<PAGE>   1


                                                                    EXHIBIT 99.3

<PAGE>   2
--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3
================================================================================
<TABLE>
<CAPTION>
        DISTRIBUTION:            21-Jul-97                                                          PAGE # 1

           ORIGINAL       BEGINNING                                                      ENDING                         ENDING
         CERTIFICATE     CERTIFICATE      PRINCIPAL     INTEREST         TOTAL        CERTIFICATE         O/C          PRINCIPAL
 CLASS     BALANCE         BALANCE      DISTRIBUTION  DISTRIBUTION   DISTRIBUTION       BALANCE         AMOUNT          BALANCE

-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>             <C>             <C>         <C>             <C>
  A-1   154,090,000.00  154,090,000.00  12,171,582.48   859,051.75  13,030,634.23   141,918,417.52
  A-2   122,750,000.00  122,750,000.00           0.00   673,079.17     673,079.17   122,750,000.00
  A-3   108,340,000.00  108,340,000.00           0.00   605,801.17     605,801.17   108,340,000.00
  A-4   108,310,000.00  108,310,000.00           0.00   617,367.00     617,367.00   108,310,000.00
  A-5    81,250,000.00   81,250,000.00           0.00   483,437.50     483,437.50    81,250,000.00    2,747,591.14   790,576,008.66
  A-6    37,260,000.00   37,260,000.00           0.00   233,496.00     233,496.00    37,260,000.00
  A-7    80,000,000.00   80,000,000.00           0.00   472,000.00     472,000.00    80,000,000.00
  M-1    32,000,000.00   32,000,000.00           0.00   195,200.00     195,200.00    32,000,000.00
  M-2    44,000,000.00   44,000,000.00           0.00   276,833.33     276,833.33    44,000,000.00
   B     32,000,000.00   32,000,000.00           0.00   209,866.67     209,866.67    32,000,000.00
   R          N/A             N/A             N/A             0.00           0.00          N/A
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS  800,000,000.00  800,000,000.00  12,171,582.48 4,626,132.59  16,797,715.07   787,828,417.52    2,747,591.14  790,576,008.66
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>





-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
              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

--------------------------------------------------------------------        -------------------------------------------------------
<S>            <C>             <C>            <C>                                <C>         <C>                  <C>
     A-1       78.99008683     5.57500000     921.00991317                       A-1         6.69000000%          6.69000000%
     A-2        0.00000000     5.48333336    1000.00000000                       A-2         6.58000000%          6.58000000%
     A-3        0.00000000     5.59166670    1000.00000000                       A-3         6.71000000%          6.71000000%
     A-4        0.00000000     5.70000000    1000.00000000                       A-4         6.84000000%          6.84000000%
     A-5        0.00000000     5.95000000    1000.00000000                       A-5         7.14000000%          7.14000000%
     A-6        0.00000000     6.26666667    1000.00000000                       A-6         7.52000000%          7.52000000%
     A-7        0.00000000     5.90000000    1000.00000000                       A-7         7.08000000%          7.08000000%
     M-1        0.00000000     6.10000000    1000.00000000                       M-1         7.32000000%          7.32000000%
     M-2        0.00000000     6.29166659    1000.00000000                       M-2         7.55000000%          7.55000000%
      B         0.00000000     6.55833344    1000.00000000                        B          7.87000000%          7.87000000%
--------------------------------------------------------------------        -------------------------------------------------------
   TOTALS       15.2144781    5.782665738      984.7855219
--------------------------------------------------------------------

</TABLE>









===============================================================================





          IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
                 PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:

                                 ANN MARIE JOSE
             THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                                 (212) 946-7148




(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
-------------------------------------------------------------------------------
<PAGE>   3

-------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3
===============================================================================
<TABLE>
<CAPTION>

                    DISTRIBUTION:                       21-Jul-97                                                          PAGE # 2

<S>                               <C>                                                        <C>                         <C>
SECTION 7.08 (1)                  BEGINNING CERTIFICATE ACCOUNT                               16,800,185.62


SECTION 7.08 (2)                  CLASS A DISTRIBUTION AMOUNT                                 16,115,815.07


SECTION 7.08 (4)                  BEGINNING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES    800,000,000.00
                                  PRINCIPAL DISTRIBUTION                                      12,171,582.48
                                  ENDING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES       787,828,417.52


SECTION 7.08 (5)                  REALIZED LOSSES                                                      0.00


SECTION 7.08 (6)                  60+ DAY DELINQUENT LOANS                                     7,141,673.82


SECTION 7.08 (7)                  PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                                  SUBSEQUENT MORTGAGE LOANS                                   94,285,049.65
                                  PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL                         633.88

                                  PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE

                                  CAPITALIZED INTEREST ACCOUNT                                   133,471.01
                                  THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                                  ACCOUNT TO THE CERTIFICATE ACCOUNT                                   0.00
                                  THE AMOUNTS TRANSFERRED TO THE SELLER                          526,391.83


SECTION 7.08 (8)                  THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                     0.00
                                  BECAUSE OF UNDERWATER LOANS

                                                                                                                         PER $1000
                                                                                                                         ---------
SECTION 7.09 (a)(i)               CLASS A-1 DISTRIBUTION                                      13,030,634.23                 84.57
                                  CLASS A-2 DISTRIBUTION                                         673,079.17                  5.48
                                  CLASS A-3 DISTRIBUTION                                         605,801.17                  5.59
                                  CLASS A-4 DISTRIBUTION                                         617,367.00                  5.70
                                  CLASS A-5 DISTRIBUTION                                         483,437.50                  5.95
                                  CLASS A-6 DISTRIBUTION                                         233,496.00                  6.27
                                  CLASS A-7 DISTRIBUTION                                         472,000.00                  5.90
                                  CLASS M-1 DISTRIBUTION                                         195,200.00                  6.10
                                  CLASS M-2 DISTRIBUTION                                         276,833.33                  6.29
                                  CLASS B DISTRIBUTION                                           209,866.67                  6.56
                                  CLASS R DISTRIBUTION                                                 0.00


SECTION 7.09 (a)(ii)              CLASS A PRINCIPAL DISTRIBUTION
                                          INSTALLMENT PRINCIPAL COLLECTED                      1,074,155.11                  1.34
                                          PRINCIPAL PREPAYMENTS                                8,349,202.47                 10.44
                                          EXTRA PRINCIPAL DISTRIBUTION AMOUNT                  2,747,591.02                  3.43
                                          PRIN PREPAY FROM PRE-FUND ACCT                             633.88                  0.00
                                          OTHER                                                        0.00                  0.00


SECTION 7.09 (a)(iv)              CLASS A-1 CARRYFORWARD                                               0.00
                                  CLASS A-2 CARRYFORWARD                                               0.00
                                  CLASS A-3 CARRYFORWARD                                               0.00
                                  CLASS A-4 CARRYFORWARD                                               0.00
                                  CLASS A-5 CARRYFORWARD                                               0.00
                                  CLASS A-6 CARRYFORWARD                                               0.00
                                  CLASS A-7 CARRYFORWARD                                               0.00
                                  CLASS M-1 CARRYFORWARD                                               0.00
                                  CLASS M-2 CARRYFORWARD                                               0.00
                                  CLASS B CARRYFORWARD                                                 0.00


SECTION 7.09 (a)(vi)              ENDING AGGREGATE LOAN BALANCE                              790,576,008.66
                                  ENDING NUMBER OF LOANS OUTSTANDING                                 12,564





SECTION 7.09 (a)(viii)            SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                        0.00
                                  LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                    0.00
</TABLE>





(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
-------------------------------------------------------------------------------
<PAGE>   4

-------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3
===============================================================================
<TABLE>
<CAPTION>
            DISTRIBUTION:                                21-Jul-97                                                    PAGE # 3
<S>                            <C>                                                                   <C>                    <C>
SECTION 7.09 (a)(ix)           WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS                          11.5643%


SECTION 7.09 (a)(x)            HAS A TRIGGER EVENT OCCURRED?                                                   NO


SECTION 7.09 (a)(xi)           SENIOR ENHANCEMENT PERCENTAGE                                              10.3656%


SECTION 7.09 (a)(xii)          OVERCOLLATERALIZATION AMOUNT                                          2,747,591.14


                                                                                     CLASS M-1          CLASS M-2           CLASS B
                                                                         ----------------------------------------------------------
SECTION 7.09 (a)(xiiI)         APPLIED REALIZED LOSS AMOUNT                               0.00               0.00              0.00
                               REALIZED LOSS AMORTIZATION AMOUNT                          0.00               0.00              0.00
                               UNPAID REALIZED LOSS AMOUNT                                0.00               0.00              0.00



SECTION 7.09 (a)(xiii)         REMAINING PRE-FUNDED AMOUNT                                                   0.00


SECTION 7.09 (b)(i)            NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
</TABLE>


<TABLE>
<CAPTION>
                               -------------------------------------------------------------------------------
                                           CATEGORY            COUNT       AGG. PRIN. BAL.   PERCENTAGE
                               -------------------------------------------------------------------------------
                               <S>        <C>                   <C>         <C>                 <C>
                                          30-59 DAYS            469         29,228,554.41       3.30%
                                          60-89 DAYS            102          6,214,978.34       0.70%
                                           90 + DAYS             6             926,695.48       0.10%
                               -------------------------------------------------------------------------------
</TABLE>

  *The number and aggregate principal balances of delinquent mortgage loans
                 includes loans in foreclosure and bankruptcy

