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 33-071-5871
(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
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.
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 September 25, 2002.
IMPAC Secured Assets Corp. 2002-S2
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
> 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.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: 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: September 25
>, 2002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: August 30,
> 2002
> 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 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)
LTA1 5098810
> 0 0 0 0 0
> 0 0
LTA2 12500000
> 12500000 67708.3333 0 67708.3333 0
> 0 12500000
LTA3 25000000
> 25000000 135416.6667 0 135416.6667 0
> 0 25000000
LTA4 48440478
>45063455.08 319199.4735 1801409.86 2120609.334 0
> 0 43262045.22
LTA6 90299000
> 90299000 489119.5833 0 489119.5833 0
> 0 90299000
LTA7 48440480
>45063456.95 168987.9636 1801409.93 1970397.894 0
> 0 43262047.02
LTMB 20000000
>19905129.79 107819.453 14906.67 122726.123 0
> 0 19890223.12
LTIO 0
> 0 340383.4949 0 340383.4949 0
> 0 0
LTPO 220587
> 219265.17 0 275.78 275.78 0
> 0 218989.39
LTP 100
> 100 48636.2617 0 48636.2617 0
> 0 100
LTR2 50
> 0 0 0 0 0
> 0 0
Total 249999505
> 238050407 1677271.23 3618002.24 5295273.47 0
> 0 234432404.8
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
> 5098810 0 0 0
> 0 0
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 930.2851033 6.589519482 37.18811074 43.7
>7763022 893.0969926
LTA6 F-30/360
> 90299000 1000 5.416666666 0 5.41
>6666666 1000
LTA7 F-30/360
> 48440480 930.2851035 3.488569139 37.18811065 40.6
>7667979 893.0969928
LTMB F-30/360
> 20000000 995.2564895 5.39097265 0.7453335 6.1
>3630615 994.511156
LTIO F-30/360
> 242265076.9 950.8640346 1.405004383 0 1.40
>5004383 935.9703277
LTPO F-30/360
> 220587 994.0076704 0 1.250209668 1.25
>0209668 992.7574608
LTP F-30/360
> 100 1000 486362.617 0 486
>362.617 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 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)
LTA1 5098810 69239.797
>4638381.818 460428.1822 5098810 5168049.797 0
> 0 0
LTA2 12500000 406249.9998
> 0 0 0 406249.9998 0
> 0 12500000
LTA3 25000000 812500.0002
> 0 0 0 812500.0002 0
> 0 25000000
LTA4 48440478 2026038.748
>4919221.828 259210.9523 5178432.78 7204471.528 0
> 0 43262045.22
LTA6 90299000 2934717.5
> 0 0 0 2934717.5 0
> 0 90299000
LTA7 48440480 1072608.793
>4919222.018 259210.9624 5178432.98 6251041.773 0
> 0 43262047.02
LTMB 20000000 648377.5287
>99128.69711 10648.18289 109776.88 758154.4087 0
> 0 19890223.12
