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): April 25, 2003 IMPAC SECURED ASSETS CORP. (as company (the "Company"), Impac Funding Corporation, as Master Servicer (the "Master Servicer"), and Deutsche Bank National Trust Company, as Trustee). IMPAC SECURED ASSETS CORP MORTGAGE PASS THR CERT SER 2003-1 (Exact name of Registrant as specified in its Charter) CALIFORNIA (State or Other Jurisdiction of Incorporation) 333-08439-12 33-071-5871 (Commission File Number) (I.R.S. Employer Identification No.) 1401 DOVE STREET NEWPORT BEACH 92660 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (949) 475-3600 Item 5. Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust 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 April 25, 2003 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. Deutsche Bank National Trust Company, formerly known as 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 February 1, 2003. Date: May 01, 2003 By: /s/ David Co David Co Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of April 25, 2003. |
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
April 25, 2003 Distribution | |||||||||||
Contents | |||||||||||
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TABLE OF CONTENTS | ; | ||||||||||
Page | |||||||||||
1. | Contents | 1 | |||||||||
2. | Certificate Payment Report | 2 | |||||||||
3. | Collection Account Report | 8 | |||||||||
4. | Credit Enhancement Report | 11 | |||||||||
5. | Collateral Report | 12 | |||||||||
6. | Delinquency Report | &n bsp; | 15 | ||||||||
7. | REO Report | 16 | |||||||||
8. | Prepayment Report | 17 | |||||||||
9. | Prepayment Detail Report | 20 | |||||||||
10. | Realized Loss Report | 21 | |||||||||
11. | Realized Loss Detail Report | 24 | |||||||||
12. | Triggers, Adj. Rate Cert. and Miscellaneous Report | 25 | |||||||||
13. | Additional Certificate Report | 26 | |||||||||
Total Number of Pages | 26 | ||||||||||
CONTACTS | |||||||||||
Administrator: James Noriega | |||||||||||
&nbs p; | Direct Phone Number: (714)247-6281 | ||||||||||
Address: Deutsche Bank | |||||||||||
1761 E. St. Andrew Place, Santa Ana, CA 92705 | |||||||||||
Web Site: https://www.corporatetrust.db.com/invr | |||||||||||
Factor Information: (800) 735-7777 | &nb sp; | ||||||||||
Main Phone Number: (714) 247-6000 | |||||||||||
ISSUANCE INFORMATION | |||||||||||
Seller: | Impac Funding Corp. | Cut-Off Date: February 1, 2003 | |||||||||
Certificate Insurer(s): | Closing Date: February 28, 2003 | ||||||||||
First Payment Date: March 25, 2003 | |||||||||||
Servicer(s): | Impac Funding Corporation Master Servicer | ||||||||||
GMAC Sub-Servicer | |||||||||||
Distribution Date: April 25, 2003 | |||||||||||
Underwriter(s): | Bear, Stearns & Co. Inc Underwriter | Record Date: March 31, 2003 | |||||||||
Page 1 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
REMIC I | |||||||||||
Certificate Paym ent Report for April 25, 2003 Distribution | |||||||||||
Distribution in Dollars - Current Period | |||||||||||
Prior | Current | ||||||||||
Class | Original | Principal | Total | Realized | Deferred | Principal | |||||
Class | Type | Face Value | Balance | Interest | Principal | Distribution | Losses | Interest | Balance | ||
(1) | (2) | (3) | (4)=(2)+(3) | (5) | (6) | (7)=(1)-(3)-(5)+(6) | |||||
LT-1 | 244,395,924.83 | 243,341,991.00 | 1,341,197.11 | 714,922.24 | 2,056,119.35 | - | - | 242,627,068.76 | |||
LT-2 | 5,184,000.00 | 5,184,000.00 | 28,571.99 | - | 28,571.99 | - | - | 5,184,000.00 | |||
LT-3 | 10,320,000.00 | 10,320,000.00 | 56,879.43 | - | 56,879.43 | - | - | 10,320,000.00 | |||
LT-4 | 6,912,000.00 | 6,912,000.00 | 38,095.99 | - | 38,095.99 | - | - | 6,912,000.00 | |||
LT-5 | 20,688,000.00 | 20,688,000.00 | 114,023.42 | - | 114,023.42 | - | - | 20,688,000.00 | |||
LT-P | 100.00 | 100.00 | 0.55 | - | 0.55 | - | - | 100.00 | |||
R-1 | - | - | - | - | - | - | - | - | |||
Total | 287,500,024.83 | 286,446,091.00 | 1,578,768.49 | 714,922.24 | 2,293,690.73 | - | - | 285,731,168.76 | |||
Interest Accrual Deta il | Current Period Factor Information per $1,000 of Original Face | ||||||||||
&nbs p; | Orig. Principal | Prior | Current | ||||||||
Period | Period | (with Notional) | Principal | Total | Principal | ||||||
Class | Starting | Ending | Method | Cusip | Balance | Balance | Interest | Principal | Distribution | Balance | |
(1) | (2) | (3) | (4)=(2)+(3) | (5) | |||||||
LT-1 | F-30/360 | IM03S1LT1 | 244,395,924.83 | 995.687597 | 5.487805 | 2.925263 | 8.413067 | 992.762334 | |||
LT-2 | F-30/360 | IM03S1LT2 | 5,184,000.00 | 1,000.000000 | 5.511572 | - | 5.511572 | 1,000.000000 | |||
LT-3 | F-30/360 | IM03S1LT3 | 10,320,000.00 | 1,000.000000 | 5.511573 | - | 5.511573 | 1,000.000000 | |||
