8-K/A 1 im02s105.htm 8 KA MAY Impac Secured Assets Corp, Mortgage Pass-Through 2002-1

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 Deutsche Bank National

Trust Company, formerly known as 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.

Deutsche Bank National Trust Company,

formerly known as 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: Jan 23, 2003 By: /s/ Katie Wannenmacher

Katie 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 Report    22    
    10. Realized Loss Report    23    
    11. Realized Loss Detail Report    26    
    12. Triggers, Adj. Rate Cert. and Miscellaneous Report    27    
    13. Additional Certificate Report    28    
            
            
            
            
    Total Number of Pages    28    
            
            
            
            
    CONTACTS         
            
     Administrator: James F Noriega        
     Direct Phone Number: (714)247-6281        
     Address: Deutsche Bank        
     1761 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, 2002    
 Servicer(s): Impac Funding Corporation Master Servicer        
   GMAC Sub-Servicer        
            
         Distribution Date: May 28, 2002    
 Underwriter(s): Bear, Stearns & Co. Inc Underwriter     Record Date: April 30, 2002    
            
            
            
            
            
      Page 1 of 28    © 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          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTypeFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
     (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
            
LT1A  173,248,268.86 169,072,026.49 1,108,187.73 1,593,132.11 2,701,319.84 - - 167,478,894.38
LT1B  1,194.11 1,174.25 7.97 7.66 15.63 - - 1,166.59
LT1C  538.39 534.33 3.22 1.55 4.77 - - 532.78
LT1D  20,000,000.00 20,000,000.00 131,090.61 - 131,090.61 - - 20,000,000.00
LT1E  5,000,000.00 5,000,000.00 32,772.65 - 32,772.65 - - 5,000,000.00
LT1F  1,750,000.00 1,750,000.00 11,470.43 - 11,470.43 - - 1,750,000.00
LT1P  100.00 100.00 0.66 - 0.66 - - 100.00
R-1  - - - - - - - -
  
  
Total  200,000,101.36 195,823,835.07 1,283,533.27 1,593,141.32 2,876,674.59 - - 194,230,693.75
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
      Orig. PrincipalPrior   Current
 PeriodPeriod  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
LT1A   F-30/360 173,248,268.86 975.894464 6.396530 9.195660 15.592190 966.698804
LT1B   F-30/360 1,194.11 983.368283 6.674427 6.413647 13.088074 976.954552
LT1C   F-30/360 538.39 992.450454 5.980795 2.878768 8.859563 989.571872
LT1D   F-30/360 20,000,000.00 1,000.000000 6.554531 - 6.554531 1,000.000000
LT1E   F-30/360 5,000,000.00 1,000.000000 6.554530 - 6.554530 1,000.000000
LT1F   F-30/360 1,750,000.00 1,000.000000 6.554531 - 6.554531 1,000.000000
LT1P   F-30/360 100.00 1,000.000000 6.600000 - 6.600000 1,000.000000
R-1   F-30/360 - - - - - -
            
            
       Page 2 of 28   © 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 Unscheduled Scheduled TotalTotalRealizedDeferredPrincipal
ClassFace ValueInterestPrincipalPrincipalPrincipalDistributionLossesInterestBalance
 (1)(2)(3)(4)(5)=(3)+(4)(6)=(2)+(5)(7)(8)(9)=(1)-(5)-(7)+(8)
         
LT1A 173,248,268.86 4,494,812.90 5,210,382.72 558,991.77 5,769,374.49 10,264,187.39 - - 167,478,894.38
LT1B 1,194.11 32.13 24.85 2.67 27.52 59.65 - - 1,166.59
LT1C 538.39 13.00 5.08 0.53 5.61 18.61 - - 532.78
LT1D 20,000,000.00 524,095.89 - - - 524,095.89 - - 20,000,000.00
LT1E 5,000,000.00 131,023.97 - - - 131,023.97 - - 5,000,000.00
LT1F 1,750,000.00 45,858.40 - - - 45,858.40 - - 1,750,000.00
LT1P 100.00 7,558.48 - - - 7,558.48 - - 100.00
R-1 - - - - - - - - -
 
 
Total 200,000,101.36 5,203,394.77 5,210,412.65 558,994.97 5,769,407.62 10,972,802.39 - - 194,230,693.75
            
