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 Deutsche Bank National
Trust Company, as trustee).
IMPAC SECURED ASSETS CORP MORTGAGE PASS THR CERT SER 2002-3
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-66328-04 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 June 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. 2002-3
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
13. Additional Certific
>ate Report 26
Total Number of Pag
>es 26
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: June 1, 200
>2
Certificate Insurer(s):
> Closing Date: June 28, 2
>002
> First Payment Date: July 25, 2002
>
Servicer(s): Impac Funding Corporation Mas
>ter Servicer
GMAC Sub-Servicer
> Distribution Date: November 25,
> 2002
Underwriter(s): UBS Securities Underwriter
> Record Date: October 31
>, 2002
> Page 1 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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)
LT-1 129000084
>123299540.5 813123.13 2386615.54 3199738.67 0
> 0 120912925
LT-2 2500000
> 2500000 16486.74 0 16486.74 0
> 0 2500000
LT-3 2500000
> 2500000 16486.74 0 16486.74 0
> 0 2500000
LT-4 2250000
> 2250000 14838.07 0 14838.07 0
> 0 2250000
LT-5 13750000
> 13750000 90677.09 0 90677.09 0
> 0 13750000
LT-P 100
> 100 10584.63 0 10584.63 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 150000184
>144299640.5 962196.4 2386615.54 3348811.94 0
> 0 141913025
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)
LT-1 F-30/360
> 129000084 955.809769 6.303275973 18.50088361 24.8
>0415958 937.3088854
LT-2 F-30/360
> 2500000 1000 6.594696 0 6
>.594696 1000
LT-3 F-30/360
> 2500000 1000 6.594696 0 6
>.594696 1000
LT-4 F-30/360
> 2250000 1000 6.594697778 0 6.59
>4697778 1000
LT-5 F-30/360
> 13750000 1000 6.594697455 0 6.59
>4697455 1000
LT-P F-30/360
> 100 1000 105846.3 0 1
>05846.3 1000
R-1 F-30/360
> 0 0 0 0
> 0 0
> Page 2 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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)
LT-1 129000084 4169886.24
> 7548565.27 538593.78 8087159.05 12257045.29 0
> 0 120912925
LT-2 2500000 82480.95
> 0 0 0 82480.95 0
> 0 2500000
LT-3 2500000 82480.95
> 0 0 0 82480.95 0
> 0 2500000
LT-4 2250000 74232.86
> 0 0 0 74232.86 0
> 0 2250000
LT-5 13750000 453645.24
> 0 0 0 453645.24 0
> 0 13750000
LT-P 100 26327.29
> 0 0 0 26327.29 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 150000184 4889053.53
> 7548565.27 538593.78 8087159.05 12976212.58 0
> 0 141913025
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)
LT-1 0.079136366 123299540.5
> 813123.13 0 0 0 813123.13 81
>3123.13 0
LT-2 0.079136366 2500000
> 16486.74 0 0 0 16486.74 1
>6486.74 0
LT-3 0.079136366 2500000
> 16486.74 0 0 0 16486.74 1
>6486.74 0
LT-4 0.079136366 2250000
> 14838.07 0 0 0 14838.07 1
>4838.07 0
LT-5 0.079136366 13750000
> 90677.09 0 0 0 90677.09 9
>0677.09 0
LT-P 0.079136366 100
> 0.66 0 0 0 0.66 1
>0584.63 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 144299640.5
> 951612.43 0 0 0 951612.43 9
>62196.4 0
> Page 3 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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)
MT-AA 147000080.3
>141413547.7 859692.07 2338883.22 3198575.29 0
> 0 139074664.5
MT-A1 287500
> 221470.83 1346.38 25932.23 27278.61 0
> 0 195538.6
MT-A2 317500
> 317500 1930.17 0 1930.17 0
> 0 317500
MT-A3 567500
> 567500 3449.99 0 3449.99 0
> 0 567500
MT-A4 222500
> 222500 1352.64 0 1352.64 0
> 0 222500
MT-M1 41250
> 41250 250.77 0 250.77 0
> 0 41250
MT-M2 33750
> 33750 205.18 0 205.18 0
> 0 33750
MT-B 30000
> 30000 182.38 0 182.38 0
> 0 30000
MT-ZZ 1500003.68
> 1452021.98 6761.17 23866.16 30627.33 0
>2066.07 1430221.89
MT-IO 0
> 0 49374.5 0 49374.5 0
> 0 0