LTIO 0 2108942.491
> 0 0 0 2108942.491 0
> 0 0
LTPO 220587 0
> 1469.34629 128.2637099 1597.61 1597.61 0
> 0 218989.39
LTP 100 138471.4802
> 0 0 0 138471.4802 0
> 0 100
LTR2 50 0.2708
>44.04173125 5.958268754 50 50.2708 0
> 0 0
Total 249999505 10217146.61
>14577467.75 989632.5017 15567100.25 25784246.86 0
> 0 234432404.8
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 0
> 0 0 0 0 0
> 0 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 45063455.08
> 0 0 0 0 0 3191
>99.4735 0
LTA6 0.065 90299000
> 0 0 0 0 0 4891
>19.5833 0
LTA7 0.045 45063456.95
> 0 0 0 0 0 1689
>87.9636 0
LTMB 0.065 19905129.79
> 0 0 0 0 0 107
>819.453 0
LTIO 0.017731171 230361148.4
> 0 0 0 0 0 3403
>83.4949 0
LTPO 219265.17
> 0 0 0 0 0
> 0 0
LTP 0.065 100
> 0 0 0 0 0 486
>36.2617 0
LTR2 0.065 0
> 0 0 0 0 0
> 0 0
Total 468411555.4
> 0 0 0 0 0 167
>7271.23 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 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-1 SEQ,AS 5098810
> 0 0 0 0 0
> 0 0
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
>45063455.08 78109.99 1801409.86 1879519.85 0
> 0 43262045.22
A-5 IO,INV,NTL 0
> 0 241089.48 0 241089.48 0
> 0 0
A-6 SEQ,AS 90299000
> 90299000 489119.58 0 489119.58 0
> 0 90299000
A-7 SEQ,AS 48440480
>45063456.95 168987.96 1801409.93 1970397.89 0
> 0 43262047.02
A-PO PO,RSTP 220587
> 219265.17 0 275.78 275.78 0
> 0 218989.39
A-IO IO,CSTR,NTL 0
> 0 340383.49 0 340383.49 0
> 0 0
M-1 MEZ,NAS 6250000
> 6200288.44 33584.9 4655.27 38240.17 0
> 0 6195633.17
M-2 MEZ,NAS 5000000
> 4983578.68 26994.38 3727.78 30722.16 0
> 0 4979850.9
M-3 MEZ,NAS 3500000
> 3488505.07 18896.07 2609.45 21505.52 0
> 0 3485895.62
B-1 SUB,NAS 1500000
> 1495073.6 8098.32 1118.33 9216.65 0
> 0 1493955.27
B-2 SUB,NAS 1125000
> 1121305.2 6073.74 838.75 6912.49 0
> 0 1120466.45
B-3 SUB,NAS 2625000
> 2616378.8 14172.05 1957.09 16129.14 0
> 0 2614421.71
P SUB,NAS 100
> 100 48636.26 0 48636.26 0
> 0 100
R R,CPT,AS 100
> 0 0 0 0 0
> 0 0
Total 249999555
> 238050407 1677271.22 3618002.24 5295273.46 0
> 0 234432404.8
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 5098810 0 0 0
> 0 0
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 930.2851033 1.612494204 37.18811074 38.8
>0060494 893.0969926
A-5 A-30/360 4525
>4TLF9 48440478 930.2851033 4.977025206 0 4.97
>7025206 893.0969926
A-6 F-30/360 4525
>4TLG7 90299000 1000 5.41666663 0 5.4
>1666663 1000
A-7 F-30/360 4525
>4TLT9 48440480 930.2851035 3.488569065 37.18811065 40.6
>7667971 893.0969928
A-PO F-30/360 4525
>4TLJ1 220587 994.0076704 0 1.250209668 1.25
>0209668 992.7574608
A-IO A-30/360 4525
>4TLH5 242265076.9 950.8640346 1.405004363 0 1.40
>5004363 935.9703277
M-1 F-30/360 4525
>4TLL6 6250000 992.0461504 5.373584 0.7448432 6.
