UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended
December 31, 2006
Commission file number: 333-126304-01
Impac Secured Assets Trust 2006-1
(Exact name of issuing entity as specified in its Charter)
Impac Secured Assets Corp.
(Exact name of depositor as specified in its Charter)
Impac Funding Corporation
(Exact name of sponsor as specified in its Charter)
California 33-0715871
(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification Number)
19500 Jamboree Road
Irvine, California 92612
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(949) 475-3600
Securities registered pursuant to Section 12(b) of the Act:
None.
Securities registered pursuant to Section 12(g) of the Act:
None.
Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No[X]
Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act. Yes[ ] No[X]
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of the Registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of the
Form 10-K or any amendment to this Form 10-K. Not Applicable
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See definition
of "accelerated filer" in Rule 12b-2 of the Exchange Act. (Check One):
Large accelerated filer [ ] Accelerated Filer [ ]
Non-accelerated Filer [X]
Indicate by check mark whether the registrant is a shell company (as
defined in rule 12b-2 of the Act). [ ] Yes [X ] No
State the aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at
which the common equity was last sold, or the average bid and asked
price of such common equity, as of the of the last business day of
the registrant's most recently completed second fiscal quarter
Not Applicable.
DOCUMENTS INCORPORATED BY REFERENCE
List hereunder the following documents if incorporated by reference
and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which
the document is incorporated: (1) Any annual report to security holders;
(2) Any proxy or information statement; and (3) Any prospectus filed
pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The
listed documents should be clearly described for identification purposes
(e.g., annual report to security holders for fiscal year ended
December 24, 1980).
Not Applicable.
PART I
ITEM 1. Business.
Omitted.
ITEM 1A. Risk Factors.
Omitted.
ITEM 1B. Unresolved Staff Comments.
Omitted.
ITEM 2. Properties.
Omitted.
ITEM 3. Legal Proceedings.
None.
ITEM 4. Submission of Matters to a Vote of Security Holders.
Omitted.
PART II
ITEM 5. Market for Registrant's Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities.
Omitted.
ITEM 6. Selected Financial Data.
Omitted.
ITEM 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Omitted.
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk.
Omitted.
ITEM 8. Financial Statements and Supplementary Data.
Omitted.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
Omitted.
ITEM 9A. Controls and Procedures.
Omitted.
ITEM 9A(T). Controls and Procedures.
Omitted.
ITEM 9B. Other Information.
None.
PART III
ITEM 10. Directors, Executive Officers and Corporate Governance.
Omitted.
ITEM 11. Executive Compensation.
Omitted.
ITEM 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters.
Omitted.
ITEM 13. Certain Relationships and Related Transactions, and
Director Independence.
Omitted.
ITEM 14. Principal Accounting Fees and Services.
Omitted.
PART IV
Additional Items Required by General Instruction J (2)
Item 1112(b) of Regulation AB, Significant Obligor Financial Information.
None.
Item 1114(b)(2) and Item 1115(b) of Regulation AB , Significant
Enhancement Provider Information.
None.
Item 1117 of Regulation AB, Legal Proceedings.
No applicable updates.
Item 1119 of Regulation AB, Affiliations and Certain Relationships and
Related Transactions.
No applicable updates.
Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria
See Item 15.
Item 1123 of Regulation AB, Servicer Compliance Statement
See Item 15.
ITEM 15. Exhibits, Financial Statement Schedules.
(a) List the following documents filed as a part of the report:
(1) Not Applicable.
(2) Not Applicable.
(3) Exhibits
Exhibit 1.1 Underwriting Agreement, dated March 28, 2006 among
Impac Funding Corporation, Impac Secured Assets Corp, Impac
Mortgage Holdings Inc., Bear, Stearns & Co. Inc., Countrywide
Securities Corporation and Merrill Lynch, Pierce, Fenner &
Smith Incorporated, originally filed on Form 8-K on April 14,
2006 and incorporated by reference herein.
Exhibit 1.2 Underwriting Agreement, dated March 28, 2006 among
Impac Funding Corporation, Impac Secured Assets Corp, Impac
Mortgage Holdings Inc., Bear, Stearns & Co. Inc., Countrywide
Securities Corporation and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, amended filing on Form 8-K on April 27, 2006 and
incorporated by reference herein.
Exhibit 4.1 Pooling and Servicing Agreement, dated as of March 1,
2006 among Impac Secured Assets Corp., as company, Impac Funding
Corporation, as master servicer and Deutsche Bank National Trust
Company, as trustee, originally filed on Form 8-K on April 14,
2006 and incorporated by reference herein.
Exhibit 4.2 Pooling and Servicing Agreement, dated as of March 1,
2006 among Impac Secured Assets Corp., as company, Impac Funding
Corporation, as master servicer and Deutsche Bank National Trust
Company, as trustee, amended filing on Form 8-K on April 27, 2006
and incorporated by reference herein.
Exhibit 4.3 Amendment No. 1, dated as of September 18, 2006, to
the Pooling and Servicing Agreement, dated as of March 1, 2006
among Impac Secured Assets Corp., as company, Impac Funding
Corporation, as master servicer and Deutsche Bank National Trust
Company, as trustee, amended filing on Form 8-K on September 18,
2006 and incorporated by reference herein.
Exhibit 31 Section 302 Certification.
Exhibit 33.1 Impac Funding Corporation's Annual Report on
Assessment of Compliance for Year End December 31, 2006.
Exhibit 33.2 GMAC Mortgage, LLC's Annual Report on
Assessment of Compliance for Year End December 31, 2006.
