8-K/A 1 im02s18k1.txt IMPAC SECURED 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): February 25, 2002 IMPAC SECURED ASSETS CORP. (as company (the "Company"), Impac Funding Corporation, as master servicer (the "Master Servicer"), and Bankers Trust Company of California, N.A., as trustee). IMPAC SECURED ASSETS CORP (Exact name of Registrant as specified in its Charter) CALIFORNIA (State or Other Jurisdiction of Incorporation) 333-66328 33-0715871 (Commission File Number) (I.R.S. Employer Identification No.) 1401 DOVE STREET NEWPORT BEACH 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 February 25, 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. 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 Pooling and Servicing Agreement, dated as of January 1, 2002. Date: October 24, 2002 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of February 25, 2002. Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates February 25, 2002 Distribution Contents TABLE OF CONTENTS > Page 1. Contents > 1 2. Certificate Payment > Report 2 3. Collection Account >Report 8 4. Credit Enhancement >Report 11 5. Collateral Report > 12 6. Delinquency Report > 15 7. REO Report > 18 8. Prepayment Report > 19 9. Prepayment Detail R >eport 22 10. Realized Loss Repor >t 23 11. Realized Loss Detai >l Report 26 12. Triggers, Adj. Rate > Cert. and Miscellaneous Report 27 Total Number of Pag >es 27 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-apps.gis.deutsche-bank.com/invr Factor Information: > (800) 735-7777 Main Phone Number: > (714) 247-6000 ISSUANCE INFORMATION Seller: Impac Secured Asset Corp. > Cut-Off Date: January 1, >2002 Certificate Insurer(s): > Closing Date: January 31 >, 2002 > First Payment Date: February 25, 20 >02 Servicer(s): Impac Funding Corporation Mas >ter Servicer GMAC Sub-Servicer > Distribution Date: February 25, > 2002 Underwriter(s): Bear, Stearns & Co. Inc Under >writer Record Date: January 31 >, 2002 > Page 1 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC I Certificate Payment Report for February 25, 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) LT1A 173248267.5 >173248267.5 1129803.02 746723.0644 1876526.084 0 > 0 172501544.4 LT1B 1194.11 > 1194.11 8.03 3.545 11.575 0 > 0 1190.565 LT1C 538.39 > 538.39 3.27 0.7222 3.9922 0 > 0 537.6678 LT1D 20000000 > 20000000 130425.89 0 130425.89 0 > 0 20000000 LT1E 5000000 > 5000000 32606.47 0 32606.47 0 > 0 5000000 LT1F 1750000 > 1750000 11412.27 0 11412.27 0 > 0 1750000 LT1P 100 > 100 0.65 0 0.65 0 > 0 100 R-1 0 > 0 0 0 0 0 > 0 0 Total 200000100 > 200000100 1304259.6 746727.3316 2050986.932 0 > 0 199253372.7 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) LT1A F-30/360 > 173248267.5 1000 6.521294766 4.310132939 10. >8314277 995.6898671 LT1B F-30/360 > 1194.11 1000 6.724673606 2.968738223 9.6 >9341183 997.0312618 LT1C F-30/360 > 538.39 1000 6.073664073 1.341406787 7.41 >5070859 998.6585932 LT1D F-30/360 > 20000000 1000 6.5212945 0 6. >5212945 1000 LT1E F-30/360 > 5000000 1000 6.521294 0 6 >.521294 1000 LT1F F-30/360 > 1750000 1000 6.521297143 0 6.52 >1297143 1000 LT1P F-30/360 > 100 1000 6.5 0 > 6.5 1000 R-1 F-30/360 > 0 0 0 0 > 0 0 > Page 2 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC I Certificate Payment Report for February 25, 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) LT1A 173248267.5 1129803.02 > 652893.96 93829.1044 746723.0644 1876526.084 0 > 0 172501544.4 LT1B 1194.11 8.03 > 3.1 0.445 3.545 11.575 0 > 0 1190.565 LT1C 538.39 3.27 > 0.63 