<TABLE>
<S>                            <C>                                                               <C>
SECTION 7.09 (b)(ii)           NUMBER OF LOANS IN FORECLOSURE                                                 1

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE                     28,891.91



                               NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED

                               IN THE PRIOR MONTH                                                             0

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE

                               THAT WERE COMMENCED IN THE PRIOR MONTH                                      0.00




SECTION 7.09 (b)(iii)          NUMBER OF LOANS IN BANKRUPTCY                                                  0

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY                          0.00



                               NUMBER OF LOANS THAT ARE "BALLOON" LOANS                                    5206

                               AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"                397,048,097.67




SECTION 7.09 (b)(iv)           NUMBER OF REO PROPERTIES                                                       0

                               AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                               0.00




SECTION 7.09 (b)(v)            BOOK VALUE OF REO PROPERTY                                                     -


SECTION 7.09 (b)(vi)           CUMULATIVE LOSS PERCENTAGE                                            0.00000000%

                               CUMULATIVE REALIZED LOSSES                                                  0.00

                               ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                             0.00000000%
</TABLE>



(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
-------------------------------------------------------------------------------


<PAGE>   5
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                     IMC HOME EQUITY LOAN TRUST
                                                 MORTGAGE PASS-THROUGH CERTIFICATES
                                                           SERIES 1997-3
====================================================================================================================================

    DISTRIBUTION:                     20-Aug-97                                                                            PAGE # 1




            ORIGINAL      BEGINNING                                                        ENDING                         ENDING
          CERTIFICATE    CERTIFICATE       PRINCIPAL       INTEREST         TOTAL       CERTIFICATE         O/C          PRINCIPAL
 CLASS      BALANCE        BALANCE       DISTRIBUTION    DISTRIBUTION   DISTRIBUTION      BALANCE          AMOUNT         BALANCE

------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>               <C>               <C>         <C>            <C>              <C>           <C>
  A-1   154,090,000.00  141,918,417.52    12,619,822.77     791,195.18  13,411,017.95  129,298,594.75
  A-2   122,750,000.00  122,750,000.00             0.00     673,079.17     673,079.17  122,750,000.00
  A-3   108,340,000.00  108,340,000.00             0.00     605,801.17     605,801.17  108,340,000.00
  A-4   108,310,000.00  108,310,000.00             0.00     617,367.00     617,367.00  108,310,000.00
  A-5    81,250,000.00   81,250,000.00             0.00     483,437.50     483,437.50   81,250,000.00   5,468,776.40  780,677,371.15
  A-6    37,260,000.00   37,260,000.00             0.00     233,496.00     233,496.00   37,260,000.00
  A-7    80,000,000.00   80,000,000.00             0.00     472,000.00     472,000.00   80,000,000.00
  M-1    32,000,000.00   32,000,000.00             0.00     195,200.00     195,200.00   32,000,000.00
  M-2    44,000,000.00   44,000,000.00             0.00     276,833.33     276,833.33   44,000,000.00
   B     32,000,000.00   32,000,000.00             0.00     209,866.67     209,866.67   32,000,000.00
   R           N/A            N/A              N/A                0.00           0.00       N/A
------------------------------------------------------------------------------------------------------------------------------------
TOTALS  800,000,000.00  787,828,417.52    12,619,822.77   4,558,276.02  17,178,098.79  775,208,594.75   5,468,776.40  780,677,371.15
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>




<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------


          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

------------------------------------------------------------       -----------------------------------------------------
     <S>     <C>               <C>           <C>                      <C>               <C>                  <C>
     A-1     81.89903805       5.13463028     839.11087512            A-1               6.69000000%          6.69000000%
     A-2      0.00000000       5.48333336    1000.00000000            A-2               6.58000000%          6.58000000%
     A-3      0.00000000       5.59166670    1000.00000000            A-3               6.71000000%          6.71000000%
     A-4      0.00000000       5.70000000    1000.00000000            A-4               6.84000000%          6.84000000%
     A-5      0.00000000       5.95000000    1000.00000000            A-5               7.14000000%          7.14000000%
     A-6      0.00000000       6.26666667    1000.00000000            A-6               7.52000000%          7.52000000%
     A-7      0.00000000       5.90000000    1000.00000000            A-7               7.08000000%          7.08000000%
     M-1      0.00000000       6.10000000    1000.00000000            M-1               7.32000000%          7.32000000%
     M-2      0.00000000       6.29166659    1000.00000000            M-2               7.55000000%          7.55000000%
      B       0.00000000       6.55833344    1000.00000000             B                7.87000000%          7.87000000%
-----------------------------------------------------------         ----------------------------------------------------
   TOTALS    15.77477847      5.697845025      969.0107434
-----------------------------------------------------------










===================================================================================================================================
</TABLE>






                     IF THERE ARE ANY QUESTIONS OR PROBLEMS
      WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:




          ------------------------------------------------------------------
                                 ANN MARIE JOSE
              THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                                 (212) 946-7148
          ------------------------------------------------------------------









(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
-------------------------------------------------------------------------------
<PAGE>   6


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                         IMC HOME EQUITY LOAN TRUST
                                                     MORTGAGE PASS-THROUGH CERTIFICATES
                                                               SERIES 1997-3
====================================================================================================================================

       DISTRIBUTION:                       20-Aug-97                                                           PAGE # 2




<S>                    <C>                                                               <C>                       <C>
SECTION 7.08 (1)       BEGINNING CERTIFICATE ACCOUNT                                      17,180,538.41


SECTION 7.08 (2)       CLASS A DISTRIBUTION AMOUNT                                        16,496,198.79


SECTION 7.08 (4)       BEGINNING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES           787,828,417.52
                       PRINCIPAL DISTRIBUTION                                             12,619,822.77
                       ENDING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES              775,208,594.75


SECTION 7.08 (5)       REALIZED LOSSES                                                             0.00


SECTION 7.08 (6)       60+ DAY DELINQUENT LOANS                                           19,622,170.56


SECTION 7.08 (7)       PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                       SUBSEQUENT MORTGAGE LOANS                                                   0.00
                       PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL                                  0.00
                       PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                       CAPITALIZED INTEREST ACCOUNT                                                0.00
                       THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                       ACCOUNT TO THE CERTIFICATE ACCOUNT                                          0.00
                       THE AMOUNTS TRANSFERRED TO THE SELLER                                       0.00


SECTION 7.08 (8)       THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                            0.00
                       BECAUSE OF UNDERWATER LOANS

                                                                                                                    PER $1000
                                                                                                                    ---------

SECTION 7.09 (a)(i)    CLASS A-1 DISTRIBUTION                                             13,411,017.95                 87.03
                       CLASS A-2 DISTRIBUTION                                                673,079.17                  5.48
                       CLASS A-3 DISTRIBUTION                                                605,801.17                  5.59
                       CLASS A-4 DISTRIBUTION                                                617,367.00                  5.70
                       CLASS A-5 DISTRIBUTION                                                483,437.50                  5.95
                       CLASS A-6 DISTRIBUTION                                                233,496.00                  6.27
                       CLASS A-7 DISTRIBUTION                                                472,000.00                  5.90
                       CLASS M-1 DISTRIBUTION                                                195,200.00                  6.10
                       CLASS M-2 DISTRIBUTION                                                276,833.33                  6.29
                       CLASS B DISTRIBUTION                                                  209,866.67                  6.56
                       CLASS R DISTRIBUTION                                                        0.00


SECTION 7.09 (a)(ii)   CLASS A PRINCIPAL DISTRIBUTION
                                           INSTALLMENT PRINCIPAL COLLECTED                   696,200.72                  0.87
                                           PRINCIPAL PREPAYMENTS                           9,202,436.79                 11.50
                                           EXTRA PRINCIPAL DISTRIBUTION AMOUNT             2,721,185.26                  3.40
                                           PRIN PREPAY FROM PRE-FUND ACCT                          0.00                  0.00
                                           OTHER                                                   0.00                  0.00


SECTION 7.09 (a)(iv)   CLASS A-1 CARRYFORWARD                                                      0.00
                       CLASS A-2 CARRYFORWARD                                                      0.00
                       CLASS A-3 CARRYFORWARD                                                      0.00
                       CLASS A-4 CARRYFORWARD                                                      0.00
                       CLASS A-5 CARRYFORWARD                                                      0.00
                       CLASS A-6 CARRYFORWARD                                                      0.00
                       CLASS A-7 CARRYFORWARD                                                      0.00
                       CLASS M-1 CARRYFORWARD                                                      0.00
                       CLASS M-2 CARRYFORWARD                                                      0.00
                       CLASS B CARRYFORWARD                                                        0.00


SECTION 7.09 (a)(vi)   ENDING AGGREGATE LOAN BALANCE                                     780,677,371.15
                       ENDING NUMBER OF LOANS OUTSTANDING                                        12,419





SECTION 7.09 (a)(viii) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                               0.00
                       LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                           0.00
</TABLE>





(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
--------------------------------------------------------------------------------


<PAGE>   7


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                     IMC HOME EQUITY LOAN TRUST
                                                 MORTGAGE PASS-THROUGH CERTIFICATES
                                                           SERIES 1997-3
====================================================================================================================================

       DISTRIBUTION:                                20-Aug-97                                               PAGE # 3


<S>                            <C>                                                               <C>

SECTION 7.09 (a)(ix)           WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS                 11.5585%


