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): October 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
October 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: December 3, 2002 By: /s/ Katherine M. Wannenmacher
Katherine M. Wannenmacher
Vice President
EXHIBIT INDEX
DOCUMENT
Monthly Remittance Statement to the Certificateholders
dated as of October 25, 2002.
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
October 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: October 25,
>2002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: September
>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 October 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
>43262045.22 306439.487 1239778.33 1546217.817 0
> 0 42022266.89
LTA6 90299000
> 90299000 489119.5833 0 489119.5833 0
> 0 90299000
LTA7 48440480
>43262047.02 162232.6763 1239778.39 1402011.066 0
> 0 42022268.63
LTMB 20000000
>19890223.12 107738.7086 25571.82 133310.5286 0
> 0 19864651.3
LTIO 0
> 0 334567.2231 0 334567.2231 0
> 0 0
LTPO 220587
> 218989.39 0 279.48 279.48 0
> 0 218709.91
LTP 100
> 100 24230.7317 0 24230.7317 0
> 0 100
LTR2 50
> 0 0 0 0 0
> 0 0
Total 249999505
>234432404.8 1627453.41 2505408.02 4132861.43 0
> 0 231926996.7
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 893.0969926 6.326103698 25.59385004 31.9
>1995374 867.5031425
LTA6 F-30/360
> 90299000 1000 5.416666666 0 5.41
>6666666 1000
LTA7 F-30/360
> 48440480 893.0969928 3.349113723 25.59385023 28.9
>4296395 867.5031426
LTMB F-30/360
> 20000000 994.511156 5.38693543 1.278591 6.6
>6552643 993.232565
LTIO F-30/360
> 242265076.9 935.9703277 1.3809965 0 1.
>3809965 925.669673
LTPO F-30/360
> 220587 992.7574608 0 1.266983095 1.26
>6983095 991.4904777
LTP F-30/360
> 100 1000 242307.317 0 242
>307.317 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 October 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 473958.3331
> 0 0 0 473958.3331 0
> 0 12500000
LTA3 25000000 947916.6669
> 0 0 0 947916.6669 0
> 0 25000000
LTA4 48440478 2332478.235
>6070844.174 347366.9357 6418211.11 8750689.345 0
> 0 42022266.89
LTA6 90299000 3423837.083
> 0 0 0 3423837.083 0
> 0 90299000
LTA7 48440480 1234841.47
> 6070844.42 347366.9501 6418211.37 7653052.84 0
> 0 42022268.63
LTMB 20000000 756116.2373
> 122882.201 12466.49902 135348.7 891464.9373 0
> 0 19864651.3
LTIO 0 2443509.714
> 0 0 0 2443509.714 0
> 0 0
LTPO 220587 0
>1728.953516 148.1364837 1877.09 1877.09 0
> 0 218709.91
LTP 100 162702.2119
> 0 0 0 162702.2119 0
> 0 100
LTR2 50 0.2708
>44.04173125 5.958268754 50 50.2708 0
> 0 0
Total 249999505 11844600.02
>16904725.61 1167782.662 18072508.27 29917108.29 0
> 0 231926996.7
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 0 354
>16.6667 0
LTA4 0.085 43262045.22
> 0 0 0 0 0 306
>439.487 0
LTA6 0.065 90299000
> 0 0 0 0 0 4891
>19.5833 0
LTA7 0.045 43262047.02
> 0 0 0 0 0 1622
>32.6763 0
LTMB 0.065 19890223.12
> 0 0 0 0 0 1077
>38.7086 0
LTIO 0.017705517 226752923.4
> 0 0 0 0 0 345
>67.2231 0
LTPO 218989.39
> 0 0 0 0 0
> 0 0
LTP 0.065 100
> 0 0 0 0 0 242
>30.7317 0
LTR2 0.065 0
> 0 0 0 0 0
> 0 0
Total 461185328.1
> 0 0 0 0 0 162
>7453.41 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 October 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
>43262045.22 75122.74 1239778.33 1314901.07 0
> 0 42022266.89
A-5 IO,INV,NTL 0
> 0 231316.75 0 231316.75 0
> 0 0
A-6 SEQ,AS 90299000
> 90299000 489119.58 0 489119.58 0
> 0 90299000
A-7 SEQ,AS 48440480
>43262047.02 162232.68 1239778.39 1402011.07 0
> 0 42022268.63
A-PO PO,RSTP 220587
> 218989.39 0 279.48 279.48 0
> 0 218709.91
A-IO IO,CSTR,NTL 0
> 0 334567.22 0 334567.22 0
> 0 0
M-1 MEZ,NAS 6250000
> 6195633.17 33559.68 7979.3 41538.98 0
> 0 6187653.87
M-2 MEZ,NAS 5000000
> 4979850.9 26974.19 6397.28 33371.47 0
> 0 4973453.62
