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 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
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 June 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. 2002-3
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
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: December 26,
> 2002
Underwriter(s): UBS Securities Underwriter
> Record Date: November 2
>9, 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 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)
LT-1 129000084
> 120912925 797252 4179732.4 4976984.4 0
> 0 116733192.6
LT-2 2500000
> 2500000 16484.01 0 16484.01 0
> 0 2500000
LT-3 2500000
> 2500000 16484.01 0 16484.01 0
> 0 2500000
LT-4 2250000
> 2250000 14835.61 0 14835.61 0
> 0 2250000
LT-5 13750000
> 13750000 90662.06 0 90662.06 0
> 0 13750000
LT-P 100
> 100 35855.7 0 35855.7 0
> 0 100
R-1 0
> 0 0 0 0 0
> 0 0
Total 150000184
> 141913025 971573.39 4179732.4 5151305.79 0
> 0 137733292.6
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)
LT-1 F-30/360
> 129000084 937.3088854 6.180244038 32.40100526 38.
>5812493 904.9078801
LT-2 F-30/360
> 2500000 1000 6.593604 0 6
>.593604 1000
LT-3 F-30/360
> 2500000 1000 6.593604 0 6
>.593604 1000
LT-4 F-30/360
> 2250000 1000 6.593604444 0 6.59
>3604444 1000
LT-5 F-30/360
> 13750000 1000 6.593604364 0 6.59
>3604364 1000
LT-P F-30/360
> 100 1000 358557 0
> 358557 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 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)
LT-1 129000084 4967138.24
>11622996.59 643894.86 12266891.45 17234029.69 0
> 0 116733192.6
LT-2 2500000 98964.96
> 0 0 0 98964.96 0
> 0 2500000
LT-3 2500000 98964.96
> 0 0 0 98964.96 0
> 0 2500000
LT-4 2250000 89068.47
> 0 0 0 89068.47 0
> 0 2250000
LT-5 13750000 544307.3
> 0 0 0 544307.3 0
> 0 13750000
LT-P 100 62182.99
> 0 0 0 62182.99 0
> 0 100
R-1 0 0
> 0 0 0 0 0
> 0 0
Total 150000184 5860626.92
>11622996.59 643894.86 12266891.45 18127518.37 0
> 0 137733292.6
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)
LT-1 0.079123253 120912925
> 797252 0 0 0 797252
> 797252 0
LT-2 0.079123253 2500000
> 16484.01 0 0 0 16484.01 1
>6484.01 0
LT-3 0.079123253 2500000
> 16484.01 0 0 0 16484.01 1
>6484.01 0
LT-4 0.079123253 2250000
> 14835.61 0 0 0 14835.61 1
>4835.61 0
LT-5 0.079123253 13750000
> 90662.06 0 0 0 90662.06 9
>0662.06 0
LT-P 0.079123253 100
> 0.66 0 0 0 0.66
>35855.7 0
R-1 0
> 0 0 0 0 0
> 0 0
Total 141913025
> 935718.35 0 0 0 935718.35 97
>1573.39 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 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)
MT-AA 147000080.3
>139074664.5 844115.87 4096137.68 4940253.55 0
> 0 134978526.8
MT-A1 287500
> 195538.6 1186.82 41956.7 43143.52 0
> 0 153581.9
MT-A2 317500
> 317500 1927.07 0 1927.07 0
> 0 317500
MT-A3 567500
> 567500 3444.45 0 3444.45 0
> 0 567500
MT-A4 222500
> 222500 1350.47 0 1350.47 0
> 0 222500
MT-M1 41250
> 41250 250.37 0 250.37 0
> 0 41250
MT-M2 33750
> 33750 204.85 0 204.85 0
> 0 33750
MT-B 30000
> 30000 182.09 0 182.09 0
> 0 30000
MT-ZZ 1500003.68
> 1430221.89 8521.39 41797.38 50318.77 0
> 159.36 1388583.87
MT-IO 0
> 0 49374.5 0 49374.5 0
> 0 0
MT-P 100
> 100 35855.65 0 35855.65 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
> 141913025 971414.03 4179891.76 5151305.79 0
> 159.36 137733292.6
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)
MT-AA F-30/360
> 147000080.3 946.0856359 5.742281692 27.86486695 33.6
>0714864 918.2207689
MT-A1 F-30/360
> 287500 680.1342609 4.128069565 145.9363478 150.
