<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) March 26, 1998
Bear Stearns Asset Backed Securities, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-43091 13-3836437
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) ID Number)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (212) 272-2000
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
Filing of Computational Materials and Consent of Independent Accountants.
This Current Report on Form 8-K is being filed to file the
following:
1. A copy of the Computational Materials (as defined below)
prepared by Bear, Stearns & Co. Inc.,, as an underwriter, in connection with the
issuance by IMC Home Equity Loan Owner Trust 1998-2 of Adjustable Rate Home
Equity Loan Asset-Backed Notes, Series 1998-2. The term "Computational
Materials" shall have the meaning given in the No-Action Letter of May 20, 1994
issued by the Securities and Exchange Commission (the "SEC") to Kidder, Peabody
Acceptance Corporation I, Kidder, Peabody & Co. Incorporated and Kidder
Structured Asset Corporation, as made applicable to other issuers and
underwriters by the Commission in response to the request of the Public
Securities Association dated May 24, 1994, and the supplemented in the No-Action
Letter of February 17, 1995 issued by the SEC to the Public Securities
Association.
2. The consent of Coopers & Lybrand LLP.
3. Statement of Eligibility of Trustee
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of Experts
25.1 Statement of Eligibility of Trustee
99.1 Computational Materials.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BEAR STEARNS ASSET BACKED
SECURITIES, INC.
By: /s/ Matthew Perkins
Name: Matthew Perkins
Title: Authorized Signatory
Dated: March 26, 1998
<PAGE>
EXHIBIT INDEX
Exhibit Page
23.1 Consent of Experts
25.1 Statement of Eligibility of Trustee
99.1 Computational Materials.
<PAGE>
COOPERS EXHIBIT 23.1
& LYBRAND
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus
Supplement of IMC Home Equity Loan Owner Trust 1998-2, of our report dated
February 3, 1997, on our audits of the consolidated financial statements of MBIA
Insurance Corporation and Subsidiaries as of December 31, 1996 and 1995 and for
each of the three years in the period ended December 31, 1996. We also consent
to the references to our firm under the caption "Report of Experts" in such
Prospectus Supplement.
/s/ Coopers & Lybrand
Coopers & Lybrand L.L.P.
New York, New York
March 26, 1998
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
-------------------------
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
-------------------------------------------
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
A TRUSTEE PURSUANT TO SECTION 305(b)(2) ________
----------------------------------------
THE CHASE MANHATTAN BANK
(Exact name of trustee as specified in its charter)
New York 13-4994650
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
270 Park Avenue
New York, New York 10017
(Address of principal executive offices) (Zip Code)
William H. McDavid
General Counsel
270 Park Avenue
New York, New York 10017
Tel: (212) 270-2611
(Name, address and telephone number of agent for service)
---------------------------------------------
IMC Home Equity Loan Owner Trust 1998-2
(Exact name of obligor as specified in its charter)
Delaware Applied For
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
c/o Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
(Address of principal executive offices) (Zip Code)
----------------------------------------
Asset Backed Notes
(Title of the indenture securities)
-------------------------------------------
<PAGE>
GENERAL
Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to
which it is subject.
New York State Banking Department, State House, Albany,
New York 12110.
Board of Governors of the Federal Reserve System, Washington,
D.C., 20551
Federal Reserve Bank of New York, District No. 2, 33 Liberty
Street, New York, N.Y.
Federal Deposit Insurance Corporation, Washington, D.C., 20429.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
<PAGE>
Item 16. List of Exhibits
List below all exhibits filed as a part of this Statement of
Eligibility.
1. A copy of the Articles of Association of the Trustee as now in
effect, including the Organization Certificate and the Certificates of Amendment
dated February 17, 1969, August 31, 1977, December 31, 1980, September 9, 1982,
February 28, 1985, December 2, 1991 and July 10, 1996 (see Exhibit 1 to Form T-1
filed in connection with Registration Statement No. 333-06249, which is
incorporated by reference).
2. A copy of the Certificate of Authority of the Trustee to Commence
Business (see Exhibit 2 to Form T-1 filed in connection with Registration
Statement No. 33-50010, which is incorporated by reference. On July 14, 1996, in
connection with the merger of Chemical Bank and The Chase Manhattan Bank
(National Association), Chemical Bank, the surviving corporation, was renamed
The Chase Manhattan Bank).
3. None, authorization to exercise corporate trust powers being
contained in the documents identified above as Exhibits 1 and 2.
4. A copy of the existing By-Laws of the Trustee (see Exhibit 4 to
Form T-1 filed in connection with Registration Statement No. 333-06249, which is
incorporated by reference).
5. Not applicable.
6. The consent of the Trustee required by Section 321(b) of the Act
(see Exhibit 6 to Form T-1 filed in connection with Registration Statement No.
33-50010, which is incorporated by reference. On July 14, 1996, in connection
with the merger of Chemical Bank and The Chase Manhattan Bank (National
Association), Chemical Bank, the surviving corporation, was renamed The Chase
Manhattan Bank).
7. A copy of the latest report of condition of the Trustee, published
pursuant to law or the requirements of its supervising or examining authority.
8. Not applicable.
9. Not applicable.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the
Trustee, The Chase Manhattan Bank, a corporation organized and existing under
the laws of the State of New York, has duly caused this statement of eligibility
to be signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of New York and State of New York, on the 31th day of March 1998.
