UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark one)
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2001
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 333-53986-01
Impac Funding Corporation
Mortgage Pass-Through Certificates
Series 2001-2
(Exact name of registrant as specified in its charter)
New York 52-2289287
52-2289309
52-2289310
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
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 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 ___
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual
Report on Form 10-K (the "Original Form 10-K") filed on March 26, 2002 on
behalf of Impac Funding Corporation Mortgage Pass-Through Certificates,
Series 2001-2 established pursuant to the Pooling and Servicing Agreement
among Impac Secured Assets Corp., as Company, Impac Funding Corporation as
Master Servicer, Wells Fargo Bank Minnesota, National Association as Trustee
pursuant to which Impac Funding Corporation, Mortgage Pass-Through
Certificates, Series 2001-2 registered under the Securities Act of 1933
(the "Certificates") were issued.
Item 14 of the Original Form 10K is amended in its entirety to read as
follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
(99.1) Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 2001.
a) Impac Funding Corporation, as Servicer <F1>
(99.2) Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 2001.
a) Impac Funding Corporation, as Servicer <F1>
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2001.
a) Impac Funding Corporation, as Servicer <F1>
(99.4) Aggregate Statement of Principal and Interest Distributions to
Certificate Holders. <F2>
(b) On November 07, 2001, December 11, 2001, and January 10, 2002
reports on Form 8-K were filed by the Company in order to provide
the statements for the monthly distributions to holders of the
Certificates. No other reports on Form 8-K have been filed during
the last quarter of the period covered by this report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
<F2> Previously filed.
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:
Impac Funding Corporation
Mortgage Pass-Through Certificates
Series 2001-2
(Registrant)
Signed: Wells Fargo Bank Minnesota, N.A. as Trustee
By: Kwan Lee, as Vice President
By: /s/ Kwan Lee
Dated: December 16, 2002
Sarbanes-Oxley Certification
I, Kwan Lee, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Impac
Funding Corporation Mortgage Pass-Through Certificates Series 2001-2.
2. Based on my knowledge, the information in these reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of
the last day of the period covered by this annual report.
3. Based on my knowledge, the [distribution or servicing] information required
to be provided to the trustee by the servicer under the pooling and
servicing agreement is included in these reports.
Date: December 16, 2002
Kwan Lee
[Signature]
Vice President
[Title]
Exhibit Index
Exhibit No.
(99.1) Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 2001.
a) Impac Funding Corporation, as Servicer <F1>
(99.2) Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 2001.
a) Impac Funding Corporation, as Servicer <F1>
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2001.
a) Impac Funding Corporation, as Servicer <F1>
(99.4) Aggregate Statement of Principal and Interest Distributions
to Certificate Holders. <F2>
<F1> Filed herewith.
<F2> Previously filed.
Ex 99.1 (a)
KPMG (logo)
600 Anton Boulevard
Suite 700
Costa Mesa, CA 92626-7651
Independent Accountant's Report
The Board of Directors
Impac Funding Corporation:
We have examined management's assertion, included in the accompanying Management
Assertions on Master Servicing, that, except for the noncompliance items
described in items 3, 6 and 7, Impac Funding Corporation complied with the
requirements for Master Servicer as detailed in the Pooling and Servicing
Agreements during the year ended December 31, 2001. Management is responsible
for Impac Funding Corporation's compliance with those requirements. Our
responsibility is to express an opinion on Impac Funding Corporation's
compliance based on our examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about Impac Funding
Corporation's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. Our examination of
the sub-servicers' compliance with the Master Servicer's requirements in the
Pooling and Servicing Agreements was limited to a review of the applicable sub-
servicer agreements to confirm compliance with Master Servicer's requirements
under the applicable Pooling and Servicing Aggreements. Our examination did not
extend to the controls at the sub-servicers. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on Impac Funding Corporation's compliance with specified
requirements.
Our examination disclosed the following material noncompliance with the
requirements of Master Servicer as detailed in the Pooling and Servicing
Agreements applicable to Impac Funding Corporation during the year ended
December 31, 2001.
The Master Servicer has not set up custodial accounts under the name of
the indenture trustee as required in the Pooling and Servicing
Agreements.
The sub-servicers are allowed 48 hours to deposit payments into the
protected accounts rather than 24 hours as required in the Pooling and
Servicing Agreements.
The Master Servicer does not send Bank statements to the Trustee on a
monthly basis as required in the Pooling and Servicing Agreements.
The Master Servicer does not cause Option One Mortgage Corporation,
which is one of the Master Servicer's sub-servicers, to deny mortgage
payment forbearance for more than six months or during the last twelve
months of the mortgage note term as required in the Pooling and
Servicing Agreements.
The Master Servicer does not cause the sub-servicer to provide an
officer's certificate, regarding the liquidation of a mortgage loan, to
the trustee within five business days after it is determined that all
amounts expected to be recovered are recovered.
In our opinion, except for the material noncompliance described in the third
paragraph, Impac Funding Corporation complied, in all material respects, with
the aforementioned requirements for the year ended December 31, 2001. These
conditions were considered in determining the nature, timing, and extent of
audit of the 2001 financial statements, and this report does not effect our
report dated January 28, 2002.
