March 24, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: ICIFC Secured Assets Corp. Mortgage Pass-Through
Certificates, Series 1997-1; File No. 333-8439.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of ICIFC Secured Assets
Corp. (as Company) under the Pooling and Servicing Agreement,
dated as of September 1, 1997, among ICI Funding Corporation, a
California corporation ("ICI Funding"), as master servicer (the
"Master Servicer"), and Bankers Trust Company of California,
N.A., a national banking association, as trustee ("Trustee"),
providing for, inter alia, the issuance of Mortgage Pass-Through
Certificates, Series 1997-1 is a Current Report on Form 8-K.
The Series 1997-1 Mortgage Pass-Through Certificates will consist
of the classes of Certificates offered hereby (the "Offered
Certificates") in addition to the Class PO, Class B-4, B-5,
Class B-6, Class R-1 and Class R-2 Certificates (the "Other
Certificates"), which are not being offered.
The Certificates will evidence in the aggregate the entire
beneficial ownership interest in the Trust. The Trust will
consist of (i) the Mortgage Loans, (ii) such assets as from time
to time are identified and deposited in respect of the Mortgage
Loans in the account (The "Protected Account") established by the
Master Servicer for the collection of payments on the Mortgage
Loans and in the Certificate Account and belonging to the Trust,
(iii) property acquired by foreclosure of such Mortgage Loans or
by deed of trust in lieu of foreclosure (iv) any applicable
Primary Insurance Policies and standard hazard insurance
policies,; and (v) all proceeding and foregoing.
The Certificates were registered under the Securities Act of 1933.
As a result, the Registrant is subject to the filing requirements
of Section 15(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The agent for Registrant will file, promptly after each
Distribution Date as defined in the Indenture Agreement), a
Current Report on Form 8-K in substantially the form enclosed
herewith, including as an exhibit thereto the applicable
Distribution Date Report. Each such Current Report will also
disclose under Item 5 any matter occurring during the relevant
reporting period which would be reportable under Item 1, 2, 4 or
5 of Part II of Form 10-Q.
Within 90 days after the end of each fiscal year, the agent for
the Registrant will file an annual report of Form 10-K, which
responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II,
Items 12 and 13 of Part III and Item 14 of Part IV thereof, and
include as exhibits thereto certain information from the
Distribution Date reports aggregated for such year and a copy of
the independent accountants' annual compliance statement required
under the Pooling and Servicing Agreement.
The agent for the Registrant will follow the above procedures
except Section 15(d) of the Exchange Act have been suspended
pursuant to such Section. In such event, the agent for the
Registrant will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please
call Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for ICIFC Secured Assets Corp. Mortgage
Pass-Through Certificates, Series 1997-1.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 26, 1997
ICIFC SECURED ASSETS CORP.
(as company under a Pooling and Servicing Agreement, dated as of
March 1, 1997, providing for inter alia, the issuance of
Mortgage Pass-Through Certificates, Series 1997-1).
ICIFC SECURED ASSETS CORP.
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-8439 33-071-5871
(Commission File Number) (I.R.S. Employer
Identification No.)
20371 IRVINE AVENUE
SANTA ANA HEIGHTS, CALIFORNIA 92707
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (714) 556-0122
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
December 26, 1997.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of March 1, 1997.
Date: March 24, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of December 26, 1997. 4
Monthly Remittance Statement to the Certificateholders
dated as of January 27, 1998. 12
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1998. 20
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: December 26, 1997
Class Interest Accrued Interest Shortfall
A-1 76,189.69 0.00
A-2 384,583.88 0.00
A-3 110,621.79 0.00