THE CHASE MANHATTAN BANK
By /s/ Ann Marie Jose
----------------------
Ann Marie Jose
Trust Officer
- 3 -
<PAGE>
<TABLE>
<S> <C>
BEAR STEARNS BEAR, STEARNS & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 245 Park Avenue
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (212) 272-2000; (212) 272-7294 fax
</TABLE>
FAX TRANSMITTAL
IMC HOME EQUITY LOAN OWNER TRUST 1998-2
---------------------------------------
- ------------------------------------------------------------------------------
Fax to: Date:
Company: # Pages (incl. cover):
Fax No: Phone No:
- ------------------------------------------------------------------------------
From: Phone No:
- ------------------------------------------------------------------------------
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER
INFORMATION The information contained in the attached materials (the
"Information") may include various forms of performance analysis, security
characteristics and securities pricing estimates for the securities addressed.
Please read and understand this entire statement before utilizing the
Information. Should you receive Information that refers to the "Statement
Regarding Assumptions and Other Information," please refer to this statement
instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to
significant factors that may prove not to be as assumed. You should understand
the assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly
depending upon the value of the inputs given. Inputs to these models include
but are not limited to: prepayment expectations (economic prepayment models,
single expected lifetime prepayments or a vector of periodic prepayments),
interest rate assumptions (parallel and nonparallel changes for different
maturity instruments), collateral assumptions (actual pool level data,
aggregated pool level data, reported factors or imputed factors), volatility
assumptions (historically observed or implied current) and reported
information (paydown factors, rate resets, and trustee statements). Models
used in any analysis may be proprietary making the results difficult for any
third party to reproduce. Contact your registered representative for detailed
explanations of any modeling techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of
the security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of
these securities should be tested as assumptions different from those included
in the Information. The assumptions underlying the Information, including
structure and collateral, may be modified from time to time to reflect changed
circumstances. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement or private placement memorandum
(Offering Documents) and the then current version of the Information. Offering
Documents contain data that is current as of their publication dates and after
publication may no longer be complete or current.. Contact your registered
representative for Offering Documents, current Information or additional
materials, including other models for performance analysis, which are likely
to produce different results, and any further explanation regarding the
Information.
Any pricing estimates Bear Stearns has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a
bid by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Stearns assigns any
such security while in its inventory, and may not take into account the size
of a position you have in the security, and (e) may have been derived from
matrix pricing that uses data relating to other securities whose prices are
more readily ascertainable to produce a hypothetical price based on the
estimated yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained
from sources that we believe are reliable, but we do not guarantee the
accuracy of the underlying data or computations based thereon. Bear, Stearns.
and/or individuals thereof may have positions in these securities while the
Information is circulating or during such period may engage in transactions
with the issuer or its affiliates. We act as principal in transactions with
you, and accordingly, you must determine the appropriateness for you of such
transactions and address any legal, tax, or accounting considerations
applicable to you. Bear Stearns shall not be a fiduciary or advisor unless we
have agreed in writing to receive compensation specifically to act in such
capacities. If you are subject to ERISA, the Information is being furnished on
the condition that it will not form a primary basis for any investment
decision. The Information is not a solicitation of any transaction in
securities which may be made only by prospectus when required by law, in which
event you may obtain such prospectus from Bear Stearns.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Preliminary Term Sheet (page 1 of 5)
- -------------------------------------------------------------------------------
Lead Manager: BEAR STEARNS
Co-Managers: PaineWebber Incorporated
Deutsche Morgan Grenfell
J.P. Morgan & Co.
Seller and Servicer: IMC Mortgage Company
Depositor: Bear Stearns Asset Backed Securities, Inc.
Owner Trustee: Wilmington Trust Company
Indenture Trustee: The Chase Manhattan Bank
Custodian: BancBoston, N.A.
Registration: It is expected that the Notes will be delivered
in book-entry form only through the Same-Day
Funds Settlement System of The Depository Trust
Company, Cedel Bank, S.A. and the Euroclear
System.
Cut-off Date: As of the close of business on March 1, 1998.
Expected Closing Date: On or About March ___, 1998
Payment Dates: 20th day of each month (or the next succeeding
business day), commencing April 20, 1998.
Denominations: The Notes are issuable in minimum denominations
of an original amount of $25,000 and multiples
of $1,000 thereafter.
Note Rate: On each Payment Date, the "Note Rate" will be
equal to the lesser of (x) with respect to any
Payment Date which occurs on or prior to the
Redemption Date, One-Month LIBOR plus __% per
annum and for any Payment Date thereafter,
One-Month LIBOR plus __% per annum, and (y) the
Available Funds Cap.
Available Funds Cap: The "Available Funds Cap" is the weighted
average of the Coupon Rates on the Home Equity
Loans, less approximately [0.65375]% per annum.
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Preliminary Term Sheet (page 2 of 5)
- -------------------------------------------------------------------------------
Available Funds Cap
Carry Forward Amount: If, on any Payment Date, the Available Funds Cap
limits the Note Rate (i.e., the rate set by the
Available Funds Cap is less than the Formula
Note Rate which is defined in clause (x) of the
definition of Note Rate above), the amount of
any such shortfall will be carried forward and
be due and payable on future Payment Dates and
shall accrue interest at the applicable Formula
Note Rate, until paid (such shortfall, together
with such accrued interest, the "Available Funds
Cap Carry Forward Amount").
