8-K 1 im02018k7.txt IMH ASSETS CORP. 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):September 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 September 256, 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 30, 2002 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of September 25, 2002. Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds September 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.corporatetrust.db.com/invr Factor Information: > (800) 735-7777 Main Phone Number: > (714) 247-6000 ISSUANCE INFORMATION Seller: IMPAC Mortgage Holdings Inc. > Cut-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: September 25 >, 2002 Underwriter(s): Countrywide Securities Co-Lea >d Underwriter Record Date: August 30, > 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 September 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 >439797456.4 780640.49 8824748.067 9605388.557 0 > 0 430972708.3 B FLT 25000000 >23393481.72 79147.95 469401.4929 548549.4429 0 > 0 22924080.23 Cert 0 > 0 1283193.106 0 1283193.106 0 > 0 0 Total 495000000 >463190938.1 2142981.546 9294149.56 11437131.11 0 > 0 453896788.6 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 37494 37523 A-Act/360 4525 >4NCG0 470000000 935.739269 1.660937213 18.77605972 20.4 >3699693 916.9632092 B 37494 37523 A-Act/360 4525 >4NCH8 25000000 935.7392688 3.165918 18.77605972 21.9 >4197772 916.9632092 Cert 37494 37523 - > 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 September 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 5790211.47 >36076338.27 2950953.394 39027291.66 44817503.13 0 > 0 430972708.3 B 25000000 582251.36 >1918954.163 156965.6061 2075919.769 2658171.129 0 > 0 22924080.23 Cert 0 10018223.62 > 0 0 0 10018223.62 0 > 0 0 Total 495000000 16390686.45 >37995292.43 3107919 41103211.43 57493897.88 0 > 0 453896788.6 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 0.0213 439797456.4 > 780640.49 0 0 0 780640.49 78 >0640.49 0 B 0.0406 23393481.72 > 79147.95 0 0 0 79147.95 7 >9147.95 0 Cert 0 > 0 0 0 0 1283193.106 1283 >193.106 0 Total 463190938.1 > 859788.44 0 0 0 2142981.546 2142 >981.546 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 September 25, 2002 Distribution Collection Account Report SUMMARY > ADJUSTABLE FIXED TOTAL Principal Collections > 9,036,598.75 257,550.81 9,294,149.56 Principal Withdrawals > 0.00 0.00 0.00 Principal Other Accounts > 0.00 0.00 0.00 TOTAL PRINCIPAL > 9,036,598.75 257,550.81 9,294,149.56 Interest Collections > 2,342,826.18 74,602.06 2,417,428.24 Interest Withdrawals > 0.00 0.00 0.00 Interest Other Accounts > 0.00 0.00 0.00 Interest Fees > (249,648.23) (1,314.19) (250,962.42) TOTAL INTEREST > 2,093,177.95 73,287.87 2,166,465.82 TOTAL AVAILABLE FUNDS TO BONDHOLDERS > 11,129,776.70 330,838.68 11,460,615.38 PRINCIPAL - COLLECTIONS > ADJUSTABLE FIXED TOTAL Scheduled Principal > 468,567.27 0.00 468,567.27 Curtailments > 40,683.77 19,967.44 60,651.21 Prepayments in Full > 8,527,347.71 237,583.37 8,764,931.08 Repurchases/Substitutions > 0.00 0.00 0.00 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 > (70,043.13) 0.00 (70,043.13) 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 > 70,043.13 0.00 70,043.13 TOTAL PRINCIPAL > 9,036,598.75 257,550.81 9,294,149.56 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 September 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 > 2,367,226.19 77,983.10 2,445,209.29 Repurchases/Substitutions > 0.00 0.00 0.00 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 > (22,223.45) (1,797.76) (24,021.21) Relief Act