8-K/A 1 im020112.htm 8KA DECEMBER Impac CMB Trust 2002-1

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.

                       
 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 Report    18    
    10. Realized Loss Report    19    
    11. Realized Loss Detail Report    22    
    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        
            
            
            
ISSUANCE INFORMATION           
            
 Seller: IMPAC Mortgage Holdings Inc.     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        
   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        
            
            
            
            
            
            
      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          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTypeFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
     (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
            
AFLT 470,000,000.00 412,561,923.76 603,944.82 8,838,284.11 9,442,228.93 - - 403,723,639.65
BFLT 25,000,000.00 21,944,783.18 68,595.73 470,121.50 538,717.23 - - 21,474,661.69
Cert  - - 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
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
      Orig. PrincipalPrior   Current
 PeriodPeriod  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
A11/25/0212/25/02 A-Act/360 45254NCG0 470,000,000.00 877.791327 1.284989 18.804860 20.089849 858.986467
B11/25/0212/25/02 A-Act/360 45254NCH8 25,000,000.00 877.791327 2.743829 18.804860 21.548689 858.986468
Cert11/25/0212/25/02 - - - - - - -
            
            
       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
            
            
 Distribution in Dollars - to Date          
          Current
 Original Unscheduled Scheduled TotalTotalRealizedDeferredPrincipal
ClassFace ValueInterestPrincipalPrincipalPrincipalDistributionLossesInterestBalance
 (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
            
            
 Interest Detail          
 Pass-Prior Principal Non-PriorUnscheduled Paid orCurrent
 Through(with Notional)AccruedSupportedUnpaidInterestOptimalDeferredUnpaid
ClassRateBalanceInterestInterest SFInterestAdjustmentsInterestInterestInterest
   (1)(2)(3)(4)(5)=(1)-(2)+(3)+(4)(6)(7)=(5)-(6)
          
A1.70000% 412,561,923.76 603,944.82 - - - 603,944.82 603,944.82 -
B3.63000% 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 -
            
            
       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    18151661981   
 Prior   1,784 125 1,909    
 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   
    
 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)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   
            
 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    
 Weighted Average Seasoning Current   10.61 61.24 11.26    
            
Note: Original information refers to deal issue.           
            
            
  Fixed          
  Adjustable          
WAC by GroupsTotal WAC   
            
            
WARAT by GroupsTotal 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%     
 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    
 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 PAYMENT 2 PAYMTS 3+ PAYMTS TOTAL   
DELINQUENT  Balance   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   0.80%0.43%0.27%1.50%   
FORECLOSURE  Balance   - - 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    
   % 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%   
            
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 Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal 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 Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal 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 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 Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal 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 Distribution   
            
            
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 become REO during current distribution.   
            
Loan Number Original Stated   Current State &      
& Principal Principal Paid to Note LTV at Original Origination    
Loan Group Balance BalanceDateRateOriginationTermDate   
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   - - -    
 Total Number of Loans Prepaid in Full   36 7 43    
            
 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    
 Curtailments Amount   737,269.39 171,950.77 909,220.16    
 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)   
            
            
    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 GroupsTotal CPR   
            
            
PSA by GroupsTotal 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 Total CPR Avg since Cut-Off    
            
            
PSA Avg since Cut-Off by Groups Total PSA Avg since Cut-Off    
            
            
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 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 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 GroupStatus Balance AmountDateRateOriginationOriginal TermDate  
   
