Exhibit 99.1
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN OWNER TRUST 1998-7
DISCLAIMER
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The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Owner Trust 1998-7, and not by or as agent for IMC Mortgage Company
(collectively, the "Seller and Interim Servicer"), IMC Securities, Inc. (the
"Depositor") or any of their affiliates. None of the Depositor, the Seller or
the Interim Servicer has prepared, reviewed or participated in the preparation
hereof and is not responsible for the accuracy hereof. The analysis in this
report is accurate to the best of PW's knowledge and is based on information
provided by the Depositor, Seller and Interim Servicer. PW makes no
representations as to the accuracy of such information provided by the
Depositor, Seller and Interim Servicer.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed to
be, or constitute, an offer to sell or buy or a solicitation of an offer to sell
or buy any securities, commodities or derivative instruments mentioned herein.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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PRICING INFORMATION
[$600,000,000 Offering Amount (approximate)]
FSA Bond Insured
TRANSACTION SUMMARY(1)
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First
Principal Principal Expected
Notes - Collateral Approximate Coupon WAL Payment Window Stated Ratings
Series Group Size (Years) (Years) (Years) Maturity (Xxxxx'x/S&P)
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1998-7A I [$529,000,000] Fixed 2.98 .11 7.58 11/20/29 Aaa/AAA
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1998-7B II [$71,000,000] Fixed 2.47 .11 6.25 10/20/29 Aaa/AAA
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(1) priced to a 10% collateral call on each individual Collateral Group.
Pricing Speeds:
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Fixed Conforming (%PPC) - Group I 100
ARM Conforming (%CPR) - Group I 30
Fixed Non-Conforming (%PPC) - Group II 120
ARM Non-Conforming (%CPR) - Group II 35
------------------------------------------------
Payment Date: The 20th day of each month (or the next Business Day
thereafter) commencing on January 20, 1999.
Interest Accrual Period: Interest will accrue on each Series of Notes at a
fixed rate during the month prior to the month of the
related Payment Date based on a 30/360 day year.
Payment Delay: 19 Days
Settlement (Closing) Date: On or about December 10, 1998
Statistical Cut-off Date: November 16, 1998 (close of business)
Cut-off Date: December 1, 1998 (close of business)
Collateral Group I: The loan balances in Collateral Group I conform with
the maximum loan balance limitations for 1st and 2nd
lien mortgage loans imposed by Xxxxxx Xxx/FHLMC.
Collateral Group II: The loan balances in Collateral Group II generally
exceed Xxxxxx Xxx/FHLMC limits for maximum loan
amounts.
Stated Final Payment Date: For Series 1998-7A, November 20th, 2029 and for
Series 1998-7B, October 20th, 2029, although it is
anticipated that the actual Final Payment Date for
each Series of Notes will occur significantly earlier
than the Stated Final Payment Date.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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PRICING INFORMATION (continued)
Auction Call: The Trustee shall solicit bids for the purchase of
the Home Equity Loans in a Collateral Group at a
price equal to or greater than the Auction Redemption
Price for such group on an Auction Redemption Date
for each Group.
Servicer Call: In the event the above referenced Auction Call does
not result in the sale of the Home Equity Loans, then
the Servicer may, at its option effect an early
redemption of the Notes of both Series and terminate
the Trust on any Payment Date on or after the
Servicer Redemption Date at a price equal to or
greater than the Servicer Redemption Price. In
addition, the Note Insurer will have rights under
limited circumstances, to purchase the Home Equity
Loans and thereby effect a redemption of the Notes.
Auction Redemption Price: The "Auction Redemption Price" for a series of Notes
is equal to the sum of (i) the then outstanding Note
Principal Balance plus all accrued and unpaid
interest thereon, (ii) any portion of the Trust Fees
and Expenses with respect to the related Loan pool
due and unpaid on such date, (iii) the payment of all
amounts owed to the Note Insurer with respect to the
related Loan Pool (iv) any amounts required by the
Note Insurer with respect to the Loan Pool which is
not being redeemed (Reserve Account requirements),
and (v) any unreimbursed Delinquency Advances and
Servicing Advances with respect to the related Loan
Pool (as defined in the Sale and Servicing
Agreement).
