ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATEHOLDERS
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DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
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A-1 152,291,000.00 152,291,000.00 920,091.45 847,634.42 1,767,725.87 0.00 0.00 151,443,365.58
A-2 45,634,000.00 45,634,000.00 275,705.42 0.00 275,705.42 0.00 0.00 45,634,000.00
A-3 27,873,000.00 27,873,000.00 168,399.38 79,388.88 247,788.26 0.00 0.00 27,793,611.12
A-4 4,114,000.00 4,114,000.00 24,855.42 4,443.09 29,298.51 0.00 0.00 4,109,556.91
A-5 12,841,000.00 12,841,000.00 77,581.04 0.00 77,581.04 0.00 0.00 12,841,000.00
A-6 20,052,000.00 20,052,000.00 121,147.50 0.00 121,147.50 0.00 0.00 20,052,000.00
A-7 37,673,000.00 37,673,000.00 227,607.71 0.00 227,607.71 0.00 0.00 37,673,000.00
A-8 4,186,000.00 4,186,000.00 25,290.42 0.00 25,290.42 0.00 0.00 4,186,000.00
A-9 11,474.25 11,474.25 0.00 27.40 27.40 0.00 0.00 11,446.85
A-10 * 324,123,628.54 324,123,628.54 398,852.61 0.00 398,852.61 0.00 0.00 323,178,843.09
M-1 7,292,000.00 7,292,000.00 44,055.83 4,946.18 49,002.01 0.00 0.00 7,287,053.82
M-2 3,241,000.00 3,241,000.00 19,581.04 2,198.38 21,779.42 0.00 0.00 3,238,801.62
M-3 2,431,000.00 2,431,000.00 14,687.29 1,648.95 16,336.24 0.00 0.00 2,429,351.05
B-1 3,241,000.00 3,241,000.00 19,581.04 2,198.38 21,779.42 0.00 0.00 3,238,801.62
B-2 1,620,000.00 1,620,000.00 9,787.50 1,098.85 10,886.35 0.00 0.00 1,618,901.15
B-3 1,623,054.29 1,623,054.29 9,805.95 1,100.92 10,906.87 0.00 0.00 1,621,953.37
R 100 100 0.6 100 100.6 0 0 0
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TOTALS 324,123,628.54 324,123,628.54 2,357,030.20 944,785.45 3,301,815.65 0.00 0.00 323,178,843.09
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*Class A-10 Represents a Notional Balance
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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A-1 44926MBQ2 1,000.000000 6.041667 5.565886 11.607553 994.434114 7.250000% 7.250000%
A-2 44926MBR0 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-3 44926MBS8 1,000.000000 6.041667 2.848236 8.889903 997.151764 7.250000% 7.250000%
A-4 44926MBT6 1,000.000000 6.041667 1.079993 7.121660 998.920007 7.250000% 7.250000%
A-5 44926MBU3 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-6 44926MBV1 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-7 44926MBW9 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-8 44926MBX7 1,000.000000 6.041667 0.000000 6.041667 1,000.000000 7.250000% 7.250000%
A-9 44926MBY5 1,000.000000 0.000000 2.387956 2.387956 997.612044 0.000000% 0.000000%
A-10 * 44926MBZ2 1,000.000000 1.230557 0.000000 1.230557 997.085108 1.476668% 1.476338%
M-1 44926MCB4 1,000.000000 6.041666 0.678302 6.719968 999.321698 7.250000% 7.250000%
M-2 44926MCC2 1,000.000000 6.041666 0.678303 6.719969 999.321697 7.250000% 7.250000%
M-3 44926MCD0 1,000.000000 6.041666 0.678301 6.719967 999.321699 7.250000% 7.250000%
B-1 44926MCE8 1,000.000000 6.041666 0.678303 6.719969 999.321697 7.250000% 7.250000%
B-2 44926MCF5 1000 6.041666667 0.678302469 6.719969136 999.3216975 0.0725 0.0725
B-3 44926MCG3 1000 6.041664817 0.678301402 6.719966219 999.3216986 0.0725 0.0725
R 44926MCA6 1000 6 1000 1006 0 0.0725 0.0725
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SELLER: ICIFC Secured Assets Corp. ADMINISTRATOR: Joseph M Murphy
SERVICER: ICIFC Secured Assets Corp. Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: September 30, 1997 Irvine, CA 92614
DISTRIBUTION DATE: October 27, 1997 FACTOR INFORMATION: (800) 735-7777
