Exhibit 99.1
BEAR XXXXXXX BEAR, XXXXXXX & CO. INC.
ATLANTA o BOSTON o CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 000 Xxxx Xxxxxx
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (000) 000-0000; (000) 000-0000 fax
FAX TRANSMITTAL
IMC HOME EQUITY LOAN TRUST 1998-1
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Fax to: Date:
Company: # Pages (incl. cover):
Fax No: Phone No:
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From: Phone No:
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STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES,
AND OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. Should you
receive Information that refers to the "Statement Regarding Assumptions and
Other Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current.. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Xxxxxxx has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Xxxxxxx assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear, Xxxxxxx. and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Xxxxxxx shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Xxxxxxx.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Collateral (page 1 of 5)
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THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
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FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the
Statistical Calculation Date 2/11/98:
Total Number of Loans: 10,252
Total Outstanding Loan Balance: $607,106,261
Balloon (% of Total): 38.21%
Level Pay (% of Total): 61.79%
Average Loan Principal Balance: $59,218 ($4,991 to $226,489)
Weighted Average CLTV : 75.92% (5.88% to 100.00%)
% of Pool with LTVs greater than 85%: 10.49%
Weighted Average Coupon: 11.20% (6.50% to 18.00%)
Weighted Average Remaining Term to Maturity (months): 245 (30 to 360)
Weighted Average Seasoning (months): 3 (0 to 54)
Weighted Average Original Term (months): 247 (48 to 360 )
Range of Original Terms:
Level Pay Balloon
---------------------------- ---------------------------
Up to 60: 0.11% Up to 60: 0.04%
61 - 120: 1.47% 61 - 120: 0.27%
121 - 180: 15.25% 121 - 180: 37.89%
181 - 240: 10.08% 181 - 240: 0.00%
241 - 300: 0.60% 241 - 360: 0.00%
301 - 360: 34.28%
Lien Position: 1st Lien: 89.31%
2nd Lien: 10.69%
Property Type: Single Family Detached: 87.68%
Single Family Attached: 1.37%
2-4 Family: 8.73%
Condominium/Townhouse: 1.40%
Other: 0.81%
Occupancy Status: Owner Occupied: 94.15%
Non-Owner Occupied: 5.85%
Geographic Distribution: NY: 17.66% PA: 5.55%
(states not listed individually account FL: 10.71%
for less than 5.00% of the Mortgage MI: 6.14%
Loan principal balance) IL: 6.08%
Credit Quality: A: 53.17%
(per IMC's guidelines) B: 22.90%
C: 18.97%
D: 4.95%
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BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Collateral (page 2 of 5)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
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FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the
Statistical Calculation Date 2/11/98:
Geographic Distribution of Properties
Number of Home Aggregate % of Aggregate
State Equity Loans Loan Balance Loan Balance
----------------------- ---------------------- ------------------- ------------------
Alabama 47 $3,211,461.59 0.53%
Alaska 2 119,137.95 0.02
Arizona 100 5,707,429.20 0.94
Arkansas 35 1,531,102.96 0.25
California 130 10,127,334.95 1.67
Colorado 152 10,563,596.69 1.74
Connecticut 137 9,367,896.06 1.54
Delaware 37 1,979,568.17 0.33
District of Columbia 52 3,875,263.35 0.64
Florida 1190 65,031,350.15 10.71
Georgia 416 22,920,978.73 3.78
Hawaii 8 969,724.98 0.16
Idaho 23 1,223,179.74 0.20
Illinois 593 36,919,168.03 6.08
Indiana 425 18,714,882.59 3.08
Iowa 34 1,504,827.04 0.25
Kansas 33 1,493,096.00 0.25
Kentucky 67 3,493,000.12 0.58
Louisiana 54 2,080,963.85 0.34
Maine 14 772,041.91 0.13
Maryland 451 28,412,492.73 4.68
Massachusetts 209 13,186,392.87 2.17
Michigan 740 37,272,545.67 6.14
Minnesota 66 4,229,983.16 0.70
Mississippi 76 3,625,979.41 0.60
Missouri 109 4,611,058.01 0.76
Montana 10 642,983.11 0.11
Nebraska 14 647,496.37 0.11
Nevada 47 3,020,007.49 0.50
New Hampshire 17 1,010,194.11 0.17
New Jersey 374 27,689,620.70 4.56
New Mexico 64 4,554,859.56 0.75
New York 1325 107,202,772.30 17.66
North Carolina 418 21,524,984.30 3.55
North Dakota 3 98,808.91 0.02
Ohio 559 29,785,122.16 4.91
Oklahoma 39 1,781,750.95 0.29
Oregon 59 3,289,137.44 0.54
Pennsylvania 634 33,680,319.66 5.55
Rhode Island 37 2,589,454.11 0.43
South Carolina 205 9,094,785.72 1.50
South Dakota 2 113,158.80 0.02
Tennessee 521 28,381,699.37 4.67
Texas 194 10,154,145.74 1.67
Utah 94 6,232,464.30 1.03
Vermont 10 549,781.85 0.09
Virginia 224 11,705,213.44 1.93
Washington 84 4,688,305.57 0.77
West Virginia 59 2,507,895.75 0.41
Wisconsin 53 2,839,338.77 0.47
Wyoming 6 377,504.33 0.06
------- ---------------- ------
Total 10,252 $607,106,260.72 100.00%
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BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Collateral (page 3 of 5)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the
Statistical Calculation Date 2/11/98:
Combined Loan-to-Value Ratios
Range of Number of Home Aggregate % of Aggregate
Original CLTV's Equity Loans Loan Balance Loan Balance
------------------ -------------- ---------------- ----------------
5.01 to 10.00% 7 $78,575.58 0.01%
10.01 to 15.00 16 374,889.78 0.06
