ITEM 1 - BUSINESS
Not Applicable
ITEM 2
ITEM 2 - PROPERTIES
Not Applicable
ITEM 3
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings involving either the IMC Home Equity Loan Trust 1997-7 (the "Trust"), established pursuant to the Pooling and Servicing Agreement (the "Agreement") dated November 1, 1997, 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
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
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-7 Certificates, Class A-8 Certificates and Class A-9IO 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 19, 1997, there were 12 holders of the Class A-1 Certificates, 3 holders of the Class A-2 Certificates, 4 holders of the Class A-3 Certificates, 10 holders of the Class A-4 Certificates, 10 holders of the Class A-5 Certificates, 1 holder of the Class A-6 Certificates, 1 holders of the Class A-7 Certificates, 20 holders of the Class A-8 Certificates and 1 holder of the Class A-9IO Certificates.
ITEM 6
ITEM 6 - SELECTED FINANCIAL DATA
Not Applicable
ITEM 7
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Not Applicable
ITEM 7A
ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable
ITEM 8
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, 1997 was $601,527.16.
ITEM 9
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or financial disclosures between IMC Mortgage Company (the "Issuer") and its accountants.
PART III
ITEM 10
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not Applicable
ITEM 11
ITEM 11 - EXECUTIVE COMPENSATION
Not Applicable
ITEM 12
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 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.
ITEM 13
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
Part IV
ITEM 14
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:
(b) Reports on Form 8-K
2 reports on Form 8-K have been filed by the issuer during the period covered by this report.
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 28, 1998
INDEX TO EXHIBITS ----------------- Item 14(C)