LT-4 | F-30/360 | IM03S1LT4 | 6,912,000.00 | 1,000.000000 | 5.511573 | - | 5.511573 | 1,000.000000 | |||
LT-5 | F-30/360 | IM03S1LT5 | 20,688,000.00 | 1,000.000000 | 5.511573 | - | 5.511573 | 1,000.000000 | |||
LT-P | F-30/360 | IM03S1LTP | 100.00 | 1,000.000000 | 5.500000 | - | 5.500000 | 1,000.000000 | |||
R-1 | F-30/360 | IM03S1LR1 | - | - | - | - | - | - | |||
Page 2 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
REMIC I | |||||||||||
Certificate Payment Report for April 25, 2003 Distributio n | |||||||||||
& nbsp; | |||||||||||
Distribution in Dollars - to Date | |||||||||||
Current | |||||||||||
Original | Unscheduled | Scheduled | Total | Total | Realized | Deferred | Principal | ||||
Class | Face Value | Interest | Principal | Principal | Principal | Distribution | Losses | Interest | Balance | ||
(1) | (2) | (3) | (4) | (5)=(3)+(4) | (6)=(2)+(5) | (7) | (8) | (9)=(1)-(5)-(7)+(8) | |||
LT-1 | 244,395,924.83 | 2,688,459.78 | 1,234,202.89 | 534,653.18 | 1,768,856.07 | 4,457,315.85 | - | - | 242,627,068.76 | ||
LT-2 | 5,184,000.00 | 57,149.43 | - | - | - | 57,149.43 | - | - | 5,184,000.00 | ||
LT-3 | 10,320,000.00 | 113,769.70 | - | - | - | 113,769.70 | - | - | 10,320,000.00 | ||
LT-4 | 6,912,000.00 | 76,199.24 | - | - | - | 76,199.24 | - | - | 6,912,000.00 | ||
LT-5 | 20,688,000.00 | 228,068.57 | - | - | - | 228,068.57 | - | - | 20,688,000.00 | ||
LT-P | 100.00 | 1.10 | - | - | - | 1.10 | - | - | 100.00 | ||
R-1 | - | - | - | - | - | - | - | - | - | ||
Total | 287,500,024.83 | 3,163,647.82 | 1,234,202.89 | 534,653.18 | 1,768,856.07 | 4,932,503.89 | - | - | 285,731,168.76 | ||
Interest Detail | |||||||||||
Pass- | Prior Principal | Non- | Prior | Unscheduled | Paid or | Current | |||||
Through | (with Notional) | Accrued | Supported | Unpaid | Interest | Optimal | Deferred | Unpaid | |||
Class | Rate | Balance | Interest | I nterest SF | Interest | Adjustments | Interest | Interest | Interest | ||
(1) | (2) | (3) | (4) | (5)=(1)-(2)+(3)+(4) | (6) | (7)=(5)-(6) | |||||
LT-1 | 6.61389% | 243,341,991.00 | 1,341,197.11 | - | - | - | 1,341,197.11 | 1,341,197.1 1 | - | ||
LT-2 | 6.61389% | 5,184,000.00 | 28,571.99 | - | - | - | 28,571.99 | 28,571.99 | - | ||
LT-3 | 6.61389% | 10,320,000.00 | 56,879.43 | - | - | - | 56,879.43 | 56,879.43 | - | ||
LT-4 | 6.61389% | 6,912,000.00 | 38,095.99 | - | - | - | 38,095.99 | 38,095.99 | - | ||
LT-5 | 6.61389% | 20,688,000.00 | 114,023.42 | - | - | - | 114,023.42 | 114,023.42 | - | ||
LT-P | 6.61389% | 100.00 | 0.55 | - | - | - | 0.55 | 0.55 | - | ||
R-1 | - | - | - | - | - | - | - | - | |||
Total | 286,446,091.00 | 1,578,768.49 | - | - | - | 1,578,768.49 | 1,578,768.49 | - | |||
&n bsp; | |||||||||||
Page 3 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
REMIC II | |||||||||||
Certificate Payment Report for April 25, 2003 Distribution | |||||||||||
Distribution in Dollars - Current Period | |||||||||||
Prior | Current | ||||||||||
Class | Original | Principal | Total | Realized | Deferred | Principal | |||||
Class | Type | Face Value | Balance | Interest | Principal | Distribution | Losses | Interest | Balance | ||
&nbs p; | (1) | (2) | (3) | (4)=(2)+(3) | (5) | (6) | (7)=(1)-(3)-(5)+(6) | ||||
MT-AA | 281,750,024.33 | 280,717,071.18 | 1,371,184.65 | 700,623.79 | 2,071,808.44 | - | - | 280,016,447.39 | |||
MT-A1 | 2,500,490.00 | 2,492,039.10 | 12,172.56 | 6,251.09 | 18,423.65 | - | - | 2,485,788.01 | |||
MT-M1 | 158,080.00 | 157,545.74 | 769.54 | 395.19 | 1,164.73 | - | - | 157,150.55 | |||
MT-M2 | 129,330.00 | 128,892.90 | 629.59 | 323.32 | 952.91 | - | - | 128,569.58 | |||
MT-B | 71,850.00 | 71,607.17 | 349.77 | 179.62 | 529.39 | - | - | 71,427.55 | |||
MT-ZZ | 2,890,250.50 | 2,878,834.91 | 14,061.90 | 7,149.22 | 21,211.12 | - | - | 2,871,685.69 | |||
MT-IO | - | - | 179,600.00 | - | 179,60 0.00 | - | - | - | |||
MT-P | 100.00 | 100.00 | 0.49 | - | 0.49 | - | - | 100.00 | |||
R-2 | - | - | - | - | - | - | - | - | |||
Total | 287,500,124.83 | 286,446,091.00 | 1,578,768.50 | 714,922.23 | 2,293,690.73 | - | - | 285,731,168.77 | |||
&nb sp; | |||||||||||
Interest Accrual Detail | C urrent Period Factor Information per $1,000 of Original Face | ||||||||||
Orig. Principal | Prior | Current | |||||||||
Period | Period | (with Notional) | Principal | Total | Principal | ||||||
Class | Starting | Ending | Method | Cusip | Balance | Balance | Interest | Principal | Distribution | Balance | |
(1) | (2) | (3) | (4)=(2)+(3) | (5) | |||||||
MT-AA | F-30/360 | 281,750,024.33 | 996.333796 | 4.866671 | 2.486686 | 7.353357 | 993.847110 | ||||
MT-A1 | F-30/360 | 2,500,490.00 | 996.620302 | 4.868070 | 2.499946 | 7.368016 | 994.120356 | ||||
