8-K/A 1 im02018k2.txt IMH ASSETS CORP SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 25, 2002 IMH ASSETS CORP. (as Company under a Series 2002-1 Indenture, dated as of February 27, 2002 providing for, inter alia, the issuance of Collateralized Asset- Backed Bonds, Series 2002-1). IMH ASSETS CORP (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-06637 33-0705301 (Commission File Number) (I.R.S. Employer Identification No.) 1401 DOVE STREET NEWPORT BEACH, CALIFORNIA 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 April 25, 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. Bankers Trust Company of California, N.A., not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Indenture, dated as of February 27, 2002. Date: October 29, 2002 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of April 25, 2002. Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds April 25, 2002 Distribution Contents TABLE OF CONTENTS > Page 1. Contents > 1 2. Certificate Payment > Report 2 3. Collection Account >Report 4 4. Credit Enhancement >Report 7 5. Collateral Report > 8 6. Delinquency Report > 11 7. REO Report > 14 8. Prepayment Report > 15 9. Prepayment Detail R >eport 18 10. Realized Loss Repor >t 19 11. Realized Loss Detai >l Report 22 12. Triggers, Adj. Rate > Cert. and Miscellaneous Report 23 13. Other Related Infor >mation 24 Total Number of Pag >es 24 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-apps.gis.deutsche-bank.com/invr Factor Information: > (800) 735-7777 Main Phone Number: > (714) 247-6000 ISSUANCE INFORMATION Seller: IMPAC Mortgage Holdings Inc. > ut-Off Date: February 1, > 2002 Certificate Insurer(s): AMBAC Indemnity Corporation > Closing Date: February 2 >7, 2002 > First Payment Date: March 25, 2002 > Servicer(s): Impac Funding Corporation Mas >ter Servicer Countrywide Funding Corporation > Sub-Servicer Wendover Funding, Inc. Sub-Se >rvicer > Distribution Date: April 25, 20 >02 Underwriter(s): Countrywide Securities Co-Lea >d Underwriter Record Date: March 29, >2002 Greenwich Capital Markets, Inc. > Co-Lead Underwriter > Page 1 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Certificate Payment Report for April 25, 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 FLT 470000000 > 468710110 896017.49 3399661.131 4295678.621 0 > 0 465310448.9 B FLT 25000000 >24931388.83 89095.09 180833.0389 269928.1289 0 > 0 24750555.79 Cert 0 > 0 1486892.665 0 1486892.665 0 > 0 0 Total 495000000 >493641498.8 2472005.245 3580494.17 6052499.415 0 > 0 490061004.7 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 37340 37370 A-Act/360 4525 >4NCG0 470000000 997.2555532 1.906420191 7.233321556 9.13 >9741747 990.0222316 B 37340 37370 A-Act/360 4525 >4NCH8 25000000 997.2555532 3.5638036 7.233321556 10.7 >9712516 990.0222316 Cert 37340 37370 - > 0 0 0 0 > 0 0 > Page 2 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Certificate Payment Report for April 25, 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 470000000 1632611.93 >3906294.355 783256.7851 4689551.14 6322163.07 0 > 0 465310448.9 B 25000000 163122.87 >207781.6147 41662.59495 249444.2096 412567.0796 0 > 0 24750555.79 Cert 0 2943903.142 > 0 0 0 2943903.142 0 > 0 0 Total 495000000 4739637.942 > 4114075.97 824919.38 4938995.35 9678633.292 0 > 0 490061004.7 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 0.0222 468710110 > 896017.49 0 0 0 896017.49 89 >6017.49 0 B 0.0415 24931388.83 > 89095.09 0 0 0 89095.09 8 >9095.09 0 Cert 0 > 0 0 0 0 1486892.665 1486 >892.665 0 Total 493641498.8 > 985112.58 0 0 0 2472005.245 2472 >005.245 0 > Page 3 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collection Account Report for April 25, 2002 Distribution Collection Account