TAMPA, Fla., Jan. 7 /PRNewswire/ -- IMC Mortgage Company
(Nasdaq-NNM: IMCC) ("IMC") announced today that it has reached an agreement to
acquire CoreWest Banc ("CoreWest").  The acquisition, which is for an initial
payment of 244,202 shares of common stock of IMC, will be structured as a tax
free exchange and will be accounted for as a purchase.  The transaction is
expected to close within the next week.  The agreement provides for a
contingent payment of additional shares of IMC common stock at the end of a
two year period based on future profitability of CoreWest.  Following the
closing, CoreWest will continue its lending activities as an independent
operating unit.
    CoreWest, a non-conforming lender based in Los Angeles, California which
commenced operations in early 1996, is headed by Ronald Staake and Timothy
Hayes.  It originates residential mortgage loans primarily through a network
of 9 mortgage centers now located in the states of California, Colorado,
Oregon, Utah and Washington using direct mail, telemarketing and advertising.
CoreWest's current loan origination volume is approximately $10 million per
month.
    Ronald Staake, who will continue as President of CoreWest following the
acquisition, said, "CoreWest is delighted to join the IMC family of companies
given IMC's excellent reputation in the sub-prime lending community and
substantial resources."  Tim Hayes, who will continue as Executive Vice
President, added, "This transaction will allow us to focus on expansion of our
network of retail mortgage centers and our presence in the broker origination
market."
    George Nicholas, Chairman of IMC, said, "We are highly impressed with the
skill and energy of CoreWest's management team.  Although CoreWest is a young
company, its management team averages 14 years of experience in the mortgage
industry.  We expect CoreWest to be a major contributor to our strategy of
increasing our retail and broker loan originations."
    IMC Mortgage Company is a Tampa-based speciality consumer finance company
engaged in purchasing, originating, servicing and selling home equity loans
secured primarily by first liens on one-to-four family residential properties.
The company has wholesale and retail operations in the United States and in
the United Kingdom through a joint venture.
    Statements in this press release concerning volume of loans, strategy and
future operations are forward-looking statements.  There are a number of
important factors that could cause the actual results of IMC and CoreWest to
differ materially from those indicated in such forward-looking statements.
Those factors include, but are not limited to, residential real estate values,
competition, general economic conditions such as changes in interest rates and
the demand for non-conforming loans, availability of funding, loan prepayment

rates, delinquency and default rates and changes which influence the loan
securitization market generally.

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