A-4 125,871.67 0.00
A-5 94,236.00 0.00
A-6 101,439.58 0.00
A-7 143,433.13 0.00
A-8 35,598.33 0.00
A-9 43,090.00 0.00
A-10 362,448.13 0.00
X 183,879.06 0.00
B-1 40,449.40 0.00
B-2 17,978.22 0.00
B-3 13,485.27 0.00
B-4 15,279.89 0.00
B-5 8,088.60 0.00
B-6 8,043.12 0.00
R-1 0.00 0.00
Monthly Interest Advanced 433,478.84
Monthly Principal Advanced 42,351.01
Compensatory Interest Payments made by Master Servicer 13,137.07
Realized Losses
a) Due to Deficient Valuations 0.00
b) Liquidated Mortgage Loans 0.00
Scheduled Principal 189,883.56
Principal Prepayments
a) Received from Liquidated Mortgage Loans 0.00
b) All other principal received during related
Prepayment Period 5,048,837.01
c) Principal amount received from Net Liquidation
Proceeds 0.00
Number of Mortgage Loans (excluding REO Property)
remaining as of the end related Due Period: 1717
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: February 25, 1998
DELINQUENCY 30 TO 59 60 TO 89 90 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL
SCHEDULED PRINCIPAL BAL. 5,102,327.20 956,930.65 265,987.68 6,325,245.53
NUMBER OF LOANS 35 6 2 43
LOANS IN FORECLOSURE
SCHEDULED PRINCIPAL BAL. 242,428.35 107,275.68 2,301,124.16 2,652,314.14
NUMBER OF LOANS 2 1 13 16
LOANS IN BANKRUPTCY
SCHEDULED PRINCIPAL BAL. 0.00 00.00 148,678.86 148,678.86
NUMBER OF LOANS 0 0 1 1
LOANS IN REO STATUS
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
Book Value of REO Property 0.00
AGGREGATED REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
A-2 0.00
A-3 0.00
A-4 0.00
A-5 0.00
A-6 0.00
A-7 0.00
A-8 0.00
A-9 0.00
A-10 0.00
PO 0.00
X 0.00
B-1 0.00
B-3 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
Applicable Senior Percentage 93.47%
Applicable Subordinate Percentage 6.53%
Applicable Senior Prepayment Percentage 100.00%
Applicable Subordinate Prepayment Percentage 0.00%
Weighted Average Coupon Rate 8.91%
Weighted Average Months to Maturity 334
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC I
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 32,898,000.00 19,846,125.95 110,807.54 1,927,529.31
A-2 67,450,000.00 56,486,155.99 423,646.17 1,619,164.46
A-3 19,379,000.00 19,379,000.00 110,621.79 0.00
A-4 21,578,000.00 21,578,000.00 125,871.67 0.00
A-5 15,706,000.00 15,706,000.00 94,236.00 0.00
A-6 16,675,000.00 16,675,000.00 101,439.58 0.00
A-7 22,209,000.00 22,209,000.00 143,433.13 0.00
A-8 5,512,000.00 5,512,000.00 35,598.33 0.00
A-9 6,672,000.00 6,672,000.00 43,090.00 0.00
A-10 56,121,000.00 56,121,000.00 362,448.13 0.00
P0 162,446.00 153,359.85 0.00 755.40
X 270,718,591.23 247,104,946.42 191,398.02 0.00
B-1 6,311,000.00 6,274,759.48 40,524.49 4,796.58
B-2 2,805,000.00 2,788,892.48 18,011.60 2,131.90
B-3 2,104,000.00 2,091,917.93 13,510.30 1,599.12
B-4 2,384,000.00 2,370,310.03 15,308.25 1,811.93
B-5 1,262,000.00 1,254,753.05 8,103.61 959.17
B-6 1,262,766.00 1,255,514.64 8,108.53 959.75
R-1 100.00 0.00 0.00 0.00
Totals 280,491,312.00 256,373,789.40 1,846,157.14 3,559,707.62
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1 2,038,336.85 0.00 0.00 17,918,596.64
A-2 2,042,810.63 0.00 0.00 54,866,991.53
A-3 110,621.79 0.00 0.00 19,379,000.00
A-4 125,871.67 0.00 0.00 21,578,000.00
A-5 94,236.00 0.00 0.00 15,706,000.00
A-6 101,439.58 0.00 0.00 16,675,000.00
A-7 143,433.13 0.00 0.00 22,209,000.00
A-8 35,598.33 0.00 0.00 5,512,000.00
A-9 43,090.00 0.00 0.00 6,672,000.00
A-10 362,448.13 0.00 0.00 56,121,000.00
P0 755.40 0.00 0.00 152,604.45
X 191,398.02 0.00 0.00 243,652,986.88
B-1 45,321.07 0.00 0.00 6,269,962.90
B-2 20,143.50 0.00 0.00 2,786,760.58
B-3 15,109.42 0.00 0.00 2,090,318.81
B-4 17,120.18 0.00 0.00 2,368,498.10
B-5 9,062.78 0.00 0.00 1,253,793.88
B-6 9,068.28 0.00 0.00 1,254,554.89
R-1 0.00 0.00 0.00 0.00
Totals 5,405,864.76 0.00 0.00 252,814,081.78
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 44926MAA8 603.262385 3.368215 58.591079 61.959294
A-2 44926MAB6 837.452276 6.280892 24.005403 30.286295
A-3 44926MAC4 1,000.000000 5.708333 0.000000 5.708333
A-4 44296MAD2 1,000.000000 5.833333 0.000000 5.833333
A-5 44926MAE0 1,000.000000 6.000000 0.000000 6.000000
A-6 44926MAF7 1,000.000000 6.083333 0.000000 6.083333
A-7 44926MAG5 1,000.000000 6.458334 0.000000 6.458334
A-8 44926MAH3 1,000.000000 6.458333 0.000000 6.458333