Interest Shortfalls > 0.00 (294.92) (294.92) Delinquent Interest > (392,867.14) (55,412.70) (448,279.84) Interest Realized Losses > 0.00 0.00 0.00 Compensating Interest > 22,223.45 1,797.76 24,021.21 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 > 368,467.13 52,326.58 420,793.71 Cap Contract Payment Amt > 0.00 0.00 0.00 TOTAL INTEREST > 2,342,826.18 74,602.06 2,417,428.24 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 September 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 > 0.00 Floor Contract Payment Amounts > 23,484.28 Swap Contract Payment Amounts > 0.00 INTEREST - FEES > ADJUSTABLE FIXED TOTAL Owner Trustee Fee > 653.74 9.54 663.28 Indenture Trustee Fee > 1,922.74 28.06 1,950.80 Bond Insurance Premium Amount > 64,645.91 0.00 64,645.91 Radian PMI Insurance Premiums > 51,084.01 0.00 51,084.01 Current Servicing Fees > 131,341.83 1,276.59 132,618.42 TOTAL INTEREST FEES > 249,648.23 1,314.19 250,962.42 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 September 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 > 1,283,193.11 Current Periods Overcollateralization Release > 0.00 60 Day Rolling Delinquency Amount > 4,115,743.54 90 Day Rolling Delinquency Amount > 2,950,048.70 Available Funds Rate > 5.5492% Page 7 of 24 > (c) COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collateral Report for September 25, 2002 Distribution Collateral Report COLLATERAL > ADJUSTABLE FIXED TOTAL Loan Count: Original > 1815 166 1981 Prior > 1887 140 2027 Prefunding > 0 0 0 Scheduled Paid Offs > 0 0 0 Full Voluntary Prepayments > -35 -5 -40 Repurchases > 0 0 0 Liquidations > 0 0 0 Current > 1852 135 1987 Principal Balance: Original > 446375813.9 8048101.91 454423915.8 Prior > 461457273.7 6733664.46 468190938.1 Prefunding > 0 0 0 Scheduled Principal > -468567.27 0 -468567.27 Partial and Full Voluntary Prepayments > -8568031.48 -257550.81 -8825582.29 Repurchases > 0 0 0 Liquidations > 0 0 0 Current > 452420674.9 6476113.65 458896788.6 PREFUNDING > ADJUSTABLE FIXED TOTAL PRE-FUNDING ACCOUNT Original Pre-Funded Amount > 45,576,084.00 Balance of Subsequent Mortgage Loans added this period > 0.00 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 September 25, 2002 Distribution Collateral Report CHARACTERISTICS > ADJUSTABLE FIXED TOTAL Weighted Average Coupon Original > 0.065341562 0.138472315 0.066636748 Weighted Average Coupon Prior > 0.063582075 0.139134498 0.064690338 Weighted Average Coupon Current > 0.06155871 0.138972942 0.062672105 Weighted Average Months to Maturity Original > 359 172 355.7356177 Weighted Average Months to Maturity Prior > 354 168 351.3248914 Weighted Average Months to Maturity Current > 353 167 350.3751023 Weighted Avg Remaining Amortization Term Original > 358.2662104 167.2829155 354.9322934 Weighted Avg Remaining Amortization Term Prior > 353.3607063 163.3867464 350.628443 Weighted Avg Remaining Amortization Term Current > 352.361234 163.1970068 349.6916816 Weighted Average Seasoning Original > 1.73378958 0 1.703523527 Weighted Average Seasoning Prior > 6.63929372 57.18513541 7.366259387 Weighted Average Seasoning Current > 7.63876599 58.16538335 8.35181547 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 September 25, 2002 Distribution Collateral Report ARM CHARACTERISTICS > ADJUSTABLE FIXED TOTAL Weighted Average Margin Original > 0.02905826 Weighted Average Margin Prior > 0.02905793 Weighted Average Margin Current > 0.02904304 Weighted Average Max Rate Original > 0.1304011 Weighted Average Max Rate Prior > 0.13028448 Weighted Average Max Rate Current > 