MT-M1 | F-30/360 | 158,080.00 | 996.620319 | 4.868041 | 2.499937 | 7.367978 | 994.120382 | ||||
MT-M2 | F-30/360 | 129,330.00 | 996.620274 | 4.868089 | 2.499961 | 7.368051 | 994.120312 | ||||
MT-B | F-30/360 | 71,850.00 | 996.620320 | 4.868058 | 2.499930 | 7.367989 | 994.120390 | ||||
MT-ZZ | F-30/360 | 2,890,250.50 | 996.050311 | 4.865288 | 2.473564 | 7.338852 | 993.576747 | ||||
MT-IO | F-30/360 | 43,104,000.00 | 1,000.000000 | 4.166667 | - | 4.166667 | 1,000.000000 | ||||
MT-P | F-30/360 | 100.00 | 1,000.000000 | 4.900000 | - | 4.900000 | 1,000.000000 | ||||
R-2 | F-30/360 | - | - | - | - | - | - | ||||
Page 4 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
REMIC II | |||||||||||
Certificate Payment Report for April 25, 2003 Distribution | |||||||||||
Distribution in Dollars - to Date | |||||||||||
Current | |||||||||||
Original | Unscheduled | Scheduled | Total | Total | Realized | Deferred | Principal | ||||
Class | Face Value | Interest | Principal | Principal | Principal | Distribution | Losses | Interest | Balance | ||
(1) | (2) | (3) | (4) | (5)=(3)+(4) | (6)=(2)+(5) | (7) | (8) | (9)=(1)-(5)-(7)+(8) | |||
MT-AA | 281,750,024.33 | 2,748,357.91 | 1,209,518.82 | 523,960.11 | 1,733,478.93 | 4,481,836.84 | - | - | 280,016,447.39 | ||
MT-A1 | 2,500,490.00 | 24,394.77 | 10,209.34 | 4,489.87 | 14,699.21 | 39,093.98 | - | - | 2,485,788.01 | ||
MT-M1 | 158,080.00 | 1,542.22 | 645.43 | 283.85 | 929.28 | 2,471.50 | - | - | 157,150.55 | ||
MT-M2 | 129,330.00 | 1,261.75 | 528.05 | 232.23 | 760.28 | 2,022.03 | - | - | 128,569.58 | ||
MT-B | 71,850.00 | 700.97 | 293.36 | 129.01 | 422.37 | 1,123.34 | - | - | 71,427.55 | ||
MT-ZZ | 2,890,250.50 | 28,189.23 | 13,007.89 | 5,558.10 | 18,565.99 | 46,755.22 | - | - | 2,871,685.69 | ||
MT-IO | - | 359,200.00 | - | - | - | 359,200.00 | - | - | - | ||
MT-P | 100.00 | 0.98 | - | - | - | 0.98 | - | - | 100.00 | ||
R-2 | - | - | - | - | - | - | - | - | - | ||
Total | 287,500,124.83 | 3,163,647.83 | 1,234,202.89 | 534,653.17 | 1,768,856.06 | 4,932,503.89 | - | - | 285,731,168.77 | ||
&n bsp; | |||||||||||
Interest Detail | |||||||||||
Pass- | Prior Principal | Non- | Prior | Unscheduled | Paid or | Current | |||||
Through | (with Notional) | Accrued | Supported | Unpaid | Interest | Optimal | Deferred | Unpaid | |||
Class | Rate | Balance | Interest | Interest SF | Interest | Adjustments | Interest | Interest | Interest | ||
(1) | (2) | (3) | (4) | (5)=(1)-(2)+(3)+(4) | (6) | (7)=(5)-(6) | |||||
&nb sp; | |||||||||||
MT-AA | 5.86149% | 280,717,071.18 | 1,371,184.65 | - | - | - | 1,371,184.65 | 1,371,184.65 | - | ||
MT-A1 | 5.86149% | 2,492,039.10 | 12,172.56 | - | - | - | 12,172.56 | 12,172.56 | - | ||
MT-M1 | 5.86149% | 157,545.74 | 769.54 | - | - | - | 769.54 | 769.54 | - | ||
MT-M2 | 5.86149% | 128,892.90 | 629.59 | - | - | - | 629.59 | 629.59 | - | ||
MT-B | 5.86149% | 71,607.17 | 349.77 | - | - - | - | 349.77 | 349.77 | - | ||
MT-ZZ | 5.86149% | 2,878,834.91 | 14,061.90 | - | - | - | 14,061.90 | 14,061.90 | - | ||
MT-IO | 5.00000% | 43,104,000.00 | 179,600.00 | - | - | - | 179,600.00 | 179,600.00 | - | ||
MT-P | 5.86149% | 100.00 | 0.49 | - | - | - | 0.49 | 0.49 | - | ||
R-2 | - | - | - | - | - | - | - | - | |||
Total | 329,550,091.00 | 1,578,768.50 | - | - | - | 1,578,768.50 | 1,578,768.50 | - | |||
Page 5 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
REMIC III | |||||||||||
Certificate Payment Report for April 25, 2003 Distribution | |||||||||||
Distribution in Dollars - Current Period | |||||||||||
Prior | Current | ||||||||||
Class | Original | Principal | Tota l | Realized | Deferred | Principal | |||||
Class | Type | Face Value | Balance | Interest | Principal | Distribution | Losses | Interest | Balance | ||
(1) | (2) | (3) | (4)=(2)+(3) | (5) | (6) | (7)=(1)-(3)-(5)+(6) | |||||
A-1 | FLT, SEQ | 250,049,000.00 | 249,203,909.91 | 924,131.17 | 625,109.16 | 1,549,240.33 | - | - | 248,578,800.75 | ||
A-IO | I O, NTL, AR | - | - | 179,600.00 | - | 179,600.00 | - | - | - | ||
M-1 | MEZ, STEP, | 15,808,000.00 | 15,754,573.74 | 65,906.63 | 39,519.16 | 105,425.79 | - | - | 15,715,054.58 | ||
M-2 | MEZ, STEP, | 12,933,000.00 | 12,889,290.37 | 56,068.41 | 32,331.81 | 88,400.22 | - | - | 12,856,958.56 | ||
B | SUB | 7,185,000.00 | 7,160,716.87 | 34,977.09 | 17,962.12 | 52,939.21 | - | - | 7,142,754.75 | ||
C | 1,524,924.83 | 1,437,500.12 | 318,085.19 | - | 318,085.19 | - | - | 1,437,500.12 | |||
P | 100.00 | 100.00 | - | - | - | - | - | 100.00 | |||
R-3 | - | - | - | - | - | - | - | - | |||
Total | 287,500,024.83 | 286,446,091.01 | 1,578,768.49 | 714,922.25 | 2,293,690.74 | - | - | 285,731,168.76 | |||
Interest Accrual Detail | Current Period Factor Information per $1,000 of Original Face | ||||||||||
