8-K 1 im02s212.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): December 26, 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 December 26, 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: Jan 02, 2003 By: /s/ Katie Wannenmacher Katie Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of December 26, 2002. IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates December 26, 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.corporatetrust.db.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(s): > Closing Date: March 28, >2002 > First Payment Date: April 25, 2002 > Servicer(s): Impac Funding Corporation Mas >ter Servicer Wendover Funding, Inc. Sub-Se >rvicer GMAC Sub-Servicer > Distribution Date: December 26, > 2002 Underwriter(s): Bear, Stearns & Co. Inc Under >writer Record Date: November 2 >9, 2002 > Page 1 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC I Certificate Payment Report for December 26, 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 > 0 0 0 0 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 >39248133.55 278007.6126 2733405.94 3011413.553 0 > 0 36514727.61 LTA6 90299000 > 90299000 489119.5833 0 489119.5833 0 > 0 90299000 LTA7 48440480 >39248135.17 147180.5069 2733406.05 2880586.557 0 > 0 36514729.12 LTMB 20000000 > 19836741.6 107449.017 15308.91 122757.927 0 > 0 19821432.69 LTIO 0 > 0 321318.0185 0 321318.0185 0 > 0 0 LTPO 220587 > 218429.6 0 307.07 307.07 0 > 0 218122.53 LTP 100 > 100 75134.4917 0 75134.4917 0 > 0 100 LTR2 50 > 0 0 0 0 0 > 0 0 Total 249999505 >226350539.9 1621334.23 5482427.97 7103762.2 0 > 0 220868112 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 0 0 0 > 0 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 810.2342332 5.739159151 56.42813723 62.1 >6729638 753.806096 LTA6 F-30/360 > 90299000 1000 5.416666666 0 5.41 >6666666 1000 LTA7 F-30/360 > 48440480 810.2342332 3.038378375 56.42813717 59.4 >6651554 753.8060961 LTMB F-30/360 > 20000000 991.83708 5.37245085 0.7654455 6.1 >3789635 991.0716345 LTIO F-30/360 > 242265076.9 902.6927325 1.326307624 0 1.32 >6307624 880.1102032 LTPO F-30/360 > 220587 990.2197319 0 1.392058462 1.39 >2058462 988.8276734 LTP F-30/360 > 100 1000 751344.917 0 751 >344.917 1000 LTR2 F-30/360 > 50 0 0 0 > 0 0 > Page 2 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC I Certificate Payment Report for December 26, 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 609374.9997 > 0 0 0 609374.9997 0 > 0 12500000 LTA3 25000000 1218750 > 0 0 0 1218750 0 > 0 25000000 LTA4 48440478 2908143.572 >11403852.06 521898.3271 11925750.39 14833893.96 0 > 0 36514727.61 LTA6 90299000 4402076.25 > 0 0 0 4402076.25 0 > 0 90299000 LTA7 48440480 1539605.484 >11403852.53 521898.3488 11925750.88 13465356.36 0 > 0 36514729.12 LTMB 20000000 971165.4488 >164732.1071 13835.20291 178567.31 1149732.759 0 > 0 19821432.69 LTIO 0 3094760.262 > 0 0 0 3094760.262 0 > 0 0 LTPO 220587 0 > 2297.7175 166.7524998 2464.47 2464.47 0 > 0 218122.53 LTP 100 312484.0753 > 0 0 0 312484.0753 0 > 0 100 LTR2 50 0.2708 >44.04173125 5.958268754 50 50.2708 0 > 0 0 Total 249999505 15125600.16 >27613160.28 1518232.772 29131393.05 44256993.21 0 > 0 220868112 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 0 > 0 0 0 0 0 > 0 