SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 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
September 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 September 25, 2002.
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
September 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.corporatetrust.db.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: September 25
>, 2002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: August 30,
> 2002
> 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 September 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
>161553833.1 1055220.89 2487526.784 3542747.674 0
> 0 159066306.3
LT1B 1194.11
> 1137.9073 7.7 12.1108 19.8108 0
> 0 1125.7965
LT1C 538.39
> 526.9382 3.16 2.5053 5.6653 0
> 0 524.4329
LT1D 20000000
> 20000000 130633.96 0 130633.96 0
> 0 20000000
LT1E 5000000
> 5000000 32658.49 0 32658.49 0
> 0 5000000
LT1F 1750000
> 1750000 11430.47 0 11430.47 0
> 0 1750000
LT1P 100
> 100 10805.46 0 10805.46 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>188305597.9 1240760.13 2487541.4 3728301.53 0
> 0 185818056.5
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
> 173248268.9 932.4989746 6.090801928 14.35816242 20.4
>4896435 918.1408122
LT1B F-30/360
> 1194.11 952.9333981 6.448317157 10.14211421 16.5
>9043137 942.7912839
LT1C F-30/360
> 538.39 978.7295455 5.869351214 4.653318227 10.5
>2266944 974.0762273
LT1D F-30/360
> 20000000 1000 6.531698 0 6
>.531698 1000
LT1E F-30/360
> 5000000 1000 6.531698 0 6
>.531698 1000
LT1F F-30/360
> 1750000 1000 6.531697143 0 6.53
>1697143 1000
LT1P F-30/360
> 100 1000 108054.6 0 1
>08054.6 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. 2002-S1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for September 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 8783422
>12998958.46 1183004.131 14181962.59 22965384.59 0
> 0 159066306.3
LT1B 1194.11 63.3
> 62.62 5.6934 68.3134 131.6134 0
> 0 1125.7965
LT1C 538.39 25.71
> 12.81 1.1472 13.9572 39.6672 0
> 0 524.4329
LT1D 20000000 1047020.06
> 0 0 0 1047020.06 0
> 0 20000000
LT1E 5000000 261755.01
> 0 0 0 261755.01 0
> 0 5000000
LT1F 1750000 91614.26
> 0 0 0 91614.26 0
> 0 1750000
LT1P 100 39185.62
> 0 0 0 39185.62 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 10223085.96
>12999033.89 1183010.972 14182044.86 24405130.82 0
> 0 185818056.5
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 0.078380378 161553833.1
> 1055220.89 0 0 0 1055220.89 105
>5220.89 0
LT1B 0.081231177 1137.9073
> 7.7 0 0 0 7.7
> 7.7 0
LT1C 0.071998687 526.9382
> 3.16 0 0 0 3.16
> 3.16 0
LT1D 0.078380378 20000000
> 130633.96 0 0 0 130633.96 13
>0633.96 0
LT1E 0.078380378 5000000
> 32658.49 0 0 0 32658.49 3
>2658.49 0
LT1F 0.078380378 1750000
> 11430.47 0 0 0 11430.47 1
>1430.47 0
LT1P 0.078380378 100
> 0.65 0 0 0 0.65 1
>0805.46 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 188305597.9
> 1229955.32 0 0 0 1229955.32 124
>0760.13 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 September 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
>127558299.5 723800.37 1516287.64 2240088.01 0
> 0 126042011.9
LT2-AI1 308000
> 224512.18 1273.94 15472.32 16746.26 0
> 0 209039.86
LT2-AI2 179000
> 179000 1015.69 0 1015.69 0
> 0 179000
LT2-AI3 191000
> 191000 1083.79 0 1083.79 0
