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): April 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
April 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 April 25, 2002.
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
April 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: April 25, 20
>02
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: March 29,
>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 April 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
> Balanc
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
LT1A 173248268.9
>171291614.3 1124851.35 2219587.816 3344439.166 0
> 0 169072026.5
LT1B 1194.11
> 1184.8171 8.05 10.5673 18.6173 0
> 0 1174.2499
LT1C 538.39
> 536.4924 3.25 2.1669 5.4169 0
> 0 534.3254
LT1D 20000000
> 20000000 131337.58 0 131337.58 0
> 0 20000000
LT1E 5000000
> 5000000 32834.4 0 32834.4 0
> 0 5000000
LT1F 1750000
> 1750000 11492.04 0 11492.04 0
> 0 1750000
LT1P 100
> 100 6394.76 0 6394.76 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>198043435.6 1306921.43 2219600.55 3526521.98 0
> 0 195823835.1
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
> 173248268.9 988.7060658 6.492713361 12.8116017 19.3
>0431506 975.8944641
LT1B F-30/360
> 1194.11 992.2177186 6.741422482 8.849519726 15.5
>9094221 983.3682827
LT1C F-30/360
> 538.39 996.4754174 6.03651628 4.024777578 10.0
>6129386 992.4504541
LT1D F-30/360
> 20000000 1000 6.566879 0 6
>.566879 1000
LT1E F-30/360
> 5000000 1000 6.56688 0
>6.56688 1000
LT1F F-30/360
> 1750000 1000 6.56688 0
>6.56688 1000
LT1P F-30/360
> 100 1000 63947.6 0
>63947.6 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 April 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 3386625.17
> 3772633.07 403609.3069 4176242.377 7562867.547 0
> 0 169072026.5
LT1B 1194.11 24.16
> 17.94 1.9201 19.8601 44.0201 0
> 0 1174.2499
LT1C 538.39 9.78
> 3.68 0.3846 4.0646 13.8446 0
> 0 534.3254
LT1D 20000000 393005.28
> 0 0 0 393005.28 0
> 0 20000000
LT1E 5000000 98251.32
> 0 0 0 98251.32 0
> 0 5000000
LT1F 1750000 34387.97
> 0 0 0 34387.97 0
> 0 1750000
LT1P 100 7557.82
> 0 0 0 7557.82 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 3919861.5
> 3772654.69 403611.6116 4176266.302 8096127.802 0
> 0 195823835.1
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 0.078802551 171291614.3
> 1124851.35 0 0 0 1124851.35 112
>4851.35 0
LT1B 0.08157746 1184.8171
> 8.05 0 0 0 8.05
> 8.05 0
LT1C 0.072675052 536.4924
> 3.25 0 0 0 3.25
> 3.25 0
LT1D 0.078802551 20000000
> 131337.58 0 0 0 131337.58 13
>1337.58 0
LT1E 0.078802551 5000000
> 32834.4 0 0 0 32834.4
>32834.4 0
LT1F 0.078802551 1750000
> 11492.04 0 0 0 11492.04 1
>1492.04 0
LT1P 0.078802551 100
> 0.66 0 0 0 0.66
>6394.76 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 198043435.6
> 1300527.33 0 0 0 1300527.33 130
>6921.43 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 April 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
>133587151.6 760717.81 754212.34 1514930.15 0
> 0 132832939.2
LT2-AI1 308000
> 289289.19 1647.37 8374.98 10022.35 0
> 0 280914.21
LT2-AI2 179000
> 179000 1019.32 0 1019.32 0
> 0 179000
LT2-AI3 191000
> 191000 1087.66 0 1087.66 0
> 0 191000
LT2-AI4 255000
> 255000 1452.11 0 1452.11 0
> 0 255000
LT2-AI5 100000
> 100000 569.45 0 569.45 0
> 0 100000
LT2-AI6 252440
> 252440 1437.53 0 1437.53 0
> 0 252440
LT2-1M1 41354.3473
> 41354.3473 235.49 0 235.49 0
> 0 41354.3473
LT2-1M2 27569.5648
> 27569.5648 157 0 157 0
> 0 27569.5648
LT2-1B 24123.3692
> 24123.3692 137.37 0 137.37 0
> 0 24123.3692
LT2-1ZZ 1378486.49
>1366492.742 7102.62 7696.04 14798.66 0 6
>78.9326 1359475.634
LT2-2AA 60908326.36
>60495317.35 344493.2 1420996.21 1765489.41 0
> 0 59074321.14
LT2-AII 579560
> 574580.46 3271.97 15779.12 19051.09 0
> 0 558801.34
LT2-2M1 18645.6527
> 18645.6527 106.18 0 106.18 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
>618064.3273 2240.43 14499.96 16740.39 0 12
>79.1632 604843.5306
LT2A-IO 0
> 0 172760.42 0 172760.42 0
> 0 0
LT2P 100
> 100 6394.67 0 6394.67 0
> 0 100
R-2 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>198043435.6 1304963.33 2221558.65 3526521.98 0 19
>58.0958 195823835.1
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 988.862945 5.631122792 5.582966827 11.2
>1408962 983.2799782
LT2-AI1 F-30/360
> 308000 939.2506169 5.348603896 27.19149351 32.