The Insurance Policy for the Notes does not
cover the Available Funds Cap Carry Forward
Amount; the payment of such amount may be funded
only from (i) any excess interest resulting from
the Available Funds Cap being in excess of the
Formula Note Rate on Future Payment Dates, and
(ii) any Net Monthly Excess Cashflow which would
otherwise be paid to the Servicer or the
Indenture Trustee on account of certain
reimburseable amounts, or to the Owners of the
Residual Interests.
Although Owners of the Notes will be entitled to
receive any Available Funds Cap Carry Forward
Amount from and to the extent of funds available
therefor as described herein, there is no
assurance that such funds will be available. The
failure to pay any Available Funds Cap Carry
Forward Amount due to a lack of funds therefor
will not constitute an Event of Default under
the Indenture. In addition, the Insurance Policy
does not cover, and the ratings of the notes do
not address the likelihood of the payment of any
Available Funds Cap Carry Forward Amount.
Credit Enhancement: Credit enhancement with respect to the Notes
will be provided by (a) the
overcollateralization mechanics which utilize
the excess interest created by the internal
cashflows of the pool, and (b) the MBIA
Insurance Policy.
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Preliminary Term Sheet (page 3 of 5)
- -------------------------------------------------------------------------------
Credit Enhancement (Cont'd): Overcollateralization: The required application
of the cashflow from the pool results in a
limited acceleration of the Notes relative to
the amortization of the Home Equity Loans in the
early months of the transaction. The accelerated
amortization is achieved by the application of
certain excess interest to the payment in
reduction of the Note Principal Balance. This
acceleration feature creates
overcollateralization (i.e., the excess of the
aggregate outstanding Loan Balance of the Home
Equity Loans over the Note Principal Balance).
Once the required level of overcollateralization
is reached, and subject to the provisions below,
the acceleration feature will cease unless
necessary to maintain the required level of
overcollateralization. The Sale and Servicing
Agreement provides that, subject to certain
floors, caps and triggers, the required level of
overcollateralization may increase or decrease
over time.
MBIA Insurance Policy: MBIA Insurance
Corporation (the "Note Insurer") will
unconditionally and irrevocably guarantee the
timely payment of interest and ultimate payment
of principal on the Notes (i.e. after any losses
reduce the overcollateralization to zero, MBIA
will cover the excess, if any, of the Note
Principal Balance over the aggregate collateral
balance). The Insurance Policy does not
guarantee the payment of Available Funds Cap
Carry-Forward Amounts. The Insured Payments do
not cover Realized Losses except to the extent
that an Overcollateralization Deficit exists.
Insured Payments do not cover the Servicer's
failure to make Delinquency Advances except to
the extent that an Overcollateralization Deficit
would otherwise result therefrom. The Insurance
Policy is not cancelable for any reason.
Pre-Funding Account: An amount not to exceed 25% of the aggregate
original principal balance of the Notes will be
placed in a pre-funding account for the
acquisition of additional home equity loans
during not longer than a [60-day] period
following the Closing Date. Sale proceeds will
also fund the Capitalized Interest Account.
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Preliminary Term Sheet (page 4 of 5)
- -------------------------------------------------------------------------------
Home Equity Loans: The Home Equity Loans to be included in the
Trust on the Closing Date will consist of
adjustable rate conventional home equity loans
and the Mortgage Notes relating thereof. Fixed
rate loans may be included in the Trust,
however, the aggregate balance of the fixed rate
loans will not exceed [5]% of the aggregate
original principal balance of the Notes.
Payment and Distribution
Priorities: (1) The Trustee fees and expenses and MBIA
Fees;
(2) To the Owners of the Notes, the Current
Interest;
(3) To the Owners of the Notes, the Principal
Distribution Amount;
(4) To the Owners of the Notes, in payment of
the Principal Distribution Amount to the
extent of any Available Funds Shortfall
from Total Monthly Excess Cashflow;
(5) To MBIA, amounts owed on account of any
Reimbursement Account from Total Monthly
Excess Cashflow;
(6) To the Owners of the Notes, any
Overcollateralization Deficiency Amount
from Net Monthly Excess Cashflow;
(7) To the Owners of the Notes, any Available
Funds Cap Carry Forward Amounts from Net
Monthly Excess Cashflow;
(8) To the Servicer, any unreimbursed Servicing
Advances from Net Monthly Excess Cashflow.
(9) To the Servicer, any unreimbursed Servicing
Advances and to MBIA, any Reimbursement
Amounts;
(10) To the Trustee, any unreimbursed expenses,
and;
(11) To the holders of the Residual Interest,
the remaining distributable amounts.
Optional Termination: The Notes may be redeemed in full at the option
of the holders of at least 50% of the Residual
Interest after the Loan Principal Balance is
less than 10% of the aggregate original
principal balance of the Notes. In addition, the
Servicer and the Note Insurer will have rights,
under limited circumstances, to acquire all of
the Home Equity Loans from the Indenture Trustee
and thereby effect a redemption of the Notes.
