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): November 25, 2002
>
IMPAC SECURED ASSETS CORP.
(as company (the ""Company""), Impac Funding Corporation, as master
servicer (the ""Master Servicer""), and Bankers Trust Company of
California, N.A., as trustee).
IMPAC SECURED ASSETS CORP
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-66328 33-0715871
(Commission File Number) (I.R.S. Employer Identification No.)
1401 DOVE STREET
NEWPORT BEACH 92660
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (949) 475-3600
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements to the
Certificateholders which was derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 2002
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
>
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
>
pursuant to the Pooling and Servicing
Agreement, dated as of January 1, 2002.
Date: Dec 12, 2002 By: /s/ Katie Wannenmacher
Katie Wannenmacher
Vice President
EXHIBIT INDEX
DOCUMENT
Monthly Remittance Statement to the Certificateholders
dated as of November 25, 2002.
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
November 25, 2002 Distribution
Contents
TABLE OF CONTENTS
> Page
1. Contents
> 1
2. Certificate Payment
> Report 2
3. Collection Account
>Report 8
4. Credit Enhancement
>Report 11
5. Collateral Report
> 12
6. Delinquency Report
> 15
7. REO Report
> 18
8. Prepayment Report
> 19
9. Prepayment Detail R
>eport 22
10. Realized Loss Repor
>t 23
11. Realized Loss Detai
>l Report 26
12. Triggers, Adj. Rate
> Cert. and Miscellaneous Report 27
13. Additional Certific
>ate Report 28
Total Number of Pag
>es 28
CONTACTS
Administrator: Ja
>mes F Noriega
Direct Phone Number
>: (714)247-6281
Address: Deutsche
> Bank
17
>61 E. St. Andrew Place, Santa Ana, CA 92705
Web Site: http://
>www.corporatetrust.db.com/invr
Factor Information:
> (800) 735-7777
Main Phone Number:
> (714) 247-6000
ISSUANCE INFORMATION
Seller: Impac Secured Asset Corp.
> Cut-Off Date: January 1,
>2002
Certificate Insurer(s):
> Closing Date: January 31
>, 2002
> First Payment Date: February 25, 20
>02
Servicer(s): Impac Funding Corporation Mas
>ter Servicer
GMAC Sub-Servicer
> Distribution Date: November 25,
> 2002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: October 31
>, 2002
> Page 1 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for November 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
LT1A 173248268.9
>154428927.5 1007449.63 6240731.25 7248180.88 18652.9619
> 0 148169543.3
LT1B 1194.11
> 1103.0794 7.46 30.9303 38.3903 0.1381
> 0 1072.011
LT1C 538.39
> 519.7261 3.11 6.4299 9.5399 0
> 0 513.2962
LT1D 20000000
> 20000000 130474.21 0 130474.21 0
> 0 20000000
LT1E 5000000
> 5000000 32618.55 0 32618.55 0
> 0 5000000
LT1F 1750000
> 1750000 11416.49 0 11416.49 0
> 0 1750000
LT1P 100
> 100 73262.19 0 73262.19 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>181180650.3 1255231.64 6240768.61 7496000.25 18653.1
> 0 174921228.6
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
> 173248268.9 891.3735674 5.815063184 36.02189673 41.8
>3695992 855.2440046
LT1B F-30/360
> 1194.11 923.7669896 6.247330648 25.90238755 32.
>1497182 897.7489511
LT1C F-30/360
> 538.39 965.3338658 5.776481733 11.94282955 17.7
>1931128 953.3910362
LT1D F-30/360
> 20000000 1000 6.5237105 0 6.