Servicer Redemption Price: The "Servicer Redemption Price" for a series of Notes
is equal to the sum of (i) the then outstanding Note
Principal Balance plus all accrued and unpaid
interest thereon, (ii) any portion of the Trust Fees
and Expenses with respect to the related Loan pool
due and unpaid on such date, (iii) the payment of all
amounts owed to the Note Insurer with respect to the
related Loan Pool, and (iv) any unreimbursed
Delinquency Advances and Servicing Advances with
respect to the related Loan Pool (as defined in the
Sale and Servicing Agreement).
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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PRICING INFORMATION (continued)
Auction Redemption Date: The "Auction Redemption Date" is the first Monthly
Remittance Date on which the Loan Balance of the Home
Equity Loans in a Collateral Group has declined to
less than 10% of the Loan Balance of the Home Equity
Loans in such Collateral Group as of the Cut-Off
Date. If the Auction Call does not happen on the
initial Auction Redemption Date, the Trustee will
hold an auction each quarter thereafter.
Servicer Redemption Date: The "Servicer Redemption Date" is the first Monthly
Remittance Date on which the Loan Balance of all Home
Equity Loans has declined to less than 5% of the Loan
Balance of all Home Equity Loans as of the Cut-Off
Date.
Coupon Step-up: If the Auction Call does not happen on the initial
Auction Redemption Date for a Collateral Group, the
coupon of the related Series of Notes will be
increased by 0.50% per annum.
Initial Turbo: Excess cash flow from each Collateral Pool will be
used to accelerate the related Series of Notes until
each overcollateralization target is reached and any
excess will be available to maintain the other
Group's overcollateralization target with the Reserve
Account described below. During this period of
Initial Turbo, certain cashflows may be released to
the Residual Interest Certificates rather than used
to accelerate the Notes.
Reserve Account: If necessary, excess cash flow from a Group which
does not have an overcollateralization deficit will
be deposited into the Reserve Account in an amount up
to the other Group's overcollateralization deficit.
If the overcollateralization deficit (without regard
to the Reserve Fund) is reduced in such other Group
in future periods, any excess in the reserve account
will be released to the holders of the Residual
Interests.
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF SECURITIES
Title of Securities: IMC Home Equity Loan Owner Trust 1998-7
Offering Amount: Approximately $600 million
Certificates: Residual Interest (not offered hereby)
Sole Underwriter: PaineWebber Incorporated
Seller/Interim Servicer: IMC Mortgage Company
Headquartered in Tampa, FL
Depositor: IMC Securities, Inc.
Servicer: Ocwen Federal Bank FSB
Owner Trustee: Wilmington Trust Company
Indenture Trustee: The Chase Manhattan Bank
Statistical Calculation Date: The collateral described herein and in the
prospectus supplement represents the pool of Home
Equity Loans as of the Statistical Calculation
Date of November 16, 1998. It is anticipated that
the total unpaid principal balance of the
collateral pool conveyed to the Trust at closing
will be at least $600,000,000.
Home Equity Loans: The Trust is comprised of two groups of loans,
each corresponding to a particular Series of
Notes. Group I Home Equity loans support the
Series 1998-7A Notes and the Group II Home Equity
loans support the Series 1998-7B Notes. The loan
balances in Group I conform with the maximum loan
balance limitations, for 1st and 2nd lien mortgage
loans, imposed by Xxxxxx Xxx/FHLMC. Group II loan
balances generally exceed Xxxxxx Xxx/FHLMC limits
for maximum loan amounts.
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 in excess thereof.
Servicing/Other Fees: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly, Note Insurer fees, and trustee
fees.
Advancing by Servicer: The Servicer is required to advance from its own
funds any delinquent payment of interest (not
principal) unless such interest is deemed to be
non-recoverable (the "Delinquency Advances").
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF SECURITIES (Continued)
Credit Enhancement: Credit enhancement with respect to the Notes will
be provided by (a) the excess spread, (b) the
overcollateralization mechanics which utilize the
excess interest created by the internal cashflows
of the pool, and (c) the Financial Security
Assurance, Inc. ("FSA") Policy.
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,
the Note Insurer fee and the trustee fee and (b)
the interest rate of the related Series of Notes.
Such excess is the Excess Spread.
Overcollateralization: Excess Spread from a
Collateral Group will be applied, to the extent
available, first to make accelerated payments of
principal to the related Series of Notes. Such
application will cause the aggregate principal
balance of such Notes to amortize more rapidly
than the Home Equity Loans in the related
Collateral Group, resulting in
overcollateralization. Subject to certain floors,
caps and triggers, the required level of
overcollateralization may increase or decrease
over time.
