8-K 1 im020112.txt IMH ASSET 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): December 26, 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 December 26, 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: Jan 02, 2003 By: /s/ Katie Wannenmacher Katie Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of December 26, 2002. Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds December 26, 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: December 26, > 2002 Underwriter(s): Countrywide Securities Co-Lea >d Underwriter Record Date: November 2 >9, 2002 Greenwich Capital Markets, Inc. > Co-Lead Underwriter > Page 1 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Certificate Payment Report for December 26, 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 >412561923.8 603944.82 8838284.105 9442228.925 0 > 0 403723639.7 B FLT 25000000 >21944783.18 68595.73 470121.495 538717.225 0 > 0 21474661.69 Cert 0 > 0 1156204.513 0 1156204.513 0 > 0 0 Total 495000000 >434506706.9 1828745.063 9308405.6 11137150.66 0 > 0 425198301.3 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 37585 37615 A-Act/360 4525 >4NCG0 470000000 877.7913271 1.284988979 18.8048598 20.0 >8984878 858.9864673 B 37585 37615 A-Act/360 4525 >4NCH8 25000000 877.7913272 2.7438292 18.8048598 21 >.548689 858.9864676 Cert 37585 37615 - > 0 0 0 0 > 0 0 > Page 2 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Certificate Payment Report for December 26, 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 7939851.72 >62009370.01 4266990.339 66276360.34 74216212.06 0 > 0 403723639.7 B 25000000 807148.45 >3298370.745 226967.5713 3525338.316 4332486.766 0 > 0 21474661.69 Cert 0 13490243.35 > 0 0 0 13490243.35 0 > 0 0 Total 495000000 22237243.52 >65307740.75 4493957.91 69801698.66 92038942.18 0 > 0 425198301.3 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 0.017 412561923.8 > 603944.82 0 0 0 603944.82 60 >3944.82 0 B 0.0363 21944783.18 > 68595.73 0 0 0 68595.73 6 >8595.73 0 Cert 0 > 0 0 0 0 1156204.513 1156 >204.513 0 Total 434506706.9 > 672540.55 0 0 0 1828745.063 1828 >745.063 0 > Page 3 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collection Account Report for December 26, 2002 Distribution Collection Account Report SUMMARY > ADJUSTABLE FIXED TOTAL Principal Collections > 8,897,743.16 365,208.01 9,262,951.17 Principal Withdrawals > 0.00 0.00 0.00 Principal Other Accounts > 0.00 0.00 0.00 TOTAL PRINCIPAL > 8,897,743.16 365,208.01 9,262,951.17 Interest Collections > 2,163,193.55 66,722.83 2,229,916.38 Interest Withdrawals > 0.00 (4,166.64) (4,166.64) Interest Other Accounts > 0.00 0.00 0.00 Interest Fees > (227,730.40) (1,197.63) (228,928.03) TOTAL INTEREST > 1,935,463.15 61,358.56 1,996,821.71 TOTAL AVAILABLE FUNDS TO BONDHOLDERS > 10,833,206.31 426,566.57 11,259,772.88 PRINCIPAL - COLLECTIONS > ADJUSTABLE FIXED TOTAL Scheduled Principal > 457,339.82 0.00 457,339.82 Curtailments > 88,430.64 16,134.34 104,564.98 Prepayments in Full > 8,351,972.70 349,073.67 8,701,046.37 Repurchases/Substitutions > 0.00 0.00 0.00 Liquidations > 0.00 45,454.43 45,454.43 Insurance Principal > 0.00 0.00 0.00 Other Additional Principal > 0.00 0.00 0.00 Delinquent Principal > (87,818.69) 0.00 (87,818.69) Realized Losses > 0.00 (45,454.43) (45,454.43) 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 > 87,818.69 0.00 87,818.69 TOTAL PRINCIPAL > 8,897,743.16 365,208.01 9,262,951.17 Page 4 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collection Account Report for December 26, 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 > 2,192,869.36 68,903.73 2,261,773.09 Repurchases/Substitutions > 0.00 0.00 0.00 Liquidations > 0.00 520.83 520.83 Insurance Interest > 0.00 0.00 0.00 Other Additional Interest > 0.00 0.00 0.00 Prepayment Interest Shortfalls > (22,801.53) (2,190.11) (24,991.64) Relief Act Interest Shortfalls > 0.00 0.00 0.00 Delinquent Interest > (473,834.85) (48,586.45) (522,421.30) Interest Realized Losses > 0.00 0.00 0.00 Compensating Interest > 22,801.53 2,190.11 24,991.64 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 > 444,159.04 45,884.72 490,043.76 Cap Contract Payment Amt > 0.00 0.00 0.00 TOTAL INTEREST > 2,163,193.55 66,722.83 2,229,916.38 Page 5 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collection Account Report for December 26, 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 4,166.64 4,166.64 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 4,166.64 4,166.64 INTEREST - OTHER ACCOUNTS > ADJUSTABLE FIXED TOTAL Cap Contract Payment Amount > 0.00 Floor Contract Payment Amounts > 122,622.22 Swap Contract Payment Amounts > 0.00 INTEREST - FEES > ADJUSTABLE FIXED TOTAL Owner Trustee Fee > 614.21 8.43 622.64 Indenture Trustee Fee > 1,806.49 24.78 1,831.27 Bond Insurance Premium Amount > 60,558.55 0.00 60,558.55 Radian PMI Insurance Premiums > 48,100.87 0.00 48,100.87 Current Servicing Fees > 116,650.28 1,164.42 117,814.70 TOTAL INTEREST FEES > 227,730.40 1,197.63 228,928.03 Page 6 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Credit Enhancement Report for December 26, 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 > 45,454.43 Current Periods Net Monthly Excess Cashflow > 1,201,658.94 Current Periods Overcollateralization Release > 0.00 60 Day Rolling Delinquency Amount > 7,275,032.78 90 Day Rolling Delinquency Amount > 5,582,098.16 Available Funds Rate > 4.5273% Page 7 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collateral Report for December 26, 2002 Distribution Collateral Report COLLATERAL > ADJUSTABLE FIXED TOTAL Loan Count: Original > 1815 166 1981 Prior > 1784 125 1909 Prefunding > 0 0 0 Scheduled Paid Offs > 0 0 0 Full Voluntary Prepayments > -36 -7 -43 Repurchases > 0 0 0 Liquidations > 0 -1 -1 Current > 1748 117 1865 Principal Balance: Original > 446375813.9 8048101.91 454423915.8 Prior > 433558779.7 5947927.29 439506706.9 Prefunding > 0 0 0 Scheduled Principal > -457339.82 0 -457339.82 Partial and Full Voluntary Prepayments > -8440403.34 -365208.01 -8805611.35 Repurchases > 0 0 0 Liquidations > 0 -45454.43 -45454.43 Current > 424661036.5 5537264.85 430198301.3 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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collateral Report for December 26, 2002 Distribution Collateral Report CHARACTERISTICS > ADJUSTABLE FIXED TOTAL Weighted Average Coupon Original > 0.065341562 0.138472315 0.066636748 Weighted Average Coupon Prior > 0.060851772 0.139787296 0.061945232 Weighted Average Coupon Current > 0.060694036 0.140064708 0.061768175 Weighted Average Months to Maturity Original > 359 172 355.7356177 Weighted Average Months to Maturity Prior > 351 167 348.5098932 Weighted Average Months to Maturity Current > 350 167 347.6445294 Weighted Avg Remaining Amortization Term Original > 358.2662104 167.2829155 354.9322934 Weighted Avg Remaining Amortization Term Prior > 350.376795 162.8311724 347.8387046 Weighted Avg Remaining Amortization Term Current > 349.3874773 162.5538732 346.9826627 Weighted Average Seasoning Original > 1.73378958 0 1.703523527 Weighted Average Seasoning Prior > 