<PAGE>   1

                                                                    EXHIBIT 99.3
<PAGE>   2
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                          SERIES 1997-1
==================================================================================================================================

DISTRIBUTION:            25-Feb-97
                                                                                                            PAGE #  1



               ORIGINAL      BEGINNING                                                    ENDING                       ENDING
             CERTIFICATE    CERTIFICATE      PRINCIPAL      INTEREST        TOTAL       CERTIFICATE    SUBORDINATE    PRINCIPAL
 CLASS         BALANCE        BALANCE       DISTRIBUTION  DISTRIBUTION  DISTRIBUTION      BALANCE         AMOUNT       BALANCE

----------------------------------------------------------------------------------------------------------------------------------
 <S>     <C>              <C>             <C>            <C>            <C>           <C>             <C>           <C>
  A-1     95,086,000.00    95,086,000.00   3,225,827.70    518,218.70   3,744,046.40   91,860,172.30
  A-2     31,086,000.00    31,086,000.00           0.00    171,491.10     171,491.10   31,086,000.00
  A-3     46,349,000.00    46,349,000.00           0.00    263,416.82     263,416.82   46,349,000.00
  A-4     37,517,000.00    37,517,000.00           0.00    222,913.51     222,913.51   37,517,000.00
  A-5     10,065,000.00    10,065,000.00           0.00     61,732.00      61,732.00   10,065,000.00
  A-6     17,897,000.00    17,897,000.00           0.00    113,049.38     113,049.38   17,897,000.00
  A-7     12,000,000.00    12,000,000.00           0.00     71,300.00      71,300.00   12,000,000.00  1,013,425.85  247,787,598.15
  A-8     75,000,000.00    75,000,000.00   1,185,134.37    386,203.13   1,571,337.50   73,814,865.63    358,750.72   74,173,616.35
   R                N/A              N/A            N/A          0.00           0.00             N/A
----------------------------------------------------------------------------------------------------------------------------------
TOTALS   325,000,000.00   325,000,000.00   4,410,962.07  1,808,324.64   6,219,286.71  320,589,037.93  1,372,176.57  321,961,214.50
----------------------------------------------------------------------------------------------------------------------------------


<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            33.92536967           5.45000000         966.07463033                    A-1       6.54000000%       6.54000000%
   A-2             0.00000000           5.51666667        1000.00000000                    A-2       6.62000000%       6.62000000%
   A-3             0.00000000           5.68333341        1000.00000000                    A-3       6.82000000%       6.82000000%
   A-4             0.00000000           5.94166671        1000.00000000                    A-4       7.13000000%       7.13000000%
   A-5             0.00000000           6.13333333        1000.00000000                    A-5       7.36000000%       7.36000000%
   A-6             0.00000000           6.31666648        1000.00000000                    A-6       7.58000000%       7.58000000%
   A-7             0.00000000           5.94166667        1000.00000000                    A-7       7.13000000%       7.13000000%
   A-8            15.80179160           5.14937507         984.19820840                    A-8       5.61750000%       5.61750000%
-----------------------------------------------------------------------                   ----------------------------------------
 TOTALS   13.5721909846153856  2.12218399999999985  986.427809015384583
-----------------------------------------------------------------------





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


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




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




(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>   3
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                          SERIES 1997-1
==================================================================================================================================

      DISTRIBUTION:      25-Feb-97                                                        PAGE #  2


                                                                                               GROUP I         GROUP II
                                                                                               -------         --------
<S>                   <C>                                                               <C>                <C>
SECTION 7.08 (1)          BEGINNING CERTIFICATE ACCOUNT                                   4,693,764.11     1,585,080.61

SECTION 7.08 (2)          CLASS A DISTRIBUTION AMOUNT                                     6,219,286.71


                                                                                               GROUP I         GROUP II
                                                                                               -------         --------
SECTION 7.08 (3)          SUBORDINATION INCREASE AMOUNT                                     912,276.23       314,249.75

SECTION 7.08 (4)          INSURED PAYMENT                                                         0.00             0.00

SECTION 7.08 (6)          BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE               325,000,000.00
                          CLASS A PRINCIPAL DISTRIBUTION                                  4,410,962.07
                          ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                  320,589,037.93

SECTION 7.08 (7)          REALIZED LOSSES                                                         0.00

                                                                                               GROUP I         GROUP II
                                                                                               -------         --------
SECTION 7.08 (8)          SUBORDINATION REDUCTION AMOUNT                                          0.00             0.00

SECTION 7.08 (9)          PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                          SUBSEQUENT MORTGAGE LOANS                                               0.00             0.00
                      (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                          DISTRIBUTION AMOUNT                                                     0.00           265.93
                      (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                          CAPITALIZED INTEREST ACCOUNT                                            0.00             0.00
                      (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                          ACCOUNT TO THE CERTIFICATE ACCOUNT                                      0.00
                          THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                          ACCOUNT TO THE DEPOSITOR                                                0.00

SECTION 7.08 (10)         THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                        0.00
                          DUE TO GROUP I UNDERWATER LOANS
                                                                                                              PER $1000
                                                                                                              ---------
SECTION 7.09 (a)(i)       CLASS A-1 DISTRIBUTION                                          3,744,046.40            39.38
                          CLASS A-2 DISTRIBUTION                                            171,491.10             5.52
                          CLASS A-3 DISTRIBUTION                                            263,416.82             5.68
                          CLASS A-4 DISTRIBUTION                                            222,913.51             5.94
                          CLASS A-5 DISTRIBUTION                                             61,732.00             6.13
                          CLASS A-6 DISTRIBUTION                                            113,049.38             6.32
                          CLASS A-7 DISTRIBUTION                                             71,300.00             5.94
                          CLASS A-8 DISTRIBUTION                                          1,571,337.50            20.95
                          CLASS R DISTRIBUTION                                                    0.00

SECTION 7.09 (a)(ii)      GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                              INSTALLMENT PRINCIPAL COLLECTED               327,519.82             1.31
                                              PRINCIPAL PREPAYMENTS                       1,986,031.65             7.94
                                              SUBORDINATION INCREASE AMOUNT                 912,276.23             3.65
                                              PRIN PREPAY FROM PRE-FUND ACCT                      0.00             0.00
                                              OTHER                                               0.00             0.00

                          GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                              INSTALLMENT PRINCIPAL COLLECTED               175,596.04             2.34
                                              PRINCIPAL PREPAYMENTS                         695,022.65             9.27
                                              SUBORDINATION INCREASE AMOUNT                 314,249.75             4.19
                                              PRIN PREPAY FROM PRE-FUND ACCT                    265.93             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 A-8 CARRYFORWARD                                                  0.00
                                                                                                  0.00

SECTION 7.09 (a)(v)       INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                        0.00






(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>   4
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                          SERIES 1997-1
==================================================================================================================================

         DISTRIBUTION:      25-Feb-97                                                                                  PAGE # 3



                                                                                                  GROUP I               GROUP II
                                                                                                  -------               --------
<S>                         <C>                                  <C>                       <C>               <C>
SECTION 7.09 (a)(vi)        ENDING AGGREGATE LOAN BALANCE                                  247,787,598.15          74,173,616.35

                            ENDING NUMBER OF LOANS                                                   4231                    669


                            ENDING CERTIFICATE BALANCE:                                                                PER $1000
                                                                                                                       ---------
                                                                 CLASS A-1                  91,860,172.30    966.074630334644326
                                                                 CLASS A-2                  31,086,000.00                   1000
                                                                 CLASS A-3                  46,349,000.00                   1000
                                                                 CLASS A-4                  37,517,000.00                   1000
                                                                 CLASS A-5                  10,065,000.00                   1000
                                                                 CLASS A-6                  17,897,000.00                   1000
                                                                 CLASS A-7                  12,000,000.00                   1000
                                                                 CLASS A-8                  73,814,865.63    984.198208399999885


                                                                                                  GROUP I               GROUP II
                                                                                                  -------               --------
SECTION 7.09 (a)(vii)       SUBORDINATED AMOUNT                                              1,013,425.85             358,750.72
                            SUBORDINATION DEFICIT                                                    0.00                   0.00

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


SECTION 7.09 (a)(x)         WEIGHTED AVERAGE COUPON RATE                                        11.920400%             11.920400%


SECTION 7.09 (a)(xii)       WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOAN                        0.000000%


SECTION 7.09 (a)(xiii)      LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                          374,892.47             614,024.42


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


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


<TABLE>
<CAPTION>
                            GROUP I

                            ------------------------------------------------------------------------------
                                  CATEGORY                COUNT            AGG. PRIN. BAL.      PERCENTAGE
                            ------------------------------------------------------------------------------
                                  <S>                      <C>                <C>                    <C>
                                  30-59 DAYS               140                8,334,871.92           3.36%
                                  60-89 DAYS                60                3,629,865.71           1.46%
                                   90 + DAYS                 8                  423,241.59           0.17%
                            ------------------------------------------------------------------------------




<CAPTION>
                            GROUP II

                            ------------------------------------------------------------------------------
                                  CATEGORY                COUNT            AGG. PRIN. BAL.      PERCENTAGE
                            ------------------------------------------------------------------------------
                                 <S>                       <C>                <C>                    <C>
                                 30-59 DAYS                15                 1,515,005.20           0.61%
                                 60-89 DAYS                 6                   798,967.17           0.32%
                                  90 + DAYS                 0                         0.00           0.00%
                            ------------------------------------------------------------------------------




<CAPTION>
                            AGGREGATE

                            ------------------------------------------------------------------------------
                                  CATEGORY                COUNT            AGG. PRIN. BAL.      PERCENTAGE
                            ------------------------------------------------------------------------------
                                 <S>                       <C>                <C>                    <C>
                                 30-59 DAYS                155                9,849,877.12           3.98%
                                 60-89 DAYS                 66                4,428,832.88           1.79%
                                  90 + DAYS                  8                  423,241.59           0.17%



                            *The number and aggrgate principal balance of delinquent loans includes loans in foreclosure and
                             bankruptcy





(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>   5
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                          SERIES 1997-1
==================================================================================================================================


    DISTRIBUTION:      25-Feb-97                                                                                 PAGE # 4




                                                                                          GROUP I       GROUP II            TOTAL
                                                                                          -------       --------            -----
<S>                         <C>                                                    <C>                <C>          <C>
SECTION 7.09 (b)(ii)        NUMBER OF LOANS IN FORECLOSURE                                      0              0                0

                            AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE              0.00           0.00             0.00


                            NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED                  0              0                0
                            IN THE PRIOR MONTH

                            AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE              0.00           0.00             0.00
                            THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)       NUMBER OF LOANS IN BANKRUPTCY                                       7              1                8

                            AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY         483,386.67      87,594.10       570,980.77


                            NUMBER OF LOANS THAT ARE "BALLOON" LOANS                        1,504              2             1506

                            AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"     109,526,391.01     378,993.65   109,905,384.66

SECTION 7.09 (b)(iv)        NUMBER OF REO PROPERTIES
                                                                                                0              0                0
                            AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
                                                                                             0.00           0.00             0.00
SECTION 7.09 (b)(v)         BOOK VALUE OF REO PROPERTY
                                                                                             0.00           0.00             0.00

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

                            CUMULATIVE REALIZED LOSSES                                       0.00           0.00             0.00

                            CURRENT PERIOD REALIZED LOSSES                                   0.00           0.00             0.00

                            ANNUAL LOSS PERCENTAGE (ROLLING 6 MONTH)                   0.00000000%    0.00000000%      0.00000000%

                            ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                  0.00000000%    0.00000000%      0.00000000%

SECTION 7.09 (b)(vii)       60 + DELINQUENCY PERCENTAGE                                1.63571839%    1.07715817%      1.50703695%






(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>   6

<TABLE>
<CAPTION>

             DEPOSIT                                                                   GROUP I        GROUP II
---------------------------------------------
<S>                                                                                      <C>                 <C>
CERTIFICATE ACCOUNT BALANCE                                                                      0.00                0.00

INSURED PAYMENT                                                                                  0.00                0.00

MONTHLY REMITTANCE AMOUNT                                                                4,693,764.11        1,584,814.68

INVESTMENT INCOME EARNED IN CERTIFICATE ACCT                                                     0.00                0.00

CAPITALIZED INTEREST REQUIREMENT TRANSFERRED
FROM THE CAPTIALIZED INTEREST ACCOUNT                                                            0.00                0.00

AMOUNTS TRNAS FROM THE PRE-FUNDING ACCT                                                          0.00              265.93

         TOT AVAILABLE CERTIFICATE ACCT BAL                                              4,693,764.11        1,585,080.61
</TABLE>

<TABLE>
<CAPTION>

DISTRIBUTIONS BY PRIORITY:

                                                                  PAID FROM CERT     ALLOCATED FROM TOT              AVAIL CERT ACCT
DIST CATEGORY                                            DUE       ACCT BALANCE      MONTH EXC CASHFLOW      UNPAID      BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                <C>            <C>                <C>                      <C>     <C>
TRUSTEE FEE                                            2,683.01       2,683.01             0.00               0.00    5,049,635.73

TRUSTEE REIMBURSABLE EXP                                   0.00           0.00             0.00               0.00    5,049,635.73

PREMIUM AMOUNT                                        56,875.00      56,875.00             0.00               0.00    4,992,760.73

AVAILABLE FUND SHORTFALL - I                               0.00           0.00             0.00               0.00    4,992,760.73

AVAILABLE FUND SHORTFALL - II                              0.00           0.00             0.00               0.00    4,992,760.73

REIM OF CERT INSURER - I                                   0.00           0.00             0.00               0.00    4,992,760.73

REIM OF CERT INSURER - II                                  0.00           0.00             0.00               0.00    4,992,760.73

SUBORDINATION INC AMOUNT - I                         912,276.23           0.00       912,276.23               0.00    4,992,760.73

SUBORDINATION INC AMOUNT - II                        314,249.75           0.00       314,249.75               0.00    4,992,760.73

UNREIM DELINQUENCY ADV AND
UNREIMBURSED SERVICING ADV - I                             0.00           0.00             0.00               0.00    4,992,760.73

UNREIM DELINQUENCY ADV AND
UNREIMBURSED SERVICING ADV - II                            0.00           0.00             0.00               0.00    4,992,760.73

CLASS A-1 CURRENT INTERST                            518,218.70     518,218.70             0.00               0.00    4,474,542.03

CLASS A-2 CURRENT INTEREST                           171,491.10     171,491.10             0.00               0.00    4,303,050.93

CLASS A-3 CURRENT INTEREST                           263,416.62     263,416.62             0.00               0.00    4,039,634.11

CLASS A-4 CURRENT INTEREST                           222,913.51     222,913.51             0.00               0.00    3,616,720,60

CLASS A-5 CURRENT INTEREST                            61,732.00      61,732.00             0.00               0.00    3,754,988.60

CLASS A-6 CURRENT INTEREST                           113,049.38     113,049.38             0.00               0.00    3,641,939.22

CLASS A-7 CURRENT INTEREST                            71,300.00      71,300.00             0.00               0.00    3,570,639.22

CLASS A-8 CURRENT INTEREST                           366,203.13     366,203.13             0.00               0.00    3,184,436.09

GROUP I PRINCIPAL
(LESS SUBORDINATION INC.)
----------------------------------------------------------------------------------------------------------------------------------

CLASS A7 LOCKOUT DISTRIBUTION AMOUNT                       0.00           0.00             0.00               0.00    3,184,436.09

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-1 CPB = 0                            2,313,551.47   2,313,551.47             0.00               0.00      870,884.62

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-2 CPB = 0                                    0.00           0.00             0.00               0.00      870,884.62

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-3 CPB = 0                                    0.00           0.00             0.00               0.00      870,884.62
</TABLE>

<TABLE>
<CAPTION>

DISTRIBUTIONS BY PRIORITY:

                                                     AVAIL TOTAL MONTHLY
DIST CATEGORY                                          EXC CASHFLOW        DISTRIBUTE TO
--------------------------------------------------------------------------------------------
<S>                                                    <C>               <C>
TRUSTEE FEE                                            1,226,525.98      TRUSTEE

TRUSTEE REIMBURSABLE EXP                               1,226,525.98      TRUSTEE

PREMIUM AMOUNT                                         1,226,525.98      INSURER

AVAILABLE FUND SHORTFALL - I                           1,226,525.98

AVAILABLE FUND SHORTFALL - II                          1,226,525.98

REIM OF CERT INSURER - I                               1,226,525.98      INSURER

REIM OF CERT INSURER - II                              1,226,525.98      INSURER

SUBORDINATION INC AMOUNT - I                             314,249.75      CLASS A - FIXED

SUBORDINATION INC AMOUNT - II                                  0.00      CLASS A6

UNREIM DELINQUENCY ADV AND
UNREIMBURSED SERVICING ADV - I                                 0.00      SERVICER

UNREIM DELINQUENCY ADV AND
UNREIMBURSED SERVICING ADV - II                                0.00      SERVICER

CLASS A-1 CURRENT INTERST                                      0.00      CLASS A-1

CLASS A-2 CURRENT INTEREST                                     0.00      CLASS A-2

CLASS A-3 CURRENT INTEREST                                     0.00      CLASS A-3

CLASS A-4 CURRENT INTEREST                                     0.00      CLASS A-4

CLASS A-5 CURRENT INTEREST                                     0.00      CLASS A-5

CLASS A-6 CURRENT INTEREST                                     0.00      CLASS A-6

CLASS A-7 CURRENT INTEREST                                     0.00      CLASS A-7

CLASS A-8 CURRENT INTEREST                                     0.00      CLASS A-8

GROUP I PRINCIPAL
(LESS SUBORDINATION INC)

CLASS A7 LOCKOUT DISTRIBUTION AMOUNT                           0.00      CLASS A-7

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-1 CPB = 0                                        0.00      CLASS A-1

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-2 CPB = 0                                        0.00      CLASS A-2

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-3 CPB = 0                                        0.00      CLASS A-3
</TABLE>
<PAGE>   7

<TABLE>
<S>                                                  <C>            <C>               <C>               <C>             <C>
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-5 CPB = 0                                    0.00           0.00             0.00               0.00      870,884.62

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-6 CPB = 0                                    0.00           0.00             0.00               0.00      870,884.62

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-7 CPB = 0                                    0.00           0.00             0.00               0.00      870,884.62

GROUP II PRINCIPAL
(LESS SUBORDINATION INC)
------------------------------------------
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-6 CPB = 0                              870,884.62     870,884.62             0.00               0.00            0.00

RESIDUAL NET MONTHLY EXCESS CASHFLOW                       0.00           0.00             0.00               0.00            0.00

------------------------------------------
           PRE-FUNDING ACCOUNT
------------------------------------------
                DEPOSITS:
------------------------------------------


PRE-FUNDING ACOUNT BALANCE                                                            98,101.67         125,243.67

INVESTMENT INCOME IN PRE-FUNDING ACCOUNT                                                   0.00               0.00

         AVAILABLE PRE-FUNDING ACCOUNT BALANCE                                        98,101.67         125,243.67
</TABLE>

<TABLE>
<CAPTION>

DISTRIBUTION BY PRIORITY:

DIST CATEGORY                                         DUE             PAID            UNPAID      REM BALANCE      DISTRIBUTE TO
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                  <C>            <C>                  <C>            <C>            <C>
INVESTMENT INCOME IN PRE-FUNDING
ACCOUNT                                                    0.00           0.00             0.00         223,345.34     CAP INT ACCT

AGREGATE LOAN BALANCES OF THE SUBSEQUENT
MORTGAGE LOANS SOLD TO THE TRUST                     223,345.34     223,079.41           265.93             265.93     DEPOSITOR

REM PRE-FUNDING ACCT BAL                                 265.93         265.93             0.00               0.00     CERT ACCOUNT

------------------------------------------
         CAPTIALIZED INT ACCOUNT
------------------------------------------
                DEPOSITS
------------------------------------------

CAPTIALIZED INTEREST ACCOUNT BALANCE                                                       0.00

INVESTMENT INCOME FROM PRE-FUNDING ACCOUNT                                                 0.00

INVESTMENT INCOME IN CAPITALIZED INTEREST ACCOUNT                                          0.00

         AVAILABLE CAPITALIZED INTEREST ACCOUNT BALANCE                                    0.00

<CAPTION>

DISTRIBUTION BY PRIORITY:

DIST CATEGORY                                         DUE             PAID            UNPAID      REM BALANCE      DISTRIBUTE TO
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>            <C>              <C>                <C>      <C>
CAPITALIZED INTEREST REQ                                   0.00           0.00             0.00               0.00     CERT ACCT

OVERFUNDED INTEREST AMT                                    0.00           0.00             0.00               0.00     SELLER

REMAINING BALANCE                                          0.00           0.00             0.00               0.00     SELLER
</TABLE>

<TABLE>
<CAPTION>
<S>                                             <C>     <C>
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-5 CPB = 0                         0.00       CLASS A-5

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-6 CPB = 0                         0.00       CLASS A-6

CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-7 CPB = 0                         0.00       CLASS A-7

GROUP II PRINCIPAL
(LESS SUBORDINATION INC)
------------------------------------------              -------------------
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-6 CPB = 0                         0.00       CLASS A-8

RESIDUAL NET MONTHLY EXCESS CASHFLOW            0.00       CLASS R

------------------------------------------
           PRE-FUNDING ACCOUNT
------------------------------------------
                DEPOSITS:
------------------------------------------

PRE-FUNDING ACOUNT BALANCE

INVESTMENT INCOME IN PRE-FUNDING ACCOUNT

         AVAILABLE PRE-FUNDING ACCOUNT BALANCE

DISTRIBUTION BY PRIORITY:

DIST CATEGORY
------------------------------------------
INVESTMENT INCOME IN PRE-FUNDING
ACCOUNT

AGREGATE LOAN BALANCES OF THE SUBSEQUENT
MORTGAGE LOANS SOLD TO THE TRUST

REM PRE-FUNDING ACCT BAL

------------------------------------------
         CAPTIALIZED INT ACCOUNT
------------------------------------------
                DEPOSITS
------------------------------------------

CAPTIALIZED INTEREST ACCOUNT BALANCE

INVESTMENT INCOME FROM PRE-FUNDING ACCOUNT

INVESTMENT INCOME IN CAPITALIZED INTEREST ACCOUNT

         AVAILABLE CAPITALIZED INTEREST ACCOUNT BALANCE

DISTRIBUTION BY PRIORITY:

DIST CATEGORY
------------------------------------------

CAPITALIZED INTEREST REQ

OVERFUNDED INTEREST AMT

REMAINING BALANCE
</TABLE>
<PAGE>   8


                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1

<TABLE>
<CAPTION>
                         DISTRIBUTION:                        25-Mar-97



                     ORIGINAL                  BEGINNING
                    CERTIFICATE               CERTIFICATE              PRINCIPAL             INTEREST                TOTAL
   CLASS              BALANCE                   BALANCE              DISTRIBUTION          DISTRIBUTION          DISTRIBUTION

-----------------------------------------------------------------------------------------------------------------------------
   <S>            <C>                       <C>                     <C>                   <C>                   <C>
    A-1            95,086,000.00             91,860,172.30          4,002,682.59            500,637.94          4,503,320.53
    A-2            31,086,000.00             31,086,000.00                  0.00            171,491.10            171,491.10
    A-3            46,349,000.00             46,349,000.00                  0.00            263,416.82            263,416.82
    A-4            37,517,000.00             37,517,000.00                  0.00            222,913.51            222,913.51
    A-5            10,065,000.00             10,065,000.00                  0.00             61,732.00             61,732.00
    A-6            17,897,000.00             17,897,000.00                  0.00            113,049.38            113,049.38
    A-7            12,000,000.00             12,000,000.00                  0.00             71,300.00             71,300.00
    A-8            75,000,000.00             73,814,865.63          1,242,692.99            315,921.23          1,561,614.22
     R                  N/A                       N/A                     N/A                 4,017.64              4,017.64
-----------------------------------------------------------------------------------------------------------------------------
   TOTALS         325,000,000.00            320,589,037.93          5,245,375.58          1,727,479.62          6,972,855.20
-----------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                   PAGE # 1



                      ENDING                                          ENDING
                    CERTIFICATE             SUBORDINATE              PRINCIPAL
   CLASS              BALANCE                 AMOUNT                  BALANCE

--------------------------------------------------------------------------------
   <S>            <C>                      <C>                    <C>
    A-1            87,857,489.71
    A-2            31,086,000.00
    A-3            46,349,000.00
    A-4            37,517,000.00
    A-5            10,065,000.00
    A-6            17,897,000.00
    A-7            12,000,000.00          1,920,203.18            244,691,692.89
    A-8            72,572,172.64            619,116.05             73,191,288.69
     R                  N/A
--------------------------------------------------------------------------------
   TOTALS         315,343,662.35          2,539,319.23            317,882,981.58
--------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
                         FACTOR INFORMATION PER $1,000


                     PRINCIPAL            INTEREST               END. CERT.
   CLASS           DISTRIBUTION         DISTRIBUTION               BALANCE

------------------------------------------------------------------------------
    <S>            <C>                   <C>                <C>
    A-1            42.09539354           5.26510675          923.97923680
    A-2             0.00000000           5.51666667         1000.00000000
    A-3             0.00000000           5.68333341         1000.00000000
    A-4             0.00000000           5.94166671         1000.00000000
    A-5             0.00000000           6.13333333         1000.00000000
    A-6             0.00000000           6.31666648         1000.00000000
    A-7             0.00000000           5.94166667         1000.00000000
    A-8            16.56923987           4.25228307          967.62896853
------------------------------------------------------------------------------
   TOTALS          16.13961717           2.09654405          970.2851918
------------------------------------------------------------------------------
</TABLE>


                                 PASS THRU RATES


<TABLE>
<CAPTION>
                                INIT PASS               CURR PASS
          CLASS                 THRU RATE               THRU RATE

--------------------------------------------------------------------------
           <S>                 <C>                     <C>
           A-1                 6.54000000%             6.54000000%
           A-2                 6.62000000%             6.62000000%
           A-3                 6.82000000%             6.82000000%
           A-4                 7.13000000%             7.13000000%
           A-5                 7.36000000%             7.36000000%
           A-6                 7.58000000%             7.58000000%
           A-7                 7.13000000%             7.13000000%
           A-8                 5.61750000%             5.55500000%
--------------------------------------------------------------------------
</TABLE>


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

                ------------------------------------------------
                           ANN MARIE JOSE
                           THE CHASE MANHATTAN BANK - ASPG
                           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 1997-1


<TABLE>
<CAPTION>
                DISTRIBUTION:           25-Mar-97                                                                      PAGE # 2

                                                                                                      GROUP I         GROUP II
                                                                                                      -------         --------
<S>                    <C>                                                                      <C>                <C>
SECTION 7.08 (1)           BEGINNING CERTIFICATE ACCOUNT                                          5,455,539.97     1,576,067.34

SECTION 7.08 (2)           CLASS A DISTRIBUTION AMOUNT                                            6,968,837.56


                                                                                                      GROUP I         GROUP II
                                                                                                      -------         --------

SECTION 7.08 (3)           SUBORDINATION INCREASE AMOUNT                                            906,777.33       260,365.33

SECTION 7.08 (4)           INSURED PAYMENT                                                                0.00             0.00

SECTION 7.08 (6)           BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                      320,589,037.93
                           CLASS A PRINCIPAL DISTRIBUTION                                         5,245,375.58
                           ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                         315,343,662.35

SECTION 7.08 (7)           REALIZED LOSSES                                                                0.00

                                                                                                      GROUP I         GROUP II
                                                                                                      -------         --------

SECTION 7.08 (8)           SUBORDINATION REDUCTION AMOUNT                                                 0.00             0.00

SECTION 7.08 (9)           PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                           SUBSEQUENT MORTGAGE LOANS                                                      0.00             0.00
                       (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                           DISTRIBUTION AMOUNT                                                            0.00             0.00
                       (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                           CAPITALIZED INTEREST ACCOUNT                                                   0.00             0.00
                       (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                           ACCOUNT TO THE CERTIFICATE ACCOUNT                                             0.00
                           THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                           ACCOUNT TO THE DEPOSITOR                                                       0.00

SECTION 7.08 (10)          THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                               0.00
                            DUE TO GROUP I UNDERWATER LOANS
                                                                                                                      PER $1000
                                                                                                                      ---------
SECTION 7.09 (a)(i)        CLASS A-1 DISTRIBUTION                                                 4,503,320.53            47.36
                           CLASS A-2 DISTRIBUTION                                                   171,491.10             5.52
                           CLASS A-3 DISTRIBUTION                                                   263,416.82             5.68
                           CLASS A-4 DISTRIBUTION                                                   222,913.51             5.94
                           CLASS A-5 DISTRIBUTION                                                    51,732.00             6.13
                           CLASS A-6 DISTRIBUTION                                                   113,049.38             6.32
                           CLASS A-7 DISTRIBUTION                                                    71,300.00             5.94
                           CLASS A-8 DISTRIBUTION                                                 1,581,614.22            20.82
                           CLASS R DISTRIBUTION                                                       4,017.64

SECTION 7.09 (a)(ii)       GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                               INSTALLMENT PRINCIPAL COLLECTED                      178,082.91             0.71
                                               PRINCIPAL PREPAYMENTS                              2,917,822.35            11.67
                                               SUBORDINATION INCREASE AMOUNT                        906,777.33             3.63
                                               PRIN PREPAY FROM PRE-FUND ACCT                             0.00             0.00
                                               OTHER                                                      0.00             0.00

                           GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                               INSTALLMENT PRINCIPAL COLLECTED                       29,155.02             0.39
                                               PRINCIPAL PREPAYMENTS                                953,172.64            12.71
                                               SUBORDINATION INCREASE AMOUNT                        260,365.33             3.47
                                               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 A-8 CARRYFORWARD                                                         0.00
                                                                                                          0.00

SECTION 7.09 (a)(v)        INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                               0.00
</TABLE>
<PAGE>   10
<TABLE>
<CAPTION>
          DISTRIBUTION:         25-Mar-97                                                                            PAGE # 3




                                                                                                       GROUP I            GROUP II
<S>                     <C>                                       <C>                              <C>               <C>
SECTION 7.09 (a)(vi)    ENDING AGGREGATE LOAN BALANCE                                              244,691,692.89    73,191,288.69

                        ENDING NUMBER OF LOANS                                                               4180              672


                        ENDING CERTIFICATE BALANCE:                                                                      PER $1000
                                                                                                                         ---------
                                                                  CLASS A-1                         87,857,489.71      923.9792368
                                                                  CLASS A-2                         31,086,000.00             1000
                                                                  CLASS A-3                         46,349,000.00             1000
                                                                  CLASS A-4                         37,517,000.00             1000
                                                                  CLASS A-5                         10,065,000.00             1000
                                                                  CLASS A-6                         17,897,000.00             1000
                                                                  CLASS A-7                         12,000,000.00             1000
                                                                  CLASS A-8                         72,572,172.64      967.6259685


                                                                                                       GROUP I            GROUP II

SECTION 7.09 (a)(vii)   SUBORDINATED AMOUNT                                                          1,920,203.18       519,116.05
                        SUBORDINATION DEFICIT                                                                0.00             0.00

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


SECTION 7.09 (a)(x)     WEIGHTED AVERAGE COUPON RATE                                                    11.912400%      10.090700%


SECTION 7.09 (a)(xii)   WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II                       0.000000%


SECTION 7.09 (a)(xiii)  LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                                      347,892.47       613,190.02


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


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


<TABLE>
<CAPTION>
GROUP I

--------------------------------------------------------------------------------------------------------------------------------
               CATEGORY                                    COUNT                 AGG. PRIN. BAL.                PERCENTAGE
--------------------------------------------------------------------------------------------------------------------------------
              <S>                                          <C>                     <C>                             <C>
              30-59 DAYS                                   117                     6,599,414.05                    2.70%
              60-89 DAYS                                    52                     3,754,736.43                    1.53%
               90 + DAYS                                    41                     2,839,388.16                    1.16%
--------------------------------------------------------------------------------------------------------------------------------


<CAPTION>

GROUP II

--------------------------------------------------------------------------------------------------------------------------------
               CATEGORY                                    COUNT                 AGG. PRIN. BAL.                PERCENTAGE
--------------------------------------------------------------------------------------------------------------------------------
              <S>                                          <C>                     <C>                             <C>
              30-59 DAYS                                    18                     1,435,704.22                    0.59%
              60-89 DAYS                                    11                     1,029,066.82                    0.42%
               90 + DAYS                                     5                       734,000.00                    0.30%
--------------------------------------------------------------------------------------------------------------------------------


<CAPTION>

AGGREGATE

--------------------------------------------------------------------------------------------------------------------------------
               CATEGORY                                    COUNT                 AGG. PRIN. BAL.                PERCENTAGE
--------------------------------------------------------------------------------------------------------------------------------
              <S>                                          <C>                     <C>                             <C>
              30-59 DAYS                                   135                     8,035,118.27                    3.28%
              60-89 DAYS                                    63                     4,783,803.25                    1.96%
               90 + DAYS                                    46                     3,573,388.16                    1.46%
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>


*The number and aggrgate principal balance of delinquent loans includes loans in
foreclosure and bankruptcy
<PAGE>   11





<TABLE>
<CAPTION>
                                                                                                           PAGE # 4
           DISTRIBUTION:             25-Mar-97



                                                                                       GROUP I         GROUP II          TOTAL
                                                                                       -------         --------          -----
<S>                        <C>                                                      <C>               <C>            <C>
SECTION 7.09 (b)(ii)       NUMBER OF LOANS IN FORECLOSURE                                 1                0               1

                           AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        46,978.14          0.00          46,978.14


                           NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED             1                0               1
                           IN THE PRIOR MONTH

                           AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        46,978.14          0.00          46,978.14
                           THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)      NUMBER OF LOANS IN BANKRUPTCY                                  12               1              13

                           AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY         992,114.39       87,554.29     1,079,668.68


                           NUMBER OF LOANS THAT ARE "BALLOON" LOANS                     1,484              2             1486

                           AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"       108,091,779.68    378,863.22    108,470,642.90

SECTION 7.09 (b)(iv)       NUMBER OF REO PROPERTIES
                                                                                          0                0               0
                           AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
                                                                                         0.00            0.00             0.00
SECTION 7.09 (b)(v)        BOOK VALUE OF REO PROPERTY
                                                                                         0.00            0.00             0.00

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

                           CUMULATIVE REALIZED LOSSES                                    0.00            0.00

                           CURRENT PERIOD REALIZED LOSSES                                0.00            0.00

                           ANNUAL LOSS PERCENTAGE (ROLLING 6 MONTH)                  0.00000000%      0.00000000%     0.00000000%

                           ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                 0.00000000%      0.00000000%     0.00000000%

SECTION 7.09 (b)(vii)      90 + DELINQUENCY PERCENTAGE                               1.43283943%      0.50142579%     1.12412063%
</TABLE>


<PAGE>   12
                          IMC HOME EQUITY LOAN TRUST

                      MORTGAGE PASS-THROUGH CERTIFICATES

                                SERIES 1997-1

DISTRIBUTION:                                             25-Mar-97




<TABLE>
<CAPTION>
-------------------------------------------------------------------------
     RANGE                     SMM                       CPR
-------------------------------------------------------------------------
      <S>                     <C>                      <C>
      FEB                     1.20%                    13.52%
      JAN                     0.83%                     9.47%
-------------------------------------------------------------------------
</TABLE>



<PAGE>   13
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1



<TABLE>
<CAPTION>

DISTRIBUTION:           25-Apr-97                                                                                        PAGE #  1


          ORIGINAL         BEGINNING
        CERTIFICATE       CERTIFICATE        PRINCIPAL       INTEREST
CLASS     BALANCE          BALANCE         DISTRIBUTION     DISTRIBUTION
<S>     <C>               <C>               <C>             <C>
 A-1     95,086,000.00     87,857,489.71    4,657,967.24      478,823.32
 A-2     31,086,000.00     31,086,000.00            0.00      171,491.10
 A-3     46,349,000.00     46,349,000.00            0.00      263,416.82
 A-4     37,517,000.00     37,517,000.00            0.00      222,913.51
 A-5     10,065,000.00     10,065,000.00            0.00       61,732.00
 A-6     17,897,000.00     17,897,000.00            0.00      113,049.38
 A-7     12,000,000.00     12,000,000.00            0.00       71,300.00
 A-8     75,000,000.00     72,572,172.64    1,754,876.33      362,770.15
  R         N/A              N/A               N/A              5,655.02
------------------------------------------------------------------------
TOTALS  325,000,000.00    315,343,662.35    6,412,843.57    1,751,151.30


<CAPTION>
                             ENDING                              ENDING
             TOTAL          CERTIFICATE        SUBORDINATE      PRINCIPAL
CLASS     DISTRIBUTION       BALANCE             AMOUNT          BALANCE
<S>       <C>             <C>                  <C>             <C>
 A-1      5,136,790.56     83,199,522.47
 A-2        171,491.10     31,086,000.00
 A-3        263,416.82     46,349,000.00
 A-4        222,913.51     37,517,000.00
 A-5         61,732.00     10,065,000.00
 A-6        113,049.38     17,897,000.00
 A-7         71,300.00     12,000,000.00       2,855,918.92    240,969,441.39
 A-8      2,117,646.48     70,817,296.31         846,863.67     71,664,159.98
  R           5,655.02        N/A
------------------------------------------------------------------------------
TOTALS    8,163,994.87    308,930,818.78       3,702,782.59    312,633,601.37
</TABLE>

<TABLE>
<CAPTION>
                                   FACTOR INFORMATION PER $1000

                               PRINCIPAL            INTEREST             END. CERT.
                CLASS        DISTRIBUTION          DISTRIBUTION            BALANCE
                <S>         <C>                  <C>                  <C>
                 A-1             48.98688808           5.03568685        874.99234872
                 A-2              0.00000000           5.51666667       1000.00000000
                 A-3              0.00000000           5.68333341       1000.00000000
                 A-4              0.00000000           5.94166671       1000.00000000
                 A-5              0.00000000           6.13333333       1000.00000000
                 A-6              0.00000000           6.31666648       1000.00000000
                 A-7              0.00000000           5.94166667       1000.00000000
                 A-8             23.39835107           4.83693533        944.23061747
                ---------------------------------------------------------------------
                TOTALS           19.73182637          2.062240335         950.5563655
</TABLE>

