-----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, IjPkUPeLCutHCGGjbGgxqBZ1e6jG9+lur0/2NfDh4/XPmn/xDViQISTfvn6WLuY3 Y/XMptKhQ69syeQswa5Rog== 0000882377-99-000437.txt : 19990817 0000882377-99-000437.hdr.sgml : 19990817 ACCESSION NUMBER: 0000882377-99-000437 CONFORMED SUBMISSION TYPE: 424B5 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPAC SECURED ASSETS CORP CENTRAL INDEX KEY: 0001018905 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330715871 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B5 SEC ACT: SEC FILE NUMBER: 333-08439 FILM NUMBER: 99693785 BUSINESS ADDRESS: STREET 1: 20371 IRVINE AVE STREET 2: STE 200 CITY: SANTA ANA HEIGHTS STATE: CA ZIP: 92707 BUSINESS PHONE: 7145560122 MAIL ADDRESS: STREET 1: 20371 IRVINE AVE STREET 2: SUITE 200 CITY: SANTA ANA HEIGHTS STATE: CA ZIP: 92707 FORMER COMPANY: FORMER CONFORMED NAME: ICIFC SECURED ASSETS CORP DATE OF NAME CHANGE: 19960716 424B5 1 IMPAC SECURED ASSETS CORP. IMPAC SECURED ASSETS CORP. Company IMPAC FUNDING CORPORATION Master Servicer and Seller Mortgage Pass-Through Certificates, Series 1997-3 $0.00 Variable Rate Class A-10 Certificates ---------- Supplement dated August 13, 1999 to Prospectus supplement dated September 24, 1997 to Prospectus dated September 24, 1997 ---------- The Class A-10 Certificates had an initial notional amount of $324,123,628.54, and initially was issued on September 29, 1997. After giving effect to the distribution made on July 26, 1999, the current notional amount is $163,035,007.42. Greenwich Capital Markets, Inc., or the Class A-10 underwriter, will purchase from the Company its 50 percent interest in the Class A-10 Certificates pursuant to a Class A-10 underwriting agreement dated August 13, 1999, among Impac Secured Assets Corp., f/k/a ICIFC Secured Assets Corp., or the company, Impac Funding Corporation, f/k/a ICI Funding Corporation, or the master servicer, and the Class A-10 underwriter. The Class A-10 underwriter may offer the Class A-10 Certificates from time to time to the public in negotiated transactions or otherwise at varying prices to be determined at the time of sale. The Class A-10 underwriter may effect those transactions by selling the Class A-10 Certificates to or through dealers. In connection with the purchase and sale of the Class A-10 Certificates, the Class A-10 underwriter and any dealers that may participate with the Class A-10 underwriter in that resale of the Class A-10 Certificates may be deemed to have received compensation from the company in the form of discounts or commissions or, in the case of such dealers, compensation from the Class A-10 underwriter in the form of discounts, concessions or commissions. The Class A-10 underwriting agreement provides that the company will indemnify the Class A-10 underwriter against certain civil liabilities under the Securities Act of 1933, as amended, or contribute to payments required to be made in respect thereof. There is currently no secondary market for the Class A-10 Certificates. There can be no assurance that an active secondary market will develop, or if it does develop, that it will continue. GREENWICH CAPITAL MARKETS, INC. THIS SUPPLEMENT MUST BE DELIVERED TOGETHER WITH THE PROSPECTUS AND PROSPECTUS SUPPLEMENT REFERRED TO ABOVE, AND SHOULD BE READ IN CONJUNCTION WITH THOSE DOCUMENTS. UNTIL NOVEMBER 12, 1999, ALL DEALERS EFFECTING TRANSACTIONS IN THE CLASS A-10 CERTIFICATES, WHETHER OR NOT PARTICIPATING IN THIS DISTRIBUTION, MAY BE REQUIRED TO DELIVER A PROSPECTUS (INCLUDING THE PROSPECTUS SUPPLEMENT AND THIS SUPPLEMENT). THIS DELIVERY REQUIREMENT IS IN ADDITION TO THE OBLIGATION OF DEALERS TO DELIVER A PROSPECTUS WHEN ACTING AS UNDERWRITERS AND AS TO THEIR UNSOLD ALLOTMENTS OR SUBSCRIPTIONS. 2 The following information updates and replaces the applicable information provided in the prospectus supplement. DESCRIPTION OF THE MORTGAGE POOL General Presented below is a description of various characteristics of the mortgage loans as of August 1, 1999, except as otherwise indicated. All percentages of the mortgage loans are approximate percentages by aggregate principal balance as of the August 1, 1999, except as otherwise indicated. Unless otherwise specified, all principal balances of the mortgage loans are as of the August 1, 1999 and are rounded to the nearest dollar.
