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): August 26, 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
August 26, 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 August 26, 2002.
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
August 26, 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: August 26, 2
>002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: July 31, 2
>002
> 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 August 26, 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
>162549352.7 1061728.95 995519.6437 2057248.594 0
> 0 161553833.1
LT1B 1194.11
> 1142.7455 7.74 4.8382 12.5782 0
> 0 1137.9073
LT1C 538.39
> 527.9363 3.17 0.9981 4.1681 0
> 0 526.9382
LT1D 20000000
> 20000000 130634.65 0 130634.65 0
> 0 20000000
LT1E 5000000
> 5000000 32658.66 0 32658.66 0
> 0 5000000
LT1F 1750000
> 1750000 11430.53 0 11430.53 0
> 0 1750000
LT1P 100
> 100 0.65 0 0.65 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>189301123.4 1236464.35 995525.48 2231989.83 0
> 0 188305597.9
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
> 173248268.9 938.2451771 6.128366863 5.746202546 11.8
>7456941 932.4989746
LT1B F-30/360
> 1194.11 956.9851186 6.481814908 4.051720528 10.5
>3353544 952.9333981
LT1C F-30/360
> 538.39 980.5834061 5.88792511 1.853860584 7.74
>1785694 978.7295455
LT1D F-30/360
> 20000000 1000 6.5317325 0 6.
>5317325 1000
LT1E F-30/360
> 5000000 1000 6.531732 0 6
>.531732 1000
LT1F F-30/360
> 1750000 1000 6.531731429 0 6.53
>1731429 1000
LT1P F-30/360
> 100 1000 6.5 0
> 6.5 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 August 26, 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 7728201.11
> 10668789.9 1025645.907 11694435.81 19422636.92 0
> 0 161553833.1
LT1B 1194.11 55.6
> 51.28 4.9226 56.2026 111.8026 0
> 0 1137.9073
LT1C 538.39 22.55
> 10.46 0.9919 11.4519 34.0019 0
> 0 526.9382
LT1D 20000000 916386.1
> 0 0 0 916386.1 0
> 0 20000000
LT1E 5000000 229096.52
> 0 0 0 229096.52 0
> 0 5000000
LT1F 1750000 80183.79
> 0 0 0 80183.79 0
> 0 1750000
LT1P 100 28380.16
> 0 0 0 28380.16 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 8982325.83
>10668851.64 1025651.822 11694503.46 20676829.29 0
> 0 188305597.9
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 0.078380793 162549352.7
> 1061728.95 0 0 0 1061728.95 106
>1728.95 0
LT1B 0.081249357 1142.7455
> 7.74 0 0 0 7.74
> 7.74 0
LT1C 0.071956869 527.9363
> 3.17 0 0 0 3.17
> 3.17 0
LT1D 0.078380793 20000000
> 130634.65 0 0 0 130634.65 13
>0634.65 0
LT1E 0.078380793 5000000
> 32658.66 0 0 0 32658.66 3
>2658.66 0
LT1F 0.078380793 1750000
> 11430.53 0 0 0 11430.53 1
>1430.53 0
LT1P 0.078380793 100
> 0.65 0 0 0 0.65
> 0.65 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 189301123.4
> 1236464.35 0 0 0 1236464.35 123
>6464.35 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 August 26, 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
>128247855.9 728295.83 689556.4 1417852.23 0
> 0 127558299.5
LT2-AI1 308000
> 231548.47 1314.92 7036.29 8351.21 0
> 0 224512.18
LT2-AI2 179000
> 179000 1016.51 0 1016.51 0
> 0 179000
LT2-AI3 191000
> 191000 1084.65 0 1084.65 0
> 0 191000
LT2-AI4 255000
> 255000 1448.1 0 1448.1 0
> 0 255000
LT2-AI5 100000
> 100000 567.88 0 567.88 0
> 0 100000
LT2-AI6 252440
> 252440 1433.56 0 1433.56 0
> 0 252440
LT2-1M1 41354.3473
> 41354.3473 234.84 0 234.84 0
> 0 41354.3473
LT2-1M2 27569.5648
> 27569.5648 156.56 0 156.56 0
> 0 27569.5648
LT2-1B 24123.3692
> 24123.3692 136.99 0 136.99 0
> 0 24123.3692
LT2-1ZZ 1378486.49
>1315268.156 7469.16 7036.29 14505.45 0
> 0 1308231.866
LT2-2AA 60908326.36
> 57267147.1 325209.52 286058.57 611268.09 0
> 0 56981088.53
LT2-AII 579560
> 539021.66 3061 2918.97 5979.97 0
> 0 536102.69
LT2-2M1 18645.6527
> 18645.6527 105.89 0 105.89 0
> 0 18645.6527
LT2-2M2 12430.4352
> 12430.4352 70.59 0 70.59 0
> 0 12430.4352
LT2-2B 10876.6308
> 10876.6308 61.77 0 61.77 0
> 0 10876.6308
LT2-2ZZ 621513.54
>587742.0903 3337.68 2918.97 6256.65 0
> 0 584823.1203
LT2A-IO 0
> 0 161458.33 0 161458.33 0
> 0 0
LT2P 100
> 100 0.57 0 0.57 0
> 0 100
R-2 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>189301123.4 1236464.35 995525.49 2231989.84 0
> 0 188305597.9
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 949.3394462 5.391122955 5.104358948 10.
