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 33-071-5871
(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
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.
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: 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-S2
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
> 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: November 25,
> 2002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: October 31
>, 2002
> Page 1 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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)
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
>42022266.89 297657.7238 2774133.34 3071791.064 0
> 0 39248133.55
LTA6 90299000
> 90299000 489119.5833 0 489119.5833 0
> 0 90299000
LTA7 48440480
>42022268.63 157583.5074 2774133.46 2931716.967 0
> 0 39248135.17
LTMB 20000000
> 19864651.3 107600.1945 27909.7 135509.8945 0
> 0 19836741.6
LTIO 0
> 0 329932.5293 0 329932.5293 0
> 0 0
LTPO 220587
> 218709.91 0 280.31 280.31 0
> 0 218429.6
LTP 100
> 100 74647.3717 0 74647.3717 0
> 0 100
LTR2 50
> 0 0 0 0 0
> 0 0
Total 249999505
>231926996.7 1659665.91 5576456.81 7236122.72 0
> 0 226350539.9
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
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 867.5031425 6.144813926 57.26890928 63.
>4137232 810.2342332
LTA6 F-30/360
> 90299000 1000 5.416666666 0 5.41
>6666666 1000
LTA7 F-30/360
> 48440480 867.5031426 3.253136786 57.26890939 60.5
>2204618 810.2342332
LTMB F-30/360
> 20000000 993.232565 5.380009725 1.395485 6.77
>5494725 991.83708
LTIO F-30/360
> 242265076.9 925.669673 1.361865827 0 1.36
>1865827 902.6927325
LTPO F-30/360
> 220587 991.4904777 0 1.270745783 1.27
>0745783 990.2197319
LTP F-30/360
> 100 1000 746473.717 0 746
>473.717 1000
LTR2 F-30/360
> 50 0 0 0
> 0 0
> Page 2 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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)
LTA1 5098810 69239.797
>4638381.818 460428.1822 5098810 5168049.797 0
> 0 0
LTA2 12500000 541666.6664
> 0 0 0 541666.6664 0
> 0 12500000
LTA3 25000000 1083333.334
> 0 0 0 1083333.334 0
> 0 25000000
LTA4 48440478 2630135.959
> 8757262.47 435081.9803 9192344.45 11822480.41 0
> 0 39248133.55
LTA6 90299000 3912956.666
> 0 0 0 3912956.666 0
> 0 90299000
LTA7 48440480 1392424.977
>8757262.832 435081.9984 9192344.83 10584769.81 0
> 0 39248135.17
LTMB 20000000 863716.4318
> 149909.427 13348.97303 163258.4 1026974.832 0
> 0 19836741.6
LTIO 0 2773442.243
> 0 0 0 2773442.243 0
> 0 0
LTPO 220587 0
>2000.400422 156.9995775 2157.4 2157.4 0
> 0 218429.6
LTP 100 237349.5836
> 0 0 0 237349.5836 0
> 0 100
LTR2 50 0.2708
>44.04173125 5.958268754 50 50.2708 0
> 0 0
Total 249999505 13504265.93
>22304860.99 1344104.092 23648965.08 37153231.01 0
> 0 226350539.9
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
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 42022266.89
> 0 0 0 0 0 2976
>57.7238 0
LTA6 0.065 90299000
> 0 0 0 0 0 4891
>19.5833 0
LTA7 0.045 42022268.63
> 0 0 0 0 0 1575
>83.5074 0
LTMB 0.065 19864651.3
> 0 0 0 0 0 1076
>00.1945 0
LTIO 0.017654537 224257434.5
> 0 0 0 0 0 3299
>32.5293 0
LTPO 218709.91
> 0 0 0 0 0
> 0 0
LTP 0.065 100
> 0 0 0 0 0 746
>47.3717 0
LTR2 0.065 0
> 0 0 0 0 0
> 0 0
Total 456184431.2
> 0 0 0 0 0 165
>9665.91 0
> Page 3 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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)
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
>42022266.89 73538.97 2774133.34 2847672.31 0
> 0 39248133.55
A-5 IO,INV,NTL 0
> 0 224118.76 0 224118.76 0
> 0 0
A-6 SEQ,AS 90299000
> 90299000 489119.58 0 489119.58 0
> 0 90299000