15.01 to 20.00 35 846,859.22 0.14
20.01 to 25.00 44 1,364,198.88 0.22
25.01 to 30.00 76 2,609,924.77 0.43
30.01 to 35.00 92 3,237,485.03 0.53
35.01 to 40.00 123 4,760,633.98 0.78
40.01 to 45.00 137 6,232,427.17 1.03
45.01 to 50.00 255 11,335,029.06 1.87
50.01 to 55.00 237 11,961,575.93 1.97
55.01 to 60.00 435 20,425,898.04 3.36
60.01 to 65.00 695 38,065,570.77 6.27
65.01 to 70.00 1042 57,230,621.99 9.43
70.01 to 75.00 1481 91,037,266.50 15.00
75.01 to 80.00 2739 191,012,615.90 31.46
80.01 to 85.00 1154 76,586,745.88 12.62
85.01 to 90.00 896 64,548,114.63 10.63
90.01 to 95.00 182 7,521,381.09 1.24
95.01 to 100.00 606 17,876,446.52 2.94
------- --------------- ------
Total 10,252 $607,106,260.72 100.00%
Statistical Cut-Off Date Coupon Rates
Range of Number of Home Aggregate % of Aggregate
Coupon Rates Equity Loans Loan Balance Loan Balance
------------------ -------------- ---------------- ----------------
6.001 to 7.000% 10 $981,862.37 0.16%
7.001 to 8.000 48 4,330,669.90 0.71
8.001 to 9.000 333 29,679,006.73 4.89
9.001 to 10.000 1,553 118,965,648.40 19.60
10.001 to 11.000 2,673 177,228,202.33 29.19
11.001 to 12.000 2,429 139,040,384.87 22.90
12.001 to 13.000 1,326 62,844,638.87 10.35
13.001 to 14.000 1,120 47,252,237.22 7.78
14.001 to 15.000 583 20,853,066.85 3.43
15.001 to 16.000 131 4,822,992.61 0.79
16.001 to 17.000 39 973,334.04 0.16
17.001 to 18.000 7 134,216.53 0.02
------- --------------- ------
Total 10,252 $607,106,260.72 100.00%
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BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Collateral (page 4 of 5)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the
Statistical Calculation Date 2/11/98:
Statistical Cut-Off Date Loan Balance
Cut-Off Date Number of Home Aggregate % of Aggregate
Loan Balances Equity Loans Loan Balance Loan Balance
------------------------ --------------- ---------------- --------------
Up to $25,000.00 1,912 $35,081,571.63 5.78%
25,000.01 to 50,000.00 3,624 135,563,056.26 22.33
50,000.01 to 75,000.00 2,075 127,827,855.71 21.06
75,000.01 to 100,000.00 1,115 96,830,601.69 15.95
100,000.01 to 125,000.00 686 76,141,131.67 12.54
125,000.01 to 150,000.00 379 51,774,019.35 8.53
150,000.01 to 175,000.00 208 33,614,496.80 5.54
175,000.01 to 200,000.00 143 26,751,555.78 4.41
200,000.01 to 250,000.00 110 23,521,971.84 3.87
------ --------------- ------
Total 10,252 $607,106,260.72 100.00%
Distribution of Months Since Origination
Number of Months Number of Home Aggregate % of Aggregate
Since Origination Equity Loans Loan Balance Loan Balance
------------------- -------------- --------------- --------------
0 to 1 619 $ 35,523,129.35 5.85%
2 to 12 9,546 568,038,550.82 93.56
13 to 24 85 3,269,109.21 0.54
25 or more 2 275,471.35 0.05
------ --------------- -------
Total 10,252 $607,106,260.72 100.00%
Distribution of Remaining Term to Maturity
Months Remaining Number of Home Aggregate % of Aggregate
to Maturity Equity Loans Loan Balance Loan Balance
---------------- -------------- ----------------- ---------------
Up to 120 403 $11,517,153.88 1.90%
121 to 180 6,073 322,772,831.49 53.17
181 to 240 1,140 61,057,122.55 10.06
241 to 300 62 3,620,661.56 0.60
301 to 360 2,574 208,138,491.24 34.28
------ --------------- ------
Total 10,252 $607,106,260.72 100.00%
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BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Collateral (page 5 of 5)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the
Statistical Calculation Date 2/11/98:
Distribution by Occupancy Status
Number of Home Aggregate % of Aggregate
Occupancy Status Equity Loans Loan Balance Loan Balance
-------------------- --------------- --------------- ---------------
Owner Occupied 9,599 $571,613,624.41 94.15%
Investor Owned 653 35,492,636.32 5.85
------ --------------- ------
Total 10,252 $607,106,260.72 100.00%
Distribution by Lien Position
Number of Home Aggregate % of Aggregate
Lien Position Equity Loans Loan Balance Loan Balance
------------------- -------------- --------------- --------------
First Lien 8,003 $542,230,749.32 89.31%
Second Lien 2,249 64,875,511.40 10.69
------- --------------- ------
Total 10,252 $607,106,260.72 100.00%
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BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Certificates (page 1 of 6)
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TRANSACTION SUMMARY (a)
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Estimated Estimated Estimated Estimated
WAL Modified Principal Principal Expected
Approximate to Call Duration Lockout Window Ratings
Certificate Size Coupon (b) (years) (years) (months) (months) (Xxxxx'x/S&P/Fitch)
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Class A-1 $334,270,000 Floating (c) 0.90 0.85 none 19 Aaa / AAA / AAA
Class A-2 $137,610,000 Fixed 2.00 1.83 18 10 Aaa / AAA / AAA
Class A-3 $151,170,000 Fixed 3.00 2.66 27 20 Aaa / AAA / AAA
Class A-4 $101,640,000 Fixed 5.00 4.14 46 32 Aaa / AAA / AAA
Class A-5 $ 70,310,000 Fixed 7.74 5.84 77 18 Aaa / AAA / AAA
Class A-6 $ 70,000,000 Fixed 6.35 5.03 38 57 Aaa / AAA / AAA
Class A-7IO $ 70,000,000 Fixed (d) N/A 1.24 N/A N/A Aaa / AAAr / AAA
Class M-1 $ 47,500,000 Fixed 5.36 4.28 37 58 Aa2 / AA / AA
Class M-2 $ 45,000,000 Fixed 5.35 4.24 36 59 A2 / A / A
Class B $ 42,500,000 Fixed 5.34 4.19 36 59 Baa3 / BBB- / BBB
--------------- --------------- ------------- ------------ ------------ ------------- ------------ ----------------------