Orig. Principal | Prior | Current | |||||||||
Period | Period | (with Notional) | Principal | Total | Principal | ||||||
Class | Starting | Ending | Method | Cusip | Balance | Balance | Interest | Principal | Distribution | Balance | |
(1) | (2) | (3) | (4)=(2)+(3) | (5) | |||||||
A-1 | F-30/360 | 250,049,000.00 | 996.620302 | 3.695800 | 2.499947 | 6.195747 | 994.120355 | ||||
A-IO | �� | F-30/360 | 43,104,000.00 | 1,000.000000 | 4.166667 | - | 4.166667 | 1,000.000000 | |||
M-1 | F-30/360 | 15,808,000.00 | 996.620302 | 4.169195 | 2.499947 | 6.669142 | 994.120356 | ||||
M-2 | F-30/360 | 12,933,000.00 | 996.620302 | 4.335298 | 2.499947 | 6.835245 | 994.120356 | ||||
B | F-30/360 | 7,185,000.00 | 996.620302 | 4.868071 | 2.499947 | 7.368018 | 994.120355 | ||||
C | F-30/360 | 289,024,949.66 | 996.051003 | 1.100546 | - | 1.100546 | 993.577438 | ||||
P | F-30/360 | 100.00 | 1,000.00 0000 | - | - | - | 1,000.000000 | ||||
R-3 | F-30/360 | - | - | - | - | - | - | ||||
&nb sp; | |||||||||||
Page 6 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
REMIC III | |||||||||||
Certificate Payment Report for April 25, 2003 Distribution | |||||||||||
Distribution in Dollars - to Date | |||||||||||
Current | |||||||||||
Original | Unscheduled | Scheduled | Total | Total | Realized | Deferred | Principal | ||||
Class | Face Value | Interest | Principal | Principal | Principal | Distribution | Losses | Interest | Balance | ||
(1) | (2) | (3) | (4) | (5)=(3)+(4) | (6)=(2)+(5) | (7) | (8) | (9)=(1)-(5)-(7)+(8) | |||
&n bsp; | |||||||||||
A-1 | 250,049,000.00 | 1,851,396.21 | 1,002,712.60 | 467,486.65 | 1,470,199.25 | 3,321,595.46 | - | - | 248,578,800.75 | ||
A-IO | - | 359,200.00 | - | - | - | 359,200.00 | - | - | - | ||
M-1 | 15,808,000.00 | 132,036.76 | 63,391.10 | 29,554.32 | 92,945.42 | 224,982.18 | - | - | 15,715,054.58 | ||
M-2 | 12,933,000.00 | 112,326.96 | 51,862.16 | 24,179.28 | 76,041.44 | 188,368.40 | - | - | 12,856,958.56 | ||
B | 7,185,000.00 | 70,096.85 | - | 42,245.25 | 42,245.25 | 112,342.10 | - | - | 7,142,754.75 | ||
C | 1,524,924.83 | 638,591.05 | 28,812.31 | 58,612.40 | 87,424.71 | 726,015.76 | - | - | 1,437,500.12 | ||
P | 100.00 | - | 87,424.71 | - | - | - | - | - | 100.00 | ||
R-3 | - | - | - | - | - | - | - | - | - | ||
Total | 287,500,024.83 | 3,163,647.83 | 1,234,202.88 | 622,077.90 | 1,768,856.07 | 4,932,503.90 | - | - | 285,731,168.76 | ||
&nb sp; | |||||||||||
Interest Detail | |||||||||||
Pass- | Prior Principal | Non- | Prior | Unscheduled | Paid or | Current | |||||
Through | (with Notional) | Accrued | Supported | Unpaid | Interest | Optimal | Deferred | Unpaid | |||
Class | Rate | Balance | Interest | Interest SF | Interest | Adjustments | Interest | Interest | Interest | ||
(1) | (2) | (3) | (4) | (5)=(1)-(2)+(3)+(4) | (6) | (7)=(5)-(6) | |||||
A-1 | 4.45000% | 249,203,909.91 | 924,131.17 | - | - | - | 924,131.17 | 924,131.17 | - | ||
A-IO | 5.00000% | 43,104,000.00 | 179,600.00 | - | - | - | 179,600.00 | 179,600.00 | - | ||
M-1 | 5.02000% | 15,754,573.74 | 65,906.63 | - | - | - | 65,906.63 | 65,906.63 | - | ||
M-2 | 5.22000% | 12,889,290.37 | 56,068.41 | - | - | - | 56,068.41 | 56,068.41 | - | ||
B | 5.86149% | 7,160,716.87 | 34,977.09 | - | - | - | 34,977.09 | 34,977.09 | - | ||
C | 1.33300% | 287,883,591.13 | 318,085.19 | - | - | (0.00) | 318,085.19 | 318,085.19 | 0.00 | ||
P | 100.00 | - | - | - | - | - | - | - | |||
R-3 | - | - | - | - | - | - | - | - | |||
Total | 615,996,182.02 | 1,578,768.49 | - | - | (0.00) | 1,578,768.49 | 1,578,768.49 | 0.00 | |||
Page 7 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Collection Account Report for April 25, 2003 Distribution | |||||||||||
Collection Account Report | |||||||||||
&n bsp; | |||||||||||
SUMMARY | TOTAL | ||||||||||
Principal Collections | 714,922.24 | ||||||||||
Other Principal Deposits | 0.00 | ||||||||||
TOTAL NET PRINCIPAL | 714,922.24 | ||||||||||
Interest Collections | 1,655,155.8 5 | ||||||||||
Interest Withdrawals | 0.00 | ||||||||||
Interest Fees | (76,387.36) | ||||||||||
TOTAL NET INTEREST | 1,578,768.49 | ||||||||||
TOTAL AVAILABLE FUNDS TO BONDHOLDERS | 2,293,690.73 | ||||||||||
PRINCIPAL - COLLECTIONS | TOTAL | ||||||||||
Scheduled Principal | 280,515.44 | ||||||||||
Curtailments | 165,050.25 | ||||||||||
Prepayments In Full | 269,356.55 | ||||||||||
Repurchases/Substitutions | 0.00 | ||||||||||
Liquidations | 0.00 | ||||||||||
Insurance Principal | 0.00 | ||||||||||
Other Principal | 0.00 | ||||||||||
Delinquent Principal | 0.00 | ||||||||||
Total Realized Loss Of Principal | 0.00 | ||||||||||
Principal Advanced | 0.00 | ||||||||||
TOTAL PRINCIPAL COLLECTED | 714,922.24 | ||||||||||