MT-P 100
> 100 10584.58 0 10584.58 0
> 0 100
MT-J 0
> 0 25000.5 0 25000.5 0
> 0 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 150000184
>144299640.5 960130.33 2388681.61 3348811.94 0
>2066.07 141913025
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)
MT-AA F-30/360
> 147000080.3 961.9963974 5.848242179 15.91076151 21.7
>5900369 946.0856359
MT-A1 F-30/360
> 287500 770.3333217 4.68306087 90.19906087 94.8
>8212174 680.1342609
MT-A2 F-30/360
> 317500 1000 6.079275591 0 6.07
>9275591 1000
MT-A3 F-30/360
> 567500 1000 6.079277533 0 6.07
>9277533 1000
MT-A4 F-30/360
> 222500 1000 6.079280899 0 6.07
>9280899 1000
MT-M1 F-30/360
> 41250 1000 6.079272727 0 6.07
>9272727 1000
MT-M2 F-30/360
> 33750 1000 6.079407407 0 6.07
>9407407 1000
MT-B F-30/360
> 30000 1000 6.079333333 0 6.07
>9333333 1000
MT-ZZ F-30/360
> 1500003.68 968.0122785 4.507435608 15.9107343 20.4
>1816991 953.4789208
MT-IO F-30/360
> 21000000 1000 2.351166667 0 2.35
>1166667 1000
MT-P F-30/360
> 100 1000 105845.8 0 1
>05845.8 1000
MT-J F-30/360
> 21000000 1000 1.1905 0
> 1.1905 1000
R-2 F-30/360
> 0 0 0 0
> 0 0
> Page 4 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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)
MT-AA 147000080.3 4401034.41
> 7398502.06 526913.8 7925415.86 12326450.27 0
> 0 139074664.5
MT-A1 287500 7825.8
> 85658.09 6303.31 91961.4 99787.2 0
> 0 195538.6
MT-A2 317500 9673.82
> 0 0 0 9673.82 0
> 0 317500
MT-A3 567500 17291
> 0 0 0 17291 0
> 0 567500
MT-A4 222500 6779.29
> 0 0 0 6779.29 0
> 0 222500
MT-M1 41250 1256.84
> 0 0 0 1256.84 0
> 0 41250
MT-M2 33750 1028.32
> 0 0 0 1028.32 0
> 0 33750
MT-B 30000 914.05
> 0 0 0 914.05 0
> 0 30000
MT-ZZ 1500003.68 33958.16
> 75494.92 5376.67 80871.59 114829.75 0
>11089.8 1430221.89
MT-IO 0 246872.5
> 0 0 0 246872.5 0
> 0 0
MT-P 100 26327.04
> 0 0 0 26327.04 0
> 0 100
MT-J 0 125002.5
> 0 0 0 125002.5 0
> 0 0
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 150000184 4877963.73
> 7559655.07 538593.78 8098248.85 12976212.58 0
>11089.8 141913025
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)
MT-AA 0.072951319 141413547.7
> 859692.07 0 0 0 859692.07 85
>9692.07 0
MT-A1 0.072951319 221470.83
> 1346.38 0 0 0 1346.38
>1346.38 0
MT-A2 0.072951319 317500
> 1930.17 0 0 0 1930.17
>1930.17 0
MT-A3 0.072951319 567500
> 3449.99 0 0 0 3449.99
>3449.99 0
MT-A4 0.072951319 222500
> 1352.64 0 0 0 1352.64
>1352.64 0
MT-M1 0.072951319 41250
> 250.77 0 0 0 250.77
> 250.77 0
MT-M2 0.072951319 33750
> 205.18 0 0 0 205.18
> 205.18 0
MT-B 0.072951319 30000
> 182.38 0 0 0 182.38
> 182.38 0
MT-ZZ 0.072951319 1452021.98
> 8827.24 0 0 -2066.07 6761.17
>8827.24 2066.07
MT-IO 0.028214 21000000
> 49374.5 0 0 0 49374.5
>49374.5 0
MT-P 0.072951319 100
> 0.61 0 0 0 0.61 1
>0584.58 0
MT-J 0.014286 21000000
> 25000.5 0 0 0 25000.5
>25000.5 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 186299640.5
> 951612.43 0 0 -2066.07 949546.36 9
>62196.4 2066.07
> Page 5 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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-1 FLT, SEQ 28750000
>22147083.61 39858.6 2593223.19 2633081.79 0
> 0 19553860.42
A-2 STEP, AFC, 31750000
> 31750000 137847.92 0 137847.92 0
> 0 31750000
A-3 STEP, AFC, 56750000
> 56750000 300775 0 300775 0
> 0 56750000
A-4 STEP, AFC, 22250000
> 22250000 129791.67 0 129791.67 0
> 0 22250000
A-IO IO, NTL, AR 0
> 0 49374.5 0 49374.5 0
> 0 0
M-1 MEZ, STEP, 4125000
> 4125000 23925 0 23925 0
> 0 4125000
M-2 MEZ, STEP, 3375000
> 3375000 20193.75 0 20193.75 0
> 0 3375000
B MEZ, STEP, 3000000
> 3000000 19225 0 19225 0
> 0 3000000
C SUB 84
> 902456.88 24013.34 0 24013.34 0 20
>6607.65 1109064.53
P SUB 100
> 100 10583.97 0 10583.97 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 150000184