>4954819 944.2350872
LT2-AI1 F-30/360
> 308000 751.7807468 4.269220779 22.8450974 27.1
>1431818 728.9356494
LT2-AI2 F-30/360
> 179000 1000 5.678826816 0 5.67
>8826816 1000
LT2-AI3 F-30/360
> 191000 1000 5.678795812 0 5.67
>8795812 1000
LT2-AI4 F-30/360
> 255000 1000 5.678823529 0 5.67
>8823529 1000
LT2-AI5 F-30/360
> 100000 1000 5.6788 0
> 5.6788 1000
LT2-AI6 F-30/360
> 252440 1000 5.678814768 0 5.67
>8814768 1000
LT2-1M1 F-30/360
> 41354.3473 1000 5.678725825 0 5.67
>8725825 1000
LT2-1M2 F-30/360
> 27569.5648 1000 5.678725839 0 5.67
>8725839 1000
LT2-1B F-30/360
> 24123.3692 1000 5.678725839 0 5.67
>8725839 1000
LT2-1ZZ F-30/360
> 1378486.49 954.1393157 5.418377368 5.104359057 10.5
>2273643 949.0349567
LT2-2AA F-30/360
> 60908326.36 940.2186946 5.339327797 4.696542937 10.0
>3587073 935.5221517
LT2-AII F-30/360
> 579560 930.0532473 5.281592933 5.036527711 10.3
>1812064 925.0167196
LT2-2M1 F-30/360
> 18645.6527 1000 5.679071776 0 5.67
>9071776 1000
LT2-2M2 F-30/360
> 12430.4352 1000 5.678803587 0 5.67
>8803587 1000
LT2-2B F-30/360
> 10876.6308 1000 5.679148363 0 5.67
>9148363 1000
LT2-2ZZ F-30/360
> 621513.54 945.662568 5.370245031 4.696550939 10.0
>6679597 940.9660171
LT2A-IO F-30/360
> 26750000 934.5794393 6.035825421 0 6.03
>5825421 934.5794393
LT2P F-30/360
> 100 1000 5.7 0
> 5.7 1000
R-2 F-30/360
> 0 0 0 0
> 0 0
> Page 4 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for August 26, 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 5249809.06
> 6880980.3 652395.18 7533375.48 12783184.54 0
> 0 127558299.5
LT2-AI1 308000 10927.64
> 76216.84 7270.98 83487.82 94415.46 0
> 0 224512.18
LT2-AI2 179000 7104.19
> 0 0 0 7104.19 0
> 0 179000
LT2-AI3 191000 7580.45
> 0 0 0 7580.45 0
> 0 191000
LT2-AI4 255000 10120.51
> 0 0 0 10120.51 0
> 0 255000
LT2-AI5 100000 3968.82
> 0 0 0 3968.82 0
> 0 100000
LT2-AI6 252440 10018.9
> 0 0 0 10018.9 0
> 0 252440
LT2-1M1 41354.3473 1641.27
> 0 0 0 1641.27 0
> 0 41354.3473
LT2-1M2 27569.5648 1094.18
> 0 0 0 1094.18 0
> 0 27569.5648
LT2-1B 24123.3692 957.41
> 0 0 0 957.41 0
> 0 24123.3692
LT2-1ZZ 1378486.49 47109.03
> 70214.07 6657.1 76871.17 123980.2 0 66
>16.5462 1308231.866
LT2-2AA 60908326.36 2350997.87
> 3575426.57 351811.26 3927237.83 6278235.7 0
> 0 56981088.53
LT2-AII 579560 22253.65
> 39529.92 3927.39 43457.31 65710.96 0
> 0 536102.69
LT2-2M1 18645.6527 740.02
> 0 0 0 740.02 0
> 0 18645.6527
LT2-2M2 12430.4352 493.35
> 0 0 0 493.35 0
> 0 12430.4352
LT2-2B 10876.6308 431.68
> 0 0 0 431.68 0
> 0 10876.6308
LT2-2ZZ 621513.54 20677.39
> 36483.95 3589.91 40073.86 60751.25 0 33
>83.4403 584823.1203
LT2A-IO 0 1198020.85
> 0 0 0 1198020.85 0
> 0 0
LT2P 100 28379.56
> 0 0 0 28379.56 0
> 0 100
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 8972325.83
>10678851.65 1025651.82 11704503.47 20676829.3 0 99
>99.9865 188305597.9
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 0.068145776 128247855.9
> 728295.81 0 0 0 728295.83 72
>8295.83 0
LT2-AI1 0.068145776 231548.47
> 1314.92 0 0 0 1314.92
>1314.92 0
LT2-AI2 0.068145776 179000
> 1016.51 0 0 0 1016.51
>1016.51 0
LT2-AI3 0.068145776 191000
> 1084.65 0 0 0 1084.65
>1084.65 0
LT2-AI4 0.068145776 255000
> 1448.1 0 0 0 1448.1
> 1448.1 0
LT2-AI5 0.068145776 100000
> 567.88 0 0 0 567.88
> 567.88 0
LT2-AI6 0.068145776 252440
> 1433.56 0 0 0 1433.56
>1433.56 0
LT2-1M1 0.068145776 41354.3473
> 234.84 0 0 0 234.84
> 234.84 0
LT2-1M2 0.068145776 27569.5648
> 156.56 0 0 0 156.56
> 156.56 0
LT2-1B 0.068145776 24123.3692
> 136.99 0 0 0 136.99
> 136.99 0
LT2-1ZZ 0.068145776 1315268.156
> 7469.16 0 0 0 7469.16
