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): June 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
June 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 June 25, 2002.
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
June 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: June 25, 200
>2
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: May 31, 20
>02
> Page 1 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for June 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
>167478894.4 1096567.55 2973084.192 4069651.742 0
> 0 164505810.2
LT1B 1194.11
> 1166.5912 7.92 14.3567 22.2767 0
> 0 1152.2345
LT1C 538.39
> 532.7756 3.2 2.9012 6.1012 0
> 0 529.8744
LT1D 20000000
> 20000000 130949.94 0 130949.94 0
> 0 20000000
LT1E 5000000
> 5000000 32737.48 0 32737.48 0
> 0 5000000
LT1F 1750000
> 1750000 11458.12 0 11458.12 0
> 0 1750000
LT1P 100
> 100 4994.3 0 4994.3 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>194230693.7 1276718.51 2973101.45 4249819.96 0
> 0 191257592.3
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
> 173248268.9 966.6988045 6.329457473 17.16083059 23.4
>9028806 949.5379739
LT1B F-30/360
> 1194.11 976.9545519 6.63255479 12.02292921 18
>.655484 964.9316227
LT1C F-30/360
> 538.39 989.5718717 5.943646799 5.388658779 11.3
>3230558 984.1832129
LT1D F-30/360
> 20000000 1000 6.547497 0 6
>.547497 1000
LT1E F-30/360
> 5000000 1000 6.547496 0 6
>.547496 1000
LT1F F-30/360
> 1750000 1000 6.547497143 0 6.54
>7497143 1000
LT1P F-30/360
> 100 1000 49943 0
> 49943 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. 2002-S1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for June 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 5591380.45
> 8028350.88 714107.8005 8742458.681 14333839.13 0
> 0 164505810.2
LT1B 1194.11 40.05
> 38.46 3.4154 41.8754 81.9254 0
> 0 1152.2345
LT1C 538.39 16.2
> 7.83 0.6857 8.5157 24.7157 0
> 0 529.8744
LT1D 20000000 655045.83
> 0 0 0 655045.83 0
> 0 20000000
LT1E 5000000 163761.45
> 0 0 0 163761.45 0
> 0 5000000
LT1F 1750000 57316.52
> 0 0 0 57316.52 0
> 0 1750000
LT1P 100 12552.78
> 0 0 0 12552.78 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 6480113.28
> 8028397.17 714111.9016 8742509.072 15222622.35 0
> 0 191257592.3
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 0.078569963 167478894.4
> 1096567.55 0 0 0 1096567.55 109
>6567.55 0
LT1B 0.081421865 1166.5912
> 7.92 0 0 0 7.92
> 7.92 0
LT1C 0.072124684 532.7756
> 3.2 0 0 0 3.2
> 3.2 0
LT1D 0.078569963 20000000
> 130949.94 0 0 0 130949.94 13
>0949.94 0
LT1E 0.078569963 5000000
> 32737.48 0 0 0 32737.48 3
>2737.48 0
LT1F 0.078569963 1750000
> 11458.12 0 0 0 11458.12 1
>1458.12 0
LT1P 0.078569963 100
> 0.65 0 0 0 0.65
> 4994.3 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 194230693.7
> 1271724.86 0 0 0 1271724.86 127
>6718.51 0
> Page 3 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for June 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
>131958334.9 746625.14 2169222.36 2915847.5 0
> 0 129789112.5
LT2-AI1 308000
> 270938.08 1532.98 23554.33 25087.31 0
> 0 247383.75
LT2-AI2 179000
> 179000 1012.79 0 1012.79 0
> 0 179000
LT2-AI3 191000
> 191000 1080.69 0 1080.69 0
> 0 191000
LT2-AI4 255000
> 255000 1442.8 0 1442.8 0
> 0 255000
LT2-AI5 100000
> 100000 565.8 0 565.8 0
> 0 100000
LT2-AI6 252440
> 252440 1428.31 0 1428.31 0
> 0 252440
LT2-1M1 41354.3473
> 41354.3473 233.98 0 233.98 0
> 0 41354.3473
LT2-1M2 27569.5648
> 27569.5648 155.99 0 155.99 0
> 0 27569.5648
LT2-1B 24123.3692
> 24123.3692 136.49 0 136.49 0
> 0 24123.3692
LT2-1ZZ 1378486.49
>1351602.703 6228.01 22134.92 28362.93 0 14
>19.4053 1330887.188
LT2-2AA 60908326.36
>58387646.96 330359.46 744417.07 1074776.53 0
> 0 57643229.89
LT2-AII 579560
> 550968.82 3117.4 8083.19 11200.59 0
> 0 542885.63
LT2-2M1 18645.6527
> 18645.6527 105.5 0 105.5 0
> 0 18645.6527
LT2-2M2 12430.4352
> 12430.4352 70.33 0 70.33 0
> 0 12430.4352
LT2-2B 10876.6308
> 10876.6308 61.54 0 61.54 0
> 0 10876.6308
LT2-2ZZ 621513.54
>598662.2875 2900.15 7596.09 10496.24 0 4
>87.1006 591553.2982
LT2A-IO 0
> 0 172760.42 0 172760.42 0
> 0 0
LT2P 100
> 100 4994.22 0 4994.22 0
> 0 100
R-2 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>194230693.8 1274812 2975007.96 4249819.96 0 19
>06.5059 191257592.3
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 976.8058241 5.526803485 16.05740961 21.
