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 33-071-5871
(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.
Deutsche Bank National Trust Company, 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 March 1, 2002.
Date: October 30, 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-S2
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
> 16
8. Prepayment Report
> 17
9. Prepayment Detail R
>eport 20
10. Realized Loss Repor
>t 21
11. Realized Loss Detai
>l Report 24
12. Triggers, Adj. Rate
> Cert. and Miscellaneous Report 25
Total Number of Pag
>es 25
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: March 1, 20
>02
Certificate Insurer(s):
> Closing Date: March 28,
>2002
> First Payment Date: April 25, 2002
>
Servicer(s): Impac Funding Corporation Mas
>ter Servicer
Wendover Funding, Inc. Sub-Se
>rvicer
GMAC Sub-Servicer
> Distribution Date: June 25, 200
>2
Underwriter(s): Countrywide Securities Underw
>riter Record Date: May 31, 20
>02
> Page 1 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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)
LTA1 5000000
> 3073429.32 16647.7422 2923979.92 2940627.662 0
> 0 149449.4
LTA2 12500000
> 12500000 67708.3333 0 67708.3333 0
> 0 12500000
LTA3 25000000
> 25000000 135416.6667 0 135416.6667 0
> 0 25000000
LTA4 48440478
> 48440478 343120.0525 0 343120.0525 0
> 0 48440478
LTA6 90299000
> 90299000 489119.5833 0 489119.5833 0
> 0 90299000
LTA7 48440480
> 48440480 181651.8 0 181651.8 0
> 0 48440480
LTMB 20000000
>19948981.83 108056.9849 14644.85 122701.8349 0
> 0 19934336.98
LTIO 0
> 0 356775.5754 0 356775.5754 0
> 0 0
LTPO 319397
> 318857.66 0 227.26 227.26 0
> 0 318630.4
LTP 100
> 100 0.5417 0 0.5417 0
> 0 100
LTR2 50
> 0 0 0 0 0
> 0 0
Total 249999505
>248021326.8 1698497.28 2938852.03 4637349.31 0
> 0 245082474.8
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)
LTA1 F-30/360
> 5000000 614.685864 3.32954844 584.795984 588.
>1255324 29.88988
LTA2 F-30/360
> 12500000 1000 5.416666664 0 5.41
>6666664 1000
LTA3 F-30/360
> 25000000 1000 5.416666668 0 5.41
>6666668 1000
LTA4 F-30/360
> 48440478 1000 7.083333333 0 7.08
>3333333 1000
LTA6 F-30/360
> 90299000 1000 5.416666666 0 5.41
>6666666 1000
LTA7 F-30/360
> 48440480 1000 3.75 0
> 3.75 1000
LTMB F-30/360
> 20000000 997.4490915 5.402849245 0.7322425 6.13
>5091745 996.716849
LTIO F-30/360
> 242265076.9 991.9002525 1.472666139 0 1.47
>2666139 979.8089229
LTPO F-30/360
> 319397 998.3113805 0 0.711528286 0.71
>1528286 997.5998522
LTP F-30/360
> 100 1000 5.417 0
> 5.417 1000
LTR2 F-30/360
> 50 0 0 0
> 0 0
> Page 2 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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)
LTA1 5000000 66291.0294
>4406477.949 444072.6506 4850550.6 4916841.629 0
> 0 149449.4
LTA2 12500000 203124.9999
> 0 0 0 203124.9999 0
> 0 12500000
LTA3 25000000 406250.0001
> 0 0 0 406250.0001 0
> 0 25000000
LTA4 48440478 1029360.158
> 0 0 0 1029360.158 0
> 0 48440478
LTA6 90299000 1467358.75
> 0 0 0 1467358.75 0
> 0 90299000
LTA7 48440480 544955.4
> 0 0 0 544955.4 0
> 0 48440480