A-9 44926MAJ9 1,000.000000 6.458333 0.000000 6.458333
A-10 44926MAK6 1,000.000000 6.458333 0.000000 6.458333
P0 44926MAV2 944.066644 0.000000 4.650161 4.650161
X 44926MAP5 912.774203 0.707000 0.000000 0.707000
B-1 44926MAL4 994.257563 6.421247 0.760035 7.181282
B-2 44926MAM2 994.257569 6.421248 0.760036 7.181283
B-3 44926MAN0 994.257571 6.421245 0.760038 7.181283
B-4 44926MAQ3 994.257563 6.421246 0.760038 7.181284
B-5 44926MAR1 994.257567 6.421244 0.760040 7.181284
B-6 44926MAS9 994.257558 6.421245 0.760038 7.181283
R-1 44926MAT7 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1 544.671306 6.700000% 6.700000%
A-2 813.446872 9.000000% 9.000000%
A-3 1,000.000000 6.850000% 6.850000%
A-4 1,000.000000 7.000000% 7.000000%
A-5 1,000.000000 7.200000% 7.200000%
A-6 1,000.000000 7.300000% 7.300000%
A-7 1,000.000000 7.750000% 7.750000%
A-8 1,000.000000 7.750000% 7.750000%
A-9 1,000.000000 7.750000% 7.750000%
A-10 1,000.000000 7.750000% 7.750000%
P0 939.416483 0.000000% 0.000000%
X 900.023104 0.925877% 0.924989%
B-1 993.497528 7.750000% 7.750000%
B-2 993.497533 7.750000% 7.750000%
B-3 993.497533 7.750000% 7.750000%
B-4 993.497525 7.750000% 7.750000%
B-5 993.497528 7.750000% 7.750000%
B-6 993.497521 7.750000% 7.750000%
R-1 0.000000 0.000000 0.000000
Seller: ICIFC Secured Assets Corp. Administrator: Joseph Murphy
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Morgan Stanley & Co. 3 Park Plaza
Record Date: November 28, 1997 Irvine, CA 92714
Distribution Date: December 26, 1997 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC II
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
II-A-1 32,898,000.00 19,846,125.95 142,998.23 1,927,529.31
II-A-2 67,450,000.00 56,486,155.99 407,002.36 1,619,164.46
II-A-3 19,379,000.00 19,379,000.00 139,632.42 0.00
II-A-4 21,578,000.00 21,578,000.00 155,476.98 0.00
II-A-5 15,706,000.00 15,706,000.00 113,167.18 0.00
II-A-6 16,675,000.00 16,675,000.00 120,149.16 0.00
II-A-7 22,209,000.00 22,209,000.00 160,023.56 0.00
II-A-8 5,512,000.00 5,512,000.00 39,715.87 0.00
II-A-9 6,672,000.00 6,672,000.00 48,074.08 0.00
II-A-10 56,121,000.00 56,121,000.00 404,371.29 0.00
II-PO 162,446.00 153,359.85 0.00 755.40
II-B-1 6,311,000.00 6,274,759.48 45,211.82 4,796.58
II-B-2 2,805,000.00 2,788,892.48 20,094.97 2,131.90
II-B-3 2,104,000.00 2,091,917.93 15,072.99 1,599.12
II-B-4 2,384,000.00 2,370,310.03 17,078.91 1,811.93
II-B-5 1,262,000.00 1,254,753.05 9,040.93 959.17
II-B-6 1,262,766.00 1,255,514.64 9,046.42 959.75
II-R-1 100.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00
Totals 280,491,412.00 256,373,789.40 1,846,157.14 3,559,707.62
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
II-A-1 2,070,527.54 0.00 0.00 17,918,596.64
II-A-2 2,026,166.82 0.00 0.00 54,866,991.53
II-A-3 139,632.42 0.00 0.00 19,379,000.00
II-A-4 155,476.98 0.00 0.00 21,578,000.00
II-A-5 113,167.18 0.00 0.00 15,706,000.00
II-A-6 120,149.16 0.00 0.00 16,675,000.00
II-A-7 160,023.56 0.00 0.00 22,209,000.00
II-A-8 39,715.87 0.00 0.00 5,512,000.00
II-A-9 48,074.08 0.00 0.00 6,672,000.00
II-A-10 404,371.29 0.00 0.00 56,121,000.00
II-PO 755.40 0.00 0.00 152,604.45
II-B-1 50,008.40 0.00 0.00 6,269,962.90
II-B-2 22,226.84 0.00 0.00 2,786,760.58
II-B-3 16,672.11 0.00 0.00 2,090,318.81
II-B-4 18,890.84 0.00 0.00 2,368,498.10
II-B-5 10,000.10 0.00 0.00 1,253,793.88
II-B-6 10,006.17 0.00 0.00 1,254,554.89
II-R-1 0.00 0.00 0.00 0.00
Totals 5,405,864.76 0.00 0.00 252,814,081.78
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
II-A-1 IC9701201 603.262385 4.346715 58.591079 62.937794
II-A-2 IC9701202 837.452276 6.034134 24.005403 30.039538
II-A-3 IC9701203 1,000.000000 7.205347 0.000000 7.205347
II-A-4 IC9701204 1,000.000000 7.205347 0.000000 7.205347
II-A-5 IC9701205 1,000.000000 7.205347 0.000000 7.205347
II-A-6 IC9701206 1,000.000000 7.205347 0.000000 7.205347
II-A-7 IC9701207 1,000.000000 7.205347 0.000000 7.205347
II-A-8 IC9701208 1,000.000000 7.205347 0.000000 7.205347
II-A-9 IC9701209 1,000.000000 7.205347 0.000000 7.205347
II-A-10 IC9701210 1,000.000000 7.205347 0.000000 7.205347
II-PO IC9701213 944.066644 0.000000 4.650161 4.650161
II-B-1 IC9701215 994.257563 0.716397 0.760035 1.476432
II-B-2 IC9701216 994.257569 0.716397 0.760036 1.476433
II-B-3 IC9701217 994.257571 0.716397 0.760038 1.476435