>0644174 534.197913
MT-A2 F-30/360
> 317500 1000 6.069511811 0 6.06
>9511811 1000
MT-A3 F-30/360
> 567500 1000 6.069515419 0 6.06
>9515419 1000
MT-A4 F-30/360
> 222500 1000 6.06952809 0 6.0
>6952809 1000
MT-M1 F-30/360
> 41250 1000 6.069575758 0 6.06
>9575758 1000
MT-M2 F-30/360
> 33750 1000 6.06962963 0 6.0
>6962963 1000
MT-B F-30/360
> 30000 1000 6.069666667 0 6.06
>9666667 1000
MT-ZZ F-30/360
> 1500003.68 953.4789208 5.680912729 27.86485164 33.5
>4576437 925.7203089
MT-IO F-30/360
> 21000000 1000 2.351166667 0 2.35
>1166667 1000
MT-P F-30/360
> 100 1000 358556.5 0 3
>58556.5 1000
MT-J F-30/360
> 21000000 1000 1.1905 0
> 1.1905 0
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 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)
MT-AA 147000080.3 5245150.28
>11391448.62 630104.92 12021553.54 17266703.82 0
> 0 134978526.8
MT-A1 287500 9012.62
> 126557.8 7360.3 133918.1 142930.72 0
> 0 153581.9
MT-A2 317500 11600.89
> 0 0 0 11600.89 0
> 0 317500
MT-A3 567500 20735.45
> 0 0 0 20735.45 0
> 0 567500
MT-A4 222500 8129.76
> 0 0 0 8129.76 0
> 0 222500
MT-M1 41250 1507.21
> 0 0 0 1507.21 0
> 0 41250
MT-M2 33750 1233.17
> 0 0 0 1233.17 0
> 0 33750
MT-B 30000 1096.14
> 0 0 0 1096.14 0
> 0 30000
MT-ZZ 1500003.68 42479.55
> 116239.33 6429.64 122668.97 165148.52 0 1
>1249.16 1388583.87
MT-IO 0 296247
> 0 0 0 296247 0
> 0 0
MT-P 100 62182.69
> 0 0 0 62182.69 0
> 0 100
MT-J 0 150003
> 0 0 0 150003 0
> 0 0
R-2 0 0
> 0 0 0 0 0
> 0 0
Total 150000184 5849377.76
>11634245.75 643894.86 12278140.61 18127518.37 0 1
>1249.16 137733292.6
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)
MT-AA 0.072834189 139074664.5
> 844115.87 0 0 0 844115.87 84
>4115.87 0
MT-A1 0.072834189 195538.6
> 1186.82 0 0 0 1186.82
>1186.82 0
MT-A2 0.072834189 317500
> 1927.07 0 0 0 1927.07
>1927.07 0
MT-A3 0.072834189 567500
> 3444.45 0 0 0 3444.45
>3444.45 0
MT-A4 0.072834189 222500
> 1350.47 0 0 0 1350.47
>1350.47 0
MT-M1 0.072834189 41250
> 250.37 0 0 0 250.37
> 250.37 0
MT-M2 0.072834189 33750
> 204.85 0 0 0 204.85
> 204.85 0
MT-B 0.072834189 30000
> 182.09 0 0 0 182.09
> 182.09 0
MT-ZZ 0.072834189 1430221.89
> 8680.75 0 0 -159.36 8521.39
>8680.75 159.36
MT-IO 0.028214 21000000
> 49374.5 0 0 0 49374.5
>49374.5 0
MT-P 0.072834189 100
> 0.61 0 0 0 0.61 3
>5855.65 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 183913025
> 935718.35 0 0 -159.36 935558.99 97
>1573.39 159.36
> Page 5 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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-1 FLT, SEQ 28750000
>19553860.42 27614.4 4195669.53 4223283.93 0
> 0 15358190.89
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
> 1109064.53 211033.98 0 211033.98 0 1
>5937.13 1125001.66
P SUB 100
> 100 35855.04 0 35855.04 0
> 0 100
R-3 R 0
> 0 0 0 0 0
> 0 0
Total 150000184
> 141913025 955636.26 4195669.53 5151305.79 0 1
>5937.13 137733292.6
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-1 37585 37615 F-30/360 4525
>4TLU6 28750000 680.1342755 0.96050087 145.9363315 146.
