1
EX. 99.1
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IMC HOME EQUITY LOAN TRUST 1998-5
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[$500,000,000] OFFERING AMOUNT
TRANSACTION SUMMARY
---------------------------------------------------------------------------------------------------------------------------
ESTIMATED ESTIMATED ESTIMATED
WAL MODIFIED PAYMENT EXPECTED
APPROXIMATE TO CALL DURATION WINDOW RATINGS
CERTIFICATE(a) SIZE COUPON (YEARS) (YEARS) (# PMT DATES) (XXXXX'X/S&P/FITCH)
---------------------------------------------------------------------------------------------------------------------------
CLASS A-1 [$175,301] Floating (b) [0.90] [0.85] [1-20 (20)] Aaa / AAA / AAA
CLASS A-2 [$63,966] Fixed [2.00] [1.83] [20-28 (9)] Aaa / AAA / AAA
CLASS A-3 [$77,267] Fixed [3.00] [2.66] [28-48 (21)] Aaa / AAA / AAA
CLASS A-4 [$54,546] Fixed [5.40] [4.44] [48-95 (48)] Aaa / AAA / AAA
CLASS A-5 [$23,920] Fixed (c) [7.94] [6.06] [95-95 (1)] Aaa / AAA / AAA
CLASS A-6 [$35,000] Fixed (c) [6.37] [5.08] [39-95 (57)] Aaa / AAA / AAA
CLASS A-7IO [$35,000] IO (d) n/a [1.24] n/a Aaa/AAAr/AAA
CLASS M-1 [$31,250] Fixed (c) [5.35] [4.27] [38-95 (58)] Aa2 / AA / AA
CLASS M-2 [$18,750] Fixed (c) [5.34] [4.22] [37-95 (59)] A2 / A / A
CLASS B [$20,000] Fixed (c) [5.33] [4.09] [37-95 (59)] Baa3 / BBB- / BBB
---------------------------------------------------------------------------------------------------------------------------
NOTES:
(a) The certificates will be priced to the 10% Optional Termination.
(b) The Pass-Through Rate on the Class A-1 Certificates adjusts monthly based
on One Month LIBOR, and will be the lesser of One Month LIBOR + [ ]%, and
(ii) the weighted average Coupon Rate of the Home Equity Loans, less the
servicing and trustee fees.
(c) The Pass-Through Rate on the Class A-5, A-6, M-1, M-2 and B Certificates
will equal the lesser of (i) their respective Pass-Through Rates, and (ii)
the weighted average Coupon Rate of the Home Equity Loans, less the sum of
(A) approximately [0.50375]% per annum plus (B) the product of the Class
A-7IO Pass-Through Rate and the Class A-7IO Notional Balance divided by
the Loan Balance of the Home Equity Loans. The pass-through rate for each
class remaining outstanding will increase by 0.50% for remittance periods
beginning after the Clean-up Call Date.
(d) The Class A-7IO Certificates are interest only Certificates. Interest on
the Class A-7IO will be paid on a notional principal balance equal to the
then outstanding principal balance of the Class A-6 Certificates
(initially $[35,000,000]) at a Pass-Through Rate of [8.34]% per annum,
from the first Payment Date until the Payment Date in [March 2001].
PRICING INFORMATION
PREPAYMENT PRICING
SPEED ASSUMPTION: 4% CPR, increasing to 25% CPR over 12 months
PAYMENT DATE: The 20th day of each month (or the next Business Day thereafter) commencing in October, 1998.
PAYMENT DELAY: With the exception of the Class A-1 Certificates, 19 days. With respect to the Class A-1
Certificates, 0 days.
SETTLEMENT (CLOSING) DATE: On or about September [10], 1998.
CLEAN-UP CALL DATE: The first Payment 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.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
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PRICING INFORMATION (CONTINUED)
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 based on a 30/360 day
basis.
With respect to any Payment Date, the Class A-1 Certificates will be entitled to interest which
has accrued thereon from 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.