>5237105 1000
LT1E F-30/360
> 5000000 1000 6.52371 0
>6.52371 1000
LT1F F-30/360
> 1750000 1000 6.523708571 0 6.52
>3708571 1000
LT1P F-30/360
> 100 1000 732621.9 0 7
>32621.9 1000
R-1 F-30/360
> 0 0 0 0
> 0 0
> Page 2 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC I
Certificate Payment Report for November 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
LT1A 173248268.9 10829354.58
>23569072.98 1490998.677 25060071.66 35889426.24 18653.9619
> 0 148169543.3
LT1B 1194.11 78.38
> 114.75 7.2108 121.9608 200.3408 0.1381
> 0 1072.011
LT1C 538.39 31.97
> 23.63 1.4639 25.0939 57.0639 0
> 0 513.2962
LT1D 20000000 1308066.6
> 0 0 0 1308066.6 0
> 0 20000000
LT1E 5000000 327016.64
> 0 0 0 327016.64 0
> 0 5000000
LT1F 1750000 114455.83
> 0 0 0 114455.83 0
> 0 1750000
LT1P 100 179889.11
> 0 0 0 179889.11 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 12758893.11
>23569211.36 1491007.352 25060218.71 37819111.82 18654.1
> 0 174921228.6
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 0.078284527 154428927.5
> 1007449.63 0 0 0 1007449.63 100
>7449.63 0
LT1B 0.081100557 1103.0794
> 7.46 0 0 0 7.46
> 7.46 0
LT1C 0.071902085 519.7261
> 3.11 0 0 0 3.11
> 3.11 0
LT1D 0.078284527 20000000
> 130474.21 0 0 0 130474.21 13
>0474.21 0
LT1E 0.078284527 5000000
> 32618.55 0 0 0 32618.55 3
>2618.55 0
LT1F 0.078284527 1750000
> 11416.49 0 0 0 11416.49 1
>1416.49 0
LT1P 0.078284527 100
> 0.65 0 0 0 0.65 7
>3262.19 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 181180650.3
> 1181970.1 0 0 0 1181970.1 125
>5231.64 0
> Page 3 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for November 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
LT2-1AA 135091675
>123200267.6 675653.46 5125570.47 5801223.93 0
> 0 118074697.1
LT2-AI1 308000
> 180042.47 1014.1 52301.74 53315.84 0
> 0 127740.73
LT2-AI2 179000
> 179000 1008.23 0 1008.23 0
> 0 179000
LT2-AI3 191000
> 191000 1075.82 0 1075.82 0
> 0 191000
LT2-AI4 255000
> 255000 1436.3 0 1436.3 0
> 0 255000
LT2-AI5 100000
> 100000 563.26 0 563.26 0
> 0 100000
LT2-AI6 252440
> 252440 1421.88 0 1421.88 0
> 0 252440
LT2-1M1 41354.3473
> 41354.3473 232.93 0 232.93 0
> 0 41354.3473
LT2-1M2 27569.5648
> 27569.5648 155.29 0 155.29 0
> 0 27569.5648
LT2-1B 24123.3692
> 24123.3692 135.88 0 135.88 0
> 0 24123.3692
LT2-1ZZ 1378486.49
>1263762.156 6745.16 52301.74 59046.9 0
> 0 1211460.416
LT2-2AA 60908326.36
>54356671.75 306167.48 1008662.82 1314830.3 0
> 0 53348008.93
LT2-AII 579560
> 509322.93 2868.79 10292.47 13161.26 0
> 0 499030.46
LT2-2M1 18645.6527
> 18645.6527 105.02 0 105.02 0
> 0 18645.6527
LT2-2M2 12430.4352
> 12430.4352 70.02 0 70.02 0
> 0 12430.4352
LT2-2B 10876.6308
> 10876.6308 61.26 0 61.26 0
> 0 10876.6308
LT2-2ZZ 621513.54
>558043.3603 3143.22 10292.47 13435.69 0
> 0 547750.8903
LT2A-IO 0
> 0 161458.33 0 161458.33 0
> 0 0
LT2P 100
> 100 73262.1 0 73262.1 0
> 0 100
R-2 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>181180650.3 1236578.53 6259421.71 7496000.24 0
> 0 174921228.6
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 911.9752763 5.001444095 37.94142364 42.9
>4286773 874.0338527
LT2-AI1 F-30/360
> 308000 584.553474 3.292532468 169.8108442 173.
>1033766 414.7426299
LT2-AI2 F-30/360
> 179000 1000 5.632569832 0 5.63
>2569832 1000
LT2-AI3 F-30/360
> 191000 1000 5.632565445 0 5.63
>2565445 1000
LT2-AI4 F-30/360
> 255000 1000 5.63254902 0 5.6
>3254902 1000
LT2-AI5 F-30/360
> 100000 1000 5.6326 0
> 5.6326 1000
LT2-AI6 F-30/360
> 252440 1000 5.632546348 0 5.63
>2546348 1000
LT2-1M1 F-30/360
> 41354.3473 1000 5.632539629 0 5.63
>2539629 1000
LT2-1M2 F-30/360
> 27569.5648 1000 5.632660549 0 5.63
>2660549 1000
LT2-1B F-30/360
> 24123.3692 1000 5.632712366 0 5.63
>2712366 1000
LT2-1ZZ F-30/360
> 1378486.49 916.7751483 4.893163661 37.94142371 42.8
>3458737 878.8337246
LT2-2AA F-30/360
> 60908326.36 892.4341711 5.026693365 16.56034372 21.5
>8703709 875.8738274
LT2-AII F-30/360
> 579560 878.809666 4.949944786 17.75911036 22.7
>0905515 861.0505556
LT2-2M1 F-30/360
> 18645.6527 1000 5.632412106 0 5.63
>2412106 1000
LT2-2M2 F-30/360
