SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K /A

Current Report Pursuant To Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): 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.

Deutsche Bank National Trust Company,

formerly known as 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 23, 2003 By: /s/ Katie Wannenmacher

Katie Wannenmacher

Vice President

EXHIBIT INDEX

DOCUMENT

Monthly Remittance Statement to the Certificateholders

dated as of December 26, 2002.

< /TR>< TD ALIGN="center">< TR VALIGN="bottom">< TD ALIGN="left">Interest Other AccountsINSURANCE< TD ALIGN="right">< TD ALIGN="center" COLSPAN=9>< TD ALIGN="right">< TD ALIGN="right">< TD ALIGN="left"> Balance < TD ALIGN="right"> ADJUSTABLE < TD ALIGN="center">< TD ALIGN="right">

	Impac CMB Trust 2002-1
	Collateralized Asset-Backed Bonds
	December 26, 2002 Distribution
	Contents
							&nbs p;
			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			< /FONT>	11
			7.	REO Report				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				19
			11.	Realized Loss Detail Report				22
	< FONT SIZE="-1" FACE="Times New Roman">		12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				23
			13.	Other Related Information				24
				Total Number of Pages				24
			CONTACTS
				Administrator: James F Noriega
				Direct Phone Number: (714)247-6281
				Address: Deutsche Bank
				1761 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			& nbsp;
ISSUANCE INFORMATION
	Seller:		IMPAC Mortgage Holdings Inc.	< FONT SIZE="-1" FACE="Times New Roman">				Cut-Off Date: February 1, 2002
	Certificate Insurer(s):		AMBAC Indemnity Corporation					Closing Date: February 27, 2002
								First Payment Date: March 25, 2002
	Servicer(s):		Impac Funding Corporation Master Servicer
			Countrywide Funding Corporation Sub-Servicer			& nbsp;
			Wendover Funding, Inc. Sub-Servicer
								Distribution Date: December 26, 2002
	Underwriter(s):		Countrywide Securities Co-Lead Underwriter					Record Date: November 29, 2002
			Greenwich Capital Markets, Inc. Co-Lead Underwriter						< FONT SIZE="-1" FACE="Times New Roman">
											&nbs p;
						Page 1 of 24		&nbs p;			© 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
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A	FLT	470,000,000.00			412,561,923.76	603,944.82	8,838,284.11	9,442,228.93	-	-	403,723,639.65
B	FLT	25,000,000.00			21,944,783.18	68,595.73	470,121.50	538,717.23	-	-	21,474,661.69
Cert	&nbs p;	-			-	1,156,204.51	-	1,156,204.51	-	-	-
Total		495,000,000.00			434,506,706.94	1,828,745.06	9,308,405.60	11,137,150.66	-	-	425,198,301.34
									< /I>
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A	11/25/02	12/25/02		A-Act/360	45254NCG0	470,000,000.00	877.791327	1.284989	18.804860	20.089849	858.986467
B	11/25/02	12/25/02		A-Act/360	45254NCH8	25,000,000.00	877.791327	2.743829	18.804860	21.548689	858.986468
Cert	11/25/02	12/25/02		-		-	-	-	-	-	-
						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
						& nbsp;
	Distribution in Dollars - to Date
						< /FONT>					Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Pr incipal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A	470,000,000.00		7,939,851.72		62,009,370.01	4,266,990.34	66,276,360.34	74,216,212.06	-	-	403,723,639.65
B	25,000,000.00		807,148.45		3,298,370.74	226,967.57	3,525,338.32	4,332,486.77	-	-	21,474,661.69
Cert	-		13,490,243.35		-	-	-	13,490,243.35	-	-	-
Total	495,000,000.00		22,237,243.52		65,307,740.75	4,493,957.91	69,801,698.66	92,038,942 .18	-	-	425,198,301.34
								&nbs p;
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A	1.70000%	412,561,923.76			603,944.82	-	-	-	603,944.82	603,944.82	-
B	3.63000%	21,944,783.18			68,595.73	-	-	-	68,595.73	68,595.73	-