>5842131 960.7484145
LT2-AI1 F-30/360
> 308000 879.6690909 4.977207792 76.4750974 81.4
>5230519 803.1939935
LT2-AI2 F-30/360
> 179000 1000 5.658044693 0 5.65
>8044693 1000
LT2-AI3 F-30/360
> 191000 1000 5.658062827 0 5.65
>8062827 1000
LT2-AI4 F-30/360
> 255000 1000 5.658039216 0 5.65
>8039216 1000
LT2-AI5 F-30/360
> 100000 1000 5.658 0
> 5.658 1000
LT2-AI6 F-30/360
> 252440 1000 5.658017747 0 5.65
>8017747 1000
LT2-1M1 F-30/360
> 41354.3473 1000 5.657929946 0 5.65
>7929946 1000
LT2-1M2 F-30/360
> 27569.5648 1000 5.658050866 0 5.65
>8050866 1000
LT2-1B F-30/360
> 24123.3692 1000 5.657999049 0 5.65
>7999049 1000
LT2-1ZZ F-30/360
> 1378486.49 980.4976058 4.518005831 16.05740801 20.5
>7541384 965.4698817
LT2-2AA F-30/360
> 60908326.36 958.6151919 5.423880112 12.2219262 17.6
>4580632 946.3932657
LT2-AII F-30/360
> 579560 950.6674374 5.378908137 13.94711505 19.3
>2602319 936.7203223
LT2-2M1 F-30/360
> 18645.6527 1000 5.658155373 0 5.65
>8155373 1000
LT2-2M2 F-30/360
> 12430.4352 1000 5.657887183 0 5.65
>7887183 1000
LT2-2B F-30/360
> 10876.6308 1000 5.658002109 0 5.65
>8002109 1000
LT2-2ZZ F-30/360
> 621513.54 963.2328967 4.666270022 12.22192199 16.8
>8819201 951.7947078
LT2A-IO F-30/360
> 26750000 1000 6.458333458 0 6.45
>8333458 1000
LT2P F-30/360
> 100 1000 49942.2 0
>49942.2 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. 2002-S1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for June 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 3790541.67
> 4848911.54 453650.9 5302562.44 9093104.11 0
> 0 129789112.5
LT2-AI1 308000 8219.46
> 55380.23 5236.02 60616.25 68835.71 0
> 0 247383.75
LT2-AI2 179000 5079.55
> 0 0 0 5079.55 0
> 0 179000
LT2-AI3 191000 5420.09
> 0 0 0 5420.09 0
> 0 191000
LT2-AI4 255000 7236.25
> 0 0 0 7236.25 0
> 0 255000
LT2-AI5 100000 2837.74
> 0 0 0 2837.74 0
> 0 100000
LT2-AI6 252440 7163.6
> 0 0 0 7163.6 0
> 0 252440
LT2-1M1 41354.3473 1173.52
> 0 0 0 1173.52 0
> 0 41354.3473
LT2-1M2 27569.5648 782.35
> 0 0 0 782.35 0
> 0 27569.5648
LT2-1B 24123.3692 684.56
> 0 0 0 684.56 0
> 0 24123.3692
LT2-1ZZ 1378486.49 32252.4
> 49478.67 4629.1 54107.77 86360.17 0 65
>08.4683 1330887.188
LT2-2AA 60908326.36 1701142
> 3019839.59 245256.88 3265096.47 4966238.47 0
> 0 57643229.89
LT2-AII 579560 16135.12
> 33837.99 2836.38 36674.37 52809.49 0
> 0 542885.63
LT2-2M1 18645.6527 529.12
> 0 0 0 529.12 0
> 0 18645.6527
LT2-2M2 12430.4352 352.75
> 0 0 0 352.75 0
> 0 12430.4352
LT2-2B 10876.6308 308.65
> 0 0 0 308.65 0
> 0 10876.6308
LT2-2ZZ 621513.54 14034.46
> 30814.69 2502.62 33317.31 47351.77 0 33
>57.0682 591553.2982
LT2A-IO 0 863802.1
> 0 0 0 863802.1 0
> 0 0
LT2P 100 12552.35
> 0 0 0 12552.35 0
> 0 100
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 6470247.74
> 8038262.71 714111.9 8752374.61 15222622.35 0 98
>65.5365 191257592.3
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 0.067896444 131958334.9
> 746625.14 0 0 0 746625.14 74
>6625.14 0
LT2-AI1 0.067896444 270938.08
> 1532.98 0 0 0 1532.98
>1532.98 0
LT2-AI2 0.067896444 179000
> 1012.79 0 0 0 1012.79
>1012.79 0
LT2-AI3 0.067896444 191000
> 1080.69 0 0 0 1080.69
>1080.69 0
LT2-AI4 0.067896444 255000
> 1442.8 0 0 0 1442.8
> 1442.8 0
LT2-AI5 0.067896444 100000
> 565.8 0 0 0 565.8
> 565.8 0
LT2-AI6 0.067896444 252440
> 1428.31 0 0 0 1428.31
>1428.31 0
LT2-1M1 0.067896444 41354.3473
> 233.98 0 0 0 233.98
> 233.98 0
LT2-1M2 0.067896444 27569.5648
> 155.99 0 0 0 155.99
> 155.99 0
LT2-1B 0.067896444 24123.3692
> 136.49 0 0 0 136.49
> 136.49 0
LT2-1ZZ 0.067896444 1351602.703
> 7647.42 0 0 1419.4053 6228.0147 76
>47.4153 0
LT2-2AA 0.067896444 58387646.96
> 330359.46 0 0 0 330359.46 33
>0359.46 0
LT2-AII 0.067896444 550968.82
