SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934


Date of Report: February 22, 1999
(Date of earliest event reported)


              Imperial Credit Commercial Mortgage Acceptance Corp.
             (Exact name of registrant as specified in its charter)

  California                         333-61305                  95-4649530
- ---------------------- ---------------------------------------------------------
(State or Other                     (Commission              (I.R.S. Employer
Jurisdiction of                    File Number)             Identification No.)
Incorporation)



            11601 Wilshire Boulevard, No. 2080 Los Angeles, CA 90025
- --------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)



                                 (310) 231-1280
- --------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)








ITEM 5.  OTHER EVENTS.

         Attached as an exhibit is a Collateral  and  Structural  Term Sheet (as
defined in the no-action  letter dated May 20, 1994 issued by the Securities and
Exchange Commission to Kidder, Peabody Acceptance Corporation-I, Kidder, Peabody
& Co. Incorporated and Kidder Structured Asset Corporation (the "Kidder Letter")
as modified by a no-action  letter (the "First PSA No-Action  Letter") issued by
the staff of the Commission on May 27, 1994 to the Public Securities Association
(the  "PSA") and as further  modified by a  no-action  letter  (the  "Second PSA
No-Action Letter") issued by the staff of the Commission on March 9, 1995 to the
PSA) furnished to the Registrant by J.P.  Morgan  Securities Inc. and Prudential
Securities Incorporated (the "Underwriters") in respect of the proposed offering
of ICCMAC Multifamily and Commercial Trust 1999-1 Collateralized Mortgage Bonds,
Series 1999-1 (the "Bonds").

         The  Bonds  will  be  offered  pursuant  to a  Prospectus  and  related
Prospectus Supplement (together, the "Prospectus"), which will be filed with the
Commission  pursuant to Rule 424 under the  Securities  Act of 1933,  as amended
(the  "Act").  The  Bonds  will be  registered  pursuant  to the Act  under  the
Registrant's   Registration   Statement  on  Form  S-3  (No.   333-61305)   (the
"Registration Statement"). The Registrant hereby incorporates the Collateral and
Structural Term Sheet by reference in the Registration Statement.

         The  Collateral and  Structural  Term Sheet was prepared  solely by the
Underwriters,  and  the  Registrant  did  not  prepare  or  participate  in  the
preparation of the Collateral and Structural Term Sheet.

         Any statement or information contained in the Collateral and Structural
Term Sheet  shall be deemed to be  modified or  superseded  for  purposes of the
Prospectus and the Registration Statement by statements or information contained
in the Prospectus.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c) Exhibits

Exhibit 99.1      Collateral and Structural Term Sheet








         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this  report  to be  signed  on behalf of the
Registrant by the undersigned hereunto duly authorized.

                                                   IMPERIAL CREDIT COMMERCIAL
                                                   MORTGAGE ACCEPTANCE CORP.


                                                   By: /s/ Mark Karlan
                                                      --------------------------
                                                      Name:  Mark Karlan
                                                      Title: President

Date: February 23, 1999








                                            Exhibit Index





Exhibit No.             Description                             Paper (P) or
                                                                Electronic (E)

99.1                    Collateral and Structural Term Sheet             E