A-7 SEQ,AS 48440480
>42022268.63 157583.51 2774133.46 2931716.97 0
> 0 39248135.17
A-PO PO,RSTP 220587
> 218709.91 0 280.31 280.31 0
> 0 218429.6
A-IO IO,CSTR,NTL 0
> 0 329932.53 0 329932.53 0
> 0 0
M-1 MEZ,NAS 6250000
> 6187653.87 33516.46 8707 42223.46 0
> 0 6178946.87
M-2 MEZ,NAS 5000000
> 4973453.62 26939.54 6982.8 33922.34 0
> 0 4966470.82
M-3 MEZ,NAS 3500000
> 3481417.52 18857.68 4887.96 23745.64 0
> 0 3476529.56
B-1 SUB,NAS 1500000
> 1492036.09 8081.86 2094.84 10176.7 0
> 0 1489941.25
B-2 SUB,NAS 1125000
> 1119027.06 6061.4 1571.13 7632.53 0
> 0 1117455.93
B-3 SUB,NAS 2625000
> 2611063.14 14143.26 3665.97 17809.23 0
> 0 2607397.17
P SUB,NAS 100
> 100 74647.37 0 74647.37 0
> 0 100
R R,CPT,AS 100
> 0 0 0 0 0
> 0 0
Total 249999555
>231926996.7 1659665.92 5576456.81 7236122.73 0
> 0 226350539.9
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
A-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 867.5031425 1.51813056 57.26890928 58.7
>8703984 810.2342332
A-5 A-30/360 4525
>4TLF9 48440478 867.5031425 4.626683494 0 4.62
>6683494 810.2342332
A-6 F-30/360 4525
>4TLG7 90299000 1000 5.41666663 0 5.4
>1666663 1000
A-7 F-30/360 4525
>4TLT9 48440480 867.5031426 3.253136839 57.26890939 60.5
>2204623 810.2342332
A-PO F-30/360 4525
>4TLJ1 220587 991.4904777 0 1.270745783 1.27
>0745783 990.2197319
A-IO A-30/360 4525
>4TLH5 242265076.9 925.669673 1.36186583 0 1.3
>6186583 902.6927325
M-1 F-30/360 4525
>4TLL6 6250000 990.0246192 5.3626336 1.39312 6.
>7557536 988.6314992
M-2 F-30/360 4525
>4TLM4 5000000 994.690724 5.387908 1.39656 6
>.784468 993.294164
M-3 F-30/360 4525
>4TLN2 3500000 994.69072 5.387908571 1.39656 6.78
>4468571 993.29416
B-1 F-30/360 4525
>4TLQ5 1500000 994.6907267 5.387906667 1.39656 6.78
>4466667 993.2941667
B-2 F-30/360 4525
>4TLR3 1125000 994.69072 5.387911111 1.39656 6.78
>4471111 993.29416
B-3 F-30/360 4525
>4TLS1 2625000 994.69072 5.387908571 1.39656 6.78
>4468571 993.29416
P F-30/360 4525
>4TLP7 100 1000 746473.7 0 7
>46473.7 1000
R F-30/360 4525
>4TLK8 100 0 0 0
> 0 0
> Page 4 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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)
A-1 5098810 69239.79
>4638381.818 460428.1822 5098810 5168049.79 0
> 0 0
A-2 12500000 541666.64
> 0 0 0 541666.64 0
> 0 12500000
A-3 25000000 1083333.36
> 0 0 0 1083333.36 0
> 0 25000000
A-4 48440478 653172.42
> 8757262.47 435081.9803 9192344.45 9845516.87 0
> 0 39248133.55
A-5 0 1976963.55
> 0 0 0 1976963.55 0
> 0 0
A-6 90299000 3912956.64
> 0 0 0 3912956.64 0
> 0 90299000
A-7 48440480 1392424.98
>8757262.832 435081.9984 9192344.83 10584769.81 0
> 0 39248135.17
A-PO 220587 0
>2000.400422 156.9995775 2157.4 2157.4 0
> 0 218429.6
A-IO 0 2773442.23
> 0 0 0 2773442.23 0
> 0 0
M-1 6250000 269259.37
>63851.50186 7201.628138 71053.13 340312.5 0
> 0 6178946.87
M-2 5000000 216166.2
>31293.78207 2235.397929 33529.18 249695.38 0
> 0 4966470.82
M-3 3500000 151316.33
>21905.66042 1564.779579 23470.44 174786.77 0
> 0 3476529.56
B-1 1500000 64849.87
>9388.130992 670.6190083 10058.75 74908.62 0
> 0 1489941.25
B-2 1125000 48637.41
>7041.105561 502.9644391 7544.07 56181.48 0
> 0 1117455.93
B-3 2625000 113487.25
>16429.24606 1173.58394 17602.83 131090.08 0
> 0 2607397.17
P 100 237349.57
> 0 0 0 237349.57 0
> 0 100
R 100 0.54
>88.08346249 11.91653751 100 100.54 0
> 0 0
Total 249999555 13504266.15
>22304905.03 1344110.05 23649015.08 37153281.23 0
> 0 226350539.9
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
A-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 0.021 42022266.89
> 0 0 0 0 0 7
>3538.97 0
A-5 0.064 42022266.89
> 0 0 0 0 0 22
>4118.76 0
A-6 0.065 90299000
> 0 0 0 0 0 48
>9119.58 0
A-7 0.045 42022268.63
> 0 0 0 0 0 15
