Exhibit 99.1

OFFICER'S CERTIFICATE

Re: Impac Secured Assets Corp., Mortgage Pass-Through Certificates,
Series 2003-1

I, Mario R. Fegan, Jr., hereby certify that I am the Vice President,
Master Servicing, of Impac Funding Corporation.  I further certify,
with respect to the Pooling and Servicing Agreement, as Master
Servicer, the following:

1. A review of the activities of the Master Servicer during the
preceding calendar year and of its performance under the Poling and
Servicing Agreement has been made under my supervision;

2. To the best of my knowledge, based on such review, the Master
Servicer has fulfilled all its obligations under the Pooling and
Servicing Agreement for such year;

3. A review of the activities of each Sub-Servicer during the
Sub-Servicer's most recently ended fiscal year on or prior to
December 31, 2003 and its performance under its Sub-
Servicing Agreement has been made under my supervision; and

4. To the best of my knowledge, based on my review and the
certification of an officer of each Sub-Servicer, each Sub-
Servicer has performed and fulfilled its duties, responsibilities
and obligations under the Pooling and Servicing Agreement and
its Sub-Servicing Agreement in all material respects throughout
the year.


IMPAC FUNDING CORPORATION,
as Master Servicer

By:   /s/  Mario R. Fegan, Jr.
Name: Mario R. Fegan, Jr.
Title:  Vice President, Master Servicing