> 3117.4 0 0 0 3117.4
> 3117.4 0
LT2-2M1 0.067896444 18645.6527
> 105.5 0 0 0 105.5
> 105.5 0
LT2-2M2 0.067896444 12430.4352
> 70.33 0 0 0 70.33
> 70.33 0
LT2-2B 0.067896444 10876.6308
> 61.54 0 0 0 61.54
> 61.54 0
LT2-2ZZ 0.067896444 598662.2875
> 3387.25 0 0 487.1006 2900.1494 33
>87.2506 0
LT2A-IO 0.0775 26750000
> 172760.42 0 0 0 172760.42 17
>2760.42 0
LT2P 0.067896444 100
> 0.57 0 0 0 0.57
>4994.22 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 220980693.8
> 1271724.86 0 0 1906.5059 1269818.354 1276
>718.506 0
> Page 5 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC III
Certificate Payment Report for June 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
>27093808.09 43621.03 2355433.146 2399054.176 0
> 0 24738374.94
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
>55096880.95 298441.44 808319.4536 1106760.894 0
> 0 54288561.5
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
>795904.7116 0 0 0 0 19
>0651.15 986555.8616
P SUB 100
> 100 4993.65 0 4993.65 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>194230693.8 1093490.15 3163752.6 4257242.75 0 19
>0651.15 191257592.3
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 37404 37431 F-30/360 4525
>4TKM5 30800000 879.6690937 1.416267208 76.47510216 77.8
>9136936 803.1939916
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 950.6674193 5.149448547 13.94712288 19.0
>9657143 936.7202964
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 200000101.4 975.1324981 0 0
> 0 961.2202536
P F-30/360 4525
>4TKY9 100 1000 49936.5 0
>49936.5 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. 2002-S1
Mortgage Pass-Through Certificates
REMIC III
Certificate Payment Report for June 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 242684.93
> 5610484.85 451140.2105 6061625.06 6304309.99 0
> 0 24738374.94
A-I-2 17900000 342337.5
> 0 0 0 342337.5 0
> 0 17900000
A-I-3 19100000 443279.15
> 0 0 0 443279.15 0
> 0 19100000
A-I-4 25500000 668312.5
> 0 0 0 668312.5 0
> 0 25500000
A-I-5 10000000 281250
> 0 0 0 281250 0
> 0 10000000
A-I-6 25244000 739438.84
> 0 0 0 739438.84 0
> 0 25244000
A-II 57956000 1539887.89
>3404466.792 262971.7095 3667438.501 5207326.391 0
> 0 54288561.5
A-IO 0 863802.1
> 0 0 0 863802.1 0
> 0 0
M-1 6000000 175000
> 0 0 0 175000 0
> 0 6000000
M-2 4000000 116666.68
> 0 0 0 116666.68 0
> 0 4000000
B 3500000 102083.34
> 0 0 0 102083.34 0
> 0 3500000
C 1.36 0
> 0 0 0 0 0 9
>86554.5 986555.8616
P 100 12549.5
> 0 0 0 12549.5 0
> 0 100
R-3 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 5527292.43
>9014951.642 714111.92 9729063.562 15256355.99 0 9
>86554.5 191257592.3
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 0.0207 27093808.09
> 43621.03 0 0 0 43621.03 4
>3621.03 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 0.067896444 25244000
> 142831.49 0 0 5056.28 142831.49 14
>7887.77 0
A-II 0.065 55096880.95
> 298441.44 0 0 0 298441.44 29
>8441.44 0
A-IO 0.0775 26750000
> 172760.42 0 0 0 172760.42 17
>2760.42 0
M-1 0.067896444 6000000
> 33948.22 0 0 1051.78 33948.22
> 35000 0
M-2 0.067896444 4000000
> 22632.15 0 0 701.19 22632.15 2
>3333.34 0
B 0.067896444 3500000
> 19803.13 0 0 613.54 19803.13 2
>0416.67 0
C 0.011778846 195026598.5
> 190651.11 0 0 0 190651.11 19
>0651.15 190651.11
P 100
> 0 0 0 0 4993.65
>4993.65 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 415211387.5
> 1271724.82 0 0 7422.79 1276718.47 12
>84141.3 190651.11
> Page 7 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for June 25, 2002 Distribution
Collection Account Report
SUMMARY
> GROUP 2 GROUP 1 TOTAL
Principal Collections
> 759,609.25 2,213,492.20 2,973,101.45
Other Principal Deposits
> 0.00 0.00 0.00
TOTAL NET PRINCIPAL