9.62320504 60.12723917 10.30668567 Weighted Average Seasoning Current > 10.61252272 61.24399706 11.26422191 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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Collateral Report for December 26, 2002 Distribution Collateral Report ARM CHARACTERISTICS > ADJUSTABLE FIXED TOTAL Weighted Average Margin Original > 0.02905826 Weighted Average Margin Prior > 0.02899043 Weighted Average Margin Current > 0.02900567 Weighted Average Max Rate Original > 0.1304011 Weighted Average Max Rate Prior > 0.13020477 Weighted Average Max Rate Current > 0.13015432 Weighted Average Min Rate Original > 0.02992873 Weighted Average Min Rate Prior > 0.02988685 Weighted Average Min Rate Current > 0.02987486 Weighted Average Cap Up Original > 0.01007847 Weighted Average Cap Up Prior > 0.01006275 Weighted Average Cap Up Current > 0.01006394 Weighted Average Cap Down Original > 0.01007736 Weighted Average Cap Down Prior > 0.01006275 Weighted Average Cap Down Current > 0.01006394 Note: Original information refers to deal issue. SERVICING FEES / ADVANCES > ADJUSTABLE FIXED TOTAL Current Servicing Fees > 116,650.28 1,164.42 117,814.70 Delinquent Servicing Fees > 29,675.81 2,701.73 32,377.54 TOTAL SERVICING FEES > 146,326.09 3,866.15 150,192.24 Total Servicing Fees > 146,326.09 3,866.15 150,192.24 Compensating Interest > (22,801.53) (2,190.11) (24,991.64) Delinquent Servicing Fees > (29,675.81) (2,701.73) (32,377.54) COLLECTED SERVICING FEES > 93,848.75 (1,025.69) 92,823.06 Current PPIS > 22,801.53 2,190.11 24,991.64 Current Net PPIS > 0.00 0.00 0.00 Total Advanced Principal For Current Payment Date > 87,818.69 0.00 87,818.69 Total Advanced Interest For Current Payment Date > 444,159.04 45,884.72 490,043.76 TOTAL ADVANCES FOR CURRENT PERIOD > 531,977.73 45,884.72 577,862.45 ADDITIONAL COLLATERAL INFORMATION > ADJUSTABLE FIXED TOTAL SPACE INTENTIONALLY LEFT BLANK Page 10 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Delinquency Report for December 26, 2002 Distribution Delinquency Report - Total CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 2816483.68 1452500.47 806153.29 5075137.44 % Balance >0.006546943 0.003376351 0.001873911 0.011797205 # Loans > 15 8 5 28 % # Loans >0.008042895 0.004289544 0.002680965 0.015013405 FORECLOSURE Balance 0 > 0 223574.24 2038994.84 2262569.08 % Balance 0 > 0 0.0005197 0.004739663 0.005259363 # Loans 0 > 0 1 8 9 % # Loans 0 > 0 0.000536193 0.004289544 0.004825737 BANKRUPTCY Balance 496824.71 > 374149.46 0 1365232.97 2236207.14 % Balance 0.001154874 >0.000869714 0 0.003173497 0.005198085 # Loans 4 > 2 0 7 13 % # Loans 0.002144772 >0.001072386 0 0.003753351 0.006970509 REO Balance 0 > 0 0 1349613.81 1349613.81 % Balance 0 > 0 0 0.00313719 0.00313719 # Loans 0 > 0 0 3 3 % # Loans 0 > 0 0 0.001608579 0.001608579 TOTAL Balance 496824.71 > 3190633.14 1676074.71 5559994.91 10923527.47 % Balance 0.001154874 >0.007416657 0.003896051 0.01292426 0.025391842 # Loans 4 > 17 9 23 53 % # Loans 0.002144772 >0.009115282 0.004825737 0.01233244 0.028418231 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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Delinquency Report for December 26, 2002 Distribution Delinquency Report - Fixed Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 32140.84 95038.85 43694.62 170874.31 % Balance >0.005804461 0.017163501 0.007891011 0.030858974 # Loans > 1 2 1 4 % # Loans >0.008547009 0.017094017 0.008547009 0.034188034 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 84536.77 > 0 0 84723.63 169260.4 % Balance 