8-K/A 1 im02s18k4.txt IMPAC SECURED ASSETS CORP. 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): May 28, 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 May 28, 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 28, 2002 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of May 28, 2002. Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates May 28, 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 13. Additional Certific >ate Report 28 Total Number of Pag >es 28 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: May 28, 2002 > Underwriter(s): Bear, Stearns & Co. Inc Under >writer Record Date: April 30, >2002 > Page 1 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC I Certificate Payment Report for May 28, 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 173248268.9 >169072026.5 1108187.73 1593132.112 2701319.842 0 > 0 167478894.4 LT1B 1194.11 > 1174.2499 7.97 7.6586 15.6286 0 > 0 1166.5912 LT1C 538.39 > 534.3254 3.22 1.5499 4.7699 0 > 0 532.7756 LT1D 20000000 > 20000000 131090.61 0 131090.61 0 > 0 20000000 LT1E 5000000 > 5000000 32772.65 0 32772.65 0 > 0 5000000 LT1F 1750000 > 1750000 11470.43 0 11470.43 0 > 0 1750000 LT1P 100 > 100 0.66 0 0.66 0 > 0 100 R-1 0 > 0 0 0 0 0 > 0 0 Total 200000101.4 >195823835.1 1283533.27 1593141.32 2876674.59 0 > 0 194230693.7 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 > 173248268.9 975.8944641 6.396529889 9.195659628 15.5 >9218952 966.6988045 LT1B F-30/360 > 1194.11 983.3682827 6.674426979 6.413646984 13.0 >8807396 976.9545519 LT1C F-30/360 > 538.39 992.4504541 5.980794591 2.878768179 8.8 >5956277 989.5718717 LT1D F-30/360 > 20000000 1000 6.5545305 0 6. >5545305 1000 LT1E F-30/360 > 5000000 1000 6.55453 0 >6.55453 1000 LT1F F-30/360 > 1750000 1000 6.554531429 0 6.55 >4531429 1000 LT1P F-30/360 > 100 1000 6.6 0 > 6.6 1000 R-1 F-30/360 > 0 0 0 0 > 0 0 > Page 2 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC I Certificate Payment Report for May 28, 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 173248268.9 4494812.9 > 5210382.72 558991.7684 5769374.488 10264187.39 0 > 0 167478894.4 LT1B 1194.11 32.13 > 24.85 2.6687 27.5187 59.6487 0 > 0 1166.5912 LT1C 538.39 13 > 5.08 0.5345 5.6145 18.6145 0 > 0 532.7756 LT1D 20000000 524095.89 > 0 0 0 524095.89 0 > 0 20000000 LT1E 5000000 131023.97 > 0 0 0 131023.97 0 > 0 5000000 LT1F 1750000 45858.4 > 0 0 0 45858.4 0 > 0 1750000 LT1P 100 7558.48 > 0 0 0 7558.48 0 > 0 100 R-1 0 0 > 0 0 0 0 0 > 0 0 Total 200000101.4 5203394.77 > 5210412.65 558994.9716 5769407.622 10972802.39 0 > 0 194230693.7 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 0.078654364 169072026.5 > 1108187.73 0 0 0 1108187.73 110 >8187.73 0 LT1B 0.081460916 1174.2499 > 7.97 0 0 0 7.97 > 7.97 0 LT1C 0.07234375 534.3254 > 3.22 0 0 0 3.22 > 3.22 0 LT1D 0.078654364 20000000 > 131090.61 0 0 0 131090.61 13 >1090.61 0 LT1E 0.078654364 5000000 > 32772.65 0 0 0 32772.65 3 >2772.65 0 LT1F 0.078654364 1750000 > 11470.43 0 0 0 11470.43 1 >1470.43 0 LT1P 0.078654364 100 > 0.66 0 0 0 0.66 > 0.66 0 R-1 0 > 0 0 0 0 0 > 0 0 Total 195823835.1 > 1283533.27 0 0 0 1283533.27 128 >3533.27 0 > Page 3 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC II Certificate Payment Report for May 28, 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 135091675 >132832939.2 753469.17 874604.32 1628073.49 0 > 0 131958334.9 LT2-AI1 308000 > 280914.21 1593.43 9976.13 11569.56 0 > 0 270938.08 