>7583.51 0
A-PO 218709.91
> 0 0 0 0 0
> 0 0
A-IO 0.017654667 224257434.5
> 0 0 0 0 0 32
>9932.53 0
M-1 0.065 6187653.87
> 0 0 0 0 0 3
>3516.46 0
M-2 0.065 4973453.62
> 0 0 0 0 0 2
>6939.54 0
M-3 0.065 3481417.52
> 0 0 0 0 0 1
>8857.68 0
B-1 0.065 1492036.09
> 0 0 0 0 0
>8081.86 0
B-2 0.065 1119027.06
> 0 0 0 0 0
> 6061.4 0
B-3 0.065 2611063.14
> 0 0 0 0 0 1
>4143.26 0
P 0.065 100
> 0 0 0 0 0 7
>4647.37 0
R 0.065 0
> 0 0 0 0 0
> 0 0
Total 498206698.1
> 0 0 0 0 0 165
>9665.92 0
> Page 5 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
REMIC II Component Classes
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)
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
REMIC II Component Classes
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)
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for November 25, 2002 Distribution
Collection Account Report
SUMMARY
> TOTAL
Principal - Collections
> 5,576,456.82
Principal - Withdrawals
> 0.00
Principal - Other Accounts
> 0.00
TOTAL NET PRINCIPAL
> 5,576,456.82
Interest Collections
> 1,681,455.59
Interest Withdrawals
> 0.00
Interest Fees
> (21,789.69)
TOTAL NET INTEREST
> 1,659,665.90
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 7,236,122.72
PRINCIPAL - COLLECTIONS
> TOTAL
Scheduled Principal
> 176,321.43
Curtailments
> 24,490.85
Prepayments In Full
> 5,226,363.34
Repurchases/Substitutions
> 149,281.20
Liquidations
> 0.00
Insurance Principal
> 0.00
Other Principal
> 0.00
Delinquent Principal
> (144,599.90)
Principal Advanced
> 144,599.90
Total Realized Loss Of Principal
> 0.00
TOTAL PRINCIPAL COLLECTED
> 5,576,456.82
Page 8 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for November 25, 2002 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> TOTAL
INTEREST - COLLECTIONS
> TOTAL
Scheduled Interest
> 1,650,534.05
Repurchases/Substitutions
> 995.21
Liquidation Interest
> 0.00
Insurance Interest
> 0.00
Other Interest
> 0.00
Delinquent Interest
> (1,372,783.13)
Interest Advanced
> 1,328,062.63
Prepayment Interest Shortfalls
> (17,957.57)
Compensating Interest
> 17,957.57
Civil Relief Act Shortfalls
> 0.00
Prepayment Premiums
> 74,646.83
TOTAL INTEREST COLLECTED
> 1,681,455.59
Page 9 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for November 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
> 10,847.61
Trustee Fee Amount
> 1,546.18
Current Servicing Fees
> 9,395.90
TOTAL INTEREST OTHER FEES
> 21,789.69
Page 10 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Credit Enhancement Report for November 25, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> TOTAL
Radian PMI Premium
> 10,847.61
STRUCTURAL FEATURES
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
Page 11 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collateral Report for November 25, 2002 Distribution
Collateral Report
COLLATERAL
> TOTAL
Loan Count:
Original
> 1147
Prior
> 1378
Prefunding
> 0
Scheduled Paid Offs
> 0
Full Voluntary Prepayments
> -28
Repurchases
> -1
Liquidations
> 0
Current
> 1349
Principal Balance:
Original
> 193381668.6
Prior
> 231927441.7
Prefunding
> 0
Scheduled Principal
> -176321.43
Partial and Full Voluntary Prepayments
> -5250854.19
Repurchases
> -149281.2
Liquidations
> 0
Current
> 226350984.9
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collateral Report for November 25, 2002 Distribution
Collateral Report
CHARACTERISTICS
> TOTAL
Weighted Average Coupon Original
> 0.085584298
Weighted Average Coupon Prior
> 0.085516856
Weighted Average Coupon Current
> 0.085450652
Weighted Average Months to Maturity Original
> 340
Weighted Average Months to Maturity Prior
> 334
Weighted Average Months to Maturity Current
> 332
