SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
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 25, 2002
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).
IMPAC SECURED ASSETS CORP
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-66328 33-0715871
(Commission File Number) (I.R.S. Employer Identification No.)
1401 DOVE STREET
NEWPORT BEACH 92660
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (949) 475-3600
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements to the
Certificateholders which was derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
March 25, 2002.
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of January 1, 2002.
Date: October 28, 2002 By: /s/ Katherine M. Wannenmacher
Katherine M. Wannenmacher
Vice President
EXHIBIT INDEX
DOCUMENT
Monthly Remittance Statement to the Certificateholders
dated as of March 25, 2002.
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
March 25, 2002 Distribution
Contents
TABLE OF CONTENTS
> Page
1. Contents
> 1
2. Certificate Payment
> Report 2
3. Collection Account
>Report 8
4. Credit Enhancement
>Report 11
5. Collateral Report
> 12
6. Delinquency Report
> 15
7. REO Report
> 18
8. Prepayment Report
> 19
9. Prepayment Detail R
>eport 22
10. Realized Loss Repor
>t 23
11. Realized Loss Detai
>l Report 26
12. Triggers, Adj. Rate
> Cert. and Miscellaneous Report 27
13. Additional Certific
>ate Report 28
Total Number of Pag
>es 28
CONTACTS
Administrator: Ja
>mes F Noriega
Direct Phone Number
>: (714)247-6281
Address: Deutsche
> Bank
17
>61 E. St. Andrew Place, Santa Ana, CA 92705
Web Site: http://
>www-apps.gis.deutsche-bank.com/invr
Factor Information:
> (800) 735-7777
Main Phone Number:
> (714) 247-6000
ISSUANCE INFORMATION
Seller: Impac Secured Asset Corp.
> Cut-Off Date: January 1,
>2002
Certificate Insurer(s):
> Closing Date: January 31
>, 2002
> First Payment Date: February 25, 20
>02
Servicer(s): Impac Funding Corporation Mas
>ter Servicer
GMAC Sub-Servicer
> Distribution Date: March 25, 20
>02
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: February 2
>8, 2002
> Page 1 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for March 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
LT1A 173248268.9
>172501545.8 1131970.8 1209931.497 2341902.297 0
> 0 171291614.3
LT1B 1194.11
> 1190.565 8.08 5.7478 13.8278 0
> 0 1184.8171
LT1C 538.39
> 537.6678 3.26 1.1755 4.4355 0
> 0 536.4924
LT1D 20000000
> 20000000 131241.81 0 131241.81 0
> 0 20000000
LT1E 5000000
> 5000000 32810.45 0 32810.45 0
> 0 5000000
LT1F 1750000
> 1750000 11483.66 0 11483.66 0
> 0 1750000
LT1P 100
> 100 1162.41 0 1162.41 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
> 199253374 1308680.47 1209938.42 2518618.89 0
> 0 198043435.6
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
LT1A F-30/360
> 173248268.9 995.6898672 6.533807278 6.983801366 13.5
>1760864 988.7060658
LT1B F-30/360
> 1194.11 997.0312618 6.766545796 4.813459397 11.5
>8000519 992.2177186
LT1C F-30/360
> 538.39 998.6585932 6.055090176 2.183361504 8.2
>3845168 996.4754174
LT1D F-30/360
> 20000000 1000 6.5620905 0 6.
