8-K/A 1 im02s28k4.txt IMPAC SECURED ASSESTS 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): July 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 33-071-5871 (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 July 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. Deutsche Bank National Trust Company, 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 March 1, 2002. Date: October 30, 2002 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of July 25, 2002. IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates July 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 > 16 8. Prepayment Report > 17 9. Prepayment Detail R >eport 20 10. Realized Loss Repor >t 21 11. Realized Loss Detai >l Report 24 12. Triggers, Adj. Rate > Cert. and Miscellaneous Report 25 Total Number of Pag >es 25 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: March 1, 20 >02 Certificate Insurer: > Closing Date: March 28, >2002 Servicer(s): Impac Funding Corporation Mas >ter Servicer First Payment Date: April 25, 2002 > Wendover Funding, Inc. Sub-Se >rvicer GMAC Sub-Servicer Underwriter(s): Bear, Stearns & Co. Inc Under >writer Distribution Date: July 25, 200 >2 > Record Date: June 28, 2 >002 > Page 1 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC I Certificate Payment Report for July 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) LTA1 5098810 > 248092.56 1343.8347 248092.56 249436.3947 0 > 0 0 LTA2 12500000 > 12500000 67708.3333 0 67708.3333 0 > 0 12500000 LTA3 25000000 > 25000000 135416.6667 0 135416.6667 0 > 0 25000000 LTA4 48440478 > 48440478 343120.0525 1236845.33 1579965.383 0 > 0 47203632.67 LTA6 90299000 > 90299000 489119.5833 0 489119.5833 0 > 0 90299000 LTA7 48440480 > 48440480 181651.8 1236845.38 1418497.18 0 > 0 47203634.62 LTMB 20000000 >19934503.82 107978.5624 14674.16 122652.7224 0 > 0 19919829.66 LTIO 0 > 0 350670.3654 0 350670.3654 0 > 0 0 LTPO 220587 > 219820.4 0 278.88 278.88 0 > 0 219541.52 LTP 100 > 100 31601.4217 0 31601.4217 0 > 0 100 LTR2 50 > 0 0 0 0 0 > 0 0 Total 249999505 >245082474.8 1708610.62 2736736.31 4445346.93 0 > 0 242345738.5 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) LTA1 F-30/360 > 5098810 48.65695329 0.263558497 48.65695329 48.9 >2051179 0 LTA2 F-30/360 > 12500000 1000 5.416666664 0 5.41 >6666664 1000 LTA3 F-30/360 > 25000000 1000 5.416666668 0 5.41 >6666668 1000 LTA4 F-30/360 > 48440478 1000 7.083333333 25.53330151 32.6 >1663484 974.4666985 LTA6 F-30/360 > 90299000 1000 5.416666666 0 5.41 >6666666 1000 LTA7 F-30/360 > 48440480 1000 3.75 25.53330149 29.2 >8330149 974.4666985 LTMB F-30/360 > 20000000 996.725191 5.39892812 0.733708 6.1 >3263612 995.991483 LTIO F-30/360 > 242265076.9 979.8089229 1.447465602 0 1.44 >7465602 968.5534119 LTPO F-30/360 > 220587 996.5247272 0 1.26426308 1.2 >6426308 995.2604641 LTP F-30/360 > 100 1000 316014.217 0 316 >014.217 1000 LTR2 F-30/360 > 50 0 0 0 > 0 0 > Page 2 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC I Certificate Payment Report for July 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) LTA1 5098810 69239.797 >4638381.818 460428.1822 5098810 5168049.797 0 > 0 0 LTA2 12500000 270833.3332 > 0 0 0 270833.3332 0 > 0 12500000 LTA3 25000000 541666.6668 > 0 0 0 541666.6668 0 > 0 