Cert		-			-	-	-	-	1,156,204.51	1,156,204.51	-
Total		434,506,706.94			672,540.55	-	-	-	1,828,745.06	1,828,745.06	-
		< /TD>					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)
					0.00	0.00	0.00
	Interest Fees					(227,730.40)	(1,197.63)	(228,928.03)
	TOTAL INTEREST		&nb sp;			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)< /FONT>	(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 Pr emiums					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	66,722.8 3	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 INTE REST 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
											&nb sp;
ACCOUNTS						ADJUSTABLE	FIXED	TOTAL
SPACE INTENTIONAL LY LEFT BLANK
					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					1,784	125	1,909			& nbsp;
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(36)	(7)	(43)
	Repurchases					-	-	-
	Liquidations					-	(1)	(1)
	Current					1,748	117	1,865
	Principal Balance:
	Original					446,375,813.89	8,048,101.91	454,423,915.80
	Prior					433,558,779.65	5,947,927.29	439,506,706.94
	Prefunding					-	-	-
	Scheduled Principal					(457,339.82)	-	(457,339.82)
	Partial and Full Voluntary Prepayments					(8,440,403.34)	(365,208.01)	(8,805,611.35)
	Repurchases					-	-	-
	Liquidations					-	(45,454.43)	(45,454.43)
	Current					424,661,036.49	5,537,264.85	430,198,301.34
PREFUNDING						ADJUSTABLE	FIXED	TOTAL
											< FONT SIZE="-1" FACE="Arial">
	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					&n bsp;		0.00
	Fixed
	Adjustable
Current Prin Balance by Groups (in millions of dollars)					Total 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
		& nbsp;
	Weighted Average Coupon Original					6.534156%	13.847231%	6.663675%
	Weighted Average Coupon Prior					6.085177%	13.978730%	6.194523%
	Weighted Average Coupon Current					6.069404%	14.006471%	6.176817%
	Weighted Average Months to Maturity Original					359	172	356
	Weighted Average Months to Maturity Prior					351	167	349
	Weighted Average Months to Maturity Current					350	167	348
	Weighted Avg Remaining Amortization Term Original					358	167	355
	Weighted Avg Remaining Amortization Term Prior					350	163	348
	Weighted Avg Remaining Amortization Term Current					349	163	347
	Weighted Average Seasoning Original					1.73	-	1.70
	Weighted Average Seasoning Prior					9.62	60.13	10.31	&nbs p;
	Weighted Average Seasoning Current					10.61	61.24	11.26
Note: Original information refers to deal issue.
	Fixed
	Adjustable
WAC by Groups					Total WAC
WARAT by Groups					Total 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					2.906%
	Weighted Average Margin Prior					2.899%
	Weighted Average Margin Current					2.901%
	Weighted Average Max Rate Original					13.040%
	Weighted Average Max Rate Prior					13.020%
	Weighted Average Max Rate Current					13.015%
	Weighted Average Min Rate Original					2.993%		;
	Weighted Average Min Rate Prior					2.989%
	Weighted Average Min Rate Current					2.987%					< /TD>
	Weighted Average Cap Up Original					1.008%
	Weighted Average Cap Up Prior					1.006%
	Weighted Average Cap Up Current					1.006%
	Weighted Average Cap Down Original					1.008%
	Weighted Average Cap Down Prior					1.006%
	Weighted Average Cap Down Current					1.006%
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
	TOTA L 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								< /TD>
	Series 2002-1
	Delinquency Report for December 26, 2002 Distribution
	Delinquency Report - Total
				CURRENT	1 PAYMENT	2 PAYMTS	3+ PAYMTS	TOTAL
DELINQUENT				2,816,483.68	1,452,500.47	806,153.29	5,075,137.44
		% Balance			0.65%	0.34%	0.19%	1.18%
		# Loans			15	8	5	28
		% # Loans		&nb sp;	0.80%	0.43%	0.27%	1.50%
FORECLOSURE		Balance		-	- < /FONT>	223,574.24	2,038,994.84	2,262,569.08