0.0922 0.7222 3.9922 0 > 0 537.6678 LT1D 20000000 130425.89 > 0 0 0 130425.89 0 > 0 20000000 LT1E 5000000 32606.47 > 0 0 0 32606.47 0 > 0 5000000 LT1F 1750000 11412.27 > 0 0 0 11412.27 0 > 0 1750000 LT1P 100 0.65 > 0 0 0 0.65 0 > 0 100 R-1 0 0 > 0 0 0 0 0 > 0 0 Total 200000100 1304259.6 > 652897.69 93829.6416 746727.3316 2050986.932 0 > 0 199253372.7 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) LT1A 0.078255536 173248267.5 > 1129803.02 0 0 0 1129803.02 112 >9803.02 0 LT1B 0.08065625 1194.11 > 8.03 0 0 0 8.03 > 8.03 0 LT1C 0.072942219 538.39 > 3.27 0 0 0 3.27 > 3.27 0 LT1D 0.078255536 20000000 > 130425.89 0 0 0 130425.89 13 >0425.89 0 LT1E 0.078255536 5000000 > 32606.47 0 0 0 32606.47 3 >2606.47 0 LT1F 0.078255536 1750000 > 11412.27 0 0 0 11412.27 1 >1412.27 0 LT1P 0.078255536 100 > 0.65 0 0 0 0.65 > 0.65 0 R-1 0 > 0 0 0 0 0 > 0 0 Total 200000100 > 1304259.6 0 0 0 1304259.6 13 >04259.6 0 > Page 3 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC II Certificate Payment Report for February 25, 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) LT2-1AA 135091753.6 >135091753.6 764280.66 685719.12 1449999.78 0 > 0 134406034.5 LT2-AI1 308000 > 308000 1742.51 8939.43 10681.94 0 > 0 299060.57 LT2-AI2 179000 > 179000 1012.69 0 1012.69 0 > 0 179000 LT2-AI3 191000 > 191000 1080.58 0 1080.58 0 > 0 191000 LT2-AI4 255000 > 255000 1442.66 0 1442.66 0 > 0 255000 LT2-AI5 100000 > 100000 565.75 0 565.75 0 > 0 100000 LT2-AI6 252440 > 252440 1428.18 0 1428.18 0 > 0 252440 LT2-1M1 41354.3473 > 41354.3473 233.96 0 233.96 0 > 0 41354.3473 LT2-1M2 27569.5648 > 27569.5648 155.97 0 155.97 0 > 0 27569.5648 LT2-1B 24123.3692 > 24123.3692 136.48 0 136.48 0 > 0 24123.3692 LT2-1ZZ 1378487.281 >1378487.281 5856.48 6997.13 12853.61 0 19 >42.3005 1373432.452 LT2-2AA 60908246.43 >60908246.43 344587.98 46073.67 390661.65 0 > 0 60862172.76 LT2-AII 579560 > 579560 3278.86 600.64 3879.5 0 > 0 578959.36 LT2-2M1 18645.6527 > 18645.6527 105.49 0 105.49 0 > 0 18645.6527 LT2-2M2 12430.4352 > 12430.4352 70.33 0 70.33 0 > 0 12430.4352 LT2-2B 10876.6308 > 10876.6308 61.53 0 61.53 0 > 0 10876.6308 LT2-2ZZ 621512.7187 >621512.7187 3385.7 470.14 3855.84 0 1 >30.5038 621173.0824 LT2A-IO 0 > 0 172760.42 0 172760.42 0 > 0 0 LT2P 100 > 100 0.57 0 0.57 0 > 0 100 R-2 0 > 0 0 0 0 0 > 0 0 Total 200000100 > 200000100 1302186.8 748800.13 2050986.93 0 20 >72.8043 199253372.7 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) LT2-1AA F-30/360 > 135091753.6 1000 5.657493073 5.075950988 10.7 >3344406 994.924049 LT2-AI1 F-30/360 > 308000 1000 5.6575 29.02412338 34.6 >8162338 970.9758766 LT2-AI2 F-30/360 > 179000 1000 5.657486034 0 5.65 >7486034 1000 LT2-AI3 F-30/360 > 191000 1000 5.657486911 0 5.65 >7486911 1000 LT2-AI4 F-30/360 > 255000 1000 5.657490196 0 5.65 >7490196 1000 LT2-AI5 F-30/360 > 100000 1000 5.6575 0 > 5.6575 1000 LT2-AI6 F-30/360 > 252440 1000 5.657502773 0 5.65 >7502773 1000 LT2-1M1 F-30/360 > 41354.3473 1000 5.657446321 0 5.65 >7446321 1000 LT2-1M2 F-30/360 > 27569.5648 1000 5.657325429 0 5.65 >7325429 1000 LT2-1B F-30/360 > 24123.3692 1000 5.657584514 0 5.65 >7584514 1000 LT2-1ZZ F-30/360 > 1378487.281 1000 4.248483159 5.075948175 9.32 >4431335 996.3330605 LT2-2AA F-30/360 > 60908246.43 1000 5.657493036 0.756443876 6.41 >3936912 999.2435561 LT2-AII F-30/360 > 579560 1000 5.657498792 1.03637242 6.69 >3871213 998.9636276 LT2-2M1 F-30/360 > 18645.6527 1000 5.657619055 0 5.65 >7619055 1000 LT2-2M2 F-30/360 > 12430.4352 1000 5.657887183 0 5.65 >7887183 1000 LT2-2B F-30/360 > 