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Preliminary Term Sheet (page 5 of 5)
- -------------------------------------------------------------------------------
Servicing/Other Fees: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly, Note Insurer fees, and trustee
fees.
Advancing by Servicer: The Servicer is required to advance from its own
funds any delinquent payment of interest (not
principal) unless such interest is deemed to be
non-recoverable (the "Delinquency Advances").
Federal Tax Aspects: No election will be made to treat the Trust
Estate or any portion thereof as a REMIC for
federal income tax purposes. The Notes will be
treated as non-recourse obligations of the
Issuer and the Issuer will not be characterized
as an association (or a publicly traded
partnership) taxable as a corporation. Investors
are advised to consult their tax advisors and to
review the Prospectus and Prospectus Supplement.
ERISA Considerations: Subject to the discussion in the Prospectus and
Prospectus Supplement, the Notes may be
purchased by employee benefit plans that are
subject to ERISA.
SMMEA Eligibility: The Notes will not constitute "mortgage-related
securities" for purposes of SMMEA.
Prospectus: The Notes are being offered pursuant to a
Prospectus which includes a Prospectus
Supplement (together, the "Prospectus").
Complete information with respect to the Notes
and the collateral is contained in the
Prospectus. The material presented herein is
qualified in its entirety by the information
appearing in the Prospectus. To the extent that
the foregoing is inconsistent with the
Prospectus, the Prospectus shall govern in all
respects. Sales of the Notes may not be
consummated unless the purchaser has received
the Prospectus.
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information Relating to the Collateral (page 1 of 8)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
Adjustable Rate Home Equity Loans (1)
Preliminary characteristics of the Initial Home Equity Loans as of the Cut-Off
Date 3/1/98:
<TABLE>
<S> <C> <C>
Total Number of Loans: 4,568
Total Outstanding Loan Balance: $440,847,549
Balloon (% of Total): 0.56%
Non-Balloon (% of Total): 99.44%
Average Loan Principal Balance: $96,508 ($9,984 to $666,570)
Weighted Average CLTV : 76.99% (9.80% to 100.00%)
Weighted Average Coupon: 10.31% (5.91% to 16.70%)
Weighted Average Gross Margin: 6.90% (1.00% to 13.29%)
Weighted Average Lifetime Cap: 16.57% (8.00% to 23.70%)
Weighted Average Lifetime Floor: 10.01% (0.75% to 16.70%)
Weighted Average Initial Periodic Cap: 2.26% (0.50% to 7.00%)
Weighted Average Periodic Cap: 1.62% (0.50% to 6.50%)
Weighted Average Remaining Term to Maturity (months): 353 (107 to 360)
Weighted Average Seasoning (months): 5 (0 to 34)
Weighted Average Original Term (months): 358 (120 to 360)
Weighted Average Months to First Rate Change: 15 (1 to 57)
</TABLE>
<TABLE>
<CAPTION>
Range of Original Terms: Non-Balloon Balloon
---------------------- ----------------------
<S> <C> <C> <C> <C>
61 - 120: 0.00% 61 - 120: 0.19%
121 - 180: 0.28% 121 - 180: 0.38%
181 - 240: 0.41%
241 - 300: 0.00%
301 - 360: 98.74%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
Lien Position: 1st Lien: 99.86%
2nd Lien: 0.14%
Index: 6-mo LIBOR: 88.73%
1-yr CMT: 11.27%
Property Type: Single Family Detached: 92.38% Condominium/Townhouse: 2.29%
Single Family Attached: 1.11% Other: 0.52%
2-4 Family: 3.69%
Occupancy Status: Owner Occupied: 94.54%
Non-Owner Occupied: 5.46%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
Geographic Distribution: CA: 8.43% GA: 6.14%
(states not listed individually account IL: 8.18% FL: 5.52%
for less than 5.00% of the Mortgage MI: 7.73% NJ: 5.48%
Loan principal balance) NY: 6.85%
Credit Quality: A: 44.71%
(per IMC's guidelines) B: 26.91%
C: 21.98%
D: 6.40%
</TABLE>
(1) Fixed rate loans may be included in the Trust, however, the aggregate
balance of the fixed rate loans will not exceed [5]% of the aggregate original
principal balance of the Notes. There are no fixed rate home equity loans
included in the tables contained herein.