Report SUMMARY > ADJUSTABLE FIXED TOTAL Principal Collections > 3,358,510.33 221,983.84 3,580,494.17 Principal Withdrawals > 0.00 0.00 0.00 Principal Other Accounts > 0.00 0.00 0.00 TOTAL PRINCIPAL > 3,358,510.33 221,983.84 3,580,494.17 Interest Collections > 2,643,485.66 87,829.16 2,731,314.82 Interest Withdrawals > 0.00 0.00 0.00 Interest Other Accounts > 0.00 0.00 0.00 Interest Fees > (257,617.72) (1,691.86) (259,309.58) TOTAL INTEREST > 2,385,867.95 86,137.30 2,472,005.25 TOTAL AVAILABLE FUNDS TO BONDHOLDERS > 5,744,378.28 308,121.14 6,052,499.42 PRINCIPAL - COLLECTIONS > ADJUSTABLE FIXED TOTAL Scheduled Principal > 454,632.30 91.38 454,723.68 Curtailments > 46,414.84 19,200.50 65,615.34 Prepayments in Full > 2,690,963.19 202,691.96 2,893,655.15 Repurchases/Substitutions > 166,500.00 0.00 166,500.00 Liquidations > 0.00 0.00 0.00 Insurance Principal > 0.00 0.00 0.00 Other Additional Principal > 0.00 0.00 0.00 Delinquent Principal > (91,287.60) 0.00 (91,287.60) Realized Losses > 0.00 0.00 0.00 Substitution Adjustments- Principal > 0.00 0.00 0.00 Termination Price Amounts- Principal > 0.00 0.00 0.00 Additional Principal Amts > 0.00 0.00 0.00 Principal Advanced > 91,287.60 0.00 91,287.60 TOTAL PRINCIPAL > 3,358,510.33 221,983.84 3,580,494.17 Page 4 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collection Account Report for April 25, 2002 Distribution Collection Account Report PRINCIPAL - WITHDRAWALS > ADJUSTABLE FIXED TOTAL SPACE INTENTIONALLY LEFT BLANK PRINCIPAL - OTHER ACCOUNTS > ADJUSTABLE FIXED TOTAL SPACE INTENTIONALLY LEFT BLANK INTEREST - COLLECTIONS > ADJUSTABLE FIXED TOTAL Scheduled Interest > 2,675,085.53 91,308.11 2,766,393.64 Repurchases/Substitutions > 936.56 0.00 936.56 Liquidations > 0.00 0.00 0.00 Insurance Interest > 0.00 0.00 0.00 Other Additional Interest > 0.00 0.00 0.00 Prepayment Interest Shortfalls > (7,050.18) (1,445.24) (8,495.42) Relief Act Interest Shortfalls > 0.00 0.00 0.00 Delinquent Interest > (589,126.22) (62,245.37) (651,371.59) Interest Realized Losses > 0.00 0.00 0.00 Compensating Interest > 7,050.18 1,445.24 8,495.42 Substitution Adjustments- Interest > 0.00 0.00 0.00 Termination Price Amounts- Interest > 0.00 0.00 0.00 Additional Interest Amts > 0.00 0.00 0.00 Interest Prepayment Premiums > 0.00 0.00 0.00 Interest Advanced > 554,230.17 58,766.42 612,996.59 Cap Contract Payment Amt > 2,359.62 0.00 2,359.62 TOTAL INTEREST > 2,643,485.66 87,829.16 2,731,314.82 Page 5 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collection Account Report for April 25, 2002 Distribution Collection Account Report INTEREST - WITHDRAWALS > ADJUSTABLE FIXED TOTAL Prev. Unreimbursed PMI Premiums > 0.00 0.00 0.00 Prev. Unreimbursed Spec Haz Premiums > 0.00 0.00 0.00 Prev. Unreimbursed Liq. Expenses > 0.00 0.00 0.00 Prev. Unreimbursed Master/Sub-Servicing Fees > 0.00 0.00 0.00 Amt Rvcd Not Due Bondholder /Deposits in Error > 0.00 0.00 0.00 Prev. Unreimb. P&I Advances/Non Recov Advances > 0.00 0.00 0.00 Prev. Unreimbursed Servicing Advances > 0.00 0.00 0.00 Clear and Terminate Collection Account > 0.00 0.00 0.00 TOTAL INTEREST WITHDRAWALS > 0.00 0.00 0.00 INTEREST - OTHER ACCOUNTS > ADJUSTABLE FIXED TOTAL Cap Contract Payment Amount > 2,359.62 Floor Contract Payment Amounts > 0.00 Swap Contract Payment Amounts > 0.00 INTEREST - FEES > ADJUSTABLE FIXED TOTAL Owner Trustee Fee > 695.21 11.20 706.41 Indenture Trustee Fee > 2,044.72 32.95 2,077.67 Bond Insurance Premium Amount > 69,796.57 0.00 69,796.57 Radian PMI Insurance Premiums > 54,355.06 0.00 54,355.06 Current Servicing Fees > 130,726.16 1,647.71 132,373.87 TOTAL INTEREST FEES > 257,617.72 1,691.86 259,309.58 Page 6 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Credit