March 31, 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 1997-3; 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 the Company, the Master Servicer and Bankers Trust Company of California, N.A. (the "Trustee"). The Certificates consist of eleven classes of senior certificates designated as Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10 and Class R (collectively, the "Senior Certifcates") and six classes of subordinated certifiates designated as Class M-1, Class M-2, and Class M-3 (collectively, the "Class M Certificates"), Class B-1, Class B-2 and Class B-3 (collectively, the "Class B Certificates"). Only the Senior Certificates and the Class M Certificates (collectively, the "Offered Certificates") are offered under the Prospectus. The Certificates will evidence undivided interests in a trust fund (the "Trust Fund") consisting primarily of a pool of conventional, fixed-rate, one-to four-family first mortgage loans (the "Mortgage Loans"). ICI Funding Corporation ("ICI Funding") originated or acquired the Mortgage Loans through its mortgage loan purchase program from various seller/servicers. ICI Funding will transfer the Mortgage Loans to the Company pursuant to the Mortgage Loan Purchase Agreement, dated September 29, 1997 (the "Mortgage :Loan Purchase Agreement"), in exchange for immediately available funds, the Class A-9, Class A-10 and Class B Certificates. 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 for any fiscal year as to which its reporting obligations under 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 1997-3. 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 September 1, 1997, providing for inter alia, the issuance of Mortgage Pass-Through Certificates, Series 1997-3). 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. Monthly Remittance Statement to the Certificateholders dated as of January 26, 1998 Monthly Remittance Statement to the Certificateholders dated as of February 25, 1998. 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 September 1, 1997. Date: March 31, 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. 5 Monthly Remittance Statement to the Certificateholders dated as of January 26, 1998. 10 Monthly Remittance Statement to the Certificateholders dated as of February 25, 1998. 15 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTIONS IN DOLLARS 						PRIOR 			ORIGINAL		PRINCIPAL	 	CLASS 	FACE VALUE	BALANCE			INTEREST		PRINCIPAL 	A-1		152,291,000.00	148,140,514.26		 895,015.60	2,803,729.66 	A-2		 45,634,000.00	 45,634,000.00		 275,705.41	 0.00 	A-3		 27,873,000.00	 27,484,268.24 	 166,050.78 262,595.47 	A-4		 4,114,000.00	 4,092,244.17 	 24,723.98	 14,696.47 	A-5		 12,841,000.00	 12,841,000.00 	 77,581.04	 0.00 	A-6		 20,052,000.00 20,052,000.00 	 121,147.50	 0.00 	A-7		 37,673,000.00 37,673,000.00 	 227,607.71	 0.00 	A-8		 4,186,000.00 4,186,000.00 	 25,290.42	 0.00 	A-9		 11,474.25 11,419.28	 0.00	 27.73 	A-10*	324,123,628.54 319,536,147.48 	 391,874.93 0.00 	M-1		 7,292,000.00	 7,282,119.10	 	 43,996.14 	 4,990.46 	M-2	 3,241,000.00 3,236,608.33 	 19,554.51 2,218.06 	M-3		 2,431,000.00	 