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 33-071-5871
(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
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.
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: 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-S2
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
> 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: December 26,
> 2002
Underwriter(s): Bear, Stearns & Co. Inc Under
>writer Record Date: November 2
>9, 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 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)
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
>39248133.55 278007.6126 2733405.94 3011413.553 0
> 0 36514727.61
LTA6 90299000
> 90299000 489119.5833 0 489119.5833 0
> 0 90299000
LTA7 48440480
>39248135.17 147180.5069 2733406.05 2880586.557 0
> 0 36514729.12
LTMB 20000000
> 19836741.6 107449.017 15308.91 122757.927 0
> 0 19821432.69
LTIO 0
> 0 321318.0185 0 321318.0185 0
> 0 0
LTPO 220587
> 218429.6 0 307.07 307.07 0
> 0 218122.53
LTP 100
> 100 75134.4917 0 75134.4917 0
> 0 100
LTR2 50
> 0 0 0 0 0
> 0 0
Total 249999505
>226350539.9 1621334.23 5482427.97 7103762.2 0
> 0 220868112
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 810.2342332 5.739159151 56.42813723 62.1
>6729638 753.806096
LTA6 F-30/360
> 90299000 1000 5.416666666 0 5.41
>6666666 1000
LTA7 F-30/360
> 48440480 810.2342332 3.038378375 56.42813717 59.4
>6651554 753.8060961
LTMB F-30/360
> 20000000 991.83708 5.37245085 0.7654455 6.1
>3789635 991.0716345
LTIO F-30/360
> 242265076.9 902.6927325 1.326307624 0 1.32
>6307624 880.1102032
LTPO F-30/360
> 220587 990.2197319 0 1.392058462 1.39
>2058462 988.8276734
LTP F-30/360
> 100 1000 751344.917 0 751
>344.917 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 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)
LTA1 5098810 69239.797
>4638381.818 460428.1822 5098810 5168049.797 0
> 0 0
LTA2 12500000 609374.9997
> 0 0 0 609374.9997 0
> 0 12500000
LTA3 25000000 1218750
> 0 0 0 1218750 0
> 0 25000000
LTA4 48440478 2908143.572
>11403852.06 521898.3271 11925750.39 14833893.96 0
> 0 36514727.61
LTA6 90299000 4402076.25
> 0 0 0 4402076.25 0
> 0 90299000
LTA7 48440480 1539605.484
>11403852.53 521898.3488 11925750.88 13465356.36 0
> 0 36514729.12
LTMB 20000000 971165.4488
>164732.1071 13835.20291 178567.31 1149732.759 0
> 0 19821432.69
LTIO 0 3094760.262
> 0 0 0 3094760.262 0
> 0 0
LTPO 220587 0
> 2297.7175 166.7524998 2464.47 2464.47 0
> 0 218122.53
LTP 100 312484.0753
> 0 0 0 312484.0753 0
> 0 100
LTR2 50 0.2708
>44.04173125 5.958268754 50 50.2708 0
> 0 0
Total 249999505 15125600.16
>27613160.28 1518232.772 29131393.05 44256993.21 0
> 0 220868112
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 39248133.55
> 0 0 0 0 0 2780
>07.6126 0
LTA6 0.065 90299000
> 0 0 0 0 0 4891
>19.5833 0
LTA7 0.045 39248135.17
> 0 0 0 0 0 1471
>80.5069 0
LTMB 0.065 19836741.6
> 0 0 0 0 0 107
>449.017 0
LTIO 0.017631218 218690924.2
> 0 0 0 0 0 3213
>18.0185 0
LTPO 218429.6
> 0 0 0 0 0
> 0 0
LTP 0.065 100
> 0 0 0 0 0 751
>34.4917 0
LTR2 0.065 0
> 0 0 0 0 0
> 0 0
Total 445041464.2
> 0 0 0 0 0 162
>1334.23 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 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-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
>39248133.55 53966.18 2733405.94 2787372.12 0
> 0 36514727.61
A-5 IO,INV,NTL 0