Enhancement Report for April 25, 2002 Distribution Credit Enhancement Report ACCOUNTS > ADJUSTABLE FIXED TOTAL SPACE INTENTIONALLY LEFT BLANK INSURANCE > ADJUSTABLE FIXED TOTAL SPACE INTENTIONALLY LEFT BLANK STRUCTURAL FEATURES > ADJUSTABLE FIXED TOTAL Current Periods Required Overcollateralization Amt > 5,000,000.00 Current Periods Overcollateralization Amt > 5,000,000.00 Current Periods Extra Principal Distribution > 0.00 Current Periods Net Monthly Excess Cashflow > 1,486,892.67 Current Periods Overcollateralization Release > 0.00 60 Day Rolling Delinquency Amount > 27,916.42 90 Day Rolling Delinquency Amount > 0.00 Available Funds Rate > 5.8086% Page 7 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collateral Report for April 25, 2002 Distribution Collateral Report COLLATERAL > ADJUSTABLE FIXED TOTAL Loan Count: Original > 1815 166 1981 Prior > 1811 163 1974 Prefunding > 182 0 182 Scheduled Paid Offs > 0 0 0 Full Voluntary Prepayments > -15 -4 -19 Repurchases > -1 0 -1 Liquidations > 0 0 0 Current > 1977 159 2136 Principal Balance: Original > 446375813.9 8048101.91 454423915.8 Prior > 445160417.3 7909047.73 453069465 Prefunding > 45572033.78 0 45572033.78 Scheduled Principal > -454632.3 -91.38 -454723.68 Partial and Full Voluntary Prepayments > -2737378.03 -221892.46 -2959270.49 Repurchases > -166500 0 -166500 Liquidations > 0 0 0 Current > 487373940.8 7687063.89 495061004.7 PREFUNDING > ADJUSTABLE FIXED TOTAL PRE-FUNDING ACCOUNT Original Pre-Funded Amount > 45,576,084.00 Balance of Subsequent Mortgage Loans added this period > 45,572,033.78 Withdrawal remaining amounts > 0.00 Pre-Funding Account Ending Balance > 0.00 Fixed Adjustable Current Prin Balance by Groups (in millions of dollars) Tota >l Current Principal Balance (in millions of dollars) Page 8 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collateral Report for April 25, 2002 Distribution Collateral Report CHARACTERISTICS > ADJUSTABLE FIXED TOTAL Weighted Average Coupon Original > 0.065341562 0.138472315 0.066636748 Weighted Average Coupon Prior > 0.065341562 0.138472315 0.066636748 Weighted Average Coupon Current > 0.065437419 0.138537194 0.066596869 Weighted Average Months to Maturity Original > 359 172 355.7356177 Weighted Average Months to Maturity Prior > 359 172 355.7356177 Weighted Average Months to Maturity Current > 358 171 355.0963559 Weighted Avg Remaining Amortization Term Original > 358.2662104 167.2829155 354.9322934 Weighted Avg Remaining Amortization Term Prior > 358.2662104 167.2829155 354.9322934 Weighted Avg Remaining Amortization Term Current > 357.3401941 167.0405979 354.3853156 Weighted Average Seasoning Original > 1.73378958 0 1.703523527 Weighted Average Seasoning Prior > 1.73378958 0 1.703523527 Weighted Average Seasoning Current > 2.65980586 0 2.618505702 Note: Original information refers to deal issue. Fixed Adjustable WAC by Groups Tota >l WAC WARAT by Groups Tota >l WARAT Note: Dates correspond to distribution dates. Page 9 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collateral Report for April 25, 2002 Distribution Collateral Report ARM CHARACTERISTICS > ADJUSTABLE FIXED TOTAL Weighted Average Margin Original > 0.02905826 Weighted Average Margin Prior > 0.02905826 Weighted Average Margin Current > 0.02906741 Weighted Average Max Rate Original > 0.1304011 Weighted Average Max Rate Prior > 0.1304011 Weighted Average Max Rate Current > 0.13038029 Weighted Average Min Rate Original > 0.02992873 Weighted Average Min Rate Prior > 0.02992873 Weighted Average Min Rate Current > 0.03002654 Weighted Average Cap Up Original > 0.01007847 Weighted Average Cap Up Prior > 0.01007847 Weighted Average Cap Up Current > 0.0100735 Weighted Average Cap Down Original > 0.01007736 Weighted Average Cap Down Prior > 0.01007736 Weighted Average Cap Down Current > 0.0100725 Note: Original information refers to deal issue. SERVICING FEES / ADVANCES > ADJUSTABLE FIXED TOTAL Current Servicing Fees > 130,726.16 1,647.71 132,373.87 Delinquent Servicing Fees > 34,896.05 3,478.95 38,375.00 TOTAL SERVICING FEES > 165,622.21 5,126.66 170,748.87 Total Servicing Fees > 165,622.21 5,126.66 170,748.87 Compensating Interest > (7,050.18) (1,445.24) (8,495.42) Delinquent Servicing Fees > (34,896.05) (3,478.95) (38,375.00) COLLECTED SERVICING FEES > 123,675.98 202.47 123,878.45 Current PPIS > 7,050.18 1,445.24 8,495.42 Current Net PPIS > 0.00 0.00 0.00 Total Advanced Principal For Current Payment Date > 91,287.60 0.00 91,287.60 Total Advanced Interest For Current Payment Date > 554,230.17 58,766.42 612,996.59 TOTAL ADVANCES FOR CURRENT PERIOD > 645,517.77 58,766.42 704,284.19 ADDITIONAL COLLATERAL INFORMATION > ADJUSTABLE FIXED TOTAL SPACE INTENTIONALLY LEFT BLANK Page 10 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Delinquency Report for April 25, 2002 Distribution Delinquency Report - Total CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 47259.83 55832.84 0 103092.67 % Balance >9.54626E-05 0.00011278 0 0.000208242 # Loans > 1 1 0 2 % # Loans >0.000468165 0.000468165 0 0.00093633 FORECLOSURE Balance 0 > 0 0 0 0 % Balance 0 > 0 0 0 0 # Loans 0 > 0 0 0 0 % # Loans 0 > 0 0 0 0 BANKRUPTCY Balance 129845.91 > 0 0 0 129845.91 % Balance 0.000262283 > 0 0 0 0.000262283 # Loans 3 > 0 0 0 3 % # Loans 0.001404494 > 0 0 0 0.001404494 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 129845.91 > 47259.83 55832.84 0 232938.58 % Balance 0.000262283 >9.54626E-05 0.00011278 0 0.000470525 # Loans 3 > 1 1 0 5 % # Loans 0.001404494 >0.000468165 0.000468165 0 0.002340824 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 11 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Delinquency Report for April 25, 2002 Distribution Delinquency Report - Fixed Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 47259.83 55832.84 0 103092.67 % Balance >0.006147969 0.00726322 0 0.013411189 # Loans > 1 1 0 2 % # Loans >0.006289308 0.006289308 0 0.012578616 FORECLOSURE Balance 0 > 0 0 0 0 % Balance 0 > 0 0 0 0 # Loans 0 > 0 0 0 0 % # Loans 0 > 0 0 0 0 BANKRUPTCY Balance 129845.91 > 0 0 0 129845.91 % Balance 0.016891483 > 0 0 0 0.016891483 # Loans 3 > 0 0 0 3 % # Loans 0.018867925 > 0 0 0 0.018867925 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 129845.91 > 47259.83 55832.84 0 232938.58 % Balance 0.016891483 >0.006147969 0.00726322 0 0.030302673 # Loans 3 > 1 1 0 5 % # Loans 0.018867925 >0.006289308 0.006289308 0 0.031446541 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 12 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Delinquency Report for April 25, 2002 Distribution Delinquency Report - Adjustable Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 0 0 0 0 % Balance > 0 0 0 0 # Loans > 0 0 0 0 % # Loans > 0 0 0 0 FORECLOSURE Balance 0 > 0 0 0 0 % Balance 0 > 0 0 0 0 # Loans 0 > 0 0 0 0 % # Loans 0 > 0 0 0 0 BANKRUPTCY Balance 0 > 0 0 0 0 % Balance 0 > 0 0 0 0 # Loans 0 > 0 0 0 0 % # Loans 0 > 0 0 0 0 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 > 0 0 0 0 % Balance 0 > 0 0 0 0 # Loans 0 > 0 0 0 0 % # Loans 0 > 0 0 0 0 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 13 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 REO Report for April 25, 2002 Distribution REO Report - Mortgage Loans that Become REO During Current Dis >tribution SUMMARY LOAN GROUP Total Loan Count = 0 Loan Group 1 >= Fixed Group; REO Book Value = 000.00 Total Original Principal Balance = 000.00 Loan Group 2 > = Adjustable Group; REO