-----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, HA4nxYiE5fDRGSRIJBHwn/Rh7B6vGyOxFg4ub4SPPyKUsqokSuQQvw8b6PtAwcxF gbfOHYYV5VwV3TNZBxhNNQ== 0001020242-98-000044.txt : 19980401 0001020242-98-000044.hdr.sgml : 19980401 ACCESSION NUMBER: 0001020242-98-000044 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971226 ITEM INFORMATION: FILED AS OF DATE: 19980331 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ICIFC SECURED ASSETS CORP MORT PS THR CERT SER 1997-3 CENTRAL INDEX KEY: 0001057748 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330780570 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-08439-02 FILM NUMBER: 98580445 BUSINESS ADDRESS: STREET 1: 3 PARK PLAZA STREET 2: 16TH FL CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 7142537606 MAIL ADDRESS: STREET 1: 3 PARK PLAZA STREET 2: 16TH FL CITY: IRVINE STATE: CA ZIP: 92614 FORMER COMPANY: FORMER CONFORMED NAME: IMPERIAL CMB TRUST SERIES 1997-3 DATE OF NAME CHANGE: 19980313 8-K 1 March 31, 1998 Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Re: ICIFC Secured Assets Corp. Mortgage Pass-Through Certificates, Series 1997-3; File No. 333-8439. Ladies and Gentlemen: Enclosed herewith for filing on behalf of ICIFC Secured Assets Corp. (as Company) under the Pooling and Servicing Agreement, dated as of September 1, 1997, among the Company, the Master Servicer and Bankers Trust Company of California, N.A. (the "Trustee"). The Certificates consist of eleven classes of senior certificates designated as Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10 and Class R (collectively, the "Senior Certifcates") and six classes of subordinated certifiates designated as Class M-1, Class M-2, and Class M-3 (collectively, the "Class M Certificates"), Class B-1, Class B-2 and Class B-3 (collectively, the "Class B Certificates"). Only the Senior Certificates and the Class M Certificates (collectively, the "Offered Certificates") are offered under the Prospectus. The Certificates will evidence undivided interests in a trust fund (the "Trust Fund") consisting primarily of a pool of conventional, fixed-rate, one-to four-family first mortgage loans (the "Mortgage Loans"). ICI Funding Corporation ("ICI Funding") originated or acquired the Mortgage Loans through its mortgage loan purchase program from various seller/servicers. ICI Funding will transfer the Mortgage Loans to the Company pursuant to the Mortgage Loan Purchase Agreement, dated September 29, 1997 (the "Mortgage :Loan Purchase Agreement"), in exchange for immediately available funds, the Class A-9, Class A-10 and Class B Certificates. The Certificates were registered under the Securities Act of 1933. As a result, the Registrant is subject to the filing requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Trust intends to fulfill these filing requirements in the manner described herein: The agent for Registrant will file, promptly after each Distribution Date as defined in the Indenture Agreement), a Current Report on Form 8-K in substantially the form enclosed herewith, including as an exhibit thereto the applicable Distribution Date Report. Each such Current Report will also disclose under Item 5 any matter occurring during the relevant reporting period which would be reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q. Within 90 days after the end of each fiscal year, the agent for the Registrant will file an annual report of Form 10-K, which responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and Item 14 of Part IV thereof, and include as exhibits thereto certain information from the Distribution Date reports aggregated for such year and a copy of the independent accountants' annual compliance statement required under the Pooling and Servicing Agreement. The agent for the Registrant will follow the above procedures except for any fiscal year as to which its reporting obligations under Section 15(d) of the Exchange Act have been suspended pursuant to such Section. In such event, the agent for the Registrant will file a Form 15 as required under Rule 15d-6. Should you wish to discuss the above filing procedures, please call Judy L. Gomez at (714) 253-7562. Sincerely, /s/ Judy L. Gomez Assistant Vice President Bankers Trust Company of California, N.A. S.E.C. Reporting Agent for ICIFC Secured Assets Corp. Mortgage Pass-Through Certificates, Series 1997-3. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 26, 1997 ICIFC SECURED ASSETS CORP. (as company under a Pooling and Servicing Agreement, dated as of September 1, 1997, providing for inter alia, the issuance of Mortgage Pass-Through Certificates, Series 1997-3). ICIFC SECURED ASSETS CORP. (Exact name of Registrant as specified in its Charter) CALIFORNIA (State or Other Jurisdiction of Incorporation) 333-8439 33-071-5871 (Commission File Number) (I.R.S. Employer Identification No.) 20371 IRVINE AVENUE SANTA ANA HEIGHTS, CALIFORNIA 92707 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (714) 556-0122 ITEM 5. Other Events Attached hereto are copies of the Monthly Remittance Statements to the Certificateholders which were derived from the monthly information submitted by the Master Servicer to the Trustee. ITEM 7. Financial Statement and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of December 26, 1997. Monthly Remittance Statement to the Certificateholders dated as of January 26, 1998 Monthly Remittance Statement to the Certificateholders dated as of February 25, 1998. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Bankers Trust Company of California, N.A., not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of September 1, 1997. Date: March 31, 1998 By: /s/ Judy L. Gomez Judy L. Gomez Assistant Vice President EXHIBIT INDEX Sequential Document Page Number Monthly Remittance Statement to the Certificateholders dated as of December 26, 1997. 5 Monthly Remittance Statement to the Certificateholders dated as of January 26, 1998. 10 Monthly Remittance Statement to the Certificateholders dated as of February 25, 1998. 15 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTIONS IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL A-1 152,291,000.00 148,140,514.26 895,015.60 2,803,729.66 A-2 45,634,000.00 45,634,000.00 275,705.41 0.00 A-3 27,873,000.00 27,484,268.24 166,050.78 262,595.47 A-4 4,114,000.00 4,092,244.17 24,723.98 14,696.47 A-5 12,841,000.00 12,841,000.00 77,581.04 0.00 A-6 20,052,000.00 20,052,000.00 121,147.50 0.00 A-7 37,673,000.00 37,673,000.00 227,607.71 0.00 A-8 4,186,000.00 4,186,000.00 25,290.42 0.00 A-9 11,474.25 11,419.28 0.00 27.73 A-10* 324,123,628.54 319,536,147.48 391,874.93 0.00 M-1 7,292,000.00 7,282,119.10 43,996.14 4,990.46 M-2 3,241,000.00 3,236,608.33 19,554.51 2,218.06 M-3 2,431,000.00 2,427,705.92 14,667.39 1,663.72 B-1 3,241,000.00 3,236,608.33 19,554.51 2,218.06 B-2 1,620,000.00 1,617,804.85 9,774.24 1,108.69 