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information Relating to the Collateral (page 2 of 8)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
Adjustable Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of the Cut-Off
Date 3/1/98:
Geographic Distribution of Properties
<TABLE>
<CAPTION>
Number of Aggregate % of Aggregate
State Home Equity Loans Loan Balance Loan Balance
- ----- ----------------------- ----------------------- --------------------
<S> <C> <C> <C>
Alaska 1 225,079.26 0.05
Arizona 41 3,973,959.34 0.90
Arkansas 7 650,987.79 0.15
California 256 37,172,675.86 8.43
Colorado 87 10,396,395.13 2.36
Connecticut 124 12,584,082.83 2.85
Delaware 14 1,137,379.16 0.26
District of Columbia 14 1,978,542.20 0.45
Florida 242 24,333,381.83 5.52
Georgia 220 27,046,474.90 6.14
Hawaii 12 1,962,224.39 0.45
Idaho 43 3,106,162.42 0.70
Illinois 361 36,043,270.66 8.18
Indiana 160 9,563,725.68 2.17
Iowa 25 1,790,688.51 0.41
Kansas 11 815,685.13 0.19
Kentucky 35 2,235,801.97 0.51
Louisiana 15 1,111,175.77 0.25
Maine 11 986,966.54 0.22
Maryland 166 20,041,235.48 4.55
Massachusetts 94 10,285,919.67 2.33
Michigan 475 34,072,807.26 7.73
Minnesota 97 9,523,352.71 2.16
Mississippi 13 850,498.01 0.19
Missouri 74 6,253,151.50 1.42
Montana 7 629,530.34 0.14
Nebraska 7 451,954.00 0.10
Nevada 32 3,798,522.85 0.86
New Hampshire 13 1,174,412.68 0.27
New Jersey 202 24,166,546.90 5.48
New Mexico 102 10,336,115.54 2.34
New York 268 30,189,628.50 6.85
North Carolina 189 16,412,082.07 3.72
North Dakota 1 37,928.28 0.01
Ohio 327 21,414,447.95 4.86
Oklahoma 21 1,272,036.92 0.29
Oregon 49 5,213,833.55 1.18
Pennsylvania 167 14,168,771.13 3.21
Rhode Island 35 3,095,753.53 0.70
South Carolina 42 3,405,578.15 0.77
South Dakota 4 316,405.69 0.07
Tennessee 30 2,281,181.69 0.52
Texas 180 15,188,763.06 3.45
Utah 52 5,665,094.05 1.29
Vermont 2 385,465.19 0.09
Virginia 61 7,443,480.56 1.69
Washington 81 7,685,169.38 1.74
West Virginia 18 1,334,875.65 0.30
Wisconsin 74 6,240,940.14 1.42
Wyoming 6 397,407.41 0.09
----------------------- ----------------------- --------------------
Total 4,568 $ 440,847,549.21 1.00.00%
</TABLE>
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information Relating to the Collateral (page 3 of 8)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
ADJUSTABLE RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the Cut-Off
Date 3/1/98:
Combined Loan-to-Value Ratios
<TABLE>
<CAPTION>
Range of Number of Aggregate % of Aggregate
Original CLTV's Home Equity Loans Loan Balance Loan Balance
- --------------- -------------------- ----------------------- --------------------
<S> <C> <C> <C>
Up to 10.00% 1 9,991.37 0.00
10.01 - 15.00 2 108,838.79 0.02
15.01 - 20.00 3 286,489.89 0.06
20.01 - 25.00 9 303,206.51 0.07
25.01 - 30.00 11 513,099.16 0.12
30.01 - 35.00 17 832,296.21 0.19
35.01 - 40.00 27 1,493,778.75 0.34
40.01 - 45.00 46 3,266,474.95 0.74
45.01 - 50.00 75 4,666,319.52 1.06
50.01 - 55.00 77 5,618,469.32 1.27
55.01 - 60.00 161 12,684,123.12 2.88
60.01 - 65.00 371 29,630,143.37 6.72
65.01 - 70.00 510 40,429,080.64 9.17
70.01 - 75.00 812 81,555,378.47 18.50
75.01 - 80.00 1,332 136,288,070.75 30.92
80.01 - 85.00 573 58,217,379.89 13.21
85.01 - 90.00 468 56,814,777.67 12.89
90.01 - 95.00 27 3,566,229.20 0.81
95.01 - 100.00 46 4,563,401.63 1.04
-------------------- ----------------------- --------------------
Total 4,568 $ 440,847,549.21 100.00%
</TABLE>
Cut-Off Date Coupon Rates
<TABLE>
<CAPTION>
Range of Number of Aggregate % of Aggregate
Coupon Rates Home Equity Loans Loan Balance Loan Balance
- ------------ ------------------ ----------------------- --------------------
<S> <C> <C> <C>
5.001 - 6.000% 1 78,428.36 0.02
6.001 - 7.000 17 3,154,164.17 0.72
7.001 - 8.000 105 14,828,987.25 3.36
8.001 - 9.000 475 59,248,899.34 13.44
9.001 - 10.000 1,146 121,764,555.46 27.62
10.001 - 11.000 1,390 131,948,223.91 29.93
11.001 - 12.000 855 70,423,793.64 15.97
12.001 - 13.000 364 26,236,251.69 5.95
13.001 - 14.000 143 8,826,493.21 2.00
14.001 - 15.000 61 3,822,266.38 0.87
15.001 - 16.000 7 345,653.15 0.08
16.001 - 17.000 4 169,832.65 0.04
------------------ ----------------------- --------------------
Total 4,568 $ 440,847,549.21 100.00%
</TABLE>
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information Relating to the Collateral (page 4 of 8)
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
ADJUSTABLE RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the Cut-Off
Date 3/1/98:
Distribution of Months Since Origination
<TABLE>
<CAPTION>
Number of Months Number of Aggregate % of Aggregate
Since Origination Home Equity Loans Loan Balance Loan Balance
- ----------------- ----------------------- ----------------------- --------------------
<S> <C> <C> <C>
0 - 1 265 20,696,068.28 4.69
2 - 12 4,278 417,688,364.08 94.75
13 - 24 23 2,394,310.30 0.54
25 - 36 2 68,806.55 0.02
----------------------- ----------------------- --------------------