>8968323 534.197944
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 953.4788911 1.406890686 0 1.40
>6890686 925.7203056
P F-30/360 4525
>4TMC5 100 1000 358550.4 0 3
>58550.4 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 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 28750000 255415.53
>12747914.25 643894.86 13391809.11 13647224.64 0
> 0 15358190.89
A-2 31750000 827087.52
> 0 0 0 827087.52 0
> 0 31750000
A-3 56750000 1804650
> 0 0 0 1804650 0
> 0 56750000
A-4 22250000 778750.02
> 0 0 0 778750.02 0
> 0 22250000
A-IO 0 296247
> 0 0 0 296247 0
> 0 0
M-1 4125000 143550
> 0 0 0 143550 0
> 0 4125000
M-2 3375000 121162.5
> 0 0 0 121162.5 0
> 0 3375000
B 3000000 115350
> 0 0 0 115350 0
> 0 3000000
C 84 331317.66
> 0 0 0 331317.66 0 112
>4917.66 1125001.66
P 100 62179.03
> 0 0 0 62179.03 0
> 0 100
R-3 0 0
> 0 0 0 0 0
> 0 0
Total 150000184 4735709.26
>12747914.25 643894.86 13391809.11 18127518.37 0 112
>4917.66 137733292.6
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-1 0.0164 19553860.42
> 27614.4 0 0 0 27614.4
>27614.4 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 0.072834189 3000000
> 18208.55 0 0 0 18208.55
> 19225 0
C 0.019200567 143022089.2
> 227067.55 0 0 -16033.57 211033.98 22
>6971.11 16033.57
P 100
> 0 0 0 0 0 3
>5855.04 0
R-3 0
> 0 0 0 0 0
> 0 0
Total 304826049.6
> 934798.34 0 0 -16033.57 918764.77 97
>1573.39 16033.57
> Page 7 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
Mortgage Pass-Through Certificates
Collection Account Report for December 26, 2002 Distribution
Collection Account Report
SUMMARY
> TOTAL
Principal Collections
> 4,179,732.40
Other Principal Deposits
> 0.00
TOTAL NET PRINCIPAL
> 4,179,732.40
Interest Collections
> 993,459.14
Interest Withdrawals
> 0.00
Interest Fees
> (20,869.31)
TOTAL NET INTEREST
> 972,589.83
TOTAL AVAILABLE FUNDS TO BONDHOLDERS
> 5,152,322.23
PRINCIPAL - COLLECTIONS
> TOTAL
Scheduled Principal
> 105,301.08
Curtailments
> 9,299.57
Prepayments In Full
> 3,809,634.86
Repurchases/Substitutions
> 255,496.89
Liquidations
> 0.00
Insurance Principal
> 0.00
Other Principal
> 0.00
Delinquent Principal
> (87,942.31)
Total Realized Loss Of Principal
> 0.00
Principal Advanced
> 87,942.31
TOTAL PRINCIPAL COLLECTED
> 4,179,732.40
Page 8 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS
> TOTAL
Scheduled Interest
> 1,006,203.85
Repurchases/Substitutions
> 1,916.23
Liquidation Interest
> 0.00
Insurance Interest
> 0.00
Other Interest
> 0.00
Prepayment Interest Shortfalls
> (17,781.48)
Delinquent Interest
> (833,481.71)
Interest Realized Losses
> 0.00
Compensating Interest
> 17,781.48
Civil Relief Act Shortfalls
> 0.00
Prepayment Premiums
> 35,855.04
Interest Advanced
> 781,949.28
Net WAC Shortfall
> 1,016.45
TOTAL INTEREST COLLECTED
> 993,459.14
Page 9 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
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
> 8,126.96
Trustee Fee Amount
> 1,596.52
Retained Spread
> 0.00
Current Servicing Fees
> 62,678.26
Delinquent Servicing Fees
> (51,532.43)
TOTAL INTEREST OTHER FEES
> 20,869.31
Page 10 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
Mortgage Pass-Through Certificates
Credit Enhancement Report for December 26, 2002 Distribution