B-3 1,623,054.29 1,620,855.00 9,792.67 1,110.78 R 100.00 0.00 0.00 0.00 Totals 324,123,628.54 319,536,147.48 2,322,336.83 3,094,359.10 TOTAL REALIZED DEFERRED CURRENT LOSSES INTEREST PRINCIPAL BALANCE A-1 3,698,745.26 0.00 0.00 145,336,784.60 A-2 275,705.41 0.00 0.00 45,634,000.00 A-3 428,646.25 0.00 0.00 27,221,672.77 A-4 39,420.45 0.00 0.00 4,077,547.70 A-5 77,581.04 0.00 0.00 12,841,000.00 A-6 121,147.50 0.00 0.00 20,052,000.00 A-7 227,607.71 0.00 0.00 37,673,000.00 A-8 25,290.42 0.00 0.00 4,186,000.00 A-9 27.73 0.00 0.00 11,391.55 A-10* 391,874.93 0.00 0.00 316,441,788.38 M-1 48,986.60 0.00 0.00 7,277,128.64 M-2 21,772.57 0.00 0.00 3,234,390.27 M-3 16,331.11 0.00 0.00 2,426,042.20 B-1 21,772.57 0.00 0.00 3,234,390.27 B-2 10,882.93 0.00 0.00 1,616,696.16 B-3 10,903.45 0.00 0.00 1,619,744.22 R 0.00 0.00 0.00 0.00 Totals 5,416,695.93 0.00 0.00 316,441,788.38 *Class A-10 Represents a Notional Balance FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL A-1 44926MBQ2 972.746349 5.877009 18.410344 24.287353 A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667 A-3 44926MBS8 986.053465 5.957406 9.421141 15.378547 A-4 44296MBT6 994.711757 6.009718 3.572307 9.582025 A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667 A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667 A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667 A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667 A-9 44926MBY5 995.209273 0.000000 2.416716 2.416716 A-10* 44926MZ2 985.846508 1.209029 0.000000 1.209029 M-1 44926MCB4 998.644967 6.033481 0.684375 6.717855 M-2 44926MCC2 998.644965 6.033480 0.684375 6.717856 M-3 44926MCD0 998.644969 6.033480 0.684377 6.717857 B-1 44926MCE8 998.644965 6.033480 0.684375 6.717856 B-2 44926MCF5 998.644969 6.033481 0.684377 6.717858 B-3 44926MCG3 998.644968 6.033483 0.684376 6.717859 R 44926MCA6 0.000000 0.000000 0.000000 0.000000 CURRENT PASS THROUGH PRINCIPAL RATES BALANCE CURRENT NEXT A-1 954.336005 7.250000% 7.250000% A-2 1,000.000000 7.250000% 7.250000% A-3 976.632324 7.250000% 7.250000% A-4 991.139451 7.250000% 7.250000% A-5 1,000.000000 7.250000% 7.250000% A-6 1,000.000000 7.250000% 7.250000% A-7 1,000.000000 7.250000% 7.250000% A-8 1,000.000000 7.250000% 7.250000% A-9 992.792557 0.000000% 0.000000% A-10* 976.299660 1.471664% 1.471516% M-1 997.960592 7.250000% 7.250000% M-2 997.960589 7.250000% 7.250000% M-3 997.960592 7.250000% 7.250000% B-1 997.960589 7.250000% 7.250000% B-2 997.960593 7.250000% 7.250000% B-3 997.960592 7.250000% 7.250000% R 0.000000 7.250000% 7.250000% Seller: ICIFC Secured Assets Corp. Administrator: Joseph Murphy Servicer: ICIFC Secured Assets Corp. Bankers Trust Company Lead Underwriter: Lehman Brothers 3 Park Plaza Record Date: November 28, 1997 Irvine, CA 92614 Distribution Date: December 26, 1997 Factor Information (800)735-7777 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTION DATE: DECEMBER 26, 1997 CLASS INTEREST ACCRUED NET INTEREST SHORTFALL A-1 895,015.60 0.00 A-2 275,705.41 0.00 A-3 166,050.78 0.00 A-4 24,723.98 0.00 A-5 77,581.04 0.00 A-6 121,147.50 0.00 A-7 227,607.71 0.00 A-8 25,290.42 0.00 A-10 391,874.93 0.00 M-1 43,996.14 0.00 M-2 19,554.51 0.00 M-3 14,667.39 0.00 B-1 19,554.51 0.00 B-2 9,774.24 0.00 B-3 9,792.67 0.00 R 0.00 0.00 Monthly Interest Advanced 496,792.93 Monthly Principal Advanced 42,598.16 Compensating Interest Payments made by Master Servicer 13,387.14 Number of Mortgage Loans remaining as of the