> 0 191000
LT2-AI4 255000
> 255000 1446.94 0 1446.94 0
> 0 255000
LT2-AI5 100000
> 100000 567.43 0 567.43 0
> 0 100000
LT2-AI6 252440
> 252440 1432.41 0 1432.41 0
> 0 252440
LT2-1M1 41354.3473
> 41354.3473 234.66 0 234.66 0
> 0 41354.3473
LT2-1M2 27569.5648
> 27569.5648 156.44 0 156.44 0
> 0 27569.5648
LT2-1B 24123.3692
> 24123.3692 136.88 0 136.88 0
> 0 24123.3692
LT2-1ZZ 1378486.49
>1308231.866 7423.26 15472.32 22895.58 0
> 0 1292759.546
LT2-2AA 60908326.36
>56981088.53 323326.14 921502.91 1244829.05 0
> 0 56059585.62
LT2-AII 579560
> 536102.69 3041.99 9403.09 12445.08 0
> 0 526699.6
LT2-2M1 18645.6527
> 18645.6527 105.8 0 105.8 0
> 0 18645.6527
LT2-2M2 12430.4352
> 12430.4352 70.53 0 70.53 0
> 0 12430.4352
LT2-2B 10876.6308
> 10876.6308 61.72 0 61.72 0
> 0 10876.6308
LT2-2ZZ 621513.54
>584823.1203 3318.44 9403.09 12721.53 0
> 0 575420.0303
LT2A-IO 0
> 0 161458.33 0 161458.33 0
> 0 0
LT2P 100
> 100 10805.38 0 10805.38 0
> 0 100
R-2 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>188305597.9 1240760.14 2487541.37 3728301.51 0
> 0 185818056.5
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 944.2350872 5.357845849 11.22413828 16.5
>8198413 933.010949
LT2-AI1 F-30/360
> 308000 728.9356494 4.136168831 50.23480519 54.3
>7097403 678.7008442
LT2-AI2 F-30/360
> 179000 1000 5.67424581 0 5.6
>7424581 1000
LT2-AI3 F-30/360
> 191000 1000 5.674293194 0 5.67
>4293194 1000
LT2-AI4 F-30/360
> 255000 1000 5.67427451 0 5.6
>7427451 1000
LT2-AI5 F-30/360
> 100000 1000 5.6743 0
> 5.6743 1000
LT2-AI6 F-30/360
> 252440 1000 5.67425923 0 5.6
>7425923 1000
LT2-1M1 F-30/360
> 41354.3473 1000 5.674373199 0 5.67
>4373199 1000
LT2-1M2 F-30/360
> 27569.5648 1000 5.674373213 0 5.67
>4373213 1000
LT2-1B F-30/360
> 24123.3692 1000 5.674165945 0 5.67
>4165945 1000
LT2-1ZZ F-30/360
> 1378486.49 949.0349567 5.38507998 11.22413612 16.
>6092161 937.8108205
LT2-2AA F-30/360
> 60908326.36 935.5221517 5.308406245 15.12934216 20.4
>3774841 920.3928095
LT2-AII F-30/360
> 579560 925.0167196 5.248792187 16.2245324 21.4
>7332459 908.7921872
LT2-2M1 F-30/360
> 18645.6527 1000 5.674244914 0 5.67
>4244914 1000
LT2-2M2 F-30/360
> 12430.4352 1000 5.673976724 0 5.67
>3976724 1000
LT2-2B F-30/360
> 10876.6308 1000 5.674551351 0 5.67
>4551351 1000
LT2-2ZZ F-30/360
> 621513.54 940.9660171 5.339288344 15.12934055 20.4
>6862889 925.8366765
LT2A-IO F-30/360
> 26750000 934.5794393 6.035825421 06.03
>5825421 934.5794393
LT2P F-30/360
> 100 1000 108053.8 0 1
>08053.8 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 September 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 5973609.43
> 8297492.89 752170.23 9049663.12 15023272.55 0
> 0 126042011.9
LT2-AI1 308000 12201.58
> 90671.05 8289.09 98960.14 111161.72 0
> 0 209039.86
LT2-AI2 179000 8119.88
> 0 0 0 8119.88 0
> 0 179000
LT2-AI3 191000 8664.24
> 0 0 0 8664.24 0
> 0 191000
LT2-AI4 255000 11567.45
> 0 0 0 11567.45 0
> 0 255000
LT2-AI5 100000 4536.25
> 0 0 0 4536.25 0
> 0 100000
LT2-AI6 252440 11451.31
> 0 0 0 11451.31 0
> 0 252440
LT2-1M1 41354.3473 1875.93
> 0 0 0 1875.93 0
> 0 41354.3473
LT2-1M2 27569.5648 1250.62
> 0 0 0 1250.62 0
> 0 27569.5648
LT2-1B 24123.3692 1094.29
> 0 0 0 1094.29 0
> 0 24123.3692
LT2-1ZZ 1378486.49 54532.29
> 84668.28 7675.21 92343.49 146875.78 0 66
>16.5462 1292759.546