>5400974 912.0591234
LT2-AI2 F-30/360
> 179000 1000 5.69452514 0 5.6
>9452514 1000
LT2-AI3 F-30/360
> 191000 1000 5.694554974 0 5.69
>4554974 1000
LT2-AI4 F-30/360
> 255000 1000 5.69454902 0 5.6
>9454902 1000
LT2-AI5 F-30/360
> 100000 1000 5.6945 0
> 5.6945 1000
LT2-AI6 F-30/360
> 252440 1000 5.694541277 0 5.69
>4541277 1000
LT2-1M1 F-30/360
> 41354.3473 1000 5.694443641 0 5.69
>4443641 1000
LT2-1M2 F-30/360
> 27569.5648 1000 5.694685467 0 5.69
>4685467 1000
LT2-1B F-30/360
> 24123.3692 1000 5.694478199 0 5.69
>4478199 1000
LT2-1ZZ F-30/360
> 1378486.49 991.2993356 5.152477047 5.582963675 10.7
>3544072 986.2088923
LT2-2AA F-30/360
> 60908326.36 993.2191699 5.655929502 23.33008137 28.9
>8601087 969.8890886
LT2-AII F-30/360
> 579560 991.4080682 5.645610463 27.22603354 32.8
>7164401 964.1820346
LT2-2M1 F-30/360
> 18645.6527 1000 5.694625 0 5
>.694625 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
> 621513.54 994.4503016 3.604796768 23.33007902 26.9
>3487579 973.1783649
LT2A-IO F-30/360
> 26750000 1000 6.458333458 0 6.45
>8333458 1000
LT2P F-30/360
> 100 1000 63946.7 0
>63946.7 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 April 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 2290447.36
> 2003683.85 255051.91 2258735.76 4549183.12 0
> 0 132832939.2
LT2-AI1 308000 5093.05
> 24060.72 3025.07 27085.79 32178.84 0
> 0 280914.21
LT2-AI2 179000 3051.42
> 0 0 0 3051.42 0
> 0 179000
LT2-AI3 191000 3255.99
> 0 0 0 3255.99 0
> 0 191000
LT2-AI4 255000 4347.01
> 0 0 0 4347.01 0
> 0 255000
LT2-AI5 100000 1704.71
> 0 0 0 1704.71 0
> 0 100000
LT2-AI6 252440 4303.37
> 0 0 0 4303.37 0
> 0 252440
LT2-1M1 41354.3473 704.97
> 0 0 0 704.97 0
> 0 41354.3473
LT2-1M2 27569.5648 469.98
> 0 0 0 469.98 0
> 0 27569.5648
LT2-1B 24123.3692 411.23
> 0 0 0 411.23 0
> 0 24123.3692
LT2-1ZZ 1378486.49 19364.63
> 20445.74 2602.58 23048.32 42412.95 0 40
>37.4643 1359475.634
LT2-2AA 60908326.36 1035694.87
> 1694162.99 139842.23 1834005.22 2869700.09 0
> 0 59074321.14
LT2-AII 579560 9848.03
> 19095.79 1662.87 20758.66 30606.69 0
> 0 558801.34
LT2-2M1 18645.6527 317.86
> 0 0 0 317.86 0
> 0 18645.6527
LT2-2M2 12430.4352 211.91
> 0 0 0 211.91 0
> 0 12430.4352
LT2-2B 10876.6308 185.41
> 0 0 0 185.41 0
> 0 10876.6308
LT2-2ZZ 621513.54 8529.09
> 17287.38 1426.96 18714.34 27243.43 0 20
>44.3306 604843.5306
LT2A-IO 0 518281.26
> 0 0 0 518281.26 0
> 0 0
LT2P 100 7557.56
> 0 0 0 7557.56 0
> 0 100
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 3913779.71