>5620905 1000
LT1E F-30/360
> 5000000 1000 6.56209 0
>6.56209 1000
LT1F F-30/360
> 1750000 1000 6.562091429 0 6.56
>2091429 1000
LT1P F-30/360
> 100 1000 11624.1 0
>11624.1 1000
R-1 F-30/360
> 0 0 0 0
> 0 0
> Page 2 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for March 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
LT1A 173248268.9 2261773.82
> 1707863.28 248791.2811 1956654.561 4218428.381 0
> 0 171291614.3
LT1B 1194.11 16.11
> 8.11 1.1828 9.2928 25.4028 0
> 0 1184.8171
LT1C 538.39 6.53
> 1.66 0.2377 1.8977 8.4277 0
> 0 536.4924
LT1D 20000000 261667.7
> 0 0 0 261667.7 0
> 0 20000000
LT1E 5000000 65416.92
> 0 0 0 65416.92 0
> 0 5000000
LT1F 1750000 22895.93
> 0 0 0 22895.93 0
> 0 1750000
LT1P 100 1163.06
> 0 0 0 1163.06 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 2612940.07
> 1707873.05 248792.7016 1956665.752 4569605.822 0
> 0 198043435.6
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
LT1A 0.078745089 172501545.8
> 1131970.8 0 0 0 1131970.8 11
>31970.8 0
LT1B 0.081458189 1190.565
> 8.08 0 0 0 8.08
> 8.08 0
LT1C 0.072753694 537.6678
> 3.26 0 0 0 3.26
> 3.26 0
LT1D 0.078745089 20000000
> 131241.81 0 0 0 131241.81 13
>1241.81 0
LT1E 0.078745089 5000000
> 32810.45 0 0 0 32810.45 3
>2810.45 0
LT1F 0.078745089 1750000
> 11483.66 0 0 0 11483.66 1
>1483.66 0
LT1P 0.078745089 100
> 0.66 0 0 0 0.66
>1162.41 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 199253374
> 1307518.72 0 0 0 1307518.72 130
>8680.47 0
> Page 3 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for March 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
LT2-1AA 135091675
>134405955.9 765448.89 818804.3 1584253.19 0
> 0 133587151.6
LT2-AI1 308000
> 299060.57 1703.17 9771.38 11474.55 0
> 0 289289.19
LT2-AI2 179000
> 179000 1019.41 0 1019.41 0
> 0 179000
LT2-AI3 191000
> 191000 1087.75 0 1087.75 0
> 0 191000
LT2-AI4 255000
> 255000 1452.24 0 1452.24 0
> 0 255000
LT2-AI5 100000
> 100000 569.51 0 569.51 0
> 0 100000
LT2-AI6 252440
> 252440 1437.66 0 1437.66 0
> 0 252440
LT2-1M1 41354.3473
> 41354.3473 235.52 0 235.52 0
> 0 41354.3473
LT2-1M2 27569.5648
> 27569.5648 157.01 0 157.01 0
> 0 27569.5648
LT2-1B 24123.3692
> 24123.3692 137.38 0 137.38 0
> 0 24123.3692
LT2-1ZZ 1378486.49
>1373431.661 6405.53 8355.15 14760.68 0 14
>16.2312 1366492.742
LT2-2AA 60908326.36
>60862252.69 346613.69 366935.34 713549.03 0
> 0 60495317.35
LT2-AII 579560
> 578959.36 3297.2 4378.9 7676.1 0
> 0 574580.46
LT2-2M1 18645.6527
> 18645.6527 106.19 0 106.19 0
> 0 18645.6527
LT2-2M2 12430.4352
> 12430.4352 70.79 0 70.79 0
> 0 12430.4352
LT2-2B 10876.6308
> 10876.6308 61.94 0 61.94 0
> 0 10876.6308
LT2-2ZZ 621513.54
>621173.9038 2902.96 3744.24 6647.2 0 6
>34.6636 618064.3273
LT2A-IO 0
> 0 172760.42 0 172760.42 0
> 0 0
LT2P 100
> 100 1162.32 0 1162.32 0
> 0 100
R-2 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
> 199253374 1306629.58 1211989.31 2518618.89 0 20
>50.8948 198043435.6
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
LT2-1AA F-30/360
> 135091675 994.9240461 5.666144048 6.061101102 11.7
>2724515 988.862945
LT2-AI1 F-30/360
> 308000 970.9758766 5.529772727 31.72525974 37.2
>5503247 939.2506169
LT2-AI2 F-30/360
> 179000 1000 5.695027933 0 5.69
>5027933 1000
LT2-AI3 F-30/360
> 191000 1000 5.695026178 0 5.69
>5026178 1000
LT2-AI4 F-30/360
> 255000 1000 5.695058824 0 5.69
>5058824 1000
LT2-AI5 F-30/360
> 100000 1000 5.6951 0
> 5.6951 1000
LT2-AI6 F-30/360
> 252440 1000 5.695056251 0 5.69
>5056251 1000
LT2-1M1 F-30/360
> 41354.3473 1000 5.695169078 0 5.69