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Page 1 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: October 27, 1997
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Class Interest Accrued Net Interest Shortfall
----------------- --------------------------------------------------------------------------------
A-1 920,091.45 0.00
A-2 275,705.42 0.00
A-3 168,399.38 0.00
A-4 24,855.42 0.00
A-5 77,581.04 0.00
A-6 121,147.50 0.00
A-7 227,607.71 0.00
A-8 25,290.42 0.00
A-10 398,852.61 0.00
M-1 44,055.83 0.00
M-2 19,581.04 0.00
M-3 14,687.29 0.00
B-1 19,581.04 0.00
B-2 9,787.50 0.00
B-3 9,805.95 0.00
R 0.60 0.00
Monthly Interest Advanced 207,736.23
Monthly Principal Advanced 17,049.14
Compensating Interest Payments made by Master Servicer 179.26
Number of Mortgage Loans remaining as of the end of the
current distribution date: 2171
Stated Principal Balance as of the end of the current
distribution date: 2323,178,843.09
Current Senior Percentage 94.00%
Current Class M-1 Percentage 2.25%
Current Class M-2 Percentage 1.00%
Current Class M-3 Percentage 0.75%
Current Class B-1 Percentage 1.00%
Current Class B-2 Percentage 0.50%
Current Class B-3 Percentage 0.50%
Next Periods Senior Percentage: 93.99%
Next Periods Class M-1 Percentage: 2.25%
Next Periods Class M-2 Percentage: 1.00%
Next Periods Class M-3 Percentage: 0.75%
Next Periods Class B-1 Percentage: 1.00%
Next Periods Class B-2 Percentage: 0.50%
Next Periods Class B-3 Percentage: 0.50%
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Page 2 of 3 (C) COPYRIGHT 1997 Bankers Trust Company
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3
REMIC
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: October 27, 1997
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DELINQUENT
LOAN 30-60 61-90 91 +
INFORMATION: DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE - LOAN GROUP I 1,330,047.77 0.00 0.00 1,330,047.77
NUMBER OF LOANS - LOAN GROUP I 8 0 0 8
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP I 0 0 0 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 0.00
NUMBER OF LOANS - LOAN GROUP I 0 0 0 0
REO LOAN INFORMATION:
PRINCIPAL BALANCE - LOAN GROUP I 0.00 0.00 0.00 411,657.86
NUMBER OF LOANS - LOAN GROUP I 0 0 0 3
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Book Value of all REO Property 0.00
Class M-1 Subordinate Principal Distribution Amount: 4,946.18
Class M-2 Subordinate Principal Distribution Amount: 2,198.38
Class M-3 Subordinate Principal Distribution Amount: 1,648.95
Class B-1 Subordinate Principal Distribution Amount: 2,198.38
Class B-2 Subordinate Principal Distribution Amount: 1,098.85
Class B-3 Subordinate Principal Distribution Amount: 1,100.92
Class M-1 Prepayment Distribution Percentage: 37.49%
Class M-2 Prepayment Distribution Percentage: 16.66%
Class M-3 Prepayment Distribution Percentage: 12.50%
Class B-1 Prepayment Distribution Percentage: 16.66%
Class B-2 Prepayment Distribution Percentage: 8.33%
Class B-3 Prepayment Distribution Percentage: 8.35%
Has A Credit Support Depletion Date Occurred? No
Senior Accelerated Distribution Percentage: 100.00%
Scheduled Payment Lockout Distribution Percentage: 0.00%
Unscheduled Payment Lockout Distribution Percentage: 0.00%
Current Periods Realized Losses 0.00
Weighted Average Term to Maturity: 347
Weighted Average Mortgage Rate (after giving effect to current periods distribution): 8.99%
Bankruptcy Amount: 148,332.00
Fraud Loss Amount: 6,482,472.56
Special Hazard Amount: 2,314,000.00
Page 3 of 3 (C) COPYRIGHT 1997 Bankers Trust Company