10876.6308 1000 5.657082706 0 5.65 >7082706 1000 LT2-2ZZ F-30/360 > 621512.7187 1000 5.447515229 0.756444697 6.20 >3959925 999.4535328 LT2A-IO F-30/360 > 26750000 1000 6.458333458 0 6.45 >8333458 1000 LT2P F-30/360 > 100 1000 5.7 0 > 5.7 1000 R-2 F-30/360 > 0 0 0 0 > 0 0 > Page 4 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC II Certificate Payment Report for February 25, 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) LT2-1AA 135091753.6 764280.66 > 628207.23 57511.89 685719.12 1449999.78 0 > 0 134406034.5 LT2-AI1 308000 1742.51 > 8189.67 749.76 8939.43 10681.94 0 > 0 299060.57 LT2-AI2 179000 1012.69 > 0 0 0 1012.69 0 > 0 179000 LT2-AI3 191000 1080.58 > 0 0 0 1080.58 0 > 0 191000 LT2-AI4 255000 1442.66 > 0 0 0 1442.66 0 > 0 255000 LT2-AI5 100000 565.75 > 0 0 0 565.75 0 > 0 100000 LT2-AI6 252440 1428.18 > 0 0 0 1428.18 0 > 0 252440 LT2-1M1 41354.3473 233.96 > 0 0 0 233.96 0 > 0 41354.3473 LT2-1M2 27569.5648 155.97 > 0 0 0 155.97 0 > 0 27569.5648 LT2-1B 24123.3692 136.48 > 0 0 0 136.48 0 > 0 24123.3692 LT2-1ZZ 1378487.281 5856.48 > 6410.27 586.86 6997.13 12853.61 0 19 >42.3005 1373432.452 LT2-2AA 60908246.43 344587.98 > 11887.05 34186.62 46073.67 390661.65 0 > 0 60862172.76 LT2-AII 579560 3278.86 > 154.97 445.67 600.64 3879.5 0 > 0 578959.36 LT2-2M1 18645.6527 105.49 > 0 0 0 105.49 0 > 0 18645.6527 LT2-2M2 12430.4352 70.33 > 0 0 0 70.33 0 > 0 12430.4352 LT2-2B 10876.6308 61.53 > 0 0 0 61.53 0 > 0 10876.6308 LT2-2ZZ 621512.7187 3385.7 > 121.3 348.84 470.14 3855.84 0 1 >30.5038 621173.0824 LT2A-IO 0 172760.42 > 0 0 0 172760.42 0 > 0 0 LT2P 100 0.57 > 0 0 0 0.57 0 > 0 100 R-2 0 0 > 0 0 0 0 0 > 0 0 Total 200000100 1302186.8 > 654970.49 93829.64 748800.13 2050986.93 0 20 >72.8043 199253372.7 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) LT2-1AA 0.067889917 135091753.6 > 764280.66 0 0 0 764280.66 76 >4280.66 0 LT2-AI1 0.067889917 308000 > 1742.51 0 0 0 1742.51 >1742.51 0 LT2-AI2 0.067889917 179000 > 1012.69 0 0 0 1012.69 >1012.69 0 LT2-AI3 0.067889917 191000 > 1080.58 0 0 0 1080.58 >1080.58 0 LT2-AI4 0.067889917 255000 > 1442.66 0 0 0 1442.66 >1442.66 0 LT2-AI5 0.067889917 100000 > 565.75 0 0 0 565.75 > 565.75 0 LT2-AI6 0.067889917 252440 > 1428.18 0 0 0 1428.18 >1428.18 0 LT2-1M1 0.067889917 41354.3473 > 233.96 0 0 0 233.96 > 233.96 0 LT2-1M2 0.067889917 27569.5648 > 155.97 0 0 0 155.97 > 155.97 0 LT2-1B 0.067889917 24123.3692 > 136.48 0 0 0 136.48 > 136.48 0 LT2-1ZZ 0.067889917 1378487.281 > 7798.78 0 0 1942.3005 5856.48 77 >98.7805 0 LT2-2AA 0.067889917 60908246.43 > 344587.98 0 0 0 344587.98 34 >4587.98 0 LT2-AII 0.067889917 579560 > 3278.86 0 0 0 3278.86 >3278.86 0 LT2-2M1 0.067889917 18645.6527 > 105.49 0 0 0 105.49 > 105.49 0 LT2-2M2 0.067889917 12430.4352 > 70.33 0 0 0 70.33 > 70.33 0 LT2-2B 0.067889917 10876.6308 > 61.53 0 0 0 61.53 > 61.53 0 LT2-2ZZ 0.067889917 621512.7187 > 3516.2 0 0 130.5038 3385.7 35 >16.2038 0 LT2A-IO 0.0775 26750000 > 172760.42 0 0 0 172760.42 17 >2760.42 0 LT2P 0.067889917 100 > 0.57 0 0 0 0.57 > 0.57 0 R-2 0 > 0 0 0 0 0 > 0 0 Total 226750100 > 1304259.6 0 0 2072.8043 1302186.8 1304 >259.604 0 > Page 5 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC III Certificate Payment Report for February 25, 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-I-1 FLT 30800000 > 30800000 44061.11 893943.0291 938004.1391 0 > 0 29906056.97 A-I-2 AFC, SEQ 17900000 > 17900000 68467.5 0 68467.5 0 > 0 17900000 A-I-3 AFC, SEQ 19100000 > 19100000 88655.83 0 88655.83 0 > 0 19100000 A-I-4 STEP,AFC 25500000 > 25500000 