>5169078 1000
LT2-1M2 F-30/360
> 27569.5648 1000 5.695048186 0 5.69
>5048186 1000
LT2-1B F-30/360
> 24123.3692 1000 5.694892735 0 5.69
>4892735 1000
LT2-1ZZ F-30/360
> 1378486.49 996.3330584 4.64678475 6.061104016 10.7
>0788877 991.2993356
LT2-2AA F-30/360
> 60908326.36 999.2435571 5.690743954 6.024387172 11.7
>1513113 993.2191699
LT2-AII F-30/360
> 579560 998.9636276 5.689143488 7.55555939 13.2
>4470288 991.4080682
LT2-2M1 F-30/360
> 18645.6527 1000 5.695161318 0 5.69
>5161318 1000
LT2-2M2 F-30/360
> 12430.4352 1000 5.694893128 0 5.69
>4893128 1000
LT2-2B F-30/360
> 10876.6308 1000 5.694778203 0 5.69
>4778203 1000
LT2-2ZZ F-30/360
> 621513.54 999.4535337 4.670791243 6.024390072 10.6
>9518131 994.4503016
LT2A-IO F-30/360
> 26750000 1000 6.458333458 0 6.45
>8333458 1000
LT2P F-30/360
> 100 1000 11623.2 0
>11623.2 1000
R-2 F-30/360
> 0 0 0 0
> 0 0
> Page 4 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for March 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
LT2-1AA 135091675 1529729.55
> 1348427.89 156095.53 1504523.42 3034252.97 0
> 0 133587151.6
LT2-AI1 308000 3445.68
> 16784.58 1926.23 18710.81 22156.49 0
> 0 289289.19
LT2-AI2 179000 2032.1
> 0 0 0 2032.1 0
> 0 179000
LT2-AI3 191000 2168.33
> 0 0 0 2168.33 0
> 0 191000
LT2-AI4 255000 2894.9
> 0 0 0 2894.9 0
> 0 255000
LT2-AI5 100000 1135.26
> 0 0 0 1135.26 0
> 0 100000
LT2-AI6 252440 2865.84
> 0 0 0 2865.84 0
> 0 252440
LT2-1M1 41354.3473 469.48
> 0 0 0 469.48 0
> 0 41354.3473
LT2-1M2 27569.5648 312.98
> 0 0 0 312.98 0
> 0 27569.5648
LT2-1B 24123.3692 273.86
> 0 0 0 273.86 0
> 0 24123.3692
LT2-1ZZ 1378486.49 12262.01
> 13759.46 1592.82 15352.28 27614.29 0 33
>58.5317 1366492.742
LT2-2AA 60908326.36 691201.67
> 325799.21 87209.8 413009.01 1104210.68 0
> 0 60495317.35
LT2-AII 579560 6576.06
> 3901.11 1078.43 4979.54 11555.6 0
> 0 574580.46
LT2-2M1 18645.6527 211.68
> 0 0 0 211.68 0
> 0 18645.6527
LT2-2M2 12430.4352 141.12
> 0 0 0 141.12 0
> 0 12430.4352
LT2-2B 10876.6308 123.47
> 0 0 0 123.47 0
> 0 10876.6308
LT2-2ZZ 621513.54 6288.66
> 3324.49 889.89 4214.38 10503.04 0 7
>65.1674 618064.3273
LT2A-IO 0 345520.84
> 0 0 0 345520.84 0
> 0 0
LT2P 100 1162.89
> 0 0 0 1162.89 0
> 0 100
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 2608816.38
> 1711996.74 248792.7 1960789.44 4569605.82 0 41
>23.6991 198043435.6
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
LT2-1AA 0.068340623 134405955.9
> 765448.89 0 0 0 765448.89 76
>5448.89 0
LT2-AI1 0.068340623 299060.57
> 1703.17 0 0 0 1703.17
>1703.17 0
LT2-AI2 0.068340623 179000
> 1019.41 0 0 0 1019.41
>1019.41 0
LT2-AI3 0.068340623 191000
> 1087.75 0 0 0 1087.75
>1087.75 0
LT2-AI4 0.068340623 255000
> 1452.24 0 0 0 1452.24
>1452.24 0
LT2-AI5 0.068340623 100000
> 569.51 0 0 0 569.51
> 569.51 0
LT2-AI6 0.068340623 252440
> 1437.66 0 0 0 1437.66
>1437.66 0
LT2-1M1 0.068340623 41354.3473
> 235.52 0 0 0 235.52
> 235.52 0
LT2-1M2 0.068340623 27569.5648
> 157.01 0 0 0 157.01
> 157.01 0
LT2-1B 0.068340623 24123.3692
> 137.38 0 0 0 137.38
> 137.38 0
LT2-1ZZ 0.068340623 1373431.661
> 7821.76 0 0 1416.2312 6405.5288 78
>21.7612 0
LT2-2AA 0.068340623 60862252.69
> 346613.69 0 0 0 346613.69 34
>6613.69 0
LT2-AII 0.068340623 578959.36
> 3297.2 0 0 0 3297.2
> 3297.2 0
LT2-2M1 0.068340623 18645.6527
> 106.19 0 0 0 106.19
> 106.19 0
LT2-2M2 0.068340623 12430.4352
> 70.79 0 0 0 70.79
> 70.79 0
LT2-2B 0.068340623 10876.6308
> 61.94 0 0 0 61.94
> 61.94 0
LT2-2ZZ 0.068340623 621173.9038
> 3537.62 0 0 634.6636 2902.9564 35
>37.6236 0
LT2A-IO 0.0775 26750000