ORIGINAL MORTGAGE LOAN AMOUNT PERCENTAGE OF AUGUST 1, 1999 MORTGAGE LOAN NUMBER OF AGGREGATE UNPAID AGGREGATE PRINCIPAL BALANCE MORTGAGE LOAN PRINCIPAL BALANCE PRINCIPAL BALANCE ----------------- ------------- ----------------- ----------------- $ 0.01 - $ 50,000.00......... 73 $ 3,030,739 1.86% $ 50,000.01 - $ 100,000.00......... 391 29,301,072 17.97 $100,000.01 - $ 150,000.00......... 404 48,942,904 30.02 $150,000.01 - $ 200,000.00......... 181 30,453,601 18.68 $200,000.01 - $ 250,000.00......... 91 19,795,847 12.14 $250,000.01 - $ 300,000.00......... 51 13,563,152 8.32 $300,000.01 - $ 350,000.00......... 27 8,446,972 5.18 $350,000.01 - $ 400,000.00......... 12 4,363,457 2.68 $400,000.01 - $ 450,000.00......... 2 849,974 0.52 $450,000.01 - $ 500,000.00......... 7 3,184,517 1.95 $500,000.01 - $ 550,000.00......... 1 498,916 0.31 $600,000.01 - $ 650,000.00......... 1 603,856 0.37 ----- ------------ ------ Total.......................... 1,241 $163,035,007 100.00% ===== ============ ======
The average original principal balance of the mortgage loans will be approximately $134,638. 3
PRINCIPAL BALANCES OF THE MORTGAGE LOANS AS OF AUGUST 1, 1999 PERCENTAGE OF AUGUST 1, 1999 MORTGAGE LOAN NUMBER OF AGGREGATE UNPAID AGGREGATE PRINCIPAL BALANCE MORTGAGE LOAN PRINCIPAL BALANCE PRINCIPAL BALANCE ----------------- ------------- ----------------- ----------------- $ 0.01 - $ 50,000.00........ 84 $ 3,539,229 2.17% $ 50,000.01 - $100,000.00........ 402 30,922,394 18.97 $100,000.01 - $150,000.00........ 397 49,012,172 30.06 $150,000.01 - $200,000.00........ 179 30,814,937 18.90 $200,000.01 - $250,000.00........ 86 19,155,611 11.75 $250,000.01 - $300,000.00........ 49 13,431,946 8.24 $300,000.01 - $350,000.00........ 24 7,682,149 4.71 $350,000.01 - $400,000.00........ 10 3,732,824 2.29 $400,000.01 - $450,000.00........ 3 1,299,320 0.80 $450,000.01 - $500,000.00........ 6 2,840,569 1.74 $600,000.01 - $650,000.00........ 1 603,856 0.37 ----- ------------ ------ Total........................ 1,241 $163,035,007 100.00% ===== ============ ======
The average current principal balance of the mortgage loans will be approximately $131,374. 4
MORTGAGE RATES PERCENTAGE OF AUGUST 1, 1999 NUMBER OF AGGREGATE UNPAID AGGREGATE MORTGAGE RATES MORTGAGE LOAN PRINCIPAL BALANCE PRINCIPAL BALANCE -------------- ------------- ----------------- ----------------- 7.000% -7.499%................... 2 $ 107,919 0.07% 7.500% -7.999%................... 12 2,189,725 1.34 8.000% -8.499%................... 86 14,481,849 8.88 8.500% -8.999%................... 466 64,750,691 39.72 9.000% -9.499%................... 486 59,534,683 36.52 9.500% -9.999%................... 147 17,250,433 10.58 10.000% - 10.499%................ 22 2,892,091 1.77 10.500% - 10.999%................ 15 1,369,329 0.84 11.000% - 11.499%................ 2 204,711 0.13 11.500% - 11.999%................ 3 253,576 0.16 ----- ------------ ------ Total..................... 1,241 $163,035,007 100.00% ===== ============ ======