0.13025182 Weighted Average Min Rate Original > 0.02992873 Weighted Average Min Rate Prior > 0.03004357 Weighted Average Min Rate Current > 0.03002424 Weighted Average Cap Up Original > 0.01007847 Weighted Average Cap Up Prior > 0.01006661 Weighted Average Cap Up Current > 0.01006441 Weighted Average Cap Down Original > 0.01007736 Weighted Average Cap Down Prior > 0.01006661 Weighted Average Cap Down Current > 0.01006441 Note: Original information refers to deal issue. SERVICING FEES / ADVANCES > ADJUSTABLE FIXED TOTAL Current Servicing Fees > 131,341.83 1,276.59 132,618.42 Delinquent Servicing Fees > 24,400.00 3,086.12 27,486.12 TOTAL SERVICING FEES > 155,741.83 4,362.71 160,104.54 Total Servicing Fees > 155,741.83 4,362.71 160,104.54 Compensating Interest > (22,223.45) (1,797.76) (24,021.21) Delinquent Servicing Fees > (24,400.00) (3,086.12) (27,486.12) COLLECTED SERVICING FEES > 109,118.38 (521.17) 108,597.21 Current PPIS > 22,223.45 1,797.76 24,021.21 Current Net PPIS > 0.00 0.00 0.00 Total Advanced Principal For Current Payment Date > 70,043.13 0.00 70,043.13 Total Advanced Interest For Current Payment Date > 368,467.13 52,326.58 420,793.71 TOTAL ADVANCES FOR CURRENT PERIOD > 438,510.26 52,326.58 490,836.84 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 September 25, 2002 Distribution Delinquency Report - Total CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 2431254.36 975445.48 2078160.26 5484860.1 % Balance >0.005298042 0.002125632 0.004528601 0.011952274 # Loans > 13 3 8 24 % # Loans >0.006542526 0.001509814 0.00402617 0.01207851 FORECLOSURE Balance 0 > 0 0 565404.7 565404.7 % Balance 0 > 0 0 0.001232096 0.001232096 # Loans 0 > 0 0 2 2 % # Loans 0 > 0 0 0.001006543 0.001006543 BANKRUPTCY Balance 85277.11 > 0 0 217546 302823.11 % Balance 0.000185831 > 0 0 0.000474063 0.000659894 # Loans 2 > 0 0 2 4 % # Loans 0.001006543 > 0 0 0.001006543 0.002013085 REO Balance 0 > 0 0 643556.47 643556.47 % Balance 0 > 0 0 0.001402399 0.001402399 # Loans 0 > 0 0 1 1 % # Loans 0 > 0 0 0.000503271 0.000503271 TOTAL Balance 85277.11 > 2431254.36 975445.48 3504667.43 6996644.38 % Balance 0.000185831 >0.005298042 0.002125632 0.007637158 0.015246662 # Loans 2 > 13 3 13 31 % # Loans 0.001006543 >0.006542526 0.001509814 0.006542526 0.015601409 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 September 25, 2002 Distribution Delinquency Report - Fixed Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 135265.82 0 45454.43 180720.25 % Balance >0.020886882 0 0.007018782 0.027905664 # Loans > 3 0 1 4 % # Loans >0.022222222 0 0.007407407 0.02962963 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 85277.11 > 0 0 85556.35 170833.46 % Balance 0.013167945 > 0 0 0.013211064 0.026379009 # Loans 2 > 0 0 1 3 % # Loans 0.014814815 > 0 0 0.007407407 0.022222222 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 85277.11 > 135265.82 0 131010.78 351553.71 % Balance 0.013167945 >0.020886882 0 0.020229846 0.054284673 # Loans 2 > 3 0 2 7 % # Loans 0.014814815 >0.022222222 0 0.014814815 0.051851852 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 September 25, 2002 Distribution Delinquency Report - Adjustable Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 2295988.54 975445.48 2032705.83 5304139.85 % Balance >0.005074897 0.002156059 0.004492955 0.011723911 # Loans > 10 3 7 20 % # Loans >0.005399568 0.00161987 0.003779698 0.010799136 FORECLOSURE Balance 0 > 0 0 565404.7 565404.7 % Balance 0 > 0 0 0.001249732 0.001249732 # Loans 0 > 0 0 2 2 % # Loans 0 > 0 0 0.001079914 0.001079914 BANKRUPTCY Balance 0 > 0 