		% Balance		0.00%	0.00%	0. 05%	0.47%	0.53%
		# Loans		-	-	1	8	9
		% # Loans		0.00%	0.00%	0.05%	0.43%	0.48%
BANKRUPTCY		Balance		496,824.71	374,149.46	-	1,365,232.97	2,236,207.14
		% Balance		0.12%	0.09%	0.00%	0.32%	0.52%
		# Loans		4	2	-	7	13
		% # Loans		0.21%	0.11%	0.00%	0.38%	0.70%
REO		Balance		-	-	-	1,349,613.81	1,349,613.81
& nbsp;		% Balance		0.00%	0.00%	0.00%	0.31%	0.31%
		# Loans		-	-	-	3	3
		% # Loans		0.00%	0.00%	0.00%	0.16%	0.16%
				< FONT SIZE="-1" FACE="Times New Roman">
TOTAL		Balance		496,824.71	3,190,633.14	1,676,074.71	5,559,994.91	10,923,527.47
		% Balance		0.12%	0.74%	0.39%	1.29%	2.54%
		# Loans		4	17	9	23	53
		% # Loans		0.21%	0.91%	0.48%	1.23%	2.84%
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total 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 PAYMENT	2 PAYMTS	3+ PAYMTS	TOTAL
DELINQUENT		Balance			32,140.84	95,038.85	43,694.62	170,874.31
		% Balance			0.58%	1.72%	0.79%	3.09%
		# Loans			1	2	1	4
		% # Loans			0.85%	1.71%	0.85%	3.42%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		84,536.77	-	-	84,723.63	169,260.40
		% Balance		1.53%	0.00%	0.00%	1.53%	3.06%
		# Loans		2	-	-	1	3
		% # Loans		1.71%	0.00%	0.00%	0.85%	2.56%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		84, 536.77	32,140.84	95,038.85	128,418.25	340,134.71
		% Balance		1.53%	0.58%	1.72%	2.32%	6.14%
		# Loans		2	1	2	2	7
		% # Loans		1.71%	0.85%	1.71%	1.71%	5.98%
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
				< /FONT>
Total Foreclosure					Total 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
										& nbsp;
				CURRENT	1 PAYMENT	2 PAYMTS	3+ PAYMTS	TOTAL
DELINQUENT		Balance			2,784,342.84	1,357,461.62	762,458.67	4,904,263.13
		% Balance			0.66%	0.32%	0.18%	1.15%
		# Loans			14	6	4	24
		% # Loans			0.80%	0.34%	0.23%	1.37%
FORECLOSURE		Balance		-	-	223,574.24	2,038,994.84	2,262,569.08
		% Balance		0.00%	0.00%	0.05%	0.48%	0.53%
		# Loans		-	-	1	8	9
		% # Loans		0.00%	0.00%	0.06%	0.46%	0.51%
BANKRUPTCY		Balance		412,287.94	374,149.46	-	1,280,509.34	2,066,946.74
		% Balance		0.10%	0.09%	0.00%	0.30%	0.49%
		# Loans		2	2	-	6	10
		% # Loans		0.11%	0.11%	0.00%	0.34%	0.57%
REO		Balance		-	-	-	1,349,613.81	1,349,613.81
		% Balance		0.00%	0.00%	0.00%	0.32%	0.32%
		# Loans		-	-	-	3	3
		% # Loans		0.00%	0.00%	0.00%	0.17%	0.17%
TOTAL		Balance		412,287.94	3,158,492.30	1,581,035.86	5,431,576.66	10,583,392.76
		% Balance		0.10%	0.74%	0.37%	1.28%	2.49%
		# Loans		2	16	7	21	46
		% # Loans		0.11%	0.92%	0.40%	1.20%	2.63%
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.											&nbs p;
				Page 13 of 24				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-1
	Collateralized Asset-Backed Bonds
	Series 2002-1								< /TD>
	REO Report for December 26, 2002 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
						< /FONT>
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 become REO during current distribution.
Loan Number		Original	Stated		Current	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
&nbs p;
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						FIXED	TOTAL
	Current
	Number of Paid in Full Loans					36	7	43	< /FONT>
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					36	7	43		< /FONT>
	Paid in Full Balance					8,351,972.70	349,073.67	8,701,046.37
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					88,430.64	16,134.34	104,564.98
	Total Prepayment Amount					8,440,403.34	365,208.01	8,805,611.35
	Cumulative
	Number of Paid in Full Loans					245	48	293
	Number of Repurchased Loans					4	-	4
	Total Number of Loans Prepaid in Full					249	48	297
	Paid in Full Balance					61,333,495.69	2,293,250.05	63,626,745.74
	Repurchased Loans Balance					722,270.00	-	722,270.00	&nbs p;
	Curtailments Amount					737,269.39	171,950.77	909,220.16		&nbs p;