>144299640.5 755588.75 2593223.19 3348811.94 0 20
>6607.65 141913025
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 37554 37584 F-30/360 4525
>4TLU6 28750000 770.333343 1.386386087 90.19906748 91.5
>8545357 680.1342755
A-2 F-30/360 4525
>4TLV4 31750000 1000 4.341666772 0 4.34
>1666772 1000
A-3 F-30/360 4525
>4TLW2 56750000 1000 5.3 0
> 5.3 1000
A-4 F-30/360 4525
>4TLX0 22250000 1000 5.833333483 0 5.83
>3333483 1000
A-IO F-30/360 4525
>4TLY8 21000000 1000 2.351166667 0 2.35
>1166667 1000
M-1 F-30/360 4525
>4TLZ5 4125000 1000 5.8 0
> 5.8 1000
M-2 F-30/360 4525
>4TMA9 3375000 1000 5.983333333 0 5.98
>3333333 1000
B F-30/360 4525
>4TMB7 3000000 1000 6.408333333 0 6.40
>8333333 1000
C F-30/360 4525
>4TMD3 150000268 968.0122511 0.160088647 0 0.16
>0088647 953.4788911
P F-30/360 4525
>4TMC5 100 1000 105839.7 0 1
>05839.7 1000
R-3 F-30/360 4525
>4TME1 0 0 0 0
> 0 0
> Page 6 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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-1 28750000 227801.13
> 8657545.8 538593.78 9196139.58 9423940.71 0
> 0 19553860.42
A-2 31750000 689239.6
> 0 0 0 689239.6 0
> 0 31750000
A-3 56750000 1503875
> 0 0 0 1503875 0
> 0 56750000
A-4 22250000 648958.35
> 0 0 0 648958.35 0
> 0 22250000
A-IO 0 246872.5
> 0 0 0 246872.5 0
> 0 0
M-1 4125000 119625
> 0 0 0 119625 0
> 0 4125000
M-2 3375000 100968.75
> 0 0 0 100968.75 0
> 0 3375000
B 3000000 96125
> 0 0 0 96125 0
> 0 3000000
C 84 120283.68
> 0 0 0 120283.68 0 110
>8980.53 1109064.53
P 100 26323.99
> 0 0 0 26323.99 0
> 0 100
R-3 0 0
> 0 0 0 0 0
> 0 0
Total 150000184 3780073
> 8657545.8 538593.78 9196139.58 12976212.58 0 110
>8980.53 141913025
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 0.0209 22147083.61
> 39858.6 0 0 0 39858.6
>39858.6 0
A-2 0.0521 31750000
> 137847.92 0 0 0 137847.92 13
>7847.92 0
A-3 0.0636 56750000
> 300775 0 0 0 300775
> 300775 0
A-4 0.07 22250000
> 129791.67 0 0 0 129791.67 12
>9791.67 0
A-IO 0.028214 21000000
> 49374.5 0 0 0 49374.5
>49374.5 0
M-1 0.0696 4125000
> 23925 0 0 0 23925
> 23925 0
M-2 0.0718 3375000
> 20193.75 0 0 0 20193.75 2
>0193.75 0
B 0.072951319 3000000
> 18237.83 0 0 0 18237.83
> 19225 0
C 0.019150153 145202097.1
> 230280.01 0 0 -206266.67 24013.34 23
>0620.99 206266.67
P 100
> 0 0 0 0 0 1
>0583.97 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 309599280.7
> 950284.28 0 0 -206266.67 744017.61 9
>62196.4 206266.67
> Page 7 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
Mortgage Pass-Through Certificates
Collection Account Report for November 25, 2002 Distribution
Collection Account Report
SUMMARY
> TOTAL
Principal Collections
> 2,386,615.54
Other Principal Deposits
> 0.00
TOTAL NET PRINCIPAL
> 2,386,615.54
Interest Collections
> 987,143.12
Interest Withdrawals
> 0.00
Interest Fees
> (23,959.55)
TOTAL NET INTEREST
> 963,183.57
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 3,349,799.11
PRINCIPAL - COLLECTIONS
> TOTAL
Scheduled Principal
> 107,103.88
Curtailments
> 13,007.07
Prepayments In Full
> 2,266,504.59
Repurchases/Substitutions
> 0.00
Liquidations
> 0.00
Insurance Principal
> 0.00
Other Principal
> 0.00
Delinquent Principal
> (82,414.80)
Total Realized Loss Of Principal
> 0.00
Principal Advanced
> 82,414.80
TOTAL PRINCIPAL COLLECTED
> 2,386,615.54
Page 8 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS
> TOTAL
Scheduled Interest
> 1,025,100.25
Repurchases/Substitutions
> 0.00
Liquidation Interest
> 0.00
Insurance Interest
> 0.00
Other Interest
> 0.00
Prepayment Interest Shortfalls
> (7,208.15)
Delinquent Interest
> (805,450.51)
Interest Realized Losses
> 0.00
Compensating Interest
> 7,208.15
Civil Relief Act Shortfalls
> 0.00