> 12430.4352 1000 5.632948394 0 5.63
>2948394 1000
LT2-2B F-30/360
> 10876.6308 1000 5.632258843 0 5.63
>2258843 1000
LT2-2ZZ F-30/360
> 621513.54 897.8780419 5.057363674 16.56033109 21.6
>1769476 881.3177108
LT2A-IO F-30/360
> 26750000 934.5794393 6.035825421 0 6.03
>5825421 934.5794393
LT2P F-30/360
> 100 1000 732621 0
> 732621 1000
R-2 F-30/360
> 0 0 0 0
> 0 0
> Page 4 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC II
Certificate Payment Report for November 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
LT2-1AA 135091675 7362623.27
> 16069684.9 947292.94 17016977.84 24379601.11 0
> 0 118074697.1
LT2-AI1 308000 14398.79
> 169979.13 10280.14 180259.27 194658.06 0
> 0 127740.73
LT2-AI2 179000 10141.2
> 0 0 0 10141.2 0
> 0 179000
LT2-AI3 191000 10821.06
> 0 0 0 10821.06 0
> 0 191000
LT2-AI4 255000 14446.98
> 0 0 0 14446.98 0
> 0 255000
LT2-AI5 100000 5665.48
> 0 0 0 5665.48 0
> 0 100000
LT2-AI6 252440 14301.93
> 0 0 0 14301.93 0
> 0 252440
LT2-1M1 41354.3473 2342.91
> 0 0 0 2342.91 0
> 0 41354.3473
LT2-1M2 27569.5648 1561.95
> 0 0 0 1561.95 0
> 0 27569.5648
LT2-1B 24123.3692 1366.7
> 0 0 0 1366.7 0
> 0 24123.3692
LT2-1ZZ 1378486.49 68594.08
> 163976.36 9666.26 173642.62 242236.7 0 66
>16.5462 1211460.416
LT2-2AA 60908326.36 3297772.55
> 7047355.52 512961.91 7560317.43 10858089.98 0
> 0 53348008.93
LT2-AII 579560 31145.4
> 74957.75 5571.79 80529.54 111674.94 0
> 0 499030.46
LT2-2M1 18645.6527 1056.37
> 0 0 0 1056.37 0
> 0 18645.6527
LT2-2M2 12430.4352 704.25
> 0 0 0 704.25 0
> 0 12430.4352
LT2-2B 10876.6308 616.22
> 0 0 0 616.22 0
> 0 10876.6308
LT2-2ZZ 621513.54 30395.76
> 71911.78 5234.31 77146.09 107541.85 0 33
>83.4403 547750.8903
LT2A-IO 0 1682395.84
> 0 0 0 1682395.84 0
> 0 0
LT2P 100 179888.26
> 0 0 0 179888.26 0
> 0 100
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 12730239
>23597865.44 1491007.35 25088872.79 37819111.79 0 99
>99.9865 174921228.6
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 0.067590779 123200267.6
> 693933.5 0 0 18280.038 675653.462 67
>5653.46 0
LT2-AI1 0.067590779 180042.47
> 1014.1 0 0 0 1014.1
> 1014.1 0
LT2-AI2 0.067590779 179000
> 1008.23 0 0 0 1008.23
>1008.23 0
LT2-AI3 0.067590779 191000
> 1075.82 0 0 0 1075.82
>1075.82 0
LT2-AI4 0.067590779 255000
> 1436.3 0 0 0 1436.3
> 1436.3 0
LT2-AI5 0.067590779 100000
> 563.26 0 0 0 563.26
> 563.26 0
LT2-AI6 0.067590779 252440
> 1421.88 0 0 0 1421.88
>1421.88 0
LT2-1M1 0.067590779 41354.3473
> 232.93 0 0 0 232.93
> 232.93 0
LT2-1M2 0.067590779 27569.5648
> 155.29 0 0 0 155.29
> 155.29 0
LT2-1B 0.067590779 24123.3692
> 135.88 0 0 0 135.88
> 135.88 0
LT2-1ZZ 0.067590779 1263762.156
> 7118.22 0 0 373.062 6745.158
>6745.16 0
LT2-2AA 0.067590779 54356671.75
> 306167.48 0 0 0 306167.48 30
>6167.48 0
LT2-AII 0.067590779 509322.93
> 2868.79 0 0 0 2868.79
>2868.79 0
LT2-2M1 0.067590779 18645.6527
> 105.02 0 0 0 105.02
> 105.02 0
LT2-2M2 0.067590779 12430.4352
> 70.02 0 0 0 70.02
> 70.02 0
LT2-2B 0.067590779 10876.6308
> 61.26 0 0 0 61.26
> 61.26 0
LT2-2ZZ 0.067590779 558043.3603
> 3143.22 0 0 0 3143.22
>3143.22 0
LT2A-IO 0.0775 25000000
> 161458.33 0 0 0 161458.33 16
>1458.33 0
LT2P 0.067590779 100
> 0.56 0 0 0 0.56
>73262.1 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 206180650.3
> 1181970.09 0 0 18653.1 1163316.99 123
>6578.53 0
> Page 5 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC III
Certificate Payment Report for November 25, 2002 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
A-I-1 FLT 30800000
> 18004256.6 31937.55 5230173.928 5262111.478 0
> 0 12774082.67
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
>50932293.67 275883.26 1029247.772 1305131.032 0
> 0 49903045.9
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 128773.94 0 128773.94 0
> 0 1000000
P SUB 100
> 100 73261.54 0 73261.54 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>181180650.3 1244988.22 6259421.7 7504409.92 0
> 0 174921228.6
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 37554 37584 F-30/360 4525
>4TKM5 30800000 584.5537857 1.036933442 169.8108418 170.