Credit Enhancement Report
ACCOUNTS
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
> TOTAL
Overcollateralization Amount
> 1,125,001.38
Excess Overcollateralized Amount
> 0.00
Overcollateralization Release Amount
> 0.00
Overcollateralization Deficiency Amount
> 40,937.63
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 December 26, 2002 Distribution
Collateral Report
COLLATERAL
> TOTAL
Loan Count:
Original
> 898
Prior
> 856
Prefunding
> 0
Scheduled Paid Offs
> 0
Full Voluntary Prepayments
> -18
Repurchases
> -1
Liquidations
> 0
Current
> 837
Principal Balance:
Original
> 150000183.7
Prior
> 141913024.7
Prefunding
> 0
Scheduled Principal
> -105301.08
Partial and Full Voluntary Prepayments
> -3818934.43
Repurchases
> -255496.89
Liquidations
> 0
Current
> 137733292.3
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 December 26, 2002 Distribution
Collateral Report
CHARACTERISTICS
> TOTAL
Weighted Average Coupon Original
> 0.085360723
Weighted Average Coupon Prior
> 0.085247635
Weighted Average Coupon Current
> 0.085245459
Weighted Average Months to Maturity Original
> 346
Weighted Average Months to Maturity Prior
> 342
Weighted Average Months to Maturity Current
> 340
Weighted Avg Remaining Amortization Term Original
> 349.2666323
Weighted Avg Remaining Amortization Term Prior
> 344.7937732
Weighted Avg Remaining Amortization Term Current
> 343.4905507
Weighted Average Seasoning Original
> 2.29451346
Weighted Average Seasoning Prior
> 6.25363323
Weighted Average Seasoning Current
> 7.23954436
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 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
> 11,145.82
Delinquent Servicing Fees
> 51,532.43
TOTAL SERVICING FEES
> 62,678.25
Total Servicing Fees
> 62,678.25
Compensating Interest
> 17,781.48
Delinquent Servicing Fees
> (51,532.43)
COLLECTED SERVICING FEES
> 28,927.30
Current PPIS
> (17,781.48)
Current Net PPIS
> 0.00
Total Advanced Principal For Current Payment Date
> 87,942.31
Total Advanced Interest For Current Payment Date
> 781,949.28
TOTAL ADVANCES FOR CURRENT PERIOD
> 869,891.59
ADDITIONAL COLLATERAL INFORMATION
> TOTAL
Weighted Average Net Mortgage Rate
> 7.9123%
Page 14 of 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
> 3995264.48 822542.8 468751.06 5286558.34
% Balance
>0.029007253 0.005971997 0.003403324 0.038382574
# Loans
> 22 5 2 29
% # Loans
>0.026284349 0.005973716 0.002389486 0.034647551
FORECLOSURE Balance 0
> 0 0 2120684.99 2120684.99
% Balance 0
> 0 0 0.01539704 0.01539704
# Loans 0
> 0 0 12 12
% # Loans 0
> 0 0 0.014336918 0.014336918
BANKRUPTCY Balance 0
> 0 0 92355.92 92355.92
% Balance 0
> 0 0 0.000670542 0.000670542
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.001194743 0.001194743
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
> 3995264.48 822542.8 2681791.97 7499599.25
% Balance 0
>0.029007253 0.005971997 0.019470906 0.054450156
# Loans 0
> 22 5 15 42
% # Loans 0
>0.026284349 0.005973716 0.017921147 0.050179211
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 December 26, 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 December 26, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> TOTAL
Current
Number of Paid in Full Loans
> 18