Notes: (a) 100% Prepayment Assumption: 4.0% CPR in month 1, and an
additional 1.909% per annum in each month thereafter until month
12. On and after month 12, 25% CPR. Priced to 10% optional call.
(b) The pass-through rate for each class remaining outstanding will
increase by 0.50% for remittance periods beginning after the
optional termination date.
(c) The lesser of (i) One-Month LIBOR plus 0._ % and (ii) the
weighted average Coupon Rate of the Home Equity Loans, less
0.50375% per annum.
(d) Interest will be calculated on the basis of a notional principal
amount equal to the outstanding certificate balance of the Class
A-6 Certificates until the payment date in September, 2000.
Class A-1 (to maturity)
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
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Average Life (years) 8.93 1.49 1.10 0.90 0.77 0.69
Modified Duration (years) 6.38 1.37 1.03 0.85 0.73 0.65
First Principal Payment 4/20/98 4/20/98 4/20/98 4/20/98 4/20/98 4/20/98
Last Principal Payment 12/20/12 2/20/01 4/20/00 10/20/99 7/20/99 5/20/99
Principal Lockout (months) none none none none none none
Principal Window (months) 177 35 25 19 16 14
Illustrative Yield @ Par (30/360) 5.923% 5.930% 5.931% 5.932% 5.934% 5.939%
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Class A-2 (to maturity)
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% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 14.78 3.72 2.58 2.00 1.64 1.40
Modified Duration (years) 9.42 3.23 2.32 1.83 1.52 1.31
First Principal Payment 12/20/12 2/20/01 4/20/00 10/20/99 7/20/99 5/20/99
Last Principal Payment 12/20/12 9/20/02 4/20/01 7/20/00 2/20/00 10/20/99
Principal Lockout (months) 176 34 24 18 15 13
Principal Window (months) 1 20 13 10 8 6
Illustrative Yield @ Par (30/360) 6.277% 6.210% 6.170% 6.132% 6.096% 6.061%
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(1) Indicates an interruption in the payment of principal.
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BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Certificates (page 2 of 6)
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Class A-3 (to maturity)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 15.94 6.20 4.07 3.00 2.34 1.96
Modified Duration (years) 9.80 4.97 3.49 2.66 2.12 1.80
First Principal Payment 12/20/12 9/20/02 4/20/01 7/20/00 2/20/00 10/20/99
Last Principal Payment 8/20/17 1/20/07 8/20/03 2/20/02 12/20/00 6/20/00
Principal Lockout (months) 176 53 36 27 22 18
Principal Window (months) 57 53 29 20 (1) 11 9
Illustrative Yield @ Par (30/360) 6.339% 6.306% 6.278% 6.248% 6.216% 6.189%
------------------------------------------------------------------------------------------------------------
Class A-4 (to maturity)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 23.41 11.43 7.34 5.00 3.61 2.61
Modified Duration (years) 11.67 7.81 5.64 4.14 3.12 2.33
First Principal Payment 8/20/17 1/20/07 8/20/03 2/20/02 12/20/00 6/20/00
Last Principal Payment 12/20/24 8/20/12 5/20/08 9/20/04 11/20/02 2/20/01
Principal Lockout (months) 232 105 64 46 32 26
Principal Window (months) 89 68 58 32 24 (1) 9
Illustrative Yield @ Par (30/360) 6.590% 6.575% 6.558% 6.536% 6.509% 6.472%
------------------------------------------------------------------------------------------------------------
Class A-5 (to maturity)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 28.41 16.82 13.34 10.26 7.34 4.62
Modified Duration (years) 12.22 9.66 8.46 7.07 5.49 3.79
First Principal Payment 12/20/24 8/20/12 5/20/08 9/20/04 11/20/02 2/20/01
Last Principal Payment 12/20/27 6/20/23 6/20/17 4/20/13 10/20/11 5/20/09
Principal Lockout (months) 320 172 121 77 55 34
Principal Window (months) 37 131 110 104 (1) 108 (1) 100 (1)
Illustrative Yield @ Par (30/360) 6.918% 6.934% 6.966% 6.976% 6.951% 6.875%
------------------------------------------------------------------------------------------------------------
(1) Indicates an interruption in the payment of principal.