end of the current distribution date 2137 Stated Principal Balance as of the end of the current distribution date: 316,441,788.38 Current Senior Percentage 93.92% Current Class M-1 Percentage 2.28% Current Class M-2 Percentage 1.01% Current Class M-3 Percentage 0.76% Current Class B-1 Percentage 1.01% Current Class B-2 Percentage 0.51% Current Class B-3 Percentage 0.51% Next Periods Senior Percentage: 93.87% Next Periods Class M-1 Percentage 2.30% Next Periods Class M-2 Percentage 1.02% Next Periods Class M-3 Percentage 0.77% Next Periods Class B-1 Percentage 1.02% Next Periods Class B-2 Percentage 0.51% Next Periods Class B-3 Percentage 0.51% ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS Distribution Date: December 26, 1997 DELINQUENT LOAN 30-60 61-90 91+ INFORMATION: DAYS DAYS DAYS PRINCIPAL BALANCE-LOAN GROUPI 4,996,248.46 289,295.02 72,223.79 NUMBER OF LOANS-LOAN GROUPI 32 3 1 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 1,067,305.54 0.00 NUMBER OF LOANS-LOAN GROUPI 0 7 0 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 103,154.40 0.00 NUMBER OF LOANS-LOAN GROUPI 0 1 0 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 0.00 0.00 NUMBER OF LOANS-LOAN GROUPI 0 0 0 DELINQUENT LOAN INFORMATION: TOTAL PRINCIPAL BALANCE-LOAN GROUPI 5,357,767.27 NUMBER OF LOANS-LOAN GROUPI 36 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 1,067,305.54 NUMBER OF LOANS-LOAN GROUPI 7 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 819,931.00 NUMBER OF LOANS-LOAN GROUPI 6 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 NUMBER OF LOANS-LOAN GROUPI 0 Book Value of all REO Property 0.00 Class M-1 Subordinate Principal Distribution Amount: 4,990.46 Class M-2 Subordinate Principal Distribution Amount: 2,218.06 Class M-3 Subordinate Principal Distribution Amount: 1,663.72 Class B-1 Subordinate Principal Distribution Amount: 2,218.06 Class B-2 Subordinate Principal Distribution Amount: 1,108.69 Class B-3 Subordinate Principal Distribution Amount: 1,110.78 Class M-1 Prepayment Distribution Percentage: 37.49% Class M-2 Prepayment Distribution Percentage: 16.66% Class M-3 Prepayment Distribution Percentage: 12.50% Class B-1 Prepayment Distribution Percentage: 16.66% Class B-2 Prepayment Distribution Percentage: 8.33% Class B-3 Prepayment Distribution Percentage: 8.35% Has a Credit Support Depletion Date Occurred? No Senior Accelerated Distribution Percentage: 100.00% Scheduled Payment Lockout Distribution Percentage: 0.00% Unscheduled Payment Lockout Distribution Percentage: 0.00% Current Periods Realized Losses 0.00 Aggregate Realized Losses Since Inception 0.00 Weighted Average Term to Maturity: 345 Weighted Average Mortgage Rate(after giving effect to current periods distribution) 8.99% Bankruptcy Amount: 148,332.00 Fraud Loss Amount: 6,482,472.56 Special Hazard Amount: 2,314,000.00 0.00 0.00 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTIONS IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL A-1 152,291,000.00 145,336,784.60 878,076.41 3,332,721.81 A-2 45,634,000.00 45,634,000.00 275,705.42 0.00 A-3 27,873,000.00 27,221,672.77 164,464.27 312,140.53 A-4 4,114,000.00 4,077,547.70 24,635.18 17,469.31 A-5 12,841,000.00 12,841,000.00 77,581.04 0.00 A-6 20,052,000.00 20,052,000.00 121,147.50 0.00 A-7 37,673,000.00 37,673,000.00 227,607.71 0.00 A-8 4,186,000.00 4,186,000.00 25,290.42 0.00 A-9 11,474.25 11,391.55 0.00 29.59 A-10* 324,123,628.54 316,441,788.38 