> 0 224041.43 0 224041.43 0
> 0 0
A-6 SEQ,AS 90299000
> 90299000 489119.58 0 489119.58 0
> 0 90299000
A-7 SEQ,AS 48440480
>39248135.17 147180.51 2733406.05 2880586.56 0
> 0 36514729.12
A-PO PO,RSTP 220587
> 218429.6 0 307.07 307.07 0
> 0 218122.53
A-IO IO,CSTR,NTL 0
> 0 321318.02 0 321318.02 0
> 0 0
M-1 MEZ,NAS 6250000
> 6178946.87 33469.3 4810.55 38279.85 0
> 0 6174136.32
M-2 MEZ,NAS 5000000
> 4966470.82 26901.72 3817.58 30719.3 0
> 0 4962653.24
M-3 MEZ,NAS 3500000
> 3476529.56 18831.2 2672.31 21503.51 0
> 0 3473857.25
B-1 SUB,NAS 1500000
> 1489941.25 8070.52 1145.28 9215.8 0
> 0 1488795.97
B-2 SUB,NAS 1125000
> 1117455.93 6052.89 858.96 6911.85 0
> 0 1116596.97
B-3 SUB,NAS 2625000
> 2607397.17 14123.4 2004.23 16127.63 0
> 0 2605392.94
P SUB,NAS 100
> 100 75134.49 0 75134.49 0
> 0 100
R R,CPT,AS 100
> 0 0 0 0 0
> 0 0
Total 249999555
>226350539.9 1621334.24 5482427.97 7103762.21 0
> 0 220868112
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 810.2342332 1.114071996 56.42813723 57.5
>4220922 753.806096
A-5 A-30/360 4525
>4TLF9 48440478 810.2342332 4.625087102 0 4.62
>5087102 753.806096
A-6 F-30/360 4525
>4TLG7 90299000 1000 5.41666663 0 5.4
>1666663 1000
A-7 F-30/360 4525
>4TLT9 48440480 810.2342332 3.038378439 56.42813717 59.4
>6651561 753.8060961
A-PO F-30/360 4525
>4TLJ1 220587 990.2197319 0 1.392058462 1.39
>2058462 988.8276734
A-IO A-30/360 4525
>4TLH5 242265076.9 902.6927325 1.32630763 0 1.3
>2630763 880.1102032
M-1 F-30/360 4525
>4TLL6 6250000 988.6314992 5.355088 0.769688 6
>.124776 987.8618112
M-2 F-30/360 4525
>4TLM4 5000000 993.294164 5.380344 0.763516
>6.14386 992.530648
M-3 F-30/360 4525
>4TLN2 3500000 993.29416 5.380342857 0.763517143
>6.14386 992.5306429
B-1 F-30/360 4525
>4TLQ5 1500000 993.2941667 5.380346667 0.76352 6.14
>3866667 992.5306467
B-2 F-30/360 4525
>4TLR3 1125000 993.29416 5.380346667 0.76352 6.14
>3866667 992.53064
B-3 F-30/360 4525
>4TLS1 2625000 993.29416 5.380342857 0.76351619 6.14
>3859048 992.5306438
P F-30/360 4525
>4TLP7 100 1000 751344.9 0 7
>51344.9 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 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-1 5098810 69239.79
>4638381.818 460428.1822 5098810 5168049.79 0
> 0 0
A-2 12500000 609374.97
> 0 0 0 609374.97 0
> 0 12500000
A-3 25000000 1218750.03
> 0 0 0 1218750.03 0
> 0 25000000
A-4 48440478 707138.6
>11403852.06 521898.3271 11925750.39 12632888.99 0
> 0 36514727.61
A-5 0 2201004.98
> 0 0 0 2201004.98 0
> 0 0
A-6 90299000 4402076.22
> 0 0 0 4402076.22 0
> 0 90299000
A-7 48440480 1539605.49
>11403852.53 521898.3488 11925750.88 13465356.37 0
> 0 36514729.12
A-PO 220587 0
> 2297.7175 166.7524998 2464.47 2464.47 0
> 0 218122.53
A-IO 0 3094760.25
> 0 0 0 3094760.25 0
> 0 0
M-1 6250000 302728.67
>68509.26286 7354.417144 75863.68 378592.35 0
> 0 6174136.32
M-2 5000000 243067.92
>34990.11102 2356.648982 37346.76 280414.68 0
> 0 4962653.24
M-3 3500000 170147.53
>24493.09456 1649.655443 26142.75 196290.28 0
> 0 3473857.25
B-1 1500000 72920.39
>10497.03549 706.9945148 11204.03 84124.42 0
> 0 1488795.97
B-2 1125000 54690.3
>7872.783931 530.2460691 8403.03 63093.33 0
> 0 1116596.97
B-3 2625000 127610.65
>18369.81924 1237.240759 19607.06 147217.71 0
> 0 2605392.94
P 100 312484.06
> 0 0 0 312484.06 0
> 0 100
R 100 0.54
>88.08346249 11.91653751 100 100.54 0
> 0 0
Total 249999555 15125600.39
>27613204.32 1518238.73 29131443.05 44257043.44 0