> 759,609.25 2,213,492.20 2,973,101.45
Interest Collections
> 363,707.09 936,627.93 1,305,328.67
Interest Withdrawals
> 0.00 0.00 0.00
Interest Fees
> (4,881.60) (16,305.77) (21,187.37)
TOTAL NET INTEREST
> 358,825.49 920,322.16 1,284,141.30
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 1,118,434.74 3,133,814.36 4,257,242.75
PRINCIPAL - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Principal
> 53,844.72 101,272.21 155,116.93
Curtailments
> 41,869.72 38,485.36 80,355.08
Prepayments In Full
> 663,894.81 2,073,734.63 2,737,629.44
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
> (42,571.41) (78,005.09) (120,576.50)
Total Realized Loss Of Principal
> 0.00 0.00 0.00
Pre-funding Principal Paid
> 0.00 0.00 0.00
Principal Advanced
> 42,571.41 78,005.09 120,576.50
TOTAL PRINCIPAL COLLECTED
> 759,609.25 2,213,492.20 2,973,101.45
Page 8 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for June 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
> 374,088.51 954,467.87 1,328,556.38
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 0.00 0.00
Prepayment Interest Shortfalls
> (2,179.53) (6,588.33) (8,767.86)
Delinquent Interest
> (301,616.10) (749,195.47) (1,050,811.57)
Interest Realized Losses
> 0.00 0.00 0.00
Compensating Interest
> 2,179.53 6,588.33 8,767.86
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Prepayment Premiums
> 0.00 0.00 4,993.65
Pre-funding Intererst Coverage
> 0.00 0.00 0.00
Interest Advanced
> 290,508.76 724,658.66 1,015,167.42
Net WAC Shortfall
> 725.92 6,696.87 7,422.79
TOTAL INTEREST COLLECTED
> 363,707.09 936,627.93 1,305,328.67
Page 9 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for June 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
> 1,590.42 8,302.01 9,892.43
Trustee Fee Amount
> 496.50 1,122.09 1,618.59
Extraordinary Trust Fund Expenses
> 0.00 0.00 0.00
Current Servicing Fees
> 13,902.02 31,418.48 45,320.50
Delinquent Servicing Fees
> (11,107.34) (24,536.81) (35,644.15)
TOTAL INTEREST OTHER FEES
> 4,881.60 16,305.77 21,187.37
Page 10 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Credit Enhancement Report for June 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
> 986,555.86
Excess Overcollateralized Amount
> 0.00
Overcollateralization Release Amount
> 0.00
Overcollateralization Deficiency Amount
> 204,095.29
Overcollateralization Target Amount
> 1,000,000.00
Page 11 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collateral Report for June 25, 2002 Distribution
Collateral Report
COLLATERAL
> GROUP 2 GROUP 1 TOTAL
Loan Count:
Original
> 120 695 815
Prior
> 145 872 1017
Prefunding
> 0 0 0
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> -2 -12 -14
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 143 860 1003
Principal Balance:
Original
> 48517658.43 107380483.9 155898142.4
Prior
> 59580085.49 134650608.3 194230693.8
Prefunding
> 0 0 0
Scheduled Principal
> -53844.72 -101272.21 -155116.93
Partial and Full Voluntary Prepayments
> -705764.53 -2112219.99 -2817984.52
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 58820476.24 132437116.1 191257592.3
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. 2002-S1
Mortgage Pass-Through Certificates
Collateral Report for June 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
> 0.075560566 0.085104153 0.082166335
Weighted Average Coupon Current
> 0.07534501 0.085061736 0.082081139
Weighted Average Months to Maturity Original
> 344 340 341.2496346
Weighted Average Months to Maturity Prior
> 343 337 338.8404944
Weighted Average Months to Maturity Current
> 341 335 336.845275
Weighted Avg Remaining Amortization Term Original
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Prior