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 39248133.55 > 0 0 0 0 0 2780 >07.6126 0 LTA6 0.065 90299000 > 0 0 0 0 0 4891 >19.5833 0 LTA7 0.045 39248135.17 > 0 0 0 0 0 1471 >80.5069 0 LTMB 0.065 19836741.6 > 0 0 0 0 0 107 >449.017 0 LTIO 0.017631218 218690924.2 > 0 0 0 0 0 3213 >18.0185 0 LTPO 218429.6 > 0 0 0 0 0 > 0 0 LTP 0.065 100 > 0 0 0 0 0 751 >34.4917 0 LTR2 0.065 0 > 0 0 0 0 0 > 0 0 Total 445041464.2 > 0 0 0 0 0 162 >1334.23 0 > Page 3 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC II Certificate Payment Report for December 26, 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 > 0 0 0 0 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 >39248133.55 53966.18 2733405.94 2787372.12 0 > 0 36514727.61 A-5 IO,INV,NTL 0 > 0 224041.43 0 224041.43 0 > 0 0 A-6 SEQ,AS 90299000 > 90299000 489119.58 0 489119.58 0 > 0 90299000 A-7 SEQ,AS 48440480 >39248135.17 147180.51 2733406.05 2880586.56 0 > 0 36514729.12 A-PO PO,RSTP 220587 > 218429.6 0 307.07 307.07 0 > 0 218122.53 A-IO IO,CSTR,NTL 0 > 0 321318.02 0 321318.02 0 > 0 0 M-1 MEZ,NAS 6250000 > 6178946.87 33469.3 4810.55 38279.85 0 > 0 6174136.32 M-2 MEZ,NAS 5000000 > 4966470.82 26901.72 3817.58 30719.3 0 > 0 4962653.24 M-3 MEZ,NAS 3500000 > 3476529.56 18831.2 2672.31 21503.51 0 > 0 3473857.25 B-1 SUB,NAS 1500000 > 1489941.25 8070.52 1145.28 9215.8 0 > 0 1488795.97 B-2 SUB,NAS 1125000 > 1117455.93 6052.89 858.96 6911.85 0 > 0 1116596.97 B-3 SUB,NAS 2625000 > 2607397.17 14123.4 2004.23 16127.63 0 > 0 2605392.94 P SUB,NAS 100 > 100 75134.49 0 75134.49 0 > 0 100 R R,CPT,AS 100 > 0 0 0 0 0 > 0 0 Total 249999555 >226350539.9 1621334.24 5482427.97 7103762.21 0 > 0 220868112 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 0 0 0 > 0 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 810.2342332 1.114071996 56.42813723 57.5 >4220922 753.806096 A-5 A-30/360 4525 >4TLF9 48440478 810.2342332 4.625087102 0 4.62 >5087102 753.806096 A-6 F-30/360 4525 >4TLG7 90299000 1000 5.41666663 0 5.4 >1666663 1000 A-7 F-30/360 4525 >4TLT9 48440480 810.2342332 3.038378439 56.42813717 59.4 >6651561 753.8060961 A-PO F-30/360 4525 >4TLJ1 220587 990.2197319 0 1.392058462 1.39 >2058462 988.8276734 A-IO A-30/360 4525 >4TLH5 242265076.9 902.6927325 1.32630763 0 1.3 >2630763 880.1102032 M-1 F-30/360 4525 >4TLL6 6250000 988.6314992 5.355088 0.769688 6 >.124776 987.8618112 M-2 F-30/360 4525 >4TLM4 5000000 993.294164 5.380344 0.763516 >6.14386 992.530648 M-3 F-30/360 4525 >4TLN2 3500000 993.29416 5.380342857 0.763517143 >6.14386 992.5306429 B-1 F-30/360 4525 >4TLQ5 1500000 993.2941667 5.380346667 0.76352 6.14 >3866667 992.5306467 B-2 F-30/360 4525 >4TLR3 1125000 993.29416 5.380346667 0.76352 6.14 >3866667 992.53064 B-3 F-30/360 4525 >4TLS1 2625000 993.29416 5.380342857 0.76351619 6.14 >3859048 992.5306438 P F-30/360 4525 >4TLP7 100 1000 751344.9 0 7 >51344.9 1000 R F-30/360 4525 >4TLK8 100 0 0 0 > 0 0 > Page 4 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC II Certificate Payment Report for December 26, 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 609374.97 > 0 0 0 609374.97 0 > 0 12500000 A-3 25000000 1218750.03 > 0 0 0 1218750.03 0 > 0 25000000 A-4 48440478 707138.6 >11403852.06 521898.3271 11925750.39 12632888.99 0 > 0 36514727.61 A-5 0 2201004.98 > 0 0 0 