<TABLE>
                       PASS THRU RATES

                           INIT PASS         CURR PASS
                CLASS      THRU RATE         THRU RATE
                 <S>       <C>               <C>
                 A-1       6.54000000%       6.54000000%
                 A-2       6.62000000%       6.62000000%
                 A-3       6.82000000%       6.82000000%
                 A-4       7.13000000%       7.13000000%
                 A-5       7.36000000%       7.36000000%
                 A-6       7.58000000%       7.58000000%
                 A-7       7.13000000%       7.13000000%
                 A-8       5.61750000%       5.80500000%

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





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





           (C) COPYRIGHT 1997, CHASE BANKING CORPORATION
<PAGE>   14




                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


<TABLE>
<CAPTION>

    DISTRIBUTION:             25-Apr-97                                                                   PAGE #   2

                                                                                                GROUP I       GROUP II
                                                                                                -------       --------
<S>                      <C>                                                               <C>              <C>
SECTION 7.08 (1)            BEGINNING CERTIFICATE ACCOUNT                                  6,052,562.14   2,121,176.51

SECTION 7.08 (2)            CLASS A DISTRIBUTION AMOUNT                                    8,158,339.85


                                                                                                GROUP I       GROUP II
                                                                                                -------       --------
SECTION 7.08 (3)            SUBORDINATION INCREASE AMOUNT                                    935,715.74     227,747.62

SECTION 7.08 (4)            INSURED PAYMENT                                                        0.00           0.00

SECTION 7.08 (6)            BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE              315,343,662.35
                            CLASS A PRINCIPAL DISTRIBUTION                                 6,412,843.57
                            ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                 308,930,818.78

SECTION 7.08 (7)            REALIZED LOSSES                                                        0.00

                                                                                                GROUP I       GROUP II
                                                                                                -------       --------
SECTION 7.08 (8)            SUBORDINATION REDUCTION AMOUNT                                         0.00           0.00

SECTION 7.08 (9)         (A)PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                            SUBSEQUENT MORTGAGE LOANS                                              0.00           0.00
                         (B)PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                            DISTRIBUTION AMOUNT                                                    0.00           0.00
                         (C)PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                            CAPITALIZED INTEREST ACCOUNT                                           0.00           0.00
                         (D)THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                            ACCOUNT TO THE CERTIFICATE ACCOUNT                                     0.00
                            THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                            ACCOUNT TO THE DEPOSITOR                                               0.00

SECTION 7.08 (10)           THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                       0.00
                            DUE TO GROUP I UNDERWATER LOANS
                                                                                                              PER $1000
                                                                                                              ---------
SECTION 7.09 (a)(i)         CLASS A-1 DISTRIBUTION                                         5,136,790.56          54.02
                            CLASS A-2 DISTRIBUTION                                           171,491.10           5.52
                            CLASS A-3 DISTRIBUTION                                           263,416.82           5.68
                            CLASS A-4 DISTRIBUTION                                           222,913.51           5.94
                            CLASS A-5 DISTRIBUTION                                            61,732.00           6.13
                            CLASS A-6 DISTRIBUTION                                           113,049.38           6.32
                            CLASS A-7 DISTRIBUTION                                            71,300.00           5.94
                            CLASS A-8 DISTRIBUTION                                         2,117,646.48          28.24
                            CLASS R DISTRIBUTION                                               5,655.02

SECTION 7.09 (a)(ii)        GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                                          INSTALLMENT PRINCIPAL COLLECTED    217,826.76           0.87
                                                          PRINCIPAL PREPAYMENTS            3,504,424.74          14.02
                                                          SUBORDINATION INCREASE AMOUNT      935,715.74           3.74
                                                          PRIN PREPAY FROM PRE-FUND ACCT           0.00           0.00
                                                          OTHER                                    0.00           0.00

                            GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                                          INSTALLMENT PRINCIPAL COLLECTED     32,556.72           0.43
                                                          PRINCIPAL PREPAYMENTS            1,494,571.99          19.93
                                                          SUBORDINATION INCREASE AMOUNT      227,747.62           3.04
                                                          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 A-8 CARRYFORWARD                                                 0.00
                                                                                                   0.00

SECTION 7.09 (a)(v)         INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                       0.00
</TABLE>





           (C) COPYRIGHT 1997, CHASE BANKING CORPORATION
<PAGE>   15

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


<TABLE>
<CAPTION>
              DISTRIBUTION:                    25-Apr-97                                                  PAGE #   3


                                                                                   GROUP I              GROUP II
                                                                                   -------              --------
<S>                    <C>                                                  <C>                 <C>
SECTION 7.09 (a)(vi)   ENDING AGGREGATE LOAN BALANCE                        240,969,441.39         71,664,159.98

                       ENDING NUMBER OF LOANS                                        4126                   662


                       ENDING CERTIFICATE BALANCE:                                                     PER $1000
                                                                                                       ---------
                                                      CLASS A-1              83,199,522.47           874.9923487
                                                      CLASS A-2              31,086,000.00                  1000
                                                      CLASS A-3              46,349,000.00                  1000
                                                      CLASS A-4              37,517,000.00                  1000
                                                      CLASS A-5              10,065,000.00                  1000
                                                      CLASS A-6              17,897,000.00                  1000
                                                      CLASS A-7              12,000,000.00                  1000
                                                      CLASS A-8              70,817,296.31           944.2306175


                                                                                   GROUP I              GROUP II
                                                                                   -------              --------
SECTION 7.09 (a)(vii)  SUBORDINATED AMOUNT                                    2,855,918.92            846,863.67
                       SUBORDINATION DEFICIT                                          0.00                  0.00

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


SECTION 7.09 (a)(x)    WEIGHTED AVERAGE COUPON RATE                              11.906800%            10.218300%


SECTION 7.09 (a)(xii)  WEIGHTED GROSS MARGIN OF THE HOME EQUITY
                       LOANS IN GROUP II                                          6.233000%


SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                347,892.47            613,190.02


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


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

                   GROUP I

                              CATEGORY               COUNT          AGG. PRIN. BAL.      PERCENTAGE
                             -----------------------------------------------------------------------
                             30-59 DAYS              153              8,054,962.72          3.34%
                             60-89 DAYS               46              3,119,561.19          1.29%
                             90 + DAYS                72              4,984,008.11          2.07%



                   GROUP II

                              CATEGORY               COUNT          AGG. PRIN. BAL.      PERCENTAGE
                             -----------------------------------------------------------------------
                             30-59 DAYS               13              1,359,770.35          0.56%
                             60-89 DAYS               10                849,206.84          0.35%
                             90 + DAYS                 9              1,028,378.38          0.43%



                   AGGREGATE

                              CATEGORY               COUNT          AGG. PRIN. BAL.      PERCENTAGE
                             -----------------------------------------------------------------------
                             30-59 DAYS              166              9,414,733.07          3.91%
                             60-89 DAYS               56              3,968,768.03          1.65%
                             90 + DAYS                81              6,012,386.49          2.50%


                        *The number and aggrgate principal balance of delinquent loans includes loans
                         in foreclosure and bankruptcy
</TABLE>






           (C) COPYRIGHT 1997, CHASE BANKING CORPORATION
<PAGE>   16




                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


<TABLE>
<CAPTION>
                                                                                                                     PAGE #      4
          DISTRIBUTION:               25-Apr-97
                                                                                        GROUP I          GROUP II         TOTAL
                                                                                        -------          --------         -----
<S>                    <C>                                                              <C>                <C>          <C>
SECTION 7.09 (b)(ii)   NUMBER OF LOANS IN FORECLOSURE                                             4              0                4

                       AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE               599,870.61           0.00       599,870.61


                       NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED                         3              0                3
                       IN THE PRIOR MONTH

                       AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE               552,892.47           0.00       552,892.47
                       THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)  NUMBER OF LOANS IN BANKRUPTCY                                             19              3               22

                       AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY              1,383,081.99     273,901.66     1,656,983.65


                       NUMBER OF LOANS THAT ARE "BALLOON" LOANS                               1,458              1             1459

                       AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"            105,786,304.81     270,969.39   106,057,274.20

SECTION 7.09 (b)(iv)   NUMBER OF REO PROPERTIES
                                                                                                  0              0                0
                       AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
                                                                                               0.00           0.00             0.00
SECTION 7.09 (b)(v)    BOOK VALUE OF REO PROPERTY
                                                                                               0.00           0.00             0.00

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

                       CUMULATIVE REALIZED LOSSES                                              0.00           0.00             0.00

                       CURRENT PERIOD REALIZED LOSSES                                          0.00           0.00             0.00

                       ANNUAL LOSS PERCENTAGE                                            0.00000000%    0.00000000%      0.00000000%

SECTION 7.09 (b)(vii)  90 + DELINQUENCY PERCENTAGE                                       1.13317261%    0.81261612%      1.12331356%

</TABLE>





           (C) COPYRIGHT 1997, CHASE BANKING CORPORATION
<PAGE>   17
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                           SERIES 1997-1
==================================================================================================================================

          DISTRIBUTION:        27-May-97                                                                       PAGE # 1



            ORIGINAL       BEGINNING                                                        ENDING                        ENDING
          CERTIFICATE     CERTIFICATE      PRINCIPAL        INTEREST         TOTAL       CERTIFICATE     SUBORDINATE    PRINCIPAL
 CLASS      BALANCE         BALANCE       DISTRIBUTION     DISTRIBUTION  DISTRIBUTION      BALANCE         AMOUNT        BALANCE
----------------------------------------------------------------------------------------------------------------------------------
  <S>     <C>             <C>              <C>              <C>          <C>            <C>
  A-1     95,086,000.00   83,199,522.47    4,607,636.37     453,437.40   5,061,073.77   78,591,886.10
  A-2     31,086,000.00   31,086,000.00            0.00     171,491.10     171,491.10   31,086,000.00
  A-3     46,349,000.00   46,349,000.00            0.00     263,416.82     263,416.82   46,349,000.00
  A-4     37,517,000.00   37,517,000.00            0.00     222,913.51     222,913.51   37,517,000.00
  A-5     10,065,000.00   10,065,000.00            0.00      61,732.00      61,732.00   10,065,000.00
  A-6     17,897,000.00   17,897,000.00            0.00     113,049.38     113,049.38   17,897,000.00
  A-7     12,000,000.00   12,000,000.00            0.00      71,300.00      71,300.00   12,000,000.00   3,760,367.28  237,266,253.38
  A-8     75,000,000.00   70,817,296.31    1,844,031.42     369,351.54   2,213,382.96   68,973,264.89   1,059,126.13   70,032,391.02
   R           N/A            N/A             N/A             3,984.15       3,984.15     N/A
------------------------------------------------------------------------------------------------------------------------------------
TOTALS   325,000,000.00  308,930,818.78    6,451,667.79   1,730,675.90   8,182,343.69  302,479,150.99   4,819,493.41  307,298,644.40
------------------------------------------------------------------------------------------------------------------------------------





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

-----------------------------------------------------------------------------------------------------------------------
</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      48.45756862       4.76870833     826.53478009              A-1          6.54000000%           6.54000000%
     A-2       0.00000000       5.51666667    1000.00000000              A-2          6.62000000%           6.62000000%
     A-3       0.00000000       5.68333341    1000.00000000              A-3          6.82000000%           6.82000000%
     A-4       0.00000000       5.94166671    1000.00000000              A-4          7.13000000%           7.13000000%
     A-5       0.00000000       6.13333333    1000.00000000              A-5          7.36000000%           7.36000000%
     A-6       0.00000000       6.31666648    1000.00000000              A-6          7.58000000%           7.58000000%
     A-7       0.00000000       5.94166667    1000.00000000              A-7          7.13000000%           7.13000000%
     A-8      24.58708560       4.92468720     919.64353187              A-8          5.61750000%           5.86750000%
                                                                       ------------------------------------------------
----------------------------------------------------------
   TOTALS     19.85128551       2.022875226      930.70508
----------------------------------------------------------
</TABLE>








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




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





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

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

          --------------------------------------------------------
<PAGE>   18
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                           SERIES 1997-1
=============================================================================================================================

       DISTRIBUTION:                    27-May-97                                                         PAGE # 2

                                                                                                GROUP I              GROUP II
                                                                                                -------              --------

<S>                     <C>                                                              <C>                     <C>
SECTION 7.08 (1)            BEGINNING CERTIFICATE ACCOUNT                                  5,974,950.15          2,216,291.27

SECTION 7.08 (2)            CLASS A DISTRIBUTION AMOUNT                                    8,178,359.54


                                                                                                GROUP I              GROUP II

SECTION 7.08 (3)            SUBORDINATION INCREASE AMOUNT                                    904,448.36            212,262.46

SECTION 7.08 (4)            INSURED PAYMENT                                                        0.00                  0.00

SECTION 7.08 (6)            BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE              308,930,818.78
                            CLASS A PRINCIPAL DISTRIBUTION                                 6,451,667.79
                            ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                 302,479,150.99

SECTION 7.08 (7)            REALIZED LOSSES                                                        0.00

                                                                                                GROUP I              GROUP II

SECTION 7.08 (8)            SUBORDINATION REDUCTION AMOUNT                                         0.00                  0.00

SECTION 7.08 (9)            PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                            SUBSEQUENT MORTGAGE LOANS                                              0.00                  0.00
                        (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                            DISTRIBUTION AMOUNT                                                    0.00                  0.00
                        (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                            CAPITALIZED INTEREST ACCOUNT                                           0.00                  0.00
                        (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                            ACCOUNT TO THE CERTIFICATE ACCOUNT                                     0.00
                            THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                            ACCOUNT TO THE DEPOSITOR                                               0.00

SECTION 7.08 (10)           THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                       0.00
                             DUE TO GROUP I UNDERWATER LOANS
                                                                                                                    PER $1000
SECTION 7.09 (a)(i)         CLASS A-1 DISTRIBUTION                                         5,061,073.77                 53.23
                            CLASS A-2 DISTRIBUTION                                           171,491.10                  5.52
                            CLASS A-3 DISTRIBUTION                                           263,416.82                  5.68
                            CLASS A-4 DISTRIBUTION                                           222,913.51                  5.94
                            CLASS A-5 DISTRIBUTION                                            61,732.00                  6.13
                            CLASS A-6 DISTRIBUTION                                           113,049.38                  6.32
                            CLASS A-7 DISTRIBUTION                                            71,300.00                  5.94
                            CLASS A-8 DISTRIBUTION                                         2,213,382.96                 29.51
                            CLASS R DISTRIBUTION                                               3,984.15

SECTION 7.09 (a)(ii)        GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                                     INSTALLMENT PRINCIPAL COLLECTED          88,002.98                  0.35
                                                     PRINCIPAL PREPAYMENTS                 3,615,185.03                 14.46
                                                     SUBORDINATION INCREASE AMOUNT           904,448.36                  3.62
                                                     PRIN PREPAY FROM PRE-FUND ACCT                0.00                  0.00
                                                     OTHER                                         0.00                  0.00

                            GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                                     INSTALLMENT PRINCIPAL COLLECTED          27,947.40                  0.37
                                                     PRINCIPAL PREPAYMENTS                 1,603,821.56                 21.38
                                                     SUBORDINATION INCREASE AMOUNT           212,262.46                  2.83
                                                     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 A-8 CARRYFORWARD                                                 0.00
                                                                                                   0.00

SECTION 7.09 (a)(v)         INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                       0.00
</TABLE>
<PAGE>   19
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                           SERIES 1997-1
====================================================================================================================================

                 DISTRIBUTION:                                27-May-97                                                    PAGE # 3




                                                                                                          GROUP I          GROUP II
                                                                                                          -------          --------
<S>                     <C>                                                 <C>                    <C>                <C>
SECTION 7.09 (a)(vi)    ENDING AGGREGATE LOAN BALANCE                                              237,266,253.38     70,032,391.02

                        ENDING NUMBER OF LOANS                                                              4,060               652


                        ENDING CERTIFICATE BALANCE:                                                                       PER $1000
                                                                                                                          ---------
                                                                            CLASS A-1               78,591,886.10       826.5347801
                                                                            CLASS A-2               31,086,000.00              1000
                                                                            CLASS A-3               46,349,000.00              1000
                                                                            CLASS A-4               37,517,000.00              1000
                                                                            CLASS A-5               10,065,000.00              1000
                                                                            CLASS A-6               17,897,000.00              1000
                                                                            CLASS A-7               12,000,000.00              1000
                                                                            CLASS A-8               68,973,264.89       919.6435319


                                                                                                          GROUP I          GROUP II

SECTION 7.09 (a)(vii)   SUBORDINATED AMOUNT                                                          3,760,367.28      1,059,126.13
                        SUBORDINATION DEFICIT                                                                0.00              0.00

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


SECTION 7.09 (a)(x)     WEIGHTED AVERAGE COUPON RATE                                                    11.900300%        10.272400%


SECTION 7.09 (a)(xii)   WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN
                        GROUP II                                                                         6.275400%


SECTION 7.09 (a)(xiii)  LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                                      374,674.17        612,344.10


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


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

                        GROUP I
<TABLE>
<CAPTION>

                        -------------------------------------------------------------------------------
                                CATEGORY         COUNT         AGG. PRIN. BAL.         PERCENTAGE
                        -------------------------------------------------------------------------------
                               <S>               <C>                      <C>                     <C>
                               30-59 DAYS        134                       7,744,362.20           3.26%
                               60-89 DAYS         49                       2,739,841.74           1.15%
                                90 + DAYS         90                       5,959,497.64           2.51%
                        -------------------------------------------------------------------------------
</TABLE>



                        GROUP II
<TABLE>
<CAPTION>

                        -------------------------------------------------------------------------------
                                CATEGORY         COUNT         AGG. PRIN. BAL.         PERCENTAGE
                        -------------------------------------------------------------------------------
                               <S>                <C>                     <C>                     <C>
                               30-59 DAYS         24                      2,146,419.40            0.90%
                               60-89 DAYS          4                        549,151.58            0.23%
                                90 + DAYS         16                      1,411,164.65            0.59%
                        -------------------------------------------------------------------------------
</TABLE>



                        AGGREGATE
<TABLE>
<CAPTION>

                        -------------------------------------------------------------------------------
                                CATEGORY         COUNT         AGG. PRIN. BAL.         PERCENTAGE
                        -------------------------------------------------------------------------------
                               <S>                <C>                     <C>                     <C>
                               30-59 DAYS         158                     9,890,781.60            4.17%
                               60-89 DAYS          53                     3,288,993.32            1.39%
                                90 + DAYS         106                     7,370,662.29            3.11%
                        -------------------------------------------------------------------------------
</TABLE>


            *The number and aggrgate principal balance of delinquent
               loans includes loans in foreclosure and bankruptcy
<PAGE>   20
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                    IMC HOME EQUITY LOAN TRUST
                                                MORTGAGE PASS-THROUGH CERTIFICATES
                                                           SERIES 1997-1
====================================================================================================================================
                                                                                                                         PAGE # 4
            DISTRIBUTION:                       27-May-97