LT2-AI2 179000 > 179000 1015.34 0 1015.34 0 > 0 179000 LT2-AI3 191000 > 191000 1083.41 0 1083.41 0 > 0 191000 LT2-AI4 255000 > 255000 1446.44 0 1446.44 0 > 0 255000 LT2-AI5 100000 > 100000 567.23 0 567.23 0 > 0 100000 LT2-AI6 252440 > 252440 1431.92 0 1431.92 0 > 0 252440 LT2-1M1 41354.3473 > 41354.3473 234.57 0 234.57 0 > 0 41354.3473 LT2-1M2 27569.5648 > 27569.5648 156.38 0 156.38 0 > 0 27569.5648 LT2-1B 24123.3692 > 24123.3692 136.84 0 136.84 0 > 0 24123.3692 LT2-1ZZ 1378486.49 >1359475.634 6659.76 8924.53 15584.29 0 10 >51.5987 1351602.703 LT2-2AA 60908326.36 >59074321.14 335087.67 686674.18 1021761.85 0 > 0 58387646.96 LT2-AII 579560 > 558801.34 3169.69 7832.52 11002.21 0 > 0 550968.82 LT2-2M1 18645.6527 > 18645.6527 105.76 0 105.76 0 > 0 18645.6527 LT2-2M2 12430.4352 > 12430.4352 70.51 0 70.51 0 > 0 12430.4352 LT2-2B 10876.6308 > 10876.6308 61.7 0 61.7 0 > 0 10876.6308 LT2-2ZZ 621513.54 >604843.5306 2605.22 7006.88 9612.1 0 >825.637 598662.2875 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 200000101.4 >195823835.1 1281656.03 1595018.56 2876674.59 0 18 >77.2357 194230693.8 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 > 135091675 983.2799782 5.5774656 6.47415409 12.0 >5161969 976.8058241 LT2-AI1 F-30/360 > 308000 912.0591234 5.173474026 32.39003247 37.5 >6350649 879.6690909 LT2-AI2 F-30/360 > 179000 1000 5.672290503 0 5.67 >2290503 1000 LT2-AI3 F-30/360 > 191000 1000 5.672303665 0 5.67 >2303665 1000 LT2-AI4 F-30/360 > 255000 1000 5.672313725 0 5.67 >2313725 1000 LT2-AI5 F-30/360 > 100000 1000 5.6723 0 > 5.6723 1000 LT2-AI6 F-30/360 > 252440 1000 5.672318175 0 5.67 >2318175 1000 LT2-1M1 F-30/360 > 41354.3473 1000 5.672196887 0 5.67 >2196887 1000 LT2-1M2 F-30/360 > 27569.5648 1000 5.6721969 0 5. >6721969 1000 LT2-1B F-30/360 > 24123.3692 1000 5.672507802 0 5.67 >2507802 1000 LT2-1ZZ F-30/360 > 1378486.49 986.2088923 4.831211657 6.474151227 11.3 >0536288 980.4976058 LT2-2AA F-30/360 > 60908326.36 969.8890886 5.501508415 11.27389671 16.7 >7540512 958.6151919 LT2-AII F-30/360 > 579560 964.1820346 5.469131755 13.51459728 18.9 >8372904 950.6674374 LT2-2M1 F-30/360 > 18645.6527 1000 5.672099642 0 5.67 >2099642 1000 LT2-2M2 F-30/360 > 12430.4352 1000 5.67236777 0 5.6 >7236777 1000 LT2-2B F-30/360 > 10876.6308 1000 5.672712546 0 5.67 >2712546 1000 LT2-2ZZ F-30/360 > 621513.54 973.1783649 4.191734906 11.27389759 15.4 >6563249 963.2328967 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC II Certificate Payment Report for May 28, 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 135091675 3043916.53 > 2778872.34 354467.74 3133340.08 6177256.61 0 > 0 131958334.9 LT2-AI1 308000 6686.48 > 32902.87 4159.05 37061.92 43748.4 0 > 0 270938.08 LT2-AI2 179000 4066.76 > 0 0 0 4066.76 0 > 0 179000 LT2-AI3 191000 4339.4 > 0 0 0 4339.4 0 > 0 191000 LT2-AI4 255000 5793.45 > 0 0 0 5793.45 0 > 0 255000 LT2-AI5 100000 2271.94 > 0 0 0 2271.94 0 > 0 100000 LT2-AI6 252440 5735.29 > 0 0 0 5735.29 0 > 0 252440 LT2-1M1 41354.3473 939.54 > 0 0 0 939.54 0 > 0 41354.3473 LT2-1M2 27569.5648 626.36 > 0 0 0 626.36 0 > 0 27569.5648 LT2-1B 24123.3692 548.07 > 0 0 0 548.07 0 > 0 24123.3692 LT2-1ZZ 1378486.49 26024.39 > 28355.82 3617.03 31972.85 57997.24 0 5 >089.063 1351602.703 LT2-2AA 60908326.36 1370782.54 > 2328156.53 192522.87 2520679.4 3891461.94 0 > 0 58387646.96 LT2-AII 579560 13017.72 > 26327.41 2263.77 28591.18 41608.9 0 > 0 550968.82 LT2-2M1 18645.6527 423.62 > 0 0 