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BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Certificates (page 3 of 6)
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Class A-6 "LOCK BOND" (to maturity)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 11.78 7.62 6.92 6.55 6.39 6.45
Modified Duration (years) 7.93 5.76 5.36 5.15 5.06 5.10
First Principal Payment 4/20/01 4/20/01 4/20/01 6/20/01 10/20/01 3/20/02
Last Principal Payment 12/20/12 12/20/12 12/20/12 12/20/12 8/20/11 3/20/09
Principal Lockout (months) 36 36 36 38 42 47
Principal Window (months) 141 141 141 139 119 85
Illustrative Yield @ Par (30/360) 6.454% 6.438% 6.436% 6.441% 6.474% 6.520%
------------------------------------------------------------------------------------------------------------
Class A-7 IO (to maturity)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 100% 125% 150% 175% 200% 225%
Ramp to 25.00% 31.25% 37.50% 43.75% 50.00% 56.25%
------------------------------------------------------------------------------------------------------------
Modified Duration (years) 1.24 1.24 1.24 1.24 1.24 1.23
First Interest Payment 4/20/98 4/20/98 4/20/98 4/20/98 4/20/98 4/20/98
Last Interest Payment 9/20/00 9/20/00 9/20/00 9/20/00 9/20/00 9/20/00
Cashflow Window (months) 30 30 30 30 30 30
Illustrative Yield (30/360)* 6.469% 6.469% 6.469% 6.469% 6.469% 2.469%
------------------------------------------------------------------------------------------------------------
* Assumes a purchase of 18.75739%.
Class M-1 (to maturity)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 20.63 10.34 7.57 5.87 4.92 4.51
Modified Duration (years) 10.45 6.93 5.52 4.53 3.97 3.72
First Principal Payment 12/20/12 4/20/03 9/20/01 5/20/01 7/20/01 10/20/01
Last Principal Payment 8/20/27 7/20/18 4/20/13 10/20/11 1/20/09 1/20/07
Principal Lockout (months) 176 60 41 37 39 42
Principal Window (months) 177 184 140 126 91 64
Illustrative Yield @ Par (30/360) 7.018% 7.006% 7.006% 6.999% 6.989% 6.981%
------------------------------------------------------------------------------------------------------------
(1) Indicates an interruption in the payment of principal.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Certificates (page 4 of 6)
--------------------------------------------------------------------------------
Class M-2 (to maturity)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 20.61 10.24 7.56 5.80 4.80 4.28
Modified Duration (years) 10.23 6.82 5.45 4.46 3.86 3.53
First Principal Payment 12/20/12 4/20/03 9/20/01 4/20/01 5/20/01 7/20/01
Last Principal Payment 6/20/27 12/20/16 12/20/12 9/20/10 2/20/08 5/20/06
Principal Lockout (months) 176 60 41 36 37 39
Principal Window (months) 175 165 136 114 82 59
Illustrative Yield @ Par (30/360) 7.274% 7.259% 7.259% 7.249% 7.238% 7.227%
------------------------------------------------------------------------------------------------------------
Class B (to maturity)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 20.50 10.04 7.32 5.58 4.59 4.02
Modified Duration (years) 9.93 6.64 5.29 4.31 3.70 3.33
First Principal Payment 12/20/12 4/20/03 9/20/01 4/20/01 4/20/01 4/20/01
Last Principal Payment 1/20/27 4/20/14 5/20/12 2/20/09 11/20/06 4/20/05
Principal Lockout (months) 176 60 41 36 36 36
Principal Window (months) 170 133 129 95 68 49
Illustrative Yield @ Par (30/360) 7.631% 7.611% 7.606% 7.591% 7.577% 7.564%
------------------------------------------------------------------------------------------------------------
** Class A-5 (to 10% clean-up call)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 26.86 14.69 10.51 7.74 5.80 4.23
Modified Duration (years) 11.98 9.02 7.29 5.84 4.65 3.55
First Principal Payment 12/20/24 8/20/12 5/20/08 9/20/04 11/20/02 2/20/01
Last Principal Payment 1/20/25 11/20/12 9/20/08 2/20/06 6/20/04 5/20/03
Principal Lockout (months) 320 172 121 77 55 34
Principal Window (months) 2 4 5 18 (1) 20 28 (1)
Illustrative Yield @ Par (30/360) 6.908% 6.898% 6.889% 6.877% 6.861% 6.837%
------------------------------------------------------------------------------------------------------------
(1) Indicates an interruption in the payment of principal.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Certificates (page 5 of 6)
--------------------------------------------------------------------------------
** Class A-6 "LOCK BOND" (to 10% clean-up call)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 11.78 7.62 6.87 6.35 5.67 5.05
Modified Duration (years) 7.93 5.76 5.34 5.03 4.61 4.20
First Principal Payment 4/20/01 4/20/01 4/20/01 6/20/01 10/20/01 3/20/02
Last Principal Payment 12/20/12 11/20/12 9/20/08 2/20/06 6/20/04 5/20/03
Principal Lockout (months) 36 36 36 38 42 47
Principal Window (months) 141 140 90 57 33 15
Illustrative Yield @ Par (30/360) 6.454% 6.438% 6.433% 6.429% 6.423% 6.416%
------------------------------------------------------------------------------------------------------------