M-3 MEZ,NAS 3500000
> 3485895.62 18881.93 4478.1 23360.03 0
> 0 3481417.52
B-1 SUB,NAS 1500000
> 1493955.27 8092.26 1919.18 10011.44 0
> 0 1492036.09
B-2 SUB,NAS 1125000
> 1120466.45 6069.19 1439.39 7508.58 0
> 0 1119027.06
B-3 SUB,NAS 2625000
> 2614421.71 14161.45 3358.57 17520.02 0
> 0 2611063.14
P SUB,NAS 100
> 100 24230.73 0 24230.73 0
> 0 100
R R,CPT,AS 100
> 0 0 0 0 0
> 0 0
Total 249999555
>234432404.8 1627453.4 2505408.02 4132861.42 0
> 0 231926996.7
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 893.0969926 1.550825737 25.59385004 27.1
>4467578 867.5031425
A-5 A-30/360 4525
>4TLF9 48440478 893.0969926 4.775278023 0 4.77
>5278023 867.5031425
A-6 F-30/360 4525
>4TLG7 90299000 1000 5.41666663 0 5.4
>1666663 1000
A-7 F-30/360 4525
>4TLT9 48440480 893.0969928 3.349113799 25.59385023 28.9
>4296403 867.5031426
A-PO F-30/360 4525
>4TLJ1 220587 992.7574608 0 1.266983095 1.26
>6983095 991.4904777
A-IO A-30/360 4525
>4TLH5 242265076.9 935.9703277 1.380996487 0 1.38
>0996487 925.669673
M-1 F-30/360 4525
>4TLL6 6250000 991.3013072 5.3695488 1.276688 6.
>6462368 990.0246192
M-2 F-30/360 4525
>4TLM4 5000000 995.97018 5.394838 1.279456 6
>.674294 994.690724
M-3 F-30/360 4525
>4TLN2 3500000 995.9701771 5.394837143 1.279457143 6.67
>4294286 994.69072
B-1 F-30/360 4525
>4TLQ5 1500000 995.97018 5.39484 1.279453333 6.67
>4293333 994.6907267
B-2 F-30/360 4525
>4TLR3 1125000 995.9701778 5.394835556 1.279457778 6.67
>4293333 994.69072
B-3 F-30/360 4525
>4TLS1 2625000 995.9701752 5.394838095 1.279455238 6.67
>4293333 994.69072
P F-30/360 4525
>4TLP7 100 1000 242307.3 0 2
>42307.3 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 October 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 473958.31
> 0 0 0 473958.31 0
> 0 12500000
A-3 25000000 947916.69
> 0 0 0 947916.69 0
> 0 25000000
A-4 48440478 579633.45
>6070844.174 347366.9357 6418211.11 6997844.56 0
> 0 42022266.89
A-5 0 1752844.79
> 0 0 0 1752844.79 0
> 0 0
A-6 90299000 3423837.06
> 0 0 0 3423837.06 0
> 0 90299000
A-7 48440480 1234841.47
> 6070844.42 347366.9501 6418211.37 7653052.84 0
> 0 42022268.63
A-PO 220587 0
>1728.953516 148.1364837 1877.09 1877.09 0
> 0 218709.91
A-IO 0 2443509.7
> 0 0 0 2443509.7 0
> 0 0
M-1 6250000 235742.91
>55419.80762 6926.322376 62346.13 298089.04 0
> 0 6187653.87
M-2 5000000 189226.66
>24531.77053 2014.609474 26546.38 215773.04 0
> 0 4973453.62
M-3 3500000 132458.65
>17172.25234 1410.227661 18582.48 151041.13 0
> 0 3481417.52
B-1 1500000 56768.01
>7359.527528 604.3824719 7963.91 64731.92 0
> 0 1492036.09
B-2 1125000 42576.01
>5519.652963 453.2870368 5972.94 48548.95 0
> 0 1119027.06
B-3 2625000 99343.99
> 12879.19 1057.670001 13936.86 113280.85 0
> 0 2611063.14
P 100 162702.2
> 0 0 0 162702.2 0
> 0 100
R 100 0.54
>88.08346249 11.91653751 100 100.54 0
> 0 0
Total 249999555 11844600.23
>16904769.65 1167788.62 18072558.27 29917158.5 0
> 0 231926996.7
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 0.0208375 43262045.22
> 0 0 0 0 0 7
>5122.74 0
A-5 0.0641625 43262045.22
> 0 0 0 0 0 23
>1316.75 0
A-6 0.065 90299000
> 0 0 0 0 0 48
>9119.58 0
A-7 0.045 43262047.02
> 0 0 0 0 0 16
>2232.68 0
A-PO 218989.39
> 0 0 0 0 0
> 0 0
A-IO 0.017705644 226752923.4
> 0 0 0 0 0 33
>4567.22 0
M-1 0.065 6195633.17
> 0 0 0 0 0 3
>3559.68 0
M-2 0.065 4979850.9
> 0 0 0 0 0 2
>6974.19 0
M-3 0.065 3485895.62
> 0 0 0 0 0 1
>8881.93 0
B-1 0.065 1493955.27
> 0 0 0 0 0
>8092.26 0
B-2 0.065 1120466.45
> 0 0 0 0 0
>6069.19 0
B-3 0.065 2614421.71
> 0 0 0 0 0 1
>4161.45 0
P 0.065 100
> 0 0 0 0 0 2
>4230.73 0
R 0.065 0
> 0 0 0 0 0
> 0 0
Total 504447373.3
> 0 0 0 0 0 16
>27453.4 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 October 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 October 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 October 25, 2002 Distribution