> 0 220868112
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 0.0165 39248133.55
> 0 0 0 0 0 5
>3966.18 0
A-5 0.0685 39248133.55
> 0 0 0 0 0 22
>4041.43 0
A-6 0.065 90299000
> 0 0 0 0 0 48
>9119.58 0
A-7 0.045 39248135.17
> 0 0 0 0 0 14
>7180.51 0
A-PO 218429.6
> 0 0 0 0 0
> 0 0
A-IO 0.017631349 218690924.2
> 0 0 0 0 0 32
>1318.02 0
M-1 0.065 6178946.87
> 0 0 0 0 0
>33469.3 0
M-2 0.065 4966470.82
> 0 0 0 0 0 2
>6901.72 0
M-3 0.065 3476529.56
> 0 0 0 0 0
>18831.2 0
B-1 0.065 1489941.25
> 0 0 0 0 0
>8070.52 0
B-2 0.065 1117455.93
> 0 0 0 0 0
>6052.89 0
B-3 0.065 2607397.17
> 0 0 0 0 0
>14123.4 0
P 0.065 100
> 0 0 0 0 0 7
>5134.49 0
R 0.065 0
> 0 0 0 0 0
> 0 0
Total 484289597.7
> 0 0 0 0 0 162
>1334.24 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 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)
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 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)
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 December 26, 2002 Distribution
Collection Account Report
SUMMARY
> TOTAL
Principal - Collections
> 5,482,427.99
Principal - Withdrawals
> 0.00
Principal - Other Accounts
> 0.00
TOTAL NET PRINCIPAL
> 5,482,427.99
Interest Collections
> 1,641,201.38
Interest Withdrawals
> 0.00
Interest Fees
> (19,867.16)
TOTAL NET INTEREST
> 1,621,334.22
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 7,103,762.21
PRINCIPAL - COLLECTIONS
> TOTAL
Scheduled Principal
> 174,128.68
Curtailments
> 32,552.01
Prepayments In Full
> 5,275,747.30
Repurchases/Substitutions
> 0.00
Liquidations
> 0.00
Insurance Principal
> 0.00
Other Principal
> 0.00
Delinquent Principal
> (145,526.41)
Principal Advanced
> 145,526.41
Total Realized Loss Of Principal
> 0.00
TOTAL PRINCIPAL COLLECTED
> 5,482,427.99
Page 8 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for December 26, 2002 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> TOTAL
INTEREST - COLLECTIONS
> TOTAL
Scheduled Interest
> 1,611,131.69
Repurchases/Substitutions
> 0.00
Liquidation Interest
> 0.00
Insurance Interest
> 0.00
Other Interest
> 0.00
Delinquent Interest
> (1,380,764.13)
Interest Advanced
> 1,335,699.87
Prepayment Interest Shortfalls
> (18,706.28)
Compensating Interest
> 18,706.28
Civil Relief Act Shortfalls
> 0.00
Prepayment Premiums
> 75,133.95
TOTAL INTEREST COLLECTED
> 1,641,201.38
Page 9 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Collection Account Report for December 26, 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
> 10,607.18
Trustee Fee Amount
> 1,509.01
Current Servicing Fees
> 7,750.97
TOTAL INTEREST OTHER FEES
> 19,867.16
Page 10 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Credit Enhancement Report for December 26, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> TOTAL
Radian PMI Premium
> 10,607.18
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 December 26, 2002 Distribution
Collateral Report
COLLATERAL
> TOTAL
Loan Count:
Original
> 1147
Prior
> 1349
Prefunding
> 0
Scheduled Paid Offs
> 0
Full Voluntary Prepayments
> -27
Repurchases
> 0
Liquidations
> 0
Current
> 1322
Principal Balance:
Original
> 193381668.6
Prior
> 226350984.9
Prefunding
> 0
Scheduled Principal
> -174128.68
Partial and Full Voluntary Prepayments
> -5308299.31
Repurchases
> 0
Liquidations
> 0
Current
> 220868556.9
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 December 26, 2002 Distribution