Page 8 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Collection Account Report for April 25, 2003 Distribution | |||||||||||
Collection Account Report | |||||||||||
PRINCIPAL - WITHDRAWALS | TOTAL | ||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
&n bsp; | |||||||||||
PRINCIPAL - OTHER ACCOUNTS | TOTAL | ||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
INTEREST - COLLECTIONS | TOTAL | ||||||||||
Scheduled Interest | 1,655,155.85 | ||||||||||
Repurchases/Substitutions | 0.00 | ||||||||||
Liquidation Interest | 0.00 | ||||||||||
Insurance Interest | 0.00 | ||||||||||
Other Interest | 0.00 | ||||||||||
Prepayment Interest Shortfalls | 0.00 | ||||||||||
Delinquent Interest | 0.00 | ||||||||||
Interest Realized Losses | 0.00 | ||||||||||
Compensating Interest | 0.00 | ||||||||||
Civil Relief Act Shortfalls | 0.00 | ||||||||||
Prepayment Premiums | 0.00 | ||||||||||
Interest Advanced | 0.00 | ||||||||||
TOTAL INTEREST COLLECTED | 1,655,155.85 | ||||||||||
Page 9 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Collection Account Report for April 25, 2003 Distribution | |||||||||||
Collection Account Report | |||||||||||
INTEREST - WITHDRAWALS | TOTAL | ||||||||||
Undistributed Receipts on Repurchased Loans | 0.00 | ||||||||||
Reimburse Advances from Late Collections | 0.00 | ||||||||||
Reimbursement for Expenses | 0.00 | ||||||||||
Reimbursements to Sub-Servicer | 0.00 | ||||||||||
Reimburse Fees and Advances from Late Collections | 0.00 | ||||||||||
Interest Earnings on the Custodial Account | 0.00 | ||||||||||
Prev. Unreimbursed P&I Advances | 0.00 | ||||||||||
Prev. Unreimbursed Servicing Advances | 0.00 | ||||||||||
TOTAL INTEREST WITHDRAWALS | 0.00 | ||||||||||
INTEREST - OTHER ACCOUNTS | TOTAL | ||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
INTEREST - FEES | TOTAL | ||||||||||
Radian PMI Fee | 7,461.27 | ||||||||||
Trustee Fee Amount | 2,088.67 | ||||||||||
Retained Spread | 0.00 | ||||||||||
Current Servicing Fees | 66,837.42 | ||||||||||
Delinquent Servicing Fees | &nb sp; | 0.00 | |||||||||
TOTAL INTEREST OTHER FEES | 76,387.36 | ||||||||||
&nbs p; | |||||||||||
Page 10 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
&nbs p; | Impac Secured Assets 2003-1 | ||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Credit Enhancement Report for April 25, 2003 Distribution | |||||||||||
Credit Enhancement Report | |||||||||||
ACCOUNTS | TOTAL | ||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
INSURANCE | TOTAL | ||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
&n bsp; | |||||||||||
STRUCTURAL FEATURES | TOTAL | ||||||||||
Overcollateralization Amount | 1,437,500.13 | ||||||||||
Excess Overcollateralized Amount | 0.00 | ||||||||||
Overcollateralization Release Amount | 0.00 | ||||||||||
Overcollateralization Deficiency Amount | 0.00 | ||||||||||
Overcollateralization Target Amount | 1,437,500.12 | ||||||||||
Page 11 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 20 03-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
&n bsp; | |||||||||||
Collateral Report for April 25, 2003 Distribution | |||||||||||
Collateral Report | |||||||||||
COLLATERAL | TOTAL | ||||||||||
Loan Count: | |||||||||||
Original | 1427 | ||||||||||
Prior | 1,425 | ||||||||||
Prefunding | - | ||||||||||
Scheduled Paid Offs | - | ||||||||||
Full Voluntary Prepayments | (2) | ||||||||||
Repurchases | - | ||||||||||
Liquidations | - | ||||||||||
Current | 1,423 | ||||||||||
; | |||||||||||
Principal Balance: | |||||||||||
Original | 287,500,024.83 | ||||||||||
Prior | 286,446,091.01 | ||||||||||
Prefunding | - | ||||||||||
Scheduled Principal | (280,515.44) | ||||||||||
Partial and Full Voluntary Prepayments | (434,406.80) | ||||||||||
Repurchases | - | ||||||||||
Liquidations | - | ||||||||||
Current | 285,731,168.77 | ||||||||||
& nbsp; | |||||||||||
PREFUNDING | TOTAL | ||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
Current Prin Balance by Groups (in millions of dollar s) | Total Current Principal Balance (in millions of dollars) | ||||||||||
&nb sp; | |||||||||||
Page 12 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Collateral Report for April 25, 2003 Distribution | |||||||||||
Collateral Report | |||||||||||
; | |||||||||||
CHARACTERISTICS | TOTAL | ||||||||||
Weighted Average Coupon Original | 6.935058% | ||||||||||
Weighted Average Coupon Prior | 6.935058% | ||||||||||
Weighted Average Coupon Current | 6.933895% | ||||||||||
Weighted Average Months to Maturity Original | - | ||||||||||
Weighted Average Months to Maturity Prior | - | ||||||||||
Weighted Average Months to Maturity Current | - | ||||||||||
Weight ed Avg Remaining Amortization Term Original | 349 | ||||||||||