0 423.62 0 > 0 18645.6527 LT2-2M2 12430.4352 282.42 > 0 0 0 282.42 0 > 0 12430.4352 LT2-2B 10876.6308 247.11 > 0 0 0 247.11 0 > 0 10876.6308 LT2-2ZZ 621513.54 11134.31 > 23756.7 1964.52 25721.22 36855.53 0 28 >69.9676 598662.2875 LT2A-IO 0 691041.68 > 0 0 0 691041.68 0 > 0 0 LT2P 100 7558.13 > 0 0 0 7558.13 0 > 0 100 R-2 0 0 > 0 0 0 0 0 > 0 0 Total 200000101.4 5195435.74 > 5218371.67 558994.98 5777366.65 10972802.39 0 79 >59.0306 194230693.8 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 0.06806768 132832939.2 > 753469.17 0 0 0 753469.17 75 >3469.17 0 LT2-AI1 0.06806768 280914.21 > 1593.43 0 0 0 1593.43 >1593.43 0 LT2-AI2 0.06806768 179000 > 1015.34 0 0 0 1015.34 >1015.34 0 LT2-AI3 0.06806768 191000 > 1083.41 0 0 0 1083.41 >1083.41 0 LT2-AI4 0.06806768 255000 > 1446.44 0 0 0 1446.44 >1446.44 0 LT2-AI5 0.06806768 100000 > 567.23 0 0 0 567.23 > 567.23 0 LT2-AI6 0.06806768 252440 > 1431.92 0 0 0 1431.92 >1431.92 0 LT2-1M1 0.06806768 41354.3473 > 234.57 0 0 0 234.57 > 234.57 0 LT2-1M2 0.06806768 27569.5648 > 156.38 0 0 0 156.38 > 156.38 0 LT2-1B 0.06806768 24123.3692 > 136.84 0 0 0 136.84 > 136.84 0 LT2-1ZZ 0.06806768 1359475.634 > 7711.36 0 0 1051.5987 6659.7613 77 >11.3587 0 LT2-2AA 0.06806768 59074321.14 > 335087.67 0 0 0 335087.67 33 >5087.67 0 LT2-AII 0.06806768 558801.34 > 3169.69 0 0 0 3169.69 >3169.69 0 LT2-2M1 0.06806768 18645.6527 > 105.76 0 0 0 105.76 > 105.76 0 LT2-2M2 0.06806768 12430.4352 > 70.51 0 0 0 70.51 > 70.51 0 LT2-2B 0.06806768 10876.6308 > 61.7 0 0 0 61.7 > 61.7 0 LT2-2ZZ 0.06806768 604843.5306 > 3430.86 0 0 825.637 2605.223 3 >430.857 0 LT2A-IO 0.0775 26750000 > 172760.42 0 0 0 172760.42 17 >2760.42 0 LT2P 0.06806768 100 > 0.57 0 0 0 0.57 > 0.57 0 R-2 0 > 0 0 0 0 0 > 0 0 Total 222573835.1 > 1283533.27 0 0 1877.2357 1281656.034 1283 >533.266 0 > Page 5 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC III Certificate Payment Report for May 28, 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 >28091421.66 53560.98 997613.5745 1051174.555 0 > 0 27093808.09 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 147887.77 0 147887.77 0 > 0 25244000 A-II STEP,AFC 57956000 >55880132.84 302684.05 783251.8855 1085935.936 0 > 0 55096880.95 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 23333.34 0 23333.34 0 > 0 4000000 B MEZ,STEP,AF 3500000 > 3500000 20416.66 0 20416.66 0 > 0 3500000 C SUB 1.36 >608180.5816 0 0 0 0 18 >7724.13 795904.7116 P SUB 100 > 100 0 0 0 0 > 0 100 R-3 R 0 > 0 0 0 0 0 > 0 0 Total 200000101.4 >195823835.1 1102679.05 1780865.46 2883544.51 0 18 >7724.13 194230693.8 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 37371 37403 F-30/360 4525 >4TKM5 30800000 912.0591448 1.738992857 32.39005112 34.1 >2904398 879.6690937 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 5.858333465 0 5.85 >8333465 1000 A-II F-30/360 4525 >4TKS2 57956000 964.1820146 5.22265253 13.51459531 18.7 >3724783 950.6674193 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 5.833335 0 5 >.833335 1000 B F-30/360 4525 >4TKW3 3500000 1000 5.833331429 0 5.83 >3331429 1000 C F-30/360 4525 >4TKZ6 200000101.4 982.1595805 0 0 > 0 975.1324981 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REMIC III Certificate Payment Report for May 28, 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 199063.9 >3370537.206 335654.7079 3706191.914 3905255.814 0 > 0 27093808.09 A-I-2 17900000 273870 > 0 0 0 273870 0 > 0 17900000 A-I-3 19100000 