FSA Insurance Policy: FSA (the "Note Insurer")
will unconditionally and irrevocably guarantee the
timely payment of interest and ultimate payment of
principal on the Notes of each Series (i.e. after
any losses reduce the overcollateralization to
zero, FSA will cover the excess, if any, of the
Note principal balance over the aggregate
collateral balance in the related Collateral
Group). 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.
Federal Tax Aspects: The trust will be an Owner Trust. No election will
be made to treat either the Trust Estate or any
portion thereof as a REMIC for federal income tax
purposes. The Notes of each Series will be treated
as non-recourse debt obligations.
ERISA Considerations: Subject to the discussion in the Prospectus
Supplement and Prospectus, the Notes of each
Series may be purchased by employee benefit plans
that are subject to ERISA.
SMMEA Eligibility: The Notes will NOT constitute "mortgage-related
securities" for purposes of SMMEA.
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RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
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PaineWebber
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF HOME EQUITY LOANS AS OF THE STATISTICAL CALCULATION
DATE (11/16/98)
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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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CONFORMING POOL SUMMARY - GROUP I
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Number of Loans: 7,922
Current Balance: $521,415,465
Average Balance: $65,819
Minimum Balance: $5,839
Maximum Balance: $339,278
Wtd Average Coupon: 10.58%
Original Term (months): 284
Seasoning (months): 3
Combined Loan-To-Value: 76.80
Amortization Type:
Fixed - 6,578 loans $404,932,309
ARM - 1,344 loans $116,483,156
ARM Summary Information:
Wtd Avg Initial Periodic Rate Cap: 2.43%
Wtd Avg Subsequent Periodic Rate Cap: 1.16%
Wtd Avg Life Cap: 16.85%
Wtd Avg Margin:
6.76%
Wtd Avg Months to Roll: 19
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
--------------------------------------------------------------------------------
PaineWebber
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY - GROUP I
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Aggregate Field Description Count Balance$ Pool%
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State Florida 842 52,991,191 10.16
Illinois 516 39,951,581 7.66
Michigan 600 36,449,630 6.99
New York 520 36,449,093 6.99
Ohio 562 32,946,623 6.32
North Carolina 502 30,241,543 5.80
New Jersey 258 23,746,591 4.55
Pennsylvania 380 22,847,644 4.38
Tennessee 365 21,584,817 4.14
Indiana 426 21,248,708 4.08
Georgia 320 19,279,997 3.70
California 160 15,909,565 3.05
South Carolina 219 12,346,825 2.37
Virginia 191 12,107,252 2.32
Maryland 175 11,742,969 2.25
Massachusetts 134 10,634,363 2.04
Colorado 117 10,200,195 1.96
Connecticut 109 9,743,892 1.87
Arizona 118 9,410,769 1.80
New Mexico 101 7,269,801 1.39
Wisconsin 112 6,770,685 1.30
Utah 72 6,426,055 1.23
Texas 95 6,378,318 1.22
Minnesota 81 6,210,986 1.19
Missouri 112 5,849,562 1.12
Kentucky 107 5,370,221 1.03
Nevada 58 5,008,695 0.96
Washington 52 4,775,618 0.92
Rhode Island 61 4,672,212 0.90
Mississippi 96 4,465,975 0.86
Oregon 52 4,195,349 0.80
Louisiana 74 3,577,791 0.69
Arkansas 52 3,089,099 0.59
Hawaii 17 2,988,114 0.57
Idaho 36 2,428,578 0.47
West Virginia 35 1,665,472 0.32
Kansas 31 1,638,757 0.31
Nebraska 31 1,627,949 0.31
Delaware 21 1,291,479 0.25
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
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--------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY - GROUP I (continued)
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Aggregate Field Description Count Balance$ Pool%
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State (continued) Oklahoma 26 1,173,186 0.23
Iowa 25 1,155,758 0.22
New Hampshire 13 1,022,962 0.20
Maine 15 869,060 0.17
