UNITED STATES
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): June 25, 2001
IMPAC FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2001-2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-53986-01
Pooling and Servicing Agreement) (Commission 52-2289287
(State or other File Number) 52-2289309
jurisdiction 52-2289310
of Incorporation) IRS EIN
c/o Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On June 25, 2001 a distribution was made to holders of IMPAC FUNDING
CORPORATION, Mortgage Pass-Through Certificates, Series 2001-2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to
holders of Mortgage Pass-Through
Certificates, Series 2001-2
Trust, relating to the June 25,
2001 distribution.
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.
IMPAC FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 2001-2 Trust
By: Wells Fargo Bank Minnesota, N.A. as Trustee
By: /s/ Sherri Sharps, Vice President
By: Sherri Sharps, Vice President
Date: 6/25/01
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 2001-2 Trust,
relating to the June 25, 2001 distribution.
EX-99.1
Impac Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
Record Date: 5/31/01
Distribution Date: 6/25/01
IMP Series: 2001-2
Contact: Customer Service - CTSLink
Wells Fargo Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
A-1 45254TFL3 SEN 6.02000% 67,065,832.10 336,446.92 5,750,451.40
A-2 45254TFM1 SEN 6.38000% 70,379,900.00 374,186.47 0.00
A-3 45254TFN9 SEN 6.74000% 32,517,000.00 182,637.15 0.00
A-4 45254TFP4 SEN 7.37000% 47,023,000.00 288,799.59 0.00
A-5 45254TFQ2 SEN 6.72000% 25,000,000.00 140,000.00 0.00
A-IO 45254TFU3 IO 8.00000% 0.00 166,666.66 0.00
M-1 45254TFR0 MEZ 8.00000% 2,500,700.00 16,671.33 0.00
M-2 45254TFS8 MEZ 8.00000% 1,875,540.00 12,503.60 0.00
B 45254TFT6 SUB 8.00000% 625,180.00 4,167.87 0.00
X IMP01002X SUB 0.00000% 287,507.43 35,421.49 0.00
R-1 IMP0102R1 SUB 6.00000% 0.00 0.00 0.00
R-2 IMP0102R2 SUB 0.00000% 0.00 0.00 0.00
R-3 IMP0102R3 SUB 0.00000% 0.00 0.00 0.00
Totals 247,274,659.53 1,557,501.08 5,750,451.40
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
A-1 0.00 61,315,380.70 6,086,898.32 0.00
A-2 0.00 70,379,900.00 374,186.47 0.00
A-3 0.00 32,517,000.00 182,637.15 0.00
A-4 0.00 47,023,000.00 288,799.59 0.00
A-5 0.00 25,000,000.00 140,000.00 0.00
A-IO 0.00 0.00 166,666.66 0.00
M-1 0.00 2,500,700.00 16,671.33 0.00
M-2 0.00 1,875,540.00 12,503.60 0.00
B 0.00 625,180.00 4,167.87 0.00
X 0.00 429,193.39 35,421.49 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00
Totals 0.00 241,665,894.09 7,307,952.48 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
A-1 70,150,000.00 67,065,832.10 0.00 5,750,451.40 0.00 0.00
A-2 70,379,900.00 70,379,900.00 0.00 0.00 0.00 0.00
A-3 32,517,000.00 32,517,000.00 0.00 0.00 0.00 0.00
A-4 47,023,000.00 47,023,000.00 0.00 0.00 0.00 0.00
A-5 25,000,000.00 25,000,000.00 0.00 0.00 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 2,500,700.00 2,500,700.00 0.00 0.00 0.00 0.00
M-2 1,875,540.00 1,875,540.00 0.00 0.00 0.00 0.00
B 625,180.00 625,180.00 0.00 0.00 0.00 0.00
X 9.61 287,507.43 0.00 0.00 0.00 0.00
R-1 100.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00 0.00
Totals 250,071,429.61 247,274,659.53 0.00 5,750,451.40 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
A-1 5,750,451.40 61,315,380.70 0.87406102 5,750,451.40
A-2 0.00 70,379,900.00 1.00000000 0.00
A-3 0.00 32,517,000.00 1.00000000 0.00
A-4 0.00 47,023,000.00 1.00000000 0.00
A-5 0.00 25,000,000.00 1.00000000 0.00
A-IO 0.00 0.00 0.00000000 0.00
M-1 0.00 2,500,700.00 1.00000000 0.00
M-2 0.00 1,875,540.00 1.00000000 0.00
B 0.00 625,180.00 1.00000000 0.00
X 0.00 429,193.39 44,661.12278876 0.00
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
R-3 0.00 0.00 0.00000000 0.00
Totals 5,750,451.40 241,665,894.09 0.96638746 5,750,451.40
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
A-1 70,150,000.00 956.03466999 0.00000000 81.97364790 0.00000000
A-2 70,379,900.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 32,517,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 47,023,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 25,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 2,500,700.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 1,875,540.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 625,180.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 9.61 29917526.5348595 0.00000000 0.00000000 0.00000000
R-1 100.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 denomination except R-1,R-2, and R-3 which are per $100.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
A-1 0.00000000 81.97364790 874.06102210 0.87406102 81.97364790
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 44,661,122.788761 44661.12278876 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
A-1 70,150,000.00 6.02000% 67,065,832.10 336,446.92 0.00 0.00
A-2 70,379,900.00 6.38000% 70,379,900.00 374,186.47 0.00 0.00
A-3 32,517,000.00 6.74000% 32,517,000.00 182,637.15 0.00 0.00