>8477753 414.7429439
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 878.8096775 4.760219132 17.75912368 22.5
>1934282 861.0505538
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 200000101.4 910.9027897 0.643869374 0 0.64
>3869374 879.605697
P F-30/360 4525
>4TKY9 100 1000 732615.4 0 7
>32615.4 1000
R-3 F-30/360 4525
>4TLA0 0 0 0 0
> 0 0
> Page 6 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REMIC III
Certificate Payment Report for November 25, 2002 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
A-I-1 30800000 433606.11
> 17016987.7 1008929.631 18025917.33 18459523.44 0
> 0 12774082.67
A-I-2 17900000 684675
> 0 0 0 684675 0
> 0 17900000
A-I-3 19100000 886558.3
> 0 0 0 886558.3 0
> 0 19100000
A-I-4 25500000 1336625
> 0 0 0 1336625 0
> 0 25500000
A-I-5 10000000 562500
> 0 0 0 562500 0
> 0 10000000
A-I-6 25244000 1478877.69
> 0 0 0 1478877.69 0
> 0 25244000
A-II 57956000 2977488.84
>7570876.364 482077.7386 8052954.103 11030442.94 0
> 0 49903045.9
A-IO 0 1682395.84
> 0 0 0 1682395.84 0
> 0 0
M-1 6000000 350000
> 0 0 0 350000 0
> 0 6000000
M-2 4000000 233333.34
> 0 0 0 233333.34 0
> 0 4000000
B 3500000 204166.69
> 0 0 0 204166.69 0
> 0 3500000
C 1.36 801475.59
> 0 0 0 801475.59 0 9999
>98.6384 1000000
P 100 179882.58
> 0 0 0 179882.58 0
> 0 100
R-3 0 0
>1.42109E-14 0 0 0 0
> 0 0
Total 200000101.4 11811584.98
>24587864.06 1491007.37 26078871.43 37890456.41 0 9999
>98.6384 174921228.6
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 0.0206 18004256.6
> 31937.55 0 0 0 31937.55 3
>1937.55 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 0.067590779 25244000
> 142188.47 0 0 5699.3 142188.47 14
>7887.77 0
A-II 0.065 50932293.67
> 275883.26 0 0 0 275883.26 27
>5883.26 0
A-IO 0.0775 25000000
> 161458.33 0 0 0 161458.33 16
>1458.33 0
M-1 0.067590779 6000000
> 33795.39 0 0 1204.61 33795.39
> 35000 0
M-2 0.067590779 4000000
> 22530.26 0 0 803.07 22530.26 2
>3333.33 0
B 0.067590779 3500000
> 19713.98 0 0 702.69 19713.98 2
>0416.67 0
C 0.00976442 182180650.3
> 147427 0 0 0 147427 12
>8773.94 18653.06
P 100
> 0 0 0 0 73261.54 7
>3261.54 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 387361300.5
> 1181970.07 0 0 8409.67 1255231.61 124
>4988.22 18653.06
> Page 7 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for November 25, 2002 Distribution
Collection Account Report
SUMMARY
> GROUP 2 GROUP 1 TOTAL
Principal Collections
> 1,026,180.61 5,214,587.99 6,240,768.60
Other Principal Deposits
> 0.00 0.00 0.00
TOTAL NET PRINCIPAL
> 1,026,180.61 5,214,587.99 6,240,768.60
Interest Collections
> 337,186.77 871,755.23 1,282,203.54
Interest Withdrawals
> 0.00 0.00 0.00
Interest Fees
> (4,008.52) (14,553.70) (18,562.22)
TOTAL NET INTEREST
> 333,178.25 857,201.53 1,263,641.32
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 1,359,358.86 6,071,789.52 7,504,409.92
PRINCIPAL - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Principal
> 54,246.66 98,160.68 152,407.34
Curtailments
> 147.80 33,100.63 33,248.43
Prepayments In Full
> 971,786.15 4,787,514.58 5,759,300.73
Repurchases/Substitutions
> 0.00 212,298.03 212,298.03
Liquidations
> 0.00 102,167.17 102,167.17
Insurance Principal
> 0.00 0.00 0.00
Other Principal
> 0.00 0.00 0.00
Delinquent Principal
> (42,131.46) (79,989.51) (122,120.97)
Total Realized Loss Of Principal
> 0.00 (18,653.10) (18,653.10)
Pre-funding Principal Paid
> 0.00 0.00 0.00
Principal Advanced
> 42,131.46 79,989.51 122,120.97
TOTAL PRINCIPAL COLLECTED
> 1,026,180.61 5,214,587.99 6,240,768.60
Page 8 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for November 25, 2002 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Interest
> 347,057.96 884,675.40 1,231,733.36
Repurchases/Substitutions
> 0.00 1,680.69 1,680.69
Liquidation Interest
> 0.00 925.89 925.89
Insurance Interest
> 0.00 0.00 0.00
Other Interest
> 0.00 0.00 0.00
Prepayment Interest Shortfalls
> (2,743.99) (18,114.00) (20,857.99)
Delinquent Interest
> (288,826.93) (703,803.96) (992,630.89)
Interest Realized Losses
> 0.00 0.00 0.00
Compensating Interest
> 2,743.99 18,114.00 20,857.99
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Prepayment Premiums
> 0.00 0.00 73,261.54