Prepayment Premiums
> 10,583.97
Interest Advanced
> 755,922.24
Net WAC Shortfall
> 987.17
TOTAL INTEREST COLLECTED
> 987,143.12
Page 9 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
Reimbursement for Expenses
> 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
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES
> TOTAL
Radian PMI Fee
> 8,132.11
Trustee Fee Amount
> 1,623.37
Retained Spread
> 0.00
Current Servicing Fees
> 63,732.34
Delinquent Servicing Fees
> (49,528.27)
TOTAL INTEREST OTHER FEES
> 23,959.55
Page 10 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
Mortgage Pass-Through Certificates
Credit Enhancement Report for November 25, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
> TOTAL
Overcollateralization Amount
> 1,109,064.25
Excess Overcollateralized Amount
> 0.00
Overcollateralization Release Amount
> 0.00
Overcollateralization Deficiency Amount
> 231,608.15
Overcollateralization Target Amount
> 1,125,001.38
Page 11 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
Mortgage Pass-Through Certificates
Collateral Report for November 25, 2002 Distribution
Collateral Report
COLLATERAL
> TOTAL
Loan Count:
Original
> 898
Prior
> 868
Prefunding
> 0
Scheduled Paid Offs
> 0
Full Voluntary Prepayments
> -12
Repurchases
> 0
Liquidations
> 0
Current
> 856
Principal Balance:
Original
> 150000183.7
Prior
> 144299640.2
Prefunding
> 0
Scheduled Principal
> -107103.88
Partial and Full Voluntary Prepayments
> -2279511.66
Repurchases
> 0
Liquidations
> 0
Current
> 141913024.7
PREFUNDING
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
Current Prin Balance by Groups (in millions of dollars) Tota
>l Current Principal Balance (in millions of dollars)
Page 12 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
Mortgage Pass-Through Certificates
Collateral Report for November 25, 2002 Distribution
Collateral Report
CHARACTERISTICS
> TOTAL
Weighted Average Coupon Original
> 0.085360723
Weighted Average Coupon Prior
> 0.08523013
Weighted Average Coupon Current
> 0.085247635
Weighted Average Months to Maturity Original
> 346
Weighted Average Months to Maturity Prior
> 343
Weighted Average Months to Maturity Current
> 342
Weighted Avg Remaining Amortization Term Original
> 349.2666323
Weighted Avg Remaining Amortization Term Prior
> 345.7798611
Weighted Avg Remaining Amortization Term Current
> 344.7937732
Weighted Average Seasoning Original
> 2.29451346
Weighted Average Seasoning Prior
> 5.26734256
Weighted Average Seasoning Current
> 6.25363323
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
> 14,204.07
Delinquent Servicing Fees
> 49,528.27
TOTAL SERVICING FEES
> 63,732.34
Total Servicing Fees
> 63,732.34
Compensating Interest
> 7,208.15
Delinquent Servicing Fees
> (49,528.27)
COLLECTED SERVICING FEES
> 21,412.22
Current PPIS
> (7,208.15)
Current Net PPIS
> 0.00
Total Advanced Principal For Current Payment Date
> 82,414.80
Total Advanced Interest For Current Payment Date
> 755,922.24
TOTAL ADVANCES FOR CURRENT PERIOD
> 838,337.04
ADDITIONAL COLLATERAL INFORMATION
> TOTAL
Weighted Average Net Mortgage Rate
> 7.9136%
Page 14 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
> 2325844.19 1056524.83 1814110.99 5196480.01
% Balance
>0.016389223 0.007444876 0.012783259 0.036617358
# Loans
> 12 5 10 27
% # Loans
>0.014018692 0.005841121 0.011682243 0.031542056
FORECLOSURE Balance 0
> 0 0 255496.89 255496.89
% Balance 0
> 0 0 0.001800377 0.001800377
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.001168224 0.001168224
BANKRUPTCY Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 0
> 2325844.19 1056524.83 2069607.88 5451976.9
% Balance 0
>0.016389223 0.007444876 0.014583636 0.038417734