This report is intended solely for the information and use of Bankers Trust
Company, Wells Fargo Bank Minnesota, N.A. and LaSalle National Bank and is not
intended to be and should not be used by anyone other than these specified
parties.
May 30, 2002
Ex 99.2 (a)
IMPAC FUNDING CORPORATION (logo)
1401 Dove Street
Newport Beach, California 92660
Toll Free 800/597.4101
www.impaccompanies.com
MANAGEMENT ASSERTION ON MASTER SERVICING
As of and for the year ended December 31, 2001, Impac Funding Corporation
has complied in all material respects with the requirements for Master
Servicer as detailed in the Pooling and Servicing Agreements ("PSA's")
relating to the securitizations as listed in the attachment to this letter,
except for the areas as detailed in this assertion.
The following is a listing of the specific requirements that the Master
Servicer complied with during the year ended December 31, 2001:
1. The Master Servicer does not assert that the sub-servicers are in
compliance with the PSA's, except that the sub-servicers' agreements
comply with the requirements of the Master Servicer under the PSA's, except
as noted in the following assertions.
2. The Master Servicer has complied with the requirements as stated within the
"Collection of Taxes, Assessments and Similar Items; Servicer Accounts"
section of the Pooling and Servicing Agreement.
3. The Master Servicer has complied with the requirements as stated within
the "Annual Statement of Compliance" section of the Pooling and Servicing
Agreement.
4. The Master Servicer has complied with the requirements as stated within the
"Collection of Mortgage Payments" section of the Pooling and Servicing
Agreement; except that:
- The sub-servicers are allowed 48 hours to deposit payments into the
protected accounts rather than 24 hours as required in the PSA's.
- The Master Servicer does not send bank statements to the Trustee on a
monthly basis as required in the PSA's.
- The Master Servicer does not cause Option One Mortgage Corporation,
which is on of the Master Servicer's sub-servicers, to deny mortgage
payment forbearance for more than six months or during the last twelve
months of the mortgage note as required in the PSA's.
- The Master Servicer does not cause the sub-servicer to provide an
officer's certificate, regarding the liquidation of a mortgage loan, to
the Trustee within five business days after it is determined that all
amounts expected to be recovered are recovered. Instead, the Master
Servicer provides to the Trustee the officer certificates for the
distribution month.
5. The Master Servicer has complied with the requirements as stated within the
"Maintenance of Primary Insurance policies: Collections Thereunder" section
of the Pooling and Servicing Agreement.
6. The Master Servicer has complied with the requirements as stated within the
"Maintenance of Hazard Insurance and Fidelity Coverage" section of the
Pooling and Servicing Agreement.
7. The Master Servicer has complied with the requirements as stated within the
"Protected Accounts" section of the Pooling and Servicing Agreement,
except that:
- The Master Servicer has not set up the custodial accounts under the name
of the indenture trustee as required in the Pooling and Servicing
Agreement.
8. The Master Servicer has complied with the requirements as stated within the
"Withdrawals from Collection Accounts" section of the Pooling and Servicing
Agreement, except that:
- The Master Servicer does not cause Option One Mortgage Corporation,
which is on of the Master Servicer's sub-servicers, to deny mortgage
payment forbearance for more than six months or during the last twelve
months of the mortgage note as required in the PSA's.
Ex 99.3 (a)
IMPAC FUNDING CORPORATION
1401 Dove Street
Newport Beach, California 92660
Toll Free 800/597.4101
www.impaccompanies.com
April 29, 2002
Well Fargo Bank, Minnesota, N.A.
Melissa Jennings
11000 Broken Land Pkwy.
Columbia, MD 21044
Impac SAC 1999-2
Impac CMB 2000-1
Impac SAC 2000-1
Impac SAC 2001-2
OFFICER'S CERTIFICATES
The Company has performed a review of the activities of the Master Servicer
during the receding fiscal year and of their performance under the
Agreements. The best of my knowledge, based on my review, the Master Servicer
has fulfilled all its obligations under the Agreement.
The Company has performed a review of the activities of each of the
Sub-Servicer during the Sub-Servicer's most recently ended fiscal year on or
prior to December 31, 2001 and its performance under its Sub-Servicing
Agreement has been made under my supervision. For the year ending December 31,
2001 Wendover Financial, GMAC, and Countrywide Home Loans were the Sub-
Servicers for the above mentioned loans. To the best of knowledge, based on
my review and the certification of an officer for the Sub-Servicer
(unless the Servicing Officer has reason to believe that reliance on such
certification is not justified), either Sub-Servicer has performed and fulfilled
its duties, responsibilities and obligations under the agreement and its
Sub-Servicing Agreement in all material respects throughout the year, or if
there has been a default in performance or fulfillment of any such duties,
responsibilities, or obligations, specifying the nature and status of each
default known to the Servicer Officer.
Mario R. Fegan Jr., Vice President - Master Servicing