25000000 LTA4 48440478 1372480.21 >1155393.396 81451.93413 1236845.33 2609325.54 0 > 0 47203632.67 LTA6 90299000 1956478.333 > 0 0 0 1956478.333 0 > 0 90299000 LTA7 48440480 726607.2 >1155393.443 81451.93742 1236845.38 1963452.58 0 > 0 47203634.62 LTMB 20000000 432658.9984 > 70867.8747 9302.465304 80170.34 512829.3384 0 > 0 19919829.66 LTIO 0 1422392.263 > 0 0 0 1422392.263 0 > 0 0 LTPO 220587 0 >942.2955575 103.1844425 1045.48 1045.48 0 > 0 219541.52 LTP 100 57409.0768 > 0 0 0 57409.0768 0 > 0 100 LTR2 50 0.2708 >44.04173125 5.958268754 50 50.2708 0 > 0 0 Total 249999505 6849766.149 >7021022.868 632743.6617 7653766.53 14503532.68 0 > 0 242345738.5 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) LTA1 0.065 248092.56 > 0 0 0 0 0 13 >43.8347 0 LTA2 0.065 12500000 > 0 0 0 0 0 677 >08.3333 0 LTA3 0.065 25000000 > 0 0 0 0 0 1354 >16.6667 0 LTA4 0.085 48440478 > 0 0 0 0 0 3431 >20.0525 0 LTA6 0.065 90299000 > 0 0 0 0 0 4891 >19.5833 0 LTA7 0.045 48440480 > 0 0 0 0 0 1 >81651.8 0 LTMB 0.065 19934503.82 > 0 0 0 0 0 1079 >78.5624 0 LTIO 0.017727403 237373484 > 0 0 0 0 0 3506 >70.3654 0 LTPO 219820.4 > 0 0 0 0 0 > 0 0 LTP 0.065 100 > 0 0 0 0 0 316 >01.4217 0 LTR2 0.065 0 > 0 0 0 0 0 > 0 0 Total 482455958.8 > 0 0 0 0 0 170 >8610.62 0 > Page 3 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC II Certificate Payment Report for July 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-1 SEQ,AS 5098810 > 248092.56 1343.83 248092.56 249436.39 0 > 0 0 A-2 SEQ,AS 12500000 > 12500000 67708.33 0 67708.33 0 > 0 12500000 A-3 NAS 25000000 > 25000000 135416.67 0 135416.67 0 > 0 25000000 A-4 FLT,AS 48440478 > 48440478 85174.51 1236845.33 1322019.84 0 > 0 47203632.67 A-5 IO,INV,NTL 0 > 0 257945.55 0 257945.55 0 > 0 0 A-6 SEQ,AS 90299000 > 90299000 489119.58 0 489119.58 0 > 0 90299000 A-7 SEQ,AS 48440480 > 48440480 181651.8 1236845.38 1418497.18 0 > 0 47203634.62 A-PO PO,RSTP 220587 > 219820.4 0 278.88 278.88 0 > 0 219541.52 A-IO IO,CSTR,NTL 0 > 0 350670.37 0 350670.37 0 > 0 0 M-1 MEZ,NAS 6250000 > 6209468.81 33634.62 4587.75 38222.37 0 > 0 6204881.06 M-2 MEZ,NAS 5000000 > 4990921.82 27034.16 3667.78 30701.94 0 > 0 4987254.04 M-3 MEZ,NAS 3500000 > 3493645.27 18923.91 2567.45 21491.36 0 > 0 3491077.82 B-1 SUB,NAS 1500000 > 1497276.55 8110.25 1100.34 9210.59 0 > 0 1496176.21 B-2 SUB,NAS 1125000 > 1122957.41 6082.69 825.25 6907.94 0 > 0 1122132.16 B-3 SUB,NAS 2625000 > 2620233.96 14192.93 1925.59 16118.52 0 > 0 2618308.37 P SUB,NAS 100 > 100 31601.42 0 31601.42 0 > 0 100 R R,CPT,AS 100 > 0 0 0 0 0 > 0 0 Total 249999555 >245082474.8 1708610.62 2736736.31 4445346.93 0 > 0 242345738.5 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-1 F-30/360 4525 >4TLB8 5098810 48.65695329 0.263557575 48.65695329 48.9 >2051086 0 A-2 F-30/360 4525 >4TLC6 12500000 1000 5.4166664 0 5. >4166664 1000 A-3 F-30/360 4525 >4TLD4 25000000 1000 5.4166668 0 5. >4166668 1000 A-4 A-30/360 4525 >4TLE2 48440478 1000 1.758333392 25.53330151 27. >2916349 974.4666985 A-5 A-30/360 4525 >4TLF9 48440478 1000 5.325000096 0 5.32 >5000096 974.4666985 A-6 F-30/360 4525 >4TLG7 90299000 1000 5.41666663 0 5.4 >1666663 1000 A-7 F-30/360 4525 >4TLT9 48440480 1000 3.75 25.53330149 29.2 >8330149 974.4666985 A-PO F-30/360 4525 >4TLJ1 220587 996.5247272 0 1.26426308 