8-K 1 im020212.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): December 26, 2002 > IMH ASSETS CORP. (as Company under a Series 2002-2 Indenture, dated as of April 29, 2002 providing for, inter alia, the issuance of Collateralized Asset- > Backed Bonds, Series 2002-2). 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. Deutsche Bank National Trust Company, not in its individual capacity, but solely as > a duly authorized agent of the Registrant pursuant to the Indenture, dated as of April 29, 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 2002-2 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: April 1, 20 >02 Certificate Insurer(s): AMBAC Indemnity Corporation > Closing Date: April 29, >2002 > First Payment Date: May 28, 2002 Servicer(s): Impac Funding Corporation Mas >ter Servicer Wendover Funding, Inc. Sub-Se >rvicer Countrywide Funding Corporation > Sub-Servicer > 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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, STEP, 472500000 >431396174.4 616656.86 7857385.49 8474042.35 0 > 0 423538788.9 B SUB, FLT, S 23750000 >21683934.69 64979.52 394947.95 459927.47 0 > 0 21288986.74 Cert R 0 > 0 1283280.58 0 1283280.58 0 > 0 0 Total 496250000 >453080109.1 1964916.96 8252333.44 10217250.4 0 > 0 444827775.6 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 37585 37615 A-Act/360 4525 >4NCK1 472500000 913.0077764 1.305093884 16.62938728 17.9 >3448116 896.3783891 B 37585 37615 A-Act/360 4525 >4NCL9 23750000 913.0077764 2.735979789 16.62938737 19.3 >6536716 896.3783891 Cert 37585 37615 - > 0 0 0 0 > 0 0 > Page 2 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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 472500000 6266213.95 >45561090.83 3400120.302 48961211.13 55227425.08 0 > 0 423538788.9 B 23750000 593812.52 >2290107.742 170905.5178 2461013.26 3054825.78 0 > 0 21288986.74 Cert 0 11527530.13 > 0 0 0 11527530.13 0 > 0 0 Total 496250000 18387556.6 >47851198.57 3571025.82 51422224.39 69809780.99 0 > 0 444827775.6 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 0.0166 431396174.4 > 616656.86 0 0 0 616656.86 61 >6656.86 0 B 0.0348 21683934.69 > 64979.52 0 0 0 64979.52 6 >4979.52 0 Cert 0 > 0 0 0 0 1283280.58 128 >3280.58 0 Total 453080109.1 > 681636.38 0 0 0 1964916.96 196 >4916.96 0 > Page 3 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Collection Account Report for December 26, 2002 Distribution Collection Account Report SUMMARY > ADJUSTABLE FIXED TOTAL Principal Collections > 8,252,148.01 185.43 8,252,333.44 Principal Withdrawals > 0.00 0.00 0.00 Principal Other Accounts > 0.00 0.00 0.00 TOTAL PRINCIPAL > 8,252,148.01 185.43 8,252,333.44 Interest Collections > 2,229,532.53 1,712.93 2,231,245.46 Interest Withdrawals > 0.00 0.00 0.00 Interest Other Accounts > 0.00 0.00 0.00 Interest Fees > (212,730.77) (1.10) (212,731.87) TOTAL INTEREST > 2,016,801.76 1,711.83 2,018,513.59 TOTAL AVAILABLE FUNDS TO BONDHOLDERS > 10,268,949.77 1,897.26 10,270,847.03 PRINCIPAL - COLLECTIONS > ADJUSTABLE FIXED TOTAL Scheduled Principal > 482,217.32 0.00 482,217.32 Curtailments > 285,753.29 185.43 285,938.72 Prepayments in Full > 7,484,177.40 0.00 7,484,177.40 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 > (170,375.72) 0.00 (170,375.72) 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 > 170,375.72 0.00 170,375.72 TOTAL PRINCIPAL > 