LT2-2AA 60908326.36 2674324.01
> 4442492.58 406248.16 4848740.74 7523064.75 0
> 0 56059585.62
LT2-AII 579560 25295.64
> 48377.53 4482.87 52860.4 78156.04 0
> 0 526699.6
LT2-2M1 18645.6527 845.82
> 0 0 0 845.82 0
> 0 18645.6527
LT2-2M2 12430.4352 563.88
> 0 0 0 563.88 0
> 0 12430.4352
LT2-2B 10876.6308 493.4
> 0 0 0 493.4 0
> 0 10876.6308
LT2-2ZZ 621513.54 23995.83
> 45331.56 4145.39 49476.95 73472.78 0 33
>83.4403 575420.0303
LT2A-IO 0 1359479.18
> 0 0 0 1359479.18 0
> 0 0
LT2P 100 39184.94
> 0 0 0 39184.94 0
> 0 100
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 10213085.97
>13009033.89 1183010.95 14192044.84 24405130.81 0 99
>99.9865 185818056.5
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 0.068091251 127558299.5
> 723800.35 0 0 0 723800.37 72
>3800.37 0
LT2-AI1 0.068091251 224512.18
> 1273.94 0 0 0 1273.94
>1273.94 0
LT2-AI2 0.068091251 179000
> 1015.69 0 0 0 1015.69
>1015.69 0
LT2-AI3 0.068091251 191000
> 1083.79 0 0 0 1083.79
>1083.79 0
LT2-AI4 0.068091251 255000
> 1446.94 0 0 0 1446.94
>1446.94 0
LT2-AI5 0.068091251 100000
> 567.43 0 0 0 567.43
> 567.43 0
LT2-AI6 0.068091251 252440
> 1432.41 0 0 0 1432.41
>1432.41 0
LT2-1M1 0.068091251 41354.3473
> 234.66 0 0 0 234.66
> 234.66 0
LT2-1M2 0.068091251 27569.5648
> 156.44 0 0 0 156.44
> 156.44 0
LT2-1B 0.068091251 24123.3692
> 136.88 0 0 0 136.88
> 136.88 0
LT2-1ZZ 0.068091251 1308231.866
> 7423.26 0 0 0 7423.26
>7423.26 0
LT2-2AA 0.068091251 56981088.53
> 323326.14 0 0 0 323326.14 32
>3326.14 0
LT2-AII 0.068091251 536102.69
> 3041.99 0 0 0 3041.99
>3041.99 0
LT2-2M1 0.068091251 18645.6527
> 105.8 0 0 0 105.8
> 105.8 0
LT2-2M2 0.068091251 12430.4352
> 70.53 0 0 0 70.53
> 70.53 0
LT2-2B 0.068091251 10876.6308
> 61.72 0 0 0 61.72
> 61.72 0
LT2-2ZZ 0.068091251 584823.1203
> 3318.44 0 0 0 3318.44
>3318.44 0
LT2A-IO 0.0775 25000000
> 161458.33 0 0 0 161458.33 16
>1458.33 0
LT2P 0.068091251 100
> 0.57 0 0 0 0.57 1
>0805.38 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 213305597.9
> 1229955.31 0 0 0 1229955.33 124
>0760.14 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 September 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
>22451227.93 38167.09 1547232.29 1585399.38 0
> 0 20903995.64
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
>53610269.98 290388.96 940309.1 1230698.06 0
> 0 52669960.88
A-IO IO,NTL,DRB 0
> 0 161458.33 0 161458.33 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
> 1000000 173061.16 0 173061.16 0
> 0 1000000
P SUB 100
> 100 10804.81 0 10804.81 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>188305597.9 1247553.95 2487541.39 3735095.34 0
> 0 185818056.5
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 37494 37523 F-30/360 4525
>4TKM5 30800000 728.9359716 1.239191234 50.2348146 51.4
>7400584 678.701157
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 04.64
>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 925.0167366 5.010507281 16.22453413 21.2
>3504141 908.7922024
A-IO F-30/360 4525
>4TKT0 26750000 934.5794393 6.035825421 0 6.03
>5825421 934.5794393
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 200000101.4 946.5275097 0.865305361 0 0.86
>5305361 934.0898092
P F-30/360 4525
>4TKY9 100 1000 108048.1 0 1
>08048.1 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 September 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 366066.44