0.015266882 > 0 0 0.015300628 0.03056751 # Loans 2 > 0 0 1 3 % # Loans 0.017094017 > 0 0 0.008547009 0.025641026 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 84536.77 > 32140.84 95038.85 128418.25 340134.71 % Balance 0.015266882 >0.005804461 0.017163501 0.023191639 0.061426484 # Loans 2 > 1 2 2 7 % # Loans 0.017094017 >0.008547009 0.017094017 0.017094017 0.05982906 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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Delinquency Report for December 26, 2002 Distribution Delinquency Report - Adjustable Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 2784342.84 1357461.62 762458.67 4904263.13 % Balance >0.006556624 0.003196577 0.001795452 0.011548653 # Loans > 14 6 4 24 % # Loans >0.008009153 0.003432494 0.00228833 0.013729977 FORECLOSURE Balance 0 > 0 223574.24 2038994.84 2262569.08 % Balance 0 > 0 0.000526477 0.004801464 0.005327941 # Loans 0 > 0 1 8 9 % # Loans 0 > 0 0.000572082 0.004576659 0.005148741 BANKRUPTCY Balance 412287.94 > 374149.46 0 1280509.34 2066946.74 % Balance 0.000970864 >0.000881054 0 0.003015368 0.004867286 # Loans 2 > 2 0 6 10 % # Loans 0.001144165 >0.001144165 0 0.003432494 0.005720824 REO Balance 0 > 0 0 1349613.81 1349613.81 % Balance 0 > 0 0 0.003178097 0.003178097 # Loans 0 > 0 0 3 3 % # Loans 0 > 0 0 0.001716247 0.001716247 TOTAL Balance 412287.94 > 3158492.3 1581035.86 5431576.66 10583392.76 % Balance 0.000970864 >0.007437679 0.003723054 0.012790381 0.024921977 # Loans 2 > 16 7 21 46 % # Loans 0.001144165 >0.009153318 0.004004577 0.01201373 0.026315789 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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 REO Report for December 26, 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 that be >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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Prepayment Report for December 26, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENTS > ADJUSTABLE FIXED TOTAL Current Number of Paid in Full Loans > 36 7 43 Number of Repurchased Loans > 0 0 0 Total Number of Loans Prepaid in Full > 36 7 43 Paid in Full Balance > 8351972.7 349073.67 8701046.37 Repurchased Loans Balance > 0 0 0 Curtailments Amount > 88430.64 16134.34 104564.98 Total Prepayment Amount > 8440403.34 365208.01 8805611.35 Cumulative Number of Paid in Full Loans > 245 48 293 Number of Repurchased Loans > 4 0 4 Total Number of Loans Prepaid in Full > 249 48 297 Paid in Full Balance > 61333495.69 2293250.05 63626745.74 Repurchased Loans Balance > 722270 0 722270 Curtailments Amount > 737269.39 171950.77 909220.16 Total Prepayment Amount > 62793035.08 2465200.82 65258235.9 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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Prepayment Report for December 26, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENT RATES > ADJUSTABLE FIXED TOTAL SMM > 0.019488283 0.061400887 0.020056085 3 Months Avg SMM > 0.019862816 0.048277267 0.020253355 12 Months Avg SMM Avg SMM Since Cut-off > 0.013669682 0.03591301 0.013998112 CPR > 0.210352155 0.532521465 0.215822013 3 Months Avg CPR > 0.213964088 0.447763236 0.217714251 12 Months Avg CPR Avg CPR Since Cut-off > 0.152248454 0.355245079 0.155629684 PSA > 9.910563217 8.875357742 9.579978759 3 Months Avg PSA Approximation > 11.11742229 7.462720605 10.5672208 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation > 12.38101244 7.400939154 11.58941019 Fixed Adjustable CPR by Groups Tota >l CPR PSA by Groups Tota >l PSA Page 16 