Pre-funding Intererst Coverage
> 0.00 0.00 0.00
Interest Advanced
> 278,125.98 680,697.30 958,823.28
Net WAC Shortfall
> 829.76 7,579.91 8,409.67
TOTAL INTEREST COLLECTED
> 337,186.77 871,755.23 1,282,203.54
Page 9 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for November 25, 2002 Distribution
Collection Account Report
INTEREST - WITHDRAWALS
> GROUP 2 GROUP 1 TOTAL
Undistributed Receipts on Repurchased Loans
> 0.00 0.00 0.00
Reimburse Advances from Late Collections
> 0.00 0.00 0.00
Reimbursement for Expenses
> 0.00 0.00 0.00
Reimbursements to Sub-Servicer
> 0.00 0.00 0.00
Reimburse Fees and Advances from Late Collections
> 0.00 0.00 0.00
Interest Earnings on the Custodial Account
> 0.00 0.00 0.00
Prev. Unreimbursed P&I Advances
> 0.00 0.00 0.00
Prev. Unreimbursed Servicing Advances
> 0.00 0.00 0.00
TOTAL INTEREST WITHDRAWALS
> 0.00 0.00 0.00
INTEREST - OTHER ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES
> GROUP 2 GROUP 1 TOTAL
Radian PMI Fee
> 1,304.99 7,279.51 8,584.50
Trustee Fee Amount
> 462.22 1,047.62 1,509.84
Extraordinary Trust Fund Expenses
> 0.00 0.00 0.00
Current Servicing Fees
> 12,942.26 29,333.23 42,275.49
Delinquent Servicing Fees
> (10,700.95) (23,106.66) (33,807.61)
TOTAL INTEREST OTHER FEES
> 4,008.52 14,553.70 18,562.22
Page 10 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Credit Enhancement Report for November 25, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
> GROUP 2 GROUP 1 TOTAL
Overcollateralization Amount
> 1,000,000.00
Excess Overcollateralized Amount
> 0.00
Overcollateralization Release Amount
> 0.00
Overcollateralization Deficiency Amount
> 18,653.10
Overcollateralization Target Amount
> 1,000,000.00
Page 11 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collateral Report for November 25, 2002 Distribution
Collateral Report
COLLATERAL
> GROUP 2 GROUP 1 TOTAL
Loan Count:
Original
> 120 695 815
Prior
> 137 820 957
Prefunding
> 0 0 0
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> -2 -24 -26
Repurchases
> 0 -1 -1
Liquidations
> 0 -1 -1
Current
> 135 794 929
Principal Balance:
Original
> 48517658.43 107380483.9 155898142.4
Prior
> 55466845.83 125713804.4 181180650.3
Prefunding
> 0 0 0
Scheduled Principal
> -54246.66 -98160.68 -152407.34
Partial and Full Voluntary Prepayments
> -971933.95 -4820615.21 -5792549.16
Repurchases
> 0 -212298.03 -212298.03
Liquidations
> 0 -102167.17 -102167.17
Current
> 54440665.22 120480563.4 174921228.6
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collateral Report for November 25, 2002 Distribution
Collateral Report
CHARACTERISTICS
> GROUP 2 GROUP 1 TOTAL
Weighted Average Coupon Original
> 0.076153553 0.084312099 0.081773046
Weighted Average Coupon Prior
> 0.075142089 0.084805905 0.081830877
Weighted Average Coupon Current
> 0.075084412 0.084695422 0.081753097
Weighted Average Months to Maturity Original
> 344 340 341.2496346
Weighted Average Months to Maturity Prior
> 335 330 331.5307056
Weighted Average Months to Maturity Current
> 334 329 330.556148
Weighted Avg Remaining Amortization Term Original
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Prior
> 336.7954996 339.0247192 338.3422634
Weighted Avg Remaining Amortization Term Current
> 335.6219769 337.5039611 336.9182319
Weighted Average Seasoning Original
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Prior
> 9.36766108 9.52589257 9.477451406
Weighted Average Seasoning Current
> 10.35643426 10.51925843 10.46858273
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collateral Report for November 25, 2002 Distribution
Collateral Report
ARM CHARACTERISTICS
> GROUP 2 GROUP 1 TOTAL
Weighted Average Margin Original
Weighted Average Margin Prior
Weighted Average Margin Current
Weighted Average Max Rate Original
Weighted Average Max Rate Prior
Weighted Average Max Rate Current
Weighted Average Min Rate Original
Weighted Average Min Rate Prior
Weighted Average Min Rate Current
Weighted Average Cap Up Original
Weighted Average Cap Up Prior
Weighted Average Cap Up Current
Weighted Average Cap Down Original
Weighted Average Cap Down Prior
Weighted Average Cap Down Current
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES
> GROUP 2 GROUP 1 TOTAL
Current Servicing Fees
> 2,241.32 6,226.56 8,467.88
Delinquent Servicing Fees
> 10,700.95 23,106.66 33,807.61
TOTAL SERVICING FEES
> 12,942.27 29,333.22 42,275.49
Total Servicing Fees
> 12,942.27 29,333.22 42,275.49
Compensating Interest
> 2,743.99 18,114.00 20,857.99
Delinquent Servicing Fees
> (10,700.95) (23,106.66) (33,807.61)
COLLECTED SERVICING FEES
> 4,985.31 24,340.56 29,325.87
Current PPIS
> (2,743.99) (18,114.00) (20,857.99)
Current Net PPIS
> 0.00 0.00 0.00
Total Advanced Principal For Current Payment Date
> 42,131.46 79,989.51 122,120.97
Total Advanced Interest For Current Payment Date
> 278,125.98 680,697.30 958,823.28
TOTAL ADVANCES FOR CURRENT PERIOD
> 320,257.44 760,686.81 1,080,944.25
ADDITIONAL COLLATERAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
Weighted Average Net Mortgage Rate
> 7.1902% 8.1101% 7.8285%
Page 14 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for November 25, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 2612575.08 618741.08 0 3231316.16
% Balance
>0.014935723 0.003537256 0 0.018472979
# Loans
> 17 4 0 21
% # Loans
>0.018299247 0.004305705 0 0.022604952
FORECLOSURE Balance 0
> 0 0 3495157.06 3495157.06
% Balance 0
> 0 0 0.01998132 0.01998132
# Loans 0
> 0 0 21 21
% # Loans 0
> 0 0 0.022604952 0.022604952
BANKRUPTCY Balance 0
> 314963.85 0 262891.48 577855.33
% Balance 0
>0.001800604 0 0.001502914 0.003303517
# Loans 0
> 2 0 2 4
% # Loans 0
>0.002152853 0 0.002152853 0.004305705
REO Balance 0
> 0 0 1079444.96 1079444.96
% Balance 0
> 0 0 0.006171035 0.006171035
# Loans 0
> 0 0 5 5
% # Loans 0
> 0 0 0.005382131 0.005382131
TOTAL Balance 0
> 2927538.93 618741.08 4837493.5 8383773.51
% Balance 0
>0.016736327 0.003537256 0.027655268 0.047928851
# Loans 0
> 19 4 28 51
% # Loans 0
>0.020452099 0.004305705 0.030139935 0.05489774
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for November 25, 2002 Distribution
Delinquency Report - Group 1 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 2288050.9 618741.08 0 2906791.98
% Balance
>0.018991038 0.005135609 0 0.024126647
# Loans
> 16 4 0 20
% # Loans
>0.020151134 0.005037783 0 0.025188917
FORECLOSURE Balance 0
> 0 0 3173126.05 3173126.05
% Balance 0
> 0 0 0.026337244 0.026337244
# Loans 0
> 0 0 20 20
% # Loans 0
> 0 0 0.025188917 0.025188917
BANKRUPTCY Balance 0
> 314963.85 0 262891.48 577855.33
% Balance 0
> 0.00261423 0 0.002182024 0.004796254
# Loans 0
> 2 0 2 4
% # Loans 0
>0.002518892 0 0.002518892 0.005037783
REO Balance 0
> 0 0 766010.57 766010.57
% Balance 0
> 0 0 0.00635796 0.00635796
# Loans 0
> 0 0 4 4
% # Loans 0
> 0 0 0.005037783 0.005037783
TOTAL Balance 0
> 2603014.75 618741.08 4202028.1 7423783.93
% Balance 0
>0.021605267 0.005135609 0.034877228 0.061618104
# Loans 0
> 18 4 26 48
% # Loans 0
>0.022670025 0.005037783 0.032745592 0.060453401
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for November 25, 2002 Distribution
Delinquency Report - Group 2 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 324524.18 0 0 324524.18
% Balance
>0.005961062 0 0 0.005961062
# Loans
> 1 0 0 1
% # Loans
>0.007407407 0 0 0.007407407
FORECLOSURE Balance 0
> 0 0 322031.01 322031.01
% Balance 0
> 0 0 0.005915266 0.005915266
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.007407407 0.007407407
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 313434.39 313434.39
% Balance 0
> 0 0 0.005757358 0.005757358
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.007407407 0.007407407
TOTAL Balance 0
> 324524.18 0 635465.4 959989.58
% Balance 0
>0.005961062 0 0.011672624 0.017633686
# Loans 0
> 1 0 2 3
% # Loans 0
>0.007407407 0 0.014814815 0.022222222
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
REO Report for November 25, 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 = Not Available
Total Original Principal Balance = 000.00 Loan Group 2
> = Group 2 Group; REO Book Value = Not Available
Total Current Balance = 000.00
REO Book Value = Not Available
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for November 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> GROUP 2 GROUP 1 TOTAL
Current