LTMB 20000000 324679.9346
>57313.18677 8349.833235 65663.02 390342.9546 0
> 0 19934336.98
LTIO 0 1073327.321
> 0 0 0 1073327.321 0
> 0 0
LTPO 319397 0
>678.0104153 88.58958473 766.6 766.6 0
> 0 318630.4
LTP 100 1.6251
> 0 0 0 1.6251 0
> 0 100
LTR2 50 0.2708
>44.04173103 5.958268966 50 50.2708 0
> 0 0
Total 249999505 5115349.489
>4464513.188 452517.0317 4917030.22 10032379.71 0
> 0 245082474.8
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)
LTA1 0.065 3073429.32
> 0 0 0 0 0 166
>47.7422 0
LTA2 0.065 12500000
> 0 0 0 0 0 677
>08.3333 0
LTA3 0.065 25000000
> 0 0 0 0 0 1354
>16.6667 0
LTA4 0.085 48440478
> 0 0 0 0 0 3431
>20.0525 0
LTA6 0.065 90299000
> 0 0 0 0 0 4891
>19.5833 0
LTA7 0.045 48440480
> 0 0 0 0 0 1
>81651.8 0
LTMB 0.065 19948981.83
> 0 0 0 0 0 1080
>56.9849 0
LTIO 0.017789466 240302790.9
> 0 0 0 0 0 3567
>75.5754 0
LTPO 318857.66
> 0 0 0 0 0
> 0 0
LTP 0.065 100
> 0 0 0 0 0
> 0.5417 0
LTR2 0.065 0
> 0 0 0 0 0
> 0 0
Total 488324117.7
> 0 0 0 0 0 169
>8497.28 0
> Page 3 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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)
A-1 SEQ,AS 5000000
> 3073429.32 16647.74 2923979.92 2940627.66 0
> 0 149449.4
A-2 SEQ,AS 12500000
> 12500000 67708.33 0 67708.33 0
> 0 12500000
A-3 NAS 25000000
> 25000000 135416.67 0 135416.67 0
> 0 25000000
A-4 FLT,AS 48440478
> 48440478 85174.51 0 85174.51 0
> 0 48440478
A-5 IO,INV,NTL 0
> 0 257945.55 0 257945.55 0
> 0 0
A-6 SEQ,AS 90299000
> 90299000 489119.58 0 489119.58 0
> 0 90299000
A-7 SEQ,AS 48440480
> 48440480 181651.8 0 181651.8 0
> 0 48440480
A-PO PO,RSTP 319397
> 318857.66 0 227.26 227.26 0
> 0 318630.4
A-IO IO,CSTR,NTL 0
> 0 356775.58 0 356775.58 0
> 0 0
M-1 MEZ,NAS 6250000
> 6213952.74 33658.91 4650.77 38309.68 0
> 0 6209301.97
M-2 MEZ,NAS 5000000
> 4994556.03 27053.85 3634.21 30688.06 0
> 0 4990921.82
M-3 MEZ,NAS 3500000
> 3496189.22 18937.69 2543.95 21481.64 0
> 0 3493645.27
B-1 SUB,NAS 1500000
> 1498366.81 8116.15 1090.26 9206.41 0
> 0 1497276.55
B-2 SUB,NAS 1125000
> 1123775.11 6087.12 817.7 6904.82 0
> 0 1122957.41
B-3 SUB,NAS 2625000
> 2622141.92 14203.27 1907.96 16111.23 0
> 0 2620233.96
P SUB,NAS 100
> 100 13692.99 0 13692.99 0
> 0 100
R R,CPT,AS 100
> 0 0 0 0 0
> 0 0
Total 249999555
>248021326.8 1712189.74 2938852.03 4651041.77 0
> 0 245082474.8
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-1 F-30/360 4525
>4TLB8 5000000 614.685864 3.329548 584.795984 588
>.125532 29.88988
A-2 F-30/360 4525
>4TLC6 12500000 1000 5.4166664 0 5.
>4166664 1000
A-3 F-30/360 4525
>4TLD4 25000000 1000 5.4166668 0 5.
>4166668 1000
A-4 A-30/360 4525
>4TLE2 48440478 1000 1.758333392 0 1.75
>8333392 1000
A-5 A-30/360 4525
>4TLF9 48440478 1000 5.325000096 0 5.32
>5000096 1000
A-6 F-30/360 4525
>4TLG7 90299000 1000 5.41666663 0 5.4
>1666663 1000
A-7 F-30/360 4525
>4TLT9 48440480 1000 3.75 0
> 3.75 1000
A-PO F-30/360 4525
>4TLJ1 319397 998.3113805 0 0.711528286 0.71
>1528286 997.5998522
A-IO A-30/360 4525
>4TLH5 242265076.9 991.9002525 1.472666158 0 1.47
>2666158 979.8089229
M-1 F-30/360 4525
>4TLL6 6250000 994.2324384 5.3854256 0.7441232 6.