>9111710.248 784294.1158 9896004.364 10262070.8 0
> 0 20903995.64
A-I-2 17900000 547740
> 0 0 0 547740 0
> 0 17900000
A-I-3 19100000 709246.64
> 0 0 0 709246.64 0
> 0 19100000
A-I-4 25500000 1069300
> 0 0 0 1069300 0
> 0 25500000
A-I-5 10000000 450000
> 0 0 0 450000 0
> 0 10000000
A-I-6 25244000 1183102.15
> 0 0 0 1183102.15 0
> 0 25244000
A-II 57956000 2416309.96
>4887322.242 398716.8741 5286039.116 7702349.076 0
> 0 52669960.88
A-IO 0 1359479.18
> 0 0 0 1359479.18 0
> 0 0
M-1 6000000 280000
> 0 0 0 280000 0
> 0 6000000
M-2 4000000 186666.68
> 0 0 0 186666.68 0
> 0 4000000
B 3500000 163333.35
> 0 0 0 163333.35 0
> 0 3500000
C 1.36 508239.55
> 0 0 0 508239.55 0 9999
>98.6384 1000000
P 100 39180.39
> 0 0 0 39180.39 0
> 0 100
R-3 0 0
>1.42109E-14 0 0 0 0
> 0 0
Total 200000101.4 9278664.34
>13999032.49 1183010.99 15182043.48 24460707.82 0 9999
>98.6384 185818056.5
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 0.0204 22451227.93
> 38167.09 0 0 0 38167.09 3
>8167.09 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 0.068091251 25244000
> 143241.3 0 0 4646.47 143241.3 14
>7887.77 0
A-II 0.065 53610269.98
> 290388.96 0 0 0 290388.96 29
>0388.96 0
A-IO 0.0775 25000000
> 161458.33 0 0 0 161458.33 16
>1458.33 0
M-1 0.068091251 6000000
> 34045.63 0 0 954.37 34045.63
> 35000 0
M-2 0.068091251 4000000
> 22697.08 0 0 636.25 22697.08 2
>3333.33 0
B 0.068091251 3500000
> 19859.95 0 0 556.72 19859.95 2
>0416.67 0
C 0.01102853 189305597.9
> 173061.16 0 0 0 173061.16 17
>3061.16 0
P 100
> 0 0 0 0 10804.81 1
>0804.81 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 401611195.8
> 1229955.33 0 0 6793.81 1240760.14 124
>7553.95 0
> Page 7 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for September 25, 2002 Distribution
Collection Account Report
SUMMARY
> GROUP 2 GROUP 1 TOTAL
Principal Collections
> 940,309.10 1,547,232.29 2,487,541.39
Other Principal Deposits
> 0.00 0.00 0.00
TOTAL NET PRINCIPAL
> 940,309.10 1,547,232.29 2,487,541.39
Interest Collections
> 354,300.52 901,969.79 1,267,075.12
Interest Withdrawals
> 0.00 0.00 0.00
Interest Fees
> (4,774.90) (14,746.27) (19,521.17)
TOTAL NET INTEREST
> 349,525.62 887,223.52 1,247,553.95
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 1,289,834.72 2,434,455.81 3,735,095.34
PRINCIPAL - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Principal
> 55,547.86 101,811.28 157,359.14
Curtailments
> 4,015.98 16,081.68 20,097.66
Prepayments In Full
> 880,745.26 1,429,339.33 2,310,084.59
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
> (43,400.33) (82,508.55) (125,908.88)
Total Realized Loss Of Principal
> 0.00 0.00 0.00
Pre-funding Principal Paid
> 0.00 0.00 0.00
Principal Advanced
> 43,400.33 82,508.55 125,908.88
TOTAL PRINCIPAL COLLECTED
> 940,309.10 1,547,232.29 2,487,541.39
Page 8 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for September 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
> 364,501.80 920,343.90 1,284,845.70
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
> (5,198.21) (6,159.82) (11,358.03)
Delinquent Interest
> (293,036.91) (745,077.63) (1,038,114.54)
Interest Realized Losses
> 0.00 0.00 0.00
Compensating Interest
> 5,198.21 6,159.82 11,358.03