> 172760.42 0 0 0 172760.42 17
>2760.42 0
LT2P 0.068340623 100
> 0.57 0 0 0 0.57
>1162.32 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 226003374
> 1307518.72 0 0 2050.8948 1305467.825 1308
>680.475 0
> Page 5 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC III
Certificate Payment Report for March 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
A-I-1 FLT 30800000
>29906056.97 48381.35 977137.4249 1025518.775 0
> 0 28928919.55
A-I-2 AFC, SEQ 17900000
> 17900000 68467.5 0 68467.5 0
> 0 17900000
A-I-3 AFC, SEQ 19100000
> 19100000 88655.83 0 88655.83 0
> 0 19100000
A-I-4 STEP,AFC 25500000
> 25500000 133662.5 0 133662.5 0
> 0 25500000
A-I-5 STEP,AFC 10000000
> 10000000 56250 0 56250 0
> 0 10000000
A-I-6 STEP,AFC 25244000
> 25244000 147887.77 0 147887.77 0
> 0 25244000
A-II STEP,AFC 57956000
> 57895935.7 313602.99 437890.0351 751493.0251 0
> 0 57458045.66
A-IO IO,NTL,DRB 0
> 0 172760.42 0 172760.42 0
> 0 0
M-1 MEZ,STEP,AF 6000000
> 6000000 35000 0 35000 0
> 0 6000000
M-2 MEZ,STEP,AF 4000000
> 4000000 23333.34 0 23333.34 0
> 0 4000000
B MEZ,STEP,AF 3500000
> 3500000 20416.67 0 20416.67 0
> 0 3500000
C SUB 1.36
>207281.3616 0 0 0 0 20
>5089.05 412370.4116
P SUB 100
> 100 1161.75 0 1161.75 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
> 199253374 1109580.12 1415027.46 2524607.58 0 20
>5089.05 198043435.6
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
A-I-1 37312 37339 F-30/360 4525
>4TKM5 30800000 970.9758757 1.570823052 31.72524107 33.2
>9606412 939.2506346
A-I-2 F-30/360 4525
>4TKN3 17900000 1000 3.825 0
> 3.825 1000
A-I-3 F-30/360 4525
>4TKP8 19100000 1000 4.641666492 0 4.64
>1666492 1000
A-I-4 F-30/360 4525
>4TKQ6 25500000 1000 5.241666667 0 5.24
>1666667 1000
A-I-5 F-30/360 4525
>4TKR4 10000000 1000 5.625 0
> 5.625 1000
A-I-6 F-30/360 4525
>4TKX1 25244000 1000 5.858333465 0 5.85
>8333465 1000
A-II F-30/360 4525
>4TKS2 57956000 998.9636224 5.41105304 7.555559996 12.9
>6661304 991.4080624
A-IO F-30/360 4525
>4TKT0 26750000 1000 6.458333458 0 6.45
>8333458 1000
M-1 F-30/360 4525
>4TKU7 6000000 1000 5.833333333 0 5.83
>3333333 1000
M-2 F-30/360 4525
>4TKV5 4000000 1000 5.833335 0 5
>.833335 1000
B F-30/360 4525
>4TKW3 3500000 1000 5.833334286 0 5.83
>3334286 1000
C F-30/360 4525
>4TKZ6 200000101.4 997.3027716 0 0
> 0 992.2785273
P F-30/360 4525
>4TKY9 100 1000 11617.5 0
>11617.5 1000
R-3 F-30/360 4525
>4TLA0 0 0 0 0
> 0 0
> Page 6 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REMIC III
Certificate Payment Report for March 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
A-I-1 30800000 92442.46
>1676149.652 194930.8016 1871080.454 1963522.914 0
> 0 28928919.55
A-I-2 17900000 136935
> 0 0 0 136935 0
> 0 17900000
A-I-3 19100000 177311.66
> 0 0 0 177311.66 0
> 0 19100000
A-I-4 25500000 267325
> 0 0 0 267325 0
> 0 25500000
A-I-5 10000000 112500
> 0 0 0 112500 0
> 0 10000000
A-I-6 25244000 295775.53
> 0 0 0 295775.53 0
> 0 25244000
A-II 57956000 627531.32
>444092.4292 53861.90837 497954.3376 1125485.658 0
> 0 57458045.66
A-IO 0 345520.84
> 0 0 0 345520.84 0
> 0 0
M-1 6000000 70000
> 0 0 0 70000 0
> 0 6000000
M-2 4000000 46666.67
> 0 0 0 46666.67 0
> 0 4000000
B 3500000 40833.34
> 0 0 0 40833.34 0
> 0 3500000
C 1.36 0
> 0 0 0 0 0 41
>2369.05 412370.4116
P 100 1161.75
> 0 0 0 1161.75 0
> 0 100
R-3 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 2214003.57
>2120242.082 248792.71 2369034.792 4583038.362 0 41
>2369.05 198043435.6
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
A-I-1 0.0208 29906056.97
