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EXHIBIT 99.3
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IMC HOME EQUITY LOAN TRUST 1997-7
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
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FIXED RATE HOME EQUITY LOANS
Approximate characteristics of the pool of Home Equity Loans identified as of
11/18/97. Home Equity Loans equal to approximately $620 million will be
delivered on the Closing Date:
TOTAL NUMBER OF LOANS: 8,056
TOTAL OUTSTANDING LOAN BALANCE: (@ 11/1/97) $454,953,346*
BALLOON (% OF TOTAL): 40.22%
LEVEL PAY (% OF TOTAL): 59.78%
AVERAGE LOAN PRINCIPAL BALANCE: $56,474 ($4,981 to $214,144)
WEIGHTED AVERAGE CLTV: 75.88% (2.00% to 100.00%)
% OF POOL WITH LTVS GREATER THAN 90%: 1.90%
WEIGHTED AVERAGE COUPON: 11.38% (6.50% to 24.00%)
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 233 (19 to 360)
WEIGHTED AVERAGE SEASONING (MONTHS): 2 (0 to 67)
WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 235 (48 to 360)
RANGE OF ORIGINAL TERMS: LEVEL PAY BALLOON
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Up to 60: 0.12% Up to 60: 0.17%
61 - 120: 1.90% 61 - 120: 0.26%
121 - 180: 18.01% 121 - 180: 39.78%
181 - 240: 11.83% 181 - 240: 0.01%
241 - 300: 0.48%
301 - 360: 27.44%
LIEN POSITION: 1st Lien: 89.17%
2nd Lien: 10.83%
PROPERTY TYPE: Single Family Detached: 89.94%
Single Family Attached: 0.29%
2-4 Family: 7.51%
Condominium/Townhouse: 1.28%
Other: 0.98%
OCCUPANCY STATUS: Owner Occupied: 92.25%
Non-Owner Occupied: 7.75%
GEOGRAPHIC DISTRIBUTION: NY: 15.98%
(states not listed individually account FL: 9.22% IL: 5.73%
for less than 5.00% of the Mortgage PA: 5.86%
Loan principal balance) MD: 6.86%
CREDIT QUALITY: A: 52.41%
(per IMC's guidelines) B: 25.05%
C: 18.61%
D: 3.93%
* BALANCES ARE A SUBSET OF THE FINAL POOL. A LARGER PERCENTAGE OF THE FINAL POOL
WILL BE DISCLOSED IN THE PROSPECTUS SUPPLEMENT FOR THIS OFFERING AND HOME EQUITY
LOANS OF APPROXIMATELY $620 MILLION WILL BE DELIVERED ON THE CLOSING DATE.
[XXXXXXX XXXXX LOGO] 1
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
2
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IMC HOME EQUITY LOAN TRUST 1997-7
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$775,000,000 OFFERING AMOUNT (APPROXIMATE)
FSA BOND INSURED
TITLE OF SECURITIES: IMC Home Equity Loan Trust 1997-7
SELLER AND SERVICER: IMC Mortgage Company, L.P.
Headquartered in Tampa, FL
DEPOSITOR: IMC Securities, Inc.
LEAD UNDERWRITER: PAINEWEBBER INCORPORATED
CO-UNDERWRITERS: Bear, Xxxxxxx and Co. Inc.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Xxxxxxx Xxxxx & Co.