            
 Interest Detail          
 Pass-Prior Principal Non-PriorUnscheduled Paid orCurrent
 Through(with Notional)AccruedSupportedUnpaidInterestOptimalDeferredUnpaid
ClassRateBalanceInterestInterest SFInterestAdjustmentsInterestInterestInterest
   (1)(2)(3)(4)(5)=(1)-(2)+(3)+(4)(6)(7)=(5)-(6)
          
LT1A7.86544% 169,072,026.49 1,108,187.73 - - - 1,108,187.73 1,108,187.73 -
LT1B8.14609% 1,174.25 7.97 - - - 7.97 7.97 -
LT1C7.23438% 534.33 3.22 - - - 3.22 3.22 -
LT1D7.86544% 20,000,000.00 131,090.61 - - - 131,090.61 131,090.61 -
LT1E7.86544% 5,000,000.00 32,772.65 - - - 32,772.65 32,772.65 -
LT1F7.86544% 1,750,000.00 11,470.43 - - - 11,470.43 11,470.43 -
LT1P7.86544% 100.00 0.66 - - - 0.66 0.66 -
R-1  - - - - - - - -
  
  
Total  195,823,835.07 1,283,533.27 - - - 1,283,533.27 1,283,533.27 -
            
            
       Page 3 of 28   © 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          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTypeFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
   (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
          
LT2-1AA  135,091,674.97 132,832,939.22 753,469.17 874,604.32 1,628,073.49 - - 131,958,334.90
LT2-AI1  308,000.00 280,914.21 1,593.43 9,976.13 11,569.56 - - 270,938.08
LT2-AI2  179,000.00 179,000.00 1,015.34 - 1,015.34 - - 179,000.00
LT2-AI3  191,000.00 191,000.00 1,083.41 - 1,083.41 - - 191,000.00
LT2-AI4  255,000.00 255,000.00 1,446.44 - 1,446.44 - - 255,000.00
LT2-AI5  100,000.00 100,000.00 567.23 - 567.23 - - 100,000.00
LT2-AI6  252,440.00 252,440.00 1,431.92 - 1,431.92 - - 252,440.00
LT2-1M1  41,354.35 41,354.35 234.57 - 234.57 - - 41,354.35
LT2-1M2  27,569.56 27,569.56 156.38 - 156.38 - - 27,569.56
LT2-1B  24,123.37 24,123.37 136.84 - 136.84 - - 24,123.37
LT2-1ZZ  1,378,486.49 1,359,475.63 6,659.76 8,924.53 15,584.29 - 1,051.60 1,351,602.70
LT2-2AA  60,908,326.36 59,074,321.14 335,087.67 686,674.18 1,021,761.85 - - 58,387,646.96
LT2-AII  579,560.00 558,801.34 3,169.69 7,832.52 11,002.21 - - 550,968.82
LT2-2M1  18,645.65 18,645.65 105.76 - 105.76 - - 18,645.65
LT2-2M2  12,430.44 12,430.44 70.51 - 70.51 - - 12,430.44
LT2-2B  10,876.63 10,876.63 61.70 - 61.70 - - 10,876.63
LT2-2ZZ  621,513.54 604,843.53 2,605.22 7,006.88 9,612.10 - 825.64 598,662.29
LT2A-IO  - - 172,760.42 - 172,760.42 - - -
LT2P  100.00 100.00 0.57 - 0.57 - - 100.00
R-2  - - - - - - - -
  
  
Total  200,000,101.36 195,823,835.08 1,281,656.03 1,595,018.56 2,876,674.59 - 1,877.24 194,230,693.75
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
     Orig. PrincipalPrior   Current
 PeriodPeriod  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
LT2-1AA   F-30/360 135,091,674.97 983.279978 5.577466 6.474154 12.051620 976.805824
LT2-AI1   F-30/360 308,000.00 912.059123 5.173474 32.390032 37.563506 879.669091
LT2-AI2   F-30/360 179,000.00 1,000.000000 5.672291 - 5.672291 1,000.000000
LT2-AI3   F-30/360 191,000.00 1,000.000000 5.672304 - 5.672304 1,000.000000
LT2-AI4   F-30/360 255,000.00 1,000.000000 5.672314 - 5.672314 1,000.000000
LT2-AI5   F-30/360 100,000.00 1,000.000000 5.672300 - 5.672300 1,000.000000
LT2-AI6   F-30/360 252,440.00 1,000.000000 5.672318 - 5.672318 1,000.000000
LT2-1M1   F-30/360 41,354.35 1,000.000000 5.672197 - 5.672197 1,000.000000
LT2-1M2   F-30/360 27,569.56 1,000.000000 5.672197 - 5.672197 1,000.000000
LT2-1B   F-30/360 24,123.37 1,000.000000 5.672508 - 5.672508 1,000.000000
LT2-1ZZ   F-30/360 1,378,486.49 986.208892 4.831212 6.474151 11.305363 980.497606
LT2-2AA   F-30/360 60,908,326.36 969.889089 5.501508 11.273897 16.775405 958.615192
LT2-AII   F-30/360 579,560.00 964.182035 5.469132 13.514597 18.983729 950.667437
LT2-2M1   F-30/360 18,645.65 1,000.000000 5.672100 - 5.672100 1,000.000000
LT2-2M2   F-30/360 12,430.44 1,000.000000 5.672368 - 5.672368 1,000.000000
LT2-2B   F-30/360 10,876.63 1,000.000000 5.672713 - 5.672713 1,000.000000
LT2-2ZZ   F-30/360 621,513.54 973.178365 4.191735 11.273898 15.465632 963.232897
LT2A-IO   F-30/360 26,750,000.00 1,000.000000 6.458333 - 6.458333 1,000.000000
LT2P   F-30/360 100.00 1,000.000000 5.700000 - 5.700000 1,000.000000
R-2   F-30/360 - - - - - -
            