	Total Prepayment Amount					62,793,035.08	2,465,200.82	65,258,235.90
	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)					Total Prepayments (in thousands of dollars)
										&n bsp;
				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					1.95%	6.14%	2.01%
	3 Months Avg SMM					1.99%	4.83%	2.03%
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.37%	3.59%	1.40%
	CPR					21.04%	53.25%	21.58%
	3 Months Avg CPR					21.40%	44.78%	21.77%
	12 Months Avg CPR
	Avg CPR Since Cut-off					15.22%	35.52%	15.56%
									;
	PSA					991.06%	887.54%	958.00%
	3 Months Avg PSA Approximation					1111.74%	746.27%	1056.72%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				1238.10%	740.09%	1158.94%
	Fixed
	Adjustable
CPR by Groups					Total CPR				&nbs p;
PSA by G roups					Total PSA
									< /TD>
				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					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
						< /FONT>
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + 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 (AvgCPRn,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 calcul ated 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										& nbsp;
	Prepayment Detail Report for December 26, 2002 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current 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	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
3900002801 1			63,000.00	61,277.08	Nov-13-02	14.990%	CA - 35.00%	Paid Off - 300	May-29-98
3900002870 1			61,550.00	54,936.91	Nov-04-02	13.750 %	CA - 28.63%	Paid Off - 180	Oct-23-98
3900002871 1			65,000.00	58,578.67	Nov-18-02	14.125%	CA - 26.53%	Paid Off - 180	Jan-13-99
3900002909 1			53,000.00	44,338.96	Nov-26-02	12.990%	LA - 56.99%	Paid Off - 180	J ul-30-97
3900002981 1			50,000.00	46,899.38	Nov-21-02	13.990%	CA - 32.89%	Paid Off - 240	Oct-24-97
3900003007 1			55,500.00	40,835.71	Nov-18-02	11.990%	CA - 39.64%	Paid Off - 240	Oct-31-97
3900003013 1			50,000.00	42,206.96	Nov-05-02	13.990%	OH - 47.17%	Paid Off - 180	Feb-25-98
1100341744 2			225,000.00	221,878.69	Nov-29-02	4.500%	WA - 86.54%	Paid Off - 360	Jan-10-02
1100342803 2			242,900.00	240,853.86	Nov-22-02	7.500%	CA - 89.97%	Paid Off - 360	Dec-31-01
1100342854 2			180,500.00	178,473.25	Nov-19-02	6.000%	CA - 95.00%	Paid Off - 360	Jan-02-02
1100343283 2			328,000.00	323,740.73	Nov-01-02	4.875%	CA - 80.00%	Paid Off - 360	Jan-31-02
1100343556 2			278,050.00	274,513.27	Nov-12-02	5.125%	CA - 89.99%	Paid Off - 360	Feb-22-02
1100343676 2			224,000.00	221,830.18	Nov-01-02	7.000%	CA - 80.00%	Paid Off - 360	Jan-07-02
1100343991 2			252,800.00	250,277.67	Nov-13-02	6.625%	MO - 80.00%	Paid Off - 360	Feb-13-02
1100344412 2		139,500.00	138,627.51	Nov-26-02	8.500%	CA - 90.00%	Paid Off - 360	Jan-23-02
1100344838 2			301,450.00	298,631.91	Nov-14-02	5.875%	CA - 89.99%	Paid Off - 360	Jan-11-02
1100344875 2			175,750.00	174,428.07	Nov-29-02	7.000%	FL - 95.00%	Paid Off - 360	Feb-07-02
1100344941 2			343,200.00	338,257.74	Nov-25-02	4.625%	CA - 80.00%	Paid Off - 360	Jan-04-02
1100345285 2			195,300.00	193,474.25	Nov-29-02	5.875%	FL - 90.00%	Paid Off - 360	Jan-22-02
1100345357 2			216,000.00	214,478.26	Nov-25-02	8.125%	CA - 94.95%	Paid Off - 360	Feb-04-02
1100345631 2			428,000.00	423,705.29	Nov-20-02	5.500%	CA - 80.00%	Paid Off - 360	Jan-11-02
1100345765 2			147,700.00	146,121.56	Nov-27-02	5.375%	CA - 94.99%	Paid Off - 360	Jan-10-02
1100345786 2			213,650.00	211,455.39	Nov-25-02	5.375%	CA - 94.96%	Paid Off - 360	Jan-28-02
1100346581 2			160,000.00	158,431.78	Nov-15-02	5.625%	CA - 89.89%	Paid Off - 360	Jan-18-02
1100347382 2			304,000.00	300,449.00	Nov-19-02	4.500%	CA - 78.56%	Paid Off - 360	Jan-31-02