Weighted Avg Remaining Amortization Term Original
> 349.7924593
Weighted Avg Remaining Amortization Term Prior
> 342.5360838
Weighted Avg Remaining Amortization Term Current
> 341.2364303
Weighted Average Seasoning Original
> 2.9738338
Weighted Average Seasoning Prior
> 8.45448837
Weighted Average Seasoning Current
> 9.47708149
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collateral Report for November 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
> 9,395.90
Delinquent Servicing Fees
> 44,720.51
TOTAL SERVICING FEES
> 54,116.41
Total Servicing Fees
> 54,116.41
Compensating Interest
> (17,957.57)
Delinquent Servicing Fees
> (44,720.51)
COLLECTED SERVICING FEES
> (8,561.67)
ADDITIONAL COLLATERAL INFORMATION
> TOTAL
Weighted Average Net Mortgage Rate
> 8.2009%
Page 14 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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
> 3271185.04 849900.75 0 4121085.79
% Balance
>0.014451826 0.003754791 0 0.018206617
# Loans
> 18 6 0 24
% # Loans
>0.013343217 0.004447739 0 0.017790956
FORECLOSURE Balance 453350.65
> 0 0 2790086.44 3243437.09
% Balance 0.002002866
> 0 0 0.012326372 0.014329238
# Loans 2
> 0 0 14 16
% # Loans 0.00148258
> 0 0 0.010378058 0.011860638
BANKRUPTCY Balance 0
> 314811.68 0 149986.96 464798.64
% Balance 0
>0.001390812 0 0.00066263 0.002053442
# Loans 0
> 3 0 1 4
% # Loans 0
> 0.00222387 0 0.00074129 0.002965159
REO Balance 0
> 0 0 433648.95 433648.95
% Balance 0
> 0 0 0.001915825 0.001915825
# Loans 0
> 0 0 2 2
% # Loans 0
> 0 0 0.00148258 0.00148258
TOTAL Balance 453350.65
> 3585996.72 849900.75 3373722.35 8262970.47
% Balance 0.002002866
>0.015842638 0.003754791 0.014904827 0.036505123
# Loans 2
> 21 6 17 46
% # Loans 0.00148258
>0.015567087 0.004447739 0.012601927 0.034099333
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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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 = 2 Loan Group 1
>= Pool Group; REO Book Value = Not Available
Total Original Principal Balance = 435,100.00
Total Current Balance = 433,648.95
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
1100347427 1 180500 179756.89 37347
> 0.1GA - 92.80% 360 37350
1109005505 1 254600 253892.06 37377
> 0.10625GA - 95.00% 360 37348
Page 16 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Prepayment Report for November 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> TOTAL
Current
Number of Paid in Full Loans
> 28
Number of Repurchased Loans
> 1
Total Number of Loans Prepaid in Full
> 29
Paid in Full Balance
> 5226363.34
Repurchased Loans Balance
> 149281.2
Curtailments Amount
> 24490.85
Total Prepayment Amount
> 5400135.39
Cumulative
Number of Paid in Full Loans
> 125
Number of Repurchased Loans
> 2
Total Number of Loans Prepaid in Full
> 127
Paid in Full Balance
> 21673567.66
Repurchased Loans Balance
> 272289.41
Curtailments Amount
> 311848.84
Total Prepayment Amount
> 22257705.91
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars) Tota
>l Prepayments (in thousands of dollars)
Page 17 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Prepayment Report for November 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> TOTAL
SMM
> 0.023301442
3 Months Avg SMM
> 0.015914664
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.01173575
CPR
> 0.246424872
3 Months Avg CPR
> 0.175115531
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.13208534
PSA
> 13.00109492
3 Months Avg PSA Approximation
> 10.35057948
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 10.99801572
CPR by Groups Tota
>l CPR
PSA by Groups Tota
>l PSA