II-B-4 IC9701218 994.257563 0.716397 0.760038 1.476435
II-B-5 IC9701219 994.257567 0.716397 0.760040 1.476437
II-B-6 IC9701220 994.257558 0.716397 0.760038 1.476435
II-R-1 IC9701221 0.000000 0.000000 0.000000 0.000000
R-2 44926MAU4 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
II-A-1 544.671306 8.646417% 8.642020%
II-A-2 813.446872 8.646417% 8.642020%
II-A-3 1,000.000000 8.646417% 8.642020%
II-A-4 1,000.000000 8.646417% 8.642020%
II-A-5 1,000.000000 8.646417% 8.642020%
II-A-6 1,000.000000 8.646417% 8.642020%
II-A-7 1,000.000000 8.646417% 8.642020%
II-A-8 1,000.000000 8.646417% 8.642020%
II-A-9 1,000.000000 8.646417% 8.642020%
II-A-10 1,000.000000 8.646417% 8.642020%
II-P0 939.416483 0.000000% 0.000000%
II-B-1 993.497528 8.646417% 8.642020%
II-B-2 993.497533 8.646417% 8.642020%
II-B-3 993.497533 8.646417% 8.642020%
II-B-4 993.497525 8.646417% 8.642020%
II-B-5 993.497528 8.646417% 8.642020%
II-B-6 993.497521 8.646417% 8.642020%
II-R-1 0.000000 0.000000 0.000000
R-2 0.000000 0.000000 0.000000
Seller: ICIFC Secured Assets Corp. Administrator: Joseph Murphy
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Morgan Stanley & Co. 3 Park Plaza
Record Date: November 28, 1997 Irvine, CA 92714
Distribution Date: December 26, 1997 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: December 26, 1997
Class Interest Accrued Interest Shortfall
A-1 110,807.54 0.00
A-2 423,646.17 0.00
A-3 110,621.79 0.00
A-4 125,871.67 0.00
A-5 94,236.00 0.00
A-6 101,439.58 0.00
A-7 143,433.13 0.00
A-8 35,598.33 0.00
A-9 43,090.00 0.00
A-10 362,448.13 0.00
X 191,398.02 0.00
B-1 40,524.49 0.00
B-2 18,011.60 0.00
B-3 13,510.30 0.00
B-4 15,308.25 0.00
B-5 8,103.61 0.00
B-6 8,108.53 0.00
R-1 0.00 0.00
Monthly Interest Advanced 460,173.44
Monthly Principal Advanced 44,454.33
Compensatory Interest Payments made by Master Servicer 14,079.64
Realized Losses
a) Due to Deficient Valuations 0.00
b) Liquidated Mortgage Loans 0.00
Scheduled Principal 196,204.93
Principal Prepayments
a) Received from Liquidated Mortgage Loans 0.00
b) All other principal received during related
Prepayment Period 3,363,502.69
c) Principal amount received from Net Liquidation
Proceeds 0.00
Number of Mortgage Loans (excluding REO Property)
remaining as of the end related Due Period: 1784
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: December 26, 1997
DELINQUENCY 30 TO 59 60 TO 89 90 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL
SCHEDULED PRINCIPAL BAL. 3,786,021.68 310,020.98 124,319.44 4,220,362.10
NUMBER OF LOANS 24 3 1 28
LOANS IN FORECLOSURE
SCHEDULED PRINCIPAL BAL. 147,208.82 224,315.86 2,273,369.01 2,851,943.40
NUMBER OF LOANS 1 2 12 16
LOANS IN BANKRUPTCY
SCHEDULED PRINCIPAL BAL. 0.00 0.00 335,284.52 335,284.52
NUMBER OF LOANS 0 0 1 1
LOANS IN REO STATUS
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
Book Value of REO Property 0.00
AGGREGATED REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
A-2 0.00
A-3 0.00
A-4 0.00
A-5 0.00
A-6 0.00
A-7 0.00
A-8 0.00
A-9 0.00
A-10 0.00
PO 0.00
X 0.00
B-1 0.00
B-3 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
Applicable Senior Percentage 93.75%
Applicable Subordinate Percentage 6.26%
Applicable Senior Prepayment Percentage 100.00%
Applicable Subordinate Prepayment Percentage 0.00%
Weighted Average Coupon Rate 8.90%
Weighted Average Months to Maturity 336
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 32,898,000.00 17,918,596.64 100,045.50 4,272,682.10
A-2 67,450,000.00 56,866,991.53 411,502.44 3,589,141.28
A-3 19,379,000.00 19,379,000.00 110,621.79 0.00
A-4 21,578,000.00 21,578,000.00 125,871.67 0.00
A-5 15,706,000.00 15,706,000.00 94,236.00 0.00
A-6 16,675,000.00 16,675,000.00 101,439.58 0.00
A-7 22,209,000.00 22,209,000.00 143,433.13 0.00
A-8 5,512,000.00 5,512,000.00 35,598.33 0.00
A-9 6,672,000.00 6,672,000.00 43,090.00 0.00
A-10 56,121,000.00 56,121,000.00 362,448.13 0.00
P0 162,446.00 152,604.45 0.00 17,968.12
X 270,718,591.23 243,652,986.88 189,508.22 0.00
B-1 6,311,000.00 6,269,962.90 40,493.51 6,829.61
B-2 2,805,000.00 2,788,892.48 18,011.60 2,131.90
B-3 2,104,000.00 2,090,318.81 13,499.98 2,276.90
B-4 2,384,000.00 2,368,498.10 15,296.55 2,579.90
B-5 1,262,000.00 1,253,793.88 8,097.42 1,365.70
B-6 1,262,766.00 1,254,554.89 8,102.33 1,366.53