> 48381.35 0 0 0 48381.35 4
>8381.35 0
A-I-2 0.0459 17900000
> 68467.5 0 0 0 68467.5
>68467.5 0
A-I-3 0.0557 19100000
> 88655.83 0 0 0 88655.83 8
>8655.83 0
A-I-4 0.0629 25500000
> 133662.5 0 0 0 133662.5 1
>33662.5 0
A-I-5 0.0675 10000000
> 56250 0 0 0 56250
> 56250 0
A-I-6 0.068340623 25244000
> 143765.89 0 0 4121.88 143765.89 14
>7887.77 0
A-II 0.065 57895935.7
> 313602.99 0 0 0 313602.99 31
>3602.99 0
A-IO 0.0775 26750000
> 172760.42 0 0 0 172760.42 17
>2760.42 0
M-1 0.068340623 6000000
> 34170.31 0 0 829.69 34170.31
> 35000 0
M-2 0.068340623 4000000
> 22780.21 0 0 553.13 22780.21 2
>3333.34 0
B 0.068340623 3500000
> 19932.68 0 0 483.99 19932.68 2
>0416.67 0
C 0.01235145 199460655.4
> 205089.01 0 0 0 205089.02 20
>5089.05 205089.02
P 100
> 0 0 0 0 1161.75
>1161.75 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 425256748.1
> 1307518.69 0 0 5988.69 1308680.45 131
>4669.17 205089.02
> Page 7 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collection Account Report for March 25, 2002 Distribution
Collection Account Report
SUMMARY
> GROUP 2 GROUP 1 TOTAL
Principal Collections
> 374,423.81 835,514.60 1,209,938.41
Other Principal Deposits
> 0.00 0.00 0.00
TOTAL NET PRINCIPAL
> 374,423.81 835,514.60 1,209,938.41
Interest Collections
> 391,697.13 972,143.73 1,365,002.61
Interest Withdrawals
> 0.00 0.00 0.00
Interest Fees
> (14,583.41) (35,750.03) (50,333.44)
TOTAL NET INTEREST
> 377,113.72 936,393.70 1,314,669.17
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 751,537.53 1,771,908.30 2,524,607.58
PRINCIPAL - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Principal
> 54,197.00 100,766.07 154,963.07
Curtailments
> 896.84 11,876.50 12,773.34
Prepayments In Full
> 319,329.97 327,236.09 646,566.06
Repurchases/Substitutions
> 0.00 395,635.94 395,635.94
Liquidations
> 0.00 0.00 0.00
Insurance Principal
> 0.00 0.00 0.00
Other Principal
> 0.00 0.00 0.00
Delinquent Principal
> (7,853.65) (16,711.65) (24,565.30)
Total Realized Loss Of Principal
> 0.00 0.00 0.00
Pre-funding Principal Paid
> 0.00 0.00 0.00
Principal Advanced
> 7,853.65 16,711.65 24,565.30
TOTAL PRINCIPAL COLLECTED
> 374,423.81 835,514.60 1,209,938.41
Page 8 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collection Account Report for March 25, 2002 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Interest
> 393,286.97 969,631.09 1,362,918.06
Repurchases/Substitutions
> 0.00 2,907.31 2,907.31
Liquidation Interest
> 0.00 0.00 0.00
Insurance Interest
> 0.00 0.00 0.00
Other Interest
> 0.00 0.00 0.00
Prepayment Interest Shortfalls
> (1,295.06) (314.41) (1,609.47)
Delinquent Interest
> (65,024.19) (182,406.71) (247,430.90)
Interest Realized Losses
> 0.00 0.00 0.00
Compensating Interest
> 1,295.06 314.41 1,609.47
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Prepayment Premiums
> 0.00 0.00 1,161.75
Pre-funding Intererst Coverage
> 0.00 0.00 0.00
Interest Advanced
> 62,852.48 176,605.22 239,457.70
Net WAC Shortfall
> 581.87 5,406.82 5,988.69
TOTAL INTEREST COLLECTED
> 391,697.13 972,143.73 1,365,002.61
Page 9 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collection Account Report for March 25, 2002 Distribution
Collection Account Report
INTEREST - WITHDRAWALS
> GROUP 2 GROUP 1 TOTAL
Undistributed Receipts on Repurchased Loans
> 0.00 0.00 0.00
Reimburse Advances from Late Collections
> 0.00 0.00 0.00
Reimbursement for Expenses
> 0.00 0.00 0.00
Reimbursements to Sub-Servicer
> 0.00 0.00 0.00
Reimburse Fees and Advances from Late Collections
> 0.00 0.00 0.00
Interest Earnings on the Custodial Account