Collateral Report
CHARACTERISTICS
> TOTAL
Weighted Average Coupon Original
> 0.085584298
Weighted Average Coupon Prior
> 0.085450652
Weighted Average Coupon Current
> 0.085414165
Weighted Average Months to Maturity Original
> 340
Weighted Average Months to Maturity Prior
> 332
Weighted Average Months to Maturity Current
> 331
Weighted Avg Remaining Amortization Term Original
> 349.7924593
Weighted Avg Remaining Amortization Term Prior
> 341.2364303
Weighted Avg Remaining Amortization Term Current
> 339.9969579
Weighted Average Seasoning Original
> 2.9738338
Weighted Average Seasoning Prior
> 9.47708149
Weighted Average Seasoning Current
> 10.49645036
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 December 26, 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
> 7,750.97
Delinquent Servicing Fees
> 45,064.26
TOTAL SERVICING FEES
> 52,815.23
Total Servicing Fees
> 52,815.23
Compensating Interest
> (18,706.28)
Delinquent Servicing Fees
> (45,064.26)
COLLECTED SERVICING FEES
> (10,955.31)
ADDITIONAL COLLATERAL INFORMATION
> TOTAL
Weighted Average Net Mortgage Rate
> 8.1972%
Page 14 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
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
> 3620945.83 2613059.87 170825.03 6404830.73
% Balance
>0.016394121 0.011830837 0.000773424 0.028998382
# Loans
> 24 13 1 38
% # Loans
>0.018154312 0.009833585 0.00075643 0.028744327
FORECLOSURE Balance 0
> 0 0 2772742.71 2772742.71
% Balance 0
> 0 0 0.012553814 0.012553814
# Loans 0
> 0 0 14 14
% # Loans 0
> 0 0 0.010590015 0.010590015
BANKRUPTCY Balance 0
> 0 314620.5 225156.63 539777.13
% Balance 0
> 0 0.001424469 0.001019415 0.002443884
# Loans 0
> 0 3 2 5
% # Loans 0
> 0 0.002269289 0.001512859 0.003782148
REO Balance 0
> 0 0 684162.83 684162.83
% Balance 0
> 0 0 0.003097602 0.003097602
# Loans 0
> 0 0 3 3
% # Loans 0
> 0 0 0.002269289 0.002269289
TOTAL Balance 0
> 3620945.83 2927680.37 3852887.2 10401513.4
% Balance 0
>0.016394121 0.013255306 0.017444254 0.047093681
# Loans 0
> 24 16 20 60
% # Loans 0
>0.018154312 0.012102874 0.015128593 0.045385779
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 December 26, 2002 Distribution
REO Report - Mortgage Loans that Become REO During Current Dis
>tribution
SUMMARY LOAN GROUP
Total Loan Count = 1 Loan Group 1
>= Pool Group; REO Book Value = Not Available
Total Original Principal Balance = 251,750.00
Total Current Balance = 250,704.68
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
1100348493 1 251750 250704.68 37347
> 0.09375TX - 88.33% 360 37356
Page 16 of 25
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Prepayment Report for December 26, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> TOTAL
Current
Number of Paid in Full Loans
> 27
Number of Repurchased Loans
> 0
Total Number of Loans Prepaid in Full
> 27
Paid in Full Balance
> 5275747.3
Repurchased Loans Balance
> 0
Curtailments Amount
> 32552.01
Total Prepayment Amount
> 5308299.31
Cumulative
Number of Paid in Full Loans
> 152
Number of Repurchased Loans
> 2
Total Number of Loans Prepaid in Full
> 154
Paid in Full Balance
> 26949314.96
Repurchased Loans Balance
> 272289.41
Curtailments Amount
> 344400.85
Total Prepayment Amount
> 27566005.22
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 December 26, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> TOTAL
SMM
> 0.023469684
3 Months Avg SMM