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Prepayment Premiums
> 0.00 0.00 10,804.81
Pre-funding Intererst Coverage
> 0.00 0.00 0.00
Interest Advanced
> 282,172.58 720,572.76 1,002,745.34
Net WAC Shortfall
> 663.05 6,130.76 6,793.81
TOTAL INTEREST COLLECTED
> 354,300.52 901,969.79 1,267,075.12
Page 9 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for September 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
> 1,587.57 7,795.62 9,383.19
Trustee Fee Amount
> 484.54 1,084.67 1,569.21
Extraordinary Trust Fund Expenses
> 0.00 0.00 0.00
Current Servicing Fees
> 13,567.12 30,370.85 43,937.97
Delinquent Servicing Fees
> (10,864.33) (24,504.87) (35,369.20)
TOTAL INTEREST OTHER FEES
> 4,774.90 14,746.27 19,521.17
Page 10 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Credit Enhancement Report for September 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
> 1,000,000.00
Excess Overcollateralized Amount
> 0.00
Overcollateralization Release Amount
> 0.00
Overcollateralization Deficiency Amount
> 0.00
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 September 25, 2002 Distribution
Collateral Report
COLLATERAL
> GROUP 2 GROUP 1 TOTAL
Loan Count:
Original
> 120 695 815
Prior
> 142 846 988
Prefunding
> 0 0 0
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> -2 -9 -11
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 140 837 977
Principal Balance:
Original
> 48517658.43 107380483.9 155898142.4
Prior
> 58144821.77 130160776.1 188305597.9
Prefunding
> 0 0 0
Scheduled Principal
> -55547.86 -101811.28 -157359.14
Partial and Full Voluntary Prepayments
> -884761.24 -1445421.01 -2330182.25
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 57204512.67 128613543.9 185818056.5
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 September 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
> 0.075183064 0.084870817 0.081880235
Weighted Average Coupon Current
> 0.075226331 0.084849885 0.081878333
Weighted Average Months to Maturity Original
> 344 340 341.2496346
Weighted Average Months to Maturity Prior
> 338 333 334.5438952
Weighted Average Months to Maturity Current
> 337 332 333.5392614
Weighted Avg Remaining Amortization Term Original
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Prior
> 339.6787056 341.4494236 340.902663
Weighted Avg Remaining Amortization Term Current
> 338.4988665 340.3732872 339.7962425
Weighted Average Seasoning Original
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Prior
> 7.36664987 7.51573854 7.469703084
Weighted Average Seasoning Current
> 8.33971875 8.52150899 8.46554445
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 September 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
> 2,702.80 5,865.97 8,568.77
Delinquent Servicing Fees
> 10,864.33 24,504.87 35,369.20
TOTAL SERVICING FEES
> 13,567.13 30,370.84 43,937.97
Total Servicing Fees
> 13,567.13 30,370.84 43,937.97
Compensating Interest
> 5,198.21 6,159.82 11,358.03
Delinquent Servicing Fees
> (10,864.33) (24,504.87) (35,369.20)
COLLECTED SERVICING FEES
> 7,901.01 12,025.79 19,926.80
Current PPIS
> (5,198.21) (6,159.82) (11,358.03)
Current Net PPIS
> 0.00 0.00 0.00
Total Advanced Principal For Current Payment Date
> 43,400.33 82,508.55 125,908.88
Total Advanced Interest For Current Payment Date
> 282,172.58 720,572.76 1,002,745.34