>1184272 991.3013072
M-2 F-30/360 4525
>4TLM4 5000000 996.715736 5.398876 0.745556 6
>.144432 995.97018
M-3 F-30/360 4525
>4TLN2 3500000 996.7157343 5.398877143 0.745557143 6.14
>4434286 995.9701771
B-1 F-30/360 4525
>4TLQ5 1500000 996.7157333 5.39888 0.745553333 6.14
>4433333 995.97018
B-2 F-30/360 4525
>4TLR3 1125000 996.7157333 5.39888 0.745555556 6.14
>4435556 995.9701778
B-3 F-30/360 4525
>4TLS1 2625000 996.7157333 5.39887619 0.745558095 6.14
>4434286 995.9701752
P F-30/360 4525
>4TLP7 100 1000 486362.6 0 4
>86362.6 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 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-1 5098810 69239.79
>4638381.818 460428.1822 5098810 5168049.79 0
> 0 0
A-2 12500000 406249.98
> 0 0 0 406249.98 0
> 0 12500000
A-3 25000000 812500.02
> 0 0 0 812500.02 0
> 0 25000000
A-4 48440478 504510.71
>4919221.828 259210.9523 5178432.78 5682943.49 0
> 0 43262045.22
A-5 0 1521528.04
> 0 0 0 1521528.04 0
> 0 0
A-6 90299000 2934717.48
> 0 0 0 2934717.48 0
> 0 90299000
A-7 48440480 1072608.79
>4919222.018 259210.9624 5178432.98 6251041.77 0
> 0 43262047.02
A-PO 220587 0
> 1469.34629 128.2637099 1597.61 1597.61 0
> 0 218989.39
A-IO 0 2108942.48
> 0 0 0 2108942.48 0
> 0 0
M-1 6250000 202183.23
> 48007.8857 6358.944304 54366.83 256550.06 0
> 0 6195633.17
M-2 5000000 162252.47
>18589.37709 1559.722906 20149.1 182401.57 0
> 0 4979850.9
M-3 3500000 113576.72
>13012.57322 1091.806779 14104.38 127681.1 0
> 0 3485895.62
B-1 1500000 48675.75
>5576.813214 467.9167859 6044.73 54720.48 0
> 0 1493955.27
B-2 1125000 36506.82
>4182.612583 350.9374168 4533.55 41040.37 0
> 0 1120466.45
B-3 2625000 85182.54
>9759.435305 818.8546952 10578.29 95760.83 0
> 0 2614421.71
P 100 138471.47
> 0 0 0 138471.47 0
> 0 100
R 100 0.54
>88.08346249 11.91653751 100 100.54 0
> 0 0
Total 249999555 10217146.83
>14577511.79 989638.46 15567150.25 25784297.08 0
> 0 234432404.8
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 0
> 0 0 0 0 0
> 0 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 0.0208 45063455.08
> 0 0 0 0 0 7
>8109.99 0
A-5 0.0642 45063455.08
> 0 0 0 0 0 24
>1089.48 0
A-6 0.065 90299000
> 0 0 0 0 0 48
>9119.58 0
A-7 0.045 45063456.95
> 0 0 0 0 0 16
>8987.96 0
A-PO 219265.17
> 0 0 0 0 0
> 0 0
A-IO 0.017731296 230361148.4
> 0 0 0 0 0 34
>0383.49 0
M-1 0.065 6200288.44
> 0 0 0 0 0
>33584.9 0
M-2 0.065 4983578.68
> 0 0 0 0 0 2
>6994.38 0
M-3 0.065 3488505.07
> 0 0 0 0 0 1
>8896.07 0
B-1 0.065 1495073.6
> 0 0 0 0 0
>8098.32 0
B-2 0.065 1121305.2
> 0 0 0 0 0
>6073.74 0
B-3 0.065 2616378.8
> 0 0 0 0 0 1
>4172.05 0
P 0.065 100
> 0 0 0 0 0 4
>8636.26 0
R 0.065 0
> 0 0 0 0 0
> 0 0
Total 513475010.5
> 0 0 0 0 0 167
>7271.22 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 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)
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 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)
R-1 50 0.27
>44.04173125 5.958268754 50 50.27 0
> 0 0
R-2 50 0.27
>44.04173125 5.958268754 50 50.27 0
> 0 0
Total 100 0.54
>88.08346249 11.91653751 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 September 25, 2002 Distribution
Collection Account Report
SUMMARY
> TOTAL
Principal - Collections
> 3,618,002.24
Principal - Withdrawals
> 0.00
Principal - Other Accounts
> 0.00
TOTAL NET PRINCIPAL
> 3,618,002.24
Interest Collections
> 1,701,172.02
Interest Withdrawals
> 0.00
Interest Fees
> (23,900.80)
TOTAL NET INTEREST
> 1,677,271.22
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 5,295,273.46
PRINCIPAL - COLLECTIONS
> TOTAL
Scheduled Principal
> 178,176.91
Curtailments
> 33,555.82
Prepayments In Full
> 3,406,269.51
Repurchases/Substitutions
> 0.00
Liquidations
> 0.00
Insurance Principal
> 0.00
Other Principal
> 0.00
Delinquent Principal
> (141,153.66)