2,427,705.92 	 14,667.39 	 1,663.72 	B-1		 3,241,000.00	 3,236,608.33 	 19,554.51 2,218.06 B-2		 1,620,000.00	 1,617,804.85 	 9,774.24 	 1,108.69 	B-3 1,623,054.29	 1,620,855.00 	 9,792.67 1,110.78 	R 		 100.00	 0.00 	 0.00 0.00 	 Totals 	324,123,628.54 319,536,147.48		2,322,336.83 3,094,359.10 			TOTAL		REALIZED		DEFERRED		CURRENT 						LOSSES		INTEREST		PRINCIPAL 												BALANCE	 	A-1		 3,698,745.26	0.00			0.00			145,336,784.60 	A-2		 275,705.41	0.00			0.00			 45,634,000.00 	A-3		 428,646.25	0.00			0.00			 27,221,672.77 	A-4		 39,420.45	0.00			0.00			 4,077,547.70 	A-5		 77,581.04	0.00			0.00			 12,841,000.00	 	A-6		 121,147.50	0.00			0.00			 20,052,000.00	 	A-7		 227,607.71	0.00			0.00			 37,673,000.00 	A-8		 25,290.42	0.00			0.00			 4,186,000.00	 	A-9		 27.73	0.00			0.00			 11,391.55 	A-10*	 391,874.93	0.00			0.00			316,441,788.38 	M-1 48,986.60	0.00			0.00			 7,277,128.64 	M-2 21,772.57	0.00		 0.00			 3,234,390.27 	M-3 16,331.11	0.00			0.00		 2,426,042.20 	B-1 	 21,772.57	0.00			0.00			 3,234,390.27 	B-2 10,882.93 0.00			0.00			 1,616,696.16 	B-3 10,903.45	0.00			0.00			 1,619,744.22 	R 	 0.00	0.00			0.00			 0.00	 	 Totals 5,416,695.93	0.00 0.00 316,441,788.38 *Class A-10 Represents a Notional Balance	 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE 				 					 PRIOR								 					 PRINCIPAL								 	CLASS	CUSIP	 BALANCE		INTEREST	PRINCIPAL		TOTAL	 	A-1		44926MBQ2	 972.746349	5.877009	18.410344		24.287353 	A-2		44926MBR0	1,000.000000	6.041667	 0.000000		 6.041667	 	A-3		44926MBS8 986.053465	5.957406	 9.421141		15.378547	 	A-4		44296MBT6	 994.711757	6.009718	 3.572307		 9.582025 	A-5		44926MBU3	1,000.000000	6.041667	 0.000000		 6.041667	 	A-6		44926MBV1	1,000.000000	6.041667	 0.000000		 6.041667	 	A-7		44926MBW9	1,000.000000	6.041667	 0.000000		 6.041667 	A-8		44926MBX7	1,000.000000	6.041667	 0.000000		 6.041667	 	A-9		44926MBY5	 995.209273	0.000000	 2.416716		 2.416716 	A-10*	44926MZ2	 985.846508	1.209029	 0.000000		 1.209029 	M-1		44926MCB4 998.644967	6.033481	 0.684375		 6.717855 	M-2		44926MCC2 998.644965	6.033480	 0.684375		 6.717856 	M-3		44926MCD0	 998.644969	6.033480	 0.684377		 6.717857 	B-1		44926MCE8	 998.644965	6.033480	 0.684375		 6.717856	 	B-2		44926MCF5	 998.644969	6.033481	 0.684377		 6.717858 	B-3		44926MCG3	 998.644968	6.033483	 0.684376		 6.717859 	R		44926MCA6	 0.000000	0.000000	 0.000000		 0.000000	 				 			CURRENT		PASS THROUGH 			PRINCIPAL		RATES 			BALANCE		CURRENT		NEXT 	A-1		954.336005	7.250000%		7.250000% 	A-2	 1,000.000000	7.250000%		7.250000% 	A-3	 976.632324	7.250000%		7.250000%	 	A-4	 991.139451 	7.250000%		7.250000%	 	A-5	 1,000.000000	7.250000%		7.250000%	 	A-6	 1,000.000000	7.250000%		7.250000%	 	A-7	 1,000.000000	7.250000%		7.250000%	 	A-8	 1,000.000000	7.250000%		7.250000% 	A-9	 992.792557	0.000000%		0.000000% 	A-10* 976.299660	1.471664%		1.471516%	 	M-1 997.960592 7.250000%		7.250000%	 	M-2		997.960589	7.250000%		7.250000% 	M-3	 997.960592	7.250000%		7.250000% 	B-1		997.960589 7.250000%		7.250000% 	B-2		997.960593	7.250000%		7.250000% 	B-3		997.960592	7.250000%		7.250000% 	R		 0.000000	7.250000%		7.250000% 	 Seller:			ICIFC Secured Assets Corp.	