> 3778736.47 403611.62 4182348.09 8096127.8 0 60
>81.7949 195823835.1
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 0.068334519 133587151.6
> 760717.81 0 0 0 760717.81 76
>0717.81 0
LT2-AI1 0.068334519 289289.19
> 1647.37 0 0 0 1647.37
>1647.37 0
LT2-AI2 0.068334519 179000
> 1019.32 0 0 0 1019.32
>1019.32 0
LT2-AI3 0.068334519 191000
> 1087.66 0 0 0 1087.66
>1087.66 0
LT2-AI4 0.068334519 255000
> 1452.11 0 0 0 1452.11
>1452.11 0
LT2-AI5 0.068334519 100000
> 569.45 0 0 0 569.45
> 569.45 0
LT2-AI6 0.068334519 252440
> 1437.53 0 0 0 1437.53
>1437.53 0
LT2-1M1 0.068334519 41354.3473
> 235.49 0 0 0 235.49
> 235.49 0
LT2-1M2 0.068334519 27569.5648
> 157 0 0 0 157
> 157 0
LT2-1B 0.068334519 24123.3692
> 137.37 0 0 0 137.37
> 137.37 0
LT2-1ZZ 0.068334519 1366492.742
> 7781.55 0 0 678.9326 7102.6174 77
>81.5526 0
LT2-2AA 0.068334519 60495317.35
> 344493.2 0 0 0 344493.2 3
>44493.2 0
LT2-AII 0.068334519 574580.46
> 3271.97 0 0 0 3271.97
>3271.97 0
LT2-2M1 0.068334519 18645.6527
> 106.18 0 0 0 106.18
> 106.18 0
LT2-2M2 0.068334519 12430.4352
> 70.79 0 0 0 70.79
> 70.79 0
LT2-2B 0.068334519 10876.6308
> 61.94 0 0 0 61.94
> 61.94 0
LT2-2ZZ 0.068334519 618064.3273
> 3519.59 0 0 1279.1632 2240.4268 35
>19.5932 0
LT2A-IO 0.0775 26750000
> 172760.42 0 0 0 172760.42 17
>2760.42 0
LT2P 0.068334519 100
> 0.57 0 0 0 0.57
>6394.67 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 224793435.6
> 1300527.32 0 0 1958.0958 1298569.224 1306
>921.426 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 April 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
>28928919.55 53060.46 837497.8853 890558.3453 0
> 0 28091421.66
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
>57458045.66 311231.08 1577912.825 1889143.905 0
> 0 55880132.84
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 23333.33 0 23333.33 0
> 0 4000000
B MEZ,STEP,AF 3500000
> 3500000 20416.67 0 20416.67 0
> 0 3500000
C SUB 1.36
>412370.4116 0 0 0 0 19
>5810.17 608180.5816
P SUB 100
> 100 6394.1 0 6394.1 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>198043435.6 1117119.66 2415410.71 3532530.37 0 19
>5810.17 195823835.1
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 37340 37370 F-30/360 4525
>4TKM5 30800000 939.2506346 1.722742208 27.19148978 28.9
>1423199 912.0591448
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 991.4080624 5.370126993 27.22604777 32.5
>9617477 964.1820146
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 5.8333325 0 5.