Total 4,568 $ 440,847,549.21 100.00%
</TABLE>
Cut-Off Date Loan Balances
<TABLE>
<CAPTION>
Cut-Off Date Number of Aggregate % of Aggregate
Loan Balances ($) Home Equity Loans Loan Balance Loan Balance
- ----------------- -------------------- ----------------------- --------------------
<S> <C> <C> <C>
Up to 25,000.00 132 2,752,362.38 0.62
25,000.01 - 50,000.00 894 35,137,872.87 7.97
50,000.01 - 75,000.00 1,152 71,602,053.84 16.24
75,000.01 - 100,000.00 844 73,650,860.13 16.71
100,000.01 - 125,000.00 515 57,427,351.88 13.03
125,000.01 - 150,000.00 375 51,399,637.64 11.66
150,000.01 - 175,000.00 201 32,369,364.60 7.34
175,000.01 - 200,000.00 132 24,691,235.87 5.60
200,000.01 - 225,000.00 92 19,537,048.29 4.43
225,000.01 - 250,000.00 58 13,718,120.68 3.11
250,000.01 - 275,000.00 40 10,452,862.32 2.37
275,000.01 - 300,000.00 30 8,620,024.35 1.96
300,000.01 - 325,000.00 24 7,586,777.01 1.72
325,000.01 - 350,000.00 17 5,736,829.85 1.30
350,000.01 - 375,000.00 16 5,793,720.65 1.31
375,000.01 - 400,000.00 13 5,060,193.01 1.15
400,000.01 - 425,000.00 8 3,315,348.66 0.75
425,000.01 - 450,000.00 7 3,080,727.43 0.70
450,000.01 - 475,000.00 6 2,801,394.25 0.64
475,000.01 - 500,000.00 9 4,372,998.65 0.99
525,000.01 - 550,000.00 2 1,074,195.09 0.24
650,000.01 - 675,000.00 1 666,569.76 0.15
-------------------- ----------------------- --------------------
Total 4,568 $ 440,847,549.21 100.00%
</TABLE>
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information Relating to the Collateral (page 5 of 8)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
Adjustable Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of the Cut-Off
Date 3/1/98:
Distribution of Minimum Coupon Rates
<TABLE>
<CAPTION>
Range of Minimum Number of Aggregate % of Aggregate
Coupon Rates Home Equity Loans Loan Balance Loan Balance
- ---------------- ----------------- ----------------- ----------------
<S> <C> <C> <C>
Up to 5.000% 9 1,082,197.53 0.25
5.001 - 6.000 41 5,088,399.86 1.15
6.001 - 7.000 96 12,735,002.64 2.89
7.001 - 8.000 165 20,218,779.92 4.59
8.001 - 9.000 564 66,765,039.67 15.14
9.001 - 10.000 1,187 124,734,193.75 28.29
10.001 - 11.000 1,296 120,085,412.32 27.24
11.001 - 12.000 715 57,096,802.57 12.95
12.001 - 13.000 305 21,187,501.73 4.81
13.001 - 14.000 125 8,076,942.60 1.83
14.001 - 15.000 55 3,304,009.99 0.75
15.001 - 16.000 6 303,433.98 0.07
16.001 - 17.000 4 169,832.65 0.04
----------------- ----------------- ----------------
Total 4,568 $ 440,847,549.21 100.00%
</TABLE>
Distribution of Maximum Coupon Rates
<TABLE>
<CAPTION>
Range of Maximum Number of Aggregate % of Aggregate
Coupon Rates Home Equity Loans Loan Balance Loan Balance
- ---------------- ----------------- ----------------- ---------------
<S> <C> <C> <C>
7.001 - 8.000% 1 39,053.39 0.01
8.001 - 9.000 1 254,091.42 0.06
9.001 - 10.000 1 90,940.61 0.02
10.001 - 11.000 2 249,083.38 0.06
11.001 - 12.000 13 1,143,754.17 0.26
12.001 - 13.000 53 7,240,689.25 1.64
13.001 - 14.000 110 14,696,908.93 3.33
14.001 - 15.000 368 45,122,024.71 10.24
15.001 - 16.000 840 91,478,018.02 20.75
16.001 - 17.000 1,264 126,833,802.28 28.77
17.001 - 18.000 1,017 89,071,898.09 20.20
18.001 - 19.000 530 40,074,017.52 9.09
19.001 - 20.000 231 15,684,445.05 3.56
20.001 - 21.000 106 6,655,546.01 1.51
21.001 - 22.000 23 1,858,183.31 0.42
22.001 - 23.000 6 282,749.52 0.06
23.001 - 24.000 2 72,343.55 0.02
----------------- ----------------- ---------------
Total 4,568 $ 440,847,549.21 100.00%
</TABLE>
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information Relating to the Collateral (page 6 of 8)
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
ADJUSTABLE RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the Cut-Off
Date 3/1/98:
Distribution of Margins
Six-Month LIBOR Loans
<TABLE>
<CAPTION>
Number of Aggregate % of Aggregate
Range of Margins Home Equity Loans Loan Balance Loan Balance
- ---------------- ----------------------- ----------------------- --------------------
<S> <C> <C> <C>
Up to 2.000% 3 331,950.86 0.08
2.001 - 3.000 6 582,821.75 0.13
3.001 - 4.000 31 4,336,499.83 0.98
4.001 - 5.000 150 17,111,896.28 3.88
5.001 - 6.000 776 80,573,393.35 18.28
6.001 - 7.000 1,559 150,946,676.55 34.24
7.001 - 8.000 894 73,901,964.90 16.76
8.001 - 9.000 402 30,006,935.95 6.81
9.001 - 10.000 170 14,806,085.78 3.36
10.001 - 11.000 100 10,620,192.87 2.41
11.001 - 12.000 66 5,741,475.51 1.30
12.001 - 13.000 19 1,934,470.28 0.44
13.001 - 14.000 3 268,626.04 0.06
----------------------- ----------------------- --------------------
Subtotal 4,179 $ 391,162,989.95 88.73
</TABLE>
CMT Loans
<TABLE>
<CAPTION>
Number of Aggregate % of Aggregate
Range of Margins Home Equity Loans Loan Balance Loan Balance
- ---------------- ----------------------- ----------------------- --------------------
<S> <C> <C> <C>
3.001 - 4.000% 9 986,817.88 0.22
4.001 - 5.000 17 2,536,269.54 0.58
5.001 - 6.000 90 11,406,677.85 2.59