> 0.00 0.00 0.00
Prev. Unreimbursed P&I Advances
> 0.00 0.00 0.00
Prev. Unreimbursed Servicing Advances
> 0.00 0.00 0.00
TOTAL INTEREST WITHDRAWALS
> 0.00 0.00 0.00
INTEREST - OTHER ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES
> GROUP 2 GROUP 1 TOTAL
Radian PMI Fee
> 1,746.37 8,407.38 10,153.75
Trustee Fee Amount
> 517.54 1,142.90 1,660.44
Extraordinary Trust Fund Expenses
> 0.00 0.00 0.00
Current Servicing Fees
> 14,491.21 32,001.24 46,492.45
Delinquent Servicing Fees
> (2,171.71) (5,801.49) (7,973.20)
TOTAL INTEREST OTHER FEES
> 14,583.41 35,750.03 50,333.44
Page 10 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Credit Enhancement Report for March 25, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
> GROUP 2 GROUP 1 TOTAL
Overcollateralization Amount
> 412,370.41
Excess Overcollateralized Amount
> 0.00
Overcollateralization Release Amount
> 0.00
Overcollateralization Deficiency Amount
> 792,718.64
Overcollateralization Target Amount
> 1,000,000.00
Page 11 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collateral Report for March 25, 2002 Distribution
Collateral Report
COLLATERAL
> GROUP 2 GROUP 1 TOTAL
Loan Count:
Original
> 120 695 815
Prior
> 120 691 811
Prefunding
> 32 195 227
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> -1 -2 -3
Repurchases
> 0 -2 -2
Liquidations
> 0 0 0
Current
> 151 882 1033
Principal Balance:
Original
> 48517658.43 107380483.9 155898142.4
Prior
> 48470829.79 106681184.7 155152014.4
Prefunding
> 13634363.57 30466996.02 44101359.59
Scheduled Principal
> -54197 -100766.07 -154963.07
Partial and Full Voluntary Prepayments
> -320226.81 -339112.59 -659339.4
Repurchases
> 0 -395635.94 -395635.94
Liquidations
> 0 0 0
Current
> 61730769.55 136312666.1 198043435.6
PREFUNDING
> GROUP 2 GROUP 1 TOTAL
PRE-FUNDING ACCOUNT
Beginning Pre-Funded Amount
> 44,101,359.59
Balance of Subsequent Mortgage Loans added this period
> 44,101,359.59
Withdrawal remaining amounts
> 0.00
Pre-Funding Account Ending Balance
> 0.00
INTEREST COVERAGE ACCOUNT
Beginning Interest Coverage Amount
> 735,957.61
Interest Coverage withdrawn to support certificates
> 0.00
Interest Coverage withdrawn from account
> 735,957.61
Ending Interest Coverage Amount
> 0.00
Group 1
Group 2
Current Prin Balance by Groups (in millions of dollars) Tota
>l Current Principal Balance (in millions of dollars)
Page 12 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collateral Report for March 25, 2002 Distribution
Collateral Report
CHARACTERISTICS
> GROUP 2 GROUP 1 TOTAL
Weighted Average Coupon Original
> 0.076153553 0.084312099 0.081773046
Weighted Average Coupon Prior
> 0.076153553 0.084312099 0.081773046
Weighted Average Coupon Current
> 0.075991127 0.085093806 0.082256596
Weighted Average Months to Maturity Original
> 344 340 341.2496346
Weighted Average Months to Maturity Prior
> 344 340 341.2496346
Weighted Average Months to Maturity Current
> 346 339 341.1819223
Weighted Avg Remaining Amortization Term Original
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Prior
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Current
> 347.4213486 347.9748733 347.8023379
Weighted Average Seasoning Original
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Prior
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Current
> 2.41777815 2.53167917 2.496175859
Note: Original information refers to deal issue.
Group 1
Group 2
WAC by Groups Tota
>l WAC
WARAT by Groups Tota
>l WARAT
Note: Dates correspond to distribution dates.