** Class M-1 (to 10% clean-up call)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 20.32 10.00 7.04 5.36 4.51 4.18
Modified Duration (years) 10.40 6.83 5.29 4.28 3.73 3.52
First Principal Payment 12/20/12 4/20/03 9/20/01 5/20/01 7/20/01 10/20/01
Last Principal Payment 1/20/25 11/20/12 9/20/08 2/20/06 6/20/04 5/20/03
Principal Lockout (months) 176 60 41 37 39 42
Principal Window (months) 146 116 85 58 36 20
Illustrative Yield @ Par (30/360) 7.016% 6.998% 6.982% 6.966% 6.953% 6.947%
------------------------------------------------------------------------------------------------------------
** Class M-2 (to 10% clean-up call)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 20.32 10.00 7.04 5.35 4.44 3.99
Modified Duration (years) 10.19 6.74 5.24 4.24 3.66 3.36
First Principal Payment 12/20/12 4/20/03 9/20/01 4/20/01 5/20/01 7/20/01
Last Principal Payment 1/20/25 11/20/12 9/20/08 2/20/06 6/20/04 5/20/03
Principal Lockout (months) 176 60 41 36 37 39
Principal Window (months) 146 116 85 59 38 23
Illustrative Yield @ Par (30/360) 7.272% 7.253% 7.236% 7.219% 7.205% 7.196%
------------------------------------------------------------------------------------------------------------
(1) Indicates an interruption in the payment of principal.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Information Relating to the Certificates (page 6 of 6)
--------------------------------------------------------------------------------
** Class B (to 10% clean-up call)
------------------------------------------------------------------------------------------------------------
% of Prepayment Assumption 0% 50% 75% 100% 125% 150%
Ramp to 0.00% 12.50% 18.75% 25.00% 31.25% 37.50%
------------------------------------------------------------------------------------------------------------
Average Life (years) 20.31 9.99 7.03 5.34 4.40 3.88
Modified Duration (years) 9.90 6.62 5.17 4.19 3.59 3.24
First Principal Payment 12/20/12 4/20/03 9/20/01 4/20/01 4/20/01 4/20/01
Last Principal Payment 1/20/25 11/20/12 9/20/08 2/20/06 6/20/04 5/20/03
Principal Lockout (months) 176 60 41 36 36 36
Principal Window (months) 146 116 85 59 39 26
Illustrative Yield @ Par (30/360) 7.630% 7.610% 7.593% 7.575% 7.559% 7.547%
------------------------------------------------------------------------------------------------------------
(1) Indicates an interruption in the payment of principal.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Information Relating to the Collateral (page 1 of 1)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------------------------
FIXED RATE HOME EQUITY LOANS
Preliminary characteristics of the Initial Home Equity Loans as of the
Statistical Calculation Date 2/11/98:
Weighted Avg.
Number of Home Aggregate % of Aggregate Weighted Avg. Original
Equity Loans Loan Balance Loan Balance Gross Coupon Term
------------------ --------------------- ---------------- ---------------- ---------------
Total A Credit 5,339 $322,820,060.84 53.17% 10.719% 246
Balloon 1,536 113,706,032.46 18.73 10.791% 180
0 - 180 1,536 113,706,032.46 18.73 10.791% 180
Fully Amortizing 3,803 209,114,028.38 34.44 10.680% 282
0 - 180 1,896 64,964,062.95 10.70 11.475% 173
181 or more 1,907 144,149,965.43 23.74 10.322% 330
Total B Credit 2,241 139,018,540.29 22.90 11.123% 251
Balloon 750 52,309,025.47 8.62 11.342% 178
0 - 180 750 52,309,025.47 8.62 11.342% 178
Fully Amortizing 1,491 86,709,514.83 14.28 10.990% 295
0 - 180 594 19,969,303.64 3.29 11.307% 175
181 or more 897 66,740,211.19 10.99 10.896% 331
Total C Credit 2,112 115,190,465.56 18.97 12.012% 247
Balloon 852 50,483,692.63 8.32 12.296% 180
0 - 180 852 50,483,692.63 8.32 12.296% 180
Fully Amortizing 1,260 64,706,772.93 10.66 11.790% 299
0 - 180 471 14,360,133.39 2.37 12.175% 174
181 or more 789 50,346,639.54 8.29 11.680% 335
Total D Credit 560 30,077,194.03 4.95 13.524% 244
Balloon 263 15,473,582.10 2.55 13.633% 179
0 - 180 263 15,473,582.10 2.55 13.633% 179
Fully Amortizin 297 14,603,611.93 2.41 13.409% 313
0 - 180 109 2,853,018.54 0.47 13.227% 173
181 or re 188 11,750,593.39 1.94 13.454% 347
--------------- --------------------- ---------------- ------------- ----------
TOTAL 10,252 $607,106,260.72 100.00% 11.196% 247
Weighted Avg. Weighted Avg. Weighted Avg.
Remaining Amortization Remaining
Term Term Amortization Term
------------ ---------------- -----------------------
Total A Credit 243 309 307
Balloon 177 360 358
0 - 180 177 360 358
Fully Amortizing 279 282 279
0 - 180 171 173 171
181 or more 328 330 328
Total B Credit 249 320 317
Balloon 176 360 358
0 - 180 176 360 358
Fully Amortizing 293 295 293
0 - 180 172 175 172
181 or more 329 331 329
Total C Credit 244 326 323
Balloon 177 360 358
0 - 180 177 360 358
Fully Amortizing 297 299 297
0 - 180 172 174 172
181 or more 332 335 332
Total D Credit 242 337 334
Balloon 177 359 357
0 - 180 177 359 357
Fully Amortizin 310 313 310
0 - 180 171 173 171
181 or re 344 347 344
----------- ------------- ---------------------
TOTAL 245 316 314
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
BEAR, XXXXXXX BEAR, XXXXXXX & CO. INC.