R-1 100.00 0.00 0.00 0.00
Totals 280,491,312.00 252,814,081.41 1,821,282.41 7,897,245.64
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1 4,372,727.60 0.00 0.00 13,645,914.54
A-2 4,000,643.72 0.00 0.00 51,277,850.25
A-3 110,621.79 0.00 0.00 19,379,000.00
A-4 125,871.67 0.00 0.00 21,578,000.00
A-5 94,236.00 0.00 0.00 15,706,000.00
A-6 101,439.58 0.00 0.00 16,675,000.00
A-7 143,433.13 0.00 0.00 22,209,000.00
A-8 35,598.33 0.00 0.00 5,512,000.00
A-9 43,090.00 0.00 0.00 6,672,000.00
A-10 362,448.13 0.00 0.00 56,121,000.00
P0 17,968.12 0.00 0.00 134,636.33
X 189,508.22 0.00 0.00 236,741,402.90
B-1 47,323.12 0.00 0.00 6,263,133.29
B-2 21,033.33 0.00 0.00 2,783,725.08
B-3 15,776.88 0.00 0.00 2,088,041.91
B-4 17,876.45 0.00 0.00 2,365,918.20
B-5 9,463.12 0.00 0.00 1,252,428.18
B-6 9,468.86 7,801.71 0.00 1,254,554.89
R-1 0.00 0.00 0.00 0.00
Totals 9,718,528.05 7,801.71 0.00 244,909,034.43
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 44926MAA8 544.671306 3.041082 129.876652 132.917734
A-2 44926MAB6 837.446872 6.100852 53.211880 59.312731
A-3 44926MAC4 1,000.000000 5.708333 0.000000 5.708333
A-4 44296MAD2 1,000.000000 5.833333 0.000000 5.833333
A-5 44926MAE0 1,000.000000 6.000000 0.000000 6.000000
A-6 44926MAF7 1,000.000000 6.083333 0.000000 6.083333
A-7 44926MAG5 1,000.000000 6.458334 0.000000 6.458334
A-8 44926MAH3 1,000.000000 6.458333 0.000000 6.458333
A-9 44926MAJ9 1,000.000000 6.458333 0.000000 6.458333
A-10 44926MAK6 1,000.000000 6.458333 0.000000 6.458333
P0 44926MAV2 939.416483 0.000000 110.609803 110.609803
X 44926MAP5 900.023104 0.700019 0.000000 0.700019
B-1 44926MAL4 993.497528 6.416338 1.082176 7.498514
B-2 44926MAM2 993.497533 6.416339 1.082175 7.498513
B-3 44926MAN0 993.497533 6.416340 1.082177 7.498517
B-4 44926MAQ3 993.497525 6.416338 1.082173 7.498511
B-5 44926MAR1 993.497528 6.416339 1.082171 7.498510
B-6 44926MAS9 993.497521 6.416335 1.082170 7.498505
R-1 44926MAT7 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1 414.794654 6.700000% 6.700000%
A-2 760.234993 9.000000% 9.000000%
A-3 1,000.000000 6.850000% 6.850000%
A-4 1,000.000000 7.000000% 7.000000%
A-5 1,000.000000 7.200000% 7.200000%
A-6 1,000.000000 7.300000% 7.300000%
A-7 1,000.000000 7.750000% 7.750000%
A-8 1,000.000000 7.750000% 7.750000%
A-9 1,000.000000 7.750000% 7.750000%
A-10 1,000.000000 7.750000% 7.750000%
P0 828.806680 0.000000% 0.000000%
X 874.492593 0.924958% 0.926442%
B-1 992.415352 7.750000% 7.750000%
B-2 992.415358 7.750000% 7.750000%
B-3 992.415356 7.750000% 7.750000%
B-4 992.415352 7.750000% 7.750000%
B-5 992.415357 7.750000% 7.750000%
B-6 986.237080 7.750000% 7.750000%
R-1 0.000000 7.750000% 7.750000%
Seller: ICIFC Secured Assets Corp. Administrator: Joseph Murphy
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Morgan Stanley & Co. 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92714
Distribution Date: January 26, 1998 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC II
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
II-A-1 32,898,000.00 17,918,596.64 129,164.23 4,272,682.10
II-A-2 67,450,000.00 54,866,991.53 395,502.66 3,589,141.28
II-A-3 19,379,000.00 19,379,000.00 139,691.39 0.00
II-A-4 21,578,000.00 21,578,000.00 155,542.63 0.00
II-A-5 15,706,000.00 15,706,000.00 113,214.97 0.00
II-A-6 16,675,000.00 16,675,000.00 120,199.90 0.00
II-A-7 22,209,000.00 22,209,000.00 160,091.13 0.00
II-A-8 5,512,000.00 5,512,000.00 39,732.64 0.00
II-A-9 6,672,000.00 6,672,000.00 48,094.38 0.00
II-A-10 56,121,000.00 56,121,000.00 404,542.04 0.00
II-PO 162,446.00 152,604.45 0.00 17,968.12
II-B-1 6,311,000.00 6,269,962.90 45,196.34 6,829.61
II-B-2 2,805,000.00 2,786,760.58 20,088.06 3,035.50
II-B-3 2,104,000.00 2,090,318.81 15,067.83 2,276.90
II-B-4 2,384,000.00 2,368,498.10 17,073.06 2,579.90
II-B-5 1,262,000.00 1,253,793.88 9,037.84 1,365.70
II-B-6 1,262,766.00 1,254,554.89 9,043.32 1,366.53
II-R-1 100.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00
Totals 280,491,412.00 256,814,081.78 1,821,282.41 7,897,245.64
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
II-A-1 4,401,846.33 0.00 0.00 13,645,914.54
II-A-2 3,984,643.94 0.00 0.00 51,277,850.25
II-A-3 139,691.39 0.00 0.00 19,379,000.00
II-A-4 155,542.63 0.00 0.00 21,578,000.00
II-A-5 113,214.97 0.00 0.00 15,706,000.00