> 344.7059787 345.5218083 345.2715534
Weighted Avg Remaining Amortization Term Current
> 342.8890236 343.9916718 343.6525569
Weighted Average Seasoning Original
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Prior
> 4.39992733 4.52911331 4.48948563
Weighted Average Seasoning Current
> 5.36844162 5.509668 5.466234415
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. 2002-S1
Mortgage Pass-Through Certificates
Collateral Report for June 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
> 2,794.68 6,881.67 9,676.35
Delinquent Servicing Fees
> 11,107.34 24,536.81 35,644.15
TOTAL SERVICING FEES
> 13,902.02 31,418.48 45,320.50
Total Servicing Fees
> 13,902.02 31,418.48 45,320.50
Compensating Interest
> 2,179.53 6,588.33 8,767.86
Delinquent Servicing Fees
> (11,107.34) (24,536.81) (35,644.15)
COLLECTED SERVICING FEES
> 4,974.21 13,470.00 18,444.21
Current PPIS
> (2,179.53) (6,588.33) (8,767.86)
Current Net PPIS
> 0.00 0.00 0.00
Total Advanced Principal For Current Payment Date
> 42,571.41 78,005.09 120,576.50
Total Advanced Interest For Current Payment Date
> 290,508.76 724,658.66 1,015,167.42
TOTAL ADVANCES FOR CURRENT PERIOD
> 333,080.17 802,663.75 1,135,743.92
ADDITIONAL COLLATERAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
Weighted Average Net Mortgage Rate
> 7.2125% 8.1422% 7.8570%
Page 14 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for June 25, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 1743960.18 1750614.66 520507.8 4015082.64
% Balance
>0.009118384 0.009153177 0.002721501 0.020993063
# Loans
> 12 8 5 25
% # Loans
>0.011964108 0.007976072 0.004985045 0.024925224
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
> 1743960.18 1750614.66 520507.8 4015082.64
% Balance 0
>0.009118384 0.009153177 0.002721501 0.020993063
# Loans 0
> 12 8 5 25
% # Loans 0
>0.011964108 0.007976072 0.004985045 0.024925224
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. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for June 25, 2002 Distribution
Delinquency Report - Group 1 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 1743960.18 1113854.73 520507.8 3378322.71
% Balance
>0.013168213 0.008410442 0.003930226 0.025508882
# Loans
> 12 6 5 23
% # Loans
>0.013953488 0.006976744 0.005813953 0.026744186
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
> 1743960.18 1113854.73 520507.8 3378322.71
% Balance 0
>0.013168213 0.008410442 0.003930226 0.025508882
# Loans 0
> 12 6 5 23
% # Loans 0
>0.013953488 0.006976744 0.005813953 0.026744186
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. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for June 25, 2002 Distribution
Delinquency Report - Group 2 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 0 636759.93 0 636759.93
% Balance
> 0 0.010825481 0 0.010825481
# Loans
> 0 2 0 2
% # Loans
> 0 0.013986014 0 0.013986014
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 636759.93 0 636759.93
% Balance 0
> 0 0.010825481 0 0.010825481
# Loans 0
> 0 2 0 2
% # Loans 0
> 0 0.013986014 0 0.013986014
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. 2002-S1
Mortgage Pass-Through Certificates
REO Report for June 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. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for June 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> GROUP 2 GROUP 1 TOTAL
Current
Number of Paid in Full Loans
> 2 12 14
Number of Repurchased Loans
> 0 0 0
Total Number of Loans Prepaid in Full
> 2 12 14
Paid in Full Balance
> 663894.81 2073734.63 2737629.44
Repurchased Loans Balance
> 0 0 0
Curtailments Amount
> 41869.72 38485.36 80355.08
Total Prepayment Amount