Page 18 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Prepayment Report for November 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,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 19 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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 = 29
> Loan Group 1 = Pool Group
Total Original Principal Balance = 5,400,978.00
Total Prepayment Amount = 5,375,644.54
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
1100341974 1 110000 109181.86
> 37547 0.08875FL - 61.12% Paid Off - 36 37315
1100342429 1 105300 104223.52
> 37545 0.07875FL - 90.00% Paid Off - 36 37309
1100342657 1 193500 192129.87
> 37531 0.08375GA - 90.00% Paid Off - 36 37301
1100343294 1 149800 149273.81
> 37537 0.1075PA - 89.97% Paid Off - 36 37291
1100344471 1 117593 116916.52
> 37537 0.08375FL - 70.00% Paid Off - 36 37284
1100344939 1 140000 139338.93
> 37531 0.0875GA - 62.23% Paid Off - 36 37319
1100346027 1 183100 182365.29
> 37533 0.08875CA - 89.98% Paid Off - 36 37334
1100346248 1 213600 212940.01
> 37538 0.09375CA - 85.44% Paid Off - 36 37340
1100346489 1 89300 89024.1
> 37532 0.09375FL - 95.00% Paid Off - 36 37355
1100347035 1 75600 75319.25
> 37546 0.0925TN - 90.00% Paid Off - 36 37328
1100347136 1 301500 300436.58
> 37546 0.095NY - 90.00% Paid Off - 36 37320
1100347258 1 130500 129985.35
> 37538 0.09625CA - 90.00% Paid Off - 36 37301
1100347348 1 71250 70954.17
> 37539 0.09375FL - 95.00% Paid Off - 36 37295
1100347431 1 105200 104636.23
> 37543 0.08125NJ - 80.00% Paid Off - 36 37299
1100347645 1 283500 281988.44
> 37547 0.0875NY - 75.00% Paid Off - 36 37306
1100347664 1 80300 79932.71
> 37536 0.09375MN - 89.98% Paid Off - 36 37295
1100347772 1 335550 334020.94
> 37536 0.0825NV - 89.25% Paid Off - 36 37328
1100348073 1 221250 220339.25
> 37554 0.0875CA - 64.69% Paid Off - 36 37342
1100349084 1 188300 187405.22
> 37546 0.0725CA - 70.00% Paid Off - 36 37354
1100349306 1 85500 85249.26
> 37543 0.09625FL - 83.82% Paid Off - 36 37354
1100349473 1 256410 255531.43
> 37551 0.08875VA - 88.72% Paid Off - 36 37361
1109004183 1 157425 156131.93
> 37530 0.07125NJ - 75.00% Paid Off - 36 37259
1109004892 1 532000 529386.15
> 37557 0.07875CA - 70.00% Paid Off - 36 37329
1109004917 1 550000 547957.32
> 37559 0.0925MO - 45.84% Paid Off - 36 37336
1109005162 1 80000 79667.83
> 37560 0.09375GA - 58.61% Paid Off - 36 37314
1109005407 1 75000 74608.09
> 37553 0.0825MI - 68.18% Paid Off - 36 37344
1109005626 1 199500 198735.28
> 37554 0.08875CA - 90.68% Paid Off - 36 37361
2500012483 1 220000 218684
> 37551 0.08375MA - 70.07% Paid Off - 36 37291
1100347844 1 150000 149281.2
> 37561 0.08SC - 88.24% Repur/Subs - 37344
Page
> 20 of 25 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for November 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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for November 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
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for November 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 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 23 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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 = 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 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S2
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
> 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
> 5,548,266.80
Subordinate Principal Distribution Amount
> 27,890.25
Senior Accelerated Distribution Percentage
> 100.0000%
Senior Percentage
> 91.4267%
Special Hazard Amount
> 2,499,996.00
Fraud Loss Amount
> 3,867,633.37
Bankruptcy Amount
> 100,000.00
Page 25 of 25
> COPYRIGHT 2002 Deutsche Bank