>8333325 1000
B F-30/360 4525
>4TKW3 3500000 1000 5.833334286 0 5.83
>3334286 1000
C F-30/360 4525
>4TKZ6 200000101.4 992.2785273 0 0
> 0 982.1595805
P F-30/360 4525
>4TKY9 100 1000 63941 0
> 63941 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 April 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 145502.92
>2459967.011 248611.3282 2708578.339 2854081.259 0
> 0 28091421.66
A-I-2 17900000 205402.5
> 0 0 0 205402.5 0
> 0 17900000
A-I-3 19100000 265967.49
> 0 0 0 265967.49 0
> 0 19100000
A-I-4 25500000 400987.5
> 0 0 0 400987.5 0
> 0 25500000
A-I-5 10000000 168750
> 0 0 0 168750 0
> 0 10000000
A-I-6 25244000 443663.3
> 0 0 0 443663.3 0
> 0 25244000
A-II 57956000 938762.4
> 1920866.86 155000.3018 2075867.162 3014629.562 0
> 0 55880132.84
A-IO 0 518281.26
> 0 0 0 518281.26 0
> 0 0
M-1 6000000 105000
> 0 0 0 105000 0
> 0 6000000
M-2 4000000 70000
> 0 0 0 70000 0
> 0 4000000
B 3500000 61250.01
> 0 0 0 61250.01 0
> 0 3500000
C 1.36 0
> 0 0 0 0 0 60
>8179.22 608180.5816
P 100 7555.85
> 0 0 0 7555.85 0
> 0 100
R-3 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 3331123.23
>4380833.872 403611.63 4784445.502 8115568.732 0 60
>8179.22 195823835.1
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 0.0213 28928919.55
> 53060.46 0 0 0 53060.46 5
>3060.46 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 0.068334519 25244000
> 143753.05 0 0 4134.72 143753.05 14
>7887.77 0
A-II 0.065 57458045.66
> 311231.08 0 0 0 311231.08 31
>1231.08 0
A-IO 0.0775 26750000
> 172760.42 0 0 0 172760.42 17
>2760.42 0
M-1 0.068334519 6000000
> 34167.26 0 0 832.74 34167.26
> 35000 0
M-2 0.068334519 4000000
> 22778.17 0 0 555.16 22778.17 2
>3333.33 0
B 0.068334519 3500000
> 19930.9 0 0 485.77 19930.9 2
>0416.67 0
C 0.011864677 198455806
> 195810.11 0 0 0 195810.11 19
>5810.17 195810.11
P 100
> 0 0 0 0 6394.1
> 6394.1 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 422836871.2
> 1300527.28 0 0 6008.39 1306921.38 131
>2929.83 195810.11
> 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 April 25, 2002 Distribution
Collection Account Report
SUMMARY
> GROUP 2 GROUP 1 TOTAL
Principal Collections
> 1,449,996.12 769,604.42 2,219,600.54
Other Principal Deposits
> 0.00 0.00 0.00
TOTAL NET PRINCIPAL
> 1,449,996.12 769,604.42 2,219,600.54
Interest Collections
> 381,652.77 951,606.16 1,339,653.03
Interest Withdrawals
> 0.00 0.00 0.00
Interest Fees
> (7,211.50) (19,511.71) (26,723.21)
TOTAL NET INTEREST
> 374,441.27 932,094.45 1,312,929.82
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 1,824,437.39 1,701,698.87 3,532,530.36
PRINCIPAL - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Principal
> 53,753.94 101,064.98 154,818.92
Curtailments
> 8,679.91 (135,393.48) (126,713.57)
Prepayments In Full
> 1,387,562.27 803,932.92 2,191,495.19
Repurchases/Substitutions
> 0.00 0.00 0.00
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
> (37,450.50) (69,527.77) (106,978.27)
Total Realized Loss Of Principal
> 0.00 0.00 0.00
Pre-funding Principal Paid
> 0.00 0.00 0.00
Principal Advanced
> 37,450.50 69,527.77 106,978.27
TOTAL PRINCIPAL COLLECTED
> 1,449,996.12 769,604.42 2,219,600.54
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 April 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
> 390,521.03 966,780.99 1,357,302.02
Repurchases/Substitutions
> 0.00 0.00 0.00
Liquidation Interest
> 0.00 0.00 0.00
Insurance Interest
> 0.00 0.00 0.00
Other Interest
> 0.00 1,234.88 1,234.88
Prepayment Interest Shortfalls
> (4,720.95) (2,876.05) (7,597.00)
Delinquent Interest
> (258,395.41) (662,299.16) (920,694.57)
Interest Realized Losses
> 0.00 0.00 0.00
Compensating Interest
> 4,720.95 2,876.05 7,597.00
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Prepayment Premiums
> 0.00 0.00 6,394.10
Pre-funding Intererst Coverage
> 0.00 0.00 0.00
Interest Advanced
> 248,943.12 640,465.09 889,408.21
Net WAC Shortfall
> 584.03 5,424.36 6,008.39
TOTAL INTEREST COLLECTED
> 381,652.77 951,606.16 1,339,653.03
