-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OlpdZFiqr/yNI/1iuEkTkZpmtkWezdgPcyowF7JYGnL+yRx1T79rbFg0m7gMhoXI 23O60NMf8wSsnrYK8LSs6g== 0000950144-99-003715.txt : 19990402 0000950144-99-003715.hdr.sgml : 19990402 ACCESSION NUMBER: 0000950144-99-003715 CONFORMED SUBMISSION TYPE: 10-K405 PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMC HOME EQUITY LOAN TRUST 1998 5 CENTRAL INDEX KEY: 0001070636 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 593284026 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K405 SEC ACT: SEC FILE NUMBER: 333-48429-02 FILM NUMBER: 99581062 BUSINESS ADDRESS: STREET 1: 5901 E FOWLER AVE CITY: TAMPA STATE: FL ZIP: 33617-2362 BUSINESS PHONE: 8139848801 MAIL ADDRESS: STREET 1: 5901 EAST FOWLER AVENUE CITY: TAMPA STATE: FL ZIP: 33617 10-K405 1 IMC HOME EQUITY LOAN TRUST 1998-5 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) [X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the fiscal year ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from _______ to _______. Commission File Number 333-48429-03 IMC HOME EQUITY LOAN TRUST 1998-5 (Exact name of registrant as specified in its charter) New York 13-4024896 - --------------------------------------- ------------------------ (State of other jurisdiction of (I.R.S. Employer Incorporation or organization) Identification No.) c/o The Chase Manhattan Bank Structured Finance Services 450 West 33rd Street, New York, NY 10001-2697 - --------------------------------------- ---------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (813) 984-8801 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered: None None - ------------------- ------------------------------------------- None - ------------------------------------------------------------------------------- (Title of class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . --- --- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (s 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X ] State the aggregate market value of the voting stock held by non-affiliates of registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of specified date within 60 days prior to the date of filing: Not Applicable Documents Incorporated by Reference: Not Applicable 2 IMC HOME EQUITY LOAN TRUST 1998-5 INDEX
Page PART I ....................................................................... 3 ITEM 1 - BUSINESS .................................................. 3 ITEM 2 - PROPERTIES ................................................ 3 ITEM 3 - LEGAL PROCEEDINGS ........................................ 3 ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ................................................... 3 PART II ...................................................................... 3 ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS .............................. 3 ITEM 6 - SELECTED FINANCIAL DATA .................................. 3 ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ............ 4 ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .............................................. 4 ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA .............. 4 ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE .................. 4 PART III ..................................................................... 4 ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT ............................................... 4 ITEM 11 - EXECUTIVE COMPENSATION ................................... 4 ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT .................................... 4 ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS ............................................. 8 PART IV ...................................................................... 8 ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K ...................................... 8 SIGNATURES ................................................................ 9 INDEX TO EXHIBITS ............................................................ 10