TOTAL ADVANCES FOR CURRENT PERIOD
> 325,572.91 803,081.31 1,128,654.22
ADDITIONAL COLLATERAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
Weighted Average Net Mortgage Rate
> 7.1999% 8.1231% 7.8380%
Page 14 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for September 25, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 2731907.85 922667.63 0 3654575.48
% Balance
>0.014702058 0.004965436 0 0.019667494
# Loans
> 16 6 0 22
% # Loans
>0.016376663 0.006141249 0 0.022517912
FORECLOSURE Balance 0
> 0 0 3173342.84 3173342.84
% Balance 0
> 0 0 0.017077688 0.017077688
# Loans 0
> 0 0 18 18
% # Loans 0
> 0 0 0.018423746 0.018423746
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 483990.3 483990.3
% Balance 0
> 0 0 0.002604646 0.002604646
# Loans 0
> 0 0 2 2
% # Loans 0
> 0 0 0.002047083 0.002047083
TOTAL Balance 0
> 2731907.85 922667.63 3657333.14 7311908.62
% Balance 0
>0.014702058 0.004965436 0.019682334 0.039349828
# Loans 0
> 16 6 20 42
% # Loans 0
>0.016376663 0.006141249 0.020470829 0.042988741
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 September 25, 2002 Distribution
Delinquency Report - Group 1 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 2731907.85 922667.63 0 3654575.48
% Balance
>0.021241214 0.007173954 0 0.028415168
# Loans
> 16 6 0 22
% # Loans
> 0.01911589 0.007168459 0 0.026284349
FORECLOSURE Balance 0
> 0 0 2851110.25 2851110.25
% Balance 0
> 0 0 0.022168041 0.022168041
# Loans 0
> 0 0 17 17
% # Loans 0
> 0 0 0.020310633 0.020310633
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 170232.88 170232.88
% Balance 0
> 0 0 0.0013236 0.0013236
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.001194743 0.001194743
TOTAL Balance 0
> 2731907.85 922667.63 3021343.13 6675918.61
% Balance 0
>0.021241214 0.007173954 0.02349164 0.051906809
# Loans 0
> 16 6 18 40
% # Loans 0
> 0.01911589 0.007168459 0.021505376 0.047789725
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 September 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 322232.59 322232.59
% Balance 0
> 0 0 0.005632992 0.005632992
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.007142857 0.007142857
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 313757.42 313757.42
% Balance 0
> 0 0 0.005484837 0.005484837
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.007142857 0.007142857
TOTAL Balance 0
> 0 0 635990.01 635990.01
% Balance 0
> 0 0 0.011117829 0.011117829
# Loans 0
> 0 0 2 2
% # Loans 0
> 0 0 0.014285714 0.014285714
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 September 25, 2002 Distribution
REO Report - Mortgage Loans that Become REO During Current Dis
>tribution
SUMMARY LOAN GROUP
Total Loan Count = 2 Loan Group 1
>= Group 1 Group; REO Book Value = Not Available
Total Original Principal Balance = 486,000.00 Loan Group 2
> = Group 2 Group; REO Book Value = Not Available
Total Current Balance = 483,990.30
REO Book Value = Not Available
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
1100344486 1 171000 170232.88 37288
> 0.09GA - 95.00% 360 37253
1100345264 2 315000 313757.42 37288
> 0.09625GA - 90.00% 360 37263
Page 18 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for September 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> GROUP 2 GROUP 1 TOTAL