388,040.99 0.00 M-1 7,292,000.00 7,277,128.64 43,965.99 5,039.00 M-2 3,241,000.00 3,234,390.27 19,541.11 2,239.63 M-3 2,431,000.00 2,426,042.20 14,657.34 1,679.90 B-1 3,241,000.00 3,234,390.27 19,541.11 2,239.63 B-2 1,620,000.00 1,616,696.16 9,767.54 1,119.47 B-3 1,623,054.29 1,619,744.22 9,785.95 1,121.58 R 100.00 0.00 0.00 0.00 Totals 324,123,628.54 316,441,788.38 2,299,807.98 3,675,800.45 TOTAL REALIZED DEFERRED CURRENT LOSSES INTEREST PRINCIPAL BALANCE A-1 4,210,798.22 0.00 0.00 142,004,062.79 A-2 275,705.42 0.00 0.00 45,634,000.00 A-3 476,604.80 0.00 0.00 26,909,532.24 A-4 42,104.49 0.00 0.00 4,060,078.39 A-5 77,581.04 0.00 0.00 12,841,000.00 A-6 121,147.50 0.00 0.00 20,052,000.00 A-7 227,607.71 0.00 0.00 37,673,000.00 A-8 25,290.42 0.00 0.00 4,186,000.00 A-9 29.59 0.00 0.00 11,361.96 A-10* 388,040.99 0.00 0.00 312,765,987.93 M-1 49,004.99 0.00 0.00 7,272,089.64 M-2 21,780.74 0.00 0.00 3,232,150.64 M-3 16,337.24 0.00 0.00 2,424,362.30 B-1 21,780.74 0.00 0.00 3,232,150.64 B-2 10,887.01 0.00 0.00 1,615,576.69 B-3 10,907.53 0.00 0.00 1,618,622.64 R 0.00 0.00 0.00 0.00 Totals 5,975,608.43 0.00 0.00 312,765,987.93 *Class A-10 Represents a Notional Balance FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL A-1 44926MBQ2 954.336005 5.765780 21.883905 27.649685 A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667 A-3 44926MBS8 976.632324 5.900487 11.198670 17.099157 A-4 44296MBT6 991.139451 5.988133 4.246308 10.234441 A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667 A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667 A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667 A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667 A-9 44926MBY5 992.792557 0.000000 2.578818 2.578818 A-10* 44926MZ2 976.299660 1.197201 0.000000 1.197201 M-1 44926MCB4 997.960592 6.029346 0.691031 6.720377 M-2 44926MCC2 997.960589 6.029346 0.691031 6.720376 M-3 44926MCD0 997.960592 6.029346 0.691032 6.720378 B-1 44926MCE8 997.960589 6.029346 0.691031 6.720376 B-2 44926MCF5 997.960593 6.029346 0.691031 6.720377 B-3 44926MCG3 997.960592 6.029342 0.691030 6.720373 R 44926MCA6 0.000000 0.000000 0.000000 0.000000 CURRENT PASS THROUGH PRINCIPAL RATES BALANCE CURRENT NEXT A-1 932.452100 7.250000% 7.250000% A-2 1,000.000000 7.250000% 7.250000% A-3 965.433654 7.250000% 7.250000% A-4 986.893143 7.250000% 7.250000% A-5 1,000.000000 7.250000% 7.250000% A-6 1,000.000000 7.250000% 7.250000% A-7 1,000.000000 7.250000% 7.250000% A-8 1,000.000000 7.250000% 7.250000% A-9 990.213739 0.000000% 0.000000% A-10* 964.958924 1.471516% 1.469237% M-1 997.269561 7.250000% 7.250000% M-2 997.269559 7.250000% 7.250000% M-3 997.269560 7.250000% 7.250000% B-1 997.269559 7.250000% 7.250000% B-2 997.269562 7.250000% 7.250000% B-3 997.269561 7.250000% 7.250000% R 0.000000 7.250000% 7.250000% Seller: ICIFC Secured Assets Corp. Administrator: Cindy Tsang Servicer: ICIFC Secured Assets Corp. Bankers Trust Company Lead Underwriter: Lehman Brothers 3 Park Plaza Record Date: December 31, 1997 Irvine, CA 92614 Distribution Date: January 26, 1998 Factor Information (800)735-7777 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTION DATE: JANUARY 26, 1998 CLASS INTEREST ACCRUED NET INTEREST SHORTFALL A-1 878,076.41 0.00 A-2 275,705.42 0.00 A-3 164,464.27 0.00 A-4 24,635.18 0.00 A-5 77,581.04 0.00 A-6 121,147.50 0.00 A-7 227,607.71 0.00 A-8 25,290.42 0.00 A-10 388,040.99 0.00 M-1 43,965.99 0.00 M-2 19,541.11 0.00 M-3 