Administrator: Joseph Murphy Servicer:			ICIFC Secured Assets Corp. Bankers Trust Company Lead Underwriter: Lehman Brothers 		3 Park Plaza Record Date: November 28, 1997 Irvine, CA 92614 Distribution Date: December 26, 1997 Factor Information (800)735-7777 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTION DATE:		DECEMBER 26, 1997	 	CLASS 		INTEREST ACCRUED		NET INTEREST SHORTFALL		 	A-1				895,015.60				0.00 	A-2				275,705.41				0.00 	A-3				166,050.78				0.00 	A-4				 24,723.98				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				391,874.93				0.00 	M-1				 43,996.14				0.00 	M-2				 19,554.51				0.00 	M-3				 14,667.39				0.00 	B-1				 19,554.51				0.00 	B-2				 9,774.24				0.00 	B-3				 9,792.67				0.00 	R				 0.00				0.00 Monthly Interest Advanced							 496,792.93 Monthly Principal Advanced						 		42,598.16 Compensating Interest Payments made by Master Servicer	 		13,387.14 Number of Mortgage Loans remaining as of the end of the current distribution date							 		2137 Stated Principal Balance as of the end of the current distribution date:									316,441,788.38 Current Senior Percentage									93.92% Current Class M-1 Percentage									 2.28% Current Class M-2 Percentage									 1.01% Current Class M-3 Percentage									 0.76% Current Class B-1 Percentage									 1.01% Current Class B-2 Percentage									 0.51% Current Class B-3 Percentage									 0.51% Next Periods Senior Percentage:								93.87% Next Periods Class M-1 Percentage								 2.30% Next Periods Class M-2 Percentage								 1.02% Next Periods Class M-3 Percentage								 0.77% Next Periods Class B-1 Percentage								 1.02% Next Periods Class B-2 Percentage								 0.51% Next Periods Class B-3 Percentage								 0.51% ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS Distribution Date:			December 26, 1997 DELINQUENT LOAN						 	30-60		61-90	 91+ INFORMATION:		 	 	 	DAYS		 	DAYS		 DAYS		 PRINCIPAL BALANCE-LOAN GROUPI		4,996,248.46	289,295.02 72,223.79 NUMBER OF LOANS-LOAN GROUPI		32			 3			1	 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		 0.00	1,067,305.54	 0.00 NUMBER OF LOANS-LOAN GROUPI		0			 7			0 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI			 0.00	 103,154.40	 0.00 NUMBER OF LOANS-LOAN GROUPI		0			 1 		0 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI			 0.00 		 0.00	 0.00 NUMBER OF LOANS-LOAN GROUPI		0			 0			0 DELINQUENT LOAN						 	 INFORMATION:						TOTAL		 	 	 		 PRINCIPAL BALANCE-LOAN GROUPI		5,357,767.27	 NUMBER OF LOANS-LOAN GROUPI		 36 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		1,067,305.54		 NUMBER OF LOANS-LOAN GROUPI				 7 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		 819,931.00			 NUMBER OF LOANS-LOAN GROUPI				 6 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI			 0.00			 NUMBER OF LOANS-LOAN GROUPI				 0 Book Value of all REO Property				 				 0.00 Class M-1 Subordinate Principal Distribution Amount:				4,990.46 Class M-2 Subordinate Principal Distribution Amount:				2,218.06 Class M-3 Subordinate Principal Distribution Amount:				1,663.72 Class B-1 Subordinate Principal Distribution Amount:				