The weighted average mortgage rate of the mortgage loans will be approximately 8.979% per annum. 5
ORIGINAL LOAN-TO-VALUE RATIOS PERCENTAGE OF AUGUST 1, 1999 NUMBER OF AGGREGATE UNPAID AGGREGATE ORIGINAL LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - ------------------------------- --------------- ----------------- ------------------ Less than or equal to 25.00.... 4 $ 272,667 0.17% 25.01% - 30.00%.............. 3 307,456 0.19 30.01% - 35.00%.............. 7 524,205 0.32 35.01% - 40.00%.............. 6 361,872 0.22 40.01% - 45.00%.............. 12 1,325,655 0.81 45.01% - 50.00%.............. 24 2,501,885 1.53 50.01% - 55.00%.............. 21 1,918,992 1.18 55.01% - 60.00%.............. 27 2,825,365 1.73 60.01% - 65.00%.............. 41 4,756,374 2.92 65.01% - 70.00%.............. 60 7,475,286 4.59 70.01% - 75.00%.............. 122 16,555,978 10.15 75.01% - 80.00%.............. 334 43,412,528 26.63 80.01% - 85.00%.............. 41 4,828,758 2.96 85.01% - 90.00%.............. 500 70,125,422 43.01 90.01% - 95.00%.............. 39 5,842,563 3.58 ----- ------------ ------ Total....................... 1,241 $163,035,007 100.00% ===== ============ ======
The minimum and maximum loan-to-value ratios at origination of the mortgage loans were approximately 18.34% and 95.00%, respectively, and the weighted average loan-to-value ratios at origination of the mortgage loans was approximately 81.36%.
MORTGAGE LOAN PROGRAM PERCENTAGE OF AUGUST 1, 1999 NUMBER OF AGGREGATE UNPAID AGGREGATE LOAN PROGRAM MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - -------------------------------- --------------- ----------------- ------------------ Full Documentation.............. 116 $ 16,175,697 9.92% Limited Documentation........... 264 32,502,910 19.94 No Ratio........................ 118 15,857,388 9.73 Alternative Documentation....... 7 687,150 0.42 No Income/No Asset.............. 122 13,708,059 8.41 Express (Non-Verified Assets)... 586 79,423,025 48.72 Express (Verified Assets)....... 28 4,680,779 2.87 ----- ------------ ------ Total....................... 1,241 $163,035,007 100.00% ===== ============ ======
See "Description of the Mortgage Pool-- Underwriting Standards" in the prospectus supplement for a description of ICI Funding's documentation programs. 6
RISK CATEGORIES OF MORTGAGE LOANS PERCENTAGE OF AUGUST 1, 1999 NUMBER OF AGGREGATE UNPAID AGGREGATE CREDIT GRADE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - -------------------------------- --------------- ----------------- ------------------ A+(1)........................... 5 $ 1,062,351 0.65% A(1)............................ 573 72,285,544 44.34 A-(1)........................... 45 5,271,541 3.23 B (1)........................... 3 222,451 0.14 C (1)........................... 1 89,317 0.05 Progressive Express 1(2)........ 277 36,875,533 22.62 Progressive Express 2(2)........ 268 37,459,181 22.98 Progressive Express 3(2)........ 39 5,303,897 3.25 Progressive Express 4(2)........ 25 4,017,399 2.46 Progressive Express 5(2)........ 5 447,794 0.27 ---- ------------ ------- Total........................ 1,241 $163,035,007 100.00% ===== ============= ======= __________________