1.2 >6426308 995.2604641 A-IO A-30/360 4525 >4TLH5 242265076.9 979.8089229 1.447465621 0 1.44 >7465621 968.5534119 M-1 F-30/360 4525 >4TLL6 6250000 993.5150096 5.3815392 0.73404 6. >1155792 992.7809696 M-2 F-30/360 4525 >4TLM4 5000000 998.184364 5.406832 0.733556 6 >.140388 997.450808 M-3 F-30/360 4525 >4TLN2 3500000 998.1843629 5.406831429 0.733557143 6.14 >0388571 997.4508057 B-1 F-30/360 4525 >4TLQ5 1500000 998.1843667 5.406833333 0.73356 6.14 >0393333 997.4508067 B-2 F-30/360 4525 >4TLR3 1125000 998.1843644 5.406835556 0.733555556 6.14 >0391111 997.4508089 B-3 F-30/360 4525 >4TLS1 2625000 998.1843657 5.406830476 0.733558095 6.14 >0388571 997.4508076 P F-30/360 4525 >4TLP7 100 1000 316014.2 0 3 >16014.2 1000 R F-30/360 4525 >4TLK8 100 0 0 0 > 0 0 > Page 4 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC II Certificate Payment Report for July 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-1 5098810 69239.79 >4638381.818 460428.1822 5098810 5168049.79 0 > 0 0 A-2 12500000 270833.32 > 0 0 0 270833.32 0 > 0 12500000 A-3 25000000 541666.68 > 0 0 0 541666.68 0 > 0 25000000 A-4 48440478 343523.73 >1155393.396 81451.93413 1236845.33 1580369.06 0 > 0 47203632.67 A-5 0 1028956.49 > 0 0 0 1028956.49 0 > 0 0 A-6 90299000 1956478.32 > 0 0 0 1956478.32 0 > 0 90299000 A-7 48440480 726607.2 >1155393.443 81451.93742 1236845.38 1963452.58 0 > 0 47203634.62 A-PO 220587 0 >942.2955575 103.1844425 1045.48 1045.48 0 > 0 219541.52 A-IO 0 1422392.26 > 0 0 0 1422392.26 0 > 0 0 M-1 6250000 134988.56 > 39180.3362 5938.603796 45118.94 180107.5 0 > 0 6204881.06 M-2 5000000 108243.8 >11522.73761 1223.222392 12745.96 120989.76 0 > 0 4987254.04 M-3 3500000 75770.65 >8065.923695 856.2563055 8922.18 84692.83 0 > 0 3491077.82 B-1 1500000 32473.14 >3456.823254 366.9667455 3823.79 36296.93 0 > 0 1496176.21 B-2 1125000 24354.86 >2592.615341 275.2246594 2867.84 27222.7 0 > 0 1122132.16 B-3 2625000 56827.99 >6049.438595 642.191405 6691.63 63519.62 0 > 0 2618308.37 P 100 57409.07 > 0 0 0 57409.07 0 > 0 100 R 100 0.54 >88.08346249 11.91653751 100 100.54 0 > 0 0 Total 249999555 6849766.4 > 7021066.91 632749.62 7653816.53 14503582.93 0 > 0 242345738.5 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-1 0.065 248092.56 > 0 0 0 0 0 >1343.83 0 A-2 0.065 12500000 > 0 0 0 0 0 6 >7708.33 0 A-3 0.065 25000000 > 0 0 0 0 0 13 >5416.67 0 A-4 0.0211 48440478 > 0 0 0 0 0 8 >5174.51 0 A-5 0.0639 48440478 > 0 0 0 0 0 25 >7945.55 0 A-6 0.065 90299000 > 0 0 0 0 0 48 >9119.58 0 A-7 0.045 48440480 > 0 0 0 0 0 1 >81651.8 0 A-PO 219820.4 > 0 0 0 0 0 > 0 0 A-IO 0.017727525 237373484 > 0 0 0 0 0 35 >0670.37 0 M-1 0.065 6209468.81 > 0 0 0 0 0 3 >3634.62 0 M-2 0.065 4990921.82 > 0 0 0 0 0 2 >7034.16 0 M-3 0.065 3493645.27 > 0 0 0 0 0 1 >8923.91 0 B-1 0.065 1497276.55 > 0 0 0 0 0 >8110.25 0 B-2 0.065 1122957.41 > 0 0 0 0 0 >6082.69 0 B-3 0.065 2620233.96 > 0 0 0 0 0 1 >4192.93 0 P 0.065 100 > 0 0 0 0 0 3 >1601.42 0 R 0.065 0 > 0 0 0 0 0 > 0 0 Total 530896436.8 > 0 0 0 0 0 170 >8610.62 0 > Page 5 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC II Component Classes Certificate Payment Report for July 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) R-1 50 > 0 0 0 0 0 > 0 0 R-2 50 > 0 0 0 0 0 > 0 0 Total 100 > 0 0 0 0 0 > 0 0 