2,218.06 Class B-2 Subordinate Principal Distribution Amount:				1,108.69 Class B-3 Subordinate Principal Distribution Amount:				1,110.78 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 Aggregate Realized Losses Since Inception						 0.00 Weighted Average Term to Maturity:									345 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 0.00 0.00 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTIONS IN DOLLARS 						PRIOR 			ORIGINAL		PRINCIPAL 	CLASS 	FACE VALUE	BALANCE			INTEREST		PRINCIPAL 	A-1		152,291,000.00	145,336,784.60		 878,076.41	3,332,721.81 	A-2		 45,634,000.00	 45,634,000.00		 275,705.42	 0.00 	A-3		 27,873,000.00	 27,221,672.77 	 164,464.27 312,140.53 	A-4		 4,114,000.00	 4,077,547.70 	 24,635.18	 17,469.31 	A-5		 12,841,000.00	 12,841,000.00 	 77,581.04	 0.00 	A-6		 20,052,000.00 20,052,000.00 	 121,147.50	 0.00 	A-7		 37,673,000.00 37,673,000.00 	 227,607.71	 0.00 	A-8		 4,186,000.00 4,186,000.00 	 25,290.42	 0.00 	A-9		 11,474.25 11,391.55	 0.00	 29.59 	A-10*	324,123,628.54 316,441,788.38 	 388,040.99 0.00 	M-1		 7,292,000.00	 7,277,128.64	 	 43,965.99 	 5,039.00 	M-2	 3,241,000.00 3,234,390.27 	 19,541.11 2,239.63 	M-3		 2,431,000.00	 2,426,042.20 	 14,657.34 	 1,679.90 	B-1		 3,241,000.00	 3,234,390.27 	 19,541.11 2,239.63 B-2		 1,620,000.00	 1,616,696.16 	 9,767.54 	 1,119.47 	B-3 1,623,054.29	 1,619,744.22 	 9,785.95 1,121.58 	R 		 100.00			0.00			 0.00		 0.00 Totals 	324,123,628.54 316,441,788.38		2,299,807.98 3,675,800.45 			TOTAL		REALIZED		DEFERRED		CURRENT 						LOSSES		INTEREST		PRINCIPAL 												BALANCE	 	A-1		 4,210,798.22	0.00			0.00			142,004,062.79 	A-2		 275,705.42	0.00			0.00			 45,634,000.00 	A-3		 476,604.80	0.00			0.00			 26,909,532.24 	A-4		 42,104.49	0.00			0.00			 4,060,078.39 	A-5		 77,581.04	0.00			0.00			 12,841,000.00	 	A-6		 121,147.50	0.00			0.00			 20,052,000.00	 	A-7		 227,607.71	0.00			0.00			 37,673,000.00 	A-8		 25,290.42	0.00			0.00			 4,186,000.00	 	A-9		 29.59	0.00			0.00			 11,361.96 	A-10*	 388,040.99	0.00			0.00			312,765,987.93 	M-1 49,004.99	0.00			0.00			 7,272,089.64 	M-2 21,780.74	0.00		 0.00			 3,232,150.64 	M-3 16,337.24	0.00			0.00		 2,424,362.30 	B-1 	 21,780.74	0.00			0.00			 3,232,150.64 	B-2 10,887.01 0.00			0.00			 1,615,576.69 	B-3 10,907.53	0.00			0.00			 1,618,622.64 	R 	 0.00	0.00			0.00			 0.00	 	 Totals 5,975,608.43	0.00 0.00 312,765,987.93 *Class A-10 Represents a Notional Balance		 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE 				 					 PRIOR								 					 PRINCIPAL								 	CLASS	CUSIP	 BALANCE		INTEREST	PRINCIPAL		TOTAL	 	A-1		44926MBQ2	 954.336005	5.765780	21.883905		27.649685	 	A-2		44926MBR0	1,000.000000	6.041667	 0.000000		 6.041667	 	A-3		44926MBS8 976.632324	5.900487	11.198670		17.099157	 	A-4		44296MBT6	 991.139451	5.988133	 4.246308		10.234441 	A-5		44926MBU3	1,000.000000	6.041667	 0.000000		 6.041667	 	A-6		44926MBV1	1,000.000000	6.041667	 0.000000		 6.041667	 	A-7		44926MBW9	1,000.000000	6.041667	 0.000000		 6.041667 	A-8		44926MBX7	1,000.000000	6.041667	 0.000000		 6.041667	 	A-9		44926MBY5	 992.792557	0.000000	 2.578818		 2.578818 	A-10*	44926MZ2	 976.299660	