3900002801 1  63,000.00 61,277.08 Nov-13-0214.990%CA - 35.00% Paid Off - 300 May-29-98  
3900002870 1  61,550.00 54,936.91 Nov-04-0213.750%CA - 28.63% Paid Off - 180 Oct-23-98  
3900002871 1  65,000.00 58,578.67 Nov-18-0214.125%CA - 26.53% Paid Off - 180 Jan-13-99  
3900002909 1  53,000.00 44,338.96 Nov-26-0212.990%LA - 56.99% Paid Off - 180 Jul-30-97  
3900002981 1  50,000.00 46,899.38 Nov-21-0213.990%CA - 32.89% Paid Off - 240 Oct-24-97  
3900003007 1  55,500.00 40,835.71 Nov-18-0211.990%CA - 39.64% Paid Off - 240 Oct-31-97  
3900003013 1  50,000.00 42,206.96 Nov-05-0213.990%OH - 47.17% Paid Off - 180 Feb-25-98  
1100341744 2  225,000.00 221,878.69 Nov-29-024.500%WA - 86.54% Paid Off - 360 Jan-10-02  
1100342803 2  242,900.00 240,853.86 Nov-22-027.500%CA - 89.97% Paid Off - 360 Dec-31-01  
1100342854 2  180,500.00 178,473.25 Nov-19-026.000%CA - 95.00% Paid Off - 360 Jan-02-02  
1100343283 2  328,000.00 323,740.73 Nov-01-024.875%CA - 80.00% Paid Off - 360 Jan-31-02  
1100343556 2  278,050.00 274,513.27 Nov-12-025.125%CA - 89.99% Paid Off - 360 Feb-22-02  
1100343676 2  224,000.00 221,830.18 Nov-01-027.000%CA - 80.00% Paid Off - 360 Jan-07-02  
1100343991 2  252,800.00 250,277.67 Nov-13-026.625%MO - 80.00% Paid Off - 360 Feb-13-02  
1100344412 2  139,500.00 138,627.51 Nov-26-028.500%CA - 90.00% Paid Off - 360 Jan-23-02  
1100344838 2  301,450.00 298,631.91 Nov-14-025.875%CA - 89.99% Paid Off - 360 Jan-11-02  
1100344875 2  175,750.00 174,428.07 Nov-29-027.000%FL - 95.00% Paid Off - 360 Feb-07-02  
1100344941 2  343,200.00 338,257.74 Nov-25-024.625%CA - 80.00% Paid Off - 360 Jan-04-02  
1100345285 2  195,300.00 193,474.25 Nov-29-025.875%FL - 90.00% Paid Off - 360 Jan-22-02  
1100345357 2  216,000.00 214,478.26 Nov-25-028.125%CA - 94.95% Paid Off - 360 Feb-04-02  
1100345631 2  428,000.00 423,705.29 Nov-20-025.500%CA - 80.00% Paid Off - 360 Jan-11-02  
1100345765 2  147,700.00 146,121.56 Nov-27-025.375%CA - 94.99% Paid Off - 360 Jan-10-02  
1100345786 2  213,650.00 211,455.39 Nov-25-025.375%CA - 94.96% Paid Off - 360 Jan-28-02  
1100346581 2  160,000.00 158,431.78 Nov-15-025.625%CA - 89.89% Paid Off - 360 Jan-18-02  
1100347382 2  304,000.00 300,449.00 Nov-19-024.500%CA - 78.56% Paid Off - 360 Jan-31-02  
1100347674 2  224,000.00 221,926.40 Nov-20-026.750%CA - 70.00% Paid Off - 360 Feb-25-02  
1109003996 2  562,500.00 555,948.96 Nov-26-024.875%CA - 75.00% Paid Off - 360 Jan-31-02  
1109004239 2  180,500.00 179,559.88 Nov-26-029.875%CA - 95.00% Paid Off - 360 Dec-31-01  
1109004415 2  136,800.00 136,083.50 Nov-15-029.375%TX - 90.00% Paid Off - 360 Jan-07-02  
1109005003 2  137,600.00 136,585.65 Nov-14-028.625%MN - 80.00% Paid Off - 360 Feb-28-02  
1109005005 2  83,850.00 83,149.43 Nov-19-028.000%IN - 66.82% Paid Off - 360 Mar-01-02  
1109005009 2  216,000.00 214,195.50 Nov-29-028.000%WA - 80.00% Paid Off - 360 Mar-01-02  
1109005012 2  328,000.00 325,327.11 Nov-11-028.125%CO - 80.00% Paid Off - 360 Mar-01-02  
1109005058 2  95,000.00 93,807.02 Nov-21-026.375%CO - 52.78% Paid Off - 360 Feb-28-02  
1109005141 2  159,000.00 157,216.74 Nov-19-027.250%MI - 85.95% Paid Off - 360 Feb-28-02  
2500012129 2  167,000.00 164,087.08 Nov-08-026.000%CA - 87.90% Paid Off - 360 Dec-28-01  
2500013287 2  386,650.00 383,968.57 Nov-04-028.000%CA - 95.00% Paid Off - 360 Jan-07-02  
2500013631 2  274,500.00 272,668.93 Nov-01-026.990%CA - 97.00% Paid Off - 360 Jan-23-02  
2500013873 2  155,000.00 153,989.14 Nov-07-027.750%CA - 85.17% Paid Off - 360 Jan-25-02  
2500013995 2  342,000.00 339,872.79 Nov-05-027.375%CA - 90.00% Paid Off - 360 Feb-21-02  
2500014015 2  239,400.00 237,320.18 Nov-06-025.625%CA - 95.00% Paid Off - 360 Jan-18-02  
2500014026 2  101,600.00 100,709.01 Nov-22-026.375%CA - 80.00% Paid Off - 360 Jan-25-02  
2500014333 2  288,000.00 285,928.40 Nov-05-027.250%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   - - -    
            
 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 GroupsCollateral 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    0.00%0.76%0.01%   
 3 Months Avg MDR    0.00%0.26%0.00%   
 12 Months Avg MDR          
 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    0.00%0.92%0.01%   
            
 SDA    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 GroupsTotal CDR   
            
            
SDA by GroupsTotal 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 GroupsTotal 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<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   
            
            
 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 GroupStatus Balance BalanceLoss/(Gain)RateOriginationTermDate  
   
3900002929 1BK 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   
     
     
 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