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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 27, 1998

                                IMH ASSETS CORP.
(as  depositor  under a Series  1998-2  Indenture  dated as of March  27,  1998,
providing for, among other things,  the issuance of Collateralized  Asset-Backed
Bonds Series 1998-2)

                                IMH ASSETS CORP.
                                ----------------
              (Exact name of Depositor as specified in its charter)

         CALIFORNIA                    333-38879               33-0705301    
         ----------                    ---------               ----------    
(State or Other Jurisdiction          Commission            (I.R.S. Employer
of Incorporation)                     File Number)         Identification No.)


20371 Irvine Avenue
Santa Ana Heights, California                                     92707  
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(Address of Principal                                          (Zip Code)
Executive Offices)

Registrant's telephone number, including area code, is (714) 556-0122

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Item 2.  Acquisition or Disposition of Assets.

         For a description of the Bonds and the Mortgage Pool, refer to the
         Indenture.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

               (a) Not applicable

               (b) Not applicable

               (c) Exhibits:

          Exhibit No.    Description
          -----------    -----------

          3.1            Amended and Restated Trust Agreement, dated as of March
                         27, 1998, between IMH Assets Corp., as depositor,
                         Wilmington Trust Company, as owner trustee, Series
                         1998-2.

          4.1            Indenture dated as of March 27, 1998, between Impac CMB
                         Trust Series 1998-2, as issuer and Bankers Trust
                         Company of California, N.A., as indenture trustee,
                         Collateralized Asset-Backed Bonds, Series 1998-2.

         99.1            Servicing Agreement, dated as of March 1, 1998, between
                         Impac Funding Corporation (formerly known as ICI
                         Funding Corporation), as master servicer and Impac CMB
                         Trust Series 1998-2, as issuer, Collateralized
                         Asset-Backed Bonds, Series 1998-2


                                    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 hereunto duly authorized.

                                           IMH ASSETS CORP.



                                           By:    /s/ Richard J. Johnson
                                                  ------------------------------
                                           Name:       Richard J. Johnson
                                           Title:      Chief Financial Officer

Dated: April 13, 1998




                                  EXHIBIT INDEX

Exhibit No.         Description
- -----------         -----------

3.1                 Amended and Restated Trust Agreement, dated as of March 27,
                    1998, between IMH Assets Corp., as depositor, Wilmington
                    Trust Company, as owner trustee, Collateralized Asset-Backed
                    Bonds, Series 1998-2.

4.1                 Indenture, dated as of March 27, 1998, between Impac CMB
                    Trust Series 1998-2, as issuer and Bankers Trust Company of
                    California, N.A., as indenture trustee, Collateralized
                    Asset-Backed Bonds, Series 1998-2.

99.1                Servicing Agreement, dated as of March 1, 1998, between
                    Impac Funding Corporation, as master servicer and Impac CMB
                    Trust Series 1998-2, as issuer, Collateralized Asset-Backed
                    Bonds, Series 1998-2.