TRUSTEE: The Chase Manhattan Bank
TRANSACTION SUMMARY (a)
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ESTIMATED ESTIMATED ESTIMATED
WAL PRINCIPAL PRINCIPAL EXPECTED
APPROXIMATE TO CALL LOCKOUT WINDOW STATED RATINGS
CERTIFICATE SIZE COUPON (YEARS) (YEARS) (YEARS) MATURITY (XXXXX'X/S&P)
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Class A-1 $255,140,000 Floating (b) 0.85 None 1.58 August 2012 Aaa / AAA
CLASS A-2 $112,820,000 Fixed 2.00 1.50 0.92 November 2012 Aaa / AAA
CLASS A-3 $120,840,000 Fixed 3.00 2.33 1.33 February 2013 Aaa / AAA
CLASS A-4 $ 44,310,000 Fixed 4.00 3.58 0.75 August 2015 Aaa / AAA
CLASS A-5 $ 71,100,000 Fixed 5.00 4.25 1.58 January 2021 Aaa / AAA
CLASS A-6 $ 61,770,000 Fixed 7.00 5.75 2.42 March 2025 Aaa / AAA
CLASS A-7 $ 54,775,000 Fixed 8.15 8.08 0.08 February 2029 Aaa / AAA
CLASS A-8 $ 54,245,000 Fixed/NAS 6.32 3.00 5.17 February 2029 Aaa / AAA
CLASS A-9IO $ 54,245,000(c) Fixed N/A N/A N/A November 2000 Aaa / AAA
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NOTES: (a) 100% Prepayment Assumption: 4.0% CPR in month 1,
and an additional 1.818% per annum in each month
thereafter until month 12. On and after month
12, 24% CPR. Run to 10% Call.
(b) The lesser of (i) One-Month LIBOR plus
0.__ % and (ii) the weighted average Coupon Rate
of the Home Equity Loans, less 0.62375% per
annum.
(c) Notional Balance based on the Class
A-8 Principal Balance for the first 36 payments
and 0 for each payment thereafter.
[XXXXXXX XXXXX LOGO] 2
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
3
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IMC HOME EQUITY LOAN TRUST 1997-7
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PREPAYMENT PRICING
SPEED ASSUMPTION: 4% CPR, increasing to 24% CPR over 12
months
PAYMENT DATE: The 20th day of each month (or the next
Business Day thereafter) commencing on
December 22, 1997.
CLOSING DATE: On or about November 25, 1997
CLEAN-UP CALL: The first Monthly Remittance Date on
which the aggregate Loan Balance of the
Home Equity Loans has declined to less than
10% of the aggregate Loan Balance as of the
Cut-Off Date.
PAYMENT DELAY: With the exception of the Class A-1
Certificates, 19 days.
With respect to the Class A-1
Certificates, 0 days.
INTEREST ACCRUAL PERIOD: With the exception of the Class
A-1 Certificates, interest will accrue on
the Certificates at a fixed rate during
the month prior to the month of the
related Payment Date on a 30/360-day
basis.
With respect to any Payment Date, the Class
A-1 Certificates will be entitled to
interest accrued from and including the
preceding Payment Date (or from the
Settlement Date in the case of the first
Payment Date) to and including the day
prior to the current Payment Date (the
"Class A-1 Accrual Period") at the Class
A-1 Certificate Interest Rate on the
aggregate principal balance of the Class
A-1 Certificates on an actual/360-day
basis.
The "Class A-1 Certificate Interest Rate"
will be equal to the lesser of (x) with
respect to any Payment Date, One-Month
LIBOR plus 0.__% per annum and (y) the
weighted average Coupon Rate of Home Equity
Loans, less 0.62375% per annum (the rate
described in the clause (y), the "Available
Funds Cap").
The coupon of each Class of Certificates
will increase by [0.50%] after the first
date on which the deal is callable.
[XXXXXXX XXXXX LOGO] 3
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
4
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IMC HOME EQUITY LOAN TRUST 1997-7
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CREDIT ENHANCEMENT: Credit enhancement with respect to
the Certificates will be provided by
(a) the overcollateralization mechanics
which utilize the excess interest created
by the internal cashflows of the pool,
and (b) the Financial Security
Assurance, Inc.("FSA") Insurance Policy.
Excess Spread. The weighted average Coupon
Rate of the Home Equity Loans is generally
expected to be higher than the sum of (a)
the servicing fee, (b) the weighted average
interest rate of the Bonds, (c) the trustee
fee and (d) the Premium Amount.
Overcollateralization: Excess spread will
be applied, to the extent available, to
make accelerated payments or distributions
of principal to the securities then
entitled to receive payments or
distributions of principal; such
application will cause the aggregate
principal balance of the Bonds to amortize
more rapidly than the Home Equity Loans,
resulting in overcollateralization. Prior
to the overcollateralization step down
date, overcollateralization is expected to
build to [2.0]% of the sum of (i) the
Initial Pool Principal Balance, (ii) the
Cut-off Date Principal Balance of each
Subsequent Home Equity Loan and (iii) the
amount, if any, on deposit in the
Pre-funding Account (net of investment
income) (the "Assumed Pool Principal
Balance"). On or after the
overcollateralization step down date,
overcollateralization will be permitted to
decrease to an amount equal to [4.0]% of
the then outstanding aggregate unpaid
principal balance of the Home Equity Loans
(the "Pool Principal Balance"), subject to
a floor of [0.5]% of the Assumed Pool
Principal Balance.