Principal Advanced
> 141,153.66
Total Realized Loss Of Principal
> 0.00
TOTAL PRINCIPAL COLLECTED
> 3,618,002.24
Page 8 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for September 25, 2002 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> TOTAL
INTEREST - COLLECTIONS
> TOTAL
Scheduled Interest
> 1,697,216.36
Repurchases/Substitutions
> 0.00
Liquidation Interest
> 0.00
Insurance Interest
> 0.00
Other Interest
> 0.00
Delinquent Interest
> (1,373,430.34)
Interest Advanced
> 1,328,750.28
Prepayment Interest Shortfalls
> (12,459.52)
Compensating Interest
> 12,459.52
Civil Relief Act Shortfalls
> 0.00
Prepayment Premiums
> 48,635.72
TOTAL INTEREST COLLECTED
> 1,701,172.02
Page 9 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for September 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
> 11,448.65
Trustee Fee Amount
> 1,587.01
Current Servicing Fees
> 10,865.14
TOTAL INTEREST OTHER FEES
> 23,900.80
Page 10 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Credit Enhancement Report for September 25, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> TOTAL
Radian PMI Premium
> 11,448.65
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 September 25, 2002 Distribution
Collateral Report
COLLATERAL
> TOTAL
Loan Count:
Original
> 1147
Prior
> 1415
Prefunding
> 0
Scheduled Paid Offs
> 0
Full Voluntary Prepayments
> -22
Repurchases
> 0
Liquidations
> 0
Current
> 1393
Principal Balance:
Original
> 193381668.6
Prior
> 238050852
Prefunding
> 0
Scheduled Principal
> -178176.91
Partial and Full Voluntary Prepayments
> -3439825.33
Repurchases
> 0
Liquidations
> 0
Current
> 234432849.8
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 September 25, 2002 Distribution
Collateral Report
CHARACTERISTICS
> TOTAL
Weighted Average Coupon Original
> 0.085584298
Weighted Average Coupon Prior
> 0.085550235
Weighted Average Coupon Current
> 0.085555654
Weighted Average Months to Maturity Original
> 340
Weighted Average Months to Maturity Prior
> 336
Weighted Average Months to Maturity Current
> 335
Weighted Avg Remaining Amortization Term Original
> 349.7924593
Weighted Avg Remaining Amortization Term Prior
> 344.8527958
Weighted Avg Remaining Amortization Term Current
> 343.6687263
Weighted Average Seasoning Original
> 2.9738338
Weighted Average Seasoning Prior
> 6.43601828
Weighted Average Seasoning Current
> 7.44607174
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 September 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
> 10,865.14
Delinquent Servicing Fees
> 44,680.06
TOTAL SERVICING FEES
> 55,545.20
Total Servicing Fees
> 55,545.20
Compensating Interest
> (12,459.52)
Delinquent Servicing Fees
> (44,680.06)
COLLECTED SERVICING FEES
> (1,594.38)
ADDITIONAL COLLATERAL INFORMATION
> TOTAL
Weighted Average Net Mortgage Rate
> 8.2099%
Page 14 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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
> 2273805.11 1089630.58 724512.04 4087947.73
% Balance
>0.009699174 0.004647943 0.003090489 0.017437606
# Loans
> 13 6 3 22
% # Loans
>0.009332376 0.004307251 0.002153625 0.015793252
FORECLOSURE Balance 0
> 0 0 1111451.58 1111451.58
% Balance 0
> 0 0 0.004741023 0.004741023
# Loans 0
> 0 0 6 6
% # Loans 0
> 0 0 0.004307251 0.004307251
BANKRUPTCY Balance 0
> 124407.64 0 150121.55 274529.19
% Balance 0
>0.000530675 0 0.000640361 0.001171036
# Loans 0
> 1 0 1 2
% # Loans 0
>0.000717875 0 0.000717875 0.00143575
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
> 2398212.75 1089630.58 1986085.17 5473928.5
% Balance 0
>0.010229849 0.004647943 0.008471872 0.023349665
# Loans 0
> 14 6 10 30
% # Loans 0
>0.010050251 0.004307251 0.007178751 0.021536253
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 September 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 September 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> TOTAL