1100347674 2			224,000.00	221,926.40	Nov-20-02	6.750%	CA - 70.00%	Paid Off - 360	Feb-25-02
1109003996 2			562,500.00	555,948.96	Nov-26-02	4.875%	CA - 75.00%	Paid Off - 360	Jan-31-02
1109004239 2			180,500.00	179,559.88	Nov-26-02	9.875%	CA - 95.00%	< FONT SIZE="-1" FACE="Times New Roman"> Paid Off - 360	Dec-31-01
1109004415 2			136,800.00	136,083.50	Nov-15-02	9.375%	TX - 90.00%	Paid Off - 360	Jan-07-02
1109005003 2			137,600.00	136,585.65	Nov-14-02	8.625%	MN - 80.00%	Paid Off - 360	Feb-28-02
1109005005 2			83,850.00	83,149.43	Nov-19-02	8.000%	IN - 66.82%	Paid Off - 360	Mar-01-02
1109005009 2			216,000.00	214,195.50	Nov-29-02	8.000%	WA - 80.00%	Paid Off - 360	Mar-01-02
1109005012 2			328,000.00	325,327.11	Nov-11-02	8.125%	CO - 80.00%	Paid Off - 360	Mar-01-02
1109005058 2			95,000.00	93,807.02	Nov-21-02	6.375%	CO - 52.78%	Paid Off - 360	Feb-28-02
1109005141 2			159,000.00	157,216.74	Nov-19-02	7.250%	MI - 85.95%	Paid Off - 360	Feb-28-02
2500012129 2			167,000.00	164,087.08	Nov-08-02	6.000%	C A - 87.90%	Paid Off - 360	Dec-28-01
2500013287 2			386,650.00	383,968.57	Nov-04-02	8.000%	CA - 95.00%	Paid Off - 360	Jan-07-02
2500013631 2			274,500.00	272,668.93	Nov-01-02	6.990%	CA - 97.00%	Paid Off - 360	Jan-23-02
2500013873 2			155,000.00	153,989.14	Nov-07-02	7.750%	CA - 85.17%	Paid Off - 360	Jan-25-02
2500013995 2		342,000.00	339,872.79	Nov-05-02	7.375%	CA - 90.00%	Paid Off - 360	Feb-21-02
2500014015 2			239,400.00	237,320.18	Nov-06-02	5.625%	CA - 95.00%	Paid Off - 360	Jan-18-02
2500014026 2			101,600.00	100,709.01	Nov-22-02	6.375%	CA - 80.00%	Paid Off - 360	Jan-25-02
2500014333 2			288,000.00	285,928.40	Nov-05-02	7.250%	IL - 90.00%	Paid Off - 360	Feb-01-02
					Page 18 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
COLLATERAL REALIZED LOSSES						ADJUSTABLE	FIXED	TOTAL
	Current
	Number of Loans Liquidated					-	1	1
	Collateral Realized Loss/(Gain) Amount					-	45,454.43	45,454.43
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	1	1
	Collateral Realized Loss/(Gain) Amount					-	45,454.43	45,454.43
	Net Liquidation Proceeds					-	-	-
&n bsp;
	Note: Collateral realized losses may include adjustments to loans 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					Collateral Loss Severity Approximation
				Page 19 of 24				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-1
	< B>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					0.00%	0.76%	0.01%
	3 Months Avg MDR					0.00%	0.26%	0.00%
	12 Months Avg MDR				& nbsp;
	Avg MDR Since Cut-off					0.00%	0.08%	0.00%
	CDR					0.00%	8.79%	0.12%
	3 Months Avg CDR					0.00%	3.02%	0.04%
	12 Months Avg CDR
	Avg CDR Since Cut-off	< FONT SIZE="-1" FACE="Times New Roman">				0.00%	0.92%	0.01%
	SDA				< /FONT>	0.00%	14.95%	0.55%
	3 Months Avg SDA Approximation					0.00%	5.04%	0.20%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	1.53%	0.09%
	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					Total CDR
SDA by Groups					Total 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					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
						;
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated 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 (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m&l t;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 Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 21 of 24				© COPYRIGHT 2002 Deutsche Bank			& nbsp;
	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	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
3900002929 1		BK	50,000.00	45,454.43	45,454.43	13.750%	CA - 50.51%	240	Oct-02-97
					Page 22 of 24				© COPYRIGHT 2002 Deutsche 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
	&nb sp;
	Other Related Information
&nbs p;
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