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): December 26, 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
December 26, 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: Jan 02, 2003 By: /s/ Katie Wannenmacher
Katie Wannenmacher
Vice President
EXHIBIT INDEX
DOCUMENT
Monthly Remittance Statement to the Certificateholders
dated as of December 26, 2002.
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
December 26, 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: December 26,
> 2002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: November 2
>9, 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 December 26, 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
>148169543.3 965867.02 4223904.427 5189771.447 0
> 0 143945638.8
LT1B 1194.11
> 1072.011 7.24 21.0488 28.2888 0
> 0 1050.9621
LT1C 538.39
> 513.2962 3.08 4.5541 7.6341 0
> 0 508.742
LT1D 20000000
> 20000000 130373.22 0 130373.22 0
> 0 20000000
LT1E 5000000
> 5000000 32593.3 0 32593.3 0
> 0 5000000
LT1F 1750000
> 1750000 11407.66 0 11407.66 0
> 0 1750000
LT1P 100
> 100 66137.81 0 66137.81 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>174921228.6 1206389.33 4223930.03 5430319.36 0
> 0 170697298.5
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
> 173248268.9 855.2440046 5.575045721 24.38064435 29.9
>5569007 830.8633603
LT1B F-30/360
> 1194.11 897.7489511 6.063093015 17.62718678 23.6
>9027979 880.1216806
LT1C F-30/360
> 538.39 953.3910362 5.720760044 8.458738089 14.1
>7949813 944.9321124
LT1D F-30/360
> 20000000 1000 6.518661 0 6
>.518661 1000
LT1E F-30/360
> 5000000 1000 6.51866 0
>6.51866 1000
LT1F F-30/360
> 1750000 1000 6.518662857 0 6.51
>8662857 1000
LT1P F-30/360
> 100 1000 661378.1 0 6
>61378.1 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 December 26, 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 11795221.6
>27641845.54 1642130.544 29283976.08 41079197.68 18653.9619
> 0 143945638.8
LT1B 1194.11 85.62
> 135.05 7.9596 143.0096 228.6296 0.1381
> 0 1050.9621
LT1C 538.39 35.05
> 28.02 1.628 29.648 64.698 0
> 0 508.742
LT1D 20000000 1438439.82
> 0 0 0 1438439.82 0
> 0 20000000
LT1E 5000000 359609.94
> 0 0 0 359609.94 0
> 0 5000000
LT1F 1750000 125863.49
> 0 0 0 125863.49 0
> 0 1750000
LT1P 100 246026.92
> 0 0 0 246026.92 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 13965282.44
>27642008.61 1642140.132 29284148.74 43249431.18 18654.1
> 0 170697298.5
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 0.078223932 148169543.3
> 965867.02 0 0 0 965867.02 96
>5867.02 0
LT1B 0.081051286 1072.011
> 7.24 0 0 0 7.24
> 7.24 0
LT1C 0.07196682 513.2962
> 3.08 0 0 0 3.08
> 3.08 0
LT1D 0.078223932 20000000
> 130373.22 0 0 0 130373.22 13
>0373.22 0
LT1E 0.078223932 5000000
> 32593.3 0 0 0 32593.3
>32593.3 0
LT1F 0.078223932 1750000
> 11407.66 0 0 0 11407.66 1
>1407.66 0
LT1P 0.078223932 100
> 0.65 0 0 0 0.65 6
>6137.81 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 174921228.6
> 1140252.17 0 0 0 1140252.17 120
>6389.33 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 December 26, 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
>118074697.1 660701.89 3098133.64 3758835.53 0
> 0 114976563.5
LT2-AI1 308000