>1295488 993.4883152
M-2 F-30/360 4525
>4TLM4 5000000 998.911206 5.41077 0.726842 6
>.137612 998.184364
M-3 F-30/360 4525
>4TLN2 3500000 998.9112057 5.410768571 0.726842857 6.13
>7611429 998.1843629
B-1 F-30/360 4525
>4TLQ5 1500000 998.9112067 5.410766667 0.72684 6.13
>7606667 998.1843667
B-2 F-30/360 4525
>4TLR3 1125000 998.9112089 5.410773333 0.726844444 6.13
>7617778 998.1843644
B-3 F-30/360 4525
>4TLS1 2625000 998.9112076 5.410769524 0.726841905 6.13
>7611429 998.1843657
P F-30/360 4525
>4TLP7 100 1000 136929.9 0 1
>36929.9 1000
R F-30/360 4525
>4TLK8 100 0 0 0
> 0 0
> Page 4 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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)
A-1 5000000 66291.02
>4406477.949 444072.6506 4850550.6 4916841.62 0
> 0 149449.4
A-2 12500000 203124.99
> 0 0 0 203124.99 0
> 0 12500000
A-3 25000000 406250.01
> 0 0 0 406250.01 0
> 0 25000000
A-4 48440478 258349.22
> 0 0 0 258349.22 0
> 0 48440478
A-5 0 771010.94
> 0 0 0 771010.94 0
> 0 0
A-6 90299000 1467358.74
> 0 0 0 1467358.74 0
> 0 90299000
A-7 48440480 544955.4
> 0 0 0 544955.4 0
> 0 48440480
A-PO 319397 0
>678.0104153 88.58958473 766.6 766.6 0
> 0 318630.4
A-IO 0 1073327.32
> 0 0 0 1073327.32 0
> 0 0
M-1 6250000 101353.44
>35047.82196 5650.20804 40698.03 142051.47 0
> 0 6209301.97
M-2 5000000 81209.64
>8096.497726 981.6822742 9078.18 90287.82 0
> 0 4990921.82
M-3 3500000 56846.74
>5667.552041 687.1779593 6354.73 63201.47 0
> 0 3493645.27
B-1 1500000 24362.89
>2428.945685 294.5043149 2723.45 27086.34 0
> 0 1497276.55
B-2 1125000 18272.17
>1821.711834 220.8781658 2042.59 20314.76 0
> 0 1122957.41
B-3 2625000 42635.06
>4250.657519 515.3824807 4766.04 47401.1 0
> 0 2620233.96
P 100 25807.65
> 0 0 0 25807.65 0
> 0 100
R 100 0.54
>88.08346207 11.91653793 100 100.54 0
> 0 0
Total 249999555 5141155.77
> 4464557.23 452522.99 4917080.22 10058235.99 0
> 0 245082474.8
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-1 0.065 3073429.32
> 0 0 0 0 0 1
>6647.74 0
A-2 0.065 12500000
> 0 0 0 0 0 6
>7708.33 0
A-3 0.065 25000000
> 0 0 0 0 0 13
>5416.67 0
A-4 0.0211 48440478
> 0 0 0 0 0 8
>5174.51 0
A-5 0.0639 48440478
> 0 0 0 0 0 25
>7945.55 0
A-6 0.065 90299000
> 0 0 0 0 0 48
>9119.58 0
A-7 0.045 48440480
> 0 0 0 0 0 1
>81651.8 0
A-PO 318857.66
> 0 0 0 0 0
> 0 0
A-IO 0.017816302 240302790.9
> 0 0 0 0 0 35
>6775.58 0
M-1 0.065 6213952.74
> 0 0 0 0 0 3
>3658.91 0
M-2 0.065 4994556.03
> 0 0 0 0 0 2
>7053.85
M-3 0.065 3496189.22
> 0 0 0 0 0 1
>8937.69 0
B-1 0.065 1498366.81
> 0 0 0 0 0
>8116.15 0
B-2 0.065 1123775.11
> 0 0 0 0 0
>6087.12 0
B-3 0.065 2622141.92
> 0 0 0 0 0 1
>4203.27 0
P 0.065 100
> 0 0 0 0 0 1
>3692.99 0
R 0.065 0
> 0 0 0 0 0
> 0 0
Total 536764595.7
> 0 0 0 0 0 171
>2189.74 0
> Page 5 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
REMIC II Component Classes
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)
R-1 50
> 0 0 0 0 0
> 0 0
R-2 50
> 0 0 0 0 0
> 0 0
Total 100
> 0 0 0 0 0
> 0 0
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)
R-1 F-30/360
> 50 0 0 0
> 0 0
R-2 F-30/360
> 50 0 0 0
> 0 0
> Page 6 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
REMIC II Component Classes
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)
R-1 50 0.27
>44.04173103 5.958268966 50 50.27 0
> 0 0
R-2 50 0.27
>44.04173103 5.958268966 50 50.27 0
> 0 0
Total 100 0.54
>88.08346207 11.91653793 100 100.54 0
> 0 0
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)
R-1 0.065 0
> 0 0 0 0 0
> 0 0
R-2 0.065 0
> 0 0 0 0 0
> 0 0
Total 0
> 0 0 0 0 0
> 0 0
> Page 7 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for June 25, 2002 Distribution
Collection Account Report
SUMMARY
> TOTAL
Principal - Collections
> 2,938,852.03
Principal - Withdrawals
> 0.00
Principal - Other Accounts
> 0.00
TOTAL NET PRINCIPAL