SECTION 7.09 (a)(x)            HAS A TRIGGER EVENT OCCURRED?                                          NO


SECTION 7.09 (a)(xi)           SENIOR ENHANCEMENT PERCENTAGE                                     14.5347%


SECTION 7.09 (a)(xii)          OVERCOLLATERALIZATION AMOUNT                                 5,468,776.40


                                                                               CLASS M-1       CLASS M-2      CLASS B
                                                                          -------------------------------------------
SECTION 7.09 (a)(xiiI)         APPLIED REALIZED LOSS AMOUNT                         0.00            0.00         0.00
                               REALIZED LOSS AMORTIZATION AMOUNT                    0.00            0.00         0.00
                               UNPAID REALIZED LOSS AMOUNT                          0.00            0.00         0.00



SECTION 7.09 (a)(xiii)         REMAINING PRE-FUNDED AMOUNT                                          0.00


SECTION 7.09 (b)(i)            NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*


                               ---------------------------------------------------------------------------------
                                           CATEGORY           COUNT    AGG. PRIN. BAL.         PERCENTAGE
                               ---------------------------------------------------------------------------------
                                          30-59 DAYS           489             29,864,826.59               3.83%
                                          60-89 DAYS           200             14,568,497.74               1.87%
                                           90 + DAYS           76               5,053,672.82               0.65%
                               ---------------------------------------------------------------------------------

                               *The number and aggregate principal balances of delinquent mortgage loans includes
                               loans in foreclosure and bankruptcy


SECTION 7.09 (b)(ii)           NUMBER OF LOANS IN FORECLOSURE                                                       3

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE                          354,704.07



                               NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
                               IN THE PRIOR MONTH                                                                   2

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
                               THAT WERE COMMENCED IN THE PRIOR MONTH                                      325,812.16




SECTION 7.09 (b)(iii)          NUMBER OF LOANS IN BANKRUPTCY                                                       45

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY                        2,864,817.76



                               NUMBER OF LOANS THAT ARE "BALLOON" LOANS                                          5152

                               AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"                      392,771,730.67




SECTION 7.09 (b)(iv)           NUMBER OF REO PROPERTIES                                                             0

                               AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                                     0.00




SECTION 7.09 (b)(v)            BOOK VALUE OF REO PROPERTY                                                           -


SECTION 7.09 (b)(vi)           CUMULATIVE LOSS PERCENTAGE                                                  0.00000000%

                               CUMULATIVE REALIZED LOSSES                                                        0.00

                               ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                                   0.00000000%
</TABLE>



(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK
-------------------------------------------------------------------------------

<PAGE>   8
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3

          DISTRIBUTION:            22-Sep-97                            PAGE # 1

<TABLE>
<CAPTION>
           ORIGINAL       BEGINNING                                                       ENDING                     ENDING
         CERTIFICATE     CERTIFICATE      PRINCIPAL      INTEREST          TOTAL        CERTIFICATE       O/C       PRINCIPAL
 CLASS     BALANCE         BALANCE      DISTRIBUTION   DISTRIBUTION    DISTRIBUTION       BALANCE        AMOUNT      BALANCE

-----------------------------------------------------------------------------------------------------------------------------------
 <S>    <C>             <C>             <C>            <C>           <C>             <C>              <C>            <C>
  A-1   154,090,000.00  129,298,594.75   11,054,853.98    720,839.67 11,775,693.65   118,243,740.76
  A-2   122,750,000.00  122,750,000.00            0.00    673,079.17    673,079.17   122,750,000.00
  A-3   108,340,000.00  108,340,000.00            0.00    605,801.17    605,801.17   108,340,000.00
  A-4   108,310,000.00  108,310,000.00            0.00    617,367.00    617,367.00   108,310,000.00
  A-5    81,250,000.00   81,250,000.00            0.00    483,437.50    483,437.50    81,250,000.00   8,142,370.00   772,296,110.76
  A-6    37,260,000.00   37,260,000.00            0.00    233,496.00    233,496.00    37,260,000.00
  A-7    80,000,000.00   80,000,000.00            0.00    472,000.00    472,000.00    80,000,000.00
  M-1    32,000,000.00   32,000,000.00            0.00    195,200.00    195,200.00    32,000,000.00
  M-2    44,000,000.00   44,000,000.00            0.00    276,833.33    276,833.33    44,000,000.00
   B     32,000,000.00   32,000,000.00            0.00    209,866.67    209,866.67    32,000,000.00
   R           N/A            N/A           N/A                 0.00          0.00          N/A
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS  800,000,000.00  775,208,594.75   11,054,853.98  4,487,920.51 15,542,774.49   764,153,740.76   8,142,370.00   772,296,110.76
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>





              FACTOR INFORMATION PER $1,000

<TABLE>
<CAPTION>
                                                                                            PASS THRU RATES

             PRINCIPAL        INTEREST     END. CERT.                                    INIT PASS      CURR PASS
    CLASS   DISTRIBUTION    DISTRIBUTION     BALANCE                           CLASS     THRU RATE      THRU RATE
-------------------------------------------------------------                  ----------------------------------
    <S>     <C>             <C>            <C>                                 <C>      <C>           <C>
     A-1     71.74283850       4.67804316   767.36803662                        A-1     6.69000000%   6.69000000%
     A-2      0.00000000       5.48333336  1000.00000000                        A-2     6.58000000%   6.58000000%
     A-3      0.00000000       5.59166670  1000.00000000                        A-3     6.71000000%   6.71000000%
     A-4      0.00000000       5.70000000  1000.00000000                        A-4     6.84000000%   6.84000000%
     A-5      0.00000000       5.95000000  1000.00000000                        A-5     7.14000000%   7.14000000%
     A-6      0.00000000       6.26666667  1000.00000000                        A-6     7.52000000%   7.52000000%
     A-7      0.00000000       5.90000000  1000.00000000                        A-7     7.08000000%   7.08000000%
     M-1      0.00000000       6.10000000  1000.00000000                        M-1     7.32000000%   7.32000000%
     M-2      0.00000000       6.29166659  1000.00000000                        M-2     7.55000000%   7.55000000%
      B       0.00000000       6.55833344  1000.00000000                         B      7.87000000%   7.87000000%
                                                                               ----------------------------------
-------------------------------------------------------------
   TOTALS    13.81856748      5.609900638  955.192176
-------------------------------------------------------------
</TABLE>










                         IF THERE ARE ANY QUESTIONS OR
 PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
-------------------------------------------------------------------------------
                                 ANN MARIE JOSE
             THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                                 (212) 946-7148
-------------------------------------------------------------------------------
<PAGE>   9
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3

         DISTRIBUTION:              22-Sep-97                           PAGE # 2

<TABLE>
<S>                               <C>                                                             <C>
SECTION 7.08 (1)                  BEGINNING CERTIFICATE ACCOUNT                                    15,545,187.92


SECTION 7.08 (2)                  CLASS A DISTRIBUTION AMOUNT                                      14,860,874.49


SECTION 7.08 (4)                  BEGINNING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES         775,208,594.75
                                  PRINCIPAL DISTRIBUTION                                           11,054,853.98
                                  ENDING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES            764,153,740.76


SECTION 7.08 (5)                  REALIZED LOSSES                                                           0.00


SECTION 7.08 (6)                  60+ DAY DELINQUENT LOANS                                         26,096,696.86


SECTION 7.08 (7)                  PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                                  SUBSEQUENT MORTGAGE LOANS                                                 0.00
                                  PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL                                0.00

                                  PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE

                                  CAPITALIZED INTEREST ACCOUNT                                              0.00
                                  THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                                  ACCOUNT TO THE CERTIFICATE ACCOUNT                                        0.00
                                  THE AMOUNTS TRANSFERRED TO THE SELLER                                     0.00


SECTION 7.08 (8)                  THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                          0.00
                                  BECAUSE OF UNDERWATER LOANS

<CAPTION>
                                                                                                                         PER $1000
                                                                                                                         ---------
<S>                               <C>                                                             <C>                    <C>
SECTION 7.09 (a)(i)               CLASS A-1 DISTRIBUTION                                           11,775,693.65            76.42
                                  CLASS A-2 DISTRIBUTION                                              673,079.17             5.48
                                  CLASS A-3 DISTRIBUTION                                              605,801.17             5.59
                                  CLASS A-4 DISTRIBUTION                                              617,367.00             5.70
                                  CLASS A-5 DISTRIBUTION                                              483,437.50             5.95
                                  CLASS A-6 DISTRIBUTION                                              233,496.00             6.27
                                  CLASS A-7 DISTRIBUTION                                              472,000.00             5.90
                                  CLASS M-1 DISTRIBUTION                                              195,200.00             6.10
                                  CLASS M-2 DISTRIBUTION                                              276,833.33             6.29
                                  CLASS B DISTRIBUTION                                                209,866.67             6.56
                                  CLASS R DISTRIBUTION                                                      0.00


SECTION 7.09 (a)(ii)              CLASS A PRINCIPAL DISTRIBUTION
                                                           INSTALLMENT PRINCIPAL COLLECTED            626,475.92             0.78
                                                           PRINCIPAL PREPAYMENTS                    7,754,784.47             9.69
                                                           EXTRA PRINCIPAL DISTRIBUTION AMOUNT      2,673,593.59             3.34
                                                           PRIN PREPAY FROM PRE-FUND ACCT                   0.00             0.00
                                                           OTHER                                            0.00             0.00