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 April 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
> 1,745.52 8,403.55 10,149.07
Trustee Fee Amount
> 514.42 1,135.94 1,650.36
Extraordinary Trust Fund Expenses
> 0.00 0.00 0.00
Current Servicing Fees
> 14,403.85 31,806.29 46,210.14
Delinquent Servicing Fees
> (9,452.29) (21,834.07) (31,286.36)
TOTAL INTEREST OTHER FEES
> 7,211.50 19,511.71 26,723.21
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 April 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
> 608,180.58
Excess Overcollateralized Amount
> 0.00
Overcollateralization Release Amount
> 0.00
Overcollateralization Deficiency Amount
> 587,629.59
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 April 25, 2002 Distribution
Collateral Report
COLLATERAL
> GROUP 2 GROUP 1 TOTAL
Loan Count:
Original
> 120 695 815
Prior
> 151 882 1033
Prefunding
> 0 1 1
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> -4 -6 -10
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 147 877 1024
Principal Balance:
Original
> 48517658.43 107380483.9 155898142.4
Prior
> 61730769.55 136312666.1 198043435.6
Prefunding
> 0 0 0
Scheduled Principal
> -53753.94 -101064.98 -154818.92
Partial and Full Voluntary Prepayments
> -1396242.18 -668539.44 -2064781.62
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 60280773.43 135543061.7 195823835.1
PREFUNDING
> GROUP 2 GROUP 1 TOTAL
PRE-FUNDING ACCOUNT
Beginning Pre-Funded Amount
> 0.00
Balance of Subsequent Mortgage Loans added this period
> 0.00
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 April 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
> 0.075991127 0.085093806 0.082256596
Weighted Average Coupon Current
> 0.075914367 0.085217249 0.082317511
Weighted Average Months to Maturity Original
> 344 340 341.2496346
Weighted Average Months to Maturity Prior
> 346 339 341.1819223
Weighted Average Months to Maturity Current
> 345 338 340.1548215
Weighted Avg Remaining Amortization Term Original
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Prior
> 347.4213486 347.9748733 347.8023379
Weighted Avg Remaining Amortization Term Current
> 346.0396515 346.7529716 346.5333891
Weighted Average Seasoning Original
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Prior
> 2.41777815 2.53167917 2.496175859
Weighted Average Seasoning Current
> 3.40121509 3.52775172 3.488799741
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 April 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
> 4,951.55 9,972.22 14,923.77
Delinquent Servicing Fees
> 9,452.29 21,834.07 31,286.36
TOTAL SERVICING FEES
> 14,403.84 31,806.29 46,210.13
Total Servicing Fees
> 14,403.84 31,806.29 46,210.13
Compensating Interest
> 4,720.95 2,876.05 7,597.00
Delinquent Servicing Fees
> (9,452.29) (21,834.07) (31,286.36)
COLLECTED SERVICING FEES
> 9,672.50 12,848.27 22,520.77
Current PPIS
> (4,720.95) (2,876.05) (7,597.00)
Current Net PPIS
> 0.00 0.00 0.00
Total Advanced Principal For Current Payment Date
> 37,450.50 69,527.77 106,978.27
Total Advanced Interest For Current Payment Date
> 248,943.12 640,465.09 889,408.21
TOTAL ADVANCES FOR CURRENT PERIOD
> 286,393.62 709,992.86 996,386.48
ADDITIONAL COLLATERAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
Weighted Average Net Mortgage Rate
> 7.2675% 8.1577% 7.8803%
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 April 25, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 1023400.8 0 0 1023400.8
% Balance
> 0.00522613 0 0 0.00522613
# Loans
> 8 0 0 8
% # Loans
> 0.0078125 0 0 0.0078125
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
> 1023400.8 0 0 1023400.8
% Balance 0
> 0.00522613 0 0 0.00522613
# Loans 0
> 8 0 0 8
% # Loans 0
> 0.0078125 0 0 0.0078125
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 15 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
Impac Secured Assets Corp, Mortgage Pass-Through 2002-1
Mortgage Pass-Through Certificates
Delinquency Report for April 25, 2002 Distribution
Delinquency Report - Group 1 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 1023400.8 0 0 1023400.8