                                                                                       GROUP I           GROUP II         TOTAL
                                                                                       -------           --------         -----

<S>                       <C>                                                      <C>                  <C>          <C>
SECTION 7.09 (b)(ii)      NUMBER OF LOANS IN FORECLOSURE                                       30                6               36

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        1,825,850.44       414,927.99     2,240,778.43


                          NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED                   28                6               34
                          IN THE PRIOR MONTH

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        1,753,940.70       414,927.99     2,168,868.69
                          THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)     NUMBER OF LOANS IN BANKRUPTCY                                        22                4               26

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY         1,602,675.78       329,583.82     1,932,259.60


                          NUMBER OF LOANS THAT ARE "BALLOON" LOANS                          1,431                1            1,432

                          AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"       104,037,279.35       270,871.70   104,308,151.05

SECTION 7.09 (b)(iv)      NUMBER OF REO PROPERTIES
                                                                                                0                0                0
                          AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
                                                                                             0.00             0.00
SECTION 7.09 (b)(v)       BOOK VALUE OF REO PROPERTY
                                                                                             0.00             0.00             0.00

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

                          CUMULATIVE REALIZED LOSSES                                         0.00             0.00             0.00

                          CURRENT PERIOD REALIZED LOSSES                                     0.00             0.00             0.00

                          ANNUAL LOSS PERCENTAGE                                       0.00000000%      0.00000000%      0.00000000%

SECTION 7.09 (b)(vii)     90 + DELINQUENCY PERCENTAGE                                  1.47781301%      1.11321636%      1.43287412%
</TABLE>
<PAGE>   21


--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
================================================================================

<TABLE>
<CAPTION>
                      DISTRIBUTION:                         25-Jun-97

                                                                                                                 PAGE #1


          ORIGINAL        BEGINNING                                                    ENDING                         ENDING
         CERTIFICATE     CERTIFICATE      PRINCIPAL      INTEREST        TOTAL       CERTIFICATE   SUBORDINATE       PRINCIPAL
 CLASS     BALANCE         BALANCE      DISTRIBUTION  DISTRIBUTION   DISTRIBUTION     BALANCE         AMOUNT          BALANCE

-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>             <C>              <C>           <C>            <C>           <C>                <C>          <C>

  A-1   95,086,000.00   78,591,886.10   5,122,244.08    428,325.78   5,550,569.86   73,469,642.02
  A-2   31,086,000.00   31,086,000.00           0.00    171,491.10     171,491.10   31,086,000.00
  A-3   46,349,000.00   46,349,000.00           0.00    263,416.82     263,416.82   46,349,000.00
  A-4   37,517,000.00   37,517,000.00           0.00    222,913.51     222,913.51   37,517,000.00
  A-5   10,065,000.00   10,065,000.00           0.00     61,732.00      61,732.00   10,065,000.00
  A-6   17,897,000.00   17,897,000.00           0.00    113,049.38     113,049.38   17,897,000.00
  A-7   12,000,000.00   12,000,000.00           0.00     71,300.00      71,300.00   12,000,000.00     4,593,516.41 232,977,158.43
  A-8   75,000,000.00   68,973,264.89   2,220,809.64    326,008.84   2,546,818.48   66,752,455.25     1,291,617.20  68,044,072.45
    R             N/A             N/A            N/A      4,455.20       4,455.20             N/A
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS 325,000,000.00  302,479,150.99   7,343,053.72  1,662,692.63   9,005,746.35  295,136,097.27     5,885,133.61 301,021,230.88
-----------------------------------------------------------------------------------------------------------------------------------
</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      53.86959258      4.50461456      772.66518751                      A-1         6.54000000%     6.54000000%
     A-2       0.00000000      5.51666667     1000.00000000                      A-2         6.62000000%     6.62000000%
     A-3       0.00000000      5.68333341     1000.00000000                      A-3         6.82000000%     6.82000000%
     A-4       0.00000000      5.94166671     1000.00000000                      A-4         7.13000000%     7.13000000%
     A-5       0.00000000      6.13333333     1000.00000000                      A-5         7.36000000%     7.36000000%
     A-6       0.00000000      6.31666648     1000.00000000                      A-6         7.58000000%     7.58000000%
     A-7       0.00000000      5.94166667     1000.00000000                      A-7         7.13000000%     7.13000000%
     A-8      29.61079520      4.34678453      890.03273667                      A-8         5.61750000%     5.86750000%
                                                                           --------------------------------------------
-----------------------------------------------------------
   TOTALS     22.59401145     1.983002392       908.1110685
-----------------------------------------------------------
</TABLE>



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


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

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

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

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




(C) COPYRIGHT 1997, CHASE BANKING CORPORATION

--------------------------------------------------------------------------------
<PAGE>   22

--------------------------------------------------------------------------------
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1
================================================================================

<TABLE>
<CAPTION>

                    DISTRIBUTION:                       25-Jun-97                                                         PAGE # 2

                                                                                                      GROUP I              GROUP II

<S>                   <C>                                                                      <C>                     <C>
SECTION 7.08 (1)          BEGINNING CERTIFICATE ACCOUNT                                          6,513,880.96          2,564,463.24

SECTION 7.08 (2)          CLASS A DISTRIBUTION AMOUNT                                            9,001,291.15


                                                                                                      GROUP I              GROUP II

SECTION 7.08 (3)          SUBORDINATION INCREASE AMOUNT                                            833,149.13            232,491.07

SECTION 7.08 (4)          INSURED PAYMENT                                                                0.00                  0.00

SECTION 7.08 (6)          BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                      302,479,150.99
                          CLASS A PRINCIPAL DISTRIBUTION                                         7,343,053.72
                          ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                         295,136,097.27

SECTION 7.08 (7)          REALIZED LOSSES                                                                0.00

                                                                                                      GROUP I              GROUP II

SECTION 7.08 (8)          SUBORDINATION REDUCTION AMOUNT                                                 0.00                  0.00

SECTION 7.08 (9)          PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                          SUBSEQUENT MORTGAGE LOANS                                                      0.00                  0.00
                      (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                          DISTRIBUTION AMOUNT                                                            0.00                  0.00
                      (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                          CAPITALIZED INTEREST ACCOUNT                                                   0.00                  0.00
                      (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                          ACCOUNT TO THE CERTIFICATE ACCOUNT                                             0.00
                          THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                          ACCOUNT TO THE DEPOSITOR                                                       0.00

SECTION 7.08 (10)         THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                               0.00
                           DUE TO GROUP I UNDERWATER LOANS
                                                                                                                          PER $1000

SECTION 7.09 (a)(i)       CLASS A-1 DISTRIBUTION                                                 5,550,569.86                 58.37
                          CLASS A-2 DISTRIBUTION                                                   171,491.10                  5.52
                          CLASS A-3 DISTRIBUTION                                                   263,416.82                  5.68
                          CLASS A-4 DISTRIBUTION                                                   222,913.51                  5.94
                          CLASS A-5 DISTRIBUTION                                                    61,732.00                  6.13
                          CLASS A-6 DISTRIBUTION                                                   113,049.38                  6.32
                          CLASS A-7 DISTRIBUTION                                                    71,300.00                  5.94
                          CLASS A-8 DISTRIBUTION                                                 2,546,818.48                 33.96
                          CLASS R DISTRIBUTION                                                       4,455.20

SECTION 7.09 (a)(ii)      GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                                   INSTALLMENT PRINCIPAL COLLECTED                 207,783.69                  0.83
                                                   PRINCIPAL PREPAYMENTS                         4,081,311.26                 16.33
                                                   SUBORDINATION INCREASE AMOUNT                   833,149.13                  3.33
                                                   PRIN PREPAY FROM PRE-FUND ACCT                        0.00                  0.00
                                                   OTHER                                                 0.00                  0.00

                          GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION

                                                   INSTALLMENT PRINCIPAL COLLECTED                  39,750.84                  0.53
                                                   PRINCIPAL PREPAYMENTS                         1,948,567.73                 25.98
                                                   SUBORDINATION INCREASE AMOUNT                   232,491.07                  3.10
                                                   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 A-8 CARRYFORWARD                                                         0.00
                                                                                                         0.00

SECTION 7.09 (a)(v)       INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                               0.00

</TABLE>








(C) COPYRIGHT 1997, CHASE BANKING CORPORATION

--------------------------------------------------------------------------------
<PAGE>   23

--------------------------------------------------------------------------------
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1
================================================================================

<TABLE>
<CAPTION>

             DISTRIBUTION:                      25-Jun-97                                                                PAGE # 3

                                                                                                      GROUP I         GROUP II

<S>                            <C>                                                 <C>         <C>               <C>
SECTION 7.09 (a)(vi)           ENDING AGGREGATE LOAN BALANCE                                   232,977,158.43    68,044,072.45

                               ENDING NUMBER OF LOANS                                                    3987              636


                               ENDING CERTIFICATE BALANCE:                                                           PER $1000
                                                                                                                     ---------
                                                                                   CLASS A-1    73,469,642.02      772.6651875
                                                                                   CLASS A-2    31,086,000.00             1000
                                                                                   CLASS A-3    46,349,000.00             1000
                                                                                   CLASS A-4    37,517,000.00             1000
                                                                                   CLASS A-5    10,065,000.00             1000
                                                                                   CLASS A-6    17,897,000.00             1000
                                                                                   CLASS A-7    12,000,000.00             1000
                                                                                   CLASS A-8    66,752,455.25      890.0327367


                                                                                                      GROUP I         GROUP II

SECTION 7.09 (a)(vii)          SUBORDINATED AMOUNT                                               4,593,516.41     1,291,617.20
                               SUBORDINATION DEFICIT                                                     0.00             0.00



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

SECTION 7.09 (a)(x)            WEIGHTED AVERAGE COUPON RATE                                         11.893700%       10.354800%


SECTION 7.09 (a)(xii)          WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II            6.279600%


SECTION 7.09 (a)(xiii)         LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                           374,353.02       611,916.78


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

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

<TABLE>
<CAPTION>
                               GROUP I

                               ---------------------------------------------------------------------
                                           CATEGORY          COUNT      AGG. PRIN. BAL.   PERCENTAGE
                               ---------------------------------------------------------------------

                                          <S>                 <C>        <C>                 <C>
                                          30-59 DAYS          172        9,430,656.01        4.05%
                                          60-89 DAYS           32        1,821,375.10        0.78%
                                           90 + DAYS          105        6,732,592.50        2.89%
                               ---------------------------------------------------------------------


<CAPTION>
                               GROUP II

                               ----------------------------------------------------------------------
                                           CATEGORY          COUNT      AGG. PRIN. BAL.   PERCENTAGE
                               ----------------------------------------------------------------------
                                          <S>                 <C>        <C>                <C>
                                          30-59 DAYS          24         2,251,987.84       0.97%
                                          60-89 DAYS          10           859,769.01       0.37%
                                           90 + DAYS          17         1,579,755.67       0.68%
                               ----------------------------------------------------------------------


<CAPTION>
                               AGGREGATE

                               ---------------------------------------------------------------------
                                           CATEGORY          COUNT      AGG. PRIN. BAL.   PERCENTAGE
                               ---------------------------------------------------------------------
                                          <S>                 <C>       <C>                 <C>
                                          30-59 DAYS          196       11,682,643.85       5.01%
                                          60-89 DAYS           42        2,681,144.11       1.15%
                                           90 + DAYS          122        8,312,348.17       3.57%
                               ---------------------------------------------------------------------
</TABLE>


 *The number and aggrgate principal balance of delinquent loans includes loans
  in foreclosure and bankruptcy



(C) COPYRIGHT 1997, CHASE BANKING CORPORATION

--------------------------------------------------------------------------------
<PAGE>   24

--------------------------------------------------------------------------------
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1
================================================================================

<TABLE>
<CAPTION>

                                                                                                                           PAGE # 4
            DISTRIBUTION:                       25-Jun-97

                                                                                        GROUP I          GROUP II          TOTAL
                                                                                        -------          --------          -----

<S>                       <C>                                                       <C>                <C>           <C>
SECTION 7.09 (b)(ii)      NUMBER OF LOANS IN FORECLOSURE                                  43                7                 50

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        2,919,957.12      354,931.97      3,274,889.09


                          NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED              13                2                 15
                          IN THE PRIOR MONTH

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        1,094,181.76       69,087.96      1,163,269.72
                          THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)     NUMBER OF LOANS IN BANKRUPTCY                                   32                4                 36

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY         2,085,716.25      329,465.00      2,415,181.25


                          NUMBER OF LOANS THAT ARE "BALLOON" LOANS                       1,405              1                1406

                          AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"        102,278,581.26     270,776.78    102,549,358.04

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

                                                                                           0                0                0
                          AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES

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

                                                                                         0.00             0.00             0.00

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

                          CUMULATIVE REALIZED LOSSES                                     0.00             0.00             0.00

                          CURRENT PERIOD REALIZED LOSSES                                 0.00             0.00             0.00

                          ANNUAL LOSS PERCENTAGE                                      0.00000000%      0.00000000%     0.00000000%

SECTION 7.09 (b)(vii)     90 + DELINQUENCY PERCENTAGE                                 1.76021200%      1.35490616%     1.67924077%

</TABLE>








(C) COPYRIGHT 1997, CHASE BANKING CORPORATION

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





<PAGE>   25
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1


           DISTRIBUTION:      25-Jul-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    95,086,000.00   73,469,642.02      5,688,430.22     400,409.55    6,088,839.77   67,781,211.80
   A-2    31,086,000.00   31,086,000.00              0.00     171,491.10      171,491.10   31,086,000.00
   A-3    46,349,000.00   46,349,000.00              0.00     263,416.82      263,416.82   46,349,000.00
   A-4    37,517,000.00   37,517,000.00              0.00     222,913.51      222,913.51   37,517,000.00
   A-5    10,065,000.00   10,065,000.00              0.00      61,732.00       61,732.00   10,065,000.00
   A-6    17,897,000.00   17,897,000.00              0.00     113,049.38      113,049.38   17,897,000.00
   A-7    12,000,000.00   12,000,000.00              0.00      71,300.00       71,300.00   12,000,000.00
   A-8    75,000,000.00   66,752,455.25      2,828,354.84     326,391.69    3,154,746.53   63,924,100.41
    R          N/A            N/A              N/A              4,567.30        4,567.30       N/A
------------------------------------------------------------------------------------------------------------
 TOTALS  325,000,000.00  295,136,097.27      8,516,785.06   1,635,271.35   10,152,056.41  286,619,312.21
============================================================================================================

<CAPTION>

                                          ENDING
                  SUBORDINATE            PRINCIPAL
  CLASS             AMOUNT                BALANCE
------------------------------------------------------------------------------------------------------------
  <S>             <C>                 <C>
   A-1
   A-2
   A-3
   A-4
   A-5
   A-6
   A-7            5,435,029.83        228,130,241.63
   A-8            1,518,890.46         65,442,990.87
    R
------------------------------------------------------------------------------------------------------------
 TOTALS           6,953,920.29        293,573,232.50
============================================================================================================
</TABLE>


<TABLE>
<CAPTION>
               FACTOR INFORMATION PER $1,000                                           PASS THRU RATES

              PRINCIPAL        INTEREST       END. CERT.                                INIT PASS      CURR PASS
  CLASS    DISTRIRIBUTION    DISTRIBUTION      BALANCE                    CLASS         THRU RATE      THRU RATE
---------------------------------------------------------                 ------------------------------------------
 <S>        <C>             <C>            <C>                            <C>           <C>            <C>
   A-1      59.82405633      4.21102528      712.84113119                  A-1           6.54000000%    6.54000000%
   A-2       0.00000000      5.51666667     1000.00000000                  A-2           6.62000000%    6.62000000%
   A-3       0.00000000      5.68333341     1000.00000000                  A-3           6.82000000%    6.82000000%
   A-4       0.00000000      5.94166671     1000.00000000                  A-4           7.13000000%    7.13000000%
   A-5       0.00000000      6.13333333     1000.00000000                  A-5           7.36000000%    7.36000000%
   A-6       0.00000000      6.31666648     1000.00000000                  A-6           7.58000000%    7.58000000%
   A-7       0.00000000      5.94166667     1000.00000000                  A-7           7.13000000%    7.13000000%
   A-8      37.71139787      4.35188920      852.32133880                  A-8           5.61750000%    5.86750000%
 --------------------------------------------------------                 ------------------------------------------
 TOTALS     26.20549249     1.937752296        881.905576
 ========================================================

</TABLE>


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




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





(C) COPYRIGHT 1997, CHASE BANKING CORPORATION

<PAGE>   26
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1


    DISTRIBUTION:      25-Jul-97                                      PAGE #  2

<TABLE>
<CAPTION>
                                                                                                   GROUP I       GROUP II
                                                                                                   -------       --------
<S>                     <C>                                                                 <C>              <C>
SECTION 7.08 (1)        BEGINNING CERTIFICATE ACCOUNT                                         7,026,726.51   3,164,668.36

SECTION 7.08 (2)        CLASS A DISTRIBUTION AMOUNT                                          10,147,489.11

<CAPTION>
                                                                                                   GROUP I       GROUP II
                                                                                                   -------       --------
SECTION 7.08 (3)        SUBORDINATION INCREASE AMOUNT                                           841,513.42     227,273.26

SECTION 7.08 (4)        INSURED PAYMENT                                                               0.00           0.00

SECTION 7.08 (6)        BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                     295,136,097.27
                        CLASS A PRINCIPAL DISTRIBUTION                                        8,516,785.06
                        ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                        286,619,312.21

SECTION 7.08 (7)        REALIZED LOSSES                                                               0.00


<CAPTION>
                                                                                                   GROUP I       GROUP II
                                                                                                   -------       --------
SECTION 7.08 (8)        SUBORDINATION REDUCTION AMOUNT                                                0.00           0.00

SECTION 7.08 (9)     (A)PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                        SUBSEQUENT MORTGAGE LOANS                                                     0.00           0.00
                     (B)PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                        DISTRIBUTION AMOUNT                                                           0.00           0.00
                     (C)PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                        CAPITALIZED INTEREST ACCOUNT                                                  0.00           0.00
                     (D)THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                        ACCOUNT TO THE CERTIFICATE ACCOUNT                                            0.00
                        THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                        ACCOUNT TO THE DEPOSITOR                                                      0.00

SECTION 7.08 (10)       THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED
                        DUE TO GROUP I UNDERWATER LOANS                                               0.00

<CAPTION>
                                                                                                                 PER $1000
                                                                                                                 ---------
SECTION 7.09 (a)(i)     CLASS A-1 DISTRIBUTION                                                6,088,839.77          64.04
                        CLASS A-2 DISTRIBUTION                                                  171,491.10           5.52
                        CLASS A-3 DISTRIBUTION                                                  263,416.82           5.68
                        CLASS A-4 DISTRIBUTION                                                  222,913.51           5.94
                        CLASS A-5 DISTRIBUTION                                                   61,732.00           6.13
                        CLASS A-6 DISTRIBUTION                                                  113,049.38           6.32
                        CLASS A-7 DISTRIBUTION                                                   71,300.00           5.94
                        CLASS A-8 DISTRIBUTION                                                3,154,746.53          42.06
                        CLASS R DISTRIBUTION                                                      4,567.30