> 2,938,852.03
Interest Collections
> 1,744,622.96
Interest Withdrawals
> 0.00
Interest Fees
> (32,433.21)
TOTAL NET INTEREST
> 1,712,189.75
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 4,651,041.78
PRINCIPAL - COLLECTIONS
> TOTAL
Scheduled Principal
> 180,578.51
Curtailments
> 20,287.40
Prepayments In Full
> 2,737,986.12
Repurchases/Substitutions
> 0.00
Liquidations
> 0.00
Insurance Principal
> 0.00
Other Principal
> 0.00
Delinquent Principal
> (121,428.18)
Principal Advanced
> 121,428.18
Total Realized Loss Of Principal
> 0.00
TOTAL PRINCIPAL COLLECTED
> 2,938,852.03
Page 8 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for June 25, 2002 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> TOTAL
INTEREST - COLLECTIONS
> TOTAL
Scheduled Interest
> 1,770,274.22
Repurchases/Substitutions
> 0.00
Liquidation Interest
> 0.00
Insurance Interest
> 0.00
Other Interest
> 0.00
Delinquent Interest
> (1,209,590.96)
Interest Advanced
> 1,170,247.25
Prepayment Interest Shortfalls
> (10,574.06)
Compensating Interest
> 10,574.06
Civil Relief Act Shortfalls
> 0.00
Prepayment Premiums
> 13,692.45
TOTAL INTEREST COLLECTED
> 1,744,622.96
Page 9 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for June 25, 2002 Distribution
Collection Account Report
INTEREST - WITHDRAWALS
> TOTAL
Undistributed Receipts on Repurchased Loans
> 0.00
Reimburse Advances from Late Collections
> 0.00
Reimbursements to Sub-Servicer
> 0.00
Reimburse Fees and Advances from Late Collections
> 0.00
Interest Earnings on the Custodial Account
> 0.00
Prev. Unreimbursed P&I Advances
> 0.00
Prev. Unreimbursed Servicing Advances
> 0.00
TOTAL INTEREST WITHDRAWALS
> 0.00
INTEREST - OTHER ACCOUNTS
> TOTAL
INTEREST - FEES
> TOTAL
Radian PMI Fee
> 12,251.70
Trustee Fee Amount
> 1,653.48
Current Servicing Fees
> 18,528.03
TOTAL INTEREST OTHER FEES
> 32,433.21
Page 10 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Credit Enhancement Report for June 25, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> TOTAL
Radian PMI Premium
> 12,251.70
STRUCTURAL FEATURES
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
Page 11 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collateral Report for June 25, 2002 Distribution
Collateral Report
COLLATERAL
> TOTAL
Loan Count:
Original
> 1147
Prior
> 1466
Prefunding
> 0
Scheduled Paid Offs
> 0
Full Voluntary Prepayments
> -15
Repurchases
> 0
Liquidations
> 0
Current
> 1451
Principal Balance:
Original
> 193381668.6
Prior
> 248021771.8
Prefunding
> 0
Scheduled Principal
> -180578.51
Partial and Full Voluntary Prepayments
> -2758273.52
Repurchases
> 0
Liquidations
> 0
Current
> 245082919.8
PREFUNDING
> TOTAL
PRE-FUNDING ACCOUNT
Pre-Funding Account Beginning Balance
> 0.00
Balance of Subsequent Mortgage Loans added this period
> 0.00
Withdrawal of remaining amounts
> 0.00
Pre-Funding Account Ending Balance
> 0.00
INTEREST COVERAGE ACCOUNT
Interest Coverage Account Beginning Balance
> 0.00
Interest Coverage Account Requirement
> 0.00
Withdrawal of remaining amounts
> 0.00
Interest Coverage Account Ending Balance
> 0.00
Current Prin Balance by Groups (in millions of dollars) Tota
>l Current Principal Balance (in millions of dollars)
Page 12 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collateral Report for June 25, 2002 Distribution
Collateral Report
CHARACTERISTICS
> TOTAL
Weighted Average Coupon Original
> 0.085584298
Weighted Average Coupon Prior
> 0.085686298
Weighted Average Coupon Current
> 0.085650911
Weighted Average Months to Maturity Original
> 340
Weighted Average Months to Maturity Prior
> 340
Weighted Average Months to Maturity Current
> 339
Weighted Avg Remaining Amortization Term Original
> 349.7924593
Weighted Avg Remaining Amortization Term Prior
> 348.3274069