8,252,148.01 185.43 8,252,333.44 Page 4 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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 > 2,285,844.11 1,863.72 2,287,707.83 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 > (24,832.47) 0.00 (24,832.47) Relief Act Interest Shortfalls > 0.00 0.00 0.00 Delinquent Interest > (872,008.91) (1,863.72) (873,872.63) Interest Realized Losses > 0.00 0.00 0.00 Compensating Interest > 24,832.47 0.00 24,832.47 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 > 815,697.33 1,712.93 817,410.26 Cap Contract Payment Amt > 0.00 0.00 0.00 TOTAL INTEREST > 2,229,532.53 1,712.93 2,231,245.46 Page 5 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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 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 Amounts > 0.00 Floor Contract Payment Amounts > 53,596.63 Swap Contract Payment Amounts > 0.00 INTEREST - FEES > ADJUSTABLE FIXED TOTAL Owner Trustee Fee > 646.85 0.33 647.18 Indenture Trustee Fee > 1,521.99 0.77 1,522.76 Bond Insurance Premium Amount > 63,530.82 0.00 63,530.82 Radian PMI Insurance Premiums > 49,240.82 0.00 49,240.82 Current Servicing Fees > 97,790.29 0.00 97,790.29 TOTAL INTEREST FEES > 212,730.77 1.10 212,731.87 Page 6 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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 > 3,749,982.89 Current Periods Overcollateralization Amt > 3,749,982.89 Current Periods Extra Principal Distribution > 0.00 Current Periods Net Monthly Excess Cashflow > 1,283,280.58 Current Periods Overcollateralization Release > 0.00 60 Day Rolling Delinquency Amount > 6,724,165.84 90 Day Rolling Delinquency Amount > 5,011,973.73 Available Funds Rate > 5.0363% Page 7 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Collateral Report for December 26, 2002 Distribution Collateral Report COLLATERAL > ADJUSTABLE FIXED TOTAL Loan Count: Original > 2009 6 2015 Prior > 1844 4 1848 Prefunding > 0 0 0 Scheduled Paid Offs > 0 0 0 Full Voluntary Prepayments > -28 0 -28 Repurchases > 0 0 0 Liquidations > 0 0 0 Current > 1816 4 1820 Principal Balance: Original > 499686850 310868.95 499997719 Prior > 456598109.9 231982.07 456830091.9 Prefunding > 0 0 0 Scheduled Principal > -482217.32 0 -482217.32 Partial and Full Voluntary Prepayments > -7769930.69 -185.43 -7770116.12 Repurchases > 0 0 0 Liquidations > 0 0 0 Current > 448345961.9 231796.64 448577758.5 PREFUNDING > ADJUSTABLE FIXED TOTAL PRE-FUNDING ACCOUNT Original Pre-Funded Amount > 0.00 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Collateral Report for December 26, 2002 Distribution Collateral Report CHARACTERISTICS > ADJUSTABLE FIXED TOTAL Weighted Average Coupon Original > 0.066301649 0.097840746 0.066321258 Weighted Average Coupon Prior > 0.060928895 0.097248479 0.060950785 Weighted Average Coupon Current > 0.060074995 0.096406761 0.060093445 Weighted Average Months to Maturity Original > 359 175 358.8849403 Weighted Average Months to Maturity Prior > 353 170 352.9070711 Weighted Average Months to Maturity Current > 352 169 351.9054372 Weighted Avg Remaining Amortization Term Original > 358.1400787 323.1025499 358.1181689 Weighted Avg Remaining Amortization Term Prior > 352.1522287 329.3902334 352.1406699 Weighted Avg Remaining Amortization Term Current > 351.1576215 328.4351468 351.14588 Weighted Average Seasoning Original > 