TAMPA, Fla., Feb. 14 /PRNewswire/ -- IMC Mortgage Company
(Nasdaq-NNM: IMCC) ("IMC") announced today that it has closed the purchase of
all of the operating assets of Equity Mortgage Co., Inc. ("Equity").  The
acquisition is for a cash payment of $15O,000 in excess of the net assets of
the Company and will be accounted for as a purchase.  Equity will continue its
lending activities as an independent operating unit.  IMC has entered into a
four year employment agreement with Mark Greenberg, its president.  In
accordance with the agreement, Mr. Greenberg's compensation will be based on
the future performance of the Equity unit.
    Equity, a non-conforming lender based in Baltimore, Maryland originates
residential mortgage loans primarily through 3 retail offices located in the
states of Maryland, Pennsylvania and Delaware.  Equity principally markets its
products through telemarketing and direct mail with current loan origination
volume of approximately $3 million per month.
    Mark Greenberg, who will continue as president of Equity following the
acquisition, said, "We are very pleased to join IMC.  We know the company and
its management well and believe this acquisition is the best opportunity for
us to preserve our family approach to lending while having access to greater
resources to continue our growth."
    George Nicholas, Chairman of IMC, said, "We are particularly delighted to
have completed the transaction with Equity which is the third of our original
ten partners to join the IMC family of companies.  Equity directly originates
its mortgage loans with the customer and will make a real contribution to
further expanding our growing retail business."
    IMC Mortgage Company is a Tampa-based specialty consumer finance company
engaged in purchasing, originating, servicing and selling non conforming 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 Equity to
differ materially from those indicated in such forward-looking statements.
Those factors include, but are not limited to, residential real estate values,
regulatory changes affecting the real estate market and mortgage lending
activities, 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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