FSA Insurance Policy: FSA (the "Certificate
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal
on the Certificates (i.e. after any losses
reduce the overcollateralization to zero,
FSA will cover the excess, if any, of the
Certificate principal balance over the
aggregate collateral balance). The
Insurance Policy does not guarantee the
payment of A-1 coupon above the Available
Funds Cap. 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.
[XXXXXXX XXXXX LOGO] 4
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
5
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IMC HOME EQUITY LOAN TRUST 1997-7
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CUT-OFF DATE: November 1, 1997 (close of business)
APPROXIMATE SUMMARY OF
POOL BALANCES: $454,953,346 Identified as of 11/18/97
(described on page 2)
$500,000,000 To be identified for inclusion in
Prospectus Supplement (as of
Statistical Calculation Date)
$620,000,000 To be delivered on the Closing Date
$155,000,000 Pre-Funding Amount
$775,000,000 Final Pool Balance
STATISTICAL CALCULATION DATE: November 1, 1997 (close of business)
PRE-FUNDING ACCOUNT On the Closing Date, approximately
$155,000,000 will be deposited in an account
(the "Pre-Funding Account") and will be used
to acquire Subsequent Loans. The
"Pre-Funding Period" is the period commencing on
the Closing Date and ending generally on the
earlier to occur of (i) the date on which
the amount on deposit in the Pre-Funding
Account is less than $100,000 and (ii)
February 15, 1998.
OFFERING AMOUNT: Approximately $775,000,000
FORM OF OFFERING: Book-Entry form, same-day funds
through DTC, Euroclear, and CEDEL.
DENOMINATIONS: Minimum denominations of $25,000 and
multiples of $1,000 thereafter.
SERVICING/OTHER FEES: The collateral is subject to certain
fees, including a servicing fee of 0.50% per
annum payable monthly, Certificate 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: The trust, exclusive of the
Pre-funding account and the Capitalized
Interest account, will consist of two
segregated asset pools, (the "Upper-Tier
REMIC" and the "Lower-Tier REMIC"). Each
class of the Offered Certificates will be
designated as a "regular interest" in the
Upper-Tier REMIC.
ERISA CONSIDERATIONS: The Certificates may be purchased by employee
benefit plans that are subject to ERISA.
SMMEA ELIGIBILITY: The Certificates will NOT constitute
"mortgage-related securities" for
purposes of SMMEA.
[XXXXXXX XXXXX LOGO] 5
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
6
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IMC HOME EQUITY LOAN TRUST 1997-7
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BOND SENSITIVITY TO PREPAYMENTS
CLASS A-1 (TO CALL)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 8.22 1.44 1.06 0.85 0.72 0.63
Years to First
Principal Payment 0.08 0.08 0.08 0.08 0.08 0.08
Years to Last
Principal Payment 14.17 2.92 2.08 1.58 1.33 1.17
Principal Window
(years) 14.17 2.92 2.08 1.58 1.33 1.17
CLASS A-2 (TO CALL)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 14.56 3.76 2.60 2.00 1.63 1.38
Illustrative Yield @
Par (30/360) 6.48% 6.41% 6.37% 6.33% 6.29% 6.25%
Modified Duration
(years) 9.19 3.24 2.32 1.82 1.50 1.28
Years to First
Principal Payment 4.17 2.92 2.08 1.58 1.33 1.17
Years to Last
Principal Payment 14.75 4.67 3.17 2.42 2.00 1.67
Principal Window
(years) 0.67 1.83 1.17 0.92 0.75 0.58
CLASS A-3 (TO CALL)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 14.83 5.92 4.00 3.00 2.39 2.00
Illustrative Yield @
Par (30/360) 6.52% 6.49% 6.46% 6.43% 6.40% 6.37%
Modified Duration
(years) 9.27 4.77 3.42 2.64 2.15 1.82
Years to First
Principal Payment 14.75 4.67 3.17 2.42 2.00 1.67
Years to Last
Principal Payment 14.92 7.50 5.00 3.67 2.92 2.42
Principal Window
(years) 0.25 2.92 1.92 1.33 1.00 0.83
CLASS A-4 (TO CALL)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 15.57 8.35 5.39 4.00 3.12 2.55