0 131989.65 131989.65 % Balance 0 > 0 0 0.000291741 0.000291741 # Loans 0 > 0 0 1 1 % # Loans 0 > 0 0 0.000539957 0.000539957 REO Balance 0 > 0 0 643556.47 643556.47 % Balance 0 > 0 0 0.001422474 0.001422474 # Loans 0 > 0 0 1 1 % # Loans 0 > 0 0 0.000539957 0.000539957 TOTAL Balance 0 > 2295988.54 975445.48 3373656.65 6645090.67 % Balance 0 >0.005074897 0.002156059 0.007456902 0.014687858 # Loans 0 > 10 3 11 24 % # Loans 0 >0.005399568 0.00161987 0.005939525 0.012958963 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 September 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 = Not Available Total Original Principal Balance = 000.00 Loan Group 2 > = Adjustable Group; REO Book Value = Not Available Total Current Balance = 000.00 REO Book Value = Not Available 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 September 25, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENTS > ADJUSTABLE FIXED TOTAL Current Number of Paid in Full Loans > 35 5 40 Number of Repurchased Loans > 0 0 0 Total Number of Loans Prepaid in Full > 35 5 40 Paid in Full Balance > 8527347.71 237583.37 8764931.08 Repurchased Loans Balance > 0 0 0 Curtailments Amount > 40683.77 19967.44 60651.21 Total Prepayment Amount > 8568031.48 257550.81 8825582.29 Cumulative Number of Paid in Full Loans > 142 31 173 Number of Repurchased Loans > 3 0 3 Total Number of Loans Prepaid in Full > 145 31 176 Paid in Full Balance > 35643255.59 1451104.66 37094360.25 Repurchased Loans Balance > 446237.79 0 446237.79 Curtailments Amount > 329942.18 120701.79 450643.97 Total Prepayment Amount > 36419435.56 1571806.45 37991242.01 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 September 25, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENT RATES > ADJUSTABLE FIXED TOTAL SMM > 0.018586207 0.038248239 0.018869276 3 Months Avg SMM > 0.016063181 0.037207041 0.016374343 12 Months Avg SMM Avg SMM Since Cut-off > 0.011003518 0.030564992 0.011305083 CPR > 0.201590145 0.37373826 0.204349185 3 Months Avg CPR > 0.17660818 0.365553703 0.179727445 12 Months Avg CPR Avg CPR Since Cut-off > 0.124337074 0.310991806 0.127535798 PSA > 13.19520362 6.228970999 12.23381823 3 Months Avg PSA Approximation > 13.29989557 6.092561721 12.19958458 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation > 13.34256477 7.256475477 12.31758365 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 September 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 September 25, 2002 Distribution Prepayment Detail Report - Loans Prepaid in Full During Curren >t Distribution SUMMARY > LOAN GROUP Total Loan Count = 40 > Loan Group 1 = Fixed Group Total Original Principal Balance = 8,866,785.00 > Loan Group 2 = Adjustable Group Total Prepayment Amount = 8,764,931.08 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 3900002826 1 50000 44929.3 > 37469 0.1625NM - 24.75% Paid Off - 30 35929 3900002843 1 50000 48353.68 > 37469 0.1325CA - 19.61% Paid Off - 30 35888 3900002885 1 65000 42138.43 > 37481 0.1299FL - 37.79% Paid Off - 12 35724 3900002968 1 55400 47921.74 > 37489 0.1375TN - 58.32% Paid Off - 18 35727 3900002996 1 65000 54240.22 > 37488 0.1199CA - 42.48% Paid Off - 18 35727 1100342000 2 210000 208817.36 > 37473 0.05375CA - 75.00% Paid Off - 36 37294 1100342476 2 304700 302895.97 > 37496 0.06125CA - 90.00% Paid Off - 36 37264 1100343263 2 325375 324227.73 > 37489 0.095GA - 95.00% Paid Off - 36 37302 1100343455 2 397100 393637.01 > 37498 0.04875CA - 95.00% Paid Off - 36 37294 1100343885 2 430500 428454.33 > 37497 0.0725CA - 70.00% Paid Off - 36 37306 1100344571 