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) R-1 F-30/360 > 50 0 0 0 > 0 0 R-2 F-30/360 > 50 0 0 0 > 0 0 > Page 6 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC II Component Classes Certificate Payment Report for July 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) R-1 50 0.27 >44.04173125 5.958268754 50 50.27 0 > 0 0 R-2 50 0.27 >44.04173125 5.958268754 50 50.27 0 > 0 0 Total 100 0.54 >88.08346249 11.91653751 100 100.54 0 > 0 0 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) R-1 0.065 0 > 0 0 0 0 0 > 0 0 R-2 0.065 0 > 0 0 0 0 0 > 0 0 Total 0 > 0 0 0 0 0 > 0 0 > Page 7 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collection Account Report for July 25, 2002 Distribution Collection Account Report SUMMARY > TOTAL Principal - Collections > 2,736,736.33 Principal - Withdrawals > 0.00 Principal - Other Accounts > 0.00 TOTAL NET PRINCIPAL > 2,736,736.33 Interest Collections > 1,730,257.47 Interest Withdrawals > 0.00 Interest Fees > (21,646.86) TOTAL NET INTEREST > 1,708,610.61 TOTAL AVAILABLE FUNDS TO BONDHOLDERS > 4,445,346.94 PRINCIPAL - COLLECTIONS > TOTAL Scheduled Principal > 180,226.63 Curtailments > 28,986.53 Prepayments In Full > 2,527,523.17 Repurchases/Substitutions > 0.00 Liquidations > 0.00 Insurance Principal > 0.00 Other Principal > 0.00 Delinquent Principal > (153,533.21) Principal Advanced > 153,533.21 Total Realized Loss Of Principal > 0.00 TOTAL PRINCIPAL COLLECTED > 2,736,736.33 Page 8 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collection Account Report for July 25, 2002 Distribution Collection Account Report PRINCIPAL - WITHDRAWALS > TOTAL SPACE INTENTIONALLY LEFT BLANK PRINCIPAL - OTHER ACCOUNTS > TOTAL INTEREST - COLLECTIONS > TOTAL Scheduled Interest > 1,747,783.36 Repurchases/Substitutions > 0.00 Liquidation Interest > 0.00 Insurance Interest > 0.00 Other Interest > 0.00 Delinquent Interest > (1,509,284.31) Interest Advanced > 1,460,157.54 Prepayment Interest Shortfalls > (5,096.66) Compensating Interest > 5,096.66 Civil Relief Act Shortfalls > 0.00 Prepayment Premiums > 31,600.88 TOTAL INTEREST COLLECTED > 1,730,257.47 Page 9 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collection Account Report for July 25, 2002 Distribution Collection Account Report INTEREST - WITHDRAWALS > TOTAL Undistributed Receipts on Repurchased Loans > 0.00 Reimburse Advances from Late Collections > 0.00 Reimbursements to Sub-Servicer > 0.00 Reimburse Fees and Advances from Late Collections > 0.00 Interest Earnings on the Custodial Account > 0.00 Prev. Unreimbursed P&I Advances > 0.00 Prev. Unreimbursed Servicing Advances > 0.00 TOTAL INTEREST WITHDRAWALS > 0.00 INTEREST - OTHER ACCOUNTS > TOTAL INTEREST - FEES > TOTAL Radian PMI Fee > 11,953.73 Trustee Fee Amount > 1,633.89 Current Servicing Fees > 8,059.24 TOTAL INTEREST OTHER FEES > 21,646.86 Page 10 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Credit Enhancement Report for July 25, 2002 Distribution Credit Enhancement Report ACCOUNTS > TOTAL SPACE INTENTIONALLY LEFT BLANK INSURANCE > TOTAL Radian PMI Premium > 11,953.73 STRUCTURAL FEATURES > TOTAL SPACE INTENTIONALLY LEFT BLANK Page 11 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collateral Report for July 25, 2002 Distribution Collateral Report