> 127740.73 714.79 31613.61 32328.4 0
> 0 96127.12
LT2-AI2 179000
> 179000 1001.62 0 1001.62 0
> 0 179000
LT2-AI3 191000
> 191000 1068.76 0 1068.76 0
> 0 191000
LT2-AI4 255000
> 255000 1426.88 0 1426.88 0
> 0 255000
LT2-AI5 100000
> 100000 559.56 0 559.56 0
> 0 100000
LT2-AI6 252440
> 252440 1412.56 0 1412.56 0
> 0 252440
LT2-1M1 41354.3473
> 41354.3473 231.4 0 231.4 0
> 0 41354.3473
LT2-1M2 27569.5648
> 27569.5648 154.27 0 154.27 0
> 0 27569.5648
LT2-1B 24123.3692
> 24123.3692 134.99 0 134.99 0
> 0 24123.3692
LT2-1ZZ 1378486.49
>1211460.416 6778.88 31613.61 38392.49 0
> 0 1179846.806
LT2-2AA 60908326.36
>53348008.93 298515.52 1041317.79 1339833.31 0
> 0 52306691.14
LT2-AII 579560
> 499030.46 2792.39 10625.69 13418.08 0
> 0 488404.77
LT2-2M1 18645.6527
> 18645.6527 104.33 0 104.33 0
> 0 18645.6527
LT2-2M2 12430.4352
> 12430.4352 69.56 0 69.56 0
> 0 12430.4352
LT2-2B 10876.6308
> 10876.6308 60.86 0 60.86 0
> 0 10876.6308
LT2-2ZZ 621513.54
>547750.8903 3065.01 10625.69 13690.7 0
> 0 537125.2003
LT2A-IO 0
> 0 161458.33 0 161458.33 0
> 0 0
LT2P 100
> 100 66137.72 0 66137.72 0
> 0 100
R-2 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>174921228.6 1206389.32 4223930.03 5430319.35 0
> 0 170697298.5
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 874.0338527 4.890766882 22.93356449 27.8
>2433137 851.1002882
LT2-AI1 F-30/360
> 308000 414.7426299 2.320746753 102.6415909 104.
>9623377 312.101039
LT2-AI2 F-30/360
> 179000 1000 5.595642458 0 5.59
>5642458 1000
LT2-AI3 F-30/360
> 191000 1000 5.595602094 0 5.59
>5602094 1000
LT2-AI4 F-30/360
> 255000 1000 5.595607843 0 5.59
>5607843 1000
LT2-AI5 F-30/360
> 100000 1000 5.5956 0
> 5.5956 1000
LT2-AI6 F-30/360
> 252440 1000 5.595626684 0 5.59
>5626684 1000
LT2-1M1 F-30/360
> 41354.3473 1000 5.59554231 0 5.5
>9554231 1000
LT2-1M2 F-30/360
> 27569.5648 1000 5.595663229 0 5.59
>5663229 1000
LT2-1B F-30/360
> 24123.3692 1000 5.59581868 0 5.5
>9581868 1000
LT2-1ZZ F-30/360
> 1378486.49 878.8337246 4.917625272 22.93356535 27.8
>5119062 855.9001592
LT2-2AA F-30/360
> 60908326.36 875.8738274 4.901062594 17.09647682 21.9
>9753942 858.7773506
LT2-AII F-30/360
> 579560 861.0505556 4.818120643 18.33406377 23.1
>5218442 842.7164918
LT2-2M1 F-30/360
> 18645.6527 1000 5.595406161 0 5.59
>5406161 1000
LT2-2M2 F-30/360
> 12430.4352 1000 5.595942449 0 5.59
>5942449 1000
LT2-2B F-30/360
> 10876.6308 1000 5.595482748 0 5.59
>5482748 1000
LT2-2ZZ F-30/360
> 621513.54 881.3177108 4.931525707 17.09647388 22.0
>2799958 864.2212369
LT2A-IO F-30/360
> 26750000 934.5794393 6.035825421 0 6.03
>5825421 934.5794393
LT2P F-30/360
> 100 1000 661377.2 0 6
>61377.2 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 December 26, 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 8023325.16
>19072605.23 1042506.25 20115111.48 28138436.64 0
> 0 114976563.5
LT2-AI1 308000 15113.58
> 200621.18 11251.7 211872.88 226986.46 0
> 0 96127.12
LT2-AI2 179000 11142.82
> 0 0 0 11142.82 0
> 0 179000
LT2-AI3 191000 11889.82
> 0 0 0 11889.82 0
> 0 191000
LT2-AI4 255000 15873.86
> 0 0 0 15873.86 0
> 0 255000
LT2-AI5 100000 6225.04
> 0 0 0 6225.04 0
> 0 100000
LT2-AI6 252440 15714.49
> 0 0 0 15714.49 0
> 0 252440
LT2-1M1 41354.3473 2574.31
> 0 0 0 2574.31 0