133662.5 0 133662.5 0 > 0 25500000 A-I-5 STEP,AFC 10000000 > 10000000 56250 0 56250 0 > 0 10000000 A-I-6 STEP,AFC 25244000 > 25244000 147887.76 0 147887.76 0 > 0 25244000 A-II STEP,AFC 57956000 > 57956000 313928.33 60064.3025 373992.6325 0 > 0 57895935.7 A-IO IO,NTL,DRB 0 > 0 172760.42 0 172760.42 0 > 0 0 M-1 MEZ,STEP,AF 6000000 > 6000000 35000 0 35000 0 > 0 6000000 M-2 MEZ,STEP,AF 4000000 > 4000000 23333.33 0 23333.33 0 > 0 4000000 B MEZ,STEP,AF 3500000 > 3500000 20416.67 0 20416.67 0 > 0 3500000 C SUB 0 > 0 0 0 0 0 > 207280 207280 P SUB 100 > 100 0 0 0 0 > 0 100 R-3 R 0 > 0 0 0 0 0 > 0 0 Total 200000100 > 200000100 1104423.45 954007.3316 2058430.782 0 > 207280 199253372.7 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-I-1 37287 37311 F-30/360 4525 >4TKM5 30800000 1000 1.430555519 29.02412432 30.4 >5467984 970.9758757 A-I-2 F-30/360 4525 >4TKN3 17900000 1000 3.825 0 > 3.825 1000 A-I-3 F-30/360 4525 >4TKP8 19100000 1000 4.641666492 0 4.64 >1666492 1000 A-I-4 F-30/360 4525 >4TKQ6 25500000 1000 5.241666667 0 5.24 >1666667 1000 A-I-5 F-30/360 4525 >4TKR4 10000000 1000 5.625 0 > 5.625 1000 A-I-6 F-30/360 4525 >4TKX1 25244000 1000 5.858333069 0 5.85 >8333069 1000 A-II F-30/360 4525 >4TKS2 57956000 1000 5.416666609 1.03637764 6.45 >3044249 998.9636224 A-IO F-30/360 4525 >4TKT0 26750000 1000 6.458333458 0 6.45 >8333458 1000 M-1 F-30/360 4525 >4TKU7 6000000 1000 5.833333333 0 5.83 >3333333 1000 M-2 F-30/360 4525 >4TKV5 4000000 1000 5.8333325 0 5. >8333325 1000 B F-30/360 4525 >4TKW3 3500000 1000 5.833334286 0 5.83 >3334286 1000 C F-30/360 4525 >4TKZ6 200000100 1000 0 0 > 0 997.3027647 P F-30/360 4525 >4TKY9 100 1000 0 0 > 0 1000 R-3 F-30/360 4525 >4TLA0 0 0 0 0 > 0 0 > Page 6 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC III Certificate Payment Report for February 25, 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-I-1 30800000 44061.11 >806020.9031 87922.12601 893943.0291 938004.1391 0 > 0 29906056.97 A-I-2 17900000 68467.5 > 0 0 0 68467.5 0 > 0 17900000 A-I-3 19100000 88655.83 > 0 0 0 88655.83 0 > 0 19100000 A-I-4 25500000 133662.5 > 0 0 0 133662.5 0 > 0 25500000 A-I-5 10000000 56250 > 0 0 0 56250 0 > 0 10000000 A-I-6 25244000 147887.76 > 0 0 0 147887.76 0 > 0 25244000 A-II 57956000 313928.33 >54156.78854 5907.513961 60064.3025 373992.6325 0 > 0 57895935.7 A-IO 0 172760.42 > 0 0 0 172760.42 0 > 0 0 M-1 6000000 35000 > 0 0 0 35000 0 > 0 6000000 M-2 4000000 23333.33 > 0 0 0 23333.33 0 > 0 4000000 B 3500000 20416.67 > 0 0 0 20416.67 0 > 0 3500000 C 0 0 > 0 0 0 0 0 > 207280 207280 P 100 0 > 0 0 0 0 0 > 0 100 R-3 0 0 > 0 0 0 0 0 > 0 0 Total 200000100 1104423.45 >860177.6916 93829.63998 954007.3316 2058430.782 0 > 207280 199253372.7 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-I-1 0.0206 30800000 > 44061.11 0 0 0 44061.11 4 >4061.11 0 A-I-2 0.0459 17900000 > 68467.5 0 0 0 68467.5 >68467.5 0 A-I-3 0.0557 19100000 > 88655.83 0 0 0 88655.83 8 >8655.83 0 A-I-4 0.0629 25500000 > 133662.5 0 0 0 133662.5 1 >33662.5 0 A-I-5 0.0675 10000000 > 56250 0 0 0 56250 > 56250 0 A-I-6 0.067889917 25244000 > 142817.75 0 0 5070.01 142817.75 14 >7887.76 0 A-II 0.065 57956000 > 313928.33 0 0 0 313928.33 31 >3928.33 0 A-IO 0.0775 26750000 > 172760.42 0 0 0 172760.42 17 >2760.42 0 M-1 0.067889917 6000000 > 33944.96 0 0 1055.04 33944.96 > 35000 0 M-2 0.067889917 4000000 > 22629.97 0 0 703.36 22629.97 2 >3333.33 0 B 0.067889917 3500000 > 19801.23 0 0 615.44 19801.23 2 >0416.67 0 C 0.012436794 200000100 > 207280 0 0 0 207280.01 > 207280 207280.01 P 100 > 