# Loans 0
> 12 5 11 28
% # Loans 0
>0.014018692 0.005841121 0.012850467 0.03271028
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 = 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 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 16 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
> 12
Number of Repurchased Loans
> 0
Total Number of Loans Prepaid in Full
> 12
Paid in Full Balance
> 2266504.59
Repurchased Loans Balance
> 0
Curtailments Amount
> 13007.07
Total Prepayment Amount
> 2279511.66
Cumulative
Number of Paid in Full Loans
> 42
Number of Repurchased Loans
> 0
Total Number of Loans Prepaid in Full
> 42
Paid in Full Balance
> 7462101.5
Repurchased Loans Balance
> 0
Curtailments Amount
> 86463.77
Total Prepayment Amount
> 7548565.27
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars) Tota
>l Prepayments (in thousands of dollars)
Page 17 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
Mortgage Pass-Through Certificates
Prepayment Report for November 25, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> TOTAL
SMM
> 0.015808805
3 Months Avg SMM
> 0.012965785
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.010299744
CPR
> 0.1740501
3 Months Avg CPR
> 0.144959886
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.116830234
PSA
> 13.91591843
3 Months Avg PSA Approximation
> 13.76419544
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 13.65837352
CPR by Groups Tota
>l CPR
PSA by Groups Tota
>l PSA
Page 18 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 = 12
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 2,279,477.00
Total Prepayment Amount = 2,266,504.59
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
1100344218 1 328700 327066.92
> 37551 0.085MA - 87.65% Paid Off - 36 37396
1100344226 1 165000 164320.75
> 37553 0.0875WA - 61.11% Paid Off - 36 37396
1100344248 1 170000 165715.06
> 37539 0.08CA - 66.67% Paid Off - 18 37396
1100344312 1 86977 86784.8
> 37532 0.09CA - 95.00% Paid Off - 36 37407
1100349765 1 98800 98553.15
> 37552 0.095CA - 95.00% Paid Off - 36 37382
1100349893 1 161500 161136.02
> 37553 0.0999MD - 95.00% Paid Off - 36 37377
1100350054 1 292500 291730.01
> 37553 0.0925FL - 90.00% Paid Off - 36 37376
1109004325 1 464000 462076.02
> 37531 0.07CA - 69.26% Paid Off - 36 37398
1109005100 1 170500 169944.21
> 37557 0.09875MI - 94.99% Paid Off - 36 37364
1109005966 1 130000 128373.14
> 37546 0.0775OH - 86.67% Paid Off - 36 37407
1109006011 1 139500 139057.64
> 37546 0.0925MI - 79.95% Paid Off - 36 37407
1109006266 1 72000 71746.87
> 37550 0.0875MI - 90.00% Paid Off - 36 37407
Page
> 20 of 26 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-3
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 = Group 1 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 26 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-3
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
After the 36th Distribution
> No
Stepdown date occurred
> No
Trigger Event in Effect
> No
ADJUSTABLE RATE CERTIFICATE INFORMATION
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
> TOTAL
NET WAC SHORTFALL RESERVE FUND
Original Net WAC Shortfall Reserve Fund Balance
> 5,000.00
Net WAC Shortfall Reserve Fund Beginning Balance
> 5,000.00
Net WAC Shortfall
> 987.17
Net WAC Shortfall Reserve Fund Ending Balance
> 5,000.00
Page 25 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
Mortgage Pass-Through Certificates
Additional Certificate Report for November 25, 2002 Distribution
>
Additional Certificate Report
CLASS
> Net PPIS & Other Int. Shortfalls
A-1
> 0.00
A-2
> 0.00
A-3
> 0.00
A-4
> 0.00
A-IO
> 0.00
M-1
> 0.00
M-2
> 0.00
B
> 0.00
Page 26 of 26
> COPYRIGHT 2002 Deutsche Bank