Calculations of Interest on the Class A-1 Certificates will be made on an actual/360 day basis.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 2
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DESCRIPTION OF SECURITIES
TITLE OF SECURITIES: IMC Home Equity Loan Trust 1998-5
LEAD UNDERWRITER: DEUTSCHE BANK SECURITIES INC.
CO-UNDERWRITERS: Bear, Xxxxxxx and Co. Inc.
Nomura Securities
PaineWebber Inc.
SELLER AND SERVICER: IMC Mortgage Company
DEPOSITOR: IMC Securities, Inc.
TRUSTEE: The Chase Manhattan Bank
OFFERING AMOUNT: Approximately $[500,000,000]
CUT-OFF DATE: September 1, 1998
STATISTICAL CALCULATION DATE: The collateral described herein represents the pool of Home Equity Loans as of the Statistical
Calculation Date of August 1, 1998.
FORM OF OFFERING: Book-Entry form, same-day funds through DTC, Euroclear, and CEDEL.
SENIOR CERTIFICATES: Class A-1, A-2, A-3, A-4, A-5, A-6 and A-7IO Certificates.
SUBORDINATE CERTIFICATES: Class M-1, M-2 and B Certificates, as well as the Class R Certificates which are not offered
hereby.
OFFERED CERTIFICATES: The Senior Certificates and the Subordinate Certificate other than the Class R Certificates.
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, 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").
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 3
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DESCRIPTION OF SECURITIES (CONTINUED)
CREDIT ENHANCEMENT: Credit enhancement with respect to the Certificates will be provided by (1) excess spread; (2)
overcollateralization; and (3) subordination, each as described below.
(1) EXCESS SPREAD: The weighted average interest rate on the Home Equity Loans is generally expected to be higher
than the sum of (a) the servicing fee and trustee fee and (b) the weighted average interest
rate of the Certificates. Such excess is Excess Spread.
(2) OVERCOLLATERALIZATION Excess Spread will be applied, to the extent available, first to make accelerated payments of
principal to the securities then entitled to receive payments of principal. Such application
will cause the aggregate principal balance of the Certificates to amortize more rapidly than the
Home Equity Loans, resulting in overcollateralization.
(3) CLASS SUBORDINATION: The rights of the Class M-1 Certificates to receive payments will be subordinated to such rights
of the Senior Certificates. The rights of the Class M-2 Certificates to receive payments will
be subordinated to such rights of the Senior Certificates and the Class M-1 Certificates. The
rights of the Class B Certificates to receive payments will be subordinated to such rights of
the Senior Certificates and the Class M-1 and Class M-2 Certificates. The rights of the Class
R, which are not offered hereby, will be subordinated to such rights of the Senior Certificates
and the Subordinate Certificates.
INTEREST DISTRIBUTION
PRIORITY: Interest Collections (net of the Servicing Fee) generally will be allocated in the following
priority:
i. To pay the Trustee Fee;
ii. To pay Current Interest plus Interest Carryforward Amounts (unpaid interest from prior
periods) to the Senior Certificates, paid pro rata;
iii. To pay Current Interest to the Class M-1, M-2 and B Certificates, in that order;
iv. Any remaining Interest Collections will be the Monthly Excess Interest Amount, to be a
part of the Monthly Excess Cashflow Amount and to be allocated as described below.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 4
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DESCRIPTION OF SECURITIES (CONTINUED)
PRINCIPAL DISTRIBUTION
PRIORITY: Prior to the Stepdown Date, or if a Trigger Event is in effect, collections of Principal will be
allocated in the following priority:
i. To the Class A-6 Certificates, the Class A-6 Lockout Distribution Amount;
ii. To the Class A-1 through A-6 Certificates, sequentially, until each of the respective
Principal Balances are reduced to zero.
On or after the Stepdown Date, and as long as a Trigger Event is not in effect, collections of
Principal in an amount sufficient to maintain the relative subordination levels described below
under "Summary of Expected Subordination and Overcollateralization" will be allocated in the
following priority:
i. To the Class A-6, the Class A-6 Lockout Distribution Amount;
ii. To the Class A-1 through A-6 Certificates, sequentially, in reduction of their
respective principal balances; until each of the respective Principal Balances are
reduced to zero;
iii. To the Class M-1, M-2 and B Certificates, in that order, in reduction of their
respective principal balances, so as to maintain the relative subordination levels
described below;
iv. Any remaining amounts, along with any Overcollateralization Reduction Amount, shall be
a part of the Monthly Excess Cashflow Amount.
