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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) November 9, 2001
IMPAC SECURED ASSETS CORP. (as company under a Pooling and Servicing Agreement,
dated as of October 1, 2001, providing for, inter alia, the issuance of Mortgage
Pass-Through Certificates, Series 2001-7)
Impac Secured Assets Corp.
(Exact name of registrant as specified in its charter)
CALIFORNIA 333-66328 33-071-5871
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1401 Dove Street 92660
Newport Beach, California (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code, is (949) 475-3600
Item 2. Acquisition or Disposition of Assets.
On October 30, 2001, a single series of certificates, entitled Impac
Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2001-7 (the
"Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of October 1, 2001 (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 November 9, 2001, 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 $34,866,262 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
November 9, 2001, between the Company and the Trustee (the "Instrument").
Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent
Mortgage Loans that are the subject of such 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 $165,132,376 as of October 1, 2001 and (ii)
the Pre- Funding Account, which contained approximately $34,867,724.24.
As more fully described above, on November 9, 2001, 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 November 1, 2001, 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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4.2 Subsequent Transfer Instrument, dated as of November 9, 2001
between Impac Secured Assets Corp. as Company and Bankers Trust
Company of California, N.A., as Trustee.
99.1 Characteristics of the Mortgage Pool as of November 1, 2001,
relating to Impac Secured Assets Corp., Mortgage Pass-Through
Certificates, Series 2001-7.
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: November 21, 2001
EXHIBIT INDEX
Exhibit Number Description
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4.2 Subsequent Transfer Instrument, dated as of November 9, 2001
between Impac Secured Assets Corp. as Company and Bankers
Trust Company of California, N.A., as Trustee.
99.1 Characteristics of the Mortgage Pool as of November 1, 2001,
relating to Impac Secured Assets Corp., Mortgage
Pass-Through Certificates, Series 2001-7.