> 0 41354.3473
LT2-1M2 27569.5648 1716.22
> 0 0 0 1716.22 0
> 0 27569.5648
LT2-1B 24123.3692 1501.69
> 0 0 0 1501.69 0
> 0 24123.3692
LT2-1ZZ 1378486.49 75372.96
> 194618.41 10637.82 205256.23 280629.19 0 66
>16.5462 1179846.806
LT2-2AA 60908326.36 3596288.07
> 8035776.49 565858.73 8601635.22 12197923.29 0
> 0 52306691.14
LT2-AII 579560 33937.79
> 85043.68 6111.55 91155.23 125093.02 0
> 0 488404.77
LT2-2M1 18645.6527 1160.7
> 0 0 0 1160.7 0
> 0 18645.6527
LT2-2M2 12430.4352 773.81
> 0 0 0 773.81 0
> 0 12430.4352
LT2-2B 10876.6308 677.08
> 0 0 0 677.08 0
> 0 10876.6308
LT2-2ZZ 621513.54 33460.77
> 81997.71 5774.07 87771.78 121232.55 0 33
>83.4403 537125.2003
LT2A-IO 0 1843854.17
> 0 0 0 1843854.17 0
> 0 0
LT2P 100 246025.98
> 0 0 0 246025.98 0
> 0 100
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 200000101.4 13936628.32
> 27670662.7 1642140.12 29312802.82 43249431.14 0 99
>99.9865 170697298.5
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 0.067147516 118074697.1
> 660701.89 0 0 0 660701.89 66
>0701.89 0
LT2-AI1 0.067147516 127740.73
> 714.79 0 0 0 714.79
> 714.79 0
LT2-AI2 0.067147516 179000
> 1001.62 0 0 0 1001.62
>1001.62 0
LT2-AI3 0.067147516 191000
> 1068.76 0 0 0 1068.76
>1068.76 0
LT2-AI4 0.067147516 255000
> 1426.88 0 0 0 1426.88
>1426.88 0
LT2-AI5 0.067147516 100000
> 559.56 0 0 0 559.56
> 559.56 0
LT2-AI6 0.067147516 252440
> 1412.56 0 0 0 1412.56
>1412.56 0
LT2-1M1 0.067147516 41354.3473
> 231.4 0 0 0 231.4
> 231.4 0
LT2-1M2 0.067147516 27569.5648
> 154.27 0 0 0 154.27
> 154.27 0
LT2-1B 0.067147516 24123.3692
> 134.99 0 0 0 134.99
> 134.99 0
LT2-1ZZ 0.067147516 1211460.416
> 6778.88 0 0 0 6778.88
>6778.88 0
LT2-2AA 0.067147516 53348008.93
> 298515.52 0 0 0 298515.52 29
>8515.52 0
LT2-AII 0.067147516 499030.46
> 2792.39 0 0 0 2792.39
>2792.39 0
LT2-2M1 0.067147516 18645.6527
> 104.33 0 0 0 104.33
> 104.33 0
LT2-2M2 0.067147516 12430.4352
> 69.56 0 0 0 69.56
> 69.56 0
LT2-2B 0.067147516 10876.6308
> 60.86 0 0 0 60.86
> 60.86 0
LT2-2ZZ 0.067147516 547750.8903
> 3065.01 0 0 0 3065.01
>3065.01 0
LT2A-IO 0.0775 25000000
> 161458.33 0 0 0 161458.33 16
>1458.33 0
LT2P 0.067147516 100
> 0.56 0 0 0 0.56 6
>6137.72 0
R-2 0
> 0 0 0 0 0
> 0 0
Total 199921228.6
> 1140252.16 0 0 0 1140252.16 120
>6389.32 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 December 26, 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
>12774082.67 17709.85 3161360.84 3179070.69 0
> 0 9612721.833
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 55956.26 0 55956.26 0
> 0 10000000
A-I-6 STEP,AFC 25244000
> 25244000 147887.77 0 147887.77 0
> 0 25244000
A-II STEP,AFC 57956000
> 49903045.9 270308.17 1062569.17 1332877.34 0
> 0 48840476.73
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 23333.34 0 23333.34 0
> 0 4000000
B MEZ,STEP,AF 3500000
> 3500000 20416.66 0 20416.66 0
> 0 3500000
C SUB 1.36
> 1000000 127236.8 0 127236.8 0
> 0 1000000
P SUB 100
> 100 66137.16 0 66137.16 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 200000101.4
>174921228.6 1216230.17 4223930.01 5440160.18 0
> 0 170697298.6
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 37585 37615 F-30/360 4525
>4TKM5 30800000 414.7429439 0.57499513 102.6415857 103.