Collection Account Report
SUMMARY
> TOTAL
Principal - Collections
> 2,505,408.02
Principal - Withdrawals
> 0.00
Principal - Other Accounts
> 0.00
TOTAL NET PRINCIPAL
> 2,505,408.02
Interest Collections
> 1,649,273.33
Interest Withdrawals
> 0.00
Interest Fees
> (21,819.93)
TOTAL NET INTEREST
> 1,627,453.40
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 4,132,861.42
PRINCIPAL - COLLECTIONS
> TOTAL
Scheduled Principal
> 178,150.16
Curtailments
> 43,149.31
Prepayments In Full
> 2,161,100.34
Repurchases/Substitutions
> 123,008.21
Liquidations
> 0.00
Insurance Principal
> 0.00
Other Principal
> 0.00
Delinquent Principal
> (145,387.30)
Principal Advanced
> 145,387.30
Total Realized Loss Of Principal
> 0.00
TOTAL PRINCIPAL COLLECTED
> 2,505,408.02
Page 8 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for October 25, 2002 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> TOTAL
INTEREST - COLLECTIONS
> TOTAL
Scheduled Interest
> 1,669,638.29
Repurchases/Substitutions
> 1,025.07
Liquidation Interest
> 0.00
Insurance Interest
> 0.00
Other Interest
> 0.00
Delinquent Interest
> (1,400,918.17)
Interest Advanced
> 1,355,297.95
Prepayment Interest Shortfalls
> (6,642.01)
Compensating Interest
> 6,642.01
Civil Relief Act Shortfalls
> 0.00
Prepayment Premiums
> 24,230.19
TOTAL INTEREST COLLECTED
> 1,649,273.33
Page 9 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for October 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
> 11,176.26
Trustee Fee Amount
> 1,562.89
Current Servicing Fees
> 9,080.78
TOTAL INTEREST OTHER FEES
> 21,819.93
Page 10 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Credit Enhancement Report for October 25, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> TOTAL
Radian PMI Premium
> 11,176.26
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 October 25, 2002 Distribution
Collateral Report
COLLATERAL
> TOTAL
Loan Count:
Original
> 1147
Prior
> 1393
Prefunding
> 0
Scheduled Paid Offs
> 0
Full Voluntary Prepayments
> -14
Repurchases
> -1
Liquidations
> 0
Current
> 1378
Principal Balance:
Original
> 193381668.6
Prior
> 234432849.8
Prefunding
> 0
Scheduled Principal
> -178150.16
Partial and Full Voluntary Prepayments
> -2204249.65
Repurchases
> -123008.21
Liquidations
> 0
Current
> 231927441.7
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 October 25, 2002 Distribution
Collateral Report
CHARACTERISTICS
> TOTAL
Weighted Average Coupon Original
> 0.085584298
Weighted Average Coupon Prior
> 0.085555654
Weighted Average Coupon Current
> 0.085516856
Weighted Average Months to Maturity Original
> 340
Weighted Average Months to Maturity Prior
> 335
Weighted Average Months to Maturity Current
> 334
Weighted Avg Remaining Amortization Term Original
> 349.7924593
Weighted Avg Remaining Amortization Term Prior
> 343.6687263
Weighted Avg Remaining Amortization Term Current
> 342.5360838
Weighted Average Seasoning Original
> 2.9738338
Weighted Average Seasoning Prior
> 7.44607174
Weighted Average Seasoning Current
> 8.45448837
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 October 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
> 9,080.78
Delinquent Servicing Fees
> 45,620.22
TOTAL SERVICING FEES
> 54,701.00
Total Servicing Fees
> 54,701.00
Compensating Interest
> (6,642.01)
Delinquent Servicing Fees
> (45,620.22)
COLLECTED SERVICING FEES
> 2,438.77
ADDITIONAL COLLATERAL INFORMATION
> TOTAL
Weighted Average Net Mortgage Rate
> 8.2065%
Page 14 of 25
> (c) COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Delinquency Report for October 25, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 3795122.67 1084482.2 1813234.91 6692839.78
% Balance
>0.016363405 0.004675955 0.007818113 0.028857473
# Loans
> 22 6 9 37
% # Loans
>0.015965167 0.004354136 0.006531205 0.026850508