Illustrative Yield @
Par (30/360) 6.65% 6.64% 6.61% 6.59% 6.56% 6.54%
Modified Duration
(years) 9.45 6.23 4.40 3.41 2.74 2.28
Years to First
Principal Payment 14.92 7.50 5.00 3.67 2.92 2.42
Years to Last
Principal Payment 17.00 9.17 5.92 4.33 3.42 2.75
Principal Window
(years) 2.17 1.75 1.00 0.75 0.58 0.42
[XXXXXXX XXXXX LOGO] 6
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
7
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IMC HOME EQUITY LOAN TRUST 1997-7
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BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
CLASS A-5 (TO CALL)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 19.46 10.63 6.95 5.00 3.89 3.12
Illustrative Yield @
Par (30/360) 6.75% 6.74% 6.72% 6.70% 6.68% 6.66%
Modified Duration
(years) 10.55 7.37 5.38 4.12 3.32 2.73
Years to First
Principal Payment 17.00 9.17 5.92 4.33 3.42 2.75
Years to Last
Principal Payment 22.50 12.25 8.42 5.83 4.50 3.58
Principal Window
(years) 5.58 3.17 2.58 1.58 1.17 0.92
CLASS A-6 (TO CALL)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 24.70 13.70 9.86 7.00 5.23 4.16
Illustrative Yield @
Par (30/360) 6.88% 6.86% 6.85% 6.84% 6.82% 6.80%
Modified Duration
(years) 11.61 8.64 6.96 5.39 4.26 3.51
Years to First
Principal Payment 22.50 12.25 8.42 5.83 4.50 3.58
Years to Last
Principal Payment 25.75 14.50 10.75 8.17 6.25 4.83
Principal Window
(years) 3.33 2.33 2.42 2.42 1.83 1.33
CLASS A-7 (TO CALL)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 25.74 14.49 10.74 8.15 6.48 5.26
Illustrative Yield @
Par (30/360) 7.07% 7.06% 7.05% 7.04% 7.03% 7.01%
Modified Duration
(years) 11.59 8.83 7.32 6.02 5.05 4.26
Years to First
Principal Payment 25.75 14.50 10.75 8.17 6.25 4.83
Years to Last
Principal Payment 25.75 14.50 10.75 8.17 6.50 5.33
Principal Window
(years) 0.08 0.08 0.08 0.08 0.33 0.58
Class A-8 XXX Xxxx (to call)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 11.84 7.78 6.95 6.32 5.59 4.87
Illustrative Yield @
Par (30/360) 6.72% 6.70% 6.69% 6.69% 6.68% 6.67%
Modified Duration
(years) 7.82 5.78 5.33 4.96 4.50 4.03
Years to First
Principal Payment 3.08 3.08 3.08 3.08 3.08 3.08
Years to Last
Principal Payment 25.75 14.50 10.75 8.17 6.50 5.33
Principal Window
(years) 22.75 11.50 7.75 5.17 3.50 2.33
[XXXXXXX XXXXX LOGO] 7
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
8
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IMC HOME EQUITY LOAN TRUST 1997-7
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BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
CLASS A-6 (TO MATURITY)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 24.88 13.73 10.00 7.06 5.23 4.16
Illustrative Yield @
Par (30/360) 6.88% 6.87% 6.86% 6.84% 6.82% 6.80%
Modified Duration
(years) 11.64 8.65 7.02 5.42 4.26 3.51
Years to First
Principal Payment 22.50 12.25 8.42 5.83 4.50 3.58
Years to Last
Principal Payment 26.83 14.75 11.83 8.92 6.25 4.83
Principal Window
(years) 4.42 2.58 3.50 3.17 1.83 1.33
CLASS A-7 BOND (TO MATURITY)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 28.21 16.87 14.11 11.44 8.93 6.78
Illustrative Yield @
Par (30/360) 7.09% 7.10% 7.14% 7.16% 7.15% 7.12%
Modified Duration
(years) 11.97 9.55 8.67 7.58 6.36 5.16
Years to First
Principal Payment 26.83 14.75 11.83 8.92 6.25 4.83
Years to Last
Principal Payment 29.50 24.92 19.08 15.08 14.00 11.58
Principal Window
(years) 2.75 10.25 7.33 6.25 7.83 6.83*
* Indicates an interruption in receipt of principal
CLASS A-8 XXX XXXX (TO MATURITY)
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% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
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Average Life (years) 11.84 7.78 7.00 6.47 6.08 5.77
Illustrative Yield @
Par (30/360) 6.72% 6.70% 6.70% 6.70% 6.72% 6.75%
Modified Duration
(years) 7.82 5.79 5.35 5.04 4.79 4.60
Years to First
Principal Payment 3.08 3.08 3.08 3.08 3.08 3.08
Years to Last