6.001 - 7.000 147 20,333,286.28 4.61
7.001 - 8.000 116 13,323,420.22 3.02
8.001 - 9.000 6 863,089.66 0.20
9.001 - 10.000 3 183,321.33 0.04
12.001 - 13.000 1 51,676.50 0.01
----------------------- ----------------------- --------------------
Subtotal 389 $ 49,684,559.26 11.27
Total 4,568 $ 440,847,549.21 100.00%
======================= ======================= ====================
</TABLE>
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information Relating to the Collateral (page 7 of 8)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
Adjustable Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of the Cut-Off
Date 3/1/98:
Distribution of Next Coupon Rate Change
Six-Month LIBOR Loans
<TABLE>
<CAPTION>
Month of Next Number of Aggregate % of Aggregate
Coupon Rate Change Home Equity Loans Loan Balance Loan Balance
- ------------------ ----------------- ----------------- ----------------
<S> <C> <C> <C>
April 1998 163 18,014,515.33 4.09
May 1998 216 21,572,914.14 4.89
June 1998 271 24,738,646.24 5.61
July 1998 307 32,532,512.00 7.38
August 1998 195 19,041,116.68 4.32
September 1998 228 25,817,047.36 5.86
November 1998 4 438,958.07 0.10
December 1998 6 525,267.16 0.12
January 1999 19 1,506,390.91 0.34
February 1999 14 1,171,651.02 0.27
March 1999 6 847,521.29 0.19
April 1999 7 855,495.51 0.19
May 1999 13 1,309,072.80 0.30
June 1999 66 6,187,978.29 1.40
July 1999 113 9,237,503.42 2.10
August 1999 103 8,739,035.02 1.98
September 1999 187 16,909,260.31 3.84
October 1999 187 16,131,199.99 3.66
November 1999 425 39,099,321.95 8.87
December 1999 561 49,950,429.08 11.33
January 2000 564 50,761,526.14 11.51
February 2000 204 15,435,077.61 3.50
March 2000 8 510,720.00 0.12
May 2000 1 54,483.94 0.01
July 2000 2 155,652.64 0.04
August 2000 11 1,012,969.01 0.23
September 2000 18 1,627,831.29 0.37
October 2000 56 4,999,206.03 1.13
November 2000 102 9,237,715.02 2.10
December 2000 79 7,817,734.56 1.77
January 2001 29 3,124,228.20 0.71
February 2001 5 692,235.00 0.16
March 2001 2 167,700.00 0.04
January 2002 1 64,276.08 0.01
August 2002 1 127,642.60 0.03
October 2002 1 33,269.31 0.01
November 2002 3 664,932.90 0.15
December 2002 1 49,953.05 0.01
----------------- ----------------- ----------------
Subtotal 4,179 $ 391,162,989.95 88.73%
</TABLE>
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information Relating to the Collateral (page 8 of 8)
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
- -------------------------------------------------------------------------------
Adjustable Rate Home Equity Loans
Preliminary characteristics of the Initial Home Equity Loans as of the Cut-Off
Date 3/1/98:
Distribution of Next Coupon Rate Change
CMT Loans
<TABLE>
<CAPTION>
Month of Next Number of Aggregate % of Aggregate
Coupon Rate Change Home Equity Loans Loan Balance Loan Balance
- ------------------ ----------------- ------------------ ------------------
<S> <C> <C> <C>
April 1998 21 2,465,977.56 0.56
May 1998 38 4,910,707.91 1.11
June 1998 106 13,651,368.43 3.10
July 1998 79 11,876,717.51 2.69
August 1998 11 2,340,872.49 0.53
September 1998 1 169,579.47 0.04
October 1998 13 1,198,774.46 0.27
November 1998 6 718,295.66 0.16
December 1998 12 932,701.19 0.21
January 1999 14 1,250,111.32 0.28
February 1999 2 287,902.65 0.07
March 1999 1 69,551.91 0.02
July 1999 1 113,961.22 0.03
August 1999 1 113,939.81 0.03
September 1999 1 68,537.52 0.02
November 1999 4 433,780.91 0.10
January 2000 1 46,300.00 0.01
April 2000 8 824,539.20 0.19
May 2000 16 2,152,311.98 0.49
June 2000 38 4,323,594.42 0.98
July 2000 13 1,521,177.92 0.35
August 2000 1 58,901.20 0.01
September 2000 1 154,954.52 0.04
----------------- ------------------ ------------------
Subtotal 389 $ 49,684,559.26 11.27%
Total 4,568 440,847,549.21 100.00%
================= ================== ==================
</TABLE>
Distribution of Remaining Term to Maturity
<TABLE>
<CAPTION>
Months Remaining Number of Aggregate % of Aggregate
to Maturity Home Equity Loans Loan Balance Loan Balance
- ---------------- ----------------- ----------------- --------------
<S> <C> <C> <C>
61 - 120 10 816,189.81 0.19
121 - 180 41 2,921,747.80 0.66
181 - 240 14 1,795,891.69 0.41
301 - 360 4,503 435,313,719.91 98.74
----------------- ----------------- --------------
Total 4,568 $ 440,847,549.21 100.00%
</TABLE>
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information relating to the Notes (page 1 of 2)
- -------------------------------------------------------------------------------
Transaction Summary (a)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Estimated Estimated Estimated
WAL Modified Principal Expected
Approximate Note to Call Duration Window Ratings
Size Rate (years) (years) (months) (Moody's/ S&P)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$700,000,000 Floating (b) 2.39 2.07 77 Aaa/AAA
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
Notes: (a) 100% Prepayment Assumption: Constant 30% CPR. .