> 0.018922384
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.013046452
CPR
> 0.247981084
3 Months Avg CPR
> 0.204865848
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.145798065
PSA
> 11.81261643
3 Months Avg PSA Approximation
> 10.80971413
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 11.20830981
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 December 26, 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 December 26, 2002 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 27
> Loan Group 1 = Pool Group
Total Original Principal Balance = 5,306,705.00
Total Prepayment Amount = 5,275,747.30
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
1100342594 1 132525 131564.84
> 37587 0.085FL - 95.00% Paid Off - 36 37309
1100343046 1 84550 83871.59
> 37590 0.07875CA - 95.00% Paid Off - 36 37300
1100343728 1 97930 97123.14
> 37561 0.0849VA - 70.00% Paid Off - 18 37287
1100344443 1 242250 240982.76
> 37566 0.09375MA - 95.00% Paid Off - 18 37309
1100344769 1 292600 291363.42
> 37582 0.09875MD - 95.00% Paid Off - 18 37308
1100344833 1 173588 172708.56
> 37571 0.09FL - 80.00% Paid Off - 36 37295
1100345200 1 94400 93747.29
> 37590 0.08FL - 80.00% Paid Off - 36 37306
1100345374 1 229600 228199.71
> 37565 0.08625FL - 80.00% Paid Off - 36 37279
1100345706 1 94700 94207.78
> 37581 0.08875FL - 79.96% Paid Off - 36 37301
1100345768 1 137900 136944.64
> 37585 0.085CA - 83.58% Paid Off - 36 37291
1100345785 1 270000 269160.83
> 37573 0.1075GA - 75.00% Paid Off - 36 37333
1100345833 1 85000 84532.95
> 37573 0.08VA - 73.92% Paid Off - 36 37322
1100346139 1 256500 255292.37
> 37586 0.0825NY - 90.00% Paid Off - 36 37335
1100346199 1 136800 136207.44
> 37572 0.085CA - 90.00% Paid Off - 36 37349
1100347370 1 196000 194872.5
> 37578 0.08375NJ - 80.00% Paid Off - 36 37307
1100347424 1 161500 160547.19
> 37587 0.0825CA - 85.00% Paid Off - 36 37287
1109004449 1 408000 405711.39
> 37565 0.085CA - 85.00% Paid Off - 36 37306
1109004594 1 174600 173669.07
> 37572 0.0875CA - 90.00% Paid Off - 36 37292
1109004642 1 187500 185614.55
> 37587 0.08CA - 75.00% Paid Off - 36 37328
1109004955 1 170762 169669.12
> 37571 0.08875NJ - 95.00% Paid Off - 36 37316
2500012905 1 68000 66641.35
> 37574 0.08375FL - 80.00% Paid Off - 18 37350
2500013496 1 189000 188107.59
> 37572 0.0875FL - 89.56% Paid Off - 36 37302
2500014081 1 134900 134225.92
> 37580 0.095FL - 90.00% Paid Off - 36 37287
2500014738 1 127500 126981.73
> 37578 0.095FL - 50.00% Paid Off - 36 37319
2500014850 1 95000 94682.06
> 37587 0.0975AZ - 95.00% Paid Off - 36 37327
2500014859 1 542500 538956.4
> 37580 0.07125CA - 70.00% Paid Off - 36 37321
2500015511 1 523100 520161.11
> 37574 0.0775NV - 79.86% Paid Off - 36 37348
Page
> 20 of 25 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-S2
Mortgage Pass-Through Certificates
Realized Loss Report for December 26, 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 December 26, 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 December 26, 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 December 26, 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 December
>26, 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
> 5,466,812.00
Subordinate Principal Distribution Amount
> 15,247.93
Senior Accelerated Distribution Percentage
> 100.0000%
Senior Percentage
> 91.2276%
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