SUPPLEMENT DATED APRIL 5, 2001
(TO PROSPECTUS SUPPLEMENT DATED MARCH 26, 2001 TO PROSPECTUS DATED
MARCH 26, 2001)

                                  $250,071,320
                                  (APPROXIMATE)
                            IMPAC FUNDING CORPORATION
                                 MASTER SERVICER
                           IMPAC SECURED ASSETS CORP.
                                     COMPANY
                MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2001-2

         This Supplement revises the Prospectus Supplement dated March 26, 2001
to the Prospectus dated March 26, 2001, with respect to the above-captioned
certificates.

         The following statements in the Prospectus Supplement dated March 26,
2001 are modified as indicated below:

         1. The first sentence under "Summary--Optional Termination" on page S-6
will be replaced with the following:

         At its option, DLJ Mortgage Capital, Inc., an affiliate of the
         underwriter, or its assignee may purchase all of the mortgage loans,
         together with any properties in respect thereof acquired on behalf of
         the trust, and thereby effect termination and early retirement of the
         certificates, after the aggregate principal balance of the mortgage
         loans, and properties acquired in respect thereof, remaining in the
         trust has been reduced to less than or equal to 10% of the aggregate
         principal balance of the mortgage loans as of the Cut-off Date. DLJ
         Mortgage Capital intends to transfer this right to the subservicer of
         the mortgage loans designated on or after August 1, 2001.

         2. The third sentence under "Yield on the Certificates--Special Yield
Considerations relating to the Class A-IO Certificates" on page S-45 will be
replaced with the following:

         Further, if DLJ Mortgage Capital or its assignee is permitted to
         exercise, and exercises, its option to terminate the trust as described
         under "Pooling and Servicing Agreement--Termination" in this prospectus
         supplement and such action results in the retirement of the
         certificates prior to the distribution date in September 2003, then the
         holders of the Class A-IO Certificates will receive fewer than the
         thirty distributions of interest that they would otherwise have been
         entitled to receive.

         3. The second sentence of the first paragraph under "Pooling and
Servicing Agreement--Termination" on page S-71 will be replaced with the
following:

         DLJ Mortgage Capital or its assignee will have the option, on any
         distribution date on which the aggregate Stated Principal Balance of
         the mortgage loans is less than or equal to 10% of the aggregate
         principal balance of the mortgage loans as of the Cut-off Date, to
         purchase all remaining mortgage loans and other assets in the trust,
         thereby effecting early retirement of the certificates. DLJ Mortgage
         Capital intends to transfer this right to the subservicer of the
         mortgage loans designated on or after August 1, 2001, as described in
         "--The Subservicer" above.


                           CREDIT SUISSE FIRST BOSTON
                                   Underwriter