Page 13 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Collateral Report for March 25, 2002 Distribution
Collateral Report
ARM CHARACTERISTICS
> GROUP 2 GROUP 1 TOTAL
Weighted Average Margin Original
Weighted Average Margin Prior
Weighted Average Margin Current
Weighted Average Max Rate Original
Weighted Average Max Rate Prior
Weighted Average Max Rate Current
Weighted Average Min Rate Original
Weighted Average Min Rate Prior
Weighted Average Min Rate Current
Weighted Average Cap Up Original
Weighted Average Cap Up Prior
Weighted Average Cap Up Current
Weighted Average Cap Down Original
Weighted Average Cap Down Prior
Weighted Average Cap Down Current
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES
> GROUP 2 GROUP 1 TOTAL
Current Servicing Fees
> 12,319.50 26,199.75 38,519.25
Delinquent Servicing Fees
> 2,171.71 5,801.49 7,973.20
TOTAL SERVICING FEES
> 14,491.21 32,001.24 46,492.45
Total Servicing Fees
> 14,491.21 32,001.24 46,492.45
Compensating Interest
> 1,295.06 314.41 1,609.47
Delinquent Servicing Fees
> (2,171.71) (5,801.49) (7,973.20)
COLLECTED SERVICING FEES
> 13,614.56 26,514.16 40,128.72
Current PPIS
> (1,295.06) (314.41) (1,609.47)
Current Net PPIS
> 0.00 0.00 (0.00)
Total Advanced Principal For Current Payment Date
> 7,853.65 16,711.65 24,565.30
Total Advanced Interest For Current Payment Date
> 62,852.48 176,605.22 239,457.70
TOTAL ADVANCES FOR CURRENT PERIOD
> 70,706.13 193,316.87 264,023.00
ADDITIONAL COLLATERAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
Weighted Average Net Mortgage Rate
> 7.2754% 8.1458% 7.8745%
Page 14 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Delinquency Report for March 25, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 0 0 0 0
% Balance
> 0 0 0 0
# Loans
> 0 0 0 0
% # Loans
> 0 0 0 0
FORECLOSURE Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
BANKRUPTCY Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
NoteCurrent = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Pay
>ments = 91+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 15 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Delinquency Report for March 25, 2002 Distribution
Delinquency Report - Group 1 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 0 0 0 0
% Balance
> 0 0 0 0
# Loans
> 0 0 0 0
% # Loans
> 0 0 0 0
FORECLOSURE Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
BANKRUPTCY Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
Note:Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+Pay
>ments = 91+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 16 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Delinquency Report for March 25, 2002 Distribution
Delinquency Report - Group 2 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 0 0 0 0
% Balance
> 0 0 0 0
# Loans
> 0 0 0 0
% # Loans
> 0 0 0 0
FORECLOSURE Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
BANKRUPTCY Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
Note Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+Pay
>ments = 91+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 17 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
REO Report for March 25, 2002 Distribution
REO Report - Mortgage Loans that Become REO During Current Dis
>tribution
SUMMARY LOAN GROUP
Total Loan Count = 0 Loan Group 1
>= Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00 Loan Group 2
> = Group 2 Group; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans thatbe
>come REO during current distribution.
Loan Number Original Stated Curr
>ent State &
& Principal Principal Paid to Note
> LTV at Original Origination
Loan Group Balance Balance Date Rate
> Origination Term Date
SPACE INTENTIONALLY LEFT BLANK
Page 18 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Prepayment Report for March 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> GROUP 2 GROUP 1 TOTAL
Current
Number of Paid in Full Loans
> 1 2 3
Number of Repurchased Loans
> 0 2 2
Total Number of Loans Prepaid in Full
> 1 4 5
Paid in Full Balance
> 319329.97 327236.09 646566.06
Repurchased Loans Balance
> 0 395635.94 395635.94
Curtailments Amount
> 896.84 11876.5 12773.34
Total Prepayment Amount
> 320226.81 734748.53 1054975.34
Cumulative
Number of Paid in Full Loans
> 1 5 6
Number of Repurchased Loans
> 0 3 3
Total Number of Loans Prepaid in Full
> 1 8 9
Paid in Full Balance
> 319329.97 911301.09 1230631.06
Repurchased Loans Balance
> 0 449785.94 449785.94
Curtailments Amount
> 12744.34 14112.28 26856.62
Total Prepayment Amount
> 332074.31 1375199.31 1707273.62
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars) Tota
>l Prepayments (in thousands of dollars)
Page 19 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Prepayment Report for March 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> GROUP 2 GROUP 1 TOTAL
SMM
> 0.005160704 0.005361272 0.005298763
3 Months Avg SMM
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.002705564 0.005664474 0.004742862
CPR
> 0.060200566 0.062471712 0.061764427
3 Months Avg CPR
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.031987976 0.065895475 0.055452919
PSA
> 12.44956358 12.3379994 12.37181003
3 Months Avg PSA Approximation
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 7.507914163 14.56907623 12.48637973
Group 1
Group 2
CPR by Groups Tota
>l CPR
PSA by Groups Tota
>l PSA
Page 20 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Prepayment Report for March 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
Group 1