Book Value = 000.00 Total Current Balance = 000.00 REO Book Value = 000.00 REO Book Value reported corresponds to total REO loans,including loans thatbe >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 14 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Prepayment Report for April 25, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENTS > ADJUSTABLE FIXED TOTAL Current Number of Paid in Full Loans > 15 4 19 Number of Repurchased Loans > 1 0 1 Total Number of Loans Prepaid in Full > 16 4 20 Paid in Full Balance > 2690963.19 202691.96 2893655.15 Repurchased Loans Balance > 166500 0 166500 Curtailments Amount > 46414.84 19200.5 65615.34 Total Prepayment Amount > 2903878.03 221892.46 3125770.49 Cumulative Number of Paid in Full Loans > 19 7 26 Number of Repurchased Loans > 1 0 1 Total Number of Loans Prepaid in Full > 20 7 27 Paid in Full Balance > 3526548.33 336713.82 3863262.15 Repurchased Loans Balance > 166500 0 166500 Curtailments Amount > 56121.01 24142.39 80263.4 Total Prepayment Amount > 3749169.34 360856.21 4110025.55 Current Prin Balance of Repurchases Per Sec 3.18 > 0.00 0.00 0.00 Cumulative Prin Balance of Repurchases Per Sec 3.18 > 0.00 0.00 0.00 Total Prepayments by Groups (in thousands of dollars) Tota >l Prepayments (in thousands of dollars) Page 15 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Prepayment Report for April 25, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENT RATES > ADJUSTABLE FIXED TOTAL SMM > 0.005922924 0.028055846 0.006274294 3 Months Avg SMM 12 Months Avg SMM Avg SMM Since Cut-off > 0.003911121 0.022676232 0.004223117 CPR > 0.068804843 0.28928457 0.072746906 3 Months Avg CPR 12 Months Avg CPR Avg CPR Since Cut-off > 0.04593691 0.240615851 0.049516729 PSA > 12.93418526 13.89091994 3 Months Avg PSA Approximation 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation > 10.45542554 11.45682418 Fixed Adjustable CPR by Groups Tota >l CPR PSA by Groups Tota >l PSA Page 16 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Prepayment Report for April 25, 2002 Distribution Prepayment Report - Voluntary Prepayments Fixed Adjustable 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,WASm) >/(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 17 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Prepayment Detail Report for April 25, 2002 Distribution Prepayment Detail Report - Loans Prepaid in Full During Curren >t Distribution SUMMARY > LOAN GROUP Total Loan Count = 20 > Loan Group 1 = Fixed Group Total Original Principal Balance = 3,077,800.00 > Loan Group 2 = Adjustable Group Total Prepayment Amount = 3,060,155.15 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 3900002829 1 45100 44265.8 > 37327 0.1499FL - 30.07% Paid Off - 300 3900002874 1 50000 49215.02 > 37316 0.14CA - 16.13% Paid Off - 180 3900002933 1 70500 66467.05 > 37333 0.1399CA - 53.41% Paid Off - 240 3900003011 1 50600 42744.09 > 37333 0.1199CT - 33.73% Paid Off - 180 1100341750 2 140000 139258.4 > 37330 0.045CA - 48.28% Paid Off - 36 37246 1100342648 2 86400 86274.83 > 37322 0.09625GA - 90.00% Paid Off - 36 37299 1100343234 2 125400 125262.49 > 37321 0.09CA - 95.00% Paid Off - 36 37274 1100344639 2 378100 377564.57 > 37344 0.0775CA - 94.53% Paid Off - 36 37260 1100345108 2 175750 175365.95 > 37319 0.07625CA - 95.00% Paid Off - 36 37256 1100345363 2 468000 467369.87 > 37337 0.08CA - 90.00% Paid Off - 36 37249 1100345432 2 140000 139746.18 > 37344 0.065CA - 80.00% Paid Off - 36 37270 1100345476 2 86400 86094.38 > 37320 0.05125FL - 80.00% Paid Off - 36 37287 1100346572 2 106150 105911.57 > 37316 0.05375CA - 89.96% Paid Off - 36 37278 1100347438 2 150000 149867.66 > 37344 0.06625AZ - 68.19% Paid Off - 36 37300 1100347701 2 103450 