>7469.16 0
LT2-2AA 0.068145776 57267147.1
> 325209.52 0 0 0 325209.52 32
>5209.52 0
LT2-AII 0.068145776 539021.66
> 3061 0 0 0 3061
> 3061 0
LT2-2M1 0.068145776 18645.6527
> 105.89 0 0 0 105.89
> 105.89 0
LT2-2M2 0.068145776 12430.4352
> 70.59 0 0 0 70.59
> 70.59 0
LT2-2B 0.068145776 10876.6308
> 61.77 0 0 0 61.77
> 61.77 0
LT2-2ZZ 0.068145776 587742.0903
> 3337.68 0 0 0 3337.68
>3337.68 0
LT2A-IO 0.0775 25000000
> 161458.33 0 0 0 161458.33 16
>1458.33 0
LT2P 0.068145776 100
> 0.57 0 0 0 0.57
> 0.57 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 214301123.4
> 1236464.33 0 0 0 1236464.35 123
>6464.35 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 August 26, 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
>23154856.91 42540.72 703628.98 746169.7 0
> 0 22451227.93
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
>53902166.48 291970.07 291896.5 583866.57 0
> 0 53610269.98
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 173439.4 0 173439.4 0
> 0 1000000
P SUB 100
> 100 0 0 0 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>189301123.4 1243082.12 995525.48 2238607.6 0
> 0 188305597.9
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 37462 37493 F-30/360 4525
>4TKM5 30800000 751.7810684 1.381192208 22.84509675 24.2
>2628896 728.9359716
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 930.0532556 5.037788495 5.036519083 10.0
>7430758 925.0167366
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 200000101.4 951.5051347 0.867196561 0 0.86
>7196561 946.5275097
P F-30/360 4525
>4TKY9 100 1000 0 0
> 0 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 August 26, 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 327899.35
>7662354.176 686417.8981 8348772.074 8676671.424 0
> 0 22451227.93
A-I-2 17900000 479272.5
> 0 0 0 479272.5 0
> 0 17900000
A-I-3 19100000 620590.81
> 0 0 0 620590.81 0
> 0 19100000
A-I-4 25500000 935637.5
> 0 0 0 935637.5 0
> 0 25500000
A-I-5 10000000 393750
> 0 0 0 393750 0
> 0 10000000
A-I-6 25244000 1035214.38
> 0 0 0 1035214.38 0
> 0 25244000
A-II 57956000 2125921
>4006496.064 339233.9518 4345730.016 6471651.016 0
> 0 53610269.98
A-IO 0 1198020.85
> 0 0 0 1198020.85 0
> 0 0
M-1 6000000 245000
> 0 0 0 245000 0
> 0 6000000
M-2 4000000 163333.35
> 0 0 0 163333.35 0
> 0 4000000
B 3500000 142916.68
> 0 0 0 142916.68 0
> 0 3500000
C 1.36 335178.39
> 0 0 0 335178.39 0 9999
>98.6384 1000000
P 100 28375.58
> 0 0 0 28375.58 0
> 0 100
R-3 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 8031110.39
>11668850.24 1025651.85 12694502.09 20725612.48 0 9999
>98.6384 188305597.9
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 0.0206688 23154856.91
> 42540.72 0 0 0 42540.72 4
>2540.72 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 0.068145776 25244000
> 143356 0 0 4531.77 143356 14
>7887.77 0
A-II 0.065 53902166.48
> 291970.07 0 0 0 291970.07 29
>1970.07 0
A-IO 0.0775 25000000
> 161458.33 0 0 0 161458.33 16
>1458.33 0
M-1 0.068145776 6000000
> 34072.89 0 0 927.11 34072.89
> 35000 0
M-2 0.068145776 4000000
> 22715.26 0 0 618.07 22715.26 2
>3333.33 0
B 0.068145776 3500000
> 19875.85 0 0 540.82 19875.85 2
>0416.67 0
C 0.010994509 190301123.4
> 173439.4 0 0 0 173439.4 1
>73439.4 0
P 100
> 0 0 0 0 0
> 0 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 403602246.8
> 1236464.35 0 0 6617.77 1236464.35 124
>3082.12 0
> Page 7 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for August 26, 2002 Distribution
Collection Account Report
SUMMARY
> GROUP 2 GROUP 1 TOTAL
Principal Collections
> 291,896.50 703,628.98 995,525.48