ATLANTA BOSTON CHICAGO ASSET-BACKED SECURITIES GROUP
DALLAS o LOS ANGELES o NEW YORK o SAN FRANCISCO 000 Xxxx Xxxxxx
FRANKFORT o GENEVA o HONG KONG New York, N.Y. 10167
LONDON o PARIS o TOKYO (000) 000-0000; (000) 000-0000 fax
FAX TRANSMITTAL
IMC HOME EQUITY LOAN TRUST 1998-1
---------------------------------
Preliminary Term Sheet
--------------------------------------------------------------------------------
Fax to: Date:
Company: # Pages (incl. cover):
Fax No: Phone No:
--------------------------------------------------------------------------------
From: Phone No:
--------------------------------------------------------------------------------
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND
OTHER INFORMATION
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. Should you
receive Information that refers to the "Statement Regarding Assumptions and
Other Information," please refer to this statement instead.
The Information is illustrative and is not intended to predict actual
results which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (economic prepayment models, single expected
lifetime prepayments or a vector of periodic prepayments), interest rate
assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level data, reported factors or imputed factors), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets, and trustee statements). Models used in any analysis may
be proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested as assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the then current version of the Information. Offering Documents contain data
that is current as of their publication dates and after publication may no
longer be complete or current.. Contact your registered representative for
Offering Documents, current Information or additional materials, including other
models for performance analysis, which are likely to produce different results,
and any further explanation regarding the Information.
Any pricing estimates Bear Xxxxxxx has supplied at your request (a) represent
our view, at the time determined, of the investment value of the securities
between the estimated bid and offer levels, the spread between which may be
significant due to market volatility or illiquidity, (b) do not constitute a bid
by any person for any security, (c) may not constitute prices at which the
securities could have been purchased or sold in any market, (d) have not been
confirmed by actual trades, may vary from the value Bear Xxxxxxx assigns any
such security while in its inventory, and may not take into account the size of
a position you have in the security, and (e) may have been derived from matrix
pricing that uses data relating to other securities whose prices are more
readily ascertainable to produce a hypothetical price based on the estimated
yield spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying data or computations based thereon. Bear, Xxxxxxx. and/or
individuals thereof may have positions in these securities while the Information
is circulating or during such period may engage in transactions with the issuer
or its affiliates. We act as principal in transactions with you, and
accordingly, you must determine the appropriateness for you of such transactions
and address any legal, tax, or accounting considerations applicable to you. Bear
Xxxxxxx shall not be a fiduciary or advisor unless we have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the Information is being furnished on the condition that it will not
form a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Xxxxxxx.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Preliminary Term Sheet (page 1 of 8)
--------------------------------------------------------------------------------
Lead Manager: BEAR XXXXXXX
Co-Managers: Deutsche Xxxxxx Xxxxxxxx
X.X. Xxxxxx Securities Inc.
PaineWebber Incorporated
Seller and Servicer: IMC Mortgage Company
Depositor: IMC Securities, Inc.
Trustee: The Chase Manhattan Bank
Offered Certificates: $1,000,000,000 IMC Home Equity Loan
Pass-Through Certificates, Series 1998-1
to be issued in the following classes:
-----------------------------------------------------------------------------------------------------------
Average Final
Original Life to Principal Principal Scheduled Expected
Offered Principal Call Lockout Window Payment Ratings
Certificates Balance (years) (months) (months) Date (S&P / Xxxxx'x / Fitch)
-----------------------------------------------------------------------------------------------------------
Class A-1 $334,270,000 0.90 none 19 12/20/12 Aaa / AAA / AAA
Class A-2 $137,610,000 2.00 18 10 12/20/12 Aaa / AAA / AAA
Class A-3 $151,170,000 3.00 27 20 4/20/18 Aaa / AAA / AAA
Class A-4 $101,640,000 5.00 46 32 3/20/25 Aaa / AAA / AAA
Class A-5 $ 70,310,000 7.74 77 18 6/20/29 Aaa / AAA / AAA
Class A-6 $ 70,000,000 6.35 38 57 6/20/29 Aaa / AAA / AAA
Class A-7 IO $ 70,000,000 N/A N/A N/A 9/20/00 Aaa / AAAr / AAA
Class M-1 $ 47,500,000 5.36 37 58 6/20/29 Aa2 / AA / AA
Class M-2 $ 45,000,000 5.35 36 59 6/20/29 A2 / A / A
Class B $ 42,500,000 5.34 36 59 6/20/29 Baa3 / BBB- / BBB
-----------------------------------------------------------------------------------------------------------
Other Certificates: In addition to the Offered Certificates, the Trust
will issue a residual class of Certificates (the
"Class R Certificates"). The Class R Certificates
are not being offered hereby.
Registration: The Offered Certificates will be available in
book-entry form through the DTC, Cedel Bank, S.A.
and Euroclear System.
Cut-off Date: As of the close of business on March 1, 1998.
Statistical Calculation Date: As of February 11, 1998.
Expected Pricing Date: February ___, 1998
Expected Closing Date: On or About March ___, 1998
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Preliminary Term Sheet (page 2 of 8)
--------------------------------------------------------------------------------
Distribution Dates: 20th day of each month (or the next
succeeding business day), commencing in
April 1998.