SECTION 7.09 (a)(iv)              CLASS A-1 CARRYFORWARD                                                    0.00
                                  CLASS A-2 CARRYFORWARD                                                    0.00
                                  CLASS A-3 CARRYFORWARD                                                    0.00
                                  CLASS A-4 CARRYFORWARD                                                    0.00
                                  CLASS A-5 CARRYFORWARD                                                    0.00
                                  CLASS A-6 CARRYFORWARD                                                    0.00
                                  CLASS A-7 CARRYFORWARD                                                    0.00
                                  CLASS M-1 CARRYFORWARD                                                    0.00
                                  CLASS M-2 CARRYFORWARD                                                    0.00
                                  CLASS B CARRYFORWARD                                                      0.00


SECTION 7.09 (a)(vi)              ENDING AGGREGATE LOAN BALANCE                                   772,296,110.76
                                  ENDING NUMBER OF LOANS OUTSTANDING                                   12,284





SECTION 7.09 (a)(viii)            SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                             0.00
                                  LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                         0.00
</TABLE>

<PAGE>   10
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3

                 DISTRIBUTION:      22-Sep-97                           PAGE # 3

<TABLE>
<S>                            <C>                                                                      <C>
SECTION 7.09 (a)(ix)           WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS                            11.5549%


SECTION 7.09 (a)(x)            HAS A TRIGGER EVENT OCCURRED?                                                   NO


SECTION 7.09 (a)(xi)           SENIOR ENHANCEMENT PERCENTAGE                                                15.0386%


SECTION 7.09 (a)(xii)          OVERCOLLATERALIZATION AMOUNT                                             8,142,370.00

<CAPTION>
                                                                                      CLASS M-1      CLASS M-2         CLASS B
                                                                                      ----------------------------------------
<S>                            <C>                                                    <C>             <C>              <C>
SECTION 7.09 (a)(xiiI)         APPLIED REALIZED LOSS AMOUNT                              0.00           0.00              0.00
                               REALIZED LOSS AMORTIZATION AMOUNT                         0.00           0.00              0.00
                               UNPAID REALIZED LOSS AMOUNT                               0.00           0.00              0.00



SECTION 7.09 (a)(xiii)         REMAINING PRE-FUNDED AMOUNT                                                                0.00


SECTION 7.09 (b)(i)            NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*

<CAPTION>
                               ------------------------------------------------------------------------
                                           CATEGORY      COUNT    AGG. PRIN. BAL.       PERCENTAGE
                               ------------------------------------------------------------------------
<S>                            <C>                        <C>     <C>                   <C>                     <C>
                                          30-59 DAYS      492       31,775,112.81          4.11%
                                          60-89 DAYS      207       12,578,604.81          1.63%
                                           90 + DAYS      178       13,518,092.05          1.75%
                               ------------------------------------------------------------------------

                               *The number and aggregate principal balances of delinquent mortgage loans
                                             includes loans in foreclosure and bankruptcy

SECTION 7.09 (b)(ii)           NUMBER OF LOANS IN FORECLOSURE                                                               31

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE                                 2,567,185.93



                               NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED

                               IN THE PRIOR MONTH                                                                           28

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE

                               THAT WERE COMMENCED IN THE PRIOR MONTH                                             2,212,481.86




SECTION 7.09 (b)(iii)          NUMBER OF LOANS IN BANKRUPTCY                                                                67

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY                                 4,332,002.51



                               NUMBER OF LOANS THAT ARE "BALLOON" LOANS                                                   5099

                               AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"                               389,125,005.35




SECTION 7.09 (b)(iv)           NUMBER OF REO PROPERTIES                                                                      0

                               AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                                              0.00




SECTION 7.09 (b)(v)            BOOK VALUE OF REO PROPERTY                                                                    0


SECTION 7.09 (b)(vi)           CUMULATIVE LOSS PERCENTAGE                                                           0.00000000%

                               CUMULATIVE REALIZED LOSSES                                                                 0.00

                               ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                                            0.00000000%
</TABLE>



<PAGE>   11


--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3
================================================================================

         DISTRIBUTION:     20-Oct-97                                    PAGE # 1




<TABLE>
<CAPTION>
            ORIGINAL        BEGINNING                                                     ENDING                        ENDING
          CERTIFICATE      CERTIFICATE     PRINCIPAL       INTEREST         TOTAL       CERTIFICATE        O/C         PRINCIPAL
 CLASS      BALANCE          BALANCE      DISTRIBUTION   DISTRIBUTION   DISTRIBUTION      BALANCE        AMOUNT         BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>              <C>              <C>            <C>           <C>            <C>              <C>            <C>
  A-1   154,090,000.00   118,243,740.76   15,286,100.41    659,208.85  15,945,309.26  102,957,640.35
  A-2   122,750,000.00   122,750,000.00            0.00    673,079.17     673,079.17  122,750,000.00
  A-3   108,340,000.00   108,340,000.00            0.00    605,801.17     605,801.17  108,340,000.00
  A-4   108,310,000.00   108,310,000.00            0.00    617,367.00     617,367.00  108,310,000.00
  A-5    81,250,000.00    81,250,000.00            0.00    483,437.50     483,437.50   81,250,000.00   10,763,821.90  759,631,462.25
  A-6    37,260,000.00    37,260,000.00            0.00    233,496.00     233,496.00   37,260,000.00
  A-7    80,000,000.00    80,000,000.00            0.00    472,000.00     472,000.00   80,000,000.00
  M-1    32,000,000.00    32,000,000.00            0.00    195,200.00     195,200.00   32,000,000.00
  M-2    44,000,000.00    44,000,000.00            0.00    276,833.33     276,833.33   44,000,000.00
   B     32,000,000.00    32,000,000.00            0.00    209,866.67     209,866.67   32,000,000.00
   R          N/A              N/A             N/A               0.00           0.00        N/A
------------------------------------------------------------------------------------------------------------------------------------
TOTALS  800,000,000.00   764,153,740.76   15,286,100.41  4,426,289.69  19,712,390.10  748,867,640.35   10,763,821.90  759,631,462.25
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>




--------------------------------------------------------------------------------

--------------------------------------------------------------------------------


                          FACTOR INFORMATION PER $1,000



<TABLE>
<CAPTION>

                   PRINCIPAL              INTEREST              END. CERT.
    CLASS         DISTRIBUTION          DISTRIBUTION             BALANCE
--------------------------------------------------------------------------------
<S>               <C>                   <C>                   <C>
     A-1           99.20241685           4.27807677            668.16561977
     A-2            0.00000000           5.48333336           1000.00000000
     A-3            0.00000000           5.59166670           1000.00000000
     A-4            0.00000000           5.70000000           1000.00000000
     A-5            0.00000000           5.95000000           1000.00000000
     A-6            0.00000000           6.26666667           1000.00000000
     A-7            0.00000000           5.90000000           1000.00000000
     M-1            0.00000000           6.10000000           1000.00000000
     M-2            0.00000000           6.29166659           1000.00000000
      B             0.00000000           6.55833344           1000.00000000
--------------------------------------------------------------------------------
   TOTALS          19.10762551          5.532862113             936.0845504
--------------------------------------------------------------------------------
</TABLE>

                                 PASS THRU RATES


<TABLE>
<CAPTION>
                        INIT PASS             CURR PASS
    CLASS               THRU RATE             THRU RATE
------------------------------------------------------------------
<S>                    <C>                    <C>
     A-1               6.69000000%            6.69000000%
     A-2               6.58000000%            6.58000000%
     A-3               6.71000000%            6.71000000%
     A-4               6.84000000%            6.84000000%
     A-5               7.14000000%            7.14000000%
     A-6               7.52000000%            7.52000000%
     A-7               7.08000000%            7.08000000%
     M-1               7.32000000%            7.32000000%
     M-2               7.55000000%            7.55000000%
      B                7.87000000%            7.87000000%
------------------------------------------------------------------
</TABLE>





================================================================================




           IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
                 PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:





     ----------------------------------------------------------------------
                                 ANN MARIE JOSE
              THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                                 (212) 946-7148
     ----------------------------------------------------------------------






(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK

--------------------------------------------------------------------------------

<PAGE>   12

--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3
================================================================================

         DISTRIBUTION:     20-Oct-97                                    PAGE # 2



<TABLE>
<S>                    <C>                                                       <C>                        <C>
SECTION 7.08 (1)       BEGINNING CERTIFICATE ACCOUNT                              19,714,763.95

SECTION 7.08 (2)       CLASS A DISTRIBUTION AMOUNT                                19,030,490.10

SECTION 7.08 (4)       BEGINNING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES   764,153,740.76
                       PRINCIPAL DISTRIBUTION                                     15,286,100.41
                       ENDING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES      748,867,640.35

SECTION 7.08 (5)       REALIZED LOSSES                                                12,064.76

SECTION 7.08 (6)       60+ DAY DELINQUENT LOANS                                   28,479,671.70

SECTION 7.08 (7)       PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                       SUBSEQUENT MORTGAGE LOANS                                           0.00
                       PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL                          0.00
                       PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                       CAPITALIZED INTEREST ACCOUNT                                        0.00
                       THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                       ACCOUNT TO THE CERTIFICATE ACCOUNT                                  0.00
                       THE AMOUNTS TRANSFERRED TO THE SELLER                               0.00

SECTION 7.08 (8)       THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                    0.00
                       BECAUSE OF UNDERWATER LOANS