Other Principal Deposits
> 0.00 0.00 0.00
TOTAL NET PRINCIPAL
> 291,896.50 703,628.98 995,525.48
Interest Collections
> 355,816.21 907,059.40 1,262,875.61
Interest Withdrawals
> 0.00 0.00 0.00
Interest Fees
> (4,762.00) (15,031.50) (19,793.50)
TOTAL NET INTEREST
> 351,054.21 892,027.90 1,243,082.11
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 642,950.71 1,595,656.88 2,238,607.59
PRINCIPAL - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Principal
> 54,560.12 101,572.12 156,132.24
Curtailments
> 237,336.38 74,984.80 312,321.18
Prepayments In Full
> 0.00 527,072.06 527,072.06
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
> (43,019.72) (80,346.46) (123,366.18)
Total Realized Loss Of Principal
> 0.00 0.00 0.00
Pre-funding Principal Paid
> 0.00 0.00 0.00
Principal Advanced
> 43,019.72 80,346.46 123,366.18
TOTAL PRINCIPAL COLLECTED
> 291,896.50 703,628.98 995,525.48
Page 8 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for August 26, 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
> 366,120.96 925,547.42 1,291,668.38
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
> 0.00 (1,919.07) (1,919.07)
Delinquent Interest
> (297,141.00) (746,242.84) (1,043,383.84)
Interest Realized Losses
> 0.00 0.00 0.00
Compensating Interest
> 0.00 1,919.07 1,919.07
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Prepayment Premiums
> 0.00 0.00 0.00
Pre-funding Intererst Coverage
> 0.00 0.00 0.00
Interest Advanced
> 286,192.31 721,780.99 1,007,973.30
Net WAC Shortfall
> 643.94 5,973.83 6,617.77
TOTAL INTEREST COLLECTED
> 355,816.21 907,059.40 1,262,875.61
Page 9 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for August 26, 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
> 1,588.48 7,867.79 9,456.27
Trustee Fee Amount
> 486.97 1,090.54 1,577.51
Extraordinary Trust Fund Expenses
> 0.00 0.00 0.00
Current Servicing Fees
> 13,635.24 30,535.03 44,170.27
Delinquent Servicing Fees
> (10,948.69) (24,461.86) (35,410.55)
TOTAL INTEREST OTHER FEES
> 4,762.00 15,031.50 19,793.50
Page 10 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Credit Enhancement Report for August 26, 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 August 26, 2002 Distribution
Collateral Report
COLLATERAL
> GROUP 2 GROUP 1 TOTAL
Loan Count:
Original
> 120 695 815
Prior
> 142 850 992
Prefunding
> 0 0 0
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> 0 -4 -4
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 142 846 988
Principal Balance:
Original
> 48517658.43 107380483.9 155898142.4
Prior
> 58436718.27 130864405.1 189301123.4
Prefunding
> 0 0 0
Scheduled Principal
> -54560.12 -101572.12 -156132.24
Partial and Full Voluntary Prepayments
> -237336.38 -602056.86 -839393.24
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 58144821.77 130160776.1 188305597.9
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 August 26, 2002 Distribution
Collateral Report
CHARACTERISTICS
> GROUP 2 GROUP 1 TOTAL
Weighted Average Coupon Original
> 0.076153553 0.084312099 0.081773046
Weighted Average Coupon Prior
> 0.075170985 0.084927384 0.081926844
Weighted Average Coupon Current
> 0.075183064 0.084870817 0.081880235
Weighted Average Months to Maturity Original
> 344 340 341.2496346
Weighted Average Months to Maturity Prior
> 340 335 336.5434858
Weighted Average Months to Maturity Current
> 338 333 334.5438952
Weighted Avg Remaining Amortization Term Original
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Prior
> 341.7247372 343.1120601 342.6837975
Weighted Avg Remaining Amortization Term Current