>2165808 312.1013582
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 5.595626 0 5
>.595626 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 861.0505538 4.664023915 18.33406671 22.9
>9809062 842.7164871
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 5.833335 0 5
>.833335 1000
B F-30/360 4525
>4TKW3 3500000 1000 5.833331429 0 5.83
>3331429 1000
C F-30/360 4525
>4TKZ6 200000101.4 879.605697 0.636183678 0 0.63
>6183678 858.4860576
P F-30/360 4525
>4TKY9 100 1000 661371.6 0 6
>61371.6 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 December 26, 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 451315.96
>20065234.62 1122043.552 21187278.17 21638594.13 0
> 0 9612721.833
A-I-2 17900000 753142.5
> 0 0 0 753142.5 0
> 0 17900000
A-I-3 19100000 975214.13
> 0 0 0 975214.13 0
> 0 19100000
A-I-4 25500000 1470287.5
> 0 0 0 1470287.5 0
> 0 25500000
A-I-5 10000000 618456.26
> 0 0 0 618456.26 0
> 0 10000000
A-I-6 25244000 1626765.46
> 0 0 0 1626765.46 0
> 0 25244000
A-II 57956000 3247797.01
>8595426.665 520096.608 9115523.273 12363320.28 0
> 0 48840476.73
A-IO 0 1843854.17
> 0 0 0 1843854.17 0
> 0 0
M-1 6000000 385000
> 0 0 0 385000 0
> 0 6000000
M-2 4000000 256666.68
> 0 0 0 256666.68 0
> 0 4000000
B 3500000 224583.35
> 0 0 0 224583.35 0
> 0 3500000
C 1.36 928712.39
> 0 0 0 928712.39 0 9999
>98.6384 1000000
P 100 246019.74
> 0 0 0 246019.74 0
> 0 100
R-3 0 0
>1.42109E-14 0 0 0 0
> 0 0
Total 200000101.4 13027815.15
>28660661.28 1642140.16 30302801.44 43330616.59 0 9999
>98.6384 170697298.6
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 0.0161 12774082.67
> 17709.85 0 0 0 17709.85 1
>7709.85 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 0.067147516 10000000
> 55956.26 0 0 0 55956.26 5
>5956.26 0
A-I-6 0.067147516 25244000
> 141255.99 0 0 6631.78 141255.99 14
>7887.77 0
A-II 0.065 49903045.9
> 270308.17 0 0 0 270308.17 27
>0308.17 0
A-IO 0.0775 25000000
> 161458.33 0 0 0 161458.33 16
>1458.33 0
M-1 0.067147516 6000000
> 33573.76 0 0 1426.24 33573.76
> 35000 0
M-2 0.067147516 4000000
> 22382.51 0 0 950.83 22382.51 2
>3333.34 0
B 0.067147516 3500000
> 19584.69 0 0 831.97 19584.69 2
>0416.66 0
C 0.008728738 175921228.6
> 127236.8 0 0 0 127236.8 1
>27236.8 0
P 100
> 0 0 0 0 66137.16 6
>6137.16 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 374842457.1
> 1140252.19 0 0 9840.82 1206389.35 121
>6230.17 0
> Page 7 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for December 26, 2002 Distribution
Collection Account Report
SUMMARY
> GROUP 2 GROUP 1 TOTAL
Principal Collections
> 1,062,569.17 3,161,360.84 4,223,930.01
Other Principal Deposits
> 0.00 0.00 0.00
TOTAL NET PRINCIPAL
> 1,062,569.17 3,161,360.84 4,223,930.01
Interest Collections
> 330,575.97 834,076.14 1,230,789.27
Interest Withdrawals
> 0.00 0.00 0.00
Interest Fees
> (3,083.77) (11,475.34) (14,559.11)
TOTAL NET INTEREST
> 327,492.20 822,600.80 1,216,230.16
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 1,390,061.37 3,983,961.64 5,440,160.17
PRINCIPAL - COLLECTIONS
> GROUP 2 GROUP 1 TOTAL
Scheduled Principal
> 53,976.35 97,156.44 151,132.79
Curtailments
> 4,892.85 8,413.68 13,306.53
Prepayments In Full
> 1,003,699.97 3,055,790.72 4,059,490.69
Repurchases/Substitutions
> 0.00 0.00 0.00
Liquidations