0 0 0 0 0 > 0 0 R-3 0 > 0 0 0 0 0 > 0 0 Total 426750200 > 1304259.6 0 0 7443.85 1304259.61 131 >1703.45 207280.01 > Page 7 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collection Account Report for February 25, 2002 Distribution Collection Account Report SUMMARY > GROUP 2 GROUP 1 TOTAL Principal Collections > 46,828.64 699,299.28 746,127.92 Other Principal Deposits > 185.31 414.10 599.41 TOTAL NET PRINCIPAL > 47,013.95 699,713.38 746,727.33 Interest Collections > 393,062.57 942,147.93 1,342,654.35 Interest Withdrawals > 0.00 0.00 0.00 Interest Fees > (9,232.18) (21,718.71) (30,950.89) TOTAL NET INTEREST > 383,830.39 920,429.22 1,311,703.46 TOTAL AVAILABLE FUNDS TO BONDHOLDERS > 430,844.34 1,620,142.60 2,058,430.79 PRINCIPAL - COLLECTIONS > GROUP 2 GROUP 1 TOTAL Scheduled Principal > 34,981.14 58,848.50 93,829.64 Curtailments > 11,847.50 2,235.78 14,083.28 Prepayments In Full > 0.00 584,065.00 584,065.00 Repurchases/Substitutions > 0.00 54,150.00 54,150.00 Liquidations > 0.00 0.00 0.00 Insurance Principal > 0.00 0.00 0.00 Other Principal > 0.00 0.00 0.00 Delinquent Principal > (4,970.10) (12,909.48) (17,879.58) Total Realized Loss Of Principal > 0.00 0.00 0.00 Pre-funding Principal Paid > 185.31 414.10 599.41 Principal Advanced > 4,970.10 12,909.48 17,879.58 TOTAL PRINCIPAL COLLECTED > 47,013.95 699,713.38 746,727.33 Page 8 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collection Account Report for February 25, 2002 Distribution Collection Account Report PRINCIPAL - WITHDRAWALS > GROUP 2 GROUP 1 TOTAL SPACE INTENTIONALLY LEFT BLANK PRINCIPAL - OTHER ACCOUNTS > GROUP 2 GROUP 1 TOTAL SPACE INTENTIONALLY LEFT BLANK INTEREST - COLLECTIONS > GROUP 2 GROUP 1 TOTAL Scheduled Interest > 307,899.34 754,095.16 1,061,994.50 Repurchases/Substitutions > 0.00 361.00 361.00 Liquidation Interest > 0.00 0.00 0.00 Insurance Interest > 0.00 0.00 0.00 Other Interest > 0.00 0.00 0.00 Prepayment Interest Shortfalls > 0.00 (837.86) (837.86) Delinquent Interest > (108,075.33) (345,881.23) (453,956.56) Interest Realized Losses > 0.00 0.00 0.00 Compensating Interest > 0.00 837.86 837.86 Civil Relief Act Shortfalls > 0.00 0.00 0.00 Prepayment Premiums > 0.00 0.00 0.00 Pre-funding Intererst Coverage > 89,028.53 198,940.86 287,969.39 Interest Advanced > 104,210.03 334,632.14 438,842.17 Net WAC Shortfall > 0.00 0.00 7,443.85 TOTAL INTEREST COLLECTED > 393,062.57 942,147.93 1,342,654.35 Page 9 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collection Account Report for February 25, 2002 Distribution Collection Account Report INTEREST - WITHDRAWALS > GROUP 2 GROUP 1 TOTAL Undistributed Receipts on Repurchased Loans > 0.00 0.00 0.00 Reimburse Advances from Late Collections > 0.00 0.00 0.00 Reimbursement for Expenses > 0.00 0.00 0.00 Reimbursements to Sub-Servicer > 0.00 0.00 0.00 Reimburse Fees and Advances from Late Collections > 0.00 0.00 0.00 Interest Earnings on the Custodial Account > 0.00 0.00 0.00 Prev. Unreimbursed P&I Advances > 0.00 0.00 0.00 Prev. Unreimbursed Servicing Advances > 0.00 0.00 0.00 TOTAL INTEREST WITHDRAWALS > 0.00 0.00 0.00 INTEREST - OTHER ACCOUNTS > GROUP 2 GROUP 1 TOTAL SPACE INTENTIONALLY LEFT BLANK INTEREST - FEES > GROUP 2 GROUP 1 TOTAL Radian PMI Fee > 1,258.77 6,763.62 8,022.39 Trustee Fee Amount > 517.93 1,148.74 1,666.67 Current Servicing Fees > 11,320.79 25,055.44 36,376.23 Delinquent Servicing Fees > (3,865.31) (11,249.09) (15,114.40) TOTAL INTEREST OTHER FEES > 9,232.18 21,718.71 30,950.89 Page 10 