2201004.98 0 > 0 0 A-6 90299000 4402076.22 > 0 0 0 4402076.22 0 > 0 90299000 A-7 48440480 1539605.49 >11403852.53 521898.3488 11925750.88 13465356.37 0 > 0 36514729.12 A-PO 220587 0 > 2297.7175 166.7524998 2464.47 2464.47 0 > 0 218122.53 A-IO 0 3094760.25 > 0 0 0 3094760.25 0 > 0 0 M-1 6250000 302728.67 >68509.26286 7354.417144 75863.68 378592.35 0 > 0 6174136.32 M-2 5000000 243067.92 >34990.11102 2356.648982 37346.76 280414.68 0 > 0 4962653.24 M-3 3500000 170147.53 >24493.09456 1649.655443 26142.75 196290.28 0 > 0 3473857.25 B-1 1500000 72920.39 >10497.03549 706.9945148 11204.03 84124.42 0 > 0 1488795.97 B-2 1125000 54690.3 >7872.783931 530.2460691 8403.03 63093.33 0 > 0 1116596.97 B-3 2625000 127610.65 >18369.81924 1237.240759 19607.06 147217.71 0 > 0 2605392.94 P 100 312484.06 > 0 0 0 312484.06 0 > 0 100 R 100 0.54 >88.08346249 11.91653751 100 100.54 0 > 0 0 Total 249999555 15125600.39 >27613204.32 1518238.73 29131443.05 44257043.44 0 > 0 220868112 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 0 > 0 0 0 0 0 > 0 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 0.0165 39248133.55 > 0 0 0 0 0 5 >3966.18 0 A-5 0.0685 39248133.55 > 0 0 0 0 0 22 >4041.43 0 A-6 0.065 90299000 > 0 0 0 0 0 48 >9119.58 0 A-7 0.045 39248135.17 > 0 0 0 0 0 14 >7180.51 0 A-PO 218429.6 > 0 0 0 0 0 > 0 0 A-IO 0.017631349 218690924.2 > 0 0 0 0 0 32 >1318.02 0 M-1 0.065 6178946.87 > 0 0 0 0 0 >33469.3 0 M-2 0.065 4966470.82 > 0 0 0 0 0 2 >6901.72 0 M-3 0.065 3476529.56 > 0 0 0 0 0 >18831.2 0 B-1 0.065 1489941.25 > 0 0 0 0 0 >8070.52 0 B-2 0.065 1117455.93 > 0 0 0 0 0 >6052.89 0 B-3 0.065 2607397.17 > 0 0 0 0 0 >14123.4 0 P 0.065 100 > 0 0 0 0 0 7 >5134.49 0 R 0.065 0 > 0 0 0 0 0 > 0 0 Total 484289597.7 > 0 0 0 0 0 162 >1334.24 0 > Page 5 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC II Component Classes Certificate Payment Report for December 26, 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 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REMIC II Component Classes Certificate Payment Report for December 26, 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 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collection Account Report for December 26, 2002 Distribution Collection Account Report SUMMARY > TOTAL Principal - Collections > 5,482,427.99 Principal - Withdrawals > 0.00 Principal - Other Accounts > 0.00 TOTAL NET PRINCIPAL > 5,482,427.99 Interest Collections > 1,641,201.38 Interest Withdrawals > 0.00 Interest Fees > (19,867.16) TOTAL NET INTEREST > 1,621,334.22 TOTAL AVAILABLE FUNDS TO BONDHOLDERS > 7,103,762.21 PRINCIPAL - COLLECTIONS > TOTAL Scheduled Principal > 174,128.68 Curtailments > 32,552.01 Prepayments In Full > 5,275,747.30 Repurchases/Substitutions > 0.00 Liquidations > 0.00 Insurance Principal > 0.00 Other Principal > 0.00 Delinquent Principal > (145,526.41) Principal Advanced > 145,526.41 Total Realized Loss Of Principal > 0.00 TOTAL PRINCIPAL COLLECTED > 5,482,427.99 Page 8 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collection Account Report for December 26, 2002 Distribution Collection Account Report PRINCIPAL - WITHDRAWALS > TOTAL SPACE INTENTIONALLY LEFT BLANK PRINCIPAL - OTHER ACCOUNTS > TOTAL INTEREST - COLLECTIONS > TOTAL Scheduled Interest > 1,611,131.69 