SECTION 7.09 (a)(ii)    GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                            INSTALLMENT PRINCIPAL COLLECTED                     201,046.61           0.80
                                            PRINCIPAL PREPAYMENTS                             4,645,870.19          18.58
                                            SUBORDINATION INCREASE AMOUNT                       841,513.42           3.37
                                            PRIN PREPAY FROM PRE-FUND ACCT                            0.00           0.00
                                            OTHER                                                     0.00           0.00

                        GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                            INSTALLMENT PRINCIPAL COLLECTED                      42,104.93           0.56
                                            PRINCIPAL PREPAYMENTS                             2,558,976.65          34.12
                                            SUBORDINATION INCREASE AMOUNT                       227,273.26           3.03
                                            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 A-8 CARRYFORWARD                                                        0.00
                                                                                                      0.00

SECTION 7.09 (a)(v)     INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                              0.00

</TABLE>


(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
<PAGE>   27
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1


  DISTRIBUTION:           25-Jul-97                                PAGE #  3


<TABLE>
<CAPTION>

                                                                                                   GROUP I          GROUP II
                                                                                                   --------         --------
<S>                  <C>                                 <C>                                <C>                <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE                                           228,130,241.63     65,442,990.87

                     ENDING NUMBER OF LOANS                                                            3910               612

                     ENDING CERTIFICATE BALANCE:                                                                    PER $1000
                                                                                                                    ---------
                                                          CLASS A-1                           67,781,211.80       712.8411312
                                                          CLASS A-2                           31,086,000.00              1000
                                                          CLASS A-3                           46,349,000.00              1000
                                                          CLASS A-4                           37,517,000.00              1000
                                                          CLASS A-5                           10,065,000.00              1000
                                                          CLASS A-6                           17,897,000.00              1000
                                                          CLASS A-7                           12,000,000.00              1000
                                                          CLASS A-8                           63,924,100.41       852.3213388
<CAPTION>
                                                                                                    GROUP I          GROUP II
                                                                                                    -------          --------
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT                                                      5,435,029.83      1,518,890.46
                      SUBORDINATION DEFICIT                                                            0.00              0.00

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

SECTION 7.09 (a)(x)   WEIGHTED AVERAGE COUPON RATE                                                11.863300%        10.421000%

SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II                   6.288800%

SECTION 7.09 (a)(xiii)LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                                  373,593.43        611,486.52

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

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

</TABLE>


<TABLE>
<CAPTION>
                     GROUP I

                             CATEGORY                        COUNT         AGG. PRIN. BAL.         PERCENTAGE
                             --------------------------------------------------------------------------------
                            <S>                               <C>           <C>                       <C>
                            30-59 DAYS                        127           7,368,594.98              3.23%
                            60-89 DAYS                         28           1,890,276.80              0.83%
                             90 + DAYS                        114           7,277,588.99              3.19%
</TABLE>


<TABLE>
<CAPTION>
                     GROUP II

                             CATEGORY                         COUNT         AGG. PRIN. BAL.        PERCENTAGE
                             --------------------------------------------------------------------------------
                            <S>                                <C>          <C>                       <C>
                            30-59 DAYS                         25           2,868,919.63              1.26%
                            60-89 DAYS                          6           1,070,996.63              0.47%
                             90 + DAYS                         25           2,267,805.94              0.99%

</TABLE>

<TABLE>
<CAPTION>
                     AGGREGATE

                             CATEGORY                        COUNT         AGG. PRIN. BAL.         PERCENTAGE
                             --------------------------------------------------------------------------------
                            <S>                               <C>          <C>                        <C>
                            30-59 DAYS                        152          10,237,514.61              4.49%
                            60-89 DAYS                         34           2,961,273.43              1.30%
                             90 + DAYS                        139           9,545,394.93              4.18%


</TABLE>

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








(C) COPYRIGHT 1997, CHASE BANKING CORPORATION

<PAGE>   28
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


   DISTRIBUTION:      25-Jul-97                                     PAGE #  4


<TABLE>
<CAPTION>
                                                                              GROUP I              GROUP II         TOTAL
                                                                              -------              --------         -----
<S>                                                                        <C>                 <C>               <C>
SECTION 7.09 (b)(ii)  NUMBER OF LOANS IN FORECLOSURE                                      42                8                    50

                      AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE       2,858,780.12       816,878.92          3,675,659.04


                      NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED                   6                3                     9
                      IN THE PRIOR MONTH

                      AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE         359,202.73       600,964.93            960,167.66
                      THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY                                       36                7                    43

                      AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY        2,231,476.43       511,285.90          2,742,762.33


                      NUMBER OF LOANS THAT ARE "BALLOON" LOANS                         1,377                1                  1378

                      AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"      100,184,672.22       270,680.94        100,455,353.16

SECTION 7.09 (b)(iv)  NUMBER OF REO PROPERTIES                                             2                0                     2

                      AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES               181,550.00             0.00            181,550.00

SECTION 7.09 (b)(v)   BOOK VALUE OF REO PROPERTY                                  220,500.00             0.00            220,500.00


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

                      CUMULATIVE REALIZED LOSSES                                        0.00             0.00                  0.00

                      CURRENT PERIOD REALIZED LOSSES                                    0.00             0.00                  0.00

                      ANNUAL LOSS PERCENTAGE                                      0.00000000%      0.00000000%           0.00000000%

SECTION 7.09 (b)(vii) 90 + DELINQUENCY PERCENTAGE                                 2.01179074%      1.70664101%           1.94198838%

</TABLE>



(C) COPYRIGHT 1997, CHASE BANKING CORPORATION

<PAGE>   29
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1


           DISTRIBUTION:      25-Aug-97                                PAGE # 1

<TABLE>
<CAPTION>

           ORIGINAL       BEGINNING                                                          ENDING                        ENDING
          CERTIFICATE    CERTIFICATE       PRINCIPAL        INTEREST         TOTAL        CERTIFICATE     SUBORDINATE     PRINCIPAL
 CLASS      BALANCE        BALANCE        DISTRIBUTION    DISTRIBUTION    DISTRIBUTION      BALANCE         AMOUNT         BALANCE
-----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>             <C>              <C>              <C>           <C>            <C>              <C>          <C>
  A-1    95,086,000.00   67,781,211.80    4,819,464.74     369,407.60    5,188,872.34   62,961,747.06
  A-2    31,086,000.00   31,086,000.00            0.00     171,491.10      171,491.10   31,086,000.00
  A-3    46,349,000.00   46,349,000.00            0.00     263,416.82      263,416.82   46,349,000.00
  A-4    37,517,000.00   37,517,000.00            0.00     222,913.51      222,913.51   37,517,000.00
  A-5    10,065,000.00   10,065,000.00            0.00      61,732.00       61,732.00   10,065,000.00
  A-6    17,897,000.00   17,897,000.00            0.00     113,049.38      113,049.38   17,897,000.00
  A-7    12,000,000.00   12,000,000.00            0.00      71,300.00       71,300.00   12,000,000.00   5,500,000.00 223,375,747.06
  A-8    75,000,000.00   63,924,100.41    3,699,660.44     320,830.87    4,020,491.31   60,224,439.97   1,875,000.00  62,099,439.97
   R          N/A            N/A            N/A            615,034.81      615,034.81       N/A
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS  325,000,000.00  286,619,312.21    8,519,125.18   2,209,176.09   10,728,301.27  278,100,187.03   7,375,000.00 285,475,187.03
-----------------------------------------------------------------------------------------------------------------------------------
</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      50.68532423      3.88498412      662.15580695                         A-1           6.54000000%    6.54000000%
   A-2       0.00000000      5.51666667     1000.00000000                         A-2           6.62000000%    6.62000000%
   A-3       0.00000000      5.68333341     1000.00000000                         A-3           6.82000000%    6.82000000%
   A-4       0.00000000      5.94166671     1000.00000000                         A-4           7.13000000%    7.13000000%
   A-5       0.00000000      6.13333333     1000.00000000                         A-5           7.36000000%    7.36000000%
   A-6       0.00000000      6.31666648     1000.00000000                         A-6           7.58000000%    7.58000000%
   A-7       0.00000000      5.94166667     1000.00000000                         A-7           7.13000000%    7.13000000%
   A-8      49.32880587      4.27774493      802.99253293                         A-8           5.61750000%    5.82844000%
 --------------------------------------------------------                        -----------------------------------------
 TOTALS     26.21269286     1.887167671       855.6928832
 --------------------------------------------------------

</TABLE>

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


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




(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
<PAGE>   30
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1


       DISTRIBUTION:        25-Aug-97                                  PAGE # 2


<TABLE>
<CAPTION>
                                                                                                       GROUP I       GROUP II
                                                                                                       -------       --------
<S>                     <C>                                                                     <C>             <C>
SECTION 7.08 (1)        BEGINNING CERTIFICATE ACCOUNT                                            6,875,227.74   3,891,279.91

SECTION 7.08 (2)        CLASS A DISTRIBUTION AMOUNT                                             10,113,266.46

<CAPTION>

                                                                                                       GROUP I       GROUP II
                                                                                                       -------       --------
SECTION 7.08 (3)        SUBORDINATION INCREASE AMOUNT                                               64,970.17     217,170.09

SECTION 7.08 (4)        INSURED PAYMENT                                                                  0.00           0.00

SECTION 7.08 (6)        BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                        286,619,312.21
                        CLASS A PRINCIPAL DISTRIBUTION                                           8,519,125.18
                        ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                           278,100,187.03

SECTION 7.08 (7)        REALIZED LOSSES                                                                  0.00

<CAPTION>

                                                                                                       GROUP I       GROUP II
                                                                                                       -------       --------
SECTION 7.08 (8)        SUBORDINATION REDUCTION AMOUNT                                                   0.00           0.00


SECTION 7.08 (9)     (A)PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                        SUBSEQUENT MORTGAGE LOANS                                                        0.00           0.00
                     (B)PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                        DISTRIBUTION AMOUNT                                                              0.00           0.00
                     (C)PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                        CAPITALIZED INTEREST ACCOUNT                                                     0.00           0.00
                     (D)THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                        ACCOUNT TO THE CERTIFICATE ACCOUNT                                               0.00
                        THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                        ACCOUNT TO THE DEPOSITOR                                                         0.00

SECTION 7.08 (10)       THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                                 0.00
                        DUE TO GROUP I UNDERWATER LOANS
<CAPTION>

                                                                                                                    PER $1000
                                                                                                                    ---------
SECTION 7.09 (a)(i)     CLASS A-1 DISTRIBUTION                                                   5,188,872.34          54.57
                        CLASS A-2 DISTRIBUTION                                                     171,491.10           5.52
                        CLASS A-3 DISTRIBUTION                                                     263,416.82           5.68
                        CLASS A-4 DISTRIBUTION                                                     222,913.51           5.94
                        CLASS A-5 DISTRIBUTION                                                      61,732.00           6.13
                        CLASS A-6 DISTRIBUTION                                                     113,049.38           6.32
                        CLASS A-7 DISTRIBUTION                                                      71,300.00           5.94
                        CLASS A-8 DISTRIBUTION                                                   4,020,491.31          53.61
                        CLASS R DISTRIBUTION                                                       615,034.81

SECTION 7.09 (a)(ii)    GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                          INSTALLMENT PRINCIPAL COLLECTED                           68,709.02           0.27
                                          PRINCIPAL PREPAYMENTS                                  4,685,785.55          18.74
                                          SUBORDINATION INCREASE AMOUNT                             64,970.17           0.26
                                          PRIN PREPAY FROM PRE-FUND ACCT                                 0.00           0.00
                                          OTHER                                                          0.00           0.00

                        GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                          INSTALLMENT PRINCIPAL COLLECTED                           60,202.71           0.80
                                          PRINCIPAL PREPAYMENTS                                  3,283,348.19          43.78
                                          SUBORDINATION INCREASE AMOUNT                            217,170.09           2.90
                                          PRIN PREPAY FROM PRE-FUND ACCT                                 0.00           0.00
                                          OTHER                                                    138,939.45           1.85

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 A-8 CARRYFORWARD                                                           0.00
                                                                                                         0.00

SECTION 7.09 (a)(v)     INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                                 0.00

</TABLE>





(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
<PAGE>   31
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1

        DISTRIBUTION:               25-Aug-97                          PAGE # 3

<TABLE>
<CAPTION>

                                                                                                    GROUP I          GROUP II
                                                                                                    -------          --------
<S>                  <C>                                <C>                                <C>                 <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE                                          223,375,747.06     62,099,439.97

                     ENDING NUMBER OF LOANS                                                           3830               588


<CAPTION>
                     ENDING CERTIFICATE BALANCE:                                                                    PER $1000
                                                                                                                    ---------
                                                         CLASS A-1                           62,961,747.06         662.155807
                                                         CLASS A-2                           31,086,000.00              1000
                                                         CLASS A-3                           46,349,000.00              1000
                                                         CLASS A-4                           37,517,000.00              1000
                                                         CLASS A-5                           10,065,000.00              1000
                                                         CLASS A-6                           17,897,000.00              1000
                                                         CLASS A-7                           12,000,000.00              1000
                                                         CLASS A-8                           60,224,439.97       802.9925329

<CAPTION>
                                                                                                    GROUP I          GROUP II
                                                                                                    -------          --------
SECTION 7.09 (a)(vii)SUBORDINATED AMOUNT                                                      5,500,000.00      1,875,000.00
                     SUBORDINATION DEFICIT                                                            0.00              0.00


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


SECTION 7.09 (a)(x)  WEIGHTED AVERAGE COUPON RATE                                                11.881600%        10.521100%

SECTION 7.09 (a)(xii)WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II                   6.284800%

SECTION 7.09 (a)(xiii)LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                                 373,351.25        611,052.49

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

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

</TABLE>

<TABLE>
<CAPTION>
                     GROUP I

                             CATEGORY                        COUNT         AGG. PRIN. BAL.         PERCENTAGE
                             --------------------------------------------------------------------------------
                            <S>                               <C>          <C>                       <C>
                            30-59 DAYS                        236          12,816,844.10              5.74%
                            60-89 DAYS                         37           2,170,152.02              0.97%
                             90 + DAYS                        130           8,759,298.77              3.92%
</TABLE>

<TABLE>
<CAPTION>
                     GROUP II

                             CATEGORY                         COUNT         AGG. PRIN. BAL.       PERCENTAGE
                            --------------------------------------------------------------------------------
                            <S>                               <C>           <C>                      <C>
                            30-59 DAYS                         31           2,678,885.21              1.20%
                            60-89 DAYS                          7             635,667.64              0.28%
                             90 + DAYS                         30           3,145,274.98              1.41%
</TABLE>

<TABLE>
<CAPTION>
                     AGGREGATE

                             CATEGORY                        COUNT         AGG. PRIN. BAL.        PERCENTAGE
                            --------------------------------------------------------------------------------
                            <S>                               <C>          <C>                        <C>
                            30-59 DAYS                        267          15,495,729.31              6.94%
                            60-89 DAYS                         44           2,805,819.66              1.26%
                             90 + DAYS                        160          11,904,573.75              5.33%
</TABLE>

         *The number and aggrgate principal balance of delinquent loans
                  includes loans in foreclosure and bankruptcy







(C) COPYRIGHT 1997, CHASE BANKING CORPORATION



<PAGE>   32
                          IMC HOME EQUITY LOAN TRUST
                      MORTGAGE PASS-THROUGH CERTIFICATES
                                SERIES 1997-1


                                                                       PAGE # 4
     DISTRIBUTION:        25-Aug-97



<TABLE>
<CAPTION>
                                                                              GROUP I           GROUP II           TOTAL
                                                                              -------           --------           -----
<S>                                                                            <C>              <C>                <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE                                       50               11                 61

                     AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        3,573,052.64     1,223,781.11       4,796,833.75

                     NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED                    9                4                 13
                     IN THE PRIOR MONTH

                     AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE          857,358.97       424,902.19       1,282,261.16
                     THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)NUMBER OF LOANS IN BANKRUPTCY                                        47                9                 56

                     AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY         3,135,407.60       716,521.98       3,851,929.58

                     NUMBER OF LOANS THAT ARE "BALLOON" LOANS                          1,345                1               1346

                     AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"        97,640,268.45       270,584.17      97,910,852.62

SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES                                              4                1                  5

                     AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                368,241.24        18,000.00         386,241.24

SECTION 7.09 (b)(v)  BOOK VALUE OF REO PROPERTY                                   465,500.00         34000.00         499,500.00

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

                     CUMULATIVE REALIZED LOSSES                                         0.00             0.00               0.00

                     CURRENT PERIOD REALIZED LOSSES                                     0.00             0.00               0.00

                     ANNUAL LOSS PERCENTAGE                                       0.00000000%      0.00000000%        0.00000000%

SECTION 7.09 (b)(vii)90 + DELINQUENCY PERCENTAGE                                  2.66435307%      2.55562209%        2.63764353%

</TABLE>






(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
<PAGE>   33
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


            DISTRIBUTION:          25-Sep-97                            PAGE # 1

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

-----------------------------------------------------------------------------------------------------------------------------------
    <S>   <C>             <C>           <C>            <C>            <C>             <C>             <C>            <C>
     A-1   95,086,000.00  62,961,747.06   4,881,698.30    343,141.52   5,224,839.82   58,080,048.76
     A-2   31,086,000.00  31,086,000.00           0.00    171,491.10     171,491.10   31,086,000.00
     A-3   46,349,000.00  46,349,000.00           0.00    263,416.82     263,416.82   46,349,000.00
     A-4   37,517,000.00  37,517,000.00           0.00    222,913.51     222,913.51   37,517,000.00
     A-5   10,065,000.00  10,065,000.00           0.00     61,732.00      61,732.00   10,065,000.00
     A-6   17,897,000.00  17,897,000.00           0.00    113,049.38     113,049.38   17,897,000.00
     A-7   12,000,000.00  12,000,000.00           0.00     71,300.00      71,300.00   12,000,000.00   5,500,000.00  218,494,048.76
     A-8   75,000,000.00  60,224,439.97   2,451,527.50    301,046.92   2,752,574.42   57,772,912.47   2,092,706.91   59,865,619.38
      R         N/A            N/A             N/A                       784,831.82      784,831.82        N/A
-----------------------------------------------------------------------------------------------------------------------------------
  TOTALS  325,000,000.00 278,100,187.03   7,333,225.80  2,332,923.07   9,666,148.87  270,766,961.23   7,592,706.91  278,359,668.14
-----------------------------------------------------------------------------------------------------------------------------------
</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    51.33982185    3.60874913    610.81598511                                              A-1    6.54000000%   6.54000000%
     A-2     0.00000000    5.51666667   1000.00000000                                              A-2    6.62000000%   6.62000000%
     A-3     0.00000000    5.68333341   1000.00000000                                              A-3    6.82000000%   6.82000000%
     A-4     0.00000000    5.94166671   1000.00000000                                              A-4    7.13000000%   7.13000000%
     A-5     0.00000000    6.13333333   1000.00000000                                              A-5    7.36000000%   7.36000000%
     A-6     0.00000000    6.31666648   1000.00000000                                              A-6    7.58000000%   7.58000000%
     A-7     0.00000000    5.94166667   1000.00000000                                              A-7    7.13000000%   7.13000000%
     A-8    32.68703333    4.01395893    770.30549960                                              A-8    5.61750000%   5.80500000%
                                                                                                  ---------------------------------
-----------------------------------------------------
   TOTALS   22.56377169   1.850529572     833.1291115
-----------------------------------------------------
</TABLE>