                                                                                                            PER $1000
                                                                                                            ---------
SECTION 7.09 (a)(i)    CLASS A-1 DISTRIBUTION                                     15,945,309.26                103.48
                       CLASS A-2 DISTRIBUTION                                        673,079.17                  5.48
                       CLASS A-3 DISTRIBUTION                                        605,801.17                  5.59
                       CLASS A-4 DISTRIBUTION                                        617,367.00                  5.70
                       CLASS A-5 DISTRIBUTION                                        483,437.50                  5.95
                       CLASS A-6 DISTRIBUTION                                        233,496.00                  6.27
                       CLASS A-7 DISTRIBUTION                                        472,000.00                  5.90
                       CLASS M-1 DISTRIBUTION                                        195,200.00                  6.10
                       CLASS M-2 DISTRIBUTION                                        276,833.33                  6.29
                       CLASS B DISTRIBUTION                                          209,866.67                  6.56
                       CLASS R DISTRIBUTION                                                0.00

SECTION 7.09 (a)(ii)   CLASS A PRINCIPAL DISTRIBUTION
                                    INSTALLMENT PRINCIPAL COLLECTED                  728,732.35                  0.91
                                    PRINCIPAL PREPAYMENTS                         11,744,466.46                 14.68
                                    EXTRA PRINCIPAL DISTRIBUTION AMOUNT            2,633,516.66                  3.29
                                    PRIN PREPAY FROM PRE-FUND ACCT                         0.00                  0.00
                                    OTHER                                            179,384.94                  0.22

SECTION 7.09 (a)(iv)   CLASS A-1 CARRYFORWARD                                              0.00
                       CLASS A-2 CARRYFORWARD                                              0.00
                       CLASS A-3 CARRYFORWARD                                              0.00
                       CLASS A-4 CARRYFORWARD                                              0.00
                       CLASS A-5 CARRYFORWARD                                              0.00
                       CLASS A-6 CARRYFORWARD                                              0.00
                       CLASS A-7 CARRYFORWARD                                              0.00
                       CLASS M-1 CARRYFORWARD                                              0.00
                       CLASS M-2 CARRYFORWARD                                              0.00
                       CLASS B CARRYFORWARD                                                0.00

SECTION 7.09 (a)(vi)   ENDING AGGREGATE LOAN BALANCE                             759,631,462.25
                       ENDING NUMBER OF LOANS OUTSTANDING                                12,093

SECTION 7.09 (a)(viii) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                       0.00
                       LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                   0.00
</TABLE>





(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK

--------------------------------------------------------------------------------

<PAGE>   13

--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3
================================================================================

         DISTRIBUTION:     20-Oct-97                                    PAGE # 3



<TABLE>
<S>                        <C>                                                               <C>
SECTION 7.09 (a)(ix)       WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS                       11.5490%

SECTION 7.09 (a)(x)        HAS A TRIGGER EVENT OCCURRED?                                                NO

SECTION 7.09 (a)(xi)       SENIOR ENHANCEMENT PERCENTAGE                                           15.6344%

SECTION 7.09 (a)(xii)      OVERCOLLATERALIZATION AMOUNT                                      10,763,821.90
</TABLE>



<TABLE>
<CAPTION>
                                                                        CLASS M-1         CLASS M-2       CLASS B
                                                                  -----------------------------------------------
<S>                            <C>                                      <C>               <C>             <C>
SECTION 7.09 (a)(xiii)         APPLIED REALIZED LOSS AMOUNT                  0.00              0.00          0.00
                               REALIZED LOSS AMORTIZATION AMOUNT             0.00              0.00          0.00
                               UNPAID REALIZED LOSS AMOUNT                   0.00              0.00          0.00

SECTION 7.09 (a)(xiii)         REMAINING PRE-FUNDED AMOUNT                                     0.00
</TABLE>


SECTION 7.09 (b)(i)            NUMBER AND AGGREGATE PRINCIPAL BALANCES OF
                               DELINQUENT MORTGAGE LOANS:*


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
     CATEGORY              COUNT           AGG. PRIN. BAL.         PERCENTAGE
--------------------------------------------------------------------------------
    <S>                    <C>             <C>                     <C>
    30-59 DAYS              386             23,112,873.99             3.04%
    60-89 DAYS              129              8,431,484.68             1.11%
     90 + DAYS              288             20,048,187.02             2.64%
--------------------------------------------------------------------------
</TABLE>

*    The number and aggregate principal balances of delinquent mortgage loans
     includes loans in foreclosure and bankruptcy


<TABLE>
<S>                            <C>                                                            <C>
SECTION 7.09 (b)(ii)           NUMBER OF LOANS IN FORECLOSURE                                             58

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE               4,656,648.76


                               NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
                               IN THE PRIOR MONTH                                                         28

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
                               THAT WERE COMMENCED IN THE PRIOR MONTH                           2,104,471.24


SECTION 7.09 (b)(iii)          NUMBER OF LOANS IN BANKRUPTCY                                              80

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY               5,013,099.11


                               NUMBER OF LOANS THAT ARE "BALLOON" LOANS                                 5004

                               AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"             381,587,955.28


SECTION 7.09 (b)(iv)           NUMBER OF REO PROPERTIES                                                    0

                               AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                            0.00


SECTION 7.09 (b)(v)            BOOK VALUE OF REO PROPERTY                                               0.00


SECTION 7.09 (b)(vi)           CUMULATIVE LOSS PERCENTAGE                                         0.00150810%

                               CUMULATIVE REALIZED LOSSES                                          12,064.76

                               ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                          0.00150810%
</TABLE>



(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK

--------------------------------------------------------------------------------
<PAGE>   14

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3

         DISTRIBUTION:    20-Nov-97                                     PAGE # 1




<TABLE>
<CAPTION>
            ORIGINAL         BEGINNING                                                                         ENDING
          CERTIFICATE       CERTIFICATE              PRINCIPAL           INTEREST             TOTAL           CERTIFICATE
 CLASS      BALANCE           BALANCE              DISTRIBUTION        DISTRIBUTION       DISTRIBUTION          BALANCE

-------------------------------------------------------------------------------------------------------------------------
<S>       <C>                <C>                   <C>                 <C>               <C>               <C>
  A-1     154,090,000.00     102,957,640.35        15,492,109.98         573,988.84      16,066,098.82      87,465,530.37
  A-2     122,750,000.00     122,750,000.00                 0.00         673,079.17         673,079.17     122,750,000.00
  A-3     108,340,000.00     108,340,000.00                 0.00         605,801.17         605,801.17     108,340,000.00
  A-4     108,310,000.00     108,310,000.00                 0.00         617,367.00         617,367.00     108,310,000.00
  A-5      81,250,000.00      81,250,000.00                 0.00         483,437.50         483,437.50      81,250,000.00
  A-6      37,260,000.00      37,260,000.00                 0.00         233,496.00         233,496.00      37,260,000.00
  A-7      80,000,000.00      80,000,000.00                 0.00         472,000.00         472,000.00      80,000,000.00
  M-1      32,000,000.00      32,000,000.00                 0.00         195,200.00         195,200.00      32,000,000.00
  M-2      44,000,000.00      44,000,000.00                 0.00         276,833.33         276,833.33      44,000,000.00
   B       32,000,000.00      32,000,000.00                 0.00         209,866.67         209,866.67      32,000,000.00
   R        N/A                N/A                  N/A                        0.00               0.00       N/A
-------------------------------------------------------------------------------------------------------------------------
TOTALS    800,000,000.00     748,867,640.35        15,492,109.98       4,341,069.68      19,833,179.66     733,375,530.37
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
                               ENDING
              O/C             PRINCIPAL
 CLASS       AMOUNT            BALANCE

-------------------------------------------
<S>        <C>               <C>
  A-1
  A-2
  A-3
  A-4
  A-5      13,309,220.08     746,684,750.45
  A-6
  A-7
  M-1
  M-2
   B
   R
-------------------------------------------
TOTALS     13,309,220.08     746,684,750.45
-------------------------------------------


-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
</TABLE>


           FACTOR INFORMATION PER $1,000


<TABLE>
<CAPTION>
                                                                            PASS THRU RATES


           PRINCIPAL        INTEREST          END. CERT.                        INIT PASS        CURR PASS
 CLASS    DISTRIBUTION    DISTRIBUTION         BALANCE               CLASS      THRU RATE        THRU RATE

----------------------------------------------------------         ----------------------------------------
<S>        <C>                <C>            <C>                      <C>       <C>             <C>
  A-1      100.53935999       3.72502330      567.62625979            A-1       6.69000000%     6.69000000%
  A-2        0.00000000       5.48333336     1000.00000000            A-2       6.58000000%     6.58000000%
  A-3        0.00000000       5.59166670     1000.00000000            A-3       6.71000000%     6.71000000%
  A-4        0.00000000       5.70000000     1000.00000000            A-4       6.84000000%     6.84000000%
  A-5        0.00000000       5.95000000     1000.00000000            A-5       7.14000000%     7.14000000%
  A-6        0.00000000       6.26666667     1000.00000000            A-6       7.52000000%     7.52000000%
  A-7        0.00000000       5.90000000     1000.00000000            A-7       7.08000000%     7.08000000%
  M-1        0.00000000       6.10000000     1000.00000000            M-1       7.32000000%     7.32000000%
  M-2        0.00000000       6.29166659     1000.00000000            M-2       7.55000000%     7.55000000%
   B         0.00000000       6.55833344     1000.00000000             B        7.87000000%     7.87000000%
                                                                   ---------------------------------------
----------------------------------------------------------
TOTALS      19.36513748        5.4263371        916.719413
----------------------------------------------------------