II-A-6 120,199.90 0.00 0.00 16,675,000.00
II-A-7 160,091.13 0.00 0.00 22,209,000.00
II-A-8 39,732.64 0.00 0.00 5,512,000.00
II-A-9 48,094.38 0.00 0.00 6,672,000.00
II-A-10 404,542.04 0.00 0.00 56,121,000.00
II-PO 17,968.12 0.00 0.00 134,636.33
II-B-1 52,025.95 0.00 0.00 6,263,133.29
II-B-2 23,123.56 0.00 0.00 2,783,725.08
II-B-3 17,344.73 0.00 0.00 2,088,041.91
II-B-4 19,652.96 0.00 0.00 2,365,918.20
II-B-5 10,403.54 0.00 0.00 1,252,428.18
II-B-6 10,409.85 7,801.71 0.00 1,254,386.65
II-R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 9,718,528.05 7,801.71 0.00 244,909,034.43
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
II-A-1 IC9701201 544.671306 3.926203 129.876652 133.802855
II-A-2 IC9701202 813.446872 5.863642 53.211880 59.075522
II-A-3 IC9701203 1,000.000000 7.208390 0.000000 7.208390
II-A-4 IC9701204 1,000.000000 7.208390 0.000000 7.208390
II-A-5 IC9701205 1,000.000000 7.208390 0.000000 7.208390
II-A-6 IC9701206 1,000.000000 7.208390 0.000000 7.208390
II-A-7 IC9701207 1,000.000000 7.208390 0.000000 7.208390
II-A-8 IC9701208 1,000.000000 7.208390 0.000000 7.208390
II-A-9 IC9701209 1,000.000000 7.208390 0.000000 7.208390
II-A-10 IC9701210 1,000.000000 7.208390 0.000000 7.208390
II-PO IC9701213 939.416483 0.000000 110.609803 110.609803
II-B-1 IC9701215 993.497528 0.716152 1.082176 1.798328
II-B-2 IC9701216 993.497533 0.716152 1.082175 1.798326
II-B-3 IC9701217 993.497533 0.716152 1.082177 1.798329
II-B-4 IC9701218 993.497525 0.716152 1.082173 1.798325
II-B-5 IC9701219 993.497528 0.716152 1.082171 1.798323
II-B-6 IC9701220 993.497521 0.716152 1.082170 1.798321
II-R-1 IC9701221 0.000000 0.000000 0.000000 0.000000
R-2 44926MAU4 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
II-A-1 414.794654 8.650068% 8.646048%
II-A-2 760.234993 8.650068% 8.646048%
II-A-3 1,000.000000 8.650068% 8.646048%
II-A-4 1,000.000000 8.650068% 8.646048%
II-A-5 1,000.000000 8.650068% 8.646048%
II-A-6 1,000.000000 8.650068% 8.646048%
II-A-7 1,000.000000 8.650068% 8.646048%
II-A-8 1,000.000000 8.650068% 8.646048%
II-A-9 1,000.000000 8.650068% 8.646048%
II-A-10 1,000.000000 8.650068% 8.646048%
II-P0 828.806680 0.000000% 0.000000%
II-B-1 992.415352 8.650068% 8.646048%
II-B-2 992.415358 8.650068% 8.646048%
II-B-3 992.415356 8.650068% 8.646048%
II-B-4 992.415352 8.650068% 8.646048%
II-B-5 992.415357 8.650068% 8.646048%
II-B-6 986.237080 8.650068% 8.646048%
II-R-1 0.000000 0.000000 0.000000
R-2 0.000000 0.000000 0.000000
Seller: ICIFC Secured Assets Corp. Administrator: Joseph Murphy
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Morgan Stanley & Co. 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92714
Distribution Date: January 26, 1998 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: January 26, 1998
Class Interest Accrued Interest Shortfall
A-1 100,045.50 0.00
A-2 411,502.44 0.00
A-3 110,621.79 0.00
A-4 125,871.67 0.00
A-5 94,236.00 0.00
A-6 101,439.58 0.00
A-7 143,433.13 0.00
A-8 35,598.33 0.00
A-9 43,090.00 0.00
A-10 362,448.13 0.00
X 189,508.22 0.00
B-1 40,493.51 0.00
B-2 17,997.83 0.00
B-3 13,499.98 0.00
B-4 15,296.55 0.00
B-5 8,097.42 0.00
B-6 8,102.33 0.00
R-1 0.00 0.00
Monthly Interest Advanced 421,725.23
Monthly Principal Advanced 42,584.14
Compensatory Interest Payments made by Master Servicer 24,122.67
Realized Losses
a) Due to Deficient Valuations 0.00
b) Liquidated Mortgage Loans 0.00
Scheduled Principal 193,178.36
Principal Prepayments
a) Received from Liquidated Mortgage Loans 205,500.74
b) All other principal received during related
Prepayment Period 7,506,368.25
c) Principal amount received from Net Liquidation
Proceeds 0.00
Number of Mortgage Loans (excluding REO Property)
remaining as of the end related Due Period: 1743
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC
STATEMENT TO CERTIFICATE HOLDERS
Distribution Date: January 26, 1997
DELINQUENCY 30 TO 59 60 TO 89 90 AND OVER
INFORMATION DAYS DAYS DAYS TOTAL
SCHEDULED PRINCIPAL BAL. 4,394,944.48 983,083.17 233,942.20 5,611,969.85
NUMBER OF LOANS 29 7 1 37
LOANS IN FORECLOSURE
SCHEDULED PRINCIPAL BAL. 107,334.07 94,443.68 2,499,666.80 3,185,459.06
NUMBER OF LOANS 1 1 15 19
LOANS IN BANKRUPTCY
SCHEDULED PRINCIPAL BAL. 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
LOANS IN REO STATUS