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Prepayment Report for December 26, 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,W >ASm)/(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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Prepayment Detail Report for December 26, 2002 Distribution Prepayment Detail Report - Loans Prepaid in Full During Curren >t Distribution SUMMARY > LOAN GROUP Total Loan Count = 43 > Loan Group 1 = Fixed Group Total Original Principal Balance = 8,831,250.00 > Loan Group 2 = Adjustable Group Total Prepayment Amount = 8,701,046.37 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 3900002801 1 63000 61277.08 > 37573 0.1499CA - 35.00% Paid Off - 30 35944 3900002870 1 61550 54936.91 > 37564 0.1375CA - 28.63% Paid Off - 18 36091 3900002871 1 65000 58578.67 > 37578 0.14125CA - 26.53% Paid Off - 18 36173 3900002909 1 53000 44338.96 > 37586 0.1299LA - 56.99% Paid Off - 18 35641 3900002981 1 50000 46899.38 > 37581 0.1399CA - 32.89% Paid Off - 24 35727 3900003007 1 55500 40835.71 > 37578 0.1199CA - 39.64% Paid Off - 24 35734 3900003013 1 50000 42206.96 > 37565 0.1399OH - 47.17% Paid Off - 18 35851 1100341744 2 225000 221878.69 > 37589 0.045WA - 86.54% Paid Off - 36 37266 1100342803 2 242900 240853.86 > 37582 0.075CA - 89.97% Paid Off - 36 37256 1100342854 2 180500 178473.25 > 37579 0.06CA - 95.00% Paid Off - 36 37258 1100343283 2 328000 323740.73 > 37561 0.04875CA - 80.00% Paid Off - 36 37287 1100343556 2 278050 274513.27 > 37572 0.05125CA - 89.99% Paid Off - 36 37309 1100343676 2 224000 221830.18 > 37561 0.07CA - 80.00% Paid Off - 36 37263 1100343991 2 252800 250277.67 > 37573 0.06625MO - 80.00% Paid Off - 36 37300 1100344412 2 139500 138627.51 > 37586 0.085CA - 90.00% Paid Off - 36 37279 1100344838 2 301450 298631.91 > 37574 0.05875CA - 89.99% Paid Off - 36 37267 1100344875 2 175750 174428.07 > 37589 0.07FL - 95.00% Paid Off - 36 37294 1100344941 2 343200 338257.74 > 37585 0.04625CA - 80.00% Paid Off - 36 37260 1100345285 2 195300 193474.25 > 37589 0.05875FL - 90.00% Paid Off - 36 37278 1100345357 2 216000 214478.26 > 37585 0.08125CA - 94.95% Paid Off - 36 37291 1100345631 2 428000 423705.29 > 37580 0.055CA - 80.00% Paid Off - 36 37267 1100345765 2 147700 146121.56 > 37587 0.05375CA - 94.99% Paid Off - 36 37266 1100345786 2 213650 211455.39 > 37585 0.05375CA - 94.96% Paid Off - 36 37284 1100346581 2 160000 158431.78 > 37575 0.05625CA - 89.89% Paid Off - 36 37274 1100347382 2 304000 300449 > 37579 0.045CA - 78.56% Paid Off - 36 37287 1100347674 2 224000 221926.4 > 37580 0.0675CA - 70.00% Paid Off - 36 37312 1109003996 2 562500 555948.96 > 37586 0.04875CA - 75.00% Paid Off - 36 37287 1109004239 2 180500 179559.88 > 37586 0.09875CA - 95.00% Paid Off - 36 37256 1109004415 2 136800 136083.5 > 37575 0.09375TX - 90.00% Paid Off - 36 37263 1109005003 2 137600 136585.65 > 37574 0.08625MN - 80.00% Paid Off - 36 37315 1109005005 2 83850 83149.43 > 37579 0.08IN - 66.82% Paid Off - 36 37316 1109005009 2 216000 214195.5 > 37589 0.08WA - 80.00% Paid Off - 36 37316 1109005012 2 328000 325327.11 > 37571 0.08125CO - 80.00% Paid Off - 36 37316 1109005058 2 95000 93807.02 > 37581 0.06375CO - 52.78% Paid Off - 36 37315 1109005141 2 159000 157216.74 > 37579 0.0725MI - 85.95% Paid Off - 36 37315 2500012129 2 167000 164087.08 > 37568 0.06CA - 87.90% Paid Off - 36 37253 2500013287 2 386650 383968.57 > 37564 0.08CA - 95.00% Paid Off - 36 37263 2500013631 2 274500 272668.93 > 37561 0.0699CA - 97.00% Paid Off - 36 37279 2500013873 2 155000 153989.14 > 37567 0.0775CA - 85.17% Paid Off - 36 37281 