ALLOCATION OF MONTHLY EXCESS
CASHFLOW AMOUNT: The Monthly Excess Cashflow Amount shall be allocated as follows:
i. As payment of the Extra Principal Distribution Amount in reduction of the Certificate
Principal Balances of the Classes of Certificates then entitled to principal
distributions Certificates (in the same priority as regular principal distributions);
ii. To fund the Interest Carryforward Amounts and Realized Loss Amortization Amounts of the
Class M-1, M-2 and B Certificates, in that order, if any;
iii. To the Servicer for unreimbursed Delinquency Advances and Xxxxxxxxx Advances;
iv. To the Owners of the Class R Certificates.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 5
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DESCRIPTION OF SECURITIES (CONTINUED)
APPLICATION OF REALIZED
LOSSES: Realized Losses (as defined in the Prospectus Supplement) will be absorbed first by the
application of excess spread, then by the reduction of the Overcollateralization Amount.
Following the reduction of the Overcollateralization Amount to zero, any remaining amount of
Realized Losses will be applied in reduction of:
i. The Class B Certificates until the Class B Certificates have been
reduced to zero;
ii. The Class M-2 Certificates until the Class M-2 Certificates have been
reduced to zero; and
iii. The Class M-1 Certificates until the Class M-1 Certificates have been
reduced to zero.
The Senior Certificates will not be reduced in respect of Realized Losses.
CLASS A-6 LOCKOUT
DISTRIBUTION AMOUNT: For any Payment Date, the product of (i) the applicable Class A-6 Lockout Percentage and
(ii) the product of (a) the Class A-6 principal balance divided by the aggregate Certificate
Principal Balance of the Senior Certificates immediately prior to such Payment Date, and (b)
the Class A Principal Distribution Amount for such Payment Date.
CLASS A-6 LOCKOUT
PERCENTAGE PAYMENTS: Dates (Periods) Lockout Percentage
--------------- ------------------
Oct. 1998 - Sept. 2001 (1-36) 0%
Oct. 2001 - Sept. 2003 (37-60) 45%
Oct. 2003 - Sept. 2004 (61-72) 80%
Oct. 2004 - Sept. 2005 (73-84) 100%
Oct. 2005 and thereafter (85- ) 300%
OVERCOLLATERALIZATION
AMOUNT: As of any Payment Date, the difference between the Loan Balance of the Home
Equity Loans and the Aggregate Certificate Principal Balance.
TARGETED OVER-
COLLATERALIZATION AMOUNT: Prior to the Stepdown Date (defined below), the Targeted Overcollateralization
Amount will equal $[14,000,000]. On or after the Stepdown Date, the Targeted
Overcollateralization Amount will be permitted to decrease to the greater of (i)
[5.60]% of the then outstanding aggregate Loan Balance of the Home Equity Loans
and (ii) $[2,500,000].
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 6
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DESCRIPTION OF SECURITIES (CONTINUED)
OVERCOLLATERALIZATION
STEPDOWN DATE: While a Trigger Event is not in effect, the Stepdown Date is the Payment Date
occurring on the later of:
i. The Payment Date in [November 2001] (the 37th Payment Date); and
ii. The first Payment Date on which the Senior Enhancement Percentage is
greater than or equal to [33.60]%.
OVERCOLLATERALIZATION
RELEASE AMOUNT: The positive difference, if any, between the Targeted Overcollateralization
Amount and the Overcollateralization Amount.