Number of Paid in Full Loans
> 2 24 26
Number of Repurchased Loans
> 0 1 1
Total Number of Loans Prepaid in Full
> 2 25 27
Paid in Full Balance
> 971786.15 4787514.58 5759300.73
Repurchased Loans Balance
> 0 212298.03 212298.03
Curtailments Amount
> 147.8 33100.63 33248.43
Total Prepayment Amount
> 971933.95 5032913.24 6004847.19
Cumulative
Number of Paid in Full Loans
> 17 90 107
Number of Repurchased Loans
> 0 5 5
Total Number of Loans Prepaid in Full
> 17 95 112
Paid in Full Balance
> 6840560.72 15311856.52 22152417.24
Repurchased Loans Balance
> 0 829926.35 829926.35
Curtailments Amount
> 347028.04 72085.14 419113.18
Total Prepayment Amount
> 7187588.76 16213868.01 23401456.77
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars) Tota
>l Prepayments (in thousands of dollars)
Page 19 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for November 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> GROUP 2 GROUP 1 TOTAL
SMM
> 0.017539945 0.040065975 0.033170775
3 Months Avg SMM
> 0.020759964 0.024176428 0.023118491
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.012291393 0.012637229 0.01252939
CPR
> 0.191316055 0.387795346 0.332890334
3 Months Avg CPR
> 0.222554531 0.254486253 0.244729243
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.137922997 0.141538197 0.1404124
PSA
> 9.236579436 18.43263706 15.89949387
3 Months Avg PSA Approximation
> 11.89545354 13.36275853 12.9205726
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 11.64383357 11.66147698 11.65535448
Group 1
Group 2
CPR by Groups Tota
>l CPR
PSA by Groups Tota
>l PSA
Page 20 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for November 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
Group 1
Group 2
CPR Avg since Cut-Off by Groups Tota
>l CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups Tota
>l PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full p
>repayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn
>,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (Avg
>CPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and
>mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,W
>ASm)/(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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Detail Report for November 25, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 27
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 6,013,037.00
> Loan Group 2 = Group 2 Group
Total Prepayment Amount = 5,971,598.76
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
1100334235 1 110400 109444.76
> 37553 0.0825CA - 80.00% Paid Off - 36 37281
1100340208 1 210000 208330.9
> 37533 0.0825MA - 73.69% Paid Off - 18 37256
1100342220 1 239750 237730.44
> 37531 0.075CA - 80.01% Paid Off - 36 37270
1100342354 1 101700 100722.56
> 37550 0.0875FL - 90.00% Paid Off - 36 37246
1100342525 1 142400 141048.56
> 37554 0.06875AZ - 80.00% Paid Off - 36 37243
1100342942 1 161173 160122.39
> 37543 0.0775FL - 87.14% Paid Off - 36 37265
1100343525 1 279000 277420.33
> 37539 0.0899FL - 90.00% Paid Off - 36 37265
1100343642 1 238984 237667.72
> 37557 0.09125TX - 90.00% Paid Off - 36 37274
1100345161 1 261250 260086.76
> 37537 0.09625CA - 95.00% Paid Off - 36 37267
1100345169 1 201000 200312.63
> 37551 0.10875IL - 75.00% Paid Off - 18 37280
1100345239 1 284000 282282.03
> 37533 0.08125CA - 94.99% Paid Off - 36 37272
1100345292 1 206000 204657.13
> 37530 0.0775CA - 65.40% Paid Off - 36 37270
1100345376 1 201400 200379.67
> 37551 0.09NV - 95.00% Paid Off - 36 37267
1100345404 1 233130 232036.71
> 37557 0.09375CA - 95.00% Paid Off - 36 37274
1100345531 1 218700 217297.14
> 37536 0.08375CA - 90.00% Paid Off - 36 37243
1109003793 1 198000 196729.98
> 37533 0.08375CA - 90.00% Paid Off - 36 37245
1109004020 1 44900 44665.32
> 37559 0.0999FL - 89.98% Paid Off - 36 37244
1109004427 1 300000 298732.14
> 37557 0.09875NV - 89.52% Paid Off - 36 37258
1109004437 1 200000 198452.63
> 37551 0.06875CA - 54.65% Paid Off - 36 37279
1109004444 1 276250 274777.12
> 37533 0.0875UT - 85.00% Paid Off - 36 37256
1109004500 1 72000 71692.48
> 37553 0.1075CO - 89.95% Paid Off - 36 37266
2500012739 1 230000 228709.88