Weighted Avg Remaining Amortization Term Prior | 349 | ||||||||||
Weighted Avg Remaining Amortization Term Current | 348 | ||||||||||
Weighted Average Seasoning Original | 1.90 | ||||||||||
Weighted Average Seasoning Prior | 1.90 | ||||||||||
Weighted Average Seasoning Current | (36.21) | ||||||||||
Note: Original information refers to deal issue. | |||||||||||
WAC by Groups | Total WAC | ||||||||||
WARAT by Groups | Total WARAT | ||||||||||
Note : Dates correspond to distribution dates. | |||||||||||
Page 13 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | & nbsp; | ||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Collateral Report for April 25, 2003 Distribution | |||||||||||
Collateral Report | |||||||||||
ARM CHARACTERISTICS | TOTAL | ||||||||||
Weighted Average Margin Original | 0.000% | ||||||||||
Weighted Average Margin Prior | 0.000% | ||||||||||
Weighted Average Margin Current | 0.000% | ||||||||||
Weighted Average Max Rate Original | 0.000% | ||||||||||
Weighted Average Max Rate Prior | 0.000% | ||||||||||
Weighted Average Max Rate Current | 0.000% | ||||||||||
Weighted Average Min Rate Original | 0.000% | ||||||||||
Weighted Average Min Rate Prior | 0.000% | ||||||||||
Weighted Average Min Rate Current | 0.000% | ||||||||||
Weighted Average Cap Up Original | 0.000% | ||||||||||
Weighted Average Cap Up Prior | 0.000% | ||||||||||
Weighted Average Cap Up Current | 0.000% | ||||||||||
Weighted Average Cap Down Original | 0.000% | ||||||||||
Weighted Average Cap Down Prior | 0.000% | ||||||||||
Weighted Average Cap Down Current | 0.000% | ||||||||||
Note: Original information refers to deal issue. | |||||||||||
SERVICING FEES / ADVANCES | TOTAL | ||||||||||
Current Servicing Fees | 66,837.42 | ||||||||||
Delinquent Servicing Fees | 0.00 | ||||||||||
TOTAL SERVICING FEES | 66,837.42 | ||||||||||
Total Servicing Fees | 66,837.42 | ||||||||||
Compensating Interest | 0.00 | ||||||||||
Delinquent Servicing Fees | 0.00 | ||||||||||
COLLECTED SERVICING FEES | 66,837.42 | ||||||||||
Current PPIS | 0.00 | ||||||||||
Current Net PPIS | 0 .00 | ||||||||||
& nbsp; | |||||||||||
Total Advanced Principal For Current Payment Date | 0.00 | ||||||||||
Total Advanced Interest For Current Payment Date | 0.00 | ||||||||||
TOTAL ADVANCES FOR CURRENT PERIOD | 0.00 | ||||||||||
ADDITIONAL COLLATERAL INFORMATION | TOTAL | ||||||||||
Weighted Average Mortgage Rate | 6.9339% | ||||||||||
Weighted Average Net Mortgage Rate | 6.6139% | ||||||||||
&nb sp; | |||||||||||
Page 14 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Delinquency Report for April 25, 2003 Distribution | |||||||||||
Delinquency Report - Total | |||||||||||
<1 PAYMENT | 1 PAYMENT | 2 PAYMENTS | 3+ PAYMENTS | TOTAL | |||||||
DELINQUENT | Balance | - | - | - | - | ||||||
% Balance | 0.00% | 0.00% | 0.00% | 0.00% | |||||||
# Loans | - | - | - | - | |||||||
% # Loans | 0.00% | 0.00% | 0.00% | 0.00% | |||||||
FORECLOSURE | Balance | - | - | - | - | - | |||||
% Balance | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
# Loans | - | - | - | - | - | ||||||
% # Loans | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
BANKRUPTCY | Balance | - | - | - | - | - | |||||
% Balance | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
# Loans | - | - | - | - | - | ||||||
% # Loans | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
REO | Balance | - | - | - | - | - | |||||
% Balance | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
# Loans | - | - | - | - | - | ||||||
% # Loans | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
TOTAL | Balance | - | - | - | - | - | |||||
% Balance | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
# Loans | - | - | - | - | - | ||||||
% # Loans | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||||
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+ | |||||||||||
6 Months Moving Average | |||||||||||
1 or 2 Payments Delinquent | 3 or More Payments Delinquent | ||||||||||
Total Foreclosure | Total Bankruptcy and REO | ||||||||||
Note: Dates correspond to distribution dates. | |||||||||||
Page 15 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
REO Report for April 25, 2003 Distribution | |||||||||||
REO Report - Mortgage Loans that Become REO During Current Distribution | |||||||||||
SUMMARY | LOAN GROUP | ||||||||||
Total Loan Count = 0 | Loan Group 1 = Group 1 Group; REO Book Value = 000.00 | ||||||||||
Total Original Principal Balance = 000.00 | |||||||||||
Total Current Balance = 000.00 | |||||||||||
REO Book Value = 000.00 | |||||||||||
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution. | |||||||||||
Loan Number | Original | Stated | Current | State & | |||||||