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

-----------------------------------------------------------------------------
                  ANN MARIE JOSE
                  THE CHASE MANHATTAN BANK - ASPG
                  450 WEST 33RD STREET, 15TH FLOOR
                  NEW YORK, NEW YORK 10001
                  (212) 946-7148
-----------------------------------------------------------------------------
<PAGE>   34
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1

               DISTRIBUTION:        25-Sep-97                           PAGE # 2

<TABLE>
<CAPTION>
                                                                                                  GROUP I        GROUP II
                                                                                                  -------        --------
<S>                        <C>                                                               <C>             <C>
SECTION 7.08 (1)           BEGINNING CERTIFICATE ACCOUNT                                     6,941,687.04    2,761,544.02

SECTION 7.08 (2)           CLASS A DISTRIBUTION AMOUNT                                       8,881,317.05


                                                                                               GROUP I           GROUP II
                                                                                               -------           --------
SECTION 7.08 (3)           SUBORDINATION INCREASE AMOUNT                                             0.00      217,706.91

SECTION 7.08 (4)           INSURED PAYMENT                                                           0.00            0.00

SECTION 7.08 (6)           BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                 278,100,187.03
                           CLASS A PRINCIPAL DISTRIBUTION                                    7,333,225.80
                           ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                    270,766,961.23

SECTION 7.08 (7)           REALIZED LOSSES                                                           0.00

                                                                                                  GROUP I         GROUP II
                                                                                                  -------         --------
SECTION 7.08 (8)           SUBORDINATION REDUCTION AMOUNT                                            0.00            0.00

SECTION 7.08 (9)       (A) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                           SUBSEQUENT MORTGAGE LOANS                                                 0.00            0.00
                       (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                           DISTRIBUTION AMOUNT                                                       0.00            0.00
                       (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                           CAPITALIZED INTEREST ACCOUNT                                              0.00            0.00
                       (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                           ACCOUNT TO THE CERTIFICATE ACCOUNT                                        0.00
                           THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                           ACCOUNT TO THE DEPOSITOR                                                  0.00

SECTION 7.08 (10)          THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                          0.00
                           DUE TO GROUP I UNDERWATER LOANS
                                                                                                                PER $1000
                                                                                                                ---------
SECTION 7.09 (a)(i)        CLASS A-1 DISTRIBUTION                                            5,224,839.82           54.95
                           CLASS A-2 DISTRIBUTION                                              171,491.10            5.52
                           CLASS A-3 DISTRIBUTION                                              263,416.82            5.68
                           CLASS A-4 DISTRIBUTION                                              222,913.51            5.94
                           CLASS A-5 DISTRIBUTION                                               61,732.00            6.13
                           CLASS A-6 DISTRIBUTION                                              113,049.38            6.32
                           CLASS A-7 DISTRIBUTION                                               71,300.00            5.94
                           CLASS A-8 DISTRIBUTION                                            2,752,574.42           36.70
                           CLASS R DISTRIBUTION                                                784,831.82

SECTION 7.09 (a)(ii)       GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                                    INSTALLMENT PRINCIPAL COLLECTED            220,931.80            0.88
                                                    PRINCIPAL PREPAYMENTS                    4,660,766.50           18.64
                                                    SUBORDINATION INCREASE AMOUNT                    0.00            0.00
                                                    PRIN PREPAY FROM PRE-FUND ACCT                   0.00            0.00
                                                    OTHER                                            0.00            0.00

                           GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                                    INSTALLMENT PRINCIPAL COLLECTED             24,747.07            0.33
                                                    PRINCIPAL PREPAYMENTS                    2,209,073.52           29.45
                                                    SUBORDINATION INCREASE AMOUNT              217,706.91            2.90
                                                    PRIN PREPAY FROM PRE-FUND ACCT                   0.00            0.00
                                                    OTHER                                       81,104.03            1.08

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 A-8 CARRYFORWARD                                                    0.00
                                                                                                     0.00

SECTION 7.09 (a)(v)        INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                          0.00
</TABLE>


<PAGE>   35
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


       DISTRIBUTION:                25-Sep-97                            PAGE #3

<TABLE>
<CAPTION>
                                                                              GROUP I                GROUP II
                                                                              -------                --------
<S>                     <C>                               <C>          <C>                      <C>
SECTION 7.09 (a)(vi)    ENDING AGGREGATE LOAN BALANCE                  218,494,048.76           59,865,619.38

                        ENDING NUMBER OF LOANS                                   3750                     573


                        ENDING CERTIFICATE BALANCE:                                                 PER $1000
                                                                                                    ---------
                                                          CLASS A-1     58,080,048.76             610.8159851
                                                          CLASS A-2     31,086,000.00                    1000
                                                          CLASS A-3     46,349,000.00                    1000
                                                          CLASS A-4     37,517,000.00                    1000
                                                          CLASS A-5     10,065,000.00                    1000
                                                          CLASS A-6     17,897,000.00                    1000
                                                          CLASS A-7     12,000,000.00                    1000
                                                          CLASS A-8     57,772,912.47             770.3054996

                                                                             GROUP I                 GROUP II
                                                                             -------                 --------
SECTION 7.09 (a)(vii)   SUBORDINATED AMOUNT                              5,500,000.00            2,092,706.91
                        SUBORDINATION DEFICIT                                    0.00                    0.00

                                                                                 0.00

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


SECTION 7.09 (a)(x)     WEIGHTED AVERAGE COUPON RATE                        11.870900%              10.683300%


SECTION 7.09 (a)(xii)   WEIGHTED GROSS MARGIN OF THE HOME EQUITY
                        LOANS IN  GROUP II                                   6.273200%


SECTION 7.09 (a)(xiii)  LARGEST MORTGAGE LOAN BALANCE OUTSTANDING          373,351.25              610,616.29


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


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

<TABLE>
<CAPTION>
                        GROUP I
                        ----------------------------------------------------------------------
                                 CATEGORY           COUNT       AGG. PRIN. BAL.    PERCENTAGE
                        ----------------------------------------------------------------------
                        <S>    <C>                  <C>         <C>                <C>
                               30-59 DAYS            215         12,122,642.02        5.55%
                               60-89 DAYS             47          3,241,489.74        1.48%
                                90 + DAYS            146          9,446,631.15        4.32%
                        ----------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                        GROUP II
                        ----------------------------------------------------------------------
                                 CATEGORY          COUNT        AGG. PRIN. BAL.    PERCENTAGE
                        ----------------------------------------------------------------------
                        <S>    <C>                 <C>          <C>                <C>
                               30-59 DAYS           27           2,463,251.79        1.13%
                               60-89 DAYS            4             209,369.51        0.10%
                                90 + DAYS           33           3,458,831.50        1.58%
                        ----------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                        AGGREGATE
                        ---------------------------------------------------------------------
                                 CATEGORY         COUNT        AGG. PRIN. BAL.    PERCENTAGE
                        ---------------------------------------------------------------------
                        <S>    <C>                <C>          <C>                <C>
                               30-59 DAYS          242         14,585,893.81        6.68%
                               60-89 DAYS           51          3,450,859.25        1.58%
                                90 + DAYS          179         12,905,462.65        5.91%
                        --------------------------------------------------------------------
</TABLE>


    *The number and aggrgate principal balance of delinquent loans includes
                      loans in foreclosure and bankruptcy

<PAGE>   36
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


                                                                       PAGE # 4
  DISTRIBUTION:                25-Sep-97

<TABLE>
<CAPTION>
                                                                                       GROUP I         GROUP II          TOTAL
                                                                                       -------         --------          -----
<S>                       <C>                                                        <C>              <C>             <C>
SECTION 7.09 (b)(ii)      NUMBER OF LOANS IN FORECLOSURE                                       59               12              71

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        4,034,715.49     1,311,344.21    5,346,059.70


                          NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED                   13                1              14
                          IN THE PRIOR MONTH

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE          787,268.90        87,563.10      874,832.00
                          THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)     NUMBER OF LOANS IN BANKRUPTCY                                        63                9              72

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY         4,056,263.45       718,316.99    4,774,580.44


                          NUMBER OF LOANS THAT ARE "BALLOON" LOANS                          1,313                1            1314

                          AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"        95,263,279.14       270,486.46   95,533,765.60

SECTION 7.09 (b)(iv)      NUMBER OF REO PROPERTIES                                              6                1               7

                          AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES                437,826.19        18,000.00      455,826.19

SECTION 7.09 (b)(v)       BOOK VALUE OF REO PROPERTY                                   559,500.00         34000.00      593,500.00


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

                          CUMULATIVE REALIZED LOSSES                                         0.00             0.00            0.00

                          CURRENT PERIOD REALIZED LOSSES                                     0.00             0.00            0.00

                          ANNUAL LOSS PERCENTAGE                                       0.00000000%      0.00000000%     0.00000000%

SECTION 7.09 (b)(vii)     90 + DELINQUENCY PERCENTAGE                                  3.22493776%      3.35643459%     3.25029157%
</TABLE>



<PAGE>   37


--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
================================================================================


         DISTRIBUTION:     27-Oct-97                                    PAGE # 1

<TABLE>
<CAPTION>

             ORIGINAL       BEGINNING                                                      ENDING                        ENDING
           CERTIFICATE     CERTIFICATE      PRINCIPAL       INTEREST        TOTAL       CERTIFICATE    SUBORDINATE      PRINCIPAL
 CLASS       BALANCE         BALANCE       DISTRIBUTION   DISTRIBUTION  DISTRIBUTION      BALANCE        AMOUNT          BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>              <C>            <C>           <C>            <C>             <C>            <C>
  A-1     95,086,000.00   58,080,048.76    6,848,864.01    316,536.27   7,165,400.28   51,231,184.75
  A-2     31,086,000.00   31,086,000.00            0.00    171,491.10     171,491.10   31,086,000.00
  A-3     46,349,000.00   46,349,000.00            0.00    263,416.82     263,416.82   46,349,000.00
  A-4     37,517,000.00   37,517,000.00            0.00    222,913.51     222,913.51   37,517,000.00
  A-5     10,065,000.00   10,065,000.00            0.00     61,732.00      61,732.00   10,065,000.00
  A-6     17,897,000.00   17,897,000.00            0.00    113,049.38     113,049.38   17,897,000.00
  A-7     12,000,000.00   12,000,000.00            0.00     71,300.00      71,300.00   12,000,000.00   5,500,000.00   211,645,184.75
  A-8     75,000,000.00   57,772,912.47    3,352,248.83    299,713.03   3,651,961.86   54,420,663.64   2,162,509.21    56,583,172.85
   R           N/A             N/A             N/A         828,669.70     828,669.70        N/A
------------------------------------------------------------------------------------------------------------------------------------
TOTALS   325,000,000.00  270,766,961.23   10,201,112.84  2,348,821.81  12,549,934.65  260,565,848.39   7,662,509.21   268,228,357.60
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


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

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


                          FACTOR INFORMATION PER $1,000


<TABLE>
<CAPTION>
                   PRINCIPAL              INTEREST              END. CERT.
    CLASS         DISTRIBUTION          DISTRIBUTION              BALANCE
------------------------------------------------------------------------------
<S>               <C>                   <C>                     <C>
     A-1          72.02810098             3.32894716              538.78788413
     A-2           0.00000000             5.51666667             1000.00000000
     A-3           0.00000000             5.68333341             1000.00000000
     A-4           0.00000000             5.94166671             1000.00000000
     A-5           0.00000000             6.13333333             1000.00000000
     A-6           0.00000000             6.31666648             1000.00000000
     A-7           0.00000000             5.94166667             1000.00000000
     A-8          44.69665107             3.99617373              725.60884853
------------------------------------------------------------------------------
   TOTALS         31.38803951             1.802388917               801.741072
------------------------------------------------------------------------------
</TABLE>


                             PASS THRU RATES


<TABLE>
<CAPTION>
                                INIT PASS               CURR PASS
            CLASS               THRU RATE               THRU RATE
------------------------------------------------------------------
            <S>                 <C>                     <C>
             A-1                6.54000000%             6.54000000%
             A-2                6.62000000%             6.62000000%
             A-3                6.82000000%             6.82000000%
             A-4                7.13000000%             7.13000000%
             A-5                7.36000000%             7.36000000%
             A-6                7.58000000%             7.58000000%
             A-7                7.13000000%             7.13000000%
             A-8                5.61750000%             5.83625000%
------------------------------------------------------------------
</TABLE>



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






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


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

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

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







(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
--------------------------------------------------------------------------------


<PAGE>   38


--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
================================================================================


         DISTRIBUTION:     27-Oct-97                                    PAGE # 2

<TABLE>
<CAPTION>
                                                                                                   GROUP I              GROUP II
                                                                                                   -------              --------
<S>                    <C>                                                                  <C>                     <C>
SECTION 7.08 (1)           BEGINNING CERTIFICATE ACCOUNT                                      8,802,183.90          3,783,831.85

SECTION 7.08 (2)           CLASS A DISTRIBUTION AMOUNT                                       11,721,264.95


                                                                                                   GROUP I              GROUP II
                                                                                                   -------              --------

SECTION 7.08 (3)           SUBORDINATION INCREASE AMOUNT                                         58,636.37             69,802.30

SECTION 7.08 (4)           INSURED PAYMENT                                                            0.00                  0.00

SECTION 7.08 (6)           BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                  270,766,961.23
                           CLASS A PRINCIPAL DISTRIBUTION                                    10,201,112.84
                           ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                     260,565,848.39

SECTION 7.08 (7)           REALIZED LOSSES                                                       58,636.37

                                                                                                   GROUP I              GROUP II
                                                                                                   -------              --------

SECTION 7.08 (8)           SUBORDINATION REDUCTION AMOUNT                                             0.00                  0.00

SECTION 7.08 (9)           PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                           SUBSEQUENT MORTGAGE LOANS                                                  0.00                  0.00
                       (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                           DISTRIBUTION AMOUNT                                                        0.00                  0.00
                       (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                           CAPITALIZED INTEREST ACCOUNT                                               0.00                  0.00
                       (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                           ACCOUNT TO THE CERTIFICATE ACCOUNT                                         0.00
                           THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                           ACCOUNT TO THE DEPOSITOR                                                   0.00

SECTION 7.08 (10)          THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                           0.00
                           DUE TO GROUP I UNDERWATER LOANS
                                                                                                                       PER $1000
                                                                                                                       ---------
SECTION 7.09 (a)(i)        CLASS A-1 DISTRIBUTION                                             7,165,400.28                 75.36
                           CLASS A-2 DISTRIBUTION                                               171,491.10                  5.52
                           CLASS A-3 DISTRIBUTION                                               263,416.82                  5.68
                           CLASS A-4 DISTRIBUTION                                               222,913.51                  5.94
                           CLASS A-5 DISTRIBUTION                                                61,732.00                  6.13
                           CLASS A-6 DISTRIBUTION                                               113,049.38                  6.32
                           CLASS A-7 DISTRIBUTION                                                71,300.00                  5.94
                           CLASS A-8 DISTRIBUTION                                             3,651,961.86                 48.69
                           CLASS R DISTRIBUTION                                                 828,669.70

SECTION 7.09 (a)(ii)       GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                             INSTALLMENT PRINCIPAL COLLECTED                    215,668.15                  0.86
                                             PRINCIPAL PREPAYMENTS                            6,534,195.86                 26.14
                                             SUBORDINATION INCREASE AMOUNT                       58,636.37                  0.23
                                             PRIN PREPAY FROM PRE-FUND ACCT                           0.00                  0.00
                                             OTHER                                               40,363.63                  0.16

                           GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                             INSTALLMENT PRINCIPAL COLLECTED                     29,376.48                  0.39
                                             PRINCIPAL PREPAYMENTS                            3,253,070.05                 43.37
                                             SUBORDINATION INCREASE AMOUNT                       69,802.30                  0.93
                                             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 A-8 CARRYFORWARD                                                     0.00
                                                                                                      0.00

SECTION 7.09 (a)(v)        INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                           0.00

</TABLE>






(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
--------------------------------------------------------------------------------

<PAGE>   39
--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
--------------------------------------------------------------------------------

         DISTRIBUTION:     27-Oct-97                                    PAGE # 3




<TABLE>
<CAPTION>
                                                                                        GROUP I                 GROUP II
                                                                                        -------                 --------
<S>                        <C>                                                   <C>                       <C>
SECTION 7.09 (a)(vi)       ENDING AGGREGATE LOAN BALANCE                         211,645,184.75            56,583,172.85

                           ENDING NUMBER OF LOANS                                          3642                      547


                           ENDING CERTIFICATE BALANCE:                                                         PER $1000
                                                                                                               ---------
                                                      CLASS A-1                   51,231,184.75              538.7878841
                                                      CLASS A-2                   31,086,000.00                     1000
                                                      CLASS A-3                   46,349,000.00                     1000
                                                      CLASS A-4                   37,517,000.00                     1000
                                                      CLASS A-5                   10,065,000.00                     1000
                                                      CLASS A-6                   17,897,000.00                     1000
                                                      CLASS A-7                   12,000,000.00                     1000
                                                      CLASS A-8                   54,420,663.64              725.6088485


                                                                                        GROUP I                 GROUP II
                                                                                        -------                 --------
SECTION 7.09 (a)(vii)      SUBORDINATED AMOUNT                                     5,500,000.00             2,162,509.21
                           SUBORDINATION DEFICIT                                           0.00                     0.00

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


SECTION 7.09 (a)(x)        WEIGHTED AVERAGE COUPON RATE                               11.859200%               10.520200%


SECTION 7.09 (a)(xii)      WEIGHTED GROSS MARGIN OF THE HOME EQUITY
                           LOANS IN GROUP II                                           6.276800%


SECTION 7.09 (a)(xiii)     LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                 373,227.24               610,177.09


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


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



GROUP I

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
         CATEGORY              COUNT        AGG. PRIN. BAL.         PERCENTAGE
--------------------------------------------------------------------------------
        <S>                    <C>          <C>                     <C>
        30-59 DAYS              131          6,822,208.15               2.54%
        60-89 DAYS               37          2,287,919.47               0.85%
         90 + DAYS              165          11,625,142.66              4.33%
--------------------------------------------------------------------------------
</TABLE>



GROUP II

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
         CATEGORY              COUNT        AGG. PRIN. BAL.         PERCENTAGE
--------------------------------------------------------------------------------
        <S>                    <C>          <C>                     <C>
        30-59 DAYS               19          1,356,139.42               0.51%
        60-89 DAYS                3            300,349.39               0.11%
        90 + DAYS                33          3,526,116.76               1.31%
--------------------------------------------------------------------------------
</TABLE>