> 705764.53 2112219.99 2817984.52
Cumulative
Number of Paid in Full Loans
> 9 27 36
Number of Repurchased Loans
> 0 4 4
Total Number of Loans Prepaid in Full
> 9 31 40
Paid in Full Balance
> 3004729.83 4392471.24 7397201.07
Repurchased Loans Balance
> 0 617628.32 617628.32
Curtailments Amount
> 76220.03 -63251.69 12968.34
Total Prepayment Amount
> 3080949.86 4946847.87 8027797.73
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. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for June 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> GROUP 2 GROUP 1 TOTAL
SMM
> 0.01185636 0.015698479 0.014520037
3 Months Avg SMM
> 0.01509293 0.008827355 0.010771705
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.010156555 0.007563412 0.008364563
CPR
> 0.133355555 0.172938372 0.160977546
3 Months Avg CPR
> 0.166811897 0.10093376 0.121870915
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.115295702 0.087078985 0.095883363
PSA
> 12.42032272 15.69408284 14.72472037
3 Months Avg PSA Approximation
> 18.99967717 11.15986231 13.59709202
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 16.53681863 12.03446435 13.40231852
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. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for June 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. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Detail Report for June 25, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 14
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 2,747,350.00
> Loan Group 2 = Group 2 Group
Total Prepayment Amount = 2,737,629.44
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
1100342962 1 192000 191379.38
> 37390 0.0825CA - 80.00% Paid Off - 36 37273
1100343448 1 105600 105282.13
> 37405 0.095GA - 80.00% Paid Off - 36 37256
1100344435 1 109950 109763.21
> 37404 0.1025OR - 100.00% Paid Off - 36 37274
1100345327 1 216500 215927.73
> 37396 0.08125MD - 55.95% Paid Off - 36 37273
1100345418 1 285000 284408.12
> 37386 0.10375FL - 95.00% Paid Off - 36 37242
1100345428 1 161500 161210.03
> 37377 0.0999MA - 95.00% Paid Off - 36 37266
1100345453 1 187500 187228.28
> 37397 0.1099CA - 75.00% Paid Off - 36 37271
1100345509 1 250800 250313.6
> 37396 0.09625TX - 95.00% Paid Off - 36 37264
1109000752 1 117900 116694.44
> 37396 0.085DC - 90.00% Paid Off - 18 37249
1109003571 1 64800 64620.24
> 37400 0.09CA - 90.00% Paid Off - 36 37244
1109004308 1 133200 132503.92
> 37399 0.0825GA - 90.00% Paid Off - 36 37256
1109004319 1 255550 254403.55
> 37405 0.09NY - 95.00% Paid Off - 36 37256
1100336565 2 304100 301828.26
> 37390 0.085IL - 89.98% Paid Off - 36 37243
1100342728 2 362950 362066.55
> 37397 0.09625VA - 90.00% Paid Off - 36 37267
Page
> 22 of 28 (c) COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for June 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. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for June 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. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for June 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
cluderealized 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. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Detail Report for June 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. 2002-S1
Mortgage Pass-Through Certificates
Triggers, Adj. Rate Cert. and Miscellaneous Report for June 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
> 183,689.15
Net WAC Shortfall
> 7,422.79
Net WAC Shortfall Reserve Fund Ending Balance
> 176,266.36
Page 27 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Additional Certificate Report for June 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