SUMMARY OF EXPECTED SUBORDINATION AND OVERCOLLATERALIZATION:
---------------------------------------------------------------------------------------------------------------------------
EXPECTED INITIAL
EXPECTED INITIAL OVER- TARGETED TARGETED OVER-
SUBORDINATION (a): COLLATERALIZATION(b) Subordination(c): COLLATERALIZATION(d)
---------------------------------------------------------------------------------------------------------------------------
CLASS A CERTIFICATES [14.00]% [2.80]% [28.00]% [5.60]%
CLASS M-1 CERTIFICATES [7.75]% [2.80]% [15.50]% [5.60]%
CLASS M-2 CERTIFICATES [4.00]% [2.80]% [8.00]% [5.60]%
CLASS B CERTIFICATES [0.00]% [2.80]% [0.00]% [5.60]%
---------------------------------------------------------------------------------------------------------------------------
(a) Represents the expected subordination as of the Closing Date (as a
percentage of the Offered Certificates).
(b) Represents the expected amount of Overcollateralization as of the Payment
Date on which the Targeted Overcollateralization Amount is first reached
(as a percentage of the Offered Certificates).
(c) Represents the expected subordination on and after the Stepdown Date (as a
percentage of the Offered Certificates).
(d) Represents the expected amount of Overcollateralization as of the Stepdown
Date (as a percentage of the Offered Certificates).
TRIGGER EVENT: A Trigger Event has occurred if the 60+ day delinquency percentage exceeds 50%
of the Senior Enhancement Percentage. An occurrence of a Trigger Event will
prevent the principal payment priority from switching to a pro-rata
distribution, which includes the Subordinate Certificates, after the Stepdown
Date.
SENIOR ENHANCEMENT
PERCENTAGE: The percentage obtained by dividing (x) the sum of the aggregate Certificate
Principal Balance of the Subordinated Certificates and the Overcollateralization
Amount by (y) the then outstanding Loan Balance of the Home Equity Loans.
FEDERAL TAX ASPECTS: The Trust 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.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 7
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DESCRIPTION OF SECURITIES (CONTINUED)
ERISA CONSIDERATION: All of the Senior Certificates are expected to be ERISA eligible. The
Subordinate Certificates will NOT be ERISA eligible.
SMMEA ELIGIBILITY: The Certificates will NOT constitute "mortgage-related securities" for purposes
of SMMEA.
PROSPECTUS: The Certificates are being offered pursuant to a Prospectus which includes a
Prospectus Supplement (together, the "Prospectus"). Complete information with
respect to the Certificates and the Home Equity Loans 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 Certificates may not be consummated unless the purchaser has
received the Prospectus.
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 8
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BOND SENSITIVITY TO PREPAYMENTS
--------------------------------------------------------------------------------------------------------------
CLASS A-1 (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 8.743 1.492 1.105 0.901 0.774 0.687
Modified Duration 6.284 1.375 1.035 0.850 0.734 0.653
First Principal Payment 10/20/98 10/20/98 10/20/98 10/20/98 10/20/98 10/20/98
Last Principal Payment 4/20/13 9/20/01 10/20/00 5/20/00 1/20/00 11/20/99
Principal Window (years) 14.583 3.000 2.083 1.667 1.333 1.167
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS A-2 (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 14.738 3.744 2.586 2.000 1.638 1.395
Yield @ par 6.215 6.150 6.110 6.072 6.036 6.000
Modified Duration 9.446 3.255 2.328 1.833 1.519 1.303
First Principal Payment 4/20/13 9/20/01 10/20/00 5/20/00 1/20/00 11/20/99
Last Principal Payment 7/20/13 3/20/03 10/20/01 1/20/01 8/20/00 4/20/00
Principal Window (years) 0.333 1.583 1.083 0.750 0.667 0.500