Current
Number of Paid in Full Loans
> 22
Number of Repurchased Loans
> 0
Total Number of Loans Prepaid in Full
> 22
Paid in Full Balance
> 3406269.51
Repurchased Loans Balance
> 0
Curtailments Amount
> 33555.82
Total Prepayment Amount
> 3439825.33
Cumulative
Number of Paid in Full Loans
> 83
Number of Repurchased Loans
> 0
Total Number of Loans Prepaid in Full
> 83
Paid in Full Balance
> 14286103.98
Repurchased Loans Balance
> 0
Curtailments Amount
> 244208.68
Total Prepayment Amount
> 14530312.66
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 September 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> TOTAL
SMM
> 0.014460784
3 Months Avg SMM
> 0.013969939
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.010095302
CPR
> 0.160371981
3 Months Avg CPR
> 0.155340119
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.114638521
PSA
> 10.76889847
3 Months Avg PSA Approximation
> 12.06862455
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 11.42268141
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 September 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 September 25, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 22
> Loan Group 1 = Pool Group
Total Original Principal Balance = 3,427,169.00
Total Prepayment Amount = 3,406,269.51
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
1100335519 1 130950 130545.37
> 37470 0.09375CA - 94.97% Paid Off - 36 37321
1100340439 1 121500 120819.45
> 37474 0.08875TN - 90.00% Paid Off - 18 37308
1100344583 1 89100 88852.07
> 37488 0.09875FL - 90.00% Paid Off - 36 37293
1100346071 1 109200 108847.03
> 37481 0.0825WA - 80.00% Paid Off - 36 37321
1100346130 1 163800 163333.99
> 37489 0.08875FL - 90.00% Paid Off - 36 37322
1100346495 1 225000 224490.68
> 37488 0.10875CA - 75.00% Paid Off - 36 37291
1100346525 1 142400 141865.2
> 37469 0.09CA - 80.00% Paid Off - 36 37300
1100346728 1 126400 125929.78
> 37469 0.085FL - 80.00% Paid Off - 36 37300
1100346765 1 279200 277968.12
> 37495 0.07625VA - 80.00% Paid Off - 36 37299
1100347145 1 206550 196466.95
> 37474 0.08CA - 90.00% Paid Off - 36 37292
1100347357 1 460000 458374.3
> 37494 0.08375CA - 70.77% Paid Off - 36 37357
1100347641 1 187200 186732.26
> 37480 0.095FL - 90.00% Paid Off - 36 37313
1100347944 1 112500 112107.79
> 37488 0.07875CA - 90.00% Paid Off - 36 37335
1100348059 1 160000 159610.56
> 37484 0.09625CA - 80.00% Paid Off - 36 37321
1100349243 1 98000 97804.87
> 37491 0.095CA - 78.40% Paid Off - 36 37358
1109003855 1 90000 89312.99
> 37489 0.075CA - 75.00% Paid Off - 36 37301
1109005466 1 160000 159383.24
> 37496 0.085ID - 80.00% Paid Off - 36 37344
2500013487 1 86000 85741.13
> 37473 0.095FL - 74.79% Paid Off - 36 37278
2500013903 1 96819 96543.54
> 37473 0.08875FL - 94.00% Paid Off - 36 37293
2500014514 1 115000 114741.34
> 37499 0.1PA - 100.00% Paid Off - 36 37299
2500014619 1 179550 178998.4
> 37473 0.085CA - 90.00% Paid Off - 36 37299
2500015459 1 88000 87800.45
> 37481 0.08875FL - 80.00% Paid Off - 36 37329
Page
> 20 of 25 (c) COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for September 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 September 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 September 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
clude realized 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 September 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 September
> 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
> 3,602,819.79
Subordinate Principal Distribution Amount
> 14,889.30
Senior Accelerated Distribution Percentage
> 100.0000%
Senior Percentage
> 91.6303%
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