1.197201	 0.000000		 1.197201 	M-1		44926MCB4 997.960592	6.029346	 0.691031		 6.720377 	M-2		44926MCC2 997.960589	6.029346	 0.691031		 6.720376 	M-3		44926MCD0	 997.960592	6.029346	 0.691032		 6.720378 	B-1		44926MCE8	 997.960589	6.029346	 0.691031		 6.720376	 	B-2		44926MCF5	 997.960593	6.029346	 0.691031		 6.720377 	B-3		44926MCG3	 997.960592	6.029342	 0.691030		 6.720373 	R		44926MCA6	 0.000000	0.000000	 0.000000		 0.000000	 				 			CURRENT		PASS THROUGH 			PRINCIPAL		RATES 			BALANCE		CURRENT		NEXT 	A-1		932.452100	7.250000%		7.250000% 	A-2	 1,000.000000	7.250000%		7.250000% 	A-3	 965.433654	7.250000%		7.250000%	 	A-4	 986.893143 	7.250000%		7.250000%	 	A-5	 1,000.000000	7.250000%		7.250000%	 	A-6	 1,000.000000	7.250000%		7.250000%	 	A-7	 1,000.000000	7.250000%		7.250000%	 	A-8	 1,000.000000	7.250000%		7.250000% 	A-9	 990.213739	0.000000%		0.000000% 	A-10* 964.958924	1.471516%		1.469237%	 	M-1 997.269561 7.250000%		7.250000%	 	M-2		997.269559	7.250000%		7.250000% 	M-3	 997.269560	7.250000%		7.250000% 	B-1		997.269559 7.250000%		7.250000% 	B-2		997.269562	7.250000%		7.250000% 	B-3		997.269561	7.250000%		7.250000% 	R		 0.000000	7.250000%		7.250000% 	 Seller:			ICIFC Secured Assets Corp.	Administrator: Cindy Tsang Servicer:			ICIFC Secured Assets Corp. Bankers Trust Company Lead Underwriter: Lehman Brothers 		3 Park Plaza Record Date: December 31, 1997 Irvine, CA 92614 Distribution Date: January 26, 1998 Factor Information (800)735-7777 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTION DATE:		JANUARY 26, 1998	 	CLASS 		INTEREST ACCRUED		NET INTEREST SHORTFALL 	A-1				878,076.41				0.00 	A-2				275,705.42				0.00 	A-3				164,464.27				0.00 	A-4				 24,635.18				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				388,040.99				0.00 	M-1				 43,965.99				0.00 	M-2				 19,541.11				0.00 	M-3				 14,657.34				0.00 	B-1				 19,541.11				0.00 	B-2				 9,767.54				0.00 	B-3				 9,785.95				0.00 	R				 0.00				0.00 Monthly Interest Advanced							 492,824.98 Monthly Principal Advanced						 		42,571.52 Compensating Interest Payments made by Master Servicer	 		 8,531.86 Number of Mortgage Loans remaining as of the end of the current distribution date							 		2123 Stated Principal Balance as of the end of the current distribution date:									312,765,987.93 Current Senior Percentage									93.87% Current Class M-1 Percentage									 2.30% Current Class M-2 Percentage									 1.02% Current Class M-3 Percentage									 0.77% Current Class B-1 Percentage									 1.02% Current Class B-2 Percentage									 0.51% Current Class B-3 Percentage									 0.51% Next Periods Senior Percentage:								93.80% Next Periods Class M-1 Percentage								 2.33% Next Periods Class M-2 Percentage								 1.03% Next Periods Class M-3 Percentage								 0.78% Next Periods Class B-1 Percentage								 1.03% Next Periods Class B-2 Percentage								 0.52% Next Periods Class B-3 Percentage								 0.52% 		 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS Distribution Date:			January 26, 1998 DELINQUENT LOAN						 	30-60		61-90	 91+ INFORMATION:		 	 	 	DAYS		 	DAYS		 DAYS PRINCIPAL