354623.32 > 0 0 0 354623.32 0 > 0 19100000 A-I-4 25500000 534650 > 0 0 0 534650 0 > 0 25500000 A-I-5 10000000 225000 > 0 0 0 225000 0 > 0 10000000 A-I-6 25244000 591551.07 > 0 0 0 591551.07 0 > 0 25244000 A-II 57956000 1241446.45 >2635778.766 223340.2821 2859119.048 4100565.498 0 > 0 55096880.95 A-IO 0 691041.68 > 0 0 0 691041.68 0 > 0 0 M-1 6000000 140000 > 0 0 0 140000 0 > 0 6000000 M-2 4000000 93333.34 > 0 0 0 93333.34 0 > 0 4000000 B 3500000 81666.67 > 0 0 0 81666.67 0 > 0 3500000 C 1.36 0 > 0 0 0 0 0 79 >5903.35 795904.7116 P 100 7555.85 > 0 0 0 7555.85 0 > 0 100 R-3 0 0 > 0 0 0 0 0 > 0 0 Total 200000101.4 4433802.28 >6006315.972 558994.99 6565310.962 10999113.24 0 79 >5903.35 194230693.8 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 0.0208 28091421.66 > 53560.98 0 0 0 53560.98 5 >3560.98 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 0.06806768 25244000 > 143191.71 0 0 4696.06 143191.71 14 >7887.77 0 A-II 0.065 55880132.84 > 302684.05 0 0 0 302684.05 30 >2684.05 0 A-IO 0.0775 26750000 > 172760.42 0 0 0 172760.42 17 >2760.42 0 M-1 0.06806768 6000000 > 34033.84 0 0 966.16 34033.84 > 35000 0 M-2 0.06806768 4000000 > 22689.23 0 0 644.11 22689.23 2 >3333.34 0 B 0.06806768 3500000 > 19853.07 0 0 563.59 19853.07 2 >0416.66 0 C 0.011503651 196432015.7 > 187724.09 0 0 0 187724.09 18 >7724.13 187724.09 P 100 > 0 0 0 0 0 > 0 0 R-3 0 > 0 0 0 0 0 > 0 0 Total 418397670.2 > 1283533.22 0 0 6869.92 1283533.22 129 >0403.18 187724.09 > Page 7 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collection Account Report for May 28, 2002 Distribution Collection Account Report SUMMARY > GROUP 2 GROUP 1 TOTAL Principal Collections > 700,687.94 892,453.39 1,593,141.33 Other Principal Deposits > 0.00 0.00 0.00 TOTAL NET PRINCIPAL > 700,687.94 892,453.39 1,593,141.33 Interest Collections > 368,325.82 941,436.79 1,309,762.61 Interest Withdrawals > 0.00 0.00 0.00 Interest Fees > (4,245.20) (15,114.23) (19,359.43) TOTAL NET INTEREST > 364,080.62 926,322.56 1,290,403.18 TOTAL AVAILABLE FUNDS TO BONDHOLDERS > 1,064,768.56 1,818,775.95 2,883,544.51 PRINCIPAL - COLLECTIONS > GROUP 2 GROUP 1 TOTAL Scheduled Principal > 53,819.10 101,564.26 155,383.36 Curtailments > 12,926.06 19,544.15 32,470.21 Prepayments In Full > 633,942.78 603,502.60 1,237,445.38 Repurchases/Substitutions > 0.00 167,842.38 167,842.38 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 > (45,808.08) (81,884.53) (127,692.61) Total Realized Loss Of Principal > 0.00 0.00 0.00 Pre-funding Principal Paid > 0.00 0.00 0.00 Principal Advanced > 45,808.08 81,884.53 127,692.61 TOTAL PRINCIPAL COLLECTED > 700,687.94 892,453.39 1,593,141.33 Page 8 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collection Account Report for May 28, 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 > 379,570.78 960,031.78 1,339,602.56 Repurchases/Substitutions > 0.00 1,241.33 1,241.33 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 > (1,613.98) (2,266.67) (3,880.65) Delinquent Interest > (324,272.37) (794,882.74) (1,119,155.11) Interest Realized Losses > 0.00 0.00 0.00 Compensating Interest > 1,613.98 2,266.67 3,880.65 Civil Relief Act Shortfalls > 0.00 0.00 0.00 Prepayment Premiums > 0.00 0.00 0.00 Pre-funding Intererst Coverage > 0.00 0.00 0.00 Interest Advanced > 312,358.23 768,845.68 1,081,203.91 Net WAC Shortfall > 669.18 6,200.74 6,869.92 TOTAL INTEREST COLLECTED > 368,325.82 941,436.79 1,309,762.61 Page 9 