> 339.6787056 341.4494236 340.902663
Weighted Average Seasoning Original
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Prior
> 6.36515231 6.51432198 6.468273727
Weighted Average Seasoning Current
> 7.36664987 7.51573854 7.469703084
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 August 26, 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
> 2,686.54 6,073.17 8,759.71
Delinquent Servicing Fees
> 10,948.69 24,461.86 35,410.55
TOTAL SERVICING FEES
> 13,635.23 30,535.03 44,170.26
Total Servicing Fees
> 13,635.23 30,535.03 44,170.26
Compensating Interest
> 0.00 1,919.07 1,919.07
Delinquent Servicing Fees
> (10,948.69) (24,461.86) (35,410.55)
COLLECTED SERVICING FEES
> 2,686.54 7,992.24 10,678.78
Current PPIS
> 0.00 (1,919.07) (1,919.07)
Current Net PPIS
> 0.00 0.00 0.00
Total Advanced Principal For Current Payment Date
> 43,019.72 80,346.46 123,366.18
Total Advanced Interest For Current Payment Date
> 286,192.31 721,780.99 1,007,973.30
TOTAL ADVANCES FOR CURRENT PERIOD
> 329,212.03 802,127.45 1,131,339.48
ADDITIONAL COLLATERAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
Weighted Average Net Mortgage Rate
> 7.1957% 8.1249% 7.8381%
Page 14 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for August 26, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 2735858.97 1415266.76 2598093.75 6749219.48
% Balance
>0.014528824 0.007515798 0.01379722 0.035841842
# Loans
> 14 8 14 36
% # Loans
> 0.01417004 0.008097166 0.01417004 0.036437247
FORECLOSURE Balance 0
> 0 0 75684.44 75684.44
% Balance 0
> 0 0 0.000401923 0.000401923
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.001012146 0.001012146
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
> 2735858.97 1415266.76 2673778.19 6824903.92
% Balance 0
>0.014528824 0.007515798 0.014199143 0.036243765
# Loans 0
> 14 8 15 37
% # Loans 0
> 0.01417004 0.008097166 0.015182186 0.037449393
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 August 26, 2002 Distribution
Delinquency Report - Group 1 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 1972076.75 1415266.76 1961844.85 5349188.36
% Balance
>0.015151083 0.01087322 0.015072474 0.041096777
# Loans
> 12 8 12 32
% # Loans
>0.014184397 0.009456265 0.014184397 0.037825059
FORECLOSURE Balance 0
> 0 0 75684.44 75684.44
% Balance 0
> 0 0 0.000581469 0.000581469
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.001182033 0.001182033
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
> 1972076.75 1415266.76 2037529.29 5424872.8
% Balance 0
>0.015151083 0.01087322 0.015653942 0.041678246
# Loans 0
> 12 8 13 33
% # Loans 0
>0.014184397 0.009456265 0.01536643 0.039007092
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 August 26, 2002 Distribution
Delinquency Report - Group 2 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 763782.22 0 636248.9 1400031.12
% Balance
> 0.01313586 0 0.010942486 0.024078346
# Loans
> 2 0 2 4
% # Loans
>0.014084507 0 0.014084507 0.028169014
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
> 763782.22 0 636248.9 1400031.12
% Balance 0
> 0.01313586 0 0.010942486 0.024078346
# Loans 0
> 2 0 2 4
% # Loans 0
>0.014084507 0 0.014084507 0.028169014
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 August 26, 2002 Distribution
REO Report - Mortgage Loans that Become REO During Current Dis
>tribution
SUMMARY LOAN GROUP
Total Loan Count = 0 Loan Group 1
>= Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00 Loan Group 2
> = Group 2 Group; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that be
>come REO during current distribution.