-2- 3 PART I ITEM 1 - BUSINESS Not Applicable ITEM 2 - PROPERTIES Not Applicable ITEM 3 - LEGAL PROCEEDINGS The Depositor is not aware of any material pending legal proceedings involving either the IMC Home Equity Loan Trust 1998-5 (the "Trust"), established pursuant to the Pooling and Servicing Agreement (the "Agreement") dated September 1, 1998, among The Chase Manhattan Bank, as trustee (the "Trustee"), IMC Securities, Inc., as depositor (the "Depositor") and IMC Mortgage Company, as servicer (the "Servicer"); the Trustee; the Depositor; or the Servicer which relates to the Trust. ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matter has been submitted to a vote of the holders of beneficial interests in the Trust through the solicitation of proxies or otherwise. PART II ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS To the best knowledge of the Depositor, there is no established public trading market for any beneficial interests in the Trust. All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A- 4 Certificates, Class A-5 Certificates, Class A-6 Certificates, Class A-7IO Certificates, Class M-1 Certificates, Class M-2 Certificates and Class B Certificates issued by the Trust are held by the Depository Trust Company ("DTC") which in turn maintains records of holders of beneficial interests in such Certificates. Based on information obtained by the Trust from DTC, as of February 22, 1999, there were 4 holders of the Class A-1 Certificates, 1 holder of the Class A-2 Certificates, 6 holders of the Class A-3 Certificates, 3 holders of the Class A-4 Certificates, 3 holders of the Class A-5 Certificates, 3 holders of the Class A-6 Certificates, 1 holder of the Class A-7IO Certificates, 3 holders of the Class M-1 Certificates, 5 holders of the Class M-2 Certificates and 1 holder of the Class B Certificates. ITEM 6 - SELECTED FINANCIAL DATA Not Applicable -3- 4 ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Not Applicable ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not Applicable ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA In addition to the information included in the Annual Compilation of Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross servicing compensation paid to the Servicer for the year ended December 31, 1998 was $672,788.99. ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE There were no disagreements on accounting or financial disclosures between IMC Mortgage Company ("IMC") and its accountants. On February 16, 1999 IMC appointed Grant Thornton L.L.P. as the independent accounting firm and dismissed Pricewaterhouse Coopers L.L.P. IMC's decision was made after discussions with and in accordance with directions by the Securities and Exchange Commission. See IMC's Form 8-K dated as of February 16, 1999 for more details. PART III ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT Not Applicable ITEM 11 - EXECUTIVE COMPENSATION Not Applicable ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth (I) the name and address of each entity owning more than 5% of the outstanding principal amount of each Class of Class A,M and B Certificates of the Trust; (ii) the principal amount of the Class of Certificates owned by each and (iii) the percent that the principal amount of the Class of Certificates owned by such entity represents of the outstanding principal amount of such Class of Certificates. The information set forth in the table for the Class A Certificates is based upon information obtained by the Trust from DTC and represents ownership of beneficial interest in the Certificates held by DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates. -4- 5
DTC Participant Number (Name and Address below) Principal Amount % of Class - ----------------------- ---------------- ---------- Class A-1 903 $19,000,000 10.8% 902 $95,000,000 54.2% 652 $12,000,000 6.8% 997 $49,301,000 28.12% Class A-2 903 $63,966,000 100.0% Class A-3 901 $54,000,000 69.9% 954 $ 4,767,000 6.2% 2827 $ 6,000,000 7.8% 2914 $10,000,000 12.9% Class A-4 2438 $ 5,800,000 10.6% 997 $47,546,000 87.2% Class A-5 780 $ 2,750,000 11.5% 997 $20,920,000 87.5% Class A-6 903 $ 4,000,000 11.4% 954 $21,000,000 60.0% 997 $10,000,000 28.6% Class A-7 245 $35,000,000 100.0% Class M-1 902 $12,000,000 38.4% 908 $17,250,000 55.2% 2116 $ 2,000,000 6.4% Class M-2 2255 $ 1,000,000 5.3% 902 $ 5,000,000 26.7% 908 $ 6,750,000 36.0% 913 $ 1,000,000 5.3% 997 $ 5,000,000 26.7% Class B 2669 $20,000,000 100.0%
-5- 6
DTC Participant Number Name and Address - ---------------------- ---------------- 50 Morgan Stanley & Co. Incorporated One Pierrepont Plaza, 7th Floor Brooklyn, NY 11201 245 DB Clearing Services (Deutsche Morgan Grenfell) 175 Water Street New York, NY 10038 352 Bear Stearns Securities Corp. One Metrotech Center North, 4th Floor Brooklyn, NY 11201-3862 652 PWI CMO Account 1000 Harbor Blvd., 8th Floor Weehawken, NJ 07087 725 Raymond, James & Associates, Inc. 880 Carillon Parkway St. Petersburg, FL 33733 780 Morgan, Keegan & Company, Inc. 50 North Front Street Memphis, TN 38103 901 Bank of New York 925 Patterson Plank Rd. Secaucus, NJ 07094 902 Chase Manhattan Bank Trim Supervisor 13th Floor 4 New York Plaza New York, NY 10004 903 Bankers Trust Company c/o BT Services Tennessee, Inc. 648 Grassmere Park Drive Nashville, TN 37211 908 Citibank, N.A. P.O. Box 30576 Tampa, FL 33630-3576 913 Fleet Bank of Massachusetts, N.A. Fleet Services Corp 2nd Floor NYROTO2B Rochester, NY 14638 954 Boston Safe Deposit & Trust Co. c/o Mellon Bank N.A. Three Mellon Bank Center,Room 153-3015 Pittsburgh, PA 15259 997 SSB-Custodian Global Corp Action Dept JAB5W P.P. Box 1631 Boston, MA 02105-1631 2027 Norwest Bank Minnesota, NA 733 Marquette Avenue Minneapolis, MN 55479-0056 2116 Fifth Third Bank (The) Dept. 00850 - Proxy 38 Fountain Square Plaza Cincinnati, OH 45263