COLLATERAL > TOTAL Loan Count: Original > 1147 Prior > 1451 Prefunding > 0 Scheduled Paid Offs > 0 Full Voluntary Prepayments > -16 Repurchases > 0 Liquidations > 0 Current > 1435 Principal Balance: Original > 193381668.6 Prior > 245082919.8 Prefunding > 0 Scheduled Principal > -180226.63 Partial and Full Voluntary Prepayments > -2556509.7 Repurchases > 0 Liquidations > 0 Current > 242346183.5 PREFUNDING > TOTAL PRE-FUNDING ACCOUNT Pre-Funding Account Beginning Balance > 0.00 Balance of Subsequent Mortgage Loans added this period > 0.00 Withdrawal of remaining amounts > 0.00 Pre-Funding Account Ending Balance > 0.00 INTEREST COVERAGE ACCOUNT Interest Coverage Account Beginning Balance > 0.00 Interest Coverage Account Requirement > 0.00 Withdrawal of remaining amounts > 0.00 Interest Coverage Account Ending Balance > 0.00 Current Prin Balance by Groups (in millions of dollars) Tota >l Current Principal Balance (in millions of dollars) Page 12 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collateral Report for July 25, 2002 Distribution Collateral Report CHARACTERISTICS > TOTAL Weighted Average Coupon Original > 0.085584298 Weighted Average Coupon Prior > 0.085650911 Weighted Average Coupon Current > 0.085576752 Weighted Average Months to Maturity Original > 340 Weighted Average Months to Maturity Prior > 339 Weighted Average Months to Maturity Current > 337 Weighted Avg Remaining Amortization Term Original > 349.7924593 Weighted Avg Remaining Amortization Term Prior > 347.1520254 Weighted Avg Remaining Amortization Term Current > 346.0368875 Weighted Average Seasoning Original > 2.9738338 Weighted Average Seasoning Prior > 4.41542824 Weighted Average Seasoning Current > 5.42501305 Note: Original information refers to deal issue. WAC by Groups Tota >l WAC WARAT by Groups Tota >l WARAT Note: Dates correspond to distribution dates. Page 13 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collateral Report for July 25, 2002 Distribution Collateral Report ARM CHARACTERISTICS > TOTAL Weighted Average Margin Original > 0 Weighted Average Margin Prior > 0 Weighted Average Margin Current > 0 Weighted Average Max Rate Original > 0 Weighted Average Max Rate Prior > 0 Weighted Average Max Rate Current > 0 Weighted Average Min Rate Original > 0 Weighted Average Min Rate Prior > 0 Weighted Average Min Rate Current > 0 Weighted Average Cap Up Original > 0 Weighted Average Cap Up Prior > 0 Weighted Average Cap Up Current > 0 Weighted Average Cap Down Original > 0 Weighted Average Cap Down Prior > 0 Weighted Average Cap Down Current > 0 Note: Original information refers to deal issue. SERVICING FEES / ADVANCES > TOTAL Current Servicing Fees > 8,059.24 Delinquent Servicing Fees > 49,126.77 TOTAL SERVICING FEES > 57,186.01 Total Servicing Fees > 57,186.01 Compensating Interest > (5,096.66) Delinquent Servicing Fees > (49,126.77) COLLECTED SERVICING FEES > 2,962.58 ADDITIONAL COLLATERAL INFORMATION > TOTAL Weighted Average Net Mortgage Rate > 8.2111% Page 14 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Delinquency Report for July 25, 2002 Distribution Delinquency Report - Total CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 3299021.18 0 0 3299021.18 % Balance >0.013612846 0 0 0.013612846 # Loans > 19 0 0 19 % # Loans >0.013240418 0 0 0.013240418 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 239475.59 > 0 0 0 239475.59 % Balance 0.000988155 > 0 0 0 0.000988155 # Loans 1 > 0 0 0 1 % # Loans 0.000696864 > 0 0 0 0.000696864 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 239475.59 > 3299021.18 0 0 3538496.77 % Balance 0.000988155 >0.013612846 0 0 0.014601001 # Loans 1 > 19 0 0 20 % # Loans 0.000696864 >0.013240418 0 0 0.013937282 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 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REO Report for July 25, 2002 Distribution REO Report - Mortgage Loans that Become REO During Current Dis >tribution SUMMARY LOAN GROUP Total Loan Count = 0 Loan Group 1 >= Pool Group; REO Book Value = 000.00 Total Original Principal Balance = 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 16 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Prepayment Report for July 25, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENTS > TOTAL Current Number of Paid in Full Loans > 16 Number of Repurchased Loans > 0 Total Number of Loans Prepaid in Full > 16 Paid in Full Balance > 2527523.17 Repurchased Loans Balance > 0 Curtailments Amount > 28986.53 Total Prepayment Amount > 2556509.7 Cumulative Number of Paid in Full Loans > 41 Number of Repurchased Loans > 0 Total Number of Loans Prepaid in Full > 41 Paid in Full Balance > 6813336.47 Repurchased Loans Balance > 0 Curtailments Amount > 160531.32 Total Prepayment Amount > 6973867.79 SPACE INTENTIONALLY LEFT BLANK Total Prepayments by Groups (in thousands of dollars) Tota >l Prepayments (in thousands of dollars) Page 17 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Prepayment Report for July 25, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENT RATES > TOTAL SMM > 0.010438879 3 Months Avg SMM > 0.008484419 12 Months Avg SMM Avg SMM Since Cut-off > 0.007265495 CPR > 0.118318995 3 Months Avg CPR > 0.097193824 12 Months Avg CPR Avg CPR Since Cut-off > 0.083784985 PSA > 10.9049503 3 Months Avg PSA Approximation > 11.00124374 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation > 10.3272261 CPR by Groups Tota >l CPR PSA by Groups Tota >l PSA Page 18 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Prepayment Report for July 25, 2002 Distribution Prepayment Report - Voluntary Prepayments 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 19 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Prepayment Detail Report for July 25, 2002 Distribution Prepayment Detail Report - Loans Prepaid in Full During Curren >t Distribution SUMMARY > LOAN GROUP Total Loan Count = 16 > Loan Group 1 = Pool Group Total Original Principal Balance = 2,533,720.00 Total Prepayment Amount = 2,527,523.17 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 1100344664 1 73320 73159.4 > 37435 0.10125WA - 78.00% Paid Off - 36 37284 1100344770 1 125400 125203.37 > 37432 0.10625MI - 94.65% Paid Off - 36 37300 1100344793 1 229900 229479.22 > 37433 0.085CA - 95.00% Paid Off - 36 37319 1100345382 1 85000 84763.46 > 37417 0.09875FL - 93.41% Paid Off - 18 37348 1100346579 1 106400 104841.97 > 37428 0.08NV - 80.00% Paid Off - 18 37287 1100346701 1 167200 166964.07 > 37435 0.0975CA - 95.00% Paid Off - 36 37336 