> 0.00 0.00 0.00
Insurance Principal
> 0.00 0.00 0.00
Other Principal
> 0.00 0.00 0.00
Delinquent Principal
> (47,070.29) (85,460.48) (132,530.77)
Total Realized Loss Of Principal
> 0.00 0.00 0.00
Pre-funding Principal Paid
> 0.00 0.00 0.00
Principal Advanced
> 47,070.29 85,460.48 132,530.77
TOTAL PRINCIPAL COLLECTED
> 1,062,569.17 3,161,360.84 4,223,930.01
Page 8 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for December 26, 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
> 340,954.13 849,515.85 1,190,469.98
Repurchases/Substitutions
> 0.00 0.00 0.00
Liquidation Interest
> 0.00 0.00 0.00
Insurance Interest
> 0.00 0.00 0.00
Other Interest
> 0.00 0.00 0.00
Prepayment Interest Shortfalls
> (604.26) (13,447.91) (14,052.17)
Delinquent Interest
> (305,943.39) (737,111.28) (1,043,054.67)
Interest Realized Losses
> 0.00 0.00 0.00
Compensating Interest
> 604.26 13,447.91 14,052.17
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Prepayment Premiums
> 0.00 0.00 66,137.16
Pre-funding Intererst Coverage
> 0.00 0.00 0.00
Interest Advanced
> 294,566.48 712,829.50 1,007,395.98
Net WAC Shortfall
> 998.75 8,842.07 9,840.82
TOTAL INTEREST COLLECTED
> 330,575.97 834,076.14 1,230,789.27
Page 9 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Collection Account Report for December 26, 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
> 1,304.17 6,640.99 7,945.16
Trustee Fee Amount
> 453.67 1,004.00 1,457.67
Extraordinary Trust Fund Expenses
> 0.00 0.00 0.00
Current Servicing Fees
> 12,702.83 28,112.13 40,814.96
Delinquent Servicing Fees
> (11,376.90) (24,281.78) (35,658.68)
TOTAL INTEREST OTHER FEES
> 3,083.77 11,475.34 14,559.11
Page 10 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Credit Enhancement Report for December 26, 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
> 0.00
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 December 26, 2002 Distribution
Collateral Report
COLLATERAL
> GROUP 2 GROUP 1 TOTAL
Loan Count:
Original
> 120 695 815
Prior
> 135 794 929
Prefunding
> 0 0 0
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> -3 -16 -19
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 132 778 910
Principal Balance:
Original
> 48517658.43 107380483.9 155898142.4
Prior
> 54440665.22 120480563.4 174921228.6
Prefunding
> 0 0 0
Scheduled Principal
> -53976.35 -97156.44 -151132.79
Partial and Full Voluntary Prepayments
> -1008592.82 -3064204.4 -4072797.22
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 53378096.05 117319202.5 170697298.6
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 December 26, 2002 Distribution
Collateral Report
CHARACTERISTICS
> GROUP 2 GROUP 1 TOTAL
Weighted Average Coupon Original
> 0.076153553 0.084312099 0.081773046
Weighted Average Coupon Prior
> 0.075084412 0.084695422 0.081753097
Weighted Average Coupon Current
> 0.07515429 0.084612737 0.081668988
Weighted Average Months to Maturity Original
> 344 340 341.2496346
Weighted Average Months to Maturity Prior
> 334 329 330.556148
Weighted Average Months to Maturity Current
> 333 328 329.5635308
Weighted Avg Remaining Amortization Term Original
> 345.1975174 348.1456083 347.2245992
Weighted Avg Remaining Amortization Term Prior
> 335.6219769 337.5039611 336.9182319