-6- 7 2145 Union Bank Of California, N.A. P.O Box 109 San Diego, CA 92112-4103 2173 The Bank of New York/CDC Spreadbook One Wall Street New York, NY 10286 2234 U.S. Bank National Association/Safekeeping First Trust Center SPFT 0913 180 East Fifth Street, 9th Floor St. Paul, MN 55101 2255 Bank One Trust Company, N.A. 235 W. Schrock Road Brooksedge Village Westerville, OH 43081 2376 Wachovia Bank/Safekeeping 301 N. Main Street, NC 31058 Winston-Salem, NC 27150 2438 The Bank of New York/Western Trust Company One Wall Street New York, NY 10286 2669 Northern Trust Company 801 S. Canal C-In Chicago, IL 60607 2827 Investors Fiduciary Trust Company/SSB Global Corp Action Dept JAB5W P.O. Box 1631 Boston, MA 02105-1631 2834 PNC Bank, N.A./Pittsburgh One PNC Plaza, 9th Floor, 249 5th Avenue Pittsburgh, PA 15222-7707 2839 U.S. Bank National Association MPFP 1603 Proxy Unit 601 Second Avenue South Minneapolis, MN 55402 2849 Chase Manhattan Bank Trust Co. of California 4 New York Plaza Proxy Department 13th Floor New York, NY 11201 2914 Provident Bank (THE) One East Fourth Street Mail Stop 666D Cincinnati, OH 45202 5198 Merrill Lynch, Pierce Fenner & Smith Safekeeping 4 Corporate Place Corporate Park 287 Piscataway, NJ 08855
-7- 8 ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS [None] Part IV ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K (a) The following documents are filed as part of this report: 1. Financial Statements: Not applicable. 2. Financial Statement Schedules: Not applicable. 3. Exhibits: EXHIBIT NO. DESCRIPTION ----------- ----------- 99.1 Statement of Compliance of the Servicer. 99.2 Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. 99.3 Annual compilation of Monthly Trustee's Statement. (b) Reports on Form 8-K 4 reports on Form 8-K have been filed by the issuer during the period covered by this report.
DATE OF REPORTS ON FORM 8-K ITEMS REPORTED/FINANCIAL STATEMENTS FILED October 20, 1998 Trustee's Monthly Report for the September Monthly Period. November 20, 1998 Trustee's Monthly Report for the October Monthly Period December 21, 1998 Trustee's Monthly Report for the November Monthly Period January 20, 1999 Trustee's Monthly Report for the December Monthly Period
-8- 9 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. By: IMC Securities, Inc., As Depositor By: /s/ Thomas G. Middleton -------------------------------------- Name: Thomas G. Middleton Title: President, Chief Operating Officer, Assistant Secretary and Director By: /s/ Stuart D. Marvin ---------------------------- Name: Stuart D. Marvin Title: Chief Financial Officer Date: March 19, 1999 -9- 10 INDEX TO EXHIBITS ----------------- Item 14(C) EXHIBIT NO. DESCRIPTION ----------- ----------- 99.1 Statement of Compliance of the Servicer. 99.2 Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. 99.3 Annual compilation of Monthly Trustee's Statement. -10- EX-99.1 2 STATEMENT OF COMPLIANCE OF THE SERVICER 1 EXHIBIT 99.1 IMC HOME EQUITY LOAN TRUST 1998-5 Officer's Certificate In connection with the above-referenced trust and pursuant to Section 8.16 of the related Pooling and Servicing Agreement ("Agreement"), IMC Mortgage Company (as "Servicer"), hereby confirms the following: (i) a review of the activities of the Servicer during 1998 and of performance under the Agreement has been made under my supervision; and (ii) to the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreement for the calendar year 1998. IMC Mortgage Company By: /s/ Thomas G. Middleton ----------------------------------- Thomas G. Middleton President & Chief Operating Officer -11- EX-99.2 3 ANNUAL REPORT OF INDEPENDENT ACCOUNTANTS 1 EXHIBIT 99.2 Report of Independent Accountants Uniform Single attestation Program To the Board of Directors IMC Mortgage Company and Subsidiaries We have examined the assertion by IMC Mortgage Company and Subsidiaries' management about compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Brokers (USAP) as of and for the year ended December 31, 1998, included in the accompanying management assertion. Management is responsible for IMC Mortgage Company and Subsidiaries' compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about IMC Mortgage Company and