1.8599213 5.08046201 1.861935183 Weighted Average Seasoning Prior > 7.84777135 10.35025091 7.84904213 Weighted Average Seasoning Current > 8.84237846 11.34999481 8.843674238 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Collateral Report for December 26, 2002 Distribution Collateral Report ARM CHARACTERISTICS > ADJUSTABLE FIXED TOTAL Weighted Average Margin Original > 0.0288271 Weighted Average Margin Prior > 0.02877727 Weighted Average Margin Current > 0.02880714 Weighted Average Max Rate Original > 0.1306022 Weighted Average Max Rate Prior > 0.13052895 Weighted Average Max Rate Current > 0.13050509 Weighted Average Min Rate Original > 0.03023275 Weighted Average Min Rate Prior > 0.03015562 Weighted Average Min Rate Current > 0.03021396 Weighted Average Cap Up Original > 0.01008218 Weighted Average Cap Up Prior > 0.01007715 Weighted Average Cap Up Current > 0.01007873 Weighted Average Cap Down Original > 0.01008218 Weighted Average Cap Down Prior > 0.01007715 Weighted Average Cap Down Current > 0.01007873 Note: Original information refers to deal issue. SERVICING FEES / ADVANCES > ADJUSTABLE FIXED TOTAL Current Servicing Fees > 97,790.29 0.00 97,790.29 Delinquent Servicing Fees > 56,311.57 150.79 56,462.36 TOTAL SERVICING FEES > 154,101.86 150.79 154,252.65 Total Servicing Fees > 154,101.86 150.79 154,252.65 Compensating Interest > (24,832.47) 0.00 (24,832.47) Delinquent Servicing Fees > (56,311.57) (150.79) (56,462.36) COLLECTED SERVICING FEES > 72,957.82 0.00 72,957.82 Current PPIS > 24,832.47 0.00 24,832.47 Current Net PPIS > 0.00 0.00 0.00 Total Advanced Principal For Current Payment Date > 170,375.72 0.00 170,375.72 Total Advanced Interest For Current Payment Date > 815,697.33 1,712.93 817,410.26 TOTAL ADVANCES FOR CURRENT PERIOD > 986,073.05 1,712.93 987,785.98 ADDITIONAL COLLATERAL INFORMATION > ADJUSTABLE FIXED TOTAL SPACE INTENTIONALLY LEFT BLANK Page 10 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Delinquency Report for December 26, 2002 Distribution Delinquency Report - Total CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 2738410.28 2064011.18 392981.75 5195403.21 % Balance > 0.00610465 0.004601234 0.000876062 0.011581946 # Loans > 13 8 2 23 % # Loans >0.007142857 0.004395604 0.001098901 0.012637363 FORECLOSURE Balance 535620.16 > 0 0 3503024.43 4038644.59 % Balance 0.001194041 > 0 0 0.00780918 0.009003221 # Loans 1 > 0 0 12 13 % # Loans 0.000549451 > 0 0 0.006593407 0.007142857 BANKRUPTCY Balance 222107.76 > 0 0 622260.02 844367.78 % Balance 0.000495138 > 0 0 0.001387184 0.001882322 # Loans 1 > 0 0 4 5 % # Loans 0.000549451 > 0 0 0.002197802 0.002747253 REO Balance 0 > 0 0 625221.11 625221.11 % Balance 0 > 0 0 0.001393785 0.001393785 # Loans 0 > 0 0 2 2 % # Loans 0 > 0 0 0.001098901 0.001098901 TOTAL Balance 757727.92 > 2738410.28 2064011.18 5143487.31 10703636.69 % Balance 0.001689179 > 0.00610465 0.004601234 0.011466211 0.023861274 # Loans 2 > 13 8 20 43 % # Loans 0.001098901 >0.007142857 0.004395604 0.010989011 0.023626374 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Delinquency Report for December 26, 2002 Distribution Delinquency Report - Fixed 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 12 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Delinquency Report for December 26, 2002 Distribution Delinquency Report - Adjustable Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 