Weighted Avg Remaining Amortization Term Current
> 347.1520254
Weighted Average Seasoning Original
> 2.9738338
Weighted Average Seasoning Prior
> 3.41176358
Weighted Average Seasoning Current
> 4.41542824
Note: Original information refers to deal issue.
WAC by Groups Tota
>l WAC
WARAT by Groups Tota
>l WARAT
Note: Dates correspond to distribution dates.
Page 13 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collateral Report for June 25, 2002 Distribution
Collateral Report
ARM CHARACTERISTICS
> TOTAL
Weighted Average Margin Original
> 0
Weighted Average Margin Prior
> 0
Weighted Average Margin Current
> 0
Weighted Average Max Rate Original
> 0
Weighted Average Max Rate Prior
> 0
Weighted Average Max Rate Current
> 0
Weighted Average Min Rate Original
> 0
Weighted Average Min Rate Prior
> 0
Weighted Average Min Rate Current
> 0
Weighted Average Cap Up Original
> 0
Weighted Average Cap Up Prior
> 0
Weighted Average Cap Up Current
> 0
Weighted Average Cap Down Original
> 0
Weighted Average Cap Down Prior
> 0
Weighted Average Cap Down Current
> 0
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES
> TOTAL
Current Servicing Fees
> 18,528.03
Delinquent Servicing Fees
> 39,343.71
TOTAL SERVICING FEES
> 57,871.74
Total Servicing Fees
> 57,871.74
Compensating Interest
> (10,574.06)
Delinquent Servicing Fees
> (39,343.71)
COLLECTED SERVICING FEES
> 7,953.97
ADDITIONAL COLLATERAL INFORMATION
> TOTAL
Weighted Average Net Mortgage Rate
> 8.2178%
Page 14 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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
> 218103.22 164979.74 0 383082.96
% Balance
>0.000889916 0.000673159 0 0.001563075
# Loans
> 1 1 0 2
% # Loans
> 0.00068918 0.00068918 0 0.00137836
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 239651.5
> 0 0 0 239651.5
% Balance 0.000977838
> 0 0 0 0.000977838
# Loans 1
> 0 0 0 1
% # Loans 0.00068918
> 0 0 0 0.00068918
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 239651.5
> 218103.22 164979.74 0 622734.46
% Balance 0.000977838
>0.000889916 0.000673159 0 0.002540913
# Loans 1
> 1 1 0 3
% # Loans 0.00068918
> 0.00068918 0.00068918 0 0.00206754
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 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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
>= Pool Group; REO Book Value = 000.00
Total Original Principal Balance = 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 16 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Prepayment Report for June 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> TOTAL
Current
Number of Paid in Full Loans
> 15
Number of Repurchased Loans
> 0
Total Number of Loans Prepaid in Full
> 15
Paid in Full Balance
> 2737986.12
Repurchased Loans Balance
> 0
Curtailments Amount
> 20287.4
Total Prepayment Amount
> 2758273.52
Cumulative
Number of Paid in Full Loans
> 25
Number of Repurchased Loans
> 0
Total Number of Loans Prepaid in Full
> 25
Paid in Full Balance
> 4285813.3
Repurchased Loans Balance
> 0
Curtailments Amount
> 131544.79
Total Prepayment Amount
> 4417358.09
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars) Tota
>l Prepayments (in thousands of dollars)
Page 17 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Prepayment Report for June 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> TOTAL
SMM
> 0.011129197
3 Months Avg SMM
> 0.006205441
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.006205441
CPR
> 0.12567147
3 Months Avg CPR
> 0.071975636
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.071975636
PSA
> 14.23094916
3 Months Avg PSA Approximation
> 9.995666853
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 9.995666853
CPR by Groups Tota
>l CPR
PSA by Groups Tota
>l PSA