14,657.34 0.00 B-1 19,541.11 0.00 B-2 9,767.54 0.00 B-3 9,785.95 0.00 R 0.00 0.00 Monthly Interest Advanced 492,824.98 Monthly Principal Advanced 42,571.52 Compensating Interest Payments made by Master Servicer 8,531.86 Number of Mortgage Loans remaining as of the end of the current distribution date 2123 Stated Principal Balance as of the end of the current distribution date: 312,765,987.93 Current Senior Percentage 93.87% Current Class M-1 Percentage 2.30% Current Class M-2 Percentage 1.02% Current Class M-3 Percentage 0.77% Current Class B-1 Percentage 1.02% Current Class B-2 Percentage 0.51% Current Class B-3 Percentage 0.51% Next Periods Senior Percentage: 93.80% Next Periods Class M-1 Percentage 2.33% Next Periods Class M-2 Percentage 1.03% Next Periods Class M-3 Percentage 0.78% Next Periods Class B-1 Percentage 1.03% Next Periods Class B-2 Percentage 0.52% Next Periods Class B-3 Percentage 0.52% ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS Distribution Date: January 26, 1998 DELINQUENT LOAN 30-60 61-90 91+ INFORMATION: DAYS DAYS DAYS PRINCIPAL BALANCE-LOAN GROUPI 3,952,289.00 840,768.71 244,822.01 NUMBER OF LOANS-LOAN GROUPI 25 7 2 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 44,871.99 874,176.86 986,423.90 NUMBER OF LOANS-LOAN GROUPI 1 5 6 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 251,507.93 0.00 0.00 NUMBER OF LOANS-LOAN GROUPI 2 0 0 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 0.00 0.00 NUMBER OF LOANS-LOAN GROUPI 0 0 0 DELINQUENT LOAN INFORMATION: TOTAL PRINCIPAL BALANCE-LOAN GROUPI 5,037,879.72 NUMBER OF LOANS-LOAN GROUPI 34 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 1,905,472.75 NUMBER OF LOANS-LOAN GROUPI 12 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 819,461.16 NUMBER OF LOANS-LOAN GROUPI 6 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 NUMBER OF LOANS-LOAN GROUPI 0 Book Value of all REO Property 0.00 Class M-1 Subordinate Principal Distribution Amount: 5,039.00 Class M-2 Subordinate Principal Distribution Amount: 2,239.63 Class M-3 Subordinate Principal Distribution Amount: 1,679.90 Class B-1 Subordinate Principal Distribution Amount: 2,239.63 Class B-2 Subordinate Principal Distribution Amount: 1,119.47 Class B-3 Subordinate Principal Distribution Amount: 1,121.58 Class M-1 Prepayment Distribution Percentage: 37.49% Class M-2 Prepayment Distribution Percentage: 16.66% Class M-3 Prepayment Distribution Percentage: 12.50% Class B-1 Prepayment Distribution Percentage: 16.66% Class B-2 Prepayment Distribution Percentage: 8.33% Class B-3 Prepayment Distribution Percentage: 8.35% Has a Credit Support Depletion Date Occurred? No Senior Accelerated Distribution Percentage: 100.00% Scheduled Payment Lockout Distribution Percentage: 0.00% Unscheduled Payment Lockout Distribution Percentage: 0.00% Current Periods Realized Losses 0.00 Aggregate Realized Losses Since Inception 0.00 Weighted Average Term to Maturity: 343 Weighted Average Mortgage Rate(after giving effect to current periods distribution) 8.98% Bankruptcy Amount: 148,332.00 Fraud Loss Amount: 6,482,472.56 Special Hazard Amount: 2,314,000.00 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTIONS IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL A-1 152,291,000.00 142,004,062.79 857,941.21 3,028,286.39 A-2 45,634,000.00 45,634,000.00 275,705.41 0.00 A-3 27,873,000.00 26,909,532.24 162,578.42 283,627.31 A-4 4,114,000.00 4,060,078.39 24,529.64 