FORECLOSURE Balance 0
> 0 0 987931 987931
% Balance 0
> 0 0 0.004259655 0.004259655
# Loans 0
> 0 0 5 5
% # Loans 0
> 0 0 0.003628447 0.003628447
BANKRUPTCY Balance 0
> 124343.85 0 150054.54 274398.39
% Balance 0
>0.000536133 0 0.000646989 0.001183122
# Loans 0
> 1 0 1 2
% # Loans 0
>0.000725689 0 0.000725689 0.001451379
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
> 3919466.52 1084482.2 2951220.45 7955169.17
% Balance 0
>0.016899538 0.004675955 0.012724757 0.03430025
# Loans 0
> 23 6 15 44
% # Loans 0
>0.016690856 0.004354136 0.010885341 0.031930334
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 October 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 October 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> TOTAL
Current
Number of Paid in Full Loans
> 14
Number of Repurchased Loans
> 1
Total Number of Loans Prepaid in Full
> 15
Paid in Full Balance
> 2161100.34
Repurchased Loans Balance
> 123008.21
Curtailments Amount
> 43149.31
Total Prepayment Amount
> 2327257.86
Cumulative
Number of Paid in Full Loans
> 97
Number of Repurchased Loans
> 1
Total Number of Loans Prepaid in Full
> 98
Paid in Full Balance
> 16447204.32
Repurchased Loans Balance
> 123008.21
Curtailments Amount
> 287357.99
Total Prepayment Amount
> 16857570.52
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 October 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> TOTAL
SMM
> 0.009934733
3 Months Avg SMM
> 0.013802518
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.010072365
CPR
> 0.11291364
3 Months Avg CPR
> 0.153617505
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.114392315
PSA
> 6.677733468
3 Months Avg PSA Approximation
> 10.31609466
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 10.38241518
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 October 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 October 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 = 2,294,100.00
Total Prepayment Amount = 2,284,108.55
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
1100338439 1 80800 80177.64
> 37524 0.08375TN - 80.00% Paid Off - 18 37288
1100345009 1 78408 78067.83
> 37525 0.08875AZ - 90.00% Paid Off - 36 37285
1100345648 1 199700 198991.24
> 37510 0.10125MA - 90.00% Paid Off - 36 37287
1100345940 1 218500 217691.58
> 37525 0.085VA - 95.00% Paid Off - 36 37334
1100346188 1 100000 99700.53
> 37526 0.08625WA - 62.50% Paid Off - 36 37342
1100346664 1 90000 89658.41
> 37515 0.0875CO - 60.00% Paid Off - 36 37320
1100347294 1 96750 96320.03
> 37510 0.0875TX - 90.00% Paid Off - 36 37315
1100347450 1 175000 174202.55
> 37526 0.0825CA - 74.47% Paid Off - 36 37313
1100347859 1 307402 306523.76
> 37509 0.0975FL - 95.00% Paid Off - 36 37315
1100347943 1 180400 179715.34
> 37517 0.08375CA - 92.51% Paid Off - 36 37342
1109004613 1 122940 122167.72
> 37517 0.10625FL - 90.00% Paid Off - 18 37329
1109005021 1 104600 103001.15
> 37519 0.09625CA - 74.72% Paid Off - 18 37323
1109005362 1 141200 140367
> 37504 0.0825MI - 80.00% Paid Off - 36 37344
2500015783 1 275000 274515.56
> 37529 0.1025IL - 94.83% Paid Off - 36 37348
1100347275 1 123400 123008.21
> 37529 0.1FL - 95.00% Repur/Subs - 37335
Page
> 20 of 25 (c) COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for October 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 October 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 October 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 October 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 October 2
>5, 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
> 2,479,556.72
Subordinate Principal Distribution Amount
> 25,551.64
Senior Accelerated Distribution Percentage
> 100.0000%
Senior Percentage
> 91.5074%
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