2738410.28 2064011.18 392981.75 5195403.21 % Balance >0.006107806 0.004603613 0.000876515 0.011587934 # Loans > 13 8 2 23 % # Loans > 0.00715859 0.004405286 0.001101322 0.012665198 FORECLOSURE Balance 535620.16 > 0 0 3503024.43 4038644.59 % Balance 0.001194658 > 0 0 0.007813217 0.009007875 # Loans 1 > 0 0 12 13 % # Loans 0.000550661 > 0 0 0.00660793 0.00715859 BANKRUPTCY Balance 222107.76 > 0 0 622260.02 844367.78 % Balance 0.000495394 > 0 0 0.001387901 0.001883295 # Loans 1 > 0 0 4 5 % # Loans 0.000550661 > 0 0 0.002202643 0.002753304 REO Balance 0 > 0 0 625221.11 625221.11 % Balance 0 > 0 0 0.001394506 0.001394506 # Loans 0 > 0 0 2 2 % # Loans 0 > 0 0 0.001101322 0.001101322 TOTAL Balance 757727.92 > 2738410.28 2064011.18 5143487.31 10703636.69 % Balance 0.001690052 >0.006107806 0.004603613 0.011472139 0.02387361 # Loans 2 > 13 8 20 43 % # Loans 0.001101322 > 0.00715859 0.004405286 0.011013216 0.023678414 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 REO Report for December 26, 2002 Distribution REO Report - Mortgage Loans that Become REO During Current Dis >tribution SUMMARY LOAN GROUP Total Loan Count = 1 Loan Group 1 >= Fixed Group; REO Book Value = Not Available Total Original Principal Balance = 420,000.00 Loan Group 2 > = Adjustable Group; REO Book Value = Not Available Total Current Balance = 416,265.15 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 1109005345 2 420000 416265.15 37347 > 0.055CA - 93.34% 360 37341 Page 14 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Prepayment Report for December 26, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENTS > ADJUSTABLE FIXED TOTAL Current Number of Paid in Full Loans > 28 0 28 Number of Repurchased Loans > 0 0 0 Total Number of Loans Prepaid in Full > 28 0 28 Paid in Full Balance > 7484177.4 0 7484177.4 Repurchased Loans Balance > 0 0 0 Curtailments Amount > 285753.29 185.43 285938.72 Total Prepayment Amount > 7769930.69 185.43 7770116.12 Cumulative Number of Paid in Full Loans > 193 2 195 Number of Repurchased Loans > 0 0 0 Total Number of Loans Prepaid in Full > 193 2 195 Paid in Full Balance > 46601342.47 49289.83 46650632.3 Repurchased Loans Balance > 0 0 0 Curtailments Amount > 1168519.86 29782.48 1198302.34 Total Prepayment Amount > 47769862.33 79072.31 47848934.64 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Prepayment Report for December 26, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENT RATES > ADJUSTABLE FIXED TOTAL SMM > 0.017034992 0.000799329 0.017026739 3 Months Avg SMM > 0.017601048 0.062891459 0.017626758 12 Months Avg SMM Avg SMM Since Cut-off > 0.012543637 0.036023995 0.01255716 CPR > 0.186314281 0.009549891 0.186232294 3 Months Avg CPR > 0.191919385 0.541352794 0.192173131 12 Months Avg CPR Avg CPR Since Cut-off > 0.140561207 0.356135197 0.14070244 PSA > 10.53530348 0.420700245 10.52912447 3 Months Avg PSA Approximation > 12.22691576 25.62627408 12.24076562 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation > 13.12932769 21.26313862 13.13807572 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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 = 28 > Loan Group 1 = Fixed Group Total Original Principal Balance = 7,537,468.00 > Loan Group 2 = Adjustable Group Total Prepayment Amount = 7,484,177.40 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 1100344047 2 750000 742220.08 > 