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS A-3 (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 16.554 6.302 4.104 3.000 2.322 1.944
Yield @ par 6.370 6.338 6.309 6.278 6.245 6.217
Modified Duration 9.974 5.029 3.510 2.657 2.103 1.781
First Principal Payment 7/20/13 3/20/03 10/20/01 1/20/01 8/20/00 4/20/00
Last Principal Payment 9/20/19 11/20/07 4/20/04 9/20/02 6/20/01 12/20/00
Principal Window (years) 6.250 4.750 2.583 1.750 0.917 0.750
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS A-4 (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 24.767 12.117 7.984 5.400 3.788 2.622
Yield @ par 6.346 6.333 6.318 6.298 6.272 6.232
Modified Duration 12.233 8.226 6.066 4.439 3.269 2.354
First Principal Payment 9/20/19 11/20/07 4/20/04 9/20/02 6/20/01 12/20/00
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/03 8/20/01
Principal Window (years) 6.000 5.417 4.917 4.000 2.583 0.750
--------------------------------------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 9
10
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
--------------------------------------------------------------------------------------------------------------
CLASS A-5 (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 26.944 14.528 10.444 7.944 6.057 4.285
Yield @ par 6.479 6.470 6.461 6.451 6.437 6.413
Modified Duration 12.510 9.211 7.416 6.036 4.886 3.632
First Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/03 8/20/01
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 0.083 0.083 0.083 0.083 1.083 2.250
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS A-6 (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 11.664 7.590 6.861 6.366 5.704 5.026
Yield @ par 6.250 6.234 6.230 6.227 6.221 6.213
Modified Duration 7.960 5.791 5.373 5.084 4.669 4.207
First Principal Payment 10/20/01 10/20/01 10/20/01 12/20/01 5/20/02 11/20/02
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 23.917 11.500 7.417 4.750 2.667 1.000
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS A-7IO (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Yield @ 18.9355 6.663 6.663 6.663 6.663 6.663 6.663
Modified Duration 1.244 1.244 1.244 1.244 1.244 1.244
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS M-1 (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 20.658 9.922 6.996 5.346 4.517 4.212
Yield @ par 7.027 7.008 6.992 6.976 6.964 6.958
Modified Duration 10.477 6.789 5.265 4.267 3.736 3.540
First Principal Payment 7/20/13 9/20/03 3/20/02 11/20/01 1/20/02 4/20/02
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 12.167 9.583 7.000 4.833 3.000 1.583
--------------------------------------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 10
11
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
--------------------------------------------------------------------------------------------------------------
CLASS M-2 (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 20.658 9.922 6.996 5.336 4.436 3.978
Yield @ par 7.333 7.313 7.297 7.280 7.266 7.256
Modified Duration 10.221 6.688 5.205 4.220 3.646 3.341
First Principal Payment 7/20/13 9/20/03 3/20/02 10/20/01 12/20/01 1/20/02
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 12.167 9.583 7.000 4.917 3.083 1.833
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS B (TO CALL)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 20.658 9.922 6.996 5.329 4.393 3.870
Yield @ par 8.337 8.315 8.296 8.277 8.259 8.247
Modified Duration 9.447 6.374 5.016 4.090 3.523 3.187
First Principal Payment 7/20/13 9/20/03 3/20/02 10/20/01 10/20/01 11/20/01
Last Principal Payment 8/20/25 3/20/13 2/20/09 8/20/06 12/20/04 10/20/03
Principal Window (years) 12.167 9.583 7.000 4.917 3.250 2.000
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS A-4 (TO MATURITY)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 24.849 12.143 8.068 5.411 3.788 2.622
