00
</TABLE>
<PAGE> 7
IMC HOME EQUITY LOAN TRUST 1998-7 ASSET BACKED NOTES SERIES 1998-7A & 1998-7B
JANUARY 20, 1999
RESERVE ACCOUNT
<TABLE>
<S> <C> <C> <C>
Reserve Requirement 18,699,636.13
Beginning Reserve Balance 0.00
CREDITS
Deposits form Pool 1 0.00
Deposits from Pool 2 0.00
DEBITS
Withdrawals to Pool 1 0.00
Withdrawals to Pool 2 0.00
Release to Certificate Distribution Account 0.00
Ending Reserve Balance 0.00
CERTIFICATE DISTRIBUTION ACCOUNT
Beginning Certificate Distribution Account Balance 0.00
CREDITS
Deposits form Pool 1 0.00
Deposits from Pool 2 0.00
Deposits from Reserve 0.00
DEBITS
Payment to Certificateholders 0.00
Ending Certificate Account Balance 0.00
</TABLE>
<PAGE> 8
IMC HOME EQUITY LOAN TRUST 1998-7 ASSET BACKED NOTES SERIES 1998-7A & 1998-7B
JANUARY 20, 1999
FOR INTERNAL USE ONLY
<TABLE>
<S> <C>
Pool 1 Specified O/C Amount (for info only) 17,986,000.00
Pool 2 specified O/C Amount (for info only) 2,414,000.00
Pool 1 O/C Deficiency (for info only) 16,469,131.47
Pool 2 O/C Deficiency (for info only) 2,230,504.66
Pool 1 O/C Deficit (for info only) 0.00
Pool 2 O/C Deficit (for info only) 0.00
</TABLE>
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