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collection Account Report for May 28, 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 > 1,591.49 8,395.04 9,986.53 Trustee Fee Amount > 502.34 1,129.53 1,631.87 Extraordinary Trust Fund Expenses > 0.00 0.00 0.00 Current Servicing Fees > 14,065.51 31,626.72 45,692.23 Delinquent Servicing Fees > (11,914.14) (26,037.06) (37,951.20) TOTAL INTEREST OTHER FEES > 4,245.20 15,114.23 19,359.43 Page 10 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Credit Enhancement Report for May 28, 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 > 795,904.71 Excess Overcollateralized Amount > 0.00 Overcollateralization Release Amount > 0.00 Overcollateralization Deficiency Amount > 391,819.42 Overcollateralization Target Amount > 1,000,000.00 Page 11 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collateral Report for May 28, 2002 Distribution Collateral Report COLLATERAL > GROUP 2 GROUP 1 TOTAL Loan Count: Original > 120 695 815 Prior > 147 877 1024 Prefunding > 0 0 0 Scheduled Paid Offs > 0 0 0 Full Voluntary Prepayments > -2 -4 -6 Repurchases > 0 -1 -1 Liquidations > 0 0 0 Current > 145 872 1017 Principal Balance: Original > 48517658.43 107380483.9 155898142.4 Prior > 60280773.43 135543061.7 195823835.1 Prefunding > 0 0 0 Scheduled Principal > -53819.1 -101564.26 -155383.36 Partial and Full Voluntary Prepayments > -646868.84 -623046.75 -1269915.59 Repurchases > 0 -167842.38 -167842.38 Liquidations > 0 0 0 Current > 59580085.49 134650608.3 194230693.8 PREFUNDING > GROUP 2 GROUP 1 TOTAL PRE-FUNDING ACCOUNT Beginning Pre-Funded Amount > 0.00 Balance of Subsequent Mortgage Loans added this period > 0.00 Withdrawal remaining amounts > 0.00 Pre-Funding Account Ending Balance > 0.00 INTEREST COVERAGE ACCOUNT Beginning Interest Coverage Amount > 735,957.61 Interest Coverage withdrawn to support certificates > 0.00 Interest Coverage withdrawn from account > 735,957.61 Ending Interest Coverage Amount > 0.00 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collateral Report for May 28, 2002 Distribution Collateral Report CHARACTERISTICS > GROUP 2 GROUP 1 TOTAL Weighted Average Coupon Original > 0.076153553 0.084312099 0.081773046 Weighted Average Coupon Prior > 0.075914367 0.085217249 0.082317511 Weighted Average Coupon Current > 0.075560566 0.085104153 0.082166335 Weighted Average Months to Maturity Original > 344 340 341.2496346 Weighted Average Months to Maturity Prior > 345 338 340.1548215 Weighted Average Months to Maturity Current > 343 337 338.8404944 Weighted Avg Remaining Amortization Term Original > 345.1975174 348.1456083 347.2245992 Weighted Avg Remaining Amortization Term Prior > 346.0396515 346.7529716 346.5333891 Weighted Avg Remaining Amortization Term Current > 344.7059787 345.5218083 345.2715534 Weighted Average Seasoning Original > 1.84278944 1.99128947 1.944896778 Weighted Average Seasoning Prior > 3.40121509 3.52775172 3.488799741 Weighted Average Seasoning Current > 4.39992733 4.52911331 4.48948563 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Collateral Report for May 28, 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 > 2,151.37 5,589.66 7,741.03 Delinquent Servicing Fees > 11,914.14 26,037.06 37,951.20 TOTAL SERVICING FEES > 14,065.51 31,626.72 45,692.23 Total Servicing Fees > 14,065.51 31,626.72 45,692.23 Compensating Interest > 1,613.98 2,266.67 3,880.65 Delinquent Servicing Fees > (11,914.14) (26,037.06) (37,951.20) COLLECTED SERVICING FEES > 3,765.35 7,856.33 11,621.68 Current PPIS > (1,613.98) (2,266.67) (3,880.65) Current Net PPIS > 0.00 0.00 0.00 Total Advanced Principal For Current Payment Date > 45,808.08 81,884.53 127,692.61 Total Advanced Interest For Current Payment Date > 312,358.23 768,845.68 1,081,203.91 TOTAL ADVANCES FOR CURRENT PERIOD > 358,166.31 850,730.21 1,208,896.52 ADDITIONAL COLLATERAL INFORMATION > GROUP 2 GROUP 1 TOTAL Weighted Average Net Mortgage Rate > 7.2344% 8.1461% 7.8654% Page 14 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Delinquency Report for May 28, 2002 Distribution Delinquency Report - Total CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 2759179.86 1022824.8 0 3782004.66 % Balance >0.014205684 0.005266031 0 0.019471715 # Loans > 13 8 0 21 % # Loans >0.012782694 0.007866273 0 0.020648968 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 > 2759179.86 1022824.8 0 3782004.66 % Balance 0 >0.014205684 0.005266031 0 0.019471715 # Loans 0 > 13 8 0 21 % # Loans 0 >0.012782694 0.007866273 0 0.020648968 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Delinquency Report for May 28, 2002 Distribution Delinquency Report - Group 1 Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 2122167.74 1022824.8 0 3144992.54 % Balance >0.015760551 0.007596139 0 0.02335669 # Loans > 11 8 0 19 % # Loans >0.012614679 0.009174312 0 0.021788991 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 > 2122167.74 1022824.8 0 3144992.54 % Balance 0 >0.015760551 0.007596139 0 0.02335669 # Loans 0 > 11 8 0 19 % # Loans 0 >0.012614679 0.009174312 0 0.021788991 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Delinquency Report for May 28, 2002 Distribution Delinquency Report - Group 2 Group CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 637012.12 0 0 637012.12 % Balance >0.010691695 0 0 0.010691695 # Loans > 2 0 0 2 % # Loans >0.013793103 0 0 0.013793103 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 > 637012.12 0 0 637012.12 % Balance 0 >0.010691695 0 0 0.010691695 # Loans 0 > 2 0 0 2 % # Loans 0 >0.013793103 0 0 0.013793103 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates REO Report for May 28, 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 thatbe >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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Prepayment Report for May 28, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENTS > GROUP 2 GROUP 1 TOTAL Current Number of Paid in Full Loans > 2 4 6 Number of Repurchased Loans > 0 1 1 Total Number of Loans Prepaid in Full > 2 5 7 Paid in Full Balance > 633942.78 603502.6 1237445.38 Repurchased Loans Balance > 0 167842.38 167842.38 Curtailments Amount > 12926.06 19544.15 32470.21 Total Prepayment Amount > 646868.84 790889.13 1437757.97 Cumulative Number of Paid in Full Loans > 7 15 22 Number of Repurchased Loans > 0 4 4 Total Number of Loans Prepaid in Full > 7 19 26 Paid in Full Balance > 2340835.02 2318736.61 4659571.63 Repurchased Loans Balance > 0 617628.32 617628.32 Curtailments Amount > 34350.31 -101737.05 -67386.74 Total Prepayment Amount > 2375185.33 2834627.88 5209813.21 SPACE INTENTIONALLY LEFT BLANK Total Prepayments by Groups (in thousands of dollars) Tota >l Prepayments (in thousands of dollars) Page 19 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Prepayment Report for May 28, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENT RATES > GROUP 2 GROUP 1 TOTAL SMM > 0.010740521 0.005839341 0.007347929 3 Months Avg SMM > 0.012873361 0.005369642 0.00769583 12 Months Avg SMM Avg SMM Since Cut-off > 0.009731147 0.005519161 0.006819696 CPR > 0.121538674 0.067864868 0.084697531 3 Months Avg CPR > 0.143998615 0.062566377 0.088539612 12 Months Avg CPR Avg CPR Since Cut-off > 0.110722239 0.064256029 0.078835526 PSA > 13.8114411 7.492069973 9.432876931 3 Months Avg PSA Approximation > 21.13705855 8.863311549 12.67935551 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation > 18.3592938 10.21572002 12.69558792 Group 1 Group 2 CPR by Groups Tota >l CPR PSA by Groups Tota >l PSA Page 20 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Prepayment Report for May 28, 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Prepayment Detail Report for May 28, 2002 Distribution Prepayment Detail Report - Loans Prepaid in Full During Curren >t Distribution SUMMARY > LOAN GROUP Total Loan Count = 7 > Loan Group 1 = Group 1 Group Total Original Principal Balance = 1,407,800.00 > Loan Group 2 = Group 2 Group Total Prepayment Amount = 1,405,287.76 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 1100341753 1 56000 55763.52 > 37354 0.08625MD - 80.00% Paid Off - 18 37256 1100343668 1 245100 244735.47 > 37370 0.095MD - 95.00% Paid Off - 36 37270 1100344420 1 199500 199195.39 > 37365 0.09375NY - 94.96% Paid Off - 36 37278 1109004384 1 104000 103808.22 > 37347 0.0975CA - 89.97% Paid Off - 36 37285 1100343557 2 329050 328341.54 > 37370 0.09125CA - 85.00% Paid Off - 36 37273 1100344627 2 306000 305601.24 > 37365 0.10125FL - 90.00% Paid Off - 36 37273 2500013189 1 168150 167842.38 > 37376 0.08875FL - 95.00% Repur/Subs - 37242 Page > 22 of 28 (c) COPYRIGHT 2002 Deutsc >he Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Realized Loss Report for May 28, 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Realized Loss Report for May 28, 2002 Distribution Realized Loss Report - Collateral DEFAULT SPEEDS > GROUP 2 GROUP 1 TOTAL MDR > 0 0 0 3 Months Avg MDR > 0 0 0 12 Months Avg MDR Avg MDR Since Cut-off > 0 0 0 CDR > 0 0 0 3 Months Avg CDR > 0 0 0 12 Months Avg CDR Avg CDR Since Cut-off > 0 0 0 SDA > 0 0 0 3 Months Avg SDA Approximation > 0 0 0 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 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Realized Loss Report for May 28, 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 cluderealized gains and additional realized losses and gains from priorperiod >s. Dates correspond to distribution dates. Page 25 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Realized Loss Detail Report for May 28, 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 28 (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 May 28, 2 >002 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 > 190,559.07 Net WAC Shortfall > 6,869.92 Net WAC Shortfall Reserve Fund Ending Balance > 183,689.15 Page 27 of 28 > (c) COPYRIGHT 2002 Deutsche Bank Impac Secured Assets Corp, Mortgage Pass-Through 2002-1 Mortgage Pass-Through Certificates Additional Certificate Report for May 28, 2002 Distribution Additional Certificate Report CLASS > Net PPIS & Other Int. Shortfalls A-I-1 > 0.00 A-I-2 > 0.00 A-I-3 > 0.00 A-I-4 > 0.00 A-I-5 > 0.00 A-I-6 > 0.00 A-II > 0.00 A-IO > 0.00 M-1 > 0.00 M-2 > 0.00 B > 0.00 Page 28 of 28 > (c) COPYRIGHT 2002 Deutsche Bank