AGGREGATE

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
         CATEGORY              COUNT        AGG. PRIN. BAL.         PERCENTAGE
--------------------------------------------------------------------------------
        <S>                    <C>          <C>                     <C>
        30-59 DAYS              150           8,178,347.57              3.05%
        60-89 DAYS               40           2,588,268.86              0.96%
         90 + DAYS              198          15,151,259.42              5.65%
--------------------------------------------------------------------------------
</TABLE>

*    The number and aggrgate principal balance of delinquent loans includes
     loans in foreclosure and bankruptcy




(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
--------------------------------------------------------------------------------
<PAGE>   40

--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
================================================================================

                                                                        PAGE # 4
         DISTRIBUTION:     27-Oct-97



<TABLE>
<CAPTION>
                                                                                   GROUP I          GROUP II             TOTAL
                                                                                   -------          --------             -----
<S>                       <C>                                                    <C>               <C>               <C>
SECTION 7.09 (b)(ii)      NUMBER OF LOANS IN FORECLOSURE                              54                12                 66

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE    3,866,870.01      1,440,081.08      5,306,951.09


                          NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED           3                 1                  4
                          IN THE PRIOR MONTH

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE     135,780.09        249,112.24        384,892.33
                          THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)     NUMBER OF LOANS IN BANKRUPTCY                               70                 9                  79

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY     4,726,178.48       718,032.30       5,444,210.78


                          NUMBER OF LOANS THAT ARE "BALLOON" LOANS                   1,270               1                 1271

                          AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"     92,090,528.61      270,387.81       92,360,916.42

SECTION 7.09 (b)(iv)      NUMBER OF REO PROPERTIES                                    10                 1                  11

                          AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES           526,138.84         18,000.00          544,138.84

SECTION 7.09 (b)(v)       BOOK VALUE OF REO PROPERTY                              727,000.00         34,000.00         761,000.00


SECTION 7.09 (b)(vi)      CUMULATIVE LOSS PERCENTAGE                              0.02345455%       0.00000000%        0.01804196%

                          CUMULATIVE REALIZED LOSSES                               58,636.37           0.00             58,636.37

                          CURRENT PERIOD REALIZED LOSSES                           58,636.37           0.00             58,636.37

                          ANNUAL LOSS PERCENTAGE                                  0.02345455%       0.00000000%        0.01804196%

SECTION 7.09 (b)(vii)     90 + DELINQUENCY PERCENTAGE                             3.83710945%       4.16119389%        3.90501898%

</TABLE>







(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
--------------------------------------------------------------------------------




<PAGE>   41

--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
--------------------------------------------------------------------------------

             DISTRIBUTION:  25-Nov-97                                  PAGE #  1

<TABLE>
<CAPTION>
               ORIGINAL       BEGINNING                                                    ENDING                          ENDING
             CERTIFICATE     CERTIFICATE   PRINCIPAL        INTEREST        TOTAL        CERTIFICATE     SUBORDINATE     PRINCIPAL
CLASS          BALANCE         BALANCE    DISTRIBUTION    DISTRIBUTION  DISTRIBUTION       BALANCE         AMOUNT         BALANCE
-----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>             <C>            <C>           <C>            <C>              <C>           <C>
 A-1       95,086,000.00   51,231,184.75   7,031,185.22    279,209.96   7,310,395.18   44,199,999.53
 A-2       31,086,000.00   31,086,000.00           0.00    171,491.10     171,491.10   31,086,000.00
 A-3       46,349,000.00   46,349,000.00           0.00    263,416.82     263,416.82   46,349,000.00
 A-4       37,517,000.00   37,517,000.00           0.00    222,913.51     222,913.51   37,517,000.00
 A-5       10,065,000.00   10,065,000.00           0.00     61,732.00      61,732.00   10,065,000.00
 A-6       17,897,000.00   17,897,000.00           0.00    113,049.38     113,049.38   17,897,000.00
 A-7       12,000,000.00   12,000,000.00           0.00     71,300.00      71,300.00   12,000,000.00   5,500,000.00  204,613,999.53
 A-8       75,000,000.00   54,420,663.64   3,713,956.46    255,854.59   3,969,811.05   50,706,707.18   2,567,256.70   53,273,963.88
  R             N/A             N/A             N/A        525,949.51     525,949.51        N/A
-----------------------------------------------------------------------------------------------------------------------------------
TOTALS    325,000,000.00  260,565,848.39  10,745,141.68  1,964,916.87  12,710,058.55  249,820,706.71   8,067,256.70  257,887,963.41
-----------------------------------------------------------------------------------------------------------------------------------
</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         73.94553583           2.93639400           464.84234830                    A-1           6.54000000%    6.54000000%
 A-2          0.00000000           5.51666667          1000.00000000                    A-2           6.62000000%    6.62000000%
 A-3          0.00000000           5.68333341          1000.00000000                    A-3           6.82000000%    6.82000000%
 A-4          0.00000000           5.94166671          1000.00000000                    A-4           7.13000000%    7.13000000%
 A-5          0.00000000           6.13333333          1000.00000000                    A-5           7.36000000%    7.36000000%
 A-6          0.00000000           6.31666648          1000.00000000                    A-6           7.58000000%    7.58000000%
 A-7          0.00000000           5.94166667          1000.00000000                    A-7           7.13000000%    7.13000000%
 A-8         49.51941947           3.41139453           676.08942907                    A-8           5.61750000%    5.83625000%
--------------------------------------------------------------------        ----------------------------------------------------
TOTALS        33.0619744     1.72970119754687       768.679097569231
--------------------------------------------------------------------
</TABLE>

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

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

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


(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
--------------------------------------------------------------------------------

<PAGE>   42


--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
--------------------------------------------------------------------------------

          DISTRIBUTION: 25-Nov-97                                       PAGE # 2

<TABLE>
<S>                   <C>                                                                       <C>                 <C>
                                                                                                    GROUP I            GROUP II
                                                                                                    -------            --------

SECTION 7.08 (1)          BEGINNING CERTIFICATE ACCOUNT                                           8,960,548.74       3,784,229.61

SECTION 7.08 (2)          CLASS A DISTRIBUTION AMOUNT                                            12,184,109.04


                                                                                                    GROUP I            GROUP II
                                                                                                    -------            --------
SECTION 7.08 (3)          SUBORDINATION INCREASE AMOUNT                                                   0.00         210,476.71
                          SUBORDINATION INCREASE FROM OTHER GROUP                                         0.00         194,270.79

SECTION 7.08 (4)          INSURED PAYMENT                                                                 0.00               0.00

SECTION 7.08 (6)          BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                       260,565,848.39
                          CLASS A PRINCIPAL DISTRIBUTION                                         10,745,141.68
                          ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                          249,820,706.71

SECTION 7.08 (7)          REALIZED LOSSES                                                                 0.00

                                                                                                    GROUP I            GROUP II
                                                                                                    -------            --------

SECTION 7.08 (8)          SUBORDINATION REDUCTION AMOUNT                                                  0.00               0.00

SECTION 7.08 (9)          PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                          SUBSEQUENT MORTGAGE LOANS                                                       0.00               0.00
                      (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                          DISTRIBUTION AMOUNT                                                             0.00               0.00
                      (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                          CAPITALIZED INTEREST ACCOUNT                                                    0.00               0.00
                      (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                          ACCOUNT TO THE CERTIFICATE ACCOUNT                                              0.00
                          THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                          ACCOUNT TO THE DEPOSITOR                                                        0.00

SECTION 7.08 (10)         THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                                0.00
                          DUE TO GROUP I UNDERWATER LOANS

                                                                                                                        PER $1000
                                                                                                                        ---------
SECTION 7.09 (a)(i)       CLASS A-1 DISTRIBUTION                                                  7,310,395.18              76.88
                          CLASS A-2 DISTRIBUTION                                                    171,491.10               5.52
                          CLASS A-3 DISTRIBUTION                                                    263,416.82               5.68
                          CLASS A-4 DISTRIBUTION                                                    222,913.51               5.94
                          CLASS A-5 DISTRIBUTION                                                     61,732.00               6.13
                          CLASS A-6 DISTRIBUTION                                                    113,049.38               6.32
                          CLASS A-7 DISTRIBUTION                                                     71,300.00               5.94
                          CLASS A-8 DISTRIBUTION                                                  3,969,811.05              52.93
                          CLASS R DISTRIBUTION                                                      525,949.51

SECTION 7.09 (a)(ii)      GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                          INSTALLMENT PRINCIPAL COLLECTED                           192,767.54               0.77
                                          PRINCIPAL PREPAYMENTS                                   6,838,417.68              27.35
                                          SUBORDINATION INCREASE AMOUNT                                   0.00               0.00
                                          PRIN PREPAY FROM PRE-FUND ACCT                                  0.00               0.00
                                          OTHER                                                           0.00               0.00

                          GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                          INSTALLMENT PRINCIPAL COLLECTED                            24,550.55               0.33
                                          PRINCIPAL PREPAYMENTS                                   3,284,658.42              43.80
                                          SUBORDINATION INCREASE AMOUNT                             210,476.71               2.81
                                          PRIN PREPAY FROM PRE-FUND ACCT                                  0.00               0.00
                                          OTHER                                                     194,270.79               2.59

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 A-8 CARRYFORWARD                                                          0.00
                                                                                                          0.00

SECTION 7.09 (a)(v)       INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                                0.00
</TABLE>



(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
--------------------------------------------------------------------------------
<PAGE>   43


--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
--------------------------------------------------------------------------------


               DISTRIBUTION: 25-Nov-97                                  PAGE # 3



<TABLE>
<S>                     <C>                                                                   <C>               <C>

                                                                                                  GROUP I                GROUP II
                                                                                                  -------                --------
SECTION 7.09 (a)(vi)    ENDING AGGREGATE LOAN BALANCE                                         204,613,999.53        53,273,963.88

                        ENDING NUMBER OF LOANS                                                          3529                  521


                        ENDING CERTIFICATE BALANCE:                                                                     PER $1000
                                                                                                                        ---------
                                                              CLASS A-1                        44,199,999.53          464.8423483
                                                              CLASS A-2                        31,086,000.00                 1000
                                                              CLASS A-3                        46,349,000.00                 1000
                                                              CLASS A-4                        37,517,000.00                 1000
                                                              CLASS A-5                        10,065,000.00                 1000
                                                              CLASS A-6                        17,897,000.00                 1000
                                                              CLASS A-7                        12,000,000.00                 1000
                                                              CLASS A-8                        50,706,707.18          676.0894291


                                                                                                  GROUP I                GROUP II
                                                                                                  -------                --------

SECTION 7.09 (a)(vii)   SUBORDINATED AMOUNT                                                     5,500,000.00         2,567,256.70
                        SUBORDINATION DEFICIT                                                           0.00                 0.00

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


SECTION 7.09 (a)(x)     WEIGHTED AVERAGE COUPON RATE                                               11.857800%           10.561100%


SECTION 7.09 (a)(xii)   WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II                  6.303100%


SECTION 7.09 (a)(xiii)  LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                                 373,227.24           609,734.87


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


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

<TABLE>
<CAPTION>
                        GROUP I

                        --------------------------------------------------------------------------------------------------
                                         CATEGORY                 COUNT            AGG. PRIN. BAL.           PERCENTAGE
                        --------------------------------------------------------------------------------------------------
<S>                                     <C>                       <C>              <C>                       <C>
                                        30-59 DAYS                 187                9,975,931.08              3.87%
                                        60-89 DAYS                  67                3,441,681.12              1.33%
                                         90 + DAYS                 177               12,314,620.14              4.78%
                        --------------------------------------------------------------------------------------------------
</TABLE>



<TABLE>
<CAPTION>
                        GROUP II

                        --------------------------------------------------------------------------------------------------
                                         CATEGORY                 COUNT             AGG. PRIN. BAL.           PERCENTAGE
                        --------------------------------------------------------------------------------------------------
<S>                                     <C>                       <C>              <C>                       <C>
                                        30-59 DAYS                  12                1,247,105.39              0.48%
                                        60-89 DAYS                   5                  540,335.71              0.21%
                                         90 + DAYS                  35                3,702,945.58              7.3 %
                        --------------------------------------------------------------------------------------------------
</TABLE>



<TABLE>
<CAPTION>
                        AGGREGATE

                        --------------------------------------------------------------------------------------------------
                                         CATEGORY                 COUNT             AGG. PRIN. BAL.           PERCENTAGE
                        --------------------------------------------------------------------------------------------------
<S>                                     <C>                       <C>              <C>                       <C>
                                        30-59 DAYS                 199               11,223,036.47              4.35%
                                        60-89 DAYS                  72                3,982,016.83              1.54%
                                         90 + DAYS                 212               16,017,565.72              6.21%
                        --------------------------------------------------------------------------------------------------

                        *The number and aggrgate principal balance of delinquent loans includes loans in foreclosure and bankruptcy

</TABLE>


(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
--------------------------------------------------------------------------------

<PAGE>   44


--------------------------------------------------------------------------------
                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
--------------------------------------------------------------------------------


                                                                        PAGE # 4
               DISTRIBUTION: 25-Nov-97


<TABLE>
<CAPTION>

                                                                                  GROUP I           GROUP II           TOTAL
                                                                                  -------           --------           -----

<S>                                                                           <C>                 <C>             <C>
SECTION 7.09 (b)(ii)   NUMBER OF LOANS IN FORECLOSURE                               65                 12                77

                       AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE     5,278,755.53       1,247,105.39      6,525,860.92


                       NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED           14                  1                15
                       IN THE PRIOR MONTH

                       AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE     1,529,697.22          56,136.55      1,585,833.77
                       THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)  NUMBER OF LOANS IN BANKRUPTCY                                87                  13               100

                       AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY      5,879,456.19       1,123,502.29      7,002,958.48


                       NUMBER OF LOANS THAT ARE "BALLOON" LOANS                   1,225                  1              1,226

                       AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"     88,403,872.16          39,429.53     88,443,301.69

SECTION 7.09 (b)(iv)   NUMBER OF REO PROPERTIES                                     11                   1                12

                       AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES             558,140.31          18,000.00        576,140.31

SECTION 7.09 (b)(v)    BOOK VALUE OF REO PROPERTY                                772,000.00          34,000.00        806,000.00


SECTION 7.09 (b)(vi)   CUMULATIVE LOSS PERCENTAGE                                0.02345455%        0.00000000%       0.01804196%

                       CUMULATIVE REALIZED LOSSES                                 58,636.37             0.00           58,636.37

                       CURRENT PERIOD REALIZED LOSSES                              0.00                 0.00              0.00

                       ANNUAL LOSS PERCENTAGE                                    0.02345455%        0.00000000%       0.01804196%

SECTION 7.09 (b)(vii)  90 + DELINQUENCY PERCENTAGE                               4.46702730%        4.98944904%       4.57767385%

</TABLE>



(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
--------------------------------------------------------------------------------

<PAGE>   45



                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1

DISTRIBUTION:       26-Dec-97                                           PAGE # 1



<TABLE>
<CAPTION>
            ORIGINAL       BEGINNING                                                  ENDING                        ENDING
          CERTIFICATE    CERTIFICATE     PRINCIPAL      INTEREST       TOTAL       CERTIFICATE    SUBORDINATE     PRINCIPAL
 CLASS      BALANCE        BALANCE      DISTRIBUTION  DISTRIBUTION  DISTRIBUTION     BALANCE        AMOUNT         BALANCE
<S>      <C>             <C>            <C>           <C>          <C>            <C>             <C>           <C>
------------------------------------------------------------------------------------------------------------------------------
  A-1    95,086,000.00   44,199,999.53  7,725,378.37   240,890.00   7,966,268.37   36,474,621.16
  A-2    31,086,000.00   31,086,000.00          0.00   171,491.10     171,491.10   31,086,000.00
  A-3    46,349,000.00   46,349,000.00          0.00   263,416.82     263,416.82   46,349,000.00
  A-4    37,517,000.00   37,517,000.00          0.00   222,913.51     222,913.51   37,517,000.00
  A-5    10,065,000.00   10,065,000.00          0.00    61,732.00      61,732.00   10,065,000.00
  A-6    17,897,000.00   17,897,000.00          0.00   113,049.38     113,049.38   17,897,000.00
  A-7    12,000,000.00   12,000,000.00          0.00    71,300.00      71,300.00   12,000,000.00  6,691,759.48  198,080,380.64
  A-8    75,000,000.00   50,706,707.18  1,521,239.05   256,199.16   1,777,438.21   49,185,468.13  2,203,043.76   51,388,511.89
   R         N/A            N/A           N/A           10,368.37      10,368.37      N/A
------------------------------------------------------------------------------------------------------------------------------
TOTALS  325,000,000.00  249,820,706.71  9,246,617.42 1,411,360.34  10,657,977.76  240,574,089.29  8,894,803.24  249,468,892.53
------------------------------------------------------------------------------------------------------------------------------
</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    81.24622310    2.53339083    383.59612519                                     A-1        6.54000000%           6.54000000%
  A-2     0.00000000    5.51666667   1000.00000000                                     A-2        6.62000000%           6.62000000%
  A-3     0.00000000    5.68333341   1000.00000000                                     A-3        6.82000000%           6.82000000%
  A-4     0.00000000    5.94166671   1000.00000000                                     A-4        7.13000000%           7.13000000%
  A-5     0.00000000    6.13333333   1000.00000000                                     A-5        7.36000000%           7.36000000%
  A-6     0.00000000    6.31666648   1000.00000000                                     A-6        7.58000000%           7.58000000%
  A-7     0.00000000    5.94166667   1000.00000000                                     A-7        7.13000000%           7.13000000%
  A-8    20.28318733    3.41598880    655.80624173                                     A-8        5.61750000%           5.86750000%
                                                                                   -----------------------------------------------
--------------------------------------------------
TOTALS   28.45113052   1.650708244      740.227967
--------------------------------------------------
</TABLE>






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




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


<PAGE>   46

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


DISTRIBUTION:             26-Dec-97                                     PAGE # 2

<TABLE>
<CAPTION>
                                                                                               GROUP I             GROUP II
                                                                                               -------             --------
<S>                     <C>                                                            <C>                     <C>
SECTION 7.08 (1)           BEGINNING CERTIFICATE ACCOUNT                                  8,360,704.23         2,330,580.02

SECTION 7.08 (2)           CLASS A DISTRIBUTION AMOUNT                                   10,647,609.39


                                                                                               GROUP I             GROUP II
                                                                                               -------             --------
SECTION 7.08 (3)           SUBORDINATION INCREASE AMOUNT                                    654,918.87                 0.00
                           SUBORDINATION INCREASE FROM OTHER GROUP                          544,233.36                 0.00

SECTION 7.08 (4)           INSURED PAYMENT                                                        0.00                 0.00

SECTION 7.08 (6)           BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE               49,820,706.71
                           CLASS A PRINCIPAL DISTRIBUTION                                 9,246,617.42
                           ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                  40,574,089.29

SECTION 7.08 (7)           REALIZED LOSSES                                                    7,392.75

                                                                                               GROUP I             GROUP II
                                                                                               -------             --------

SECTION 7.08 (8)           SUBORDINATION REDUCTION AMOUNT                                         0.00                 0.00