Weighted Avg Remaining Amortization Term Current
> 334.3041059 336.1963728 335.6046493
Weighted Average Seasoning Original
> 1.84278944 1.99128947 1.944896778
Weighted Average Seasoning Prior
> 10.35643426 10.51925843 10.46858273
Weighted Average Seasoning Current
> 11.3503885 11.5144185 11.46312531
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 December 26, 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
> 1,325.92 3,830.35 5,156.27
Delinquent Servicing Fees
> 11,376.90 24,281.78 35,658.68
TOTAL SERVICING FEES
> 12,702.82 28,112.13 40,814.95
Total Servicing Fees
> 12,702.82 28,112.13 40,814.95
Compensating Interest
> 604.26 13,447.91 14,052.17
Delinquent Servicing Fees
> (11,376.90) (24,281.78) (35,658.68)
COLLECTED SERVICING FEES
> 1,930.18 17,278.26 19,208.44
Current PPIS
> (604.26) (13,447.91) (14,052.17)
Current Net PPIS
> 0.00 0.00 0.00
Total Advanced Principal For Current Payment Date
> 47,070.29 85,460.48 132,530.77
Total Advanced Interest For Current Payment Date
> 294,566.48 712,829.50 1,007,395.98
TOTAL ADVANCES FOR CURRENT PERIOD
> 341,636.77 798,289.98 1,139,926.75
ADDITIONAL COLLATERAL INFORMATION
> GROUP 2 GROUP 1 TOTAL
Weighted Average Net Mortgage Rate
> 7.1967% 8.1051% 7.8224%
Page 14 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Delinquency Report for December 26, 2002 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 3004150.92 1011766.4 0 4015917.32
% Balance
>0.017599288 0.005927255 0 0.023526543
# Loans
> 17 6 0 23
% # Loans
>0.018681319 0.006593407 0 0.025274725
FORECLOSURE Balance 0
> 0 0 3665006.25 3665006.25
% Balance 0
> 0 0 0.021470792 0.021470792
# Loans 0
> 0 0 24 24
% # Loans 0
> 0 0 0.026373626 0.026373626
BANKRUPTCY Balance 0
> 151927.75 162853.66 428696.14 743477.55
% Balance 0
>0.000890042 0.000954049 0.002511441 0.004355532
# Loans 0
> 1 1 2 4
% # Loans 0
>0.001098901 0.001098901 0.002197802 0.004395604
REO Balance 0
> 0 0 1473572.92 1473572.92
% Balance 0
> 0 0 0.008632667 0.008632667
# Loans 0
> 0 0 7 7
% # Loans 0
> 0 0 0.007692308 0.007692308
TOTAL Balance 0
> 3156078.67 1174620.06 5567275.31 9897974.04
% Balance 0
> 0.01848933 0.006881304 0.0326149 0.057985534
# Loans 0
> 18 7 33 58
% # Loans 0
> 0.01978022 0.007692308 0.036263736 0.063736264
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 December 26, 2002 Distribution
Delinquency Report - Group 1 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 2228671.49 1011766.4 0 3240437.89
% Balance
>0.018996647 0.008624048 0 0.027620695
# Loans
> 15 6 0 21
% # Loans
>0.019280206 0.007712082 0 0.026992288
FORECLOSURE Balance 0
> 0 0 3343077.54 3343077.54
% Balance 0
> 0 0 0.02849557 0.02849557
# Loans 0
> 0 0 23 23
% # Loans 0
> 0 0 0.029562982 0.029562982
BANKRUPTCY Balance 0
> 151927.75 162853.66 428696.14 743477.55
% Balance 0
>0.001294995 0.001388125 0.0036541 0.00633722
# Loans 0
> 1 1 2 4
% # Loans 0
>0.001285347 0.001285347 0.002570694 0.005141388
REO Balance 0
> 0 0 1160301.99 1160301.99
% Balance 0
> 0 0 0.009890129 0.009890129
# Loans 0
> 0 0 6 6
% # Loans 0
> 0 0 0.007712082 0.007712082
TOTAL Balance 0
> 2380599.24 1174620.06 4932075.67 8487294.97
% Balance 0
>0.020291642 0.010012172 0.042039799 0.072343613
# Loans 0
> 16 7 31 54
% # Loans 0
