TAMPA, Fla., April 18 /PRNewswire/ -- IMC Mortgage Company
(Nasdaq-NNM: IMCC) (IMC) announced today record results for the quarter ended
March 31, 1997.

    NET INCOME
    Net income of $8.9 million is reported for the three months ended
March 31, 1997 compared to pro forma net income of $1.6 million for the three
months ending March 31, 1996.  The associated earnings per share figure is
$.34 for the first quarter of 1997 on fully diluted shares outstanding of
26.3 million, compared to pro forma earnings per share of $.10 for the first
quarter of 1996 on fully diluted shares outstanding of 15.9 million.  (All per
share figures reflect the 2:1 stock split paid on February 13, 1997).

    LOAN ORIGINATION VOLUME
    Loans originated or purchased during the first quarter of 1997 totaled
$818 million, an increase from $264 million during the first quarter of 1996.

    ACQUISITION ACTIVITY
    Effective January 1, 1997, IMC closed the acquisitions of Mortgage
America, located in Michigan, CoreWest Banc, located in Los Angeles, and
Equity Mortgage located in Maryland.  Effective February 1, 1997, IMC also
closed the acquisition of American Mortgage Reduction, located in Maryland.
These four companies originated approximately $130 million of primarily retail
production in the fourth quarter of 1996, of which IMC purchased approximately
$36 million.

    SECURITIZATION ACTIVITY
    Loan securitization activity totaled $725 million for the first quarter of
1997.  The loans securitized primarily consisted of loans acquired in 1996
through IMC's correspondent network.  The retail loans originated by Mortgage
America, CoreWest Banc, Equity Mortgage or American Mortgage Reduction since
the acquisition of these companies, was not included in this securitization
activity.  Costs associated with retail loan production are generally expensed
at the time the loan is funded, while related upfront points and origination
fees are recognized into income at the time the loan is sold.  Accordingly,
net income for the first quarter of 1997 was reduced by substantially all the
costs associated with the retail loan originations of these four acquisitions,
however, net income was not increased by the related upfront points and
origination fees.  The upfront points and origination fees received in the
first quarter of 1997 will be recognized in the future periods as the loans
are sold.

    SERVICED LOAN PORTFOLIO
    IMC's serviced loan portfolio as of March 31, 1997 was $2.6 billion, an
increase from $783 million at March 31, 1996.  The percent of loans delinquent
more than 30 days including loans in foreclosure or bankruptcy was 6.76% at
March 31, 1997.  Annualized net loss experience for the three months ended
March 31, 1997, as a percent of the serviced loan portfolio at the end of the
quarter was 15 basis points.  These delinquency and loss rates continue in
line with management expectations.
    IMC Mortgage Company is a Tampa-based specialty 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.
IMC has wholesale and retail operations in the US and began limited operations
in early 1996 in the United Kingdom through a joint venture.  IMC filed a
registration statement on Form S-1 with the Securities and Exchange Commission
in the first quarter of 1997 and IMC is unable to comment further at this time
with respect to its first quarter results.  IMC will file its first quarter
report on Form 10-Q with the Securities and Exchange Commission on or before
May 14, 1997.

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