(1) All of the mortgage loans were reviewed and placed into risk categories generally based on the credit standards of the Progressive Program. See "Description of the Mortgage Pool-- Underwriting Standards" in the prospectus supplement. (2) These mortgage loans were originated under ICI Funding's Progressive Express Program. The underwriting for such mortgage loans is generally based on the borrower's "FICO" score and therefore those mortgage loans do not correspond to the alphabetical risk categories listed above. See "Description of the Mortgage Pool-- Underwriting Standards" in the prospectus supplement. 7
OCCUPANCY TYPE PERCENTAGE OF AUGUST 1, 1999 NUMBER OF AGGREGATE UNPAID AGGREGATE OCCUPANCY TYPE (AS INDICATED BY BORROWER) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - ----------------------------------------- --------------- ----------------- ------------------ Owner-Occupied Primary Residence......... 1,118 $151,593,721 92.98% Second Homes............................. 61 6,404,384 3.93 Non-Owner Occupied....................... 62 5,036,903 3.09 ----- ------------ ------ Total.............................. 1,241 $163,035,007 100.00% ===== ============ ======
PROPERTY TYPES PERCENTAGE OF AUGUST 1, NUMBER OF AGGREGATE UNPAID 1999 AGGREGATE PROPERTY TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - ----------------------------------------- --------------- ----------------- ----------------------- Single-family............................ 1,022 $137,724,092 84.48% PUD...................................... 76 9,808,668 6.02 Condominium.............................. 96 9,553,571 5.86 Two- to Four-Family...................... 42 5,261,158 3.23 CondoHotel............................... 3 391,932 0.24 Deminimus PUD............................ 2 295,586 0.18 ----- ------------ ------- Total.............................. 1,241 $163,035,007 100.00% ===== ============ ======
8 GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES PERCENTAGE OF AUGUST 1, 1999 NUMBER OF AGGREGATE UNPAID AGGREGATE STATE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - --------------------- --------------- ----------------- ------------------ California........... 261 43,460,805 26.66% Other(1)............. 317 40,408,009 24.78 Florida.............. 307 32,563,365 19.97 New York............. 112 16,091,697 9.87 New Jersey........... 122 15,689,794 9.62 Texas................ 82 9,357,491 5.74 Nevada............... 40 5,463,846 3.35 -- ------------ ------ Total.......... 1,241 $163,035,007 100.00% ===== ============ ====== ________________ (1) No more than 3% in any one state. No more than approximately 0.54% of the mortgage loans will be secured by mortgaged properties located in any one zip code.