South Dakota 12 570,542 0.11
Wyoming 5 322,873 0.06
Vermont 5 211,512 0.04
Montana 3 192,360 0.04
North Dakota 3 127,020 0.02
Alabama 2 125,899 0.02
District of Columbia 3 110,332 0.02
----- ------------ -------
7,922 $521,415,465 100.00%
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Aggregate Field Description Count Balance$ Pool%
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Combined LTV 5.01 to 10.00 1 9,954 0.00
10.01 to 15.00 5 96,675 0.02
15.01 to 20.00 18 365,336 0.07
20.01 to 25.00 33 987,047 0.19
25.01 to 30.00 44 1,527,162 0.29
30.01 to 35.00 69 2,427,949 0.47
35.01 to 40.00 98 3,710,988 0.71
40.01 to 45.00 100 4,580,976 0.88
45.01 to 50.00 151 6,544,604 1.26
50.01 to 55.00 165 7,585,850 1.45
55.01 to 60.00 265 13,734,403 2.63
60.01 to 65.00 520 29,562,299 5.67
65.01 to 70.00 772 45,069,993 8.64
70.01 to 75.00 1,162 74,484,682 14.29
75.01 to 80.00 2,413 177,048,996 33.96
80.01 to 85.00 1,127 85,217,642 16.34
85.01 to 90.00 706 59,545,910 11.42
90.01 to 95.00 57 3,084,221 0.59
95.01 to 100.00 216 5,830,776 1.12
----- ------------ -------
7,922 $521,415,465 100.00%
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
--------------------------------------------------------------------------------
PaineWebber
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY - GROUP I (continued)
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Aggregate Field Description Count Balance$ Pool%
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Current Coupon 5.001 - 6.000 1 156,958 0.03
6.001 - 7.000 10 1,425,173 0.27
7.001 - 8.000 120 11,216,892 2.15
8.001 - 9.000 604 53,445,736 10.25
9.001 - 10.000 1,706 133,132,815 25.53
10.001 - 11.000 2,485 164,987,071 31.64
11.001 - 12.000 1,555 93,314,206 17.90
12.001 - 13.000 907 42,193,930 8.09
13.001 - 14.000 399 16,629,757 3.19
14.001 - 15.000 95 3,550,840 0.68
15.001 - 16.000 29 1,014,074 0.19
16.001 - 17.000 6 154,336 0.03
17.001 - 18.000 3 110,698 0.02
18.001 - 19.000 2 82,978 0.02
----- ------------ -------
7,922 $521,415,465 100.00%
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Aggregate Field Description Count Balance$ Pool%
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Current Balance Up to 25,000.00 969 17,738,669 3.40
25,000.01 to 50,000.00 2,449 92,647,700 17.77
50,000.01 to 75,000.00 2,055 126,183,933 24.20
75,000.01 to 100,000.00 1,080 93,624,434 17.96
100,000.01 to 125,000.00 595 66,239,079 12.70
125,000.01 to 150,000.00 373 50,687,282 9.72
150,000.01 to 175,000.00 172 27,770,234 5.33
175,000.01 to 200,000.00 127 23,792,750 4.56
200,000.01 to 250,000.00 92 19,830,000 3.80
250,000.01 to 300,000.00 7 1,901,386 0.36
300,000.01 to 350,000.00 3 999,998 0.19
----- ------------ -------
7,922 $521,415,465 100.00%
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Aggregate Field Description Count Balance$ Pool%
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Lien Type First Lien 6,902 492,343,811 94.42
Second Lien 1,020 29,071,654 5.58
----- ------------ -------
7,922 $521,415,465 100.00%
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--------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY - GROUP I (continued)
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Aggregate Field Description Count Balance$ Pool%
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Property Type Two- to Four-Family 529 41,336,812 7.93
Townhouse 59 4,459,132 0.86
Manufactured Housing 138 7,782,608 1.49
Condominium 165 10,046,360 1.93
Single Family Attached 123 6,232,356 1.20
Single Family Detached 6,906 451,418,712 86.58
Mixed Use 2 139,485 0.03
----- ------------ -------
7,922 $521,415,465 100.00%
-------------------------------------------------------------------------------------------------------
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Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Months Since Origination 0 to 1 2,036 131,218,555 25.17
2 to 12 5,822 385,204,443 73.88
13 to 24 61 4,702,030 0.90
25 or more 3 290,438 0.06