& | Principal | Principal | Paid to | Note | LTV at | Original | Origination | ||||
Loan Group | Balance | Balance | Date | Rate | Origination | Term | Date | ||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
Page 16 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Prepayment Report for April 25, 2003 Distribution | |||||||||||
Prepayment Report - Voluntary Prepayments | |||||||||||
&nbs p; | |||||||||||
VOLUNTARY PREPAYMENTS | TOTAL | ||||||||||
Current | |||||||||||
Number of Paid in Full Loans | 2 | ||||||||||
Number of Repurchased Loans | - | ||||||||||
Total Number of Loans Prepaid in Full | 2 | ||||||||||
Paid in Full Balance | 269,356.55 | ||||||||||
Repurchased Loans Balance | - | ||||||||||
Curtailments Amount | 165,050.25 | ||||||||||
Total Prepayment Amount | 434,406.80 | ||||||||||
Cumulative | |||||||||||
Number of Paid in Full Loans | 4 | ||||||||||
Number of Repurchased Loans | &nb sp; | - | |||||||||
Total Number of Loans Prepaid in Full | 4 | ||||||||||
Paid in Full Balance | 1,065,822.39 | ||||||||||
Repurchased Loans Balance | - | ||||||||||
Curtailments Amount | 168,380.49 | ||||||||||
Total Prepayment Amount | 1,234,202.88 | ||||||||||
SPACE INTEN TIONALLY LEFT BLANK | |||||||||||
Total Prepayments by Groups (in thousands of dollars) | Total Prepayments (in thousands of dollars) | ||||||||||
Page 17 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | ; | ||||||||||
Prepayment Report for April 25, 2003 Distribution | |||||||||||
& nbsp; | |||||||||||
Prepayment Report - Voluntary Prepayments | |||||||||||
VOLUNTARY PREPAYMENT RATES | TOTAL | ||||||||||
; | |||||||||||
SMM | 0.15% | ||||||||||
3 Months Avg SMM | |||||||||||
12 Months Avg SMM | |||||||||||
Avg SMM Since Cut-off | 0.22% | ||||||||||
CPR | 1.81% | ||||||||||
3 Months Avg CPR | |||||||||||
12 Months Avg CPR | |||||||||||
Avg CPR Since Cut-off | 2.55% | ||||||||||
PSA | -24.94% | ||||||||||
3 Months Avg PSA Approximation | ; | ||||||||||
12 Months Avg PSA Approximation | |||||||||||
Avg PSA Since Cut-off Approximation | -74.36% | ||||||||||
CPR by Groups | Total CPR | ||||||||||
PSA by Groups | Total PSA | ||||||||||
; | |||||||||||
Page 18 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Prepayment Report for April 25, 2003 Distribution | |||||||||||
Prepayment Report - Voluntary Prepayments | |||||||||||
CPR Avg since Cut-Off by Groups | Total CPR Avg since Cut-Off | ||||||||||
& nbsp; | |||||||||||
PSA Avg since Cut-Off by Groups | Total PSA Avg since Cut-Off | ||||||||||
& nbsp; | |||||||||||
PREPAYMENT CALCULATION METHODOLOGY | |||||||||||
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal) | |||||||||||
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) | |||||||||||
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS)) | |||||||||||
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in p eriod n,m) | |||||||||||
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12) | |||||||||||
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m)) | |||||||||||
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m) | |||||||||||
Weighted Average Seasoning (WAS) | |||||||||||
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases. | |||||||||||
Dates correspond to distribution dates. | |||||||||||
Page 19 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
; | |||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
; | |||||||||||
Prepayment Detail Report for April 25, 2003 Distribution | |||||||||||
Prepayment Detail Report - Loans Prepaid in Full During Current Distribution | |||||||||||
SUMMARY | LOAN GROUP | ||||||||||
Total Loan Count = 2 | Loan Group 1 = Group 1 Group | ||||||||||
Total Original Principal Balance = 272,10 0.00 | |||||||||||
Total Prepayment Amount = 269,356.55 | |||||||||||
Loan Number | Original | Current | State & | Type Prepayment | |||||||
& | Loan | Principal | Prepayment | Prepayment | Note | LTV at | & | Origination | |||
Loan Group | Status | Balance | Amount | Date | Rate | Origination | Original Term | Date | |||
1100369587 1 | 180,000.00 | 177,315.28 | Mar-13-03 | 8.250% | TX - 100.00% | Paid Off - 360 | Jan-31-03 | ||||
2500021838 1 | 92,100.00 | 92,041.27 | Mar-26-03 | 8.250% | FL - 89.98% | Paid Off - 360 | Jan-24-03 | ||||
Page 20 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Realized Loss Report for April 25, 2003 Distribution | |||||||||||
Realized Loss Report - Collateral | |||||||||||
COLLATERAL REALIZED LOSSES | TOTAL | ||||||||||
Current | |||||||||||
Number of Loans Liquidated | - | ||||||||||
Collateral Realized Loss/(Gain) Amount | - | ||||||||||
Net Liquidation Proceeds | - | ||||||||||
Cumulative | |||||||||||