Repurchases/Substitutions > 0.00 Liquidation Interest > 0.00 Insurance Interest > 0.00 Other Interest > 0.00 Delinquent Interest > (1,380,764.13) Interest Advanced > 1,335,699.87 Prepayment Interest Shortfalls > (18,706.28) Compensating Interest > 18,706.28 Civil Relief Act Shortfalls > 0.00 Prepayment Premiums > 75,133.95 TOTAL INTEREST COLLECTED > 1,641,201.38 Page 9 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collection Account Report for December 26, 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 > 10,607.18 Trustee Fee Amount > 1,509.01 Current Servicing Fees > 7,750.97 TOTAL INTEREST OTHER FEES > 19,867.16 Page 10 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Credit Enhancement Report for December 26, 2002 Distribution Credit Enhancement Report ACCOUNTS > TOTAL SPACE INTENTIONALLY LEFT BLANK INSURANCE > TOTAL Radian PMI Premium > 10,607.18 STRUCTURAL FEATURES > TOTAL SPACE INTENTIONALLY LEFT BLANK Page 11 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collateral Report for December 26, 2002 Distribution Collateral Report COLLATERAL > TOTAL Loan Count: Original > 1147 Prior > 1349 Prefunding > 0 Scheduled Paid Offs > 0 Full Voluntary Prepayments > -27 Repurchases > 0 Liquidations > 0 Current > 1322 Principal Balance: Original > 193381668.6 Prior > 226350984.9 Prefunding > 0 Scheduled Principal > -174128.68 Partial and Full Voluntary Prepayments > -5308299.31 Repurchases > 0 Liquidations > 0 Current > 220868556.9 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 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collateral Report for December 26, 2002 Distribution Collateral Report CHARACTERISTICS > TOTAL Weighted Average Coupon Original > 0.085584298 Weighted Average Coupon Prior > 0.085450652 Weighted Average Coupon Current > 0.085414165 Weighted Average Months to Maturity Original > 340 Weighted Average Months to Maturity Prior > 332 Weighted Average Months to Maturity Current > 331 Weighted Avg Remaining Amortization Term Original > 349.7924593 Weighted Avg Remaining Amortization Term Prior > 341.2364303 Weighted Avg Remaining Amortization Term Current > 339.9969579 Weighted Average Seasoning Original > 2.9738338 Weighted Average Seasoning Prior > 9.47708149 Weighted Average Seasoning Current > 10.49645036 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 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Collateral Report for December 26, 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 > 7,750.97 Delinquent Servicing Fees > 45,064.26 TOTAL SERVICING FEES > 52,815.23 Total Servicing Fees > 52,815.23 Compensating Interest > (18,706.28) Delinquent Servicing Fees > (45,064.26) COLLECTED SERVICING FEES > (10,955.31) ADDITIONAL COLLATERAL INFORMATION > TOTAL Weighted Average Net Mortgage Rate > 8.1972% Page 14 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Delinquency Report for December 26, 2002 Distribution Delinquency Report - Total CURRENT 1 PA >YMENT 2 PAYMTS 3+ PAYMTS TOTAL DELINQUENT Balance > 3620945.83 2613059.87 170825.03 6404830.73 % Balance >0.016394121 0.011830837 0.000773424 0.028998382 # Loans > 24 13 1 38 % # Loans >0.018154312 0.009833585 0.00075643 0.028744327 FORECLOSURE Balance 0 > 0 0 2772742.71 2772742.71 % Balance 0 > 0 0 