----- ------------ -------
7,922 $521,415,465 100.00%
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Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Remaining Term Up to 120 242 6,541,335 1.25
121 to 180 3,240 183,679,757 35.23
181 to 240 685 35,252,961 6.76
241 to 300 186 12,147,180 2.33
301 to 360 3,569 283,794,232 54.43
----- ------------ -------
7,922 $521,415,465 100.00%
--------------------------------------------------------------------------------------------------------
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Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Occupancy Owner Occupied 7,355 491,632,840 94.29
Investor Owned 542 28,258,243 5.42
Vacation/Second Home 25 1,524,382 0.29
----- ------------ -------
7,922 $521,415,465 100.00%
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THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR PAINEWEBBER
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--------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY - GROUP I (continued)
ARM INFORMATION - CMT & LIBOR LOANS
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Life Cap 9.001 - 10.000 1 71,358 0.06
10.001 - 11.000 1 141,433 0.12
13.001 - 14.000 5 659,697 0.57
14.001 - 15.000 58 6,486,939 5.57
15.001 - 16.000 246 23,665,840 20.32
16.001 - 17.000 449 40,865,904 35.08
17.001 - 18.000 338 27,173,700 23.33
18.001 - 19.000 153 12,156,357 10.44
19.001 - 20.000 59 3,546,840 3.04
20.001 - 21.000 25 1,224,801 1.05
21.001 - 22.000 5 276,263 0.24
22.001 - 23.000 2 144,561 0.12
26.001 - 27.000 1 31,186 0.03
30.001 - 35.000 1 38,275 0.03
----- ------------ -------
1,344 $116,483,156 100.00%
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Life Floor 2.001 - 3.000 1 27,883 0.02
3.001 - 4.000 1 193,246 0.17
4.001 - 5.000 4 362,422 0.31
5.001 - 6.000 27 2,628,286 2.26
6.001 - 7.000 48 3,788,868 3.25
7.001 - 8.000 42 3,968,243 3.41
8.001 - 9.000 149 15,287,985 13.12
9.001 - 10.000 370 35,219,721 30.24
10.001 - 11.000 390 32,556,205 27.95
11.001 - 12.000 187 14,835,610 12.74
12.001 - 13.000 84 5,364,637 4.61
13.001 - 14.000 28 1,502,998 1.29
14.001 - 15.000 9 534,536 0.46
15.001 - 16.000 4 212,515 0.18
----- ------------ -------
1,344 $116,483,156 100.00%
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
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DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY - GROUP I (continued)
ARM INFORMATION - CMT LOANS
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Margin 2.001 - 3.000 1 27,883 5.19
5.001 - 6.000 1 146,642 27.30
6.001 - 7.000 1 107,869 20.08
8.001 - 9.000 3 254,671 47.42
----- ------------ -------
6 $ 537,064 100.00%
--------------------------------------------------------------------------------------------------------
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Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Rate Reset 1999/05 2 174,525 32.50
1999/08 1 107,869 20.08
2000/08 2 153,183 28.52
2000/09 1 101,487 18.90
----- ------------ -------
6 $ 537,064 100.00%
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ARM INFORMATION - LIBOR LOANS
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Margin 2.001 - 3.000 1 112,610 0.10
3.001 - 4.000 3 419,469 0.36
4.001 - 5.000 60 6,022,190 5.19
5.001 - 6.000 332 29,765,098 25.67
6.001 - 7.000 463 42,177,850 36.38
7.001 - 8.000 301 23,983,356 20.68
8.001 - 9.000 102 7,549,922 6.51
9.001 - 10.000 50 3,803,513 3.28
10.001 - 11.000 18 1,609,376 1.39
11.001 - 12.000 7 479,314 0.41
12.001 - 13.000 1 23,393 0.02
----- ------------ -------
1,338 $115,946,091 100.00%
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS - CONFORMING POOL SUMMARY - GROUP I (continued)
ARM INFORMATION - LIBOR LOANS (continued)
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Rate Reset 1998/12 3 318,666 0.27
1999/01 16 1,738,669 1.50
1999/02 46 4,605,282 3.97
1999/03 37 3,665,264 3.16
1999/04 12 1,422,215 1.23
1999/05 18 1,894,896 1.63
1999/06 12 1,288,807 1.11
1999/07 8 607,011 0.52