% Balance
>0.007550374 0 0 0.007550374
# Loans
> 8 0 0 8
% # Loans
>0.009122007 0 0 0.009122007
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
> 1023400.8 0 0 1023400.8
% Balance 0
>0.007550374 0 0 0.007550374
# Loans 0
> 8 0 0 8
% # Loans 0
>0.009122007 0 0 0.009122007
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 April 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 April 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 that be
>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 April 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> GROUP 2 GROUP 1 TOTAL
Current
Number of Paid in Full Loans
> 4 6 10
Number of Repurchased Loans
> 0 0 0
Total Number of Loans Prepaid in Full
> 4 6 10
Paid in Full Balance
> 1387562.27 803932.92 2191495.19
Repurchased Loans Balance
> 0 0 0
Curtailments Amount
> 8679.91 -135393.48 -126713.57
Total Prepayment Amount
> 1396242.18 668539.44 2064781.62
Cumulative
Number of Paid in Full Loans
> 5 11 16
Number of Repurchased Loans
> 0 3 3
Total Number of Loans Prepaid in Full
> 5 14 19
Paid in Full Balance
> 1706892.24 1715234.01 3422126.25
Repurchased Loans Balance
> 0 449785.94 449785.94
Curtailments Amount
> 21424.25 -121281.2 -99856.95
Total Prepayment Amount
> 1728316.49 2043738.75 3772055.24
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 April 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> GROUP 2 GROUP 1 TOTAL
SMM
> 0.022637966 0.004908095 0.01043406
3 Months Avg SMM
> 0.009394461 0.005412411 0.006643556
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.009394461 0.005412411 0.006643556
CPR
> 0.240258978 0.057332963 0.118267461
3 Months Avg CPR
> 0.107087245 0.063049981 0.076873193
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.107087245 0.063049981 0.076873193
PSA
> 35.31958021 8.125991772 16.94959148
3 Months Avg PSA Approximation
> 20.96520799 11.74739245 14.54119108
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 20.96520799 11.74739245 14.54119108
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 April 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 April 25, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 10
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 2,195,650.00
> Loan Group 2 = Group 2 Group
Total Prepayment Amount = 2,191,495.19
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
1100340428 1 206000 205334.11
> 37320 0.0825MA - 89.96% Paid Off - 18 37260
1100344488 1 147400 147265.51
> 37341 0.09875NJ - 89.99% Paid Off - 36 37253
1100345575 1 85500 85379.35
> 37319 0.0975GA - 90.00% Paid Off - 36 37286
1109003955 1 127400 127160.78
> 37330 0.08375FL - 89.99% Paid Off - 36 37270
2500012680 1 104000 103933.68
> 37337 0.0825CA - 80.00% Paid Off - 36 37274
2500013371 1 135000 134859.49
> 37342 0.0925MD - 90.00% Paid Off - 36 37256
1100343204 2 388000 387551.91
> 37343 0.0875CA - 80.00% Paid Off - 36 37246
1100343206 2 318000 316316.68
> 37321 0.075CA - 67.81% Paid Off - 36 37249
1100343235 2 306350 306146.66
> 37327 0.1135MI - 95.00% Paid Off - 36 37256
2500013309 2 378000 377547.02
> 37336 0.09125CA - 94.98% Paid Off - 36 37263
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 April 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 April 25, 2002 Distribution
Realized Loss Report - Collateral
DEFAULT SPEEDS
> GROUP 2 GROUP 1 TOTAL
MDR
> 0 0 0
3 Months Avg MDR
> 0 0 0
12 Months Avg MDR
Avg MDR Since Cut-off
> 0 0 0
CDR
> 0 0 0
3 Months Avg CDR
> 0 0 0
12 Months Avg CDR
Avg CDR Since Cut-off
> 0 0 0
SDA
> 0 0 0
3 Months Avg SDA Approximation
> 0 0 0
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 April 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 April 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 April 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
> 196,567.46
Net WAC Shortfall
> 6,008.39
Net WAC Shortfall Reserve Fund Ending Balance
> 190,559.07
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 April 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