Number of Loans Liquidated | - | ||||||||||
Collateral Realized Loss/(Gain) Amount | - | ||||||||||
Net Liquidation Proceeds | - | ||||||||||
Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods. | |||||||||||
; | |||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
3 Months Moving Average | |||||||||||
Collateral Loss Severity Approximation by Groups | Collateral Loss Severity Approximation | ||||||||||
Page 21 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Realized Loss Report for April 25, 2003 Distribution | |||||||||||
Realized Loss Report - Collateral | |||||||||||
DEFAULT SPEEDS | TOTAL | ||||||||||
MDR | 0.00% | ||||||||||
3 Months Avg MDR | |||||||||||
12 Months Avg MDR | |||||||||||
Avg MDR Since Cut-off | 0.00% | ||||||||||
CDR | 0.00% | ||||||||||
3 Months Avg CDR | & nbsp; | ||||||||||
12 Months Avg CDR | |||||||||||
Avg CDR Since Cut-off | 0.00% | ||||||||||
SDA | 0.00% | ; | |||||||||
3 Months Avg SDA Approximation | |||||||||||
12 Months Avg SDA Approximation | |||||||||||
Avg SDA Since Cut-off Approximation | 0.00% | ||||||||||
Loss Severity Approximation for Current Period | |||||||||||
3 Months Avg Loss Severity Approximation | |||||||||||
12 Months Avg Loss Severity Approximation | |||||||||||
Avg Loss Severity Approximation Since Cut-off | |||||||||||
& nbsp; | |||||||||||
CDR by Groups | Total CDR | ||||||||||
SDA by Groups | Total SDA | ||||||||||
; | |||||||||||
Page 22 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Realized Loss Report for April 25, 2003 Distribution | |||||||||||
Realized Loss Report - Collateral | |||||||||||
CDR Avg since Cut-Off by Groups | Total CDR Avg since Cut-Off | ||||||||||
SDA Avg since Cut-Off by Groups | Total SDA Avg since Cut-Off | ||||||||||
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY | |||||||||||
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance) | |||||||||||
Conditional Default Rate (CDR): 1-((1-MDR)^12) | |||||||||||
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60))) | |||||||||||
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m) | |||||||||||
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12) | |||||||||||
Average SDA Approximation over period between the nth month and mth month: | |||||||||||
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60))) | |||||||||||
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m) | |||||||||||
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans) | |||||||||||
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m) | |||||||||||
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods. | |||||||||||
Dates correspond to distribution dates. | |||||||||||
Page 23 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Realized Loss Detail Report for April 25, 2003 Distribution | |||||||||||
Realized Loss Detail Report - Loans Liquidated During Current Distribution | |||||||||||
SUMMARY | LOAN GROUP | ||||||||||
Total Loan Count = 0 | Loan Group 1 = Group 1 Group | ||||||||||
Total Original Principal Balance = 0.00 | |||||||||||
Total Prior Principal Balance = 0.00 | |||||||||||
Total Realized Loss Amount = 0.00 | |||||||||||
Total Net Liquidation Proceeds = 0.00 | |||||||||||
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods. | |||||||||||
Loan Number | Original | Prior | Current | State & | |||||||
& | Loan | Principal | Principal | Realized | Note | LTV at | Original | Origination | |||
Loan Group | Status | Balance | Balance | Loss/(Gain) | Rate | Origination | Term | Date | |||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
; | Page 24 of 26 | © COPYRIGHT 2003 Deutsche Bank | |||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Triggers, Adj. Rate Cert. and Miscellaneous Report for April 25, 2003 Distribution | |||||||||||
Triggers, Adj. Rate Cert. and Miscellaneous Report | |||||||||||
&n bsp; | |||||||||||
TRIGGER EVENTS | TOTAL | ||||||||||
Optional Termination Date Reached | &n bsp; | No | |||||||||
After the 36th Distribution | No | ||||||||||
ADJUSTABLE RATE CERTIFICATE INFORMATION | TOTAL | ||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
ADDITIONAL INFORMATION | TOTAL | ||||||||||
SPACE INTENTIONALLY LEFT BLANK | |||||||||||
Page 25 of 26 | © COPYRIGHT 2003 Deutsche Bank | ||||||||||
Impac Secured Assets 2003-1 | |||||||||||
Mortgage Pass-Through Certificates | |||||||||||
Additional Certificate Report for April 25, 2003 Distribution | |||||||||||
Additional Certificate Report | |||||||||||
CLASS | Net PPIS & Other Int. Shortfalls | ||||||||||
A-1 | 0.00 | ||||||||||
A-IO | 0.00 | ||||||||||
M-1 | 0.00 | ||||||||||
M-2 | 0.00 | ||||||||||
B | 0.00 | ||||||||||
Page 26 of 26 | © COPYRIGHT 2003 Deutsche Bank |