Principal Payment 29.25 23.00 17.58 14.75 13.75 11.42
Principal Window
(years) 26.25 20.00 14.58 11.75 10.75 8.42
[XXXXXXX XXXXX LOGO] 8
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
9
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IMC HOME EQUITY LOAN TRUST 1997-7
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The attached tables and other statistical analyses (the "Term
Sheet") are privileged and confidential and are intended for use by the
addressee only. This Term Sheet is furnished to you solely by Xxxxxxx Xxxxx,
Xxxxxx, Xxxxxx & Xxxxx Incorporated ("Xxxxxxx Xxxxx") and not by the issuer of
the securities or any of its affiliates. The issuer of these securities has not
prepared or taken part in the preparation of these materials. Neither Xxxxxxx
Xxxxx, the issuer of the securities nor any of its affiliates makes any
representation as to the accuracy or completeness of the information herein.
The information herein is preliminary, and will be subsequently filed with the
Securities and Exchange Commission. They may not be provided to any third party
other than the addressee's legal, tax, financial and/or accounting advisors for
the purposes of evaluating said material.
Numerous assumptions were used in preparing the Term Sheet which may
or may not be stated therein. As such, no assurance can be given as to the
accuracy, appropriateness or completeness of the Term Sheet in any particular
context; or as to whether the Term Sheet and/or the assumptions upon which it is
based reflect present market conditions or future market performance. This Term
Sheet should not be construed as either projections or predictions or as legal,
tax, financial or accounting advice.
Any yields or weighted average lives shown in the Term Sheet are
based on prepayment assumptions and actual prepayment experience may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepay ments on the underlying assets will occur at rates slower
or faster than the rates assumed in the attached Term Sheet. Furthermore,
unless otherwise provided, the Term Sheet assumes no losses on the underlying
assets and no interest shortfall. The specific characteristics of the
securities may differ from those shown in the Term Sheet due to differences
between the actual underlying assets and the hypothetical assets used in
preparing the Term Sheet. The principal amount and designation of any security
described in the Term Sheet are subject to change prior to issuance.
Although a registration statement (including the prospectus) relating
to the securities discussed in this communicati on has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities discussed in this communication in
any state in which such offer, solicitations or sale would be unlawful prior to
registratio n or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prosp ectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Term Sheet on any matter discussed in this communication. A final
prospectus and prospectus supplement may be obtained by contacting the Xxxxxxx
Xxxxx Trading Desk at (000) 000-0000.
Please be advised that asset-backed securities may not be
appropriate for all investors. Potential investors must be willing to assume,
among other things, market price volatility, prepayments, yield curve and
interest rate risk. Investors should fully consider the risk of an investment
in these securities.
If you have received this communication in error, please notify the
sending party immediately by telephone and return the original to such party by
mail.
[XXXXXXX XXXXX LOGO] 9
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Recipients must read the information contained in the attached statement. Do not
use or rely on this information if you have not received and reviewed the
statement. If you have not received the statement, call your Xxxxxxx Xxxxx
account executive for another copy.