Priced to 10% optional call.
(b) On each Payment Date, the "Note Rate" will be equal
to the lesser of (x) with respect to any Payment
Date which occurs on or prior to the Redemption
Date, One-Month LIBOR plus __% per annum and for
any Payment Date thereafter, One-Month LIBOR plus
__% per annum, and (y) the Available Funds Cap.
(c) Fixed rate loans may be included in the Trust,
however, the aggregate balance of the fixed rate
loans will not exceed [5]% of the aggregate
original principal balance of the Notes. There are
no fixed rate home equity loans included in this
analysis.
<TABLE>
<CAPTION>
Notes (to maturity)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Constant CPR 0.00% 15.00% 22.50% 30.00% 37.50% 45.00%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.30 5.44 3.59 2.60 1.99 1.57
Modified Duration (years) 11.15 4.02 2.88 2.20 1.73 1.40
First Principal Payment 4/20/98 4/20/98 4/20/98 4/20/98 4/20/98 4/20/98
Last Principal Payment 2/20/28 6/20/24 10/20/17 9/20/12 5/20/09 1/20/07
Principal Lockout (months) none none None none none none
Principal Window (months) 359 315 235 174 134 106
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
Notes (to 10% clean-up call)
- ------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Constant CPR 0.00% 15.00% 22.50% 30.00% 37.50% 45.00%
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Average Life (years) 21.26 5.04 3.30 2.39 1.82 1.44
Modified Duration (years) 11.14 3.87 2.74 2.07 1.62 1.31
First Principal Payment 4/20/98 4/20/98 4/20/98 4/20/98 4/20/98 4/20/98
Last Principal Payment 1/20/27 9/20/11 2/20/07 8/20/04 2/20/03 2/20/02
Principal Lockout (months) none none none none none none
Principal Window (months) 346 162 107 77 59 47
- ------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
<PAGE>
IMC Home Equity Loan Owner Trust 1998-2
Computational Materials: Information relating to the Notes (page 2 of 2)
- -------------------------------------------------------------------------------
Available Funds Cap Analysis (a)
<TABLE>
<CAPTION>
Period Available Funds Cap Available Funds Cap
(all ARMs) (up to 5% fixed)
- ------------------------- ----------------------- -------------------------
<S> <C> <C>
1 7.20 7.23
2 9.65 9.68
3 9.65 9.68
4 9.65 9.68
5 10.12 10.12
6 10.28 10.27
7 10.28 10.27
8 10.28 10.27
9 10.28 10.28
10 10.28 10.28
11 10.47 10.45
12 10.54 10.52
13 10.54 10.52
14 10.54 10.52
15 10.54 10.52
16 10.54 10.52
17 10.57 10.54
18 10.58 10.56
19 10.58 10.56
20 10.58 10.56
21 11.35 11.26
22 11.61 11.52
23 11.61 11.52
24 11.61 11.52
25 11.61 11.52
26 11.61 11.52
27 11.61 11.51
28 11.64 11.54
29 11.65 11.55
30 11.65 11.55
31 11.65 11.55
32 11.65 11.54
33 11.80 11.68
34 11.85 11.73
35 11.85 11.73
36 11.85 11.73
37 11.85 11.72
38 11.85 11.72
39 11.89 11.76
40 11.91 11.77
41 11.91 11.77
42 11.91 11.77
</TABLE>
(a) Prepayment Speed Assumption: ARMs (30% CPR), Fixed (4-18% CPR in 12 months)
- -------------------------------------------------------------------------------
BEAR STEARNS
This information should be considered only after reading Bear Stearns'
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information (the "Statement"), which should be attached. Do not use or rely on
this information if you have not received and reviewed this Statement. You may
obtain a copy of the Statement from your sales representative.