Class A-7IO Notional
Principal Amount: Interest will be calculated on the Class
A-7IO Certificates on each Distribution
Date on the basis of a "Notional
Principal Amount" equal to, for the
first 30 Distribution Dates, the
outstanding Class A-6 Certificate
Principal Balance, or initially
[$70,000,000], as of the first day of
the related remittance period and,
thereafter, zero. Reference to the
Notional Principal Amount of the Class
A-7IO Certificates is solely for
convenience on certain calculations and
does not represent the right to receive
any distribution allocable to principal.
Delay: With the exception of the Class A-1
Certificates, 19 days. With respect to
the Class A-1 Certificates, 0 days.
Certificate Pass-Through Rate: 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 Distribution Date on a
30/360-day basis.
With respect to any Distribution Date,
the Class A-1 Certificates will be
entitled to interest accrued from and
including the preceding Distribution
Date (or from the Closing Date in the
case of the first Distribution Date) to
and including the day prior to the then
current Distribution Date (the "Class
A-1 Accrual Period") at the Class A-1
Certificate Pass- Through Rate on the
aggregate principal balance of the Class
A-1 Certificates on an actual/360-day
basis.
The "Class A-1 Certificate Pass-Through
Rate" will be equal to the lesser of (x)
with respect to any Distribution Date,
One- Month LIBOR plus 0._% per annum and
(y) the weighted average of the Home
Equity Loan Rates, less 0.50375% per
annum (the rate described in this clause
(y), the "Available Funds Cap").
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Preliminary Term Sheet (page 3 of 8)
--------------------------------------------------------------------------------
The Certificate Pass-Through Rates with
respect to the [Class A-5, Class A-6 and
the Subordinate Certificates] will on
any Distribution Date equal the lesser
of (x) the Certificate Pass- Through
Rate for such Class for any Distribution
Date which occurs on or prior to the
Optional Termination Date and with
respect to any Distribution Date
thereafter, the sum of (i) the
Certificate Pass-Through Rate for such
Class plus (ii) 0.50% per annum and (y)
the weighted average Coupon Rate of the
Home Equity Loans less the sum of
approximately (i) 0.50375% and (ii) for
the first 30 Distribution Dates, the
product of (a) 8.25% per annum and (b)
the Class A-7IO Notional Principal
Amount divided by the Loan Balance of
the Home Equity Loans, or thereafter,
zero.
ERISA Eligibility: The Class A Certificates may be
purchased by employee benefit plans that
are subject to ERISA. The Class M-1,
Class M-2, and Class B Certificates (the
"Subordinate Certificates") may not be
purchased by employee benefit plans that
are subject to ERISA.
SMMEA Treatment: The Offered Certificates will not
constitute "mortgage related securities"
for purposes of SMMEA.
Optional Termination: The owners of the Class R Certificates
will have the right to purchase all of
the home equity loans on any remittance
date when the current aggregate
outstanding loan balance of the home
equity loans has declined to 10% or less
of the Maximum Collateral Amount
("Optional Termination Date").
The Home Equity Loans: Fixed-rate conventional (closed-end)
home equity mortgage loans.
Tax Status: REMIC
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Preliminary Term Sheet (page 4 of 8)
--------------------------------------------------------------------------------
Credit Enhancement: Credit Enhancement with respect to the
Certificates will be provided by (1)
excess servicing, (2)
overcollateralization, and (3) the
subordination described below.
Excess Servicing. The weighted average
coupon rate on the home equity loans is
generally expected to be higher than the
sum of a) the servicing fee, b) the
trustee fee, and c) the weighted average
pass through rate on the certificates,
thus generating excess interest
collections which will be available to
fund distributions on the certificates.
This excess interest for each period,
together with interest on the
overcollateralization amount itself, on
the related payment date is the excess
servicing for such payment date.
Overcollateralization: Excess servicing
is applied, to extent available, to make
accelerated payments of principal to the
class or classes then entitled to
receive distributions 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. Prior to the step
down date, overcollateralization builds
to [2.15]% of the Maximum Collateral
Amount. On or after the step down date,
overcollateralization is permitted to
decrease, subject to certain performance
tests, to an amount equal to [4.30]% of
the current aggregate outstanding loan
balance of the home equity loans,
subject to a floor of [0.50]% of the
Maximum Collateral Amount.
Subordination: The rights of the Class
M-1 Certificates to receive
distributions will be subordinated, to
the extent described herein, to such
rights of the Class A Certificates. The
rights of the Class M-2 Certificates to
receive distributions will be
subordinated, to the extent described
herein, to such rights of the Class A
and M-1 Certificates. The rights of the
Class B Certificates to receive
distributions will be subordinated, to
the extent described herein, to such
rights of the Class A Certificates,
Class M-1 Certificates, and Class M-2
Certificates.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Preliminary Term Sheet (page 5 of 8)
--------------------------------------------------------------------------------
Application of Realized Losses: Realized
losses will be absorbed first by excess
servicing and the reduction of the
overcollateralization amount, second, by
the Class B Certificates, third, by the
Class M-2 Certificates, and fourth, by
the Class M-1 Certificates. Realized
losses are not permitted to be applied
to the Class A Certificates.
Summary of Expected Subordination & Overcollateralization:
PRIOR TO STEP DOWN DATE
-----------------------------------------------------------------------------------
Expected Target Expected Total
Expected Initial Overcollateralization Target Credit
Subordination (a) Amount (b) Enhancement
-----------------------------------------------------------------------------------
Class A Certificates 13.50% 2.15% 15.65%
Class M-1 Certificates 8.75% 2.15% 10.90%
Class M-2 Certificates 4.25% 2.15% 6.40%
Class B Certificates 0.0% 2.15% 2.15%
-----------------------------------------------------------------------------------
(a) Represents the expected amount of subordination for each
class as of the closing date.