2 188950 187892.13 > 37498 0.06375MT - 89.98% Paid Off - 36 37256 1100344679 2 386500 384049.63 > 37475 0.0475CA - 89.89% Paid Off - 36 37300 1100344727 2 90000 89352.37 > 37469 0.06625SC - 74.39% Paid Off - 36 37291 1100344730 2 124500 123863.34 > 37496 0.06875WA - 75.00% Paid Off - 36 37309 1100344937 2 287850 286579.97 > 37473 0.06625CA - 95.00% Paid Off - 36 37295 1100345065 2 174500 173931.15 > 37473 0.09875CA - 68.44% Paid Off - 36 37292 1100345429 2 176400 175312.6 > 37484 0.05875CA - 90.00% Paid Off - 36 37252 1100345659 2 155650 154667.14 > 37489 0.0575CA - 89.98% Paid Off - 36 37265 1100345675 2 283000 281367.74 > 37490 0.0525CA - 42.88% Paid Off - 36 37301 1100345707 2 159600 158702.05 > 37475 0.0538NJ - 95.00% Paid Off - 36 37302 1100346547 2 268000 267019.31 > 37469 0.08625TN - 80.00% Paid Off - 36 37308 1100346627 2 234200 233185.03 > 37488 0.085SC - 95.00% Paid Off - 36 37291 1100346720 2 348250 346241.37 > 37484 0.0525CA - 89.99% Paid Off - 36 37287 1100346975 2 102400 101822.9 > 37490 0.05375IL - 80.00% Paid Off - 36 37309 1100347425 2 458400 454603.12 > 37469 0.05CA - 80.00% Paid Off - 36 37287 1100347860 2 379600 377078.27 > 37470 0.045CA - 89.90% Paid Off - 36 37293 1109004188 2 156060 155312.2 > 37483 0.08CA - 90.00% Paid Off - 36 37279 1109004566 2 149000 148386.66 > 37469 0.0875CA - 76.42% Paid Off - 36 37265 1109004655 2 242100 237679.14 > 37469 0.05375MI - 90.00% Paid Off - 36 37287 1109004672 2 275000 272131.48 > 37495 0.07625OR - 73.34% Paid Off - 36 37287 1109004702 2 120600 119778.98 > 37498 0.095TX - 90.00% Paid Off - 36 37284 1109004865 2 321200 319347.43 > 37474 0.0525CA - 88.00% Paid Off - 36 37295 2500012186 2 369000 366971.21 > 37482 0.055NJ - 90.00% Paid Off - 36 37266 2500012844 2 497000 494783.17 > 37496 0.06625MI - 88.75% Paid Off - 36 37299 2500013372 2 90950 90491.84 > 37489 0.0775FL - 85.00% Paid Off - 36 37264 2500013481 2 76000 75698.53 > 37469 0.09IL - 95.00% Paid Off - 36 37251 2500013869 2 91800 91319.07 > 37484 0.0575FL - 90.00% Paid Off - 36 37280 2500014414 2 240000 237592.37 > 37487 0.0499CA - 80.00% Paid Off - 36 37307 2500014425 2 87200 86781.96 > 37475 0.0625IL - 80.00% Paid Off - 36 37293 2500014529 2 380000 377373.15 > 37491 0.04375CA - 74.22% Paid Off - 36 37298 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 September 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 September 25, 2002 Distribution Realized Loss Report - Collateral DEFAULT SPEEDS > ADJUSTABLE FIXED TOTAL MDR > 0 0 0 3 Months Avg MDR > 0 0 0 12 Months Avg MDR Avg MDR Since Cut-off > 0 0 0 CDR > 0 0 0 3 Months Avg CDR > 0 0 0 12 Months Avg CDR Avg CDR Since Cut-off > 0 0 0 SDA > 0 0 0 3 Months Avg SDA Approximation > 0 0 0 12 Months Avg SDA Approximation Avg SDA Since Cut-off Approximation > 0 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 September 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 September 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 September > 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 > 1.8100% ADDITIONAL INFORMATION > ADJUSTABLE FIXED TOTAL Current Net Mortgage Rate > 5.7192% 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 September 25, 2002 Distribution Other Related Information ADDITIONAL INFORMATION > ADJUSTABLE FIXED TOTAL Total Derivative Payments > 23,484.28 241751 (3422599) > 0.00 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 > 4,528.17 IMP021F2 > 3,611.59 IMP021F3 > 2,162.13 IMP021F4 > 10,677.93 IMP021F5 > 0.00 IMP021F6 > 2,418.59 IMP021F7 > 85.87 Page 24 of 24 > (c) COPYRIGHT 2002 Deutsche Bank