===========================================================================================================
</TABLE>





                     IF THERE ARE ANY QUESTIONS OR PROBLEMS
      WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:





                                 ANN MARIE JOSE
              THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                                 (212) 946-7148










(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK

<PAGE>   15


                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3

     DISTRIBUTION:     20-Nov-97                                        PAGE # 2




<TABLE>
<S>                               <C>                                                                <C>                 <C>
SECTION 7.08 (1)                  BEGINNING CERTIFICATE ACCOUNT                                       19,835,513.05


SECTION 7.08 (2)                  CLASS A DISTRIBUTION AMOUNT                                         19,151,279.66


SECTION 7.08 (4)                  BEGINNING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES            748,867,640.35
                                  PRINCIPAL DISTRIBUTION                                              15,492,109.98
                                  ENDING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES               733,375,530.37


SECTION 7.08 (5)                  REALIZED LOSSES                                                         13,670.58


SECTION 7.08 (6)                  60+ DAY DELINQUENT LOANS                                            37,886,076.98


SECTION 7.08 (7)                  PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                                  SUBSEQUENT MORTGAGE LOANS                                                    0.00
                                  PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL                                   0.00
                                  PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                                  CAPITALIZED INTEREST ACCOUNT                                                 0.00
                                  THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                                  ACCOUNT TO THE CERTIFICATE ACCOUNT                                           0.00
                                  THE AMOUNTS TRANSFERRED TO THE SELLER                                        0.00


SECTION 7.08 (8)                  THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                             0.00
                                  BECAUSE OF UNDERWATER LOANS

                                                                                                                         PER $1000
SECTION 7.09 (a)(i)               CLASS A-1 DISTRIBUTION                                              16,066,098.82         104.26
                                  CLASS A-2 DISTRIBUTION                                                 673,079.17           5.48
                                  CLASS A-3 DISTRIBUTION                                                 605,801.17           5.59
                                  CLASS A-4 DISTRIBUTION                                                 617,367.00           5.70
                                  CLASS A-5 DISTRIBUTION                                                 483,437.50           5.95
                                  CLASS A-6 DISTRIBUTION                                                 233,496.00           6.27
                                  CLASS A-7 DISTRIBUTION                                                 472,000.00           5.90
                                  CLASS M-1 DISTRIBUTION                                                 195,200.00           6.10
                                  CLASS M-2 DISTRIBUTION                                                 276,833.33           6.29
                                  CLASS B DISTRIBUTION                                                   209,866.67           6.56
                                  CLASS R DISTRIBUTION                                                         0.00


SECTION 7.09 (a)(ii)              CLASS A PRINCIPAL DISTRIBUTION
                                                           INSTALLMENT PRINCIPAL COLLECTED               700,924.62           0.88
                                                           PRINCIPAL PREPAYMENTS                      12,185,847.85          15.23
                                                           EXTRA PRINCIPAL DISTRIBUTION AMOUNT         2,559,068.76           3.20
                                                           PRIN PREPAY FROM PRE-FUND ACCT                      0.00           0.00
                                                           OTHER                                          46,268.75           0.06


SECTION 7.09 (a)(iv)              CLASS A-1 CARRYFORWARD                                                       0.00
                                  CLASS A-2 CARRYFORWARD                                                       0.00
                                  CLASS A-3 CARRYFORWARD                                                       0.00
                                  CLASS A-4 CARRYFORWARD                                                       0.00
                                  CLASS A-5 CARRYFORWARD                                                       0.00
                                  CLASS A-6 CARRYFORWARD                                                       0.00
                                  CLASS A-7 CARRYFORWARD                                                       0.00
                                  CLASS M-1 CARRYFORWARD                                                       0.00
                                  CLASS M-2 CARRYFORWARD                                                       0.00
                                  CLASS B CARRYFORWARD                                                         0.00


SECTION 7.09 (a)(vi)              ENDING AGGREGATE LOAN BALANCE                                      746,684,750.45
                                  ENDING NUMBER OF LOANS OUTSTANDING                                         11,881





SECTION 7.09 (a)(viii)            SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                                0.00
                                  LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                            0.00
</TABLE>





(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK


<PAGE>   16

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3

   DISTRIBUTION:      20-Nov-97                                        PAGE # 3



<TABLE>
<S>                            <C>                                                     <C>
SECTION 7.09 (a)(ix)           WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS               11.5383%


SECTION 7.09 (a)(x)            HAS A TRIGGER EVENT OCCURRED?                                        NO


SECTION 7.09 (a)(xi)           SENIOR ENHANCEMENT PERCENTAGE                                  16.2464%


SECTION 7.09 (a)(xii)          OVERCOLLATERALIZATION AMOUNT                             13,309,220.08


                                                                            CLASS M-1       CLASS M-2           CLASS B
                                                                    ---------------------------------------------------
SECTION 7.09 (a)(xiiI)         APPLIED REALIZED LOSS AMOUNT                      0.00            0.00              0.00
                               REALIZED LOSS AMORTIZATION AMOUNT                 0.00            0.00              0.00
                               UNPAID REALIZED LOSS AMOUNT                       0.00            0.00              0.00



SECTION 7.09 (a)(xiii)         REMAINING PRE-FUNDED AMOUNT                                       0.00


SECTION 7.09 (b)(i)            NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*


                               -----------------------------------------------------------------------
                                  CATEGORY         COUNT       AGG. PRIN. BAL.         PERCENTAGE
                               -----------------------------------------------------------------------
                                 30-59 DAYS         694                 41,451,635.59            5.55%
                                 60-89 DAYS         186                 12,160,614.73            1.63%
                                  90 + DAYS         349                 25,725,462.25            3.45%
                               -----------------------------------------------------------------------

                               *The number and aggregate principal balances of delinquent mortgage loans
                                includes loans in foreclosure and bankruptcy


SECTION 7.09 (b)(ii)           NUMBER OF LOANS IN FORECLOSURE                                                       101

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE                          7,861,205.04



                               NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
                               IN THE PRIOR MONTH                                                                    44

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
                               THAT WERE COMMENCED IN THE PRIOR MONTH                                      3,257,850.95




SECTION 7.09 (b)(iii)          NUMBER OF LOANS IN BANKRUPTCY                                                        107

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY                          6,789,579.27



                               NUMBER OF LOANS THAT ARE "BALLOON" LOANS                                            4903

                               AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"                        374,819,133.21




SECTION 7.09 (b)(iv)           NUMBER OF REO PROPERTIES                                                               0

                               AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                                       0.00




SECTION 7.09 (b)(v)            BOOK VALUE OF REO PROPERTY                                                          0.00


SECTION 7.09 (b)(vi)           CUMULATIVE LOSS PERCENTAGE                                                     0.00321692%

                               CUMULATIVE REALIZED LOSSES                                                      25,735.34

                               ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                                      0.00321692%
</TABLE>



(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK




<PAGE>   17

                                                                 EXHIBIT 19


                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3


     DISTRIBUTION:    22-Dec-97                                        PAGE # 1

<TABLE>
<CAPTION>


         ORIGINAL        BEGINNING                                                     ENDING                          ENDING
        CERTIFICATE     CERTIFICATE     PRINCIPAL        INTEREST        TOTAL       CERTIFICATE       O/C            PRINCIPAL
CLASS     BALANCE         BALANCE      DISTRIBUTION    DISTRIBUTION   DISTRIBUTION     BALANCE        AMOUNT           BALANCE

-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>             <C>             <C>             <C>           <C>            <C>              <C>             <C>
 A-1   154,090,000.00   87,465,530.37  14,668,067.12    487,620.33   15,155,687.45   72,797,463.25
 A-2   122,750,000.00  122,750,000.00           0.00    673,079.17      673,079.17  122,750,000.00
 A-3   108,340,000.00  108,340,000.00           0.00    605,801.17      605,801.17  108,340,000.00
 A-4   108,310,000.00  108,310,000.00           0.00    617,367.00      617,367.00  108,310,000.00
 A-5    81,250,000.00   81,250,000.00           0.00    483,437.50      483,437.50   81,250,000.00   14,000,000.00   732,707,463.25
 A-6    37,260,000.00   37,260,000.00           0.00    233,496.00      233,496.00   37,260,000.00
 A-7    80,000,000.00   80,000,000.00           0.00    472,000.00      472,000.00   80,000,000.00
 M-1    32,000,000.00   32,000,000.00           0.00    195,200.00      195,200.00   32,000,000.00
 M-2    44,000,000.00   44,000,000.00           0.00    276,833.33      276,833.33   44,000,000.00
  B     32,000,000.00   32,000,000.00           0.00    209,866.67      209,866.67   32,000,000.00
  R         N/A             N/A             N/A       1,778,739.89    1,778,739.89       N/A
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS 800,000,000.00  733,375,530.37  14,668,067.12  6,033,441.06   20,701,508.18  718,707,463.25   14,000,000.00   732,707,463.25
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>




<TABLE>
<CAPTION>
                         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