BALANCE-LOAN GROUPI		3,952,289.00	840,768.71 244,822.01 NUMBER OF LOANS-LOAN GROUPI		25			 7			2	 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		 44,871.99	874,176.86 986,423.90 NUMBER OF LOANS-LOAN GROUPI		1			 5			6 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		251,507.93		0.00	 	0.00 NUMBER OF LOANS-LOAN GROUPI		2			 0 		0 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI			 0.00 		 0.00	 0.00 NUMBER OF LOANS-LOAN GROUPI		0			 0			0 DELINQUENT LOAN						 	 INFORMATION:						TOTAL		 	 	 		 PRINCIPAL BALANCE-LOAN GROUPI		5,037,879.72	 NUMBER OF LOANS-LOAN GROUPI		 34 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		1,905,472.75		 NUMBER OF LOANS-LOAN GROUPI				12 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		 819,461.16			 NUMBER OF LOANS-LOAN GROUPI				 6 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI			 0.00			 NUMBER OF LOANS-LOAN GROUPI				 0 Book Value of all REO Property				 				 0.00 Class M-1 Subordinate Principal Distribution Amount:				5,039.00 Class M-2 Subordinate Principal Distribution Amount:				2,239.63 Class M-3 Subordinate Principal Distribution Amount:				1,679.90 Class B-1 Subordinate Principal Distribution Amount:				2,239.63 Class B-2 Subordinate Principal Distribution Amount:				1,119.47 Class B-3 Subordinate Principal Distribution Amount:				1,121.58 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 Aggregate Realized Losses Since Inception						 0.00 Weighted Average Term to Maturity:									343 Weighted Average Mortgage Rate(after giving effect to current periods distribution)												 8.98% Bankruptcy Amount:									 148,332.00 Fraud Loss Amount:									 6,482,472.56 Special Hazard Amount:								 2,314,000.00 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTIONS IN DOLLARS 						PRIOR 			ORIGINAL		PRINCIPAL 	CLASS 	FACE VALUE	BALANCE			INTEREST		PRINCIPAL 	A-1		152,291,000.00	142,004,062.79		 857,941.21	3,028,286.39 	A-2		 45,634,000.00	 45,634,000.00		 275,705.41	 0.00 	A-3		 27,873,000.00	 26,909,532.24 	 162,578.42 283,627.31 	A-4		 4,114,000.00	 4,060,078.39 	 24,529.64	 15,873.53 	A-5		 12,841,000.00	 12,841,000.00 	 77,581.04	 0.00 	A-6		 20,052,000.00 20,052,000.00 	 121,147.50	 0.00 	A-7		 37,673,000.00 37,673,000.00 	 227,607.71	 0.00 	A-8		 4,186,000.00 4,186,000.00 	 25,290.42	 0.00 	A-9		 11,474.25 11,361.96	 0.00	 29.77 	A-10*	324,123,628.54 312,765,987.93 	 382,939.38 0.00 	M-1		 7,292,000.00	 7,272,089.64	 	 43,935.54 	 5,096.96 	M-2	 3,241,000.00 3,232,150.64 	 19,527.58 2,265.39 	M-3		 2,431,000.00	 2,424,362.30 	 14,647.19 	 1,699.22 	B-1		 3,241,000.00	 3,232,150.64 	 19,527.58 2,265.39 B-2		 1,620,000.00	 1,615,576.69 	 9,760.78 	 1,132.35 	B-3 1,623,054.29	 1,618,622.64 	 9,779.18 1,134.48 	R 		 100.00			0.00			 0.00		 0.00 Totals 	324,123,628.54 312,765,987.93		2,272,498.58 3,341,410.79 			TOTAL		REALIZED		DEFERRED		CURRENT 						LOSSES		INTEREST		PRINCIPAL 												BALANCE	 	A-1		 3,886,227.60	0.00			0.00			138,975,776.40 	A-2		 275,705.41	0.00			0.00			 45,634,000.00 	A-3		 446,205.73	0.00			0.00			 26,625,904.93 	A-4		 40,403.17	0.00			0.00			 4,044,204.86 	A-5		 