1999/08 12 934,885 0.81
1999/09 13 1,169,089 1.01
1999/10 9 926,749 0.80
1999/11 12 1,143,702 0.99
1999/12 21 1,292,273 1.11
2000/01 31 2,561,208 2.21
2000/02 15 1,038,327 0.90
2000/03 16 1,279,509 1.10
2000/04 31 2,579,124 2.22
2000/05 86 7,509,064 6.48
2000/06 91 7,455,348 6.43
2000/07 136 11,873,964 10.24
2000/08 274 23,075,227 19.90
2000/09 276 23,812,116 20.54
2000/10 61 5,898,528 5.09
2000/11 1 69,000 0.06
2000/12 1 50,841 0.04
2001/03 1 76,716 0.07
2001/04 1 106,790 0.09
2001/05 1 39,886 0.03
2001/06 5 429,152 0.37
2001/07 5 367,134 0.32
2001/08 38 2,688,354 2.32
2001/09 37 2,968,915 2.56
2001/10 6 482,480 0.42
2003/01 3 293,290 0.25
2003/05 2 253,519 0.22
2003/08 1 30,088 0.03
----- ------------ -------
1,338 $115,946,091 100.00%
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS AS OF THE STATISTICAL CALCULATION
DATE (11/16/98)
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE
DESCRIPTION OF THE COLLATERAL IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
NON-CONFORMING POOL SUMMARY - GROUP II
-------------------------------------------------------------------------------
Number of Loans: 372
Current Balance: $70,528,616
Average Balance: $189,593
Minimum Balance: $11,196
Maximum Balance: $501,861
Wtd Average Coupon: 10.33%
Original Term (months): 280
Seasoning (months): 4
Combined Loan-To-Value: 78.10%
Amortization Type:
Fixed - 318 loans $55,313,507
ARM - 54 loans $15,215,109
ARM Summary Information:
Wtd Avg Initial Periodic Rate Cap: 2.51%
Wtd Avg Subsequent Periodic Rate Cap: 1.11%
Wtd Avg Life Cap: 16.59%
Wtd Avg Margin:
6.84%
Wtd Avg Months to Roll: 18
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY - GROUP II
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
State California 46 9,526,469 13.51
Florida 34 6,885,631 9.76
New Jersey 37 6,862,710 9.73
New York 47 5,625,404 7.98
Connecticut 20 4,248,967 6.02
Illinois 20 3,971,779 5.63
Maryland 21 3,164,963 4.49
Georgia 15 3,078,627 4.37
Michigan 12 2,992,589 4.24
Colorado 11 2,695,090 3.82
Massachusetts 18 2,405,205 3.41
Tennessee 7 2,094,219 2.97
Arizona 11 1,963,488 2.78
Ohio 7 1,756,461 2.49
North Carolina 5 1,406,423 1.99
Washington 6 1,298,212 1.84
New Mexico 4 1,241,476 1.76
Pennsylvania 8 944,373 1.34
South Carolina 5 922,055 1.31
Utah 4 862,591 1.22
Oregon 3 719,861 1.02
Virginia 5 675,165 0.96
Nevada 4 620,939 0.88
Louisiana 2 530,309 0.75
Wisconsin 3 508,603 0.72
Minnesota 2 429,420 0.61
Hawaii 1 423,362 0.60
Maine 1 410,555 0.58
Missouri 2 353,602 0.50
Texas 1 299,566 0.42
Oklahoma 1 254,523 0.36
Arkansas 1 244,137 0.35
Nebraska 1 239,705 0.34
Kentucky 1 237,673 0.34
Idaho 1 230,750 0.33
District of Columbia 1 227,645 0.32
Rhode Island 2 88,460 0.13
Indiana 1 51,000 0.07
Mississippi 1 36,606 0.05
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY - GROUP II
(continued)
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Combined LTV 15.01 to 20.00 1 299,743 0.42
30.01 to 35.00 1 244,699 0.35
35.01 to 40.00 2 619,437 0.88
40.01 to 45.00 3 456,565 0.65
45.01 to 50.00 1 64,825 0.09
50.01 to 55.00 5 1,261,917 1.79
55.01 to 60.00 3 504,462 0.72
60.01 to 65.00 13 2,159,293 3.06
65.01 to 70.00 33 6,003,064 8.51
70.01 to 75.00 47 11,807,697 16.74
75.01 to 80.00 110 24,279,533 34.43
80.01 to 85.00 67 11,056,582 15.68
85.01 to 90.00 46 9,422,700 13.36
90.01 to 95.00 10 860,486 1.22
95.01 to 100.00 30 1,487,614 2.11
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Current Coupon 6.001 - 7.000 6 1,724,788 2.45
7.001 - 8.000 7 1,975,323 2.80
8.001 - 9.000 38 10,730,848 15.21
9.001 - 10.000 69 16,871,354 23.92
10.001 - 11.000 114 21,629,436 30.67
11.001 - 12.000 61 8,888,527 12.60
12.001 - 13.000 53 5,442,983 7.72
13.001 - 14.000 23 3,228,201 4.58
14.001 - 15.000 1 37,155 0.05
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY - GROUP II
(continued)
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Current Balance Up to 25,000.00 6 110,539 0.16
25,000.01 to 50,000.00 72 2,900,120 4.11
50,000.01 to 75,000.00 49 2,983,310 4.23