PURPOSES OF MORTGAGE LOANS PERCENTAGE OF AUGUST 1, 1999 NUMBER OF AGGREGATE UNPAID AGGREGATE LOAN PURPOSE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE ------------ --------------- ----------------- ------------------ Purchase......................... 920 $120,126,222 73.68% Refinance/Equity Take-Out........ 185 22,443,593 13.77 Refinance/No Equity Take-Out..... 128 19,480,311 11.95 Construction..................... 8 984,881 0.60 ----- ------------ ------ Total......................... 1,241 $163,035,007 100.00% ===== ============ ======
In general, in the case of a mortgage loan made for "rate/term" refinance purposes, substantially all of the proceeds are used to pay in full the principal balance of a previous mortgage loan of the mortgagor with respect to a mortgaged property and to pay origination and closing costs associated with such refinancing. mortgage loans made for "equity take out" refinance purposes may involve the use of the proceeds to pay in full the principal balance of a previous mortgage loan and related costs except that a portion of the proceeds are generally retained by the mortgagor for uses unrelated to the mortgaged property. The amount of such proceeds retained by the mortgagor may be substantial. 9 CERTAIN YIELD AND PREPAYMENT CONSIDERATIONS The numbers listed for the Class A-10 Certificates in the table entitled "Pre-Tax Yield to Maturity of the Variable Strip Certificates at the Following Percentages of SPA" on page S-62 of the prospectus supplement are replaced with the following numbers: PRE-TAX YIELD TO MATURITY OF THE VARIABLE STRIP CERTIFICATES AT THE FOLLOWING PERCENTAGES OF CPR Assumed Purchase Price 0.00% 15.55% 31.10% 46.65% 62.20% - ---------------------- ----- ------ ------ ------ ------ 2.96875% ................ 51.9% 32.3% 10.7% (13.7)% (42.0)% Solely as to the Class A-10 Certificates, the model, or prepayment assumption, used to derive the yields above assumes a prepayment rate for the mortgage loans based on CPR. CPR assumes that the outstanding principal balance of a pool of mortgage loans prepays at a specified constant annual rate or CPR. In generating monthly cash flows, this rate is converted to an equivalent constant monthly rate. To assume 31.10% CPR or any other CPR percentage is to assume that the stated percentage of the outstanding principal balance of the pool is prepaid over the course of a year. No representation is made that the mortgage loans will prepay at 31.10% CPR or any other rate. STRUCTURING ASSUMPTIONS The structuring assumptions described in clauses (i), (vi) and (ix) in the last paragraph on page S-56 in the prospectus supplement are updated and replaced by the following: (i) the table entitled "Pre-Tax Yield to Maturity of the Variable Strip Certificates at the Following Percentages of SPA" as modified above is based on the actual characteristics of the mortgage loans as they appear on the systems of the master servicer as of August 1, 1999. (vi) payments on the Certificates will be received on the 25th day of each month, commencing August 25, 1999; (ix) the Certificates will be purchased on August 13, 1999; 10 ADDITIONAL INFORMATION The following information relating to the mortgage loans was contained in the Statement to Certificateholders in connection with the distribution made on July 26, 1999.
DELINQUENT LOAN INFORMATION 31-60 Days 61-90 Days 91 or more days Total ---------- ---------- --------------- ----- Principal Balance - Loan $2,927,687.32 $69,966.32 $221,764.76 $3,219,418.40 Group I Number of Loans - Loan 16 1 2 19 Group I
FORECLOSURE LOAN INFORMATION 31-60 Days 61-90 Days 91 or more days Total ---------- ---------- --------------- ----- Principal Balance - Loan $0 $0 $2,613,237.82 $2,613,237.82 Group I Number of Loans - Loan 0 0 15 15 Group I
BANKRUPTCY LOAN INFORMATION 31-60 Days 61-90 Days 91 or more days Total ---------- ---------- --------------- ----- Principal Balance - Loan $0 $492,863.04 $983,631.89 $1,476,494.93 Group I Number of Loans - Loan 0 2 8 10 Group I
REO LOAN INFORMATION 31-60 Days 61-90 Days 91 or more days Total ---------- ---------- --------------- ----- Principal Balance - Loan $0 $0 $809,226.11 $809,226.11 Group I Number of Loans - Loan 0 0 5 5 Group I
11 Current Period Realized Losses $0.00 Prior Period Realized Loss Adjustment $(2,468.50) Aggregate Realized Losses Since $112,322.32 Inception Aggregate Amount of Recoveries on $0.00 previously foreclosed loans Bankruptcy Amount $75,000.00 Fraud Loss Amount $2,706,410.59 Special Hazard Amount $2,314,000.00 12 -----END PRIVACY-ENHANCED MESSAGE-----