Yield @ par 6.347 6.333 6.322 6.299 6.272 6.232
Modified Duration 12.248 8.236 6.108 4.445 3.269 2.354
First Principal Payment 9/20/19 11/20/07 4/20/04 9/20/02 6/20/01 12/20/00
Last Principal Payment 7/20/26 7/20/13 5/20/10 2/20/07 12/20/03 8/20/01
Principal Window (years) 6.917 5.750 6.167 4.500 2.583 0.750
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS A-5 (TO MATURITY)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 28.829 17.889 14.357 11.423 8.129 4.589
Yield @ par 6.492 6.527 6.564 6.578 6.549 6.443
Modified Duration 12.829 10.294 9.103 7.824 6.053 3.823
First Principal Payment 7/20/26 7/20/13 5/20/10 2/20/07 12/20/03 8/20/01
Last Principal Payment 4/20/28 2/20/24 3/20/18 11/20/13 3/20/12 11/20/09
Principal Window (years) 1.833 10.667 7.917 6.833 8.333 8.333
--------------------------------------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 11
12
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
BOND SENSITIVITY TO PREPAYMENTS (CONTINUED)
--------------------------------------------------------------------------------------------------------------
CLASS A-6 (TO MATURITY)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 11.664 7.594 6.919 6.566 6.453 6.609
Yield @ par 6.250 6.235 6.233 6.239 6.273 6.329
Modified Duration 7.960 5.792 5.402 5.198 5.135 5.233
First Principal Payment 10/20/01 10/20/01 10/20/01 12/20/01 5/20/02 11/20/02
Last Principal Payment 2/20/28 11/20/23 12/20/17 7/20/13 1/20/12 8/20/09
Principal Window (years) 26.417 22.167 16.250 11.667 9.750 6.833
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS M-1 (TO MATURITY)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 20.949 10.320 7.534 5.847 4.923 4.548
Yield @ par 7.029 7.018 7.016 7.009 6.999 6.993
Modified Duration 10.521 6.916 5.495 4.519 3.970 3.753
First Principal Payment 7/20/13 9/20/03 3/20/02 11/20/01 1/20/02 4/20/02
Last Principal Payment 2/20/28 10/20/19 3/20/14 5/20/12 9/20/09 9/20/07
Principal Window (years) 14.667 16.167 12.083 10.583 7.750 5.500
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS M-2 (TO MATURITY)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 20.936 10.221 7.517 5.773 4.790 4.271
Yield @ par 7.335 7.321 7.320 7.309 7.298 7.289
Modified Duration 10.259 6.783 5.421 4.439 3.849 3.526
First Principal Payment 7/20/13 9/20/03 3/20/02 10/20/01 12/20/01 1/20/02
Last Principal Payment 11/20/27 7/20/17 7/20/13 1/20/11 7/20/08 9/20/06
Principal Window (years) 14.417 13.917 11.417 9.333 6.667 4.750
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
CLASS B (TO MATURITY)
--------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
--------------------------------------------------------------------------------------------------------------
Average Life (years) 20.869 10.027 7.350 5.605 4.617 4.057
Yield @ par 8.338 8.317 8.312 8.296 8.281 8.269
Modified Duration 9.470 6.405 5.151 4.222 3.646 3.301
First Principal Payment 7/20/13 9/20/03 3/20/02 10/20/01 10/20/01 11/20/01
Last Principal Payment 7/20/27 5/20/15 1/20/13 9/20/09 6/20/07 11/20/05
Principal Window (years) 14.083 11.750 10.917 8.000 5.750 4.083
--------------------------------------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 12
13
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
DESCRIPTION OF THE POOL OF HOME EQUITY LOANS
AS OF THE STATISTICAL CALCULATION DATE
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
TOTAL NUMBER OF LOANS: 8,277
TOTAL OUTSTANDING LOAN BALANCE: $499,994,462.56
BALLOON (% OF TOTAL): 64.82%
LEVEL PAY (% OF TOTAL): 35.18%
AVERAGE LOAN PRINCIPAL BALANCE (CURRENT): $60,407.69
WEIGHTED AVERAGE CLTV: 77.22%
% OF POOL WITH CLTVs>90%: 3.13%
WEIGHTED AVERAGE COUPON: 10.85%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS): 249.9
WEIGHTED AVERAGE SEASONING (MONTHS): 2.3
WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 252.2