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Credit Enhancement Report for February 25, 2002 Distribution Credit Enhancement Report ACCOUNTS > GROUP 2 GROUP 1 TOTAL SPACE INTENTIONALLY LEFT BLANK INSURANCE > GROUP 2 GROUP 1 TOTAL SPACE INTENTIONALLY LEFT BLANK STRUCTURAL FEATURES > GROUP 2 GROUP 1 TOTAL Overcollateralization Amount > 207,281.36 Excess Overcollateralized Amount > 0.00 Overcollateralization Release Amount > 0.00 Overcollateralization Deficiency Amount > 999,998.64 Overcollateralization Target Amount > 1,000,000.00 Page 11 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collateral Report for February 25, 2002 Distribution Collateral Report COLLATERAL > GROUP 2 GROUP 1 TOTAL Loan Count: Original > 120 695 815 Prior > 0 0 0 Prefunding > 0 0 0 Scheduled Paid Offs > 0 0 0 Full Voluntary Prepayments > 0 -3 -3 Repurchases > 0 -1 -1 Liquidations > 0 0 0 Current > 120 691 811 Principal Balance: Original > 48517658.43 107380483.9 155898142.4 Prior > 0 0 0 Prefunding > 0 0 0 Scheduled Principal > -34981.14 -58848.5 -93829.64 Partial and Full Voluntary Prepayments > -11847.5 -586300.78 -598148.28 Repurchases > 0 -54150 -54150 Liquidations > 0 0 0 Current > 48470829.79 106681184.7 155152014.4 PREFUNDING > GROUP 2 GROUP 1 TOTAL PRE-FUNDING ACCOUNT Original Pre-Funded Amount > 44,101,959.00 Balance of Subsequent Mortgage Loans added this period > 0.00 Withdrawal remaining amounts > 599.41 Pre-Funding Account Ending Balance > 44,101,359.59 Group 1 Group 2 Current Prin Balance by Groups (in millions of dollars) Tota >l Current Principal Balance (in millions of dollars) Page 12 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collateral Report for February 25, 2002 Distribution Collateral Report CHARACTERISTICS > GROUP 2 GROUP 1 TOTAL Weighted Average Coupon Original > 0.076153553 0.084312099 0.081773046 Weighted Average Coupon Prior Weighted Average Coupon Current > 0.076153553 0.084312099 0.081773046 Weighted Average Months to Maturity Original > 344 340 341.2496346 Weighted Average Months to Maturity Prior > 0 0 0 Weighted Average Months to Maturity Current > 344 340 341.2496346 Weighted Avg Remaining Amortization Term Original > 345.1975174 348.1456083 347.2245992 Weighted Avg Remaining Amortization Term Prior > 0 0 0 Weighted Avg Remaining Amortization Term Current > 345.1975174 348.1456083 347.2245992 Weighted Average Seasoning Original > 1.84278944 1.99128947 1.944896778 Weighted Average Seasoning Prior > 0 0 0 Weighted Average Seasoning Current > 1.84278944 1.99128947 1.944896778 Note: Original information refers to deal issue. Group 1 Group 2 WAC by Groups Tota >l WAC WARAT by Groups Tota >l WARAT Note: Dates correspond to distribution dates. Page 13 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collateral Report for February 25, 2002 Distribution Collateral Report ARM CHARACTERISTICS > GROUP 2 GROUP 1 TOTAL Weighted Average Margin Original Weighted Average Margin Prior Weighted Average Margin Current Weighted Average Max Rate Original Weighted Average Max Rate Prior Weighted Average Max Rate Current Weighted Average Min Rate Original Weighted Average Min Rate Prior Weighted Average Min Rate Current Weighted Average Cap Up Original Weighted Average Cap Up Prior Weighted Average Cap Up Current Weighted Average Cap Down Original Weighted Average Cap Down Prior Weighted Average Cap Down Current Note: Original information refers to deal issue. SERVICING FEES / ADVANCES > GROUP 2 GROUP 1 TOTAL Current Servicing Fees > 7,455.48 13,806.36 21,261.84 