TAMPA, Fla., Aug. 21 /PRNewswire/ -- IMC Mortgage Company (Nasdaq: IMCC)
(IMC) announced today that it has completed its sixth acquisition in 1997 with
the acquisition of Central Money Mortgage Co., Inc. (Central).  The terms of
the agreement provide for an initial payment of common stock of IMC Mortgage
Company and the possibility for an additional payment of common stock in the
future based on the performance of Central over a period of approximately
three years.
    George Nicholas, Chairman of IMC, remarked, "We are very pleased to add
Central Mortgage to IMC's family of companies.  We are very comfortable with
their management team and the quality of loans originated by the Company."
    Central, founded in 1985, is headquartered in Maryland and originates non-
conforming mortgage loans primarily through mortgage brokers in nine states
and through one retail office in Maryland.  The Company has regional offices
located in Maryland, Illinois, Colorado and Pennsylvania and currently
originates approximately $10 million in loans per month.  IMC purchased
approximately 50 percent of the loans originated in 1997.
    Central's two principal owners prior to the acquisition, Brian Holman,
President and Richard Toomey, Vice President, will continue in their current
positions under a five-year employment agreement.  Together they represent
over thirty years of experience in the mortgage industry.  Mr. Holman,
remarked, "This combination with IMC results in a winning environment for both
companies.  We specifically choose IMC as our partner because our management
philosophy parallels that of IMC's management team.  IMC is a highly respected
leader among its peers due to the Company's history of solid and consistent
lending practices.  We look forward to contributing to IMC's future."
    IMC Mortgage Company is a leading 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 both wholesale and retail operations in the
United States.
    Certain statements in this press release concerning volume of loans,
acquisitions, business strategy and future operations are forward-looking
statements.  There are a number of important factors that could cause the
actual results of IMC and Central 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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