0.012553814 0.012553814 # Loans 0 > 0 0 14 14 % # Loans 0 > 0 0 0.010590015 0.010590015 BANKRUPTCY Balance 0 > 0 314620.5 225156.63 539777.13 % Balance 0 > 0 0.001424469 0.001019415 0.002443884 # Loans 0 > 0 3 2 5 % # Loans 0 > 0 0.002269289 0.001512859 0.003782148 REO Balance 0 > 0 0 684162.83 684162.83 % Balance 0 > 0 0 0.003097602 0.003097602 # Loans 0 > 0 0 3 3 % # Loans 0 > 0 0 0.002269289 0.002269289 TOTAL Balance 0 > 3620945.83 2927680.37 3852887.2 10401513.4 % Balance 0 >0.016394121 0.013255306 0.017444254 0.047093681 # Loans 0 > 24 16 20 60 % # Loans 0 >0.018154312 0.012102874 0.015128593 0.045385779 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 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates REO Report for December 26, 2002 Distribution REO Report - Mortgage Loans that Become REO During Current Dis >tribution SUMMARY LOAN GROUP Total Loan Count = 1 Loan Group 1 >= Pool Group; REO Book Value = Not Available Total Original Principal Balance = 251,750.00 Total Current Balance = 250,704.68 REO Book Value = Not Available 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 1100348493 1 251750 250704.68 37347 > 0.09375TX - 88.33% 360 37356 Page 16 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Prepayment Report for December 26, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENTS > TOTAL Current Number of Paid in Full Loans > 27 Number of Repurchased Loans > 0 Total Number of Loans Prepaid in Full > 27 Paid in Full Balance > 5275747.3 Repurchased Loans Balance > 0 Curtailments Amount > 32552.01 Total Prepayment Amount > 5308299.31 Cumulative Number of Paid in Full Loans > 152 Number of Repurchased Loans > 2 Total Number of Loans Prepaid in Full > 154 Paid in Full Balance > 26949314.96 Repurchased Loans Balance > 272289.41 Curtailments Amount > 344400.85 Total Prepayment Amount > 27566005.22 SPACE INTENTIONALLY LEFT BLANK Total Prepayments by Groups (in thousands of dollars) Tota >l Prepayments (in thousands of dollars) Page 17 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Prepayment Report for December 26, 2002 Distribution Prepayment Report - Voluntary Prepayments VOLUNTARY PREPAYMENT RATES > TOTAL SMM > 0.023469684 3 Months Avg SMM > 0.018922384 12 Months Avg SMM Avg SMM Since Cut-off > 0.013046452 CPR > 0.247981084 3 Months Avg CPR > 0.204865848 12 Months Avg CPR Avg CPR Since Cut-off > 0.145798065 PSA > 11.81261643 3 Months Avg PSA Approximation > 10.80971413 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation > 11.20830981 CPR by Groups Tota >l CPR PSA by Groups Tota >l PSA Page 18 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Prepayment Report for December 26, 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,W >ASm)/(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 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Prepayment Detail Report for December 26, 2002 Distribution Prepayment Detail Report - Loans Prepaid in Full During Curren >t Distribution SUMMARY > LOAN GROUP Total Loan Count = 27 > Loan Group 1 = Pool Group Total Original Principal Balance = 5,306,705.00 Total Prepayment Amount = 5,275,747.30 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 1100342594 1 132525 131564.84 > 37587 0.085FL - 95.00% Paid Off - 36 37309 