SUPPLEMENT DATED MAY 7, 2001
(TO PROSPECTUS SUPPLEMENT DATED MARCH 26, 2001 TO PROSPECTUS DATED MARCH 26,
2001, AS SUPPLEMENTED BY THE SUPPLEMENT DATED APRIL 5, 2001)
$250,071,320
(APPROXIMATE)
IMPAC FUNDING CORPORATION
MASTER SERVICER
IMPAC SECURED ASSETS CORP.
COMPANY
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2001-2
This Supplement revises the Prospectus Supplement dated March 26, 2001
to the Prospectus dated March 26, 2001, as supplemented by the Supplement dated
April 5, 2001, with respect to the above-captioned certificates.
The following statements in the Prospectus Supplement dated March 26,
2001 are modified as indicated below:
1. The definition of "Class A Principal Distribution Amount" on
page S-78 will be replaced with the following:
For any applicable distribution date on or after the Stepdown Date as
long as a Trigger Event has not occurred with respect to such
distribution date, an amount equal to the excess (if any) of (x) the
Certificate Principal Balance of the Class A Certificates other than
the A-IO Certificates immediately prior to such distribution date over
the lesser of (y) the aggregate Stated Principal Balance of the
mortgage loans as of the last day of the related Due Period (after
giving effect to scheduled payments of principal due during the related
Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period,
and after reduction for Realized Losses incurred during the related
Prepayment Period) multiplied by approximately 95.00% and (z) the
amount, if any, by which (i) the aggregate Stated Principal Balance of
the mortgage loans as of the last day of the related Due Period (after
giving effect to scheduled payments of principal due during the related
Due Period, to the extent received or advanced, and unscheduled
collections of principal received during the related Prepayment Period,
and after reduction for Realized Losses incurred during the related
Prepayment Period) exceeds (ii) 0.50% of the aggregate Stated Principal
Balance of the Mortgage Loans as of the Cut-off Date.
2. The definition of "Class B Principal Distribution Amount" on
page S-78 will be replaced with the following:
For any applicable distribution date on or after the Stepdown Date as
long as a Trigger Event has not occurred with respect to such
distribution date, an amount equal to the excess (if any) of the sum of
(w) the Certificate Principal Balance of the Class A Certificates other
than the Class A-IO Certificates and the Certificate Principal Balance
of the Class M-1 Certificates and the Certificate Principal Balance of
the Class M-2 Certificates (after taking into account the payment to
the Class A, Class M-1 and Class M-2 Certificates on such distribution
date) and (x) the Certificate Principal Balance of the Class B
Certificates immediately pto such distribution date over the lesser of
(y) the aggregate Stated Principal Balance of the mortgage loans as of
the last day of the related Due Period (after giving effect to
scheduled payments of principal due during the related Due Period, to
the extent received or advanced, and unscheduled collections of
principal received during the related Prepayment Period, and after
reduction for Realized Losses incurred during the related
Prepayment Period) multiplied by 99.00% and (z) the amount, if any, by
which (i) the aggregate Stated Principal Balance of the mortgage loans
as of the last day of the related Due Period (after giving effect to
scheduled payments of principal due during the related Due Period, to
the extent received or advanced, and unscheduled collections of
principal received during the related Prepayment Period, and after
reduction for Realized Losses incurred during the related Prepayment
Period) exceeds (ii) 0.50% of the aggregate Stated Principal Balance of
the Mortgage Loans as of the Cut-off Date.
3. The definition of "Class M-1 Principal Distribution Amount" on
page S-78 will be replaced with the following:
For any applicable distribution date on or after the Stepdown Date as
long as a Trigger Event has not occurred with respect to such
distribution date, an amount equal to the excess (if any) of the sum of
(w) the Certificate Principal Balance of the Class A Certificates other
than the Class A-IO Certificates (after taking into account the payment
of the Class A Principal Distribution Amount on such distribution date)
and (x) the Certificate Principal Balance of the Class M-1 Certificates
immediately prior to such distribution date over the lesser of (y) the
aggregate Stated Principal Balance of the mortgage loans as of the last
day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent
received or advanced, and unscheduled collections of principal received
during the related Prepayment Period, and after reduction for Realized
Losses incurred during the related Prepayment Period) multiplied by
approximately 97.00% and (z) the amount, if any, by which (i) the
aggregate Stated Principal Balance of the mortgage loans as of the last
day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent
received or advanced, and unscheduled collections of principal received
during the related Prepayment Period, and after reduction for Realized
Losses incurred during the related Prepayment Period) exceeds (ii)
0.50% of the aggregate Stated Principal Balance of the Mortgage Loans
as of the Cut-off Date.
4. The definition of "Class M-2 Principal Distribution Amount" on
page S-79 will be replaced with the following:
For any applicable distribution date on or after the Stepdown Date as
long as a Trigger Event has not occurred with respect to such
distribution date, an amount equal to the excess (if any) of the sum of
(w) the Certificate Principal Balance of the Class A Certificates other
than the Class A-IO Certificates and the Certificate Principal Balance
of the Class M-1 Certificates (after taking into account the payment to
the Class A and the Class M-1 Certificates on such distribution date)
and (x) the Certificate Principal Balance of the Class M-2 Certificates
immediately prior to such distribution date over the lesser of (y) the
aggregate Stated Principal Balance of the mortgage loans as of the last
day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent
received or advanced, and unscheduled collections of principal received
during the related Prepayment Period, and after reduction for Realized
Losses incurred during the related Prepayment Period) multiplied by
approximately 98.50% and (z) the amount, if any, by which (i) the
aggregate Stated Principal Balance of the mortgage loans as of the last
day of the related Due Period (after giving effect to scheduled
payments of principal due during the related Due Period, to the extent
received or advanced, and unscheduled collections of principal received
during the related Prepayment Period, and after reduction for Realized
Losses incurred during the related Prepayment Period) exceeds (ii)
0.50% of the aggregate Stated Principal Balance of the Mortgage Loans
as of the Cut-off Date.
5. The definition of "Stepdown Date" on page S-86 will be replaced
with the following:
The earlier to occur of (i) the distribution date on which the
aggregate Certificate Principal Balance of the Class A Certificates has
been reduced to zero and (ii) the later to occur of (x) the
distribution date occurring in April 2004 and (y) the first
distribution date for which the aggregate Certificate Principal Balance
of the Mezzanine Certificates and the Overcollateralization Amount
divided by the aggregate Stated Principal Balance of the mortgage loans
as of the last day of the related Due Period (after giving effect to
scheduled payments of principal due during the related Due Period, to
the extent received or advanced, and unscheduled collections of
principal received during the related Prepayment Period, and after
reduction for Realized Losses incurred during the related Prepayment
Period) is greater than or equal to 5.00%.
CREDIT SUISSE FIRST BOSTON
UNDERWRITER