1100346746 1 95200 94989.65 > 37425 0.09CA - 86.55% Paid Off - 36 37293 1100346989 1 108900 108683.17 > 37435 0.095NC - 90.00% Paid Off - 36 37315 1100347054 1 235000 234650.47 > 37425 0.095CA - 89.70% Paid Off - 36 37326 1100347175 1 77400 77179.37 > 37431 0.0775CA - 90.00% Paid Off - 36 37292 1100347482 1 108500 108260.25 > 37433 0.09CA - 70.00% Paid Off - 36 37320 1100347498 1 142500 142244.66 > 37414 0.1IL - 95.00% Paid Off - 36 37335 1100347845 1 200000 199584.37 > 37434 0.07875FL - 60.61% Paid Off - 36 37343 2500014122 1 122000 121782.38 > 37425 0.08625CA - 51.92% Paid Off - 36 37313 2500014302 1 565000 563855.1 > 37433 0.08IL - 70.63% Paid Off - 36 37316 2500015066 1 92000 91882.26 > 37433 0.0825CO - 52.88% Paid Off - 36 37328 Page > 20 of 25 (c) COPYRIGHT 2002 Deutsc >he Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Realized Loss Report for July 25, 2002 Distribution Realized Loss Report - Collateral COLLATERAL REALIZED LOSSES > TOTAL Current Number of Loans Liquidated > 0 Collateral Realized Loss/(Gain) Amount > 0 Net Liquidation Proceeds > 0 Cumulative Number of Loans Liquidated > 0 Collateral Realized Loss/(Gain) Amount > 0 Net Liquidation Proceeds > 0 Note: Collateral realized losses may include adjustments to loan >s liquidated in prior periods. SPACE INTENTIONALLY LEFT BLANK > 3 Months Moving Average Collateral Loss Severity Approximation by Groups Coll >ateral Loss Severity Approximation Page 21 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Realized Loss Report for July 25, 2002 Distribution Realized Loss Report - Collateral DEFAULT SPEEDS > TOTAL MDR > 0 3 Months Avg MDR > 0 12 Months Avg MDR Avg MDR Since Cut-off > 0 CDR > 0 3 Months Avg CDR > 0 12 Months Avg CDR Avg CDR Since Cut-off > 0 SDA > 0 3 Months Avg SDA Approximation > 0 12 Months Avg SDA Approximation Avg SDA Since Cut-off Approximation > 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 CDR by Groups Tota >l CDR SDA by Groups Tota >l SDA Page 22 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Realized Loss Report for July 25, 2002 Distribution Realized Loss Report - Collateral 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 23 of 25 > (c) COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Realized Loss Detail Report for July 25, 2002 Distribution Realized Loss Detail Report - Loans Liquidated During Current >Distribution SUMMARY > LOAN GROUP Total Loan Count = 0 > Loan Group 1 = Pool Group Total Original Principal Balance = 0.00 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 > 24 of 25 (c) COPYRIGHT 2002 Deutsc >he Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, >2002 Distribution Triggers, Adj. Rate Cert. and Miscellaneous Report TRIGGER EVENTS > TOTAL Optional Termination Date Reached? > No Credit Support Depletion Date Reached? > No ADJUSTABLE RATE CERTIFICATE INFORMATION > TOTAL SPACE INTENTIONALLY LEFT BLANK ADDITIONAL INFORMATION > TOTAL Senior Principal Distribution Amount > 2,721,783.28 Subordinate Principal Distribution Amount > 14,649.69 Senior Accelerated Distribution Percentage > 100.0000% Senior Percentage > 91.8587% Special Hazard Amount > 2,499,996.00 Fraud Loss Amount > 3,867,633.37 Bankruptcy Amount > 100,000.00 Page 25 of 25 > (c) COPYRIGHT 2002 Deutsche Bank