15,873.53 A-5 12,841,000.00 12,841,000.00 77,581.04 0.00 A-6 20,052,000.00 20,052,000.00 121,147.50 0.00 A-7 37,673,000.00 37,673,000.00 227,607.71 0.00 A-8 4,186,000.00 4,186,000.00 25,290.42 0.00 A-9 11,474.25 11,361.96 0.00 29.77 A-10* 324,123,628.54 312,765,987.93 382,939.38 0.00 M-1 7,292,000.00 7,272,089.64 43,935.54 5,096.96 M-2 3,241,000.00 3,232,150.64 19,527.58 2,265.39 M-3 2,431,000.00 2,424,362.30 14,647.19 1,699.22 B-1 3,241,000.00 3,232,150.64 19,527.58 2,265.39 B-2 1,620,000.00 1,615,576.69 9,760.78 1,132.35 B-3 1,623,054.29 1,618,622.64 9,779.18 1,134.48 R 100.00 0.00 0.00 0.00 Totals 324,123,628.54 312,765,987.93 2,272,498.58 3,341,410.79 TOTAL REALIZED DEFERRED CURRENT LOSSES INTEREST PRINCIPAL BALANCE A-1 3,886,227.60 0.00 0.00 138,975,776.40 A-2 275,705.41 0.00 0.00 45,634,000.00 A-3 446,205.73 0.00 0.00 26,625,904.93 A-4 40,403.17 0.00 0.00 4,044,204.86 A-5 77,581.04 0.00 0.00 12,841,000.00 A-6 121,147.50 0.00 0.00 20,052,000.00 A-7 227,607.71 0.00 0.00 37,673,000.00 A-8 25,290.42 0.00 0.00 4,186,000.00 A-9 29.77 0.00 0.00 11,332.19 A-10* 382,939.38 0.00 0.00 309,424,577.14 M-1 49,032.50 0.00 0.00 7,266,992.68 M-2 21,792.97 0.00 0.00 3,229,885.25 M-3 16,346.41 0.00 0.00 2,422,663.08 B-1 21,792.97 0.00 0.00 3,229,885.25 B-2 10,893.13 0.00 0.00 1,614,444.34 B-3 10,913.66 0.00 0.00 1,617,488.16 R 0.00 0.00 0.00 0.00 Totals 5,613,909.37 0.00 0.00 309,424,577.14 *Class A-10 Represents a Notional Balance FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL A-1 44926MBQ2 932.452100 5.633565 19.884868 25.518432 A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667 A-3 44926MBS8 965.433654 5.832828 10.175701 16.008529 A-4 44296MBT6 986.893143 5.962479 3.858418 9.820897 A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667 A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667 A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667 A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667 A-9 44926MBY5 990.213739 0.000000 2.594505 2.594505 A-10* 44926MZ2 964.958924 1.181461 0.000000 1.181461 M-1 44926MCB4 997.269561 6.025170 0.698980 6.724150 M-2 44926MCC2 997.269559 6.025171 0.698979 6.724150 M-3 44926MCD0 997.269560 6.025171 0.698980 6.724151 B-1 44926MCE8 997.269559 6.025171 0.698979 6.724150 B-2 44926MCF5 997.269562 6.025173 0.698981 6.724154 B-3 44926MCG3 997.269561 6.025171 0.698978 6.724150 R 44926MCA6 0.000000 0.000000 0.000000 0.000000 CURRENT PASS THROUGH PRINCIPAL RATES BALANCE CURRENT NEXT A-1 912.567232 7.250000% 7.250000% A-2 1,000.000000 7.250000% 7.250000% A-3 955.257953 7.250000% 7.250000% A-4 983.034725 7.250000% 7.250000% A-5 1,000.000000 7.250000% 7.250000% A-6 1,000.000000 7.250000% 7.250000% A-7 1,000.000000 7.250000% 7.250000% A-8 1,000.000000 7.250000% 7.250000% A-9 987.619234 0.000000% 0.000000% A-10* 954.649862 1.469237% 1.469664% M-1 996.570581 7.250000% 7.250000% M-2 996.570580 7.250000% 7.250000% M-3 996.570580 7.250000% 7.250000% B-1 996.570580 7.250000% 7.250000% B-2 996.570580 7.250000% 7.250000% B-3 996.570583 7.250000% 7.250000% R 0.000000 7.250000% 7.250000% Seller: ICIFC Secured Assets Corp. Administrator: Cindy Tsang Servicer: ICIFC Secured Assets Corp. Bankers Trust Company Lead Underwriter: Lehman Brothers 3 Park Plaza Record Date: January 30, 1998 Irvine, CA 92614 Distribution Date: February 25, 1998 Factor Information (800)735-7777 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTION DATE: FEBRUARY 25, 1998 