Delinquent Servicing Fees > 3,865.31 11,249.09 15,114.40 TOTAL SERVICING FEES > 11,320.79 25,055.45 36,376.24 Total Servicing Fees > 11,320.79 25,055.45 36,376.24 Compensating Interest > 0.00 837.86 837.86 Delinquent Servicing Fees > (3,865.31) (11,249.09) (15,114.40) COLLECTED SERVICING FEES > 7,455.48 14,644.22 22,099.70 Current PPIS > 0.00 (837.86) (837.86) Current Net PPIS > 0.00 0.00 0.00 Total Advanced Principal For Current Payment Date > 4,970.10 12,909.48 17,879.58 Total Advanced Interest For Current Payment Date > 104,210.03 334,632.14 438,842.17 TOTAL ADVANCES FOR CURRENT PERIOD > 109,180.13 347,541.62 456,721.75 ADDITIONAL COLLATERAL INFORMATION > GROUP 2 GROUP 1 TOTAL Weighted Average Net Mortgage Rate > 7.2942% 8.0656% 7.8256% Page 14 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Delinquency Report for February 25, 2002 Distribution Delinquency Report - Total 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 15 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Delinquency Report for February 25, 2002 Distribution Delinquency Report - Group 1 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 16 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Delinquency Report for February 25, 2002 Distribution Delinquency Report - Group 2 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 17 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REO Report for February 25, 2002 Distribution REO Report - Mortgage Loans that Become REO During Current Dis >tribution SUMMARY LOAN GROUP Total Loan Count = 0 Loan Group 1 >= Group 1 Group; REO Book Value = 000.00 Total Original Principal Balance = 000.00 Loan Group 2 > = Group 2 Group; REO Book Value = 000.00 Total Current Balance = 000.00 REO Book Value = 000.00 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 SPACE INTENTIONALLY LEFT BLANK Page 18 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Prepayment Report for February 25, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENTS > GROUP 2 GROUP 1 TOTAL Current Number of Paid in Full Loans > 0 3 3 Number of Repurchased Loans > 0 1 1 Total Number of Loans Prepaid in Full > 0 4 4 Paid in Full Balance > 0 584065 584065 Repurchased Loans Balance > 0 54150 54150 Curtailments Amount > 11847.5 2235.78 14083.28 Total Prepayment Amount > 11847.5 640450.78 652298.28 Cumulative Number of Paid in Full Loans > 0 3 3 Number of Repurchased Loans > 0 1 1 Total Number of Loans Prepaid in Full > 0 4 4 Paid in Full Balance > 0 584065 584065 Repurchased Loans Balance > 0 54150 54150 Curtailments Amount > 11847.5 2235.78 14083.28 Total Prepayment Amount > 11847.5 640450.78 652298.28 SPACE INTENTIONALLY LEFT BLANK Total Prepayments by Groups (in thousands of dollars) Tota >l Prepayments (in thousands of dollars) Page 19 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Prepayment Report for February 25, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENT RATES > GROUP 2 GROUP 1 TOTAL SMM > 0.000244366 0.005967583 0.004186651 3 Months Avg SMM 12 Months Avg SMM Avg SMM Since Cut-off > 0.000244366 0.005967583 0.004186651 CPR > 0.00292845 0.069306734 0.049098954 3 Months Avg CPR 12 Months Avg CPR Avg CPR Since Cut-off > 0.00292845 0.069306734 0.049098954 PSA > 0.794569783 17.40247599 12.622509 3 Months Avg PSA Approximation 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation > 0.794569783 17.40247599 12.622509 Group 1 Group 2 CPR by Groups Tota >l CPR PSA by Groups Tota >l PSA Page 20 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Prepayment