75,000.01 to 100,000.00 19 1,675,608 2.38
100,000.01 to 125,000.00 7 739,900 1.05
125,000.01 to 150,000.00 5 674,645 0.96
150,000.01 to 175,000.00 4 635,897 0.90
200,000.01 to 250,000.00 68 16,288,874 23.1
250,000.01 to 300,000.00 77 21,063,943 29.87
300,000.01 to 350,000.00 36 11,589,040 16.43
350,000.01 to 400,000.00 19 7,323,659 10.38
400,000.01 to 450,000.00 5 2,115,865 3.00
450,000.01 to 500,000.00 4 1,925,355 2.73
500,000.01 to 550,000.00 1 501,861 0.71
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Property Type Two- to Four-Family 13 1,532,922 2.17
Townhouse 1 247,727 0.35
Multi-Family 13 1,252,572 1.78
Condominium 2 541,382 0.77
Single Family Attached 2 308,052 0.44
Single Family Detached 341 66,645,961 94.49
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Months Since Origination 0 to 1 61 12,161,737 17.24
2 to 12 301 55,842,923 79.18
13 to 24 10 2,523,955 3.58
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY - GROUP II
(continued)
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Remaining Term Up to 120 5 255,088 0.36
121 to 180 191 28,505,171 40.42
181 to 240 37 3,054,988 4.33
241 to 300 4 802,676 1.14
301 to 360 135 37,910,693 53.75
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Occupancy Owner Occupied 365 69,600,767 98.68
Investor Owned 6 578,021 0.82
Vacation/Second Home 1 349,828 0.50
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Lien Type First Lien 222 61,776,595 87.59
Second Lien 150 8,752,021 12.41
----- ------------ -------
372 $ 70,528,616 100.00%
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY - GROUP II
(continued)
ARM INFORMATION
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Life Cap 14.001 - 15.000 7 2,125,572 13.97
15.001 - 16.000 12 3,315,577 21.79
16.001 - 17.000 16 4,885,883 32.11
17.001 - 18.000 14 3,680,487 24.19
18.001 - 19.000 2 516,717 3.40
19.001 - 20.000 1 349,828 2.30
20.001 - 21.000 2 341,045 2.24
----- ------------ -------
54 $ 15,215,109 100.00%
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Life Floor 5.001 - 6.000 2 738,306 4.85
6.001 - 7.000 3 920,369 6.05
7.001 - 8.000 3 942,280 6.19
8.001 - 9.000 13 3,558,498 23.39
9.001 - 10.000 11 3,320,404 21.82
10.001 - 11.000 13 3,430,678 22.55
11.001 - 12.000 5 1,321,652 8.69
12.001 - 13.000 1 349,828 2.30
13.001 - 14.000 3 633,093 4.16
----- ------------ -------
54 $ 15,215,109 100.00%
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
DESCRIPTION OF HOME EQUITY LOANS - NON-CONFORMING POOL SUMMARY - GROUP II
(continued)
ARM INFORMATION - LIBOR LOANS
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Margin 4.001 - 5.000 1 229,076 1.51
5.001 - 6.000 14 4,417,267 29.03
6.001 - 7.000 17 5,014,614 32.96
7.001 - 8.000 13 3,186,042 20.94
8.001 - 9.000 6 1,618,853 10.64
9.001 - 10.000 2 469,632 3.09
11.001 - 12.000 1 279,625 1.84
----- ------------ -------
54 $ 15,215,109 100.00%
--------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Aggregate Field Description Count Balance$ Pool%
-------------------------------------------------------------------------------------------------------
Rate Reset 1999/01 1 243,752 1.60
1999/02 2 540,415 3.55
1999/03 1 368,087 2.42
1999/04 1 246,425 1.62
1999/05 4 1,320,251 8.68
1999/09 1 301,664 1.98
1999/12 1 254,322 1.67
2000/01 4 649,518 4.27
2000/02 2 600,430 3.95
2000/04 1 292,048 1.92
2000/05 4 811,550 5.33
2000/06 1 314,179 2.06
2000/07 4 989,326 6.50
2000/08 11 3,647,108 23.97
2000/09 9 2,683,641 17.64
2000/10 3 813,468 5.35
2001/04 1 358,916 2.36
2001/07 1 266,778 1.75
2001/08 1 279,625 1.84
2001/09 1 233,608 1.54
----- ------------ -------
54 $ 15,215,109 100.00%
--------------------------------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
BOND SENSITIVTY TO PREPAYMENTS
IMC 98-7 PREPAYMENT SPEED SCENARIO LISTING
-------------------------------------------------------------------------------------------------------------------
Pricing
Speed
-------------------------------------------------------------------------------------------------------------------