RANGE OF ORIGINAL TERMS: LEVEL PAY BALLOON
--------- -------
Up to 60: 0.14% Up to 60: 0.04%
61 - 120: 2.65% 61 - 120: 0.24%
121 - 180: 22.99% 121 - 180: 99.72%
181 - 240: 16.13%
241 - 300: 1.36%
301 - 360: 56.73%
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 13
14
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
STATE COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
Alabama 10 798,775 0.16
Arizona 63 3,424,552 0.68
Arkansas 22 811,785 0.16
California 84 6,688,666 1.34
Colorado 101 6,226,056 1.25
Connecticut 104 7,483,480 1.50
Delaware 37 2,254,962 0.45
District of Columbia 8 736,572 0.15
Florida 930 49,546,824 9.91
Georgia 297 16,379,240 3.28
Hawaii 6 589,285 0.12
Idaho 20 804,975 0.16
Illinois 422 27,979,219 5.60
Indiana 419 19,830,422 3.97
Iowa 41 1,956,527 0.39
Kansas 20 1,103,745 0.22
Kentucky 100 4,847,770 0.97
Louisiana 62 2,962,570 0.59
Maine 18 1,167,794 0.23
Maryland 290 19,423,326 3.88
Massachusetts 156 11,307,623 2.26
Michigan 908 53,569,894 10.71
Minnesota 51 3,512,652 0.70
Mississippi 82 3,641,874 0.73
Missouri 84 3,913,932 0.78
Montana 5 330,802 0.07
Nebraska 34 1,481,359 0.30
Nevada 24 1,612,499 0.32
New Hampshire 10 743,627 0.15
New Jersey 335 26,710,245 5.34
New Mexico 53 3,781,851 0.76
New York 848 62,786,931 12.56
North Carolina 393 23,371,279 4.67
North Dakota 2 60,897 0.01
Ohio 590 33,278,510 6.66
Oklahoma 12 384,864 0.08
Oregon 34 1,638,303 0.33
Pennsylvania 496 27,770,018 5.55
Rhode Island 31 2,096,356 0.42
South Carolina 266 15,002,860 3.00
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 14
15
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
STATE (CONTINUED) COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
South Dakota 2 51,080 0.01
Tennessee 366 20,765,811 4.15
Texas 115 7,626,617 1.53
Utah 48 3,302,182 0.66
Vermont 5 257,962 0.05
Virginia 137 8,203,371 1.64
Washington 20 1,232,671 0.25
West Virginia 44 2,282,515 0.46
Wisconsin 67 3,854,498 0.77
Wyoming 5 404,837 0.08
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
-----------------------------------------------------------------------------------
COMBINED LTV COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
10.001 - 15.000 8 178,410 0.04
15.001 - 20.000 29 741,992 0.15
20.001 - 25.000 37 1,108,392 0.22
25.001 - 30.000 50 1,257,616 0.25
30.001 - 35.000 73 2,697,488 0.54
35.001 - 40.000 96 4,108,934 0.82
40.001 - 45.000 99 3,819,135 0.76
45.001 - 50.000 182 8,148,930 1.63
50.001 - 55.000 159 6,815,636 1.36
55.001 - 60.000 282 13,237,860 2.65
60.001 - 65.000 475 25,417,565 5.08
65.001 - 70.000 753 42,866,882 8.57
70.001 - 75.000 1,055 62,224,369 12.45
75.001 - 80.000 2,325 158,250,397 31.65
80.001 - 85.000 1,226 85,458,008 17.09
85.001 - 90.000 915 68,000,578 13.60
90.001 - 95.000 111 3,885,377 0.78
95.001 - 100.000 402 11,776,894 2.36
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 15
16
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CURRENT COUPON COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
4.001 - 5.000 1 51,344 0.01
6.001 - 7.000 15 1,926,129 0.39
7.001 - 8.000 41 3,982,722 0.80
8.001 - 9.000 496 39,001,151 7.80
9.001 - 10.000 1,561 115,350,965 23.07
10.001 - 11.000 2,343 150,900,566 30.18
11.001 - 12.000 1,798 102,287,240 20.46
12.001 - 13.000 1,198 54,207,817 10.84
13.001 - 14.000 575 23,740,404 4.75
14.001 - 15.000 192 6,762,791 1.35
15.001 - 16.000 44 1,448,739 0.29
16.001 - 17.000 9 205,103 0.04
17.001 - 18.000 2 99,348 0.02
18.001 - 19.000 2 30,144 0.01
-------- --------------- ----------
TOTAL: 8,277 499,994,463 100.00
-----------------------------------------------------------------------------------
CURRENT BALANCE COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
0.01 - 10,000.00 85 742,567 0.15
10,000.01 - 20,000.00 738 11,859,411 2.37
20,000.01 - 30,000.00 1,066 27,171,813 5.43
30,000.01 - 40,000.00 1,145 40,591,455 8.12