Report for February 25, 2002 Distribution Prepayment Report - Voluntary Prepayments Group 1 Group 2 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,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 21 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Prepayment Detail Report for February 25, 2002 Distribution Prepayment Detail Report - Loans Prepaid in Full During Curren >t Distribution SUMMARY > LOAN GROUP Total Loan Count = 4 > Loan Group 1 = Group 1 Group Total Original Principal Balance = 638,650.00 > Loan Group 2 = Group 2 Group Total Prepayment Amount = 638,215.00 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 1100342222 1 REO 161250 161048.84 > 37277 0.08375VA - 79.99% Paid Off - 36 37249 1100342226 1 REO 213250 213016.16 > 37280 0.09NC - 94.99% Paid Off - 36 37246 1109004447 1 REO 210000 210000 > 37285 0.0775VA - 100.00% Paid Off - 36 37246 2500011612 1 54150 54150 > 37287 0.08FL - 95.00% Repur/Subs - 37244 Page > 22 of 27 (c) COPYRIGHT 2002 Deutsc >he Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Realized Loss Report for February 25, 2002 Distribution Realized Loss Report - Collateral COLLATERAL REALIZED LOSSES > GROUP 2 GROUP 1 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. SPACE INTENTIONALLY LEFT BLANK Group 1 > 3 Months Moving Average Group 2 Collateral Loss Severity Approximation by Groups Coll >ateral Loss Severity Approximation Page 23 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Realized Loss Report for February 25, 2002 Distribution Realized Loss Report - Collateral DEFAULT SPEEDS > GROUP 2 GROUP 1 TOTAL MDR > 0 0 0 3 Months Avg MDR 12 Months Avg MDR Avg MDR Since Cut-off > 0 0 0 CDR > 0 0 0 3 Months Avg CDR 12 Months Avg CDR Avg CDR Since Cut-off > 0 0 0 SDA > 0 0 0 3 Months Avg SDA Approximation 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 Group 1 Group 2 CDR by Groups Tota >l CDR SDA by Groups Tota >l SDA Page 24 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Realized Loss Report for February 25, 2002 Distribution Realized Loss Report - Collateral Group 1 Group 2 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 months > 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 priorperiod >s. Dates correspond to distribution dates. Page 25 of 27 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Realized Loss Detail Report for February 25, 2002 Distribution Realized Loss Detail Report - Loans Liquidated During Current >Distribution SUMMARY > LOAN GROUP Total Loan Count = 0 > Loan Group 1 = Group 1 Group Total Original Principal Balance = 0.00 > Loan Group 2 = Group 2 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 > 26 of 27 (c) COPYRIGHT 2002 Deutsc >he Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Triggers, Adj. Rate Cert. and Miscellaneous Report for February >25, 2002 Distribution Triggers, Adj. Rate Cert. and Miscellaneous Report TRIGGER EVENTS > GROUP 2 GROUP 1 TOTAL Optional Termination Date Reached > No No No After the 36th Distribution > No No No Stepdown date occurred > No No No Trigger Event in Effect > No No No ADJUSTABLE RATE CERTIFICATE INFORMATION > GROUP 2 GROUP 1 TOTAL SPACE INTENTIONALLY LEFT BLANK ADDITIONAL INFORMATION > GROUP 2 GROUP 1 TOTAL NET WAC SHORTFALL RESERVE FUND Original Net WAC Shortfall Reserve Fund Balance > 210,000.00 Net WAC Shortfall Reserve Fund Beginning Balance > 210,000.00 Net WAC Shortfall > 7,443.85 Net WAC Shortfall Reserve Fund Ending Balance > 202,556.15 Page 27 of 27 > (c) COPYRIGHT 2002 Deutsche Bank