Loan Number Original Stated Curr
>ent State &
& Principal Principal Paid to Note
> LTV at Original Origination
Loan Group Balance Balance Date Rate
> Origination Term Date
SPACE INTENTIONALLY LEFT BLANK
Page 18 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for August 26, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> GROUP 2 GROUP 1 TOTAL
Current
Number of Paid in Full Loans
> 0 4 4
Number of Repurchased Loans
> 0 0 0
Total Number of Loans Prepaid in Full
> 0 4 4
Paid in Full Balance
> 0 527072.06 527072.06
Repurchased Loans Balance
> 0 0 0
Curtailments Amount
> 237336.38 74984.8 312321.18
Total Prepayment Amount
> 237336.38 602056.86 839393.24
Cumulative
Number of Paid in Full Loans
> 10 41 51
Number of Repurchased Loans
> 0 4 4
Total Number of Loans Prepaid in Full
> 10 45 55
Paid in Full Balance
> 3323246.24 6394716.92 9717963.16
Repurchased Loans Balance
> 0 617628.32 617628.32
Curtailments Amount
> 324625.41 8035.3 332660.71
Total Prepayment Amount
> 3647871.65 7020380.54 10668252.19
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 August 26, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> GROUP 2 GROUP 1 TOTAL
SMM
> 0.004065221 0.004604189 0.00443783
3 Months Avg SMM
> 0.007182385 0.010484437 0.009469374
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.008639623 0.00765018 0.007956139
CPR
> 0.047706581 0.05387242 0.051973167
3 Months Avg CPR
> 0.082864113 0.118805965 0.107897214
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.098888185 0.08803632 0.091404698
PSA
> 3.238010631 3.583973825 3.47893123
3 Months Avg PSA Approximation
> 6.507569781 9.120339007 8.340757533
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 11.10676976 9.593129567 10.05281462
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 August 26, 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 August 26, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 4
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 529,005.00
> Loan Group 2 = Group 2 Group
Total Prepayment Amount = 527,072.06
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
1100343022 1 135755 135276.35
> 37455 0.095MA - 95.00% Paid Off - 36 37265
1100345594 1 108000 107648.55
> 37448 0.09125NJ - 80.00% Paid Off - 36 37271
1109004452 1 161950 161395.07
> 37467 0.08875CO - 88.02% Paid Off - 36 37256
2500013566 1 123300 122752.09
> 37438 0.085FL - 90.00% Paid Off - 36 37256
Page
> 22 of 28 (c) COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for August 26, 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 August 26, 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 August 26, 2002 Distribution
Realized Loss Report - Collateral
Group 1
Group 2
CDR Avg since Cut-Off by Groups Tota
>l CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups Tota
>l SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquida
>ted Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.
>02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn
>,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (Avg
>CDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and
>mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX
>(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 ++ WASm )/(number of months
> in the period n,m)
Loss Severity Approximation for current period: sum(Realized Los
>s Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth mont
>h and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and in
>clude realized gains and additional realized losses and gains from priorperiod
>s.
Dates correspond to distribution dates.
Page 25 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Detail Report for August 26, 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 August 26
>, 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
> 167,834.58
Net WAC Shortfall
> 6,617.77
Net WAC Shortfall Reserve Fund Ending Balance
> 161,216.81
Page 27 of 28
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Additional Certificate Report for August 26, 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