77,581.04	0.00			0.00			 12,841,000.00	 	A-6		 121,147.50	0.00			0.00			 20,052,000.00	 	A-7		 227,607.71	0.00			0.00			 37,673,000.00 	A-8		 25,290.42	0.00			0.00			 4,186,000.00	 	A-9		 29.77	0.00			0.00			 11,332.19 	A-10*	 382,939.38	0.00			0.00			309,424,577.14 	M-1 49,032.50	0.00			0.00			 7,266,992.68 	M-2 21,792.97	0.00		 0.00			 3,229,885.25 	M-3 16,346.41	0.00			0.00		 2,422,663.08 	B-1 	 21,792.97	0.00			0.00			 3,229,885.25 	B-2 10,893.13 0.00			0.00			 1,614,444.34 	B-3 10,913.66	0.00			0.00			 1,617,488.16 	R 	 0.00	0.00			0.00			 0.00	 	 Totals 5,613,909.37	0.00 0.00 309,424,577.14 *Class A-10 Represents a Notional Balance		 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE 				 					 PRIOR								 					 PRINCIPAL								 	CLASS	CUSIP	 BALANCE		INTEREST	PRINCIPAL		TOTAL	 	A-1		44926MBQ2	 932.452100	5.633565	19.884868		25.518432	 	A-2		44926MBR0	1,000.000000	6.041667	 0.000000		 6.041667	 	A-3		44926MBS8 965.433654	5.832828	10.175701		16.008529	 	A-4		44296MBT6	 986.893143	5.962479	 3.858418		 9.820897 	A-5		44926MBU3	1,000.000000	6.041667	 0.000000		 6.041667	 	A-6		44926MBV1	1,000.000000	6.041667	 0.000000		 6.041667	 	A-7		44926MBW9	1,000.000000	6.041667	 0.000000		 6.041667 	A-8		44926MBX7	1,000.000000	6.041667	 0.000000		 6.041667	 	A-9		44926MBY5	 990.213739	0.000000	 2.594505		 2.594505 	A-10*	44926MZ2	 964.958924	1.181461	 0.000000		 1.181461 	M-1		44926MCB4 997.269561	6.025170	 0.698980		 6.724150 	M-2		44926MCC2 997.269559	6.025171	 0.698979		 6.724150 	M-3		44926MCD0	 997.269560	6.025171	 0.698980		 6.724151 	B-1		44926MCE8	 997.269559	6.025171	 0.698979		 6.724150	 	B-2		44926MCF5	 997.269562	6.025173	 0.698981		 6.724154 	B-3		44926MCG3	 997.269561	6.025171	 0.698978		 6.724150 	R		44926MCA6	 0.000000	0.000000	 0.000000		 0.000000	 				 			CURRENT		PASS THROUGH 			PRINCIPAL		RATES 			BALANCE		CURRENT		NEXT 	A-1		912.567232	7.250000%		7.250000% 	A-2	 1,000.000000	7.250000%		7.250000% 	A-3	 955.257953	7.250000%		7.250000%	 	A-4	 983.034725 	7.250000%		7.250000%	 	A-5	 1,000.000000	7.250000%		7.250000%	 	A-6	 1,000.000000	7.250000%		7.250000%	 	A-7	 1,000.000000	7.250000%		7.250000%	 	A-8	 1,000.000000	7.250000%		7.250000% 	A-9	 987.619234	0.000000%		0.000000% 	A-10* 954.649862	1.469237%		1.469664%	 	M-1 996.570581 7.250000%		7.250000%	 	M-2		996.570580	7.250000%		7.250000% 	M-3	 996.570580	7.250000%		7.250000% 	B-1		996.570580 7.250000%		7.250000% 	B-2		996.570580	7.250000%		7.250000% 	B-3		996.570583	7.250000%		7.250000% 	R		 0.000000	7.250000%		7.250000% 	 Seller:			ICIFC Secured Assets Corp.	Administrator: Cindy Tsang Servicer:			ICIFC Secured Assets Corp. Bankers Trust Company Lead Underwriter: Lehman Brothers 		3 Park Plaza Record Date: January 30, 1998 Irvine, CA 92614 Distribution Date: February 25, 1998 Factor Information (800)735-7777 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS DISTRIBUTION DATE:		FEBRUARY 25, 1998	 	CLASS 		INTEREST ACCRUED		NET INTEREST SHORTFALL		 	A-1				857,941.21				0.00 	A-2				275,705.41				0.00 	A-3				162,578.42				0.00 	A-4				 24,529.64				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				