>0.020565553 0.008997429 0.039845758 0.06940874
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 December 26, 2002 Distribution
Delinquency Report - Group 2 Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 775479.43 0 0 775479.43
% Balance
>0.014528046 0 0 0.014528046
# Loans
> 2 0 0 2
% # Loans
>0.015151515 0 0 0.015151515
FORECLOSURE Balance 0
> 0 0 321928.71 321928.71
% Balance 0
> 0 0 0.006031101 0.006031101
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.007575758 0.007575758
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 313270.93 313270.93
% Balance 0
> 0 0 0.005868904 0.005868904
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.007575758 0.007575758
TOTAL Balance 0
> 775479.43 0 635199.64 1410679.07
% Balance 0
>0.014528046 0 0.011900006 0.026428051
# Loans 0
> 2 0 2 4
% # Loans 0
>0.015151515 0 0.015151515 0.03030303
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 December 26, 2002 Distribution
REO Report - Mortgage Loans that Become REO During Current Dis
>tribution
SUMMARY LOAN GROUP
Total Loan Count = 2 Loan Group 1
>= Group 1 Group; REO Book Value = Not Available
Total Original Principal Balance = 397,000.00 Loan Group 2
> = Group 2 Group; REO Book Value = Not Available
Total Current Balance = 394,656.58
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
1100347094 1 104500 104007.31 37347
> 0.09875MS - 95.00% 360 37286
1109004214 1 292500 290649.27 37316
> 0.09375FL - 90.00% 360 37239
Page 18 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Prepayment Report for December 26, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> GROUP 2 GROUP 1 TOTAL
Current
Number of Paid in Full Loans
> 3 16 19
Number of Repurchased Loans
> 0 0 0
Total Number of Loans Prepaid in Full
> 3 16 19
Paid in Full Balance
> 1003699.97 3055790.72 4059490.69
Repurchased Loans Balance
> 0 0 0
Curtailments Amount
> 4892.85 8413.68 13306.53
Total Prepayment Amount
> 1008592.82 3064204.4 4072797.22
Cumulative
Number of Paid in Full Loans
> 20 106 126
Number of Repurchased Loans
> 0 5 5
Total Number of Loans Prepaid in Full
> 20 111 131
Paid in Full Balance
> 7844260.69 18367647.24 26211907.93
Repurchased Loans Balance
> 0 829926.35 829926.35
Curtailments Amount
> 351920.89 80498.82 432419.71
Total Prepayment Amount
> 8196181.58 19278072.41 27474253.99
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 December 26, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> GROUP 2 GROUP 1 TOTAL
SMM
> 0.018544847 0.025453711 0.023303742
3 Months Avg SMM
> 0.021859592 0.028916314 0.026731924
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.012861531 0.013809295 0.013513769
CPR
> 0.201186281 0.266112202 0.246446162
3 Months Avg CPR
> 0.232966368 0.296798324 0.277580033
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.143875512 0.153687301 0.150638959
PSA
> 8.862528387 11.55560752 10.74951882
3 Months Avg PSA Approximation
> 11.24554649 14.10657663 13.25632579
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 11.21221891 11.70737753 11.55556803
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 December 26, 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 December 26, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 19
> Loan Group 1 = Group 1 Group