37573 0.0549CA - 60.00% Paid Off - 36 37315 1100344065 2 448000 443940.04 > 37564 0.07125CA - 80.00% Paid Off - 36 37340 1100344136 2 282000 280839.11 > 37574 0.0875CA - 70.00% Paid Off - 36 37356 1100345943 2 361000 358633.48 > 37566 0.06375CA - 95.00% Paid Off - 36 37333 1100346143 2 326700 324397.04 > 37585 0.06FL - 90.00% Paid Off - 36 37340 1100346206 2 320000 316545.68 > 37580 0.04625CA - 80.00% Paid Off - 36 37322 1100346401 2 103200 102816.73 > 37573 0.0925CA - 80.00% Paid Off - 36 37336 1100346439 2 285500 284593.27 > 37587 0.09999OK - 87.05% Paid Off - 36 37342 1100346799 2 130000 129208.09 > 37565 0.0675FL - 68.43% Paid Off - 36 37343 1100346838 2 177650 176594.22 > 37587 0.06875IL - 95.00% Paid Off - 36 37323 1100346905 2 182581 181515.46 > 37574 0.0725CA - 79.39% Paid Off - 36 37341 1100347021 2 387000 384336.96 > 37582 0.06125CA - 90.00% Paid Off - 36 37322 1100347177 2 280687 278946.07 > 37575 0.08CA - 90.00% Paid Off - 36 37326 1100347451 2 378000 375470.08 > 37581 0.07CA - 61.97% Paid Off - 36 37330 1100347506 2 182400 181265.5 > 37589 0.07375CA - 80.00% Paid Off - 36 37319 1100347733 2 234600 232780.47 > 37586 0.055CA - 94.99% Paid Off - 36 37333 1100348302 2 112500 111789.61 > 37564 0.0575NV - 90.00% Paid Off - 36 37363 1100348504 2 121450 120573.05 > 37585 0.05875CA - 89.97% Paid Off - 36 37342 1100348665 2 329000 327574.8 > 37575 0.085CA - 58.03% Paid Off - 36 37363 1100349175 2 425000 421794.48 > 37561 0.04875WA - 50.60% Paid Off - 36 37343 1109005415 2 162000 160830.3 > 37566 0.05875CA - 90.00% Paid Off - 36 37350 2500013507 2 480000 475715.83 > 37567 0.0475CA - 80.00% Paid Off - 36 37320 2500014724 2 179550 178443.14 > 37586 0.05875CA - 95.00% Paid Off - 36 37341 2500015011 2 195750 194923.31 > 37567 0.08625FL - 90.00% Paid Off - 36 37322 2500015099 2 387000 384247.41 > 37574 0.05125CA - 80.00% Paid Off - 36 37330 2500015540 2 135000 134353.06 > 37579 0.08VA - 90.00% Paid Off - 36 37337 2500015573 2 81000 80382 > 37571 0.0475FL - 89.91% Paid Off - 36 37336 2500015894 2 99900 99448.13 > 37575 0.065FL - 90.00% Paid Off - 36 37361 Page > 18 of 24 COPYRIGHT 2002 Deutsc >he Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Realized Loss Report for December 26, 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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Realized Loss Report for December 26, 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 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Realized Loss Detail Report for December 26, 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 COPYRIGHT 2002 Deutsc >he Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 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 > 5.4691% Page 23 of 24 > COPYRIGHT 2002 Deutsche Bank Impac CMB Trust 2002-2 Collateralized Asset-Backed Bonds Series 2002-2 Other Related Information for December 26, 2002 Distribution Other Related Information ADDITIONAL INFORMATION > ADJUSTABLE FIXED TOTAL Total Derivative Payments > 53,596.63 CPC2650 > 0.00 IRG31007 > 0.00 240430 (3418256) > 0.00 241353 (3420903) > 0.00 245746 (3438117) > 0.00 IMP022C1 > 0.00 IMP022C2 > 0.00 IMP022C3 > 0.00 IMP022C4 > 0.00 IMP022C5 > 0.00 NCC4728 (NC101108) > 0.00 NCC4729 (NC102597) > 0.00 IMP022F1 > 8,183.16 IMP022F2 > 17,608.06 IMP022F3 > 9,173.89 IMP022F4 > 9,375.38 IMP022F5 > 9,256.16 Page 24 of 24 > COPYRIGHT 2002 Deutsche Bank