Group 2
CPR Avg since Cut-Off by Groups Tota
>l CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups Tota
>l PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full p
>repayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn
>,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (Avg
>CPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and
>mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)
>/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and
> include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
Page 21 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Prepayment Detail Report for March 25, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 5
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 1,043,005.00
> Loan Group 2 = Group 2 Group
Total Prepayment Amount = 1,042,202.00
Loan Number Original
> Current State & Type Prepayment
& Loan Principal Prepayment Prep
>ayment Note LTV at & Origination
Loan Group Status Balance Amount Date
> Rate Origination Original Term Date
1100344634 1 139555 139397.95
> 37315 0.08875MD - 95.00% Paid Off - 36 37279
2500012753 1 188000 187838.14
> 37312 0.0675CA - 100.00% Paid Off - 36 37249
1100345457 2 319500 319329.97
> 37302 0.09125CA - 90.00% Paid Off - 36 37246
1100345372 1 239250 238935.94
> 37316 0.08125CA - 75.00% Repur/Subs - 37286
2500013603 1 156700 156700
> 37316 0.09875FL - 94.98% Repur/Subs - 37285
Page
> 22 of 28 (c) COPYRIGHT 2002 Deutsc
>he Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Realized Loss Report for March 25, 2002 Distribution
Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES
> GROUP 2 GROUP 1 TOTAL
Current
Number of Loans Liquidated
> 0 0 0
Collateral Realized Loss/(Gain) Amount
> 0 0 0
Net Liquidation Proceeds
> 0 0 0
Cumulative
Number of Loans Liquidated
> 0 0 0
Collateral Realized Loss/(Gain) Amount
> 0 0 0
Net Liquidation Proceeds
> 0 0 0
Note: Collateral realized losses may include adjustments to loan
>s liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
Group 1
> 3 Months Moving Average
Group 2
Collateral Loss Severity Approximation by Groups Coll
>ateral Loss Severity Approximation
Page 23 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Realized Loss Report for March 25, 2002 Distribution
Realized Loss Report - Collateral
DEFAULT SPEEDS
> GROUP 2 GROUP 1 TOTAL
MDR
> 0 0 0
3 Months Avg MDR
12 Months Avg MDR
Avg MDR Since Cut-off
> 0 0 0
CDR
> 0 0 0
3 Months Avg CDR
12 Months Avg CDR
Avg CDR Since Cut-off
> 0 0 0
SDA
> 0 0 0
3 Months Avg SDA Approximation
12 Months Avg SDA Approximation
Avg SDA Since Cut-off Approximation
> 0 0 0
Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg Loss Severity Approximation Since Cut-off
Group 1
Group 2
CDR by Groups Tota
>l CDR
SDA by Groups Tota
>l SDA
Page 24 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Realized Loss Report for March 25, 2002 Distribution
Realized Loss Report - Collateral
Group 1
Group 2
CDR Avg since Cut-Off by Groups Tota
>l CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups Tota
>l SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquida
>ted Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.
>02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn
>,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (Avg
>CDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and
>mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX
>(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months
> in the period n,m)
Loss Severity Approximation for current period: sum(Realized Los
>s Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth mont
>h and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and in
clude realized gains and additional realized losses and gains from priorperiod
>s.
Dates correspond to distribution dates.
Page 25 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Realized Loss Detail Report for March 25, 2002 Distribution
Realized Loss Detail Report - Loans Liquidated During Current
>Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 0
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00
> Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Loan Number Original Prior
> Current State &
& Loan Principal Principal Real
>ized Note LTV at Original Origination
Loan Group Status Balance Balance Loss
>/(Gain) Rate Origination Term Date
SPACE INTENTIONALLY LEFT BLANK
Page
> 26 of 28 (c) COPYRIGHT 2002 Deutsc
>he Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Triggers, Adj. Rate Cert. and Miscellaneous Report for March 25,
> 2002 Distribution
Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS
> GROUP 2 GROUP 1 TOTAL
Optional Termination Date Reached
> No No No
After the 36th Distribution
> No No No
Stepdown date occurred
> No No No
Trigger Event in Effect
> No No No
ADJUSTABLE RATE CERTIFICATE INFORMATION
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
NET WAC SHORTFALL RESERVE FUND
Original Net WAC Shortfall Reserve Fund Balance
> 210,000.00
Net WAC Shortfall Reserve Fund Beginning Balance
> 202,556.15
Net WAC Shortfall
> 5,988.69
Net WAC Shortfall Reserve Fund Ending Balance
> 196,567.46
Page 27 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Additional Certificate Report for March 25, 2002 Distribution
Additional Certificate Report
CLASS
> Net PPIS & Other Int. Shortfalls
A-I-1
> 0.00
A-I-2
> 0.00
A-I-3
> 0.00
A-I-4
> 0.00
A-I-5
> 0.00
A-I-6
> 0.00
A-II
> 0.00
A-IO
> 0.00
M-1
> 0.00
M-2
> 0.00
B
> 0.00
Page 28 of 28
> (c) COPYRIGHT 2002 Deutsche Bank