SUPPLEMENT DATED MAY 7, 2001
(TO PROSPECTUS SUPPLEMENT DATED MARCH 26, 2001 TO PROSPECTUS DATED MARCH 26,
2001, AS SUPPLEMENTED BY THE SUPPLEMENT DATED APRIL 5, 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, as supplemented by the Supplement dated
April 5, 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 definition of "Class A Principal Distribution Amount" on
page S-78 will be replaced with the following:

         For any applicable distribution date on or after the Stepdown Date as
         long as a Trigger Event has not occurred with respect to such
         distribution date, an amount equal to the excess (if any) of (x) the
         Certificate Principal Balance of the Class A Certificates other than
         the A-IO Certificates immediately prior to such distribution date over
         the lesser of (y) the aggregate Stated Principal Balance of the
         mortgage loans as of the last day of the related Due Period (after
         giving effect to scheduled payments of principal due during the related
         Due Period, to the extent received or advanced, and unscheduled
         collections of principal received during the related Prepayment Period,
         and after reduction for Realized Losses incurred during the related
         Prepayment Period) multiplied by approximately 95.00% and (z) the
         amount, if any, by which (i) the aggregate Stated Principal Balance of
         the mortgage loans as of the last day of the related Due Period (after
         giving effect to scheduled payments of principal due during the related
         Due Period, to the extent received or advanced, and unscheduled
         collections of principal received during the related Prepayment Period,
         and after reduction for Realized Losses incurred during the related
         Prepayment Period) exceeds (ii) 0.50% of the aggregate Stated Principal
         Balance of the Mortgage Loans as of the Cut-off Date.

         2.  The definition of "Class B Principal Distribution Amount" on
page S-78 will be replaced with the following:

         For any applicable distribution date on or after the Stepdown Date as
         long as a Trigger Event has not occurred with respect to such
         distribution date, an amount equal to the excess (if any) of the sum of
         (w) the Certificate Principal Balance of the Class A Certificates other
         than the Class A-IO Certificates and the Certificate Principal Balance
         of the Class M-1 Certificates and the Certificate Principal Balance of
         the Class M-2 Certificates (after taking into account the payment to
         the Class A, Class M-1 and Class M-2 Certificates on such distribution
         date) and (x) the Certificate Principal Balance of the Class B
         Certificates immediately pto such distribution date over the lesser of
         (y) the aggregate Stated Principal Balance of the mortgage loans as of
         the last day of the related Due Period (after giving effect to
         scheduled payments of principal due during the related Due Period, to
         the extent received or advanced, and unscheduled collections of
         principal received during the related Prepayment Period, and after
         reduction for Realized Losses incurred during the related






         Prepayment Period) multiplied by 99.00% and (z) the amount, if any, by
         which (i) the aggregate Stated Principal Balance of the mortgage loans
         as of the last day of the related Due Period (after giving effect to
         scheduled payments of principal due during the related Due Period, to
         the extent received or advanced, and unscheduled collections of
         principal received during the related Prepayment Period, and after
         reduction for Realized Losses incurred during the related Prepayment
         Period) exceeds (ii) 0.50% of the aggregate Stated Principal Balance of
         the Mortgage Loans as of the Cut-off Date.

         3.  The definition of "Class M-1 Principal Distribution Amount" on
page S-78 will be replaced with the following:

         For any applicable distribution date on or after the Stepdown Date as
         long as a Trigger Event has not occurred with respect to such
         distribution date, an amount equal to the excess (if any) of the sum of
         (w) the Certificate Principal Balance of the Class A Certificates other
         than the Class A-IO Certificates (after taking into account the payment
         of the Class A Principal Distribution Amount on such distribution date)
         and (x) the Certificate Principal Balance of the Class M-1 Certificates
         immediately prior to such distribution date over the lesser of (y) the
         aggregate Stated Principal Balance of the mortgage loans as of the last
         day of the related Due Period (after giving effect to scheduled
         payments of principal due during the related Due Period, to the extent
         received or advanced, and unscheduled collections of principal received
         during the related Prepayment Period, and after reduction for Realized
         Losses incurred during the related Prepayment Period) multiplied by
         approximately 97.00% and (z) the amount, if any, by which (i) the
         aggregate Stated Principal Balance of the mortgage loans as of the last
         day of the related Due Period (after giving effect to scheduled
         payments of principal due during the related Due Period, to the extent
         received or advanced, and unscheduled collections of principal received
         during the related Prepayment Period, and after reduction for Realized
         Losses incurred during the related Prepayment Period) exceeds (ii)
         0.50% of the aggregate Stated Principal Balance of the Mortgage Loans
         as of the Cut-off Date.

         4. The definition of "Class M-2 Principal Distribution Amount" on
page S-79 will be replaced with the following:

         For any applicable distribution date on or after the Stepdown Date as
         long as a Trigger Event has not occurred with respect to such
         distribution date, an amount equal to the excess (if any) of the sum of
         (w) the Certificate Principal Balance of the Class A Certificates other
         than the Class A-IO Certificates and the Certificate Principal Balance
         of the Class M-1 Certificates (after taking into account the payment to
         the Class A and the Class M-1 Certificates on such distribution date)
         and (x) the Certificate Principal Balance of the Class M-2 Certificates
         immediately prior to such distribution date over the lesser of (y) the
         aggregate Stated Principal Balance of the mortgage loans as of the last
         day of the related Due Period (after giving effect to scheduled
         payments of principal due during the related Due Period, to the extent
         received or advanced, and unscheduled collections of principal received
         during the related Prepayment Period, and after reduction for Realized
         Losses incurred during the related Prepayment Period) multiplied by
         approximately 98.50% and (z) the amount, if any, by which (i) the
         aggregate Stated Principal Balance of the mortgage loans as of the last
         day of the related Due Period (after giving effect to scheduled
         payments of principal due during the related Due Period, to the extent
         received or advanced, and unscheduled collections of principal received
         during the related Prepayment Period, and after reduction for Realized
         Losses incurred during the related Prepayment Period) exceeds (ii)
         0.50% of the aggregate Stated Principal Balance of the Mortgage Loans
         as of the Cut-off Date.






         5.  The definition of "Stepdown Date" on page S-86 will be replaced
with the following:

         The earlier to occur of (i) the distribution date on which the
         aggregate Certificate Principal Balance of the Class A Certificates has
         been reduced to zero and (ii) the later to occur of (x) the
         distribution date occurring in April 2004 and (y) the first
         distribution date for which the aggregate Certificate Principal Balance
         of the Mezzanine Certificates and the Overcollateralization Amount
         divided by the aggregate Stated Principal Balance of the mortgage loans
         as of the last day of the related Due Period (after giving effect to
         scheduled payments of principal due during the related Due Period, to
         the extent received or advanced, and unscheduled collections of
         principal received during the related Prepayment Period, and after
         reduction for Realized Losses incurred during the related Prepayment
         Period) is greater than or equal to 5.00%.

                           CREDIT SUISSE FIRST BOSTON
                                   UNDERWRITER