> 37554 0.085CA - 87.79% Paid Off - 36 37251
2500013465 1 121500 118356.87
> 37539 0.08375FL - 90.00% Paid Off - 18 37256
2500013554 1 288000 285858.43
> 37545 0.0725CA - 80.00% Paid Off - 36 37259
1100341106 2 480000 475697.74
> 37560 0.06875CA - 67.61% Paid Off - 36 37242
1100342542 2 500000 496088.41
> 37533 0.07375CA - 41.67% Paid Off - 36 37244
1100340975 1 213500 212298.03
> 37561 0.095GA - 94.89% Repur/Subs - 37249
Page
> 22 of 28 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for November 25, 2002 Distribution
Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES
> GROUP 2 GROUP 1 TOTAL
Current
Number of Loans Liquidated
> 0 1 1
Collateral Realized Loss/(Gain) Amount
> 0 18653.1 18653.1
Net Liquidation Proceeds
> 0 83514.07 83514.07
Cumulative
Number of Loans Liquidated
> 0 2 2
Collateral Realized Loss/(Gain) Amount
> 0 18654.1 18654.1
Net Liquidation Proceeds
> 0 167155.14 167155.14
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for November 25, 2002 Distribution
Realized Loss Report - Collateral
DEFAULT SPEEDS
> GROUP 2 GROUP 1 TOTAL
MDR
> 0 0.000812697 0.000563897
3 Months Avg MDR
> 0 0.000487739 0.000338038
12 Months Avg MDR
Avg MDR Since Cut-off
> 0 0.000146347 0.000101423
CDR
> 0 0.009708885 0.006745813
3 Months Avg CDR
> 0 0.005837197 0.004048925
12 Months Avg CDR
Avg CDR Since Cut-off
> 0 0.001754748 0.001216403
SDA
> 0 0.046148142 0.032219324
3 Months Avg SDA Approximation
> 0 0.030650397 0.02137645
12 Months Avg SDA Approximation
Avg SDA Since Cut-off Approximation
> 0 0.014457553 0.010097117
Loss Severity Approximation for Current Period
> 0.182574304 0.182574304
3 Months Avg Loss Severity Approximation
> 0.09129313 0.09129313
12 Months Avg Loss Severity Approximation
Avg Loss Severity Approximation Since Cut-off
> 0.09129313 0.09129313
Group 1
Group 2
CDR by Groups Tota
>l CDR
SDA by Groups Tota
>l SDA
Page 24 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for November 25, 2002 Distribution
Realized Loss Report - Collateral
Group 1
Group 2
CDR Avg since Cut-Off by Groups Tota
>l CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups Tota
>l SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquida
>ted Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.
>02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn
>,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (Avg
>CDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and
>mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX
>(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of mo
>nths 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 prior period
>s.
Dates correspond to distribution dates.
Page 25 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Detail Report for November 25, 2002 Distribution
Realized Loss Detail Report - Loans Liquidated During Current
>Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 1
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 102,600.00
> Loan Group 2 = Group 2 Group
Total Prior Principal Balance = 102,167.17
Total Realized Loss Amount = 18,653.10
Total Net Liquidation Proceeds = 83,514.07
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
1109004006 1 102600 102167.17
> 18653.1 0.10875GA - 95.00% 360 37281
Page
> 26 of 28 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Triggers, Adj. Rate Cert. and Miscellaneous Report for November
>25, 2002 Distribution
Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS
> GROUP 2 GROUP 1 TOTAL
Optional Termination Date Reached
> No No No
After the 36th Distribution
> No No No
Stepdown date occurred
> No No No
Trigger Event in Effect
> No No No
ADJUSTABLE RATE CERTIFICATE INFORMATION
> GROUP 2 GROUP 1 TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
NET WAC SHORTFALL RESERVE FUND
Original Net WAC Shortfall Reserve Fund Balance
> 210,000.00
Net WAC Shortfall Reserve Fund Beginning Balance
> 147,065.08
Net WAC Shortfall
> 8,409.67
Net WAC Shortfall Reserve Fund Ending Balance
> 138,655.41
Page 27 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Additional Certificate Report for November 25, 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
> COPYRIGHT 2002 Deutsche Bank