Page 18 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Prepayment Report for June 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
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 19 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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 = 15
> Loan Group 1 = Pool Group
Total Original Principal Balance = 2,744,200.00
Total Prepayment Amount = 2,737,986.12
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
1100334018 1 74700 74520.22
> 37377 0.1299MD - 60.25% Paid Off - 36 37301
1100341942 1 351500 351003.95
> 37377 0.0975NV - 95.00% Paid Off - 36 37298
1100345519 1 113000 112702.54
> 37384 0.0925FL - 86.93% Paid Off - 36 37281
1100347107 1 256500 256076.51
> 37391 0.09FL - 90.00% Paid Off - 36 37287
1100347198 1 318500 317786.44
> 37391 0.075CA - 70.00% Paid Off - 36 37295
1100347418 1 76500 76376.94
> 37386 0.09125FL - 90.00% Paid Off - 36 37320
1100347656 1 121050 120936.58
> 37379 0.0975VA - 90.00% Paid Off - 36 37329
1100348435 1 100000 99939.42
> 37378 0.085FL - 80.00% Paid Off - 36 37343
1100349286 1 103500 103449.1
> 37389 0.095FL - 90.00% Paid Off - 36 37361
1109003820 1 273000 272317.89
> 37398 0.095FL - 73.79% Paid Off - 36 37309
1109004730 1 156500 156204.36
> 37399 0.0975GA - 90.00% Paid Off - 36 37308
1109004937 1 134900 134653.1
> 37398 0.085CA - 89.94% Paid Off - 36 37299
1109005048 1 343500 343178.18
> 37405 0.0975NJ - 89.93% Paid Off - 36 37333
2500014185 1 209250 209059.08
> 37407 0.09875MD - 75.00% Paid Off - 36 37306
2500015580 1 111800 109781.81
> 37398 0.07625GA - 67.76% Paid Off - 36 37349
Page
> 20 of 25 (c) COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for June 25, 2002 Distribution
Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES
> TOTAL
Current
Number of Loans Liquidated
> 0
Collateral Realized Loss/(Gain) Amount
> 0
Net Liquidation Proceeds
> 0
Cumulative
Number of Loans Liquidated
> 0
Collateral Realized Loss/(Gain) Amount
> 0
Net Liquidation Proceeds
> 0
Note: Collateral realized losses may include adjustments to loan
>s liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
> 3 Months Moving Average
Collateral Loss Severity Approximation by Groups Coll
>ateral Loss Severity Approximation
Page 21 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for June 25, 2002 Distribution
Realized Loss Report - Collateral
DEFAULT SPEEDS
> TOTAL
MDR
> 0
3 Months Avg MDR
> 0
12 Months Avg MDR
Avg MDR Since Cut-off
> 0
CDR
> 0
3 Months Avg CDR
> 0
12 Months Avg CDR
Avg CDR Since Cut-off
> 0
SDA
> 0
3 Months Avg SDA Approximation
> 0
12 Months Avg SDA Approximation
Avg SDA Since Cut-off Approximation
> 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
CDR by Groups Tota
>l CDR
SDA by Groups Tota
>l SDA
Page 22 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for June 25, 2002 Distribution
Realized Loss Report - Collateral
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 23 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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 = Pool Group
Total Original Principal Balance = 0.00
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
> 24 of 25 (c) COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S2
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
> TOTAL
Optional Termination Date Reached?
> No
Credit Support Depletion Date Reached?
> No
ADJUSTABLE RATE CERTIFICATE INFORMATION
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
> TOTAL
Senior Principal Distribution Amount
> 2,923,979.92
Subordinate Principal Distribution Amount
> 14,515.58
Senior Accelerated Distribution Percentage
> 100.0000%
Senior Percentage
> 91.9095%
Special Hazard Amount
> 2,499,996.00
Fraud Loss Amount
> 3,867,633.37
Bankruptcy Amount
> 100,000.00
Page 25 of 25
> (c) COPYRIGHT 2002 Deutsche Bank