Number of Repurchased Loans
> 1
Total Number of Loans Prepaid in Full
> 19
Paid in Full Balance
> 3809634.86
Repurchased Loans Balance
> 255496.89
Curtailments Amount
> 9299.57
Total Prepayment Amount
> 4074431.32
Cumulative
Number of Paid in Full Loans
> 60
Number of Repurchased Loans
> 1
Total Number of Loans Prepaid in Full
> 61
Paid in Full Balance
> 11271736.36
Repurchased Loans Balance
> 255496.89
Curtailments Amount
> 95763.34
Total Prepayment Amount
> 11622996.59
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 December 26, 2002 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> TOTAL
SMM
> 0.028732083
3 Months Avg SMM
> 0.017249957
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.013395915
CPR
> 0.295195743
3 Months Avg CPR
> 0.18844706
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.149420495
PSA
> 20.38772942
3 Months Avg PSA Approximation
> 15.06731092
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 15.66038892
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 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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 = 4,084,445.00
Total Prepayment Amount = 4,065,131.75
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
1100341415 1 352000 350206.36
> 37586 0.08375NY - 80.00% Paid Off - 36 37376
1100344211 1 147250 146499.63
> 37587 0.08375NM - 95.00% Paid Off - 36 37396
1100344232 1 124900 124017.05
> 37579 0.0825CA - 94.98% Paid Off - 36 37396
1100344235 1 172215 171372.09
> 37561 0.09IL - 89.00% Paid Off - 36 37396
1100344263 1 192000 191138.6
> 37586 0.09CO - 78.37% Paid Off - 36 37396
1100348075 1 76500 76235.54
> 37590 0.1025WI - 74.28% Paid Off - 36 37375
1100348252 1 182400 181919.86
> 37581 0.0925FL - 95.00% Paid Off - 36 37407
1100348268 1 413250 411980.43
> 37564 0.085FL - 75.00% Paid Off - 36 37396
1100348537 1 103550 103212.4
> 37561 0.09875FL - 95.00% Paid Off - 36 37362
1100348684 1 167100 166512.53
> 37572 0.0875FL - 74.27% Paid Off - 36 37392
1100350427 1 240000 239157.71
> 37571 0.0925CA - 67.23% Paid Off - 36 37379
1100350500 1 385000 381283.83
> 37574 0.0675CA - 63.33% Paid Off - 36 37405
1100350521 1 180000 179372.47
> 37585 0.07875FL - 80.00% Paid Off - 36 37400
1109004367 1 140000 139230.66
> 37574 0.08FL - 80.00% Paid Off - 36 37396
1109005839 1 222400 221716.76
> 37564 0.085CA - 80.00% Paid Off - 36 37406
1109005980 1 127110 126621.88
> 37575 0.0975RI - 95.00% Paid Off - 36 37407
1109006016 1 447120 444674.76
> 37567 0.08625MI - 80.00% Paid Off - 36 37407
2500016479 1 155150 154482.3
> 37561 0.0775FL - 79.98% Paid Off - 36 37376
1109005822 1 256500 255496.89
> 37561 0.09NY - 90.00% Repur/Subs - 37376
Page
> 20 of 26 COPYRIGHT 2002 Deutsc
>he Bank
IMPAC Secured Assets Corp. 2002-3
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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 26
> COPYRIGHT 2002 Deutsche Bank
IMPAC Secured Assets Corp. 2002-3
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
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 December
>26, 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
> 1,016.45
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 December 26, 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