382,939.38				0.00 	M-1				 43,935.54				0.00 	M-2				 19,527.58				0.00 	M-3				 14,647.19				0.00 	B-1				 19,527.58				0.00 	B-2				 9,760.78				0.00 	B-3				 9,779.18				0.00 	R				 0.00				0.00 Monthly Interest Advanced							 509,702.58 Monthly Principal Advanced						 		44,116.97 Compensating Interest Payments made by Master Servicer	 		11,107.71 Number of Mortgage Loans remaining as of the end of the current distribution date							 		2107 Stated Principal Balance as of the end of the current distribution date:									309,424,577.14 Current Senior Percentage									93.80% Current Class M-1 Percentage									 2.33% Current Class M-2 Percentage									 1.03% Current Class M-3 Percentage									 0.78% Current Class B-1 Percentage									 1.03% Current Class B-2 Percentage									 0.52% Current Class B-3 Percentage									 0.52% Next Periods Senior Percentage:								93.74% Next Periods Class M-1 Percentage								 2.35% Next Periods Class M-2 Percentage								 1.04% Next Periods Class M-3 Percentage								 0.78% Next Periods Class B-1 Percentage								 1.04% Next Periods Class B-2 Percentage								 0.52% Next Periods Class B-3 Percentage								 0.52% 		 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-3 REMIC STATEMENT TO CERTIFICATE HOLDERS Distribution Date:			January 26, 1998 DELINQUENT LOAN						 	30-60		61-90	 91+ INFORMATION:		 	 	 	DAYS		 	DAYS		 DAYS		 PRINCIPAL BALANCE-LOAN GROUPI		4,511,409.86	1,145,341.36 118,014.05 NUMBER OF LOANS-LOAN GROUPI		32			 7			1	 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		 0.00	 0.00 1,225,468.54 NUMBER OF LOANS-LOAN GROUPI		0			 0			9 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		148,336.55 	103,035.71	294,510.61 NUMBER OF LOANS-LOAN GROUPI		1			 1 		1 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI			 0.00 		 0.00	 0.00 NUMBER OF LOANS-LOAN GROUPI		0			 0			0 DELINQUENT LOAN						 	 INFORMATION:						TOTAL		 	 	 		 PRINCIPAL BALANCE-LOAN GROUPI		5,774,765.27	 NUMBER OF LOANS-LOAN GROUPI		 40 FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		1,747,900.97		 NUMBER OF LOANS-LOAN GROUPI				12 BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI		1,498,500.95			 NUMBER OF LOANS-LOAN GROUPI				 9 REO LOAN INFORMATION: PRINCIPAL BALANCE-LOAN GROUPI			 0.00			 NUMBER OF LOANS-LOAN GROUPI				 0 Book Value of all REO Property				 				 0.00 Class M-1 Subordinate Principal Distribution Amount:				5,096.96 Class M-2 Subordinate Principal Distribution Amount:				2,265.39 Class M-3 Subordinate Principal Distribution Amount:				1,699.22 Class B-1 Subordinate Principal Distribution Amount:				2,265.39 Class B-2 Subordinate Principal Distribution Amount:				1,132.35 Class B-3 Subordinate Principal Distribution Amount:				1,134.48 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 Aggregate Realized Losses Since Inception						 0.00 Weighted Average Term to Maturity:									342 Weighted Average Mortgage Rate(after giving effect to current periods distribution)												 8.98% Bankruptcy Amount:									 148,332.00 Fraud Loss Amount:									 6,482,472.56 Special Hazard Amount:								 2,314,000.00