Exhibit 99.2
September 21, 1998 Deutsche Bank Securities [/]
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IMC HOME EQUITY LOAN TRUST 1998-6
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[$820,000,000] Offering Amount
FSA Bond Insured
TRANSACTION SUMMARY
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Estimated Estimated Estimated
WAL Modified Payment Expected
Approximate to Call Duration Window Ratings
Certificate(a) Size ($000s) Coupon (years) (years) (# pmt dates) (▇▇▇▇▇'▇/S&P)
---------------- -------------- ---------------- ------------- --------------- ---------------- ----------------------
Certificates backed by Group One (Fixed Rate) Loans
Class A-1 [$695,000] Fixed (b) [3.075] [2.598] 1-91(91) Aaa / AAA
Class A-2IO [$48,650] IO (c) N/A [1.42] N/A Aaa / AAAr
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Certificates backed by Group Two (Adjustable Rate) Loans
Class A-3 [$125,000] Floating (d) [2.483] [2.206] 1-91(91) Aaa / AAA
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Notes:
(a) The certificates will be priced to the 10% Optional Termination.
(b) [The Pass-Through Rate on the Class A-1 Certificates will equal
the lesser of (i) their respective Pass-Through Rates, and (ii)
the weighted average Coupon Rate of the Home Equity Loans, less
the sum of (A) approximately [ ]% per annum plus (B) the product
of the Class A-2IO Pass-Through Rate and the Class A-2IO Notional
Balance divided by the Loan Balance of the Home Equity Loans.] The
pass-through rate for each class remaining outstanding will
increase by 0.50% for remittance periods beginning after the
Clean-up Call Date.
(c) The Class A-2IO Certificates are interest only Certificates.
Interest on the Class A-2IO will be paid on a notional principal
balance equal to [$48,650,000], subject to a reduction of the
notional principal balance under certain conditions (initially
$[ ]) at a Pass-Through Rate of [ ]% per annum, from the first
Payment Date until the Payment Date in [September 2001].
(d) The Pass-Through Rate on the Class A-3 Certificates adjusts
monthly based on One Month LIBOR, and will be the lesser of One
Month LIBOR + [ ]%, and (ii) the weighted average Coupon Rate of
the Home Equity Loans, less approximately [ ]% per annum.
Prepayment Pricing
Speed Assumption: Group One: 4% CPR, increasing to 25% CPR over 12 months
Group Two: 30% CPR
Payment Date: The 20th day of each month (or the next Business Day thereafter) commencing on
October 20, 1998.
Payment Delay: With the exception of the Class A-3 Certificates, 19 days. With respect to
the Class A-3, 0 days.
Settlement (Closing) Date: On or about September 29, 1998.
Cut-off Date: September 1, 1998 (close of business)
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Pg. 1
BOND SENSITIVITY TO PREPAYMENTS
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Priced to Call % of Prepayment Assumption
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CLASS A-1 0% 50% 75% 100% 125% 150%
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Yield @ 100.00 (%) 6.153 6.114 6.090 6.064 6.037 6.009
Avg. Life (Years) 15.505 5.807 4.067 3.075 2.454 2.029
Mod. Dur. 9.104 4.360 3.285 2.598 2.135 1.801
First Pay 10/98 10/98 10/98 10/98 10/98 10/98
Last Pay 7/26 1/13 11/08 4/06 9/04 8/03
Window (Years) 27.833 14.333 10.167 7.583 6.000 4.917
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Priced to Maturity % of Prepayment Assumption
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CLASS A-1 0% 50% 75% 100% 125% 150%
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Yield @ 100.00 (%) 6.154 6.125 6.114 6.098 6.076 6.051
Avg. Life (Years) 15.575 6.048 4.359 3.341 2.671 2.204
Mod. Dur. 9.117 4.447 3.424 2.747 2.270 1.919
First Pay 10/98 10/98 10/98 10/98 10/98 10/98
Last Pay 5/28 5/24 6/18 2/14 3/12 10/09
Window (Years) 29.667 25.667 19.750 15.417 13.500 11.083
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Priced to Call % of Prepayment Assumption
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CLASS A-3 0% 50% 75% 100% 125% 150%
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Avg. Life (Years) 21.312 5.152 3.416 2.483 1.909 1.517
Mod. Dur. 11.237 3.936 2.810 2.133 1.686 1.365
First Pay 10/98 10/98 10/98 10/98 10/98 10/98
Last Pay 7/26 1/13 11/08 4/06 9/04 8/03
Window (Years) 27.833 14.333 10.167 7.583 6.000 4.917
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Priced to Maturity % of Prepayment Assumption
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CLASS A-3 0% 50% 75% 100% 125% 150%
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Avg. Life (Years) 21.518 5.477 3.607 2.611 1.996 1.576
Mod. Dur. 11.275 4.052 2.900 2.206 1.741 1.406
First Pay 10/98 10/98 10/98 10/98 10/98 10/98
Last Pay 6/28 1/25 4/18 3/13 11/09 7/07
Window (Years) 29.750 26.333 19.583 14.500 11.167 8.833
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This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein. Pg. 2