            
       Page 4 of 28   © 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  Unscheduled Scheduled TotalTotalRealizedDeferredPrincipal
ClassFace ValueInterestPrincipalPrincipalPrincipalDistributionLossesInterestBalance
 (1)(2)(3)(4)(5)=(3)+(4)(6)=(2)+(5)(7)(8)(9)=(1)-(5)-(7)+(8)
         
LT2-1AA 135,091,674.97 3,043,916.53 2,778,872.34 354,467.74 3,133,340.08 6,177,256.61 - - 131,958,334.90
LT2-AI1 308,000.00 6,686.48 32,902.87 4,159.05 37,061.92 43,748.40 - - 270,938.08
LT2-AI2 179,000.00 4,066.76 - - - 4,066.76 - - 179,000.00
LT2-AI3 191,000.00 4,339.40 - - - 4,339.40 - - 191,000.00
LT2-AI4 255,000.00 5,793.45 - - - 5,793.45 - - 255,000.00
LT2-AI5 100,000.00 2,271.94 - - - 2,271.94 - - 100,000.00
LT2-AI6 252,440.00 5,735.29 - - - 5,735.29 - - 252,440.00
LT2-1M1 41,354.35 939.54 - - - 939.54 - - 41,354.35
LT2-1M2 27,569.56 626.36 - - - 626.36 - - 27,569.56
LT2-1B 24,123.37 548.07 - - - 548.07 - - 24,123.37
LT2-1ZZ 1,378,486.49 26,024.39 28,355.82 3,617.03 31,972.85 57,997.24 - 5,089.06 1,351,602.70
LT2-2AA 60,908,326.36 1,370,782.54 2,328,156.53 192,522.87 2,520,679.40 3,891,461.94 - - 58,387,646.96
LT2-AII 579,560.00 13,017.72 26,327.41 2,263.77 28,591.18 41,608.90 - - 550,968.82
LT2-2M1 18,645.65 423.62 - - - 423.62 - - 18,645.65
LT2-2M2 12,430.44 282.42 - - - 282.42 - - 12,430.44
LT2-2B 10,876.63 247.11 - - - 247.11 - - 10,876.63
LT2-2ZZ 621,513.54 11,134.31 23,756.70 1,964.52 25,721.22 36,855.53 - 2,869.97 598,662.29
LT2A-IO - 691,041.68 - - - 691,041.68 - - -
LT2P 100.00 7,558.13 - - - 7,558.13 - - 100.00
R-2 - - - - - - - - -
 
 
Total 200,000,101.36 5,195,435.74 5,218,371.67 558,994.98 5,777,366.65 10,972,802.39 - 7,959.03 194,230,693.75
            
            
 Interest Detail          
 Pass-Prior Principal Non-PriorUnscheduled Paid orCurrent
 Through(with Notional)AccruedSupportedUnpaidInterestOptimalDeferredUnpaid
ClassRateBalanceInterestInterest SFInterestAdjustmentsInterestInterestInterest
   (1)(2)(3)(4)(5)=(1)-(2)+(3)+(4)(6)(7)=(5)-(6)
          