--------------------------------------------------            ------------------------------------
 <S>    <C>            <C>           <C>                     <C>       <C>             <C>
   A-1   95.19155766    3.16451639    472.43470212             A-1      6.69000000%     6.69000000%
   A-2    0.00000000    5.48333336   1000.00000000             A-2      6.58000000%     6.58000000%
   A-3    0.00000000    5.59166670   1000.00000000             A-3      6.71000000%     6.71000000%
   A-4    0.00000000    5.70000000   1000.00000000             A-4      6.84000000%     6.84000000%
   A-5    0.00000000    5.95000000   1000.00000000             A-5      7.14000000%     7.14000000%
   A-6    0.00000000    6.26666667   1000.00000000             A-6      7.52000000%     7.52000000%
   A-7    0.00000000    5.90000000   1000.00000000             A-7      7.08000000%     7.08000000%
   M-1    0.00000000    6.10000000   1000.00000000             M-1      7.32000000%     7.32000000%
   M-2    0.00000000    6.29166659   1000.00000000             M-2      7.55000000%     7.55000000%
    B     0.00000000    6.55833344   1000.00000000              B       7.87000000%     7.87000000%
--------------------------------------------------            ------------------------------------
 TOTALS  18.3350839    7.541801324     898.3843291
--------------------------------------------------
</TABLE>







IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
                          ADMINISTRATOR LISTED BELOW:



                                 ANN MARIE JOSE
             THE CHASE MANHATTAN BANK- STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                                 (212) 946-7148

<PAGE>   18

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3


   DISTRIBUTION:      22-Dec-97                                        PAGE # 2

<TABLE>
<S>                               <C>                                                                <C>                 <C>
SECTION 7.08 (1)                  BEGINNING CERTIFICATE ACCOUNT                                       20,703,797.89


SECTION 7.08 (2)                  CLASS A DISTRIBUTION AMOUNT                                         18,240,868.29


SECTION 7.08 (4)                  BEGINNING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES            733,375,530.37
                                  PRINCIPAL DISTRIBUTION                                              14,668,067.12
                                  ENDING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES               718,707,463.25


SECTION 7.08 (5)                  REALIZED LOSSES                                                         20,443.11


SECTION 7.08 (6)                  60+ DAY DELINQUENT LOANS                                            45,648,191.31


SECTION 7.08 (7)                  PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                                  SUBSEQUENT MORTGAGE LOANS                                                    0.00
                                  PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL                                   0.00
                                  PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                                  CAPITALIZED INTEREST ACCOUNT                                                 0.00
                                  THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                                  ACCOUNT TO THE CERTIFICATE ACCOUNT                                           0.00
                                  THE AMOUNTS TRANSFERRED TO THE SELLER                                        0.00


SECTION 7.08 (8)                  THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                             0.00
                                  BECAUSE OF UNDERWATER LOANS

                                                                                                                         PER $1000
                                                                                                                         ---------
SECTION 7.09 (a)(i)               CLASS A-1 DISTRIBUTION                                              15,155,687.45          98.36
                                  CLASS A-2 DISTRIBUTION                                                 673,079.17           5.48
                                  CLASS A-3 DISTRIBUTION                                                 605,801.17           5.59
                                  CLASS A-4 DISTRIBUTION                                                 617,367.00           5.70
                                  CLASS A-5 DISTRIBUTION                                                 483,437.50           5.95
                                  CLASS A-6 DISTRIBUTION                                                 233,496.00           6.27
                                  CLASS A-7 DISTRIBUTION                                                 472,000.00           5.90
                                  CLASS M-1 DISTRIBUTION                                                 195,200.00           6.10
                                  CLASS M-2 DISTRIBUTION                                                 276,833.33           6.29
                                  CLASS B DISTRIBUTION                                                   209,866.67           6.56
                                  CLASS R DISTRIBUTION                                                 1,778,739.89


SECTION 7.09 (a)(ii)              CLASS A PRINCIPAL DISTRIBUTION
                                                    INSTALLMENT PRINCIPAL COLLECTED                      861,075.05           1.08
                                                    PRINCIPAL PREPAYMENTS                             13,091,433.73          16.36
                                                    EXTRA PRINCIPAL DISTRIBUTION AMOUNT                  711,223.03           0.89
                                                    PRIN PREPAY FROM PRE-FUND ACCT                             0.00           0.00
                                                    OTHER                                                  4,335.31           0.01


SECTION 7.09 (a)(iv)              CLASS A-1 CARRYFORWARD                                                       0.00
                                  CLASS A-2 CARRYFORWARD                                                       0.00
                                  CLASS A-3 CARRYFORWARD                                                       0.00
                                  CLASS A-4 CARRYFORWARD                                                       0.00
                                  CLASS A-5 CARRYFORWARD                                                       0.00
                                  CLASS A-6 CARRYFORWARD                                                       0.00
                                  CLASS A-7 CARRYFORWARD                                                       0.00
                                  CLASS M-1 CARRYFORWARD                                                       0.00
                                  CLASS M-2 CARRYFORWARD                                                       0.00
                                  CLASS B CARRYFORWARD                                                         0.00


SECTION 7.09 (a)(vi)              ENDING AGGREGATE LOAN BALANCE                                      732,707,463.25
                                  ENDING NUMBER OF LOANS OUTSTANDING                                         11,654





SECTION 7.09 (a)(viii)            SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                                0.00
                                  LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                            0.00
</TABLE>

<PAGE>   19

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-3


   DISTRIBUTION:                    22-Dec-97                          PAGE # 3

<TABLE>
<S>                            <C>                                                  <C>
SECTION 7.09 (a)(ix)           WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS          11.5260%


SECTION 7.09 (a)(x)            HAS A TRIGGER EVENT OCCURRED?                                   NO


SECTION 7.09 (a)(xi)           SENIOR ENHANCEMENT PERCENTAGE                              16.6506%


SECTION 7.09 (a)(xii)          OVERCOLLATERALIZATION AMOUNT                         14,000,000.00


                                                                       CLASS M-1       CLASS M-2             CLASS B
                                                                  --------------------------------------------------
SECTION 7.09 (a)(xiii)         APPLIED REALIZED LOSS AMOUNT                 0.00             0.00               0.00
                               REALIZED LOSS AMORTIZATION AMOUNT            0.00             0.00               0.00
                               UNPAID REALIZED LOSS AMOUNT                  0.00             0.00               0.00



SECTION 7.09 (a)(xiii)         REMAINING PRE-FUNDED AMOUNT                                   0.00


SECTION 7.09 (b)(i)            NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*


                               --------------------------------------------------------------------------
                                           CATEGORY      COUNT      AGG. PRIN. BAL.         PERCENTAGE
                               --------------------------------------------------------------------------
                                          30-59 DAYS      512             30,848,448.00              4.21%
                                          60-89 DAYS      255             13,384,046.00              1.83%
                                           90 + DAYS      440             31,977,345.00              4.36%
                               --------------------------------------------------------------------------

                               *The number and aggregate principal balances of delinquent mortgage loans includes loans in
                                foreclosure and bankruptcy


SECTION 7.09 (b)(ii)           NUMBER OF LOANS IN FORECLOSURE                                                   146

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE                     11,512,147.23



                               NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
                               IN THE PRIOR MONTH                                                               N/A

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
                               THAT WERE COMMENCED IN THE PRIOR MONTH                                           N/A




SECTION 7.09 (b)(iii)          NUMBER OF LOANS IN BANKRUPTCY                                                    106

                               AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY                      6,484,668.91



                               NUMBER OF LOANS THAT ARE "BALLOON" LOANS                                         N/A

                               AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"                               N/A




SECTION 7.09 (b)(iv)           NUMBER OF REO PROPERTIES                                                           6

                               AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                             286,800.31




SECTION 7.09 (b)(v)            BOOK VALUE OF REO PROPERTY                                                       N/A


SECTION 7.09 (b)(vi)           CUMULATIVE LOSS PERCENTAGE                                                0.00577231%

                               CUMULATIVE REALIZED LOSSES                                                 46,178.45

                               ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                                 0.00577231%

</TABLE>




<PAGE>   20
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3

DISTRIBUTION:           20-Jan-98                                     PAGE #  1



<TABLE>
<CAPTION>
=====================================================================================================================
              ORIGINAL       BEGINNING
             CERTIFICATE    CERTIFICATE    PRINCIPAL         INTEREST         TOTAL
 CLASS         BALANCE        BALANCE     DISTRIBUTION     DISTRIBUTION   DISTRIBUTION
------------------------------------------------------------------------------------------
<S>        <C>              <C>           <C>              <C>            <C>
  A-1      154,090,000.00    72,797,463.25   14,737,255.04     405,845.86   15,143,100.90
  A-2      122,750,000.00   122,750,000.00            0.00     673,079.17      673,079.17
  A-3      108,340,000.00   108,340,000.00            0.00     605,801.17      605,801.17
  A-4      108,310,000.00   108,310,000.00            0.00     617,367.00      617,367.00
  A-5       81,250,000.00    81,250,000.00            0.00     483,437.50      483,437.50
  A-6       37,260,000.00    37,260,000.00            0.00     233,496.00      233,496.00
  A-7       80,000,000.00    80,000,000.00            0.00     472,000.00      472,000.00
  M-1       32,000,000.00    32,000,000.00            0.00     195,200.00      195,200.00
  M-2       44,000,000.00    44,000,000.00            0.00     276,833.33      276,833.33
   B        32,000,000.00    32,000,000.00            0.00     209,866.67      209,866.67
   R              N/A            N/A             N/A         2,423,622.99    2,423,622.99
-----------------------------------------------------------------------------------------
TOTALS     800,000,000.00   718,707,463.25   14,737,255.04   6,596,549.69   21,333,804.73
-----------------------------------------------------------------------------------------