CLASS INTEREST ACCRUED NET INTEREST SHORTFALL A-1 857,941.21 0.00 A-2 275,705.41 0.00 A-3 162,578.42 0.00 A-4 24,529.64 0.00 A-5 77,581.04 0.00 A-6 121,147.50 0.00 A-7 227,607.71 0.00 A-8 25,290.42 0.00 A-10 382,939.38 0.00 M-1 43,935.54 0.00 M-2 19,527.58 0.00 M-3 14,647.19 0.00 B-1 19,527.58 0.00 B-2 9,760.78 0.00 B-3 9,779.18 0.00 R 0.00 0.00 Monthly Interest Advanced 509,702.58 Monthly Principal Advanced 44,116.97 Compensating Interest Payments made by Master Servicer 11,107.71 Number of Mortgage Loans remaining as of the end of the current distribution date 2107 Stated Principal Balance as of the end of the current distribution date: 309,424,577.14 Current Senior Percentage 93.80% Current Class M-1 Percentage 2.33% Current Class M-2 Percentage 1.03% Current Class M-3 Percentage 0.78% Current Class B-1 Percentage 1.03% Current Class B-2 Percentage 0.52% Current Class B-3 Percentage 0.52% Next Periods Senior Percentage: 93.74% Next Periods Class M-1 Percentage 2.35% Next Periods Class M-2 Percentage 1.04% Next Periods Class M-3 Percentage 0.78% Next Periods Class B-1 Percentage 1.04% Next Periods Class B-2 Percentage 0.52% Next Periods Class B-3 Percentage 0.52% ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS Distribution Date: January 26, 1998 DELINQUENT LOAN 30-60 61-90 91+ INFORMATION: DAYS DAYS DAYS PRINCIPAL BALANCE-LOAN GROUPI 4,511,409.86 1,145,341.36 118,014.05 NUMBER OF LOANS-LOAN GROUPI 32 7 1 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 0.00 1,225,468.54 NUMBER OF LOANS-LOAN GROUPI 0 0 9 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 148,336.55 103,035.71 294,510.61 NUMBER OF LOANS-LOAN GROUPI 1 1 1 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 0.00 0.00 NUMBER OF LOANS-LOAN GROUPI 0 0 0 DELINQUENT LOAN INFORMATION: TOTAL PRINCIPAL BALANCE-LOAN GROUPI 5,774,765.27 NUMBER OF LOANS-LOAN GROUPI 40 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 1,747,900.97 NUMBER OF LOANS-LOAN GROUPI 12 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 1,498,500.95 NUMBER OF LOANS-LOAN GROUPI 9 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI 0.00 NUMBER OF LOANS-LOAN GROUPI 0 Book Value of all REO Property 0.00 Class M-1 Subordinate Principal Distribution Amount: 5,096.96 Class M-2 Subordinate Principal Distribution Amount: 2,265.39 Class M-3 Subordinate Principal Distribution Amount: 1,699.22 Class B-1 Subordinate Principal Distribution Amount: 2,265.39 Class B-2 Subordinate Principal Distribution Amount: 1,132.35 Class B-3 Subordinate Principal Distribution Amount: 1,134.48 Class M-1 Prepayment Distribution Percentage: 37.49% Class M-2 Prepayment Distribution Percentage: 16.66% Class M-3 Prepayment Distribution Percentage: 12.50% Class B-1 Prepayment Distribution Percentage: 16.66% Class B-2 Prepayment Distribution Percentage: 8.33% Class B-3 Prepayment Distribution Percentage: 8.35% Has a Credit Support Depletion Date Occurred? No Senior Accelerated Distribution Percentage: 100.00% Scheduled Payment Lockout Distribution Percentage: 0.00% Unscheduled Payment Lockout Distribution Percentage: 0.00% Current Periods Realized Losses 0.00 Aggregate Realized Losses Since Inception 0.00 Weighted Average Term to Maturity: 342 Weighted Average Mortgage Rate(after giving effect to current periods distribution) 8.98% Bankruptcy Amount: 148,332.00 Fraud Loss Amount: 6,482,472.56 Special Hazard Amount: 2,314,000.00 -----END PRIVACY-ENHANCED MESSAGE-----