(b) The overcollateralization amount will equal zero as of the
closing date. Excess servicing, if available, will be
applied to make accelerated payments of principal until the
overcollateralization amount equals the targeted
overcollateralization, which is equal to [2.15]% of the
Maximum Collateral Amount.
Interest Allocation: The interest remittance amount shall be allocated
in the following priority:
1. Payment of trustee fee;
2. Current interest and unpaid interest on
the Class A Certificates, pro-rata,
without any priority;
3. To the extent of the interest amount
then remaining, current interest on the
Class M-1 Certificates;
4. To the extent of the interest amount
then remaining, current interest on the
Class M-2 Certificates;
5. To the extent of the interest amount
then remaining, current interest on the
Class B Certificates;
6. To the extent of the interest amount
then remaining, as accelerated
distribution of principal; and
7. To the extent of the interest amount
then remaining, payment of unpaid
interest and reimburse allocated
realized losses on the Subordinate
Certificates.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Preliminary Term Sheet (page 6 of 8)
--------------------------------------------------------------------------------
Principal Allocation: The principal distribution amount shall be
allocated in the following priority:
For periods prior to the step down date or while a trigger event exists:
1. To the Class A Certificates
(sequentially with respect to Classes
A-1 to A-5, and concurrently with
respect to Class A-6 based upon its
specified percentage), 100% of the
principal distribution amount until such
classes are equal to zero.
For periods on and after the step down date and while no trigger event exists:
1. To the Class A Certificates
(sequentially with respect to Classes
A-1 to A-5, and concurrently with
respect to Class A-6 based upon its
specified percentage), an amount
required to reach and maintain the
credit enhancement target for the Class
A Certificates;
2. To the Class M-1 Certificates, an amount
required to reach and maintain the
credit enhancement target for the Class
M-1 Certificates;
3. To the Class M-2 Certificates, an amount
required to reach and maintain the
credit enhancement target for the Class
M-2 Certificates;
4. To the Class B Certificates, an amount
required to reach and maintain the
credit enhancement target for the Class
B Certificates; and
5. Any remaining amounts shall be paid to
the Class R Certificates (not being
offered).
Notwithstanding the foregoing, on any payment date
on which the sum of a) the principal balances of
the Class M-1, Class M-2, and Class B Certificates
and b) the overcollateralization amount is reduced
to zero, any amounts of principal payable to the
Class A Certificates shall be distributed pro
rata.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Preliminary Term Sheet (page 7 of 8)
--------------------------------------------------------------------------------
Step Down Date: The step down date is the earlier to occur of 1)
the later to occur of a) the payment date in
[April], 2001 and b) the first payment date on
which the senior enhancement percentage reaches
its target level and 2) the date on which the
principal balance of the Class A Certificates has
been reduced to zero.
Maximum Collateral Amount: With respect to any Payment Date, the sum of (i)
the Original Aggregate Loan Balance plus (ii) the
original Pre-Funded Amount.
Pre-funding Account: An aggregate cash amount (the "Pre-Funded Amount")
not to exceed 25% of the aggregate original
principal balance of the Certificates will be
placed in a pre-funding account for the
acquisition of additional mortgage loans during a
[60-day] period following the Closing Date. Sale
proceeds will also fund the Capitalized Interest
Account.
Trigger Event: A trigger event has occurred on a payment date if
the percentage obtained by dividing 1) the amount
of 60+ day delinquent loans by 2) the aggregate
outstanding loan balance exceeds [50]% of the
senior enhancement percentage.
Senior Enhancement
Percentage: For any payment date, the percentage obtained by
dividing 1) the sum of a) the aggregate principal
balance of the Class M-1, Class M-2, and Class B
Certificates and b) the overcollateralization
amount, after taking into account principal
distributions on such payment date by 2) the
current aggregate outstanding loan balance of the
home equity loans.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
IMC Home Equity Loan Trust 1998-1
Computational Materials: Preliminary Term Sheet (page 8 of 8)
--------------------------------------------------------------------------------
Class A-6 Lockout
Distribution Amount: The Class A-6 Certificates is allocated principal
pari passu with the Class A Certificate that is
currently entitled to receive a principal payment
in a ratio equal to the product of a) the
outstanding balance of the Class A-6 Certificates
divided by the outstanding principal balance of
all of the Class A Certificates and b) a specified
percentage, namely: the lockout percentage (see
below).
--------------------------------------------------
Lockout
Distribution Dates Percentage
--------------------------------------------------
April 1998 to March 2001 0%
April 2001 to March 2003 45%
April 2003 to March 2004 80%
April 2004 to March 2005 100%
April 2005 and thereafter 300%
--------------------------------------------------
Prospectus: The Offered Certificates are being offered
pursuant to a Prospectus which includes a
Prospectus Supplement (together, the
"Prospectus"). Complete information with respect
to the Offered 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 Offered Certificates may
not be consummated unless the purchaser has
received the Prospectus.
--------------------------------------------------------------------------------
BEAR XXXXXXX
This information should be considered only after reading Bear Xxxxxxx' Statement
Regarding Assumptions as to Securities, Pricing Estimates and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this Statement. You may obtain
a copy of the Statement from your sales representative.