Exhibit 33.3 Countrywide Home Loans Servicing LP's Annual
Report on Assessment of Compliance for Year End
December 31, 2006.
Exhibit 33.4 Midland Loan Services, Inc.'s Annual Report
on Assessment of Compliance for Year End December 31, 2006.
Exhibit 33.5 Trustee's Annual Report on Assessment of
Compliance for Year End December 31, 2006.
Exhibit 34.1 Impac Funding Corporation's Annual Attestation
Report on Assessment of Compliance with Servicing Criteria for
Year End December 31, 2006.
Exhibit 34.2 GMAC Mortgage, LLC's Annual Attestation Report
on Assessment of Compliance with Servicing Criteria for Year
End December 31, 2006.
Exhibit 34.3 Countrywide Home Loans Servicing LP's Annual
Attestation Report on Assessment of Compliance with Servicing
Criteria for Year End December 31, 2006.
Exhibit 34.4 Midland Loan Services, Inc.'s Annual Attestation
Report on Assessment of Compliance with Servicing Criteria for
Year End December 31, 2006.
Exhibit 34.5 Trustee's Annual Attestation Report on
Assessment of Compliance with Servicing Criteria for Year
End December 31, 2006.
Exhibit 35.1 Impac Funding Corporation's Annual Statement of
Compliance for Year End December 31, 2006.
Exhibit 35.2 GMAC Mortgage, LLC's Annual Statement of Compliance
for Year End December 31, 2006.
Exhibit 35.3 Countrywide Home Loans Servicing LP's Annual
Statement of Compliance for Year End December 31, 2006.
Exhibit 35.4 Midland Loan Services, Inc.'s Annual Statement
of Compliance for Year End December 31, 2006.
(b) See (a) above.
(c) Not Applicable.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
By: Impac Funding Corporation,
as Master Servicer on behalf of the Registrant
By: /s/: Mario Fegan
Mario Fegan
Vice President
Date: March 29, 2007
EXHIBIT INDEX
Exhibit Document
1.1 Underwriting Agreement, dated March 28, 2006 among Impac Funding
Corporation, Impac Secured Assets Corp, Impac Mortgage Holdings
Inc., Bear, Stearns & Co. Inc., Countrywide Securities Corporation
and Merrill Lynch, Pierce, Fenner & Smith Incorporated, originally
filed on Form 8-K on April 14, 2006 and incorporated by reference
herein.
1.2 Underwriting Agreement, dated March 28, 2006 among Impac Funding
Corporation, Impac Secured Assets Corp, Impac Mortgage Holdings
Inc., Bear, Stearns & Co. Inc., Countrywide Securities Corporation
and Merrill Lynch, Pierce, Fenner & Smith Incorporated, amended
filing on Form 8-K on April 27, 2006 and incorporated by reference
herein.
4.1 Pooling and Servicing Agreement, dated as of March 1, 2006 among
Impac Secured Assets Corp., as company, Impac Funding Corporation,
as master servicer and Deutsche Bank National Trust Company, as
trustee, originally filed on Form 8-K on April 14, 2006 and
incorporated by reference herein.
4.2 Pooling and Servicing Agreement, dated as of March 1, 2006 among
Impac Secured Assets Corp., as company, Impac Funding Corporation,
as master servicer and Deutsche Bank National Trust Company, as
trustee, amended filing on Form 8-K on April 27, 2006 and
incorporated by reference herein.
4.3 Amendment No. 1, dated as of September 18, 2006, to the Pooling
and Servicing Agreement, dated as of March 1, 2006 among Impac
Secured Assets Corp., as company, Impac Funding Corporation, as
master servicer and Deutsche Bank National TrustCompany, as trustee,
amended filing on S Form 8-K on September 18, 2006 and incorporated
by reference herein.
31 Section 302 Certification.
33.1 Impac Funding Corporation's Annual Report on Assessment of
Compliance for Year End December 31, 2006.
33.2 GMAC Mortgage, LLC's Annual Report on Assessment of Compliance
for Year End December 31, 2006.
33.3 Countrywide Home Loans Servicing LP's Annual Report on Assessment
of Compliance for Year End December 31, 2006.
33.4 Midland Loan Services, Inc.'s Annual Report on Assessment of
Compliance for Year End December 31, 2006.
33.5 Trustee's Annual Report on Assessment of Compliance for Year End
December 31, 2006.
34.1 Impac Funding Corporation's Annual Attestation Report on
Assessment of Compliance with Servicing Criteria for Year End
December 31, 2006.
34.2 GMAC Mortgage, LLC's Annual Attestation Report on Assessment of
Compliance with Servicing Criteria for Year End December 31, 2006.
34.3 Countrywide Home Loans Servicing LP's Annual Attestation Report
on Assessment of Compliance with Servicing Criteria for Year End
December 31, 2006.
34.4 Midland Loan Services, Inc.'s Annual Attestation Report on
Assessment of Compliance with Servicing Criteria for Year End
December 31, 2006.
34.5 Trustee's Annual Attestation Report on Assessment of Compliance
with Servicing Criteria for Year End December 31, 2006.
35.1 Impac Funding Corporation's Annual Statement of Compliance for
Year End December 31, 2006.
35.2 GMAC Mortgage, LLC's Annual Statement of Compliance for Year End
December 31, 2006.
35.3 Countrywide Home Loans Servicing LP's Annual Statement of
Compliance for Year End December 31, 2006.
35.4 Midland Loan Services, Inc.'s Annual Statement of Compliance for
Year End December 31, 2006.