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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) September 23, 1998 IMPAC
SECURED ASSETS CORP. (as company under a Pooling and Servicing Agreement, dated
as of September 1, 1998, providing for, inter alia, the issuance of Mortgage
Pass-Through Certificates, Series 1998-3)


                           Impac Secured Assets Corp.
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             (Exact name of registrant as specified in its charter)

         CALIFORNIA                 333-44209              33-071-5871
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(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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                                                            (Zip Code)


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



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Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.
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                  (a)      Not applicable

                  (b)      Not applicable

                  (c)      Exhibits:

                  1. Pooling and Servicing Agreement, dated as of September 1,
1998, among Impac Secured Assets Corp., as company, PNC Mortgage Securities
Corp., as master servicer, and Bankers Trust Company of California, N.A., as
trustee.









                                   SIGNATURES

                  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 Johnson
                                   ----------------------------------------
                           Name:   Richard Johnson
                           Title:  Chief Financial Officer and Secretary


Dated: October 13, 1998





                                     EXHIBIT