1100343046 1 84550 83871.59 > 37590 0.07875CA - 95.00% Paid Off - 36 37300 1100343728 1 97930 97123.14 > 37561 0.0849VA - 70.00% Paid Off - 18 37287 1100344443 1 242250 240982.76 > 37566 0.09375MA - 95.00% Paid Off - 18 37309 1100344769 1 292600 291363.42 > 37582 0.09875MD - 95.00% Paid Off - 18 37308 1100344833 1 173588 172708.56 > 37571 0.09FL - 80.00% Paid Off - 36 37295 1100345200 1 94400 93747.29 > 37590 0.08FL - 80.00% Paid Off - 36 37306 1100345374 1 229600 228199.71 > 37565 0.08625FL - 80.00% Paid Off - 36 37279 1100345706 1 94700 94207.78 > 37581 0.08875FL - 79.96% Paid Off - 36 37301 1100345768 1 137900 136944.64 > 37585 0.085CA - 83.58% Paid Off - 36 37291 1100345785 1 270000 269160.83 > 37573 0.1075GA - 75.00% Paid Off - 36 37333 1100345833 1 85000 84532.95 > 37573 0.08VA - 73.92% Paid Off - 36 37322 1100346139 1 256500 255292.37 > 37586 0.0825NY - 90.00% Paid Off - 36 37335 1100346199 1 136800 136207.44 > 37572 0.085CA - 90.00% Paid Off - 36 37349 1100347370 1 196000 194872.5 > 37578 0.08375NJ - 80.00% Paid Off - 36 37307 1100347424 1 161500 160547.19 > 37587 0.0825CA - 85.00% Paid Off - 36 37287 1109004449 1 408000 405711.39 > 37565 0.085CA - 85.00% Paid Off - 36 37306 1109004594 1 174600 173669.07 > 37572 0.0875CA - 90.00% Paid Off - 36 37292 1109004642 1 187500 185614.55 > 37587 0.08CA - 75.00% Paid Off - 36 37328 1109004955 1 170762 169669.12 > 37571 0.08875NJ - 95.00% Paid Off - 36 37316 2500012905 1 68000 66641.35 > 37574 0.08375FL - 80.00% Paid Off - 18 37350 2500013496 1 189000 188107.59 > 37572 0.0875FL - 89.56% Paid Off - 36 37302 2500014081 1 134900 134225.92 > 37580 0.095FL - 90.00% Paid Off - 36 37287 2500014738 1 127500 126981.73 > 37578 0.095FL - 50.00% Paid Off - 36 37319 2500014850 1 95000 94682.06 > 37587 0.0975AZ - 95.00% Paid Off - 36 37327 2500014859 1 542500 538956.4 > 37580 0.07125CA - 70.00% Paid Off - 36 37321 2500015511 1 523100 520161.11 > 37574 0.0775NV - 79.86% Paid Off - 36 37348 Page > 20 of 25 COPYRIGHT 2002 Deutsc >he Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Realized Loss Report for December 26, 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 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Realized Loss Report for December 26, 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 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Realized Loss Report for December 26, 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 mo >nths 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 prior period >s. Dates correspond to distribution dates. Page 23 of 25 > COPYRIGHT 2002 Deutsche Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Realized Loss Detail Report for December 26, 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 COPYRIGHT 2002 Deutsc >he Bank IMPAC Secured Assets Corp. 2002-S2 Mortgage Pass-Through Certificates Triggers, Adj. Rate Cert. and Miscellaneous Report for December >26, 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 > 5,466,812.00 Subordinate Principal Distribution Amount > 15,247.93 Senior Accelerated Distribution Percentage > 100.0000% Senior Percentage > 91.2276% Special Hazard Amount > 2,499,996.00 Fraud Loss Amount > 3,867,633.37 Bankruptcy Amount > 100,000.00 Page 25 of 25 > COPYRIGHT 2002 Deutsche Bank