2500013995 2 342000 339872.79 > 37565 0.07375CA - 90.00% Paid Off - 36 37308 2500014015 2 239400 237320.18 > 37566 0.05625CA - 95.00% Paid Off - 36 37274 2500014026 2 101600 100709.01 > 37582 0.06375CA - 80.00% Paid Off - 36 37281 2500014333 2 288000 285928.4 > 37565 0.0725IL - 90.00% Paid Off - 36 37288 Page > 18 of 24 COPYRIGHT 2002 Deutsc >he Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Realized Loss Report for December 26, 2002 Distribution Realized Loss Report - Collateral COLLATERAL REALIZED LOSSES > ADJUSTABLE FIXED TOTAL Current Number of Loans Liquidated > 0 1 1 Collateral Realized Loss/(Gain) Amount > 0 45454.43 45454.43 Net Liquidation Proceeds > 0 0 0 Cumulative Number of Loans Liquidated > 0 1 1 Collateral Realized Loss/(Gain) Amount > 0 45454.43 45454.43 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 > 0.0091% Fixed > 3 Months Moving Average Adjustable Collateral Loss Severity Approximation by Groups Coll >ateral Loss Severity Approximation Page 19 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Realized Loss Report for December 26, 2002 Distribution Realized Loss Report - Collateral DEFAULT SPEEDS > ADJUSTABLE FIXED TOTAL MDR > 0 0.007642062 0.000103421 3 Months Avg MDR > 0 0.002553871 3.4475E-05 12 Months Avg MDR Avg MDR Since Cut-off > 0 0.000766847 1.03426E-05 CDR > 0 0.087946792 0.001240352 3 Months Avg CDR > 0 0.030219624 0.000413622 12 Months Avg CDR Avg CDR Since Cut-off > 0 0.009163452 0.000124104 SDA > 0 0.149523085 0.005505715 3 Months Avg SDA Approximation > 0 0.05036604 0.0020076 12 Months Avg SDA Approximation Avg SDA Since Cut-off Approximation > 0 0.01527242 0.00092418 Loss Severity Approximation for Current Period > 1 1 3 Months Avg Loss Severity Approximation > 1 1 12 Months Avg Loss Severity Approximation Avg Loss Severity Approximation Since Cut-off > 1 1 Fixed Adjustable CDR by Groups Tota >l CDR SDA by Groups Tota >l SDA Page 20 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Realized Loss Report for December 26, 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 mo >nths 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 >clude realized gains and additional realized losses and gains from prior period >s. Dates correspond to distribution dates. Page 21 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Realized Loss Detail Report for December 26, 2002 Distribution Realized Loss Detail Report - Loans Liquidated During Current >Distribution SUMMARY > LOAN GROUP Total Loan Count = 1 > Loan Group 1 = Fixed Group Total Original Principal Balance = 50,000.00 > Loan Group 2 = Adjustable Group Total Prior Principal Balance = 45,454.43 Total Realized Loss Amount = 45,454.43 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 3900002929 1 BK 50000 45454.43 > 45454.43 0.1375CA - 50.51% 240 35705 Page > 22 of 24 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 December >26, 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 > 1.3800% ADDITIONAL INFORMATION > ADJUSTABLE FIXED TOTAL Current Net Mortgage Rate > 5.6287% Page 23 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-1 Collateralized Asset-Backed Bonds Series 2002-1 Other Related Information for December 26, 2002 Distribution Other Related Information ADDITIONAL INFORMATION > ADJUSTABLE FIXED TOTAL Total Derivative Payments > 122,622.22 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 > 22,989.03 IMP021F2 > 17,497.09 IMP021F3 > 9,480.77 IMP021F4 > 37,439.45 IMP021F5 > 6,526.16 IMP021F6 > 14,323.04 IMP021F7 > 14,366.66 Page 24 of 24 > COPYRIGHT 2002 Deutsche Bank