103347.01 > 37335 0.06OH - 89.96% Paid Off - 36 37299 1109004661 2 147250 147072.92 > 37340 0.105MN - 95.00% Paid Off - 36 37286 2500014068 2 300200 300027.29 > 37326 0.0875CA - 95.00% Paid Off - 36 37287 2500014142 2 108000 107917.82 > 37333 0.07375IL - 90.00% Paid Off - 36 37284 2500014324 2 180000 179882.25 > 37340 0.08125CA - 84.51% Paid Off - 36 37292 2500014587 2 166500 166500 > 37347 0.0675FL - 90.00% Repur/Subs - 37308 Page > 18 of 24 (c) COPYRIGHT 2002 Deutsc >he Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Realized Loss Report for April 25, 2002 Distribution Realized Loss Report - Collateral COLLATERAL REALIZED LOSSES > ADJUSTABLE FIXED TOTAL Current Number of Loans Liquidated > 0 0 0 Collateral Realized Loss/(Gain) Amount > 0 0 0 Net Liquidation Proceeds > 0 0 0 Cumulative Number of Loans Liquidated > 0 0 0 Collateral Realized Loss/(Gain) Amount > 0 0 0 Net Liquidation Proceeds > 0 0 0 Note: Collateral realized losses may include adjustments to loan >s liquidated in prior periods. Cumulative Loss Percentage For Related Payment Date > 0.0000% Fixed > 3 Months Moving Average Adjustable Collateral Loss Severity Approximation by Groups Coll >ateral Loss Severity Approximation Page 19 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Realized Loss Report for April 25, 2002 Distribution Realized Loss Report - Collateral DEFAULT SPEEDS > ADJUSTABLE FIXED TOTAL MDR > 0 0 0 3 Months Avg MDR 12 Months Avg MDR Avg MDR Since Cut-off > 0 0 0 CDR > 0 0 0 3 Months Avg CDR 12 Months Avg CDR Avg CDR Since Cut-off > 0 0 0 SDA > 0 0 3 Months Avg SDA Approximation 12 Months Avg SDA Approximation Avg SDA Since Cut-off Approximation > 0 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 Fixed Adjustable CDR by Groups Tota >l CDR SDA by Groups Tota >l SDA Page 20 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Realized Loss Report for April 25, 2002 Distribution Realized Loss Report - Collateral Fixed Adjustable 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 months > 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 cluderealized gains and additional realized losses and gains from priorperiod >s. Dates correspond to distribution dates. Page 21 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Realized Loss Detail Report for April 25, 2002 Distribution Realized Loss Detail Report - Loans Liquidated During Current >Distribution SUMMARY > LOAN GROUP Total Loan Count = 0 > Loan Group 1 = Fixed Group Total Original Principal Balance = 0.00 > Loan Group 2 = Adjustable Group 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 > 22 of 24 (c) COPYRIGHT 2002 Deutsc >he Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Triggers, Adj. Rate Cert. and Miscellaneous Report for April 25, > 2002 Distribution Triggers, Adj. Rate Cert. and Miscellaneous Report TRIGGER EVENTS > ADJUSTABLE FIXED TOTAL SPACE INTENTIONALLY LEFT BLANK ADJUSTABLE RATE CERTIFICATE INFORMATION > ADJUSTABLE FIXED TOTAL Current Periods Basis Risk Shortfall Carry Forward Amt > 0.00 Cumulative Basis Risk Shortfall Carry Forward Amt > 0.00 Current Periods LIBOR Rate > 1.9000% ADDITIONAL INFORMATION > ADJUSTABLE FIXED TOTAL Page 23 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Other Related Information for April 25, 2002 Distribution Other Related Information ADDITIONAL INFORMATION > ADJUSTABLE FIXED TOTAL Total Derivative Payments > (2,359.62) 241751 (3422599) > (2,359.62) NCC4728 > 0.00 NCC4729 > 0.00 IMP021C1 > 0.00 IMP021C2 > 0.00 IMP021C3 > 0.00 IMP021C4 > 0.00 IMP021C5 > 0.00 IMP021C6 > 0.00 IMP021C7 > 0.00 IMP021F1 > 0.00 IMP021F2 > 0.00 IMP021F3 > 0.00 IMP021F4 > 0.00 IMP021F5 > 0.00 IMP021F6 > 0.00 IMP021F7 > 0.00 Page 24 of 24 > (c) COPYRIGHT 2002 Deutsche Bank