<CAPTION>

                ENDING                         ENDING
              CERTIFICATE       O/C           PRINCIPAL
               BALANCE         AMOUNT          BALANCE
-------------------------------------------------------
  <S>      <C>              <C>              <C>
  A-1       58,060,208.21
  A-2      122,750,000.00
  A-3      108,340,000.00
  A-4      108,310,000.00
  A-5       81,250,000.00   14,000,000.00   717,970,208.21
  A-6       37,260,000.00
  A-7       80,000,000.00
  M-1       32,000,000.00
  M-2       44,000,000.00
   B        32,000,000.00
   R            N/A
----------------------------------------------------------
TOTALS     703,970,208.21   14,000,000.00   717,970,208.21
----------------------------------------------------------
</TABLE>





FACTOR INFORMATION PER $1,000

                                PASS THRU RATES

<TABLE>
<CAPTION>

                       PRINCIPAL          INTEREST          END. CERT.                      INIT PASS    CURR PASS
     CLASS           DISTRIBUTION       DISTRIBUTION         BALANCE               CLASS    THRU RATE    THRU RATE
--------------------------------------------------------------------------         ---------------------------------
    <S>              <C>                <C>                 <C>                    <C>      <C>          <C>
      A-1              95.64056746          2.63382348        376.79413466         A-1      6.69000000%  6.69000000%
      A-2               0.00000000          5.48333336       1000.00000000         A-2      6.58000000%  6.58000000%
      A-3               0.00000000          5.59166670       1000.00000000         A-3      6.71000000%  6.71000000%
      A-4               0.00000000          5.70000000       1000.00000000         A-4      6.84000000%  6.84000000%
      A-5               0.00000000          5.95000000       1000.00000000         A-5      7.14000000%  7.14000000%
      A-6               0.00000000          6.26666667       1000.00000000         A-6      7.52000000%  7.52000000%
      A-7               0.00000000          5.90000000       1000.00000000         A-7      7.08000000%  7.08000000%
      M-1               0.00000000          6.10000000       1000.00000000         M-1      7.32000000%  7.32000000%
      M-2               0.00000000          6.29166659       1000.00000000         M-2      7.55000000%  7.55000000%
       B                0.00000000          6.55833344       1000.00000000          B       7.87000000%  7.87000000%
--------------------------------------------------------------------------         ---------------------------------
    TOTALS              18.4215688         8.245687116         879.9627603
--------------------------------------------------------------------------
</TABLE>





IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:



             ----------------------------------------------------

                                 ANN MARIE JOSE
             THE CHASE MANHATTAN BANK-STRUCTURED FINANCE SERVICES
                        450 WEST 33RD STREET, 15TH FLOOR
                            NEW YORK, NEW YORK 10001
                                 (212) 946-7148

             ----------------------------------------------------





(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK

<PAGE>   21


                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3

DISTRIBUTION:   20-Jan-98                                               PAGE # 2



<TABLE>
====================================================================================================================================
<S>                      <C>                                                                        <C>
SECTION 7.08 (1)         BEGINNING CERTIFICATE ACCOUNT                                              21,336,048.39


SECTION 7.08 (2)         CLASS A DISTRIBUTION AMOUNT                                                18,228,281.74


SECTION 7.08 (4)         BEGINNING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES                   718,707,463.25
                         PRINCIPAL DISTRIBUTION                                                     14,737,255.04
                         ENDING PRINCIPAL BALANCE OF THE OFFERED CERTIFICATES                      703,970,208.21


SECTION 7.08 (5)         REALIZED LOSSES                                                                   294.76


SECTION 7.08 (6)         60+ DAY DELINQUENT LOANS                                                   48,060,024.36


SECTION 7.08 (7)         PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                         SUBSEQUENT MORTGAGE LOANS                                                           0.00
                         PRE-FUNDED AMOUNT DISTRIBUTED AS PRINCIPAL                                          0.00
                         PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                         CAPITALIZED INTEREST ACCOUNT                                                        0.00
                         THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                         ACCOUNT TO THE CERTIFICATE ACCOUNT                                                  0.00
                         THE AMOUNTS TRANSFERRED TO THE SELLER                                               0.00


SECTION 7.08 (8)         THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                                    0.00
                         BECAUSE OF UNDERWATER LOANS

                                                                                                                          PER $1000
                                                                                                                          ---------
SECTION 7.09 (a)(i)      CLASS A-1 DISTRIBUTION                                                     15,143,100.90             98.27
                         CLASS A-2 DISTRIBUTION                                                        673,079.17              5.48
                         CLASS A-3 DISTRIBUTION                                                        605,801.17              5.59
                         CLASS A-4 DISTRIBUTION                                                        617,367.00              5.70
                         CLASS A-5 DISTRIBUTION                                                        483,437.50              5.95
                         CLASS A-6 DISTRIBUTION                                                        233,496.00              6.27
                         CLASS A-7 DISTRIBUTION                                                        472,000.00              5.90
                         CLASS M-1 DISTRIBUTION                                                        195,200.00              6.10
                         CLASS M-2 DISTRIBUTION                                                        276,833.33              6.29
                         CLASS B DISTRIBUTION                                                          209,866.67              6.56
                         CLASS R DISTRIBUTION                                                        2,423,622.99


SECTION 7.09 (a)(ii)     CLASS A PRINCIPAL DISTRIBUTION
                               INSTALLMENT PRINCIPAL COLLECTED                                         126,301.58              0.16
                               PRINCIPAL PREPAYMENTS                                                14,570,982.81             18.21
                               EXTRA PRINCIPAL DISTRIBUTION AMOUNT                                         294.76              0.00
                               PRIN PREPAY FROM PRE-FUND ACCT                                                0.00              0.00
                               OTHER                                                                    39,675.89              0.05


SECTION 7.09 (a)(iv)     CLASS A-1 CARRYFORWARD                                                              0.00
                         CLASS A-2 CARRYFORWARD                                                              0.00
                         CLASS A-3 CARRYFORWARD                                                              0.00
                         CLASS A-4 CARRYFORWARD                                                              0.00
                         CLASS A-5 CARRYFORWARD                                                              0.00
                         CLASS A-6 CARRYFORWARD                                                              0.00
                         CLASS A-7 CARRYFORWARD                                                              0.00
                         CLASS M-1 CARRYFORWARD                                                              0.00
                         CLASS M-2 CARRYFORWARD                                                              0.00
                         CLASS B CARRYFORWARD                                                                0.00


SECTION 7.09 (a)(vi)     ENDING AGGREGATE LOAN BALANCE                                             717,970,208.21
                         ENDING NUMBER OF LOANS OUTSTANDING                                                11,441





SECTION 7.09 (a)(viii)   SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                                       0.00
                         LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                                   0.00

</TABLE>





<PAGE>   22


                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-3

DISTRIBUTION:       20-Jan-98                                         PAGE # 3


<TABLE>
====================================================================================================================================
<S>                     <C>                                                                             <C>
SECTION 7.09 (a)(ix)    WEIGHTED AVERAGE COUPON RATE OF HOME EQUITY LOANS                                   11.5322%


SECTION 7.09 (a)(x)     HAS A TRIGGER EVENT OCCURRED?                                                             NO


SECTION 7.09 (a)(xi)    SENIOR ENHANCEMENT PERCENTAGE                                                       16.9923%


SECTION 7.09 (a)(xii)   OVERCOLLATERALIZATION AMOUNT                                                   14,000,000.00


                                                                                               CLASS M-1   CLASS M-2        CLASS B
                                                                                               ------------------------------------
SECTION 7.09 (a)(xiii)  APPLIED REALIZED LOSS AMOUNT                                                0.00        0.00           0.00
                        REALIZED LOSS AMORTIZATION AMOUNT                                           0.00        0.00           0.00
                        UNPAID REALIZED LOSS AMOUNT                                                 0.00        0.00           0.00



SECTION 7.09 (a)(xiii)  REMAINING PRE-FUNDED AMOUNT                                                             0.00


SECTION 7.09 (b)(i)     NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*

                                      ------------------------------------------------------
                                       CATEGORY        COUNT   AGG. PRIN. BAL.    PERCENTAGE
                                      ------------------------------------------------------
                                      30-59 DAYS         320     18,603,751.93       2.59%
                                      60-89 DAYS         166      9,634,953.45       1.34%
                                       90 + DAYS         568     37,669,907.65       5.25%
                                      ------------------------------------------------------

                        *The number and aggregate principal balances of delinquent mortgage
                         loans includes loans in foreclosure and bankruptcy


SECTION 7.09 (b)(ii)    NUMBER OF LOANS IN FORECLOSURE                                                                          144

                        AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE                                            12,168,529.52



                        NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
                        IN THE PRIOR MONTH                                                                                       18

                        AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
                        THAT WERE COMMENCED IN THE PRIOR MONTH                                                         1,855,319.75




SECTION 7.09 (b)(iii)   NUMBER OF LOANS IN BANKRUPTCY                                                                           122

                        AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY                                             7,080,636.27



                        NUMBER OF LOANS THAT ARE "BALLOON" LOANS                                                               4686

                        AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"                                           359,063,380.00




SECTION 7.09 (b)(iv)    NUMBER OF REO PROPERTIES                                                                                 14

                        AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                                                    755,163.26




SECTION 7.09 (b)(v)     BOOK VALUE OF REO PROPERTY                                                                       904,770.00


SECTION 7.09 (b)(vi)    CUMULATIVE LOSS PERCENTAGE                                                                       0.00580915%

                        CUMULATIVE REALIZED LOSSES                                                                        46,473.21

                        ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                                                        0.00580915%
</TABLE>



(C) COPYRIGHT 1996, THE CHASE MANHATTAN BANK