SCENARIO
-------------------------------------------------------------------------
S1 S2 S3 S4 S5 S6
-------------------------------------------------------------------------------------------------------------------
Fixed Conforming (% PPC) 0 50 75 100 125 150
ARM Conforming (% CPR) 0 20 25 30 35 40
Fixed Non-Conforming (% PPC) 0 75 100 120 150 175
ARM Non-Conforming (% CPR) 0 25 30 35 40 45
-------------------------------------------------------------------------------------------------------------------
PPC RAMP:
The prepayment assumption represents an assumed rate of prepayment each month
relative to the then outstanding principal balance of the pool of home equity
loans. A 100% Prepayment Assumption assumes constant prepayment rates ("CPR") of
4% per annum of the then outstanding principal balance in the first month and an
additional 1.909% (21/11ths) per annum in each month thereafter until the
twelfth month. Beginning in the twelfth month and in each month thereafter
during the life of the home equity loans, 100% Prepayment Assumption assumes a
constant prepayment rate of 25% per annum each month.
THE FOLLOWING TABLES RUN TO CALL:
% of Prepayment Assumption
------------------------------------------------------------------------------------------------------------------
1998-7A S1 S2 S3 S4 S5 S6
-------------------------------------------------------------------------------------------------------------------
AVG LIFE 16.78 5.38 3.86 2.98 2.41 2.02
YIELD @ 100.000 6.48% 6.43% 6.41% 6.38% 6.35% 6.33%
DURATION 9.32 4.05 3.12 2.51 2.09 1.79
FIRST PAY 01/99 01/99 01/99 01/99 01/99 01/99
LAST PAY 10/26 09/12 11/08 07/06 12/04 12/03
WINDOW (YEARS) 27.83 13.75 9.92 7.58 6.00 5.00
------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption
------------------------------------------------------------------------------------------------------------------
1998-7A S1 S2 S3 S4 S5 S6
-------------------------------------------------------------------------------------------------------------------
AVG LIFE 16.77 3.87 2.97 2.47 1.98 1.69
YIELD @ 100.000 6.71% 6.64% 6.61% 6.59% 6.55% 6.52%
DURATION 9.20 3.10 2.49 2.12 1.75 1.51
FIRST PAY 01/99 01/99 01/99 01/99 01/99 01/99
LAST PAY 09/26 12/08 07/06 03/05 11/03 02/03
WINDOW (YEARS) 27.75 10.00 7.58 6.25 4.92 4.17
------------------------------------------------------------------------------------------------------------------
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IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------------------------
BOND SENSITIVTY TO PREPAYMENTS (continued)
THE FOLLOWING TABLES RUN TO MATURITY:
% of Prepayment Assumption
------------------------------------------------------------------------------------------------------------------
1998-7A S1 S2 S3 S4 S5 S6
-------------------------------------------------------------------------------------------------------------------
AVG LIFE 16.86 5.64 4.14 3.22 2.61 2.18
YIELD @ 100.000 6.48% 6.45% 6.43% 6.41% 6.39% 6.36%
DURATION 9.33 4.14 3.25 2.64 2.21 1.89
FIRST PAY 01/99 01/99 01/99 01/99 01/99 01/99
LAST PAY 07/28 02/24 06/18 03/14 03/12 11/09
WINDOW (YEARS) 29.58 25.17 19.50 15.25 13.25 10.92
------------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption
------------------------------------------------------------------------------------------------------------------
1998-7A S1 S2 S3 S4 S5 S6
-------------------------------------------------------------------------------------------------------------------
AVG LIFE 16.86 4.15 3.21 2.68 2.15 1.82
YIELD @ 100.000 6.72% 6.66% 6.64% 6.62% 6.59% 6.56%
DURATION 9.22 3.22 2.62 2.25 1.86 1.61
FIRST PAY 01/99 01/99 01/99 01/99 01/99 01/99
LAST PAY 07/28 04/18 12/13 11/12 12/09 02/08
WINDOW (YEARS) 29.58 19.33 15.00 13.92 11.00 9.17
------------------------------------------------------------------------------------------------------------------
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