SECTION 7.08 (9)           PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                           SUBSEQUENT MORTGAGE LOANS                                              0.00                 0.00
                       (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                           DISTRIBUTION AMOUNT                                                    0.00                 0.00
                       (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                           CAPITALIZED INTEREST ACCOUNT                                           0.00                 0.00
                       (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                           ACCOUNT TO THE CERTIFICATE ACCOUNT                                     0.00
                           THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                           ACCOUNT TO THE DEPOSITOR                                               0.00

SECTION 7.08 (10)          THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                       0.00
                            DUE TO GROUP I UNDERWATER LOANS
                                                                                                                  PER $1000
                                                                                                                  ---------
SECTION 7.09 (a)(i)        CLASS A-1 DISTRIBUTION                                         7,966,268.37                83.78
                           CLASS A-2 DISTRIBUTION                                           171,491.10                 5.52
                           CLASS A-3 DISTRIBUTION                                           263,416.82                 5.68
                           CLASS A-4 DISTRIBUTION                                           222,913.51                 5.94
                           CLASS A-5 DISTRIBUTION                                            61,732.00                 6.13
                           CLASS A-6 DISTRIBUTION                                           113,049.38                 6.32
                           CLASS A-7 DISTRIBUTION                                            71,300.00                 5.94
                           CLASS A-8 DISTRIBUTION                                         1,777,438.21                23.70
                           CLASS R DISTRIBUTION                                              10,368.37

SECTION 7.09 (a)(ii)       GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                             INSTALLMENT PRINCIPAL COLLECTED                150,366.22                 0.60
                                             PRINCIPAL PREPAYMENTS                        6,368,045.34                25.47
                                             SUBORDINATION INCREASE AMOUNT                  654,918.87                 2.62
                                             PRIN PREPAY FROM PRE-FUND ACCT                       0.00                 0.00
                                             OTHER                                          552,047.94                 2.21

                           GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                             INSTALLMENT PRINCIPAL COLLECTED                  8,455.61                 0.11
                                             PRINCIPAL PREPAYMENTS                        1,876,996.38                25.03
                                             SUBORDINATION INCREASE AMOUNT                        0.00                 0.00
                                             PRIN PREPAY FROM PRE-FUND ACCT                       0.00                 0.00
                                             OTHER                                         -364,212.94                -4.86

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 A-8 CARRYFORWARD                                                 0.00
                                                                                                  0.00

SECTION 7.09 (a)(v)        INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                       0.00
</TABLE>


<PAGE>   47

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


DISTRIBUTION:             26-Dec-97                                     PAGE # 3

<TABLE>
<CAPTION>

                                                                                             GROUP I                 GROUP II
                                                                                             -------                 --------
<S>                     <C>                                                           <C>                       <C>
SECTION 7.09 (a)(vi)    ENDING AGGREGATE LOAN BALANCE                                 198,080,380.64            51,388,511.89

                        ENDING NUMBER OF LOANS                                                  3428                      506


                        ENDING CERTIFICATE BALANCE:                                                                 PER $1000
                                                                                                                    ---------
                                                       CLASS A-1                       36,474,621.16              383.5961252
                                                       CLASS A-2                       31,086,000.00                     1000
                                                       CLASS A-3                       46,349,000.00                     1000
                                                       CLASS A-4                       37,517,000.00                     1000
                                                       CLASS A-5                       10,065,000.00                     1000
                                                       CLASS A-6                       17,897,000.00                     1000
                                                       CLASS A-7                       12,000,000.00                     1000
                                                       CLASS A-8                       49,185,468.13              655.8062417


                                                                                             GROUP I                 GROUP II
                                                                                             -------                 --------

SECTION 7.09 (a)(vii)   SUBORDINATED AMOUNT                                             6,691,759.48             2,203,043.76
                        SUBORDINATION DEFICIT                                                   0.00                     0.00

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


SECTION 7.09 (a)(x)     WEIGHTED AVERAGE COUPON RATE                                       11.856400%               10.747300%


SECTION 7.09 (a)(xii)   WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II          6.305100%


SECTION 7.09 (a)(xiii)  LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                         373,227.24               609,289.61


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


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

<CAPTION>

                        GROUP I

                        ---------------------------------------------------------------------------
                                    CATEGORY          COUNT     AGG. PRIN. BAL.         PERCENTAGE
                        ---------------------------------------------------------------------------
                        <S>        <C>                <C>       <C>                     <C>
                                   30-59 DAYS          182        9,098,922.00            3.65%
                                   60-89 DAYS           58        3,052,840.00            1.22%
                                    90 + DAYS          204       13,361,951.00            5.38%
                        ---------------------------------------------------------------------------



                        GROUP II

                        ---------------------------------------------------------------------------
                                    CATEGORY          COUNT     AGG. PRIN. BAL.         PERCENTAGE
                        ---------------------------------------------------------------------------
                                   30-59 DAYS           28        2,756,729.00            1.11%
                                   60-89 DAYS           16        1,499,669.00            0.60%
                                    90 + DAYS           34        3,447,904.00            1.38%
                        ---------------------------------------------------------------------------



                        AGGREGATE

                        ---------------------------------------------------------------------------
                                    CATEGORY          COUNT     AGG. PRIN. BAL.         PERCENTAGE
                        ---------------------------------------------------------------------------
                                   30-59 DAYS          210       11,855,651.00            4.75%
                                   60-89 DAYS           74        4,552,509.00            1.82%
                                    90 + DAYS          238       16,809,855.00            6.74%
                        ---------------------------------------------------------------------------
</TABLE>



 *The number and aggrgate principal balance of delinquent loans includes loans
                         in foreclosure and bankruptcy
<PAGE>   48

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1



DISTRIBUTION:             26-Dec-97                                     PAGE # 4

<TABLE>
<CAPTION>

                                                                                   GROUP I        GROUP II          TOTAL
                                                                                   -------        --------          -----

<S>                       <C>                                                   <C>             <C>             <C>
SECTION 7.09 (b)(ii)      NUMBER OF LOANS IN FORECLOSURE                                   82              15              97

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE    7,632,965.51    1,284,307.33    8,917,272.84


                          NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED         N/A              N/A                   0
                          IN THE PRIOR MONTH

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE        N/A              N/A                 0.00
                          THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)     NUMBER OF LOANS IN BANKRUPTCY                                    76               9               85

                          AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY     5,000,742.06      904,287.24     5,905,029.30


                          NUMBER OF LOANS THAT ARE "BALLOON" LOANS                      1,184         N/A                 1184

                          AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"    85,390,214.54         N/A        85,390,214.54

SECTION 7.09 (b)(iv)      NUMBER OF REO PROPERTIES                                         14               1               15

                          AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES          1,105,018.51       18,000.00     1,123,018.51

SECTION 7.09 (b)(v)       BOOK VALUE OF REO PROPERTY                                 N/A            34,000.00        34,000.00


SECTION 7.09 (b)(vi)      CUMULATIVE LOSS PERCENTAGE                               0.02641165%     0.00000000%      0.02031665%

                          CUMULATIVE REALIZED LOSSES                                66,029.12            0.00        66,029.12

                          CURRENT PERIOD REALIZED LOSSES                             7,392.75            0.00         7,392.75

                          ANNUAL LOSS PERCENTAGE                                   0.02641165%     0.00000000%      0.02031665%

SECTION 7.09 (b)(vii)     90 + DELINQUENCY PERCENTAGE                              5.20265685%     5.72659003%      5.31551352%
</TABLE>

<PAGE>   49


                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
<TABLE>
<CAPTION>

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


                 DISTRIBUTION:     26-Jan-98                                                                              PAGE # 1



            ORIGINAL       BEGINNING                                                   ENDING                            ENDING
          CERTIFICATE     CERTIFICATE     PRINCIPAL      INTEREST      TOTAL         CERTIFICATE       SUBORDINATE      PRINCIPAL
 CLASS      BALANCE         BALANCE      DISTRIBUTION  DISTRIBUTION DISTRIBUTION       BALANCE           AMOUNT          BALANCE

------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>             <C>           <C>           <C>              <C>              <C>           <C>
  A-1    95,086,000.00   36,474,621.16  6,303,416.15    198,786.69  6,502,202.84     30,171,205.01
  A-2    31,086,000.00   31,086,000.00          0.00    171,491.10    171,491.10     31,086,000.00
  A-3    46,349,000.00   46,349,000.00          0.00    263,416.82    263,416.82     46,349,000.00
  A-4    37,517,000.00   37,517,000.00          0.00    222,913.51    222,913.51     37,517,000.00
  A-5    10,065,000.00   10,065,000.00          0.00     61,732.00     61,732.00     10,065,000.00
  A-6    17,897,000.00   17,897,000.00          0.00    113,049.38    113,049.38     17,897,000.00
  A-7    12,000,000.00   12,000,000.00          0.00     71,300.00     71,300.00     12,000,000.00    7,785,427.59   192,870,632.60
  A-8    75,000,000.00   49,185,468.13  1,021,154.93    260,425.10  1,281,580.03     48,164,313.20    1,875,000.00    50,039,313.20
   R         N/A             N/A            N/A           7,405.93      7,405.93          N/A
------------------------------------------------------------------------------------------------------------------------------------
TOTALS  325,000,000.00  240,574,089.29  7,324,571.08  1,370,520.53  8,695,091.61    233,249,518.21    9,660,427.59   242,909,945.80
------------------------------------------------------------------------------------------------------------------------------------



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

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



                     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

---------------------------------------------------------------                      ---------------------------------------
  A-1      66.29173748          2.09059893         317.30438771                      A-1         6.5400         6.54000000%
  A-2       0.00000000          5.51666667        1000.00000000                      A-2         6.6200         6.62000000%
  A-3       0.00000000          5.68333341        1000.00000000                      A-3         6.8200         6.82000000%
  A-4       0.00000000          5.94166671        1000.00000000                      A-4         7.1300         7.13000000%
  A-5       0.00000000          6.13333333        1000.00000000                      A-5         7.3600         7.36000000%
  A-6       0.00000000          6.31666648        1000.00000000                      A-6         7.5800         7.58000000%
  A-7       0.00000000          5.94166667        1000.00000000                      A-7         7.1300         7.13000000%
  A-8      13.61539907          3.47233467         642.19084267                      A-8         5.6175         6.14875000%
---------------------------------------------------------------
TOTALS     22.53714178         1.539142437          717.6908253
---------------------------------------------------------------


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


</TABLE>





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






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













<PAGE>   50


                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1

<TABLE>
<CAPTION>
==================================================================================================================================
         DISTRIBUTION:                   26-Jan-98                                                                        PAGE # 2
                                                                                                   GROUP I            GROUP II
                                                                                                   -------            --------

<S>                         <C>                                                              <C>                  <C>
SECTION 7.08 (1)            BEGINNING CERTIFICATE ACCOUNT                                       6,942,595.69      1,784,591.93

SECTION 7.08 (2)            CLASS A DISTRIBUTION AMOUNT                                         8,687,685.68


                                                                                                     GROUP I          GROUP II
                                                                                                     -------          --------
SECTION 7.08 (3)            SUBORDINATION INCREASE AMOUNT                                         622,737.57              0.00
                            SUBORDINATION INCREASE FROM OTHER GROUP                               494,921.16              0.00

SECTION 7.08 (4)            INSURED PAYMENT                                                             0.00              0.00

SECTION 7.08 (6)            BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE                   240,574,089.29
                            CLASS A PRINCIPAL DISTRIBUTION                                      7,324,571.08
                            ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                      233,249,518.21

SECTION 7.08 (7)            REALIZED LOSSES                                                        23,990.62

                                                                                                     GROUP I          GROUP II
                                                                                                     -------          --------

SECTION 7.08 (8)            SUBORDINATION REDUCTION AMOUNT                                              0.00              0.00

SECTION 7.08 (9)        (A) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                            SUBSEQUENT MORTGAGE LOANS                                                   0.00              0.00
                        (B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                            DISTRIBUTION AMOUNT                                                         0.00              0.00
                        (C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                            CAPITALIZED INTEREST ACCOUNT                                                0.00              0.00
                        (D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                            ACCOUNT TO THE CERTIFICATE ACCOUNT                                          0.00
                            THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
                            ACCOUNT TO THE DEPOSITOR                                                    0.00

SECTION 7.08 (10)           THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                            0.00
                             DUE TO GROUP I UNDERWATER LOANS
                                                                                                                     PER $1000
                                                                                                                     ---------
SECTION 7.09 (a)(i)         CLASS A-1 DISTRIBUTION                                              6,502,202.84             68.38
                            CLASS A-2 DISTRIBUTION                                                171,491.10              5.52
                            CLASS A-3 DISTRIBUTION                                                263,416.82              5.68
                            CLASS A-4 DISTRIBUTION                                                222,913.51              5.94
                            CLASS A-5 DISTRIBUTION                                                 61,732.00              6.13
                            CLASS A-6 DISTRIBUTION                                                113,049.38              6.32
                            CLASS A-7 DISTRIBUTION                                                 71,300.00              5.94
                            CLASS A-8 DISTRIBUTION                                              1,281,580.03             17.09
                            CLASS R DISTRIBUTION                                                    7,405.93

SECTION 7.09 (a)(ii)        GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                                           INSTALLMENT PRINCIPAL COLLECTED        182,172.38              0.73
                                                           PRINCIPAL PREPAYMENTS                4,997,175.66             19.99
                                                           SUBORDINATION INCREASE AMOUNT          622,737.57              2.49
                                                           PRIN PREPAY FROM PRE-FUND ACCT               0.00              0.00
                                                           OTHER                                  501,330.54              2.01

                            GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
                                                           INSTALLMENT PRINCIPAL COLLECTED         18,048.36              0.24
                                                           PRINCIPAL PREPAYMENTS                1,331,150.33             17.75
                                                           SUBORDINATION INCREASE AMOUNT                0.00              0.00
                                                           PRIN PREPAY FROM PRE-FUND ACCT               0.00              0.00
                                                           OTHER                                 -328,043.76             -4.37

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 A-8 CARRYFORWARD                                                      0.00
                                                                                                        0.00

SECTION 7.09 (a)(v)         INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION                            0.00


</TABLE>


<PAGE>   51


                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1997-1
<TABLE>
<CAPTION>
======================================================================================================================


                         DISTRIBUTION:                                          26-Jan-98                     PAGE # 3




                                                                                              GROUP I         GROUP II
                                                                                              -------         --------
<S>                     <C>                         <C>                                <C>                <C>
SECTION 7.09 (a)(vi)    ENDING AGGREGATE LOAN BALANCE                                  192,870,632.60     50,039,313.20

                        ENDING NUMBER OF LOANS                                                   3334             492


                        ENDING CERTIFICATE BALANCE:                                                         PER $1000
                                                                                                            ---------
                                                      CLASS A-1                         30,171,205.01     317.3043877
                                                      CLASS A-2                         31,086,000.00            1000
                                                      CLASS A-3                         46,349,000.00            1000
                                                      CLASS A-4                         37,517,000.00            1000
                                                      CLASS A-5                         10,065,000.00            1000
                                                      CLASS A-6                         17,897,000.00            1000
                                                      CLASS A-7                         12,000,000.00            1000
                                                      CLASS A-8                         48,164,313.20     642.1908427


                                                                                              GROUP I        GROUP II
                                                                                              -------        --------
SECTION 7.09 (a)(vii)   SUBORDINATED AMOUNT                                              7,785,427.59    1,875,000.00
                        SUBORDINATION DEFICIT                                                    0.00            0.00

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


SECTION 7.09 (a)(x)     WEIGHTED AVERAGE COUPON RATE                                        11.855000%      10.879300%


SECTION 7.09 (a)(xii)   WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II           6.303700%


SECTION 7.09 (a)(xiii)  LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                          372,847.73      608,841.29


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


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

                        GROUP I

                        --------------------------------------------------------------------------------------------------
                                         CATEGORY                 COUNT           AGG. PRIN. BAL.              PERCENTAGE
                        --------------------------------------------------------------------------------------------------
                                        30-59 DAYS                 84                  4,502,899.48                1.85%
                                        60-89 DAYS                 68                  3,358,760.96                1.38%
                                         90 + DAYS                234                 15,009,915.86                6.18%
                        --------------------------------------------------------------------------------------------------



                        GROUP II

                        --------------------------------------------------------------------------------------------------
                                         CATEGORY                COUNT            AGG. PRIN. BAL.              PERCENTAGE
                        --------------------------------------------------------------------------------------------------
                                        30-59 DAYS                 20                  1,678,591.00                0.69%
                                        60-89 DAYS                  2                    236,847.98                0.10%
                                         90 + DAYS                 35                  3,271,409.11                1.35%
                        --------------------------------------------------------------------------------------------------



                        AGGREGATE

                        --------------------------------------------------------------------------------------------------
                                         CATEGORY                COUNT            AGG. PRIN. BAL.              PERCENTAGE
                        --------------------------------------------------------------------------------------------------
                                        30-59 DAYS                104                  6,181,490.48                2.54%
                                        60-89 DAYS                 70                  3,595,608.94                1.48%
                                         90 + DAYS                269                 18,281,324.97                7.53%
                        --------------------------------------------------------------------------------------------------


                        *The number and aggrgate principal balance of delinquent loans includes loans in foreclosure and bankruptcy

</TABLE>









<PAGE>   52

                           IMC HOME EQUITY LOAN TRUST
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 1997-1


<TABLE>
<CAPTION>
==============================================================================================================================
                                                                                                                      PAGE # 4
          DISTRIBUTION:                      26-Jan-98



                                                                                   GROUP I       GROUP II           TOTAL
                                                                                   -------       --------           -----

<S>                     <C>                                                    <C>             <C>              <C>
SECTION 7.09 (b)(ii)    NUMBER OF LOANS IN FORECLOSURE                                    80             22               102

                        AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE     6,539,028.11   2,535,664.45      9,074,692.56


                        NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED                13              3                16
                        IN THE PRIOR MONTH

                        AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE     1,326,098.28     297,448.29      1,623,546.57
                        THAT WERE COMMENCED IN THE PRIOR MONTH

SECTION 7.09 (b)(iii)   NUMBER OF LOANS IN BANKRUPTCY                                     80              8                88

                        AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY      5,321,399.37     943,536.74      6,264,936.11


                        NUMBER OF LOANS THAT ARE "BALLOON" LOANS                       1,165              0              1165

                        AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"     84,163,660.07           0.00     84,163,660.07

SECTION 7.09 (b)(iv)    NUMBER OF REO PROPERTIES                                          14              3                17

                        AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES             850,839.55     542,046.90      1,392,886.45

SECTION 7.09 (b)(v)     BOOK VALUE OF REO PROPERTY                                755,712.00     422,370.00      1,178,082.00


SECTION 7.09 (b)(vi)    CUMULATIVE LOSS PERCENTAGE                                0.03600790%    0.00000000%       0.02769838%

                        CUMULATIVE REALIZED LOSSES                                 90,019.74           0.00         90,019.74

                        CURRENT PERIOD REALIZED LOSSES                             23,990.62           0.00         23,990.62

                        ANNUAL LOSS PERCENTAGE                                    0.03600790%    0.00000000%       0.02769838%

SECTION 7.09 (b)(vii)   90 + DELINQUENCY PERCENTAGE                               6.02829615%    6.41919082%       6.11319530%
</TABLE>