SCHEDULED PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
Book Value of REO Property 0.00
AGGREGATED REALIZED LOSSES FOR ALL PRIOR DISTRIBUTION DATES BY CLASS
A-2 0.00
A-3 0.00
A-4 0.00
A-5 0.00
A-6 0.00
A-7 0.00
A-8 0.00
A-9 0.00
A-10 0.00
PO 0.00
X 0.00
B-1 0.00
B-3 0.00
B-4 0.00
B-5 0.00
B-6 0.00
R-1 0.00
Applicable Senior Percentage 93.66%
Applicable Subordinate Percentage 6.34%
Applicable Senior Prepayment Percentage 100.00%
Applicable Subordinate Prepayment Percentage 0.00%
Weighted Average Coupon Rate 8.90%
Weighted Average Months to Maturity 33
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC I
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 32,898,000.00 13,645,914.54 76,189.69 2,837,293.15
A-2 67,450,000.00 51,277,850.25 384,583.88 2,383,384.90
A-3 19,379,000.00 19,379,000.00 110,621.79 0.00
A-4 21,578,000.00 21,578,000.00 125,871.67 0.00
A-5 15,706,000.00 15,706,000.00 94,236.00 0.00
A-6 16,675,000.00 16,675,000.00 101,439.58 0.00
A-7 22,209,000.00 22,209,000.00 143,433.13 0.00
A-8 5,512,000.00 5,512,000.00 35,598.33 0.00
A-9 6,672,000.00 6,672,000.00 43,090.00 0.00
A-10 56,121,000.00 56,121,000.00 362,448.13 0.00
P0 162,446.00 134,636.33 0.00 5,649.96
X 270,718,591.23 236,741,402.90 183,879.06 0.00
B-1 6,311,000.00 6,263,133.29 40,449.40 4,851.43
B-2 2,805,000.00 2,783,725.08 17,978.22 2,156.28
B-3 2,104,000.00 2,088,041.91 13,485.27 1,617.40
B-4 2,384,000.00 2,365,918.20 15,279.89 1,832.64
B-5 1,262,000.00 1,252,428.18 8,088.60 970.13
B-6 1,262,766.00 1,245,386.65 8,043.12 964.68
R-1 100.00 0.00 0.00 0.00
Totals 280,491,312.00 244,909,034.43 1,764,715.76 5,238,720.57
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1 2,913,482.84 0.00 0.00 10,808,621.39
A-2 2,767,968.78 0.00 0.00 48,894,465.35
A-3 110,621.79 0.00 0.00 19,379,000.00
A-4 125,871.67 0.00 0.00 21,578,000.00
A-5 94,236.00 0.00 0.00 15,706,000.00
A-6 101,439.58 0.00 0.00 16,675,000.00
A-7 143,433.13 0.00 0.00 22,209,000.00
A-8 35,598.33 0.00 0.00 5,512,000.00
A-9 43,090.00 0.00 0.00 6,672,000.00
A-10 362,448.13 0.00 0.00 56,121,000.00
P0 5,649.96 0.00 0.00 128,986.37
X 183,879.06 0.00 0.00 231,814,345.26
B-1 45,300.83 0.00 0.00 6,258,281.86
B-2 20,134.50 0.00 0.00 2,781,568.80
B-3 15,102.67 0.00 0.00 2,086,424.51
B-4 17,112.53 0.00 0.00 2,364,085.56
B-5 9,058.73 0.00 0.00 1,251,458.05
B-6 9,007.80 0.00 0.00 1,2
R-1 0.00 0.00 0.00 0.00
Totals 7,003,436.33 0.00 0.00 239,670,313.86
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 44926MAA8 414.794654 2.315937 86.245156 88.561093
A-2 44926MAB6 760.234993 5.701762 35.335580 41.037343
A-3 44926MAC4 1,000.000000 5.708333 0.000000 5.708333
A-4 44296MAD2 1,000.000000 5.833333 0.000000 5.833333
A-5 44926MAE0 1,000.000000 6.000000 0.000000 6.000000
A-6 44926MAF7 1,000.000000 6.083333 0.000000 6.083333
A-7 44926MAG5 1,000.000000 6.458334 0.000000 6.458334
A-8 44926MAH3 1,000.000000 6.458333 0.000000 6.458333
A-9 44926MAJ9 1,000.000000 6.458333 0.000000 6.458333
A-10 44926MAK6 1,000.000000 6.458333 0.000000 6.458333
P0 44926MAV2 828.806680 0.000000 34.780542 34.780542
X 44926MAP5 874.492593 0.679226 0.000000 0.679226
B-1 44926MAL4 992.415352 6.409349 0.768726 7.178075
B-2 44926MAM2 992.415358 6.409348 0.768727 7.178075
B-3 44926MAN0 992.415356 6.409349 0.768726 7.178075
B-4 44926MAQ3 992.415352 6.409350 0.768725 7.178075
B-5 44926MAR1 992.415357 6.409350 0.768724 7.178074
B-6 44926MAS9 986.237080 6.369446 0.763942 7.133388
R-1 44926MAT7 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1 328.549498 6.700000% 6.700000%
A-2 724.899412 9.000000% 9.000000%
A-3 1,000.000000 6.850000% 6.850000%
A-4 1,000.000000 7.000000% 7.000000%
A-5 1,000.000000 7.200000% 7.200000%
A-6 1,000.000000 7.300000% 7.300000%
A-7 1,000.000000 7.750000% 7.750000%
A-8 1,000.000000 7.750000% 7.750000%
A-9 1,000.000000 7.750000% 7.750000%
A-10 1,000.000000 7.750000% 7.750000%
P0 794.026138 0.000000% 0.000000%
X 856.292670 0.926409% 0.927795%
B-1 991.646626 7.750000% 7.750000%
B-2 991.646631 7.750000% 7.750000%
B-3 991.646630 7.750000% 7.750000%
B-4 991.646628 7.750000% 7.750000%
B-5 991.646632 7.750000% 7.750000%
B-6 985.743138 7.750000% 7.750000%
R-1 0.000000 0.000000 0.000000
Seller: ICIFC Secured Assets Corp. Administrator: Cindy Tsang