A-4 47,023,000.00 7.37000% 47,023,000.00 288,799.59 0.00 0.00
A-5 25,000,000.00 6.72000% 25,000,000.00 140,000.00 0.00 0.00
A-IO 0.00 8.00000% 25,000,000.00 166,666.67 0.00 0.00
M-1 2,500,700.00 8.00000% 2,500,700.00 16,671.33 0.00 0.00
M-2 1,875,540.00 8.00000% 1,875,540.00 12,503.60 0.00 0.00
B 625,180.00 8.00000% 625,180.00 4,167.87 0.00 0.00
X 9.61 0.00000% 0.00 0.00 0.00 0.00
R-1 100.00 6.00000% 0.00 0.00 0.00 0.00
R-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R-3 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 250,071,429.61 1,522,079.60 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
A-1 0.00 0.00 336,446.92 0.00 61,315,380.70
A-2 0.00 0.00 374,186.47 0.00 70,379,900.00
A-3 0.00 0.00 182,637.15 0.00 32,517,000.00
A-4 0.00 0.00 288,799.59 0.00 47,023,000.00
A-5 0.00 0.00 140,000.00 0.00 25,000,000.00
A-IO 0.00 0.00 166,666.66 0.00 25,000,000.00
M-1 0.00 0.00 16,671.33 0.00 2,500,700.00
M-2 0.00 0.00 12,503.60 0.00 1,875,540.00
B 0.00 0.00 4,167.87 0.00 625,180.00
X 0.00 0.00 35,421.49 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,557,501.08 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
A-1 70,150,000.00 6.02000% 956.03466999 4.79610720 0.00000000 0.00000000
A-2 70,379,900.00 6.38000% 1000.00000000 5.31666669 0.00000000 0.00000000
A-3 32,517,000.00 6.74000% 1000.00000000 5.61666667 0.00000000 0.00000000
A-4 47,023,000.00 7.37000% 1000.00000000 6.14166663 0.00000000 0.00000000
A-5 25,000,000.00 6.72000% 1000.00000000 5.60000000 0.00000000 0.00000000
A-IO 0.00 8.00000% 1000.00000000 6.66666680 0.00000000 0.00000000
M-1 2,500,700.00 8.00000% 1000.00000000 6.66666533 0.00000000 0.00000000
M-2 1,875,540.00 8.00000% 1000.00000000 6.66666667 0.00000000 0.00000000
B 625,180.00 8.00000% 1000.00000000 6.66667200 0.00000000 0.00000000
X 9.61 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-1 100.00 6.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 denomination except R-1,R-2, and R-3 which are per $100.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
A-1 0.00000000 0.00000000 4.79610720 0.00000000 874.06102210
A-2 0.00000000 0.00000000 5.31666669 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.61666667 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 6.14166663 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.60000000 0.00000000 1000.00000000
A-IO 0.00000000 0.00000000 6.66666640 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 6.66666533 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 6.66666667 0.00000000 1000.00000000
B 0.00000000 0.00000000 6.66667200 0.00000000 1000.00000000
X 0.00000000 0.00000000 3685899.06347555 0.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,517,220.78
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 7,517,220.78
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 209,268.30
Payment of Interest and Principal 7,307,952.48
Total Withdrawals (Pool Distribution Amount) 7,517,220.78
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
Gross Servicing Fee 165,119.17
Trustee Fee: Wells Fargo Bank Minnesota, N.A. 2,060.61
MBIA Fee 4,997.33
GEMICO Fee 37,091.19
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 209,268.30
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
Financial Guaranty 0.00 0.00 0.00 0.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 23 0 0 0 23
3,887,112.55 0.00 0.00 0.00 3,887,112.55
60 Days 9 0 0 0 9
1,764,915.02 0.00 0.00 0.00 1,764,915.02
90 Days 2 0 0 0 2
473,157.24 0.00 0.00 0.00 473,157.24
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 34 0 0 0 34
6,125,184.81 0.00 0.00 0.00 6,125,184.81
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.484829% 0.000000% 0.000000% 0.000000% 1.484829%
1.608466% 0.000000% 0.000000% 0.000000% 1.608466%
60 Days 0.581020% 0.000000% 0.000000% 0.000000% 0.581020%
0.730312% 0.000000% 0.000000% 0.000000% 0.730312%
90 Days 0.129116% 0.000000% 0.000000% 0.000000% 0.129116%
0.195790% 0.000000% 0.000000% 0.000000% 0.195790%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 2.194964% 0.000000% 0.000000% 0.000000% 2.194964%
2.534567% 0.000000% 0.000000% 0.000000% 2.534567%
OTHER INFORMATION
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 9.261548%
Weighted Average Net Coupon 8.460241%
Weighted Average Pass-Through Rate 8.270241%
Weighted Average Maturity(Stepdown Calculation ) 346
Beginning Scheduled Collateral Loan Count 1,577
Number Of Loans Paid In Full 28
Ending Scheduled Collateral Loan Count 1,549
Beginning Scheduled Collateral Balance 247,274,659.53
Ending Scheduled Collateral Balance 241,665,894.09
Ending Actual Collateral Balance at 31-May-2001 241,665,894.09
Monthly P &I Constant 2,057,338.88
Ending Scheduled Balance for Premium Loans 241,665,894.09
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 1,250,000.00
Overcollateralized Amount 429,193.39
Overcollateralized Deficiency Amount 962,492.57
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 141,685.96
Excess Cash Amount 141,685.96