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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) March 28, 2002
IMPAC SECURED ASSETS CORP. (as company under a Pooling and Servicing Agreement,
dated as of March 1, 2002, providing for, inter alia, the issuance of Mortgage
Pass-Through Certificates, Series 2002-2)
IMPAC SECURED ASSETS CORP.
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(Exact name of registrant as specified in its charter)
CALIFORNIA 333-66328 33-071-5871
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1401 Dove Street
Newport Beach, California 92660
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (949) 475-3600
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
On March 28, 2002, a single series of certificates, entitled Impac Secured
Assets Corp.,Mortgage Pass-Through Certificates, Series 2002-2 (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of March 1, 2002 (the "Agreement"), among Impac Secured Assets Corp.,
as company (the "Company"), Impac Funding Corporation as master servicer (the
"Master Servicer") and Bankers Trust Company of California, N.A. as trustee (the
"Trustee").
On April 8, 2002, following the closing of the initial issuance of the
Certificates, the Trustee purchased from the Company certain Subsequent Mortgage
Loans, as defined in the Agreement, with an aggregate principal balance equal to
approximately $28,303,882.66 with funds on deposit in the pre-funding account
(the "Pre-Funding Account") established pursuant to the Agreement at a purchase
price equal to the principal balance thereof, which Subsequent Mortgage Loans
were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated
April 8, 2002, between the Company and the Trustee (the "First Subsequent
Transfer Instrument"). Attached to the First Subsequent Transfer Instrument is
the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the
subject of such First Subsequent Transfer Instrument.
In addition, on April 18, 2002, following the closing of the initial
issuance of the Certificates, the Trustee purchased from the Company certain
Subsequent Mortgage Loans, as defined in the Agreement, with an aggregate
principal balance equal to approximately $28,267,249.64 with funds on deposit in
the Pre-Funding Account established pursuant to the Agreement at a purchase
price equal to the principal balance thereof, which Subsequent Mortgage Loans
were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated
April 18, 2002, between the Company and the Trustee (the "Second Subsequent
Transfer Instrument"). Attached to the Second Subsequent Transfer Instrument is
the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the
subject of such Second Subsequent Transfer Instrument.
Item 5. OTHER EVENTS.
Description of the Mortgage Pool
The Certificates, issued pursuant to the Agreement, evidence in the
aggregate the entire beneficial ownership interest in a trust fund (the "Trust
Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of
conventional, one- to four- family, fixed-rate first lien mortgage loans having
original terms to maturity of not greater than 30 years (the "Subsequent
Mortgage Loans"). As of the Closing Date, the Trust Fund primarily consisted of
(i) the Mortgage Pool, which consisted of Mortgage Loans having an aggregate
principal balance of approximately $193,381,668.67 as of April 1, 2002 and (ii)
the Pre-Funding Account, which contained approximately $56,618,331.43.
As more fully described above, on April 8, 2002, and April 18, 2002, the
Company purchased the Subsequent Mortgage Loans with the funds on deposit in the
Pre-Funding Account.
The tables attached as an exhibit hereto describe certain characteristics
of the Mortgage Pool as of April 1, 2002, with respect to the Subsequent
Mortgage Loans.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
EXHIBIT NO. DESCRIPTION
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99.1 Characteristics of the Mortgage Pool as of April 1, 2002,
relating to Impac Secured Assets Corp., Mortgage Pass-Through
Certificates, Series 2002-2.
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 thereunto duly authorized.
IMPAC SECURED ASSETS CORP.
By: /s/ Richard J. Johnson
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Name: Richard J. Johnson
Title: Chief Financial Officer
Dated: May 13, 2002
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
99.1 Characteristics of the Mortgage Pool as of
April 1, 2002, relating to Impac Secured
Assets Corp., Mortgage Pass-Through
Certificates, Series 2002-2.