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Morgan Stanley & Co. 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92714
Distribution Date: February 25, 1998 Factor Information (800)735-7777
ICIFC SECURED ASSETS CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1
REMIC II
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
II-A-1 32,898,000.00 13,645,914.54 98,381.04 2,837,293.15
II-A-2 67,450,000.00 51,277,850.25 369,690.75 2,383,384.90
II-A-3 19,379,000.00 19,379,000.00 139,714.07 0.00
II-A-4 21,578,000.00 21,578,000.00 155,567.89 0.00
II-A-5 15,706,000.00 15,706,000.00 113,167.18 0.00
II-A-6 16,675,000.00 16,675,000.00 120,219.42 0.00
II-A-7 22,209,000.00 22,209,000.00 160,117.12 0.00
II-A-8 5,512,000.00 5,512,000.00 39,739.10 0.00
II-A-9 6,672,000.00 6,672,000.00 48,102.19 0.00
II-A-10 56,121,000.00 56,121,000.00 404,607.73 0.00
II-PO 162,446.00 134,636.33 0.00 5,649.96
II-B-1 6,311,000.00 6,263,133.29 45,154.44 4,851.43
II-B-2 2,805,000.00 2,783,725.08 20,069.43 2,156.28
II-B-3 2,104,000.00 2,088,041.91 15,053.86 1,617.40
II-B-4 2,384,000.00 2,365,918.20 17,057.23 1,832.64
II-B-5 1,262,000.00 1,252,428.18 9,029.46 970.17
II-B-6 1,262,766.00 1,245,386.65 8,978.69 964.68
II-R-1 100.00 0.00 0.00 0.00
R-2 100.00 0.00 0.00 0.00
Totals 280,491,412.00 244,909,034.43 1,764,715.76 5,238,720.57
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
II-A-1 2,935,674.19 0.00 0.00 10,808,621.39
II-A-2 2,753,075.65 0.00 0.00 48,894,465.35
II-A-3 137,714.07 0.00 0.00 19,379,000.00
II-A-4 155,567.89 0.00 0.00 21,578,000.00
II-A-5 113,233.35 0.00 0.00 15,706,000.00
II-A-6 120,219.42 0.00 0.00 16,675,000.00
II-A-7 160,117.12 0.00 0.00 22,209,000.00
II-A-8 39,739.10 0.00 0.00 5,512,000.00
II-A-9 48,102.19 0.00 0.00 6,672,000.00
II-A-10 404,607.73 0.00 0.00 56,121,000.00
II-PO 5,649.96 0.00 0.00 128,986.37
II-B-1 50,005.87 0.00 0.00 6,258,281.86
II-B-2 22,225.71 0.00 0.00 2,781,568.80
II-B-3 16,671.26 0.00 0.00 2,086,424.51
II-B-4 18,889.87 0.00 0.00 2,364,085.56
II-B-5 9,999.59 0.00 0.00 1,251,458.05
II-B-6 9,943.37 0.00 0.00 1,244,421.97
II-R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 7,003,436.33 0.00 0.00 239,670,313.86
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
II-A-1 IC9701201 414.794654 2.990487 86.245156 89.235643
II-A-2 IC9701202 760.234993 5.480960 35.335580 40.816540
II-A-3 IC9701203 1,000.000000 7.209560 0.000000 7.209560
II-A-4 IC9701204 1,000.000000 7.209560 0.000000 7.209560
II-A-5 IC9701205 1,000.000000 7.209560 0.000000 7.209560
II-A-6 IC9701206 1,000.000000 7.209560 0.000000 7.209560
II-A-7 IC9701207 1,000.000000 7.209560 0.000000 7.209560
II-A-8 IC9701208 1,000.000000 7.209560 0.000000 7.209560
II-A-9 IC9701209 1,000.000000 7.209560 0.000000 7.209560
II-A-10 IC9701210 1,000.000000 7.209560 0.000000 7.209560
II-PO IC9701213 828.806680 0.000000 34.780542 34.780542
II-B-1 IC9701215 992.415352 0.715488 0.768726 1.484214
II-B-2 IC9701216 992.415358 0.715488 0.768727 1.484215
II-B-3 IC9701217 992.415356 0.715488 0.768726 1.484214
II-B-4 IC9701218 992.415352 0.715478 0.768725 1.484213
II-B-5 IC9701219 992.415357 0.715488 0.768724 1.484212
II-B-6 IC9701220 986.237080 0.711034 0.763942 1.474976
II-R-1 IC9701221 0.000000 0.000000 0.000000 0.000000
R-2 44926MAU4 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
II-A-1 328.549498 8.651472% 8.647877%
II-A-2 724.899412 8.651472% 8.647877%
II-A-3 1,000.000000 8.651472% 8.647877%
II-A-4 1,000.000000 8.651472% 8.647877%
II-A-5 1,000.000000 8.651472% 8.647877%
II-A-6 1,000.000000 8.651472% 8.647877%
II-A-7 1,000.000000 8.651472% 8.647877%
II-A-8 1,000.000000 8.651472% 8.647877%
II-A-9 1,000.000000 8.651472% 8.647877%
II-A-10 1,000.000000 8.651472% 8.647877%
II-P0 794.026138 0.000000% 0.000000%
II-B-1 991.646626 8.651472% 8.647877%
II-B-2 991.646631 8.651472% 8.647877%
II-B-3 991.646630 8.651472% 8.647877%
II-B-4 991.646628 8.651472% 8.647877%
II-B-5 991.646632 8.651472% 8.647877%
II-B-6 985.473138 8.651472% 8.647877%
II-R-1 0.000000 0.000000 0.000000
R-2 0.000000 0.000000 0.000000
Seller: ICIFC Secured Assets Corp. Administrator: Joseph Murphy
Servicer: ICIFC Secured Assets Corp. Bankers Trust Company
Lead Underwriter: Morgan Stanley & Co. 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92714
Distribution Date: February 25, 1998 Factor Information (800)735-7777