40,000.01 - 50,000.00 1,087 49,228,036 9.85
50,000.01 - 60,000.00 951 52,624,346 10.52
60,000.01 - 70,000.00 706 46,015,346 9.20
70,000.01 - 80,000.00 592 44,407,339 8.88
80,000.01 - 90,000.00 412 35,094,788 7.02
90,000.01 - 100,000.00 312 29,772,281 5.95
100,000.01 - 110,000.00 277 29,068,727 5.81
110,000.01 - 120,000.00 204 23,513,833 4.70
120,000.01 - 130,000.00 140 17,547,827 3.51
130,000.01 - 140,000.00 122 16,432,431 3.29
140,000.01 - 150,000.00 95 13,743,686 2.75
150,000.01 - 160,000.00 86 13,418,133 2.68
160,000.01 - 170,000.00 60 9,943,110 1.99
170,000.01 - 180,000.00 53 9,292,802 1.86
180,000.01 - 190,000.00 40 7,395,442 1.48
190,000.01 - 200,000.00 38 7,457,327 1.49
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 16
17
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CURRENT BALANCE COUNT BALANCE$ POOL%
(CONTINUED)
-----------------------------------------------------------------------------------
200,000.01 - 210,000.00 32 6,565,005 1.31
210,000.01 - 220,000.00 14 3,032,564 0.61
220,000.01 - 230,000.00 17 3,799,605 0.76
230,000.01 - 240,000.00 2 469,115 0.09
250,000.01 - 260,000.00 1 260,000 0.05
260,000.01 - 270,000.00 1 265,156 0.05
280,000.01 - 290,000.00 1 282,318 0.06
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
-----------------------------------------------------------------------------------
PROPERTY TYPE COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
Two Family 367 25,704,778 5.14
Three Family 62 5,047,414 1.01
Four Family 83 7,052,000 1.41
Condo 4 & Less Stories 96 5,060,678 1.01
Condo > 4 Stories 20 1,073,531 0.21
Manu Hsg Dbl-Wide 1 30,670 0.01
Manufactured Housing 104 5,022,327 1.00
Mixed Use 6 694,339 0.14
Multi Family Residential 11 1,015,583 0.20
PUD - Attached 1 70,863 0.01
PUD - Detached 16 1,653,810 0.33
Single Family - Attached 248 13,402,750 2.68
Single Family - Detached 7,236 432,705,304 86.54
Townhouse 26 1,460,417 0.29
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 17
18
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
REMAINING TERM COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
=< 60 19 517,775 0.10
61 - 90 19 708,571 0.14
91 - 120 314 8,286,116 1.66
121 - 150 7 324,996 0.06
151 - 180 4,514 249,602,407 49.92
181 - 210 5 257,580 0.05
211 - 240 928 52,028,251 10.41
241 - 270 1 58,416 0.01
271 - 300 78 4,350,829 0.87
301 >= 2,392 183,859,523 36.77
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
-----------------------------------------------------------------------------------
LIEN TYPE COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
First Lien 6,541 446,330,518 89.27
Second Lien 1,736 53,663,945 10.73
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
-----------------------------------------------------------------------------------
OCCUPANCY COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
OWNER 7,677 469,724,430 93.95
NON-OWNER 600 30,270,033 6.05
-------- ------------- ----------
TOTAL: 8,277 499,994,463 100.00
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 18
19
AUGUST 25, 1998 DEUTSCHE BANK SECURITIES [/]
--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST 1998-5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION
OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MONTHS SINCE ORIGINATION COUNT BALANCE$ POOL%
-----------------------------------------------------------------------------------
0 958 59,613,040 11.92
1 2,088 126,967,568 25.39
2 2,260 135,957,236 27.19
3 1,248 75,131,673 15.03
4 738 44,727,726 8.95
5 535 32,740,672 6.55
6 - 12 429 23,945,548 4.79
13 - 24 14 623,555 0.12
25 - 36 7 287,445 0.06
-------- --------------- ----------
TOTAL: 8,277 499,994,463 100.00
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and 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 such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Page 19