Subsidiaries' compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on IMC Mortgage Company and Subsidiaries' compliance with the minimum servicing standards. In our opinion, management's assertion that IMC Mortgage Company and Subsidiaries complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 1998 is fairly stated, in all material respects. /s/ Grant Thornton L.L.P. - ------------------------------------- Grant Thornton L.L.P. Tampa, Florida March 31, 1999 -12- 2 [IMC MORTGAGE COMPANY(R) LOGO] 5901 East Fowler Avenue Tampa, FL 33617-2362 phone (813) 984-8801 (800) 776-2211 fax (813) 984-2595 March 23, 1999 Grant Thornton LLP 101 E. Kennedy Blvd. - Suite 3850 Tampa, FL 33602-5154 As of and for the year ended December 31, 1998, IMC Mortgage Company and Subsidiaries has complied in all material respects with minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for the year ended December 31, 1998, IMC Mortgage and Subsidiaries had in effect a fidelity bond policy in the amount of $8,000,000. For the period January 1 to June 30, 1998, IMC Mortgage Company and Subsidiaries had in effect an Errors and Omissions policy in the amount of $2,000,000. As of and for the six months ended December 31, 1998, IMC Mortgage Company and Subsidiaries had in effect an Errors and Omission policy in the amount of $3,000,000. /s/ Stuart D. Marvin - ----------------------- Stuart D. Marvin Chief Financial Officer EX-99.3 4 ANNUAL COMPILATION OF MONTHLY TRUSTEE'S STATEMENT 1 EXHIBIT 99.3 IMC HOME EQUITY LOAN TRUST PASS-THROUGH CERTIFICATES SERIES 1998-5 DISTRIBUTION: OCTOBER 1998 - JANUARY 1999 PAGE # 1
ORIGINAL BEGINNING ENDING ENDING CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE O/C PRINCIPAL CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE - ----------------------------------------------------------------------------------------------------------------------------------- A-1 175,301,000.00 175,301,000.00 30,636,849.39 3,311,365.42 33,948,214.81 144,664,150.61 A-2 63,966,000.00 63,966,000.00 0.00 1,272,923.40 1,272,923.40 63,966,000.00 A-3 77,267,000.00 77,267,000.00 0.00 1,596,851.32 1,596,851.32 77,267,000.00 A-4 54,546,000.00 54,546,000.00 0.00 1,132,738.60 1,132,738.60 54,546,000.00 A-5 23,920,000.00 23,920,000.00 0.00 524,645.32 524,645.32 23,920,000.00 5,579,653.13 474,942,803.74 A-6 35,000,000.00 35,000,000.00 0.00 707,000.00 707,000.00 35,000,000.00 M-1 31,250,000.00 31,250,000.00 0.00 695,833.32 695,833.32 31,250,000.00 M-2 18,750,000.00 18,750,000.00 0.00 442,500.00 442,500.00 18,750,000.00 B 20,000,000.00 20,000,000.00 0.00 564,666.68 564,666.68 20,000,000.00 R N/A N/A N/A 0.00 0.00 N/A - ----------------------------------------------------------------------------------------------------------------------------------- TOTALS 500,000,000.00 500,000,000.00 30,636,849.39 10,248,524.06 40,885,373.45 469,363,150.61 5,579,653.13 474,942,803.74 =================================================================================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- A-7IO 35,000,000.00 35,000,000.00 N/A 973,000.00 973,000.00 35,000,000.00 N/A N/A (NOT'L) - -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- - -------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE - -------------------------------------------------------------------- ------------------------------------------------- A-1 174.76711137 18.88959801 825.23288863 A-1 5.69500000% 5.69438000% A-2 0.00000000 19.90000000 1000.00000000 A-2 5.97000000% 5.97000000% A-3 0.00000000 20.66666649 1000.00000000 A-3 6.20000000% 6.20000000% A-4 0.00000000 20.76666667 1000.00000000 A-4 6.23000000% 6.23000000% A-5 0.00000000 21.93333278 1000.00000000 A-5 6.58000000% 6.58000000% A-6 0.00000000 20.20000000 1000.00000000 A-6 6.06000000% 6.06000000% M-1 0.00000000 22.26666624 1000.00000000 A-7IO 8.34000000% 8.34000000% M-2 0.00000000 23.60000000 1000.00000000 M-1 6.68000000% 6.68000000% B 0.00000000 28.23333400 1000.00000000 M-2 7.08000000% 7.08000000% - -------------------------------------------------------------------- B 8.47000000% 8.47000000% TOTALS 61.27369878 20.49704812 938.7263012 -------------------------------------------------- - -------------------------------------------------------------------- - -------------------------------------------------------------------- A-7IO N/A 27.80000000 1000.00000000 (NOT'L) - --------------------------------------------------------------------
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: THOMAS ROLLAUER THE CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES 450 WEST 33RD STREET, 15TH FLOOR NEW YORK, NEW YORK 10001 (212) 946-3881 (C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK Page 1 -----END PRIVACY-ENHANCED MESSAGE-----