Current
Number of Paid in Full Loans
> 2 9 11
Number of Repurchased Loans
> 0 0 0
Total Number of Loans Prepaid in Full
> 2 9 11
Paid in Full Balance
> 880745.26 1429339.33 2310084.59
Repurchased Loans Balance
> 0 0 0
Curtailments Amount
> 4015.98 16081.68 20097.66
Total Prepayment Amount
> 884761.24 1445421.01 2330182.25
Cumulative
Number of Paid in Full Loans
> 12 50 62
Number of Repurchased Loans
> 0 4 4
Total Number of Loans Prepaid in Full
> 12 54 66
Paid in Full Balance
> 4203991.5 7824056.25 12028047.75
Repurchased Loans Balance
> 0 617628.32 617628.32
Curtailments Amount
> 328641.39 24116.98 352758.37
Total Prepayment Amount
> 4532632.89 8465801.55 12998434.44
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 September 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> GROUP 2 GROUP 1 TOTAL
SMM
> 0.01523106 0.011113582 0.012384821
3 Months Avg SMM
> 0.008313895 0.008950422 0.008754504
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.009465959 0.008083768 0.008510809
CPR
> 0.168213044 0.125505781 0.138901022
3 Months Avg CPR
> 0.095328858 0.102272411 0.100140459
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.107860308 0.092806422 0.097482129
PSA
> 10.08505495 7.36405845 8.203903642
3 Months Avg PSA Approximation
> 6.478633168 6.802569395 6.70478031
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 10.92210036 9.13424958 9.678259936
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 September 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 September 25, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 11
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 2,323,950.00
> Loan Group 2 = Group 2 Group
Total Prepayment Amount = 2,310,084.59
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
1100339821 1 159300 157798.27
> 37477 0.08875FL - 80.00% Paid Off - 36 37273
1100343961 1 116850 116521.04
> 37470 0.10625GA - 95.00% Paid Off - 36 37249
1100345074 1 266000 265086.24
> 37474 0.09625MO - 95.00% Paid Off - 36 37286
1100345323 1 216000 214938.42
> 37484 0.07875CA - 80.00% Paid Off - 36 37280
1100345335 1 75900 75652.55
> 37496 0.09875SC - 88.36% Paid Off - 36 37256
1100346987 1 251950 251086.67
> 37498 0.08875CA - 89.99% Paid Off - 36 37280
1109003712 1 165000 164093.38
> 37480 0.08CT - 77.11% Paid Off - 36 37270
2500012527 1 119000 118484.5
> 37475 0.085FL - 76.78% Paid Off - 36 37242
2500013759 1 67150 65678.26
> 37477 0.085FL - 79.95% Paid Off - 18 37270
1100343013 2 463800 459157.82
> 37469 0.0725CA - 80.00% Paid Off - 36 37245
1100344692 2 423000 421587.44
> 37476 0.09CA - 90.00% Paid Off - 36 37280
Page
> 22 of 28 (c) COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for September 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 September 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 September 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 September 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 September
> 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
> 161,216.81
Net WAC Shortfall
> 6,793.81
Net WAC Shortfall Reserve Fund Ending Balance
> 154,423.00
Page 27 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Additional Certificate Report for September 25, 2002 Distributio
>n
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