Total Original Principal Balance = 4,088,059.00
> Loan Group 2 = Group 2 Group
Total Prepayment Amount = 4,059,490.69
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
1100334227 1 155000 153694.65
> 37568 0.09125GA - 78.69% Paid Off - 36 37279
1100339570 1 292500 290326.89
> 37578 0.09FL - 90.00% Paid Off - 18 37264
1100342207 1 279000 275079.85
> 37568 0.07125CA - 69.75% Paid Off - 36 37273
1100343150 1 251750 250257.35
> 37561 0.0975CA - 95.00% Paid Off - 36 37270
1100343552 1 139650 138860.49
> 37571 0.09875MI - 95.00% Paid Off - 36 37278
1100343608 1 149850 148762.04
> 37566 0.0825CA - 90.00% Paid Off - 36 37244
1100344478 1 103550 101754.28
> 37586 0.09FL - 95.00% Paid Off - 36 37253
1100344612 1 151459 150802.9
> 37572 0.1075AZ - 95.00% Paid Off - 36 37265
1100344922 1 150100 149410.56
> 37582 0.1FL - 95.00% Paid Off - 36 37266
1100345070 1 287200 285006.74
> 37574 0.075CA - 80.00% Paid Off - 36 37278
1100345138 1 218500 217167.46
> 37575 0.08625CA - 95.00% Paid Off - 36 37272
1100345602 1 139000 138214.56
> 37574 0.09MA - 76.38% Paid Off - 18 37279
1109004365 1 74600 74133.38
> 37566 0.085IL - 63.23% Paid Off - 36 37253
2500012760 1 230400 228915.77
> 37590 0.08375FL - 80.00% Paid Off - 36 37244
2500012823 1 180500 179833.08
> 37580 0.11125MD - 95.00% Paid Off - 36 37239
2500014162 1 275000 273570.72
> 37564 0.08875NJ - 79.72% Paid Off - 36 37286
1100341240 2 343000 340471.5
> 37590 0.08625MD - 79.77% Paid Off - 36 37242
1100343549 2 326000 324017.7
> 37590 0.09NE - 76.71% Paid Off - 36 37266
2500012820 2 341000 339210.77
> 37586 0.09375FL - 87.44% Paid Off - 36 37244
Page
> 22 of 28 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Realized Loss Report for December 26, 2002 Distribution
Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES
> GROUP 2 GROUP 1 TOTAL
Current
Number of Loans Liquidated
> 0 0 0
Collateral Realized Loss/(Gain) Amount
> 0 0 0
Net Liquidation Proceeds
> 0 0 0
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 December 26, 2002 Distribution
Realized Loss Report - Collateral
DEFAULT SPEEDS
> GROUP 2 GROUP 1 TOTAL
MDR
> 0 0 0
3 Months Avg MDR
> 0 0.000487739 0.000338038
12 Months Avg MDR
Avg MDR Since Cut-off
> 0 0.000133043 9.22036E-05
CDR
> 0 0 0
3 Months Avg CDR
> 0 0.005837197 0.004048925
12 Months Avg CDR
Avg CDR Since Cut-off
> 0 0.001595353 0.001105882
SDA
> 0 0 0
3 Months Avg SDA Approximation
> 0 0.027743708 0.019336356
12 Months Avg SDA Approximation
Avg SDA Since Cut-off Approximation
> 0 0.01215286 0.008483259
Loss Severity Approximation for Current Period
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 December 26, 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 December 26, 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
> Loan Group 2 = Group 2 Group
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
> 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 December
>26, 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
> 138,655.41
Net WAC Shortfall
> 9,840.82
Net WAC Shortfall Reserve Fund Ending Balance
> 128,814.59
Page 27 of 28
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S1
Mortgage Pass-Through Certificates
Additional Certificate Report for December 26, 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