LT2-1AA6.80677% 132,832,939.22 753,469.17 - - - 753,469.17 753,469.17 -
LT2-AI16.80677% 280,914.21 1,593.43 - - - 1,593.43 1,593.43 -
LT2-AI26.80677% 179,000.00 1,015.34 - - - 1,015.34 1,015.34 -
LT2-AI36.80677% 191,000.00 1,083.41 - - - 1,083.41 1,083.41 -
LT2-AI46.80677% 255,000.00 1,446.44 - - - 1,446.44 1,446.44 -
LT2-AI56.80677% 100,000.00 567.23 - - - 567.23 567.23 -
LT2-AI66.80677% 252,440.00 1,431.92 - - - 1,431.92 1,431.92 -
LT2-1M16.80677% 41,354.35 234.57 - - - 234.57 234.57 -
LT2-1M26.80677% 27,569.56 156.38 - - - 156.38 156.38 -
LT2-1B6.80677% 24,123.37 136.84 - - - 136.84 136.84 -
LT2-1ZZ6.80677% 1,359,475.63 7,711.36 - - 1,051.60 6,659.76 7,711.36 -
LT2-2AA6.80677% 59,074,321.14 335,087.67 - - - 335,087.67 335,087.67 -
LT2-AII6.80677% 558,801.34 3,169.69 - - - 3,169.69 3,169.69 -
LT2-2M16.80677% 18,645.65 105.76 - - - 105.76 105.76 -
LT2-2M26.80677% 12,430.44 70.51 - - - 70.51 70.51 -
LT2-2B6.80677% 10,876.63 61.70 - - - 61.70 61.70 -
LT2-2ZZ6.80677% 604,843.53 3,430.86 - - 825.64 2,605.22 3,430.86 -
LT2A-IO7.75000% 26,750,000.00 172,760.42 - - - 172,760.42 172,760.42 -
LT2P6.80677% 100.00 0.57 - - - 0.57 0.57 -
R-2  - - - - - - - -
  
  
Total  222,573,835.08 1,283,533.27 - - 1,877.24 1,281,656.03 1,283,533.27 -
            
            
       Page 5 of 28   © 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          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTypeFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
   (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
          
A-I-1FLT 30,800,000.00 28,091,421.66 53,560.98 997,613.57 1,051,174.55 - - 27,093,808.09
A-I-2AFC, SEQ 17,900,000.00 17,900,000.00 68,467.50 - 68,467.50 - - 17,900,000.00
A-I-3AFC, SEQ 19,100,000.00 19,100,000.00 88,655.83 - 88,655.83 - - 19,100,000.00
A-I-4STEP,AFC 25,500,000.00 25,500,000.00 133,662.50 - 133,662.50 - - 25,500,000.00
A-I-5STEP,AFC 10,000,000.00 10,000,000.00 56,250.00 - 56,250.00 - - 10,000,000.00
A-I-6STEP,AFC 25,244,000.00 25,244,000.00 147,887.77 - 147,887.77 - - 25,244,000.00
A-IISTEP,AFC 57,956,000.00 55,880,132.84 302,684.05 783,251.89 1,085,935.94 - - 55,096,880.95
A-IOIO,NTL,DRB - - 172,760.42 - 172,760.42 - - -
M-1MEZ,STEP,AF 6,000,000.00 6,000,000.00 35,000.00 - 35,000.00 - - 6,000,000.00
M-2MEZ,STEP,AF 4,000,000.00 4,000,000.00 23,333.34 - 23,333.34 - - 4,000,000.00
BMEZ,STEP,AF 3,500,000.00 3,500,000.00 20,416.66 - 20,416.66 - - 3,500,000.00
CSUB 1.36 608,180.58 - - - - 187,724.13 795,904.71
PSUB 100.00 100.00 - - - - - 100.00
R-3R - - - - - - - -
  
  
Total  200,000,101.36 195,823,835.08 1,102,679.05 1,780,865.46 2,883,544.51 - 187,724.13 194,230,693.75
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
      Orig. PrincipalPrior   Current
 PeriodPeriod  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
A-I-104/25/0205/27/02 F-30/360 45254TKM5 30,800,000.00 912.059145 1.738993 32.390051 34.129044 879.669094
A-I-2   F-30/360 45254TKN3 17,900,000.00 1,000.000000 3.825000 - 3.825000 1,000.000000
A-I-3   F-30/360 45254TKP8 19,100,000.00 1,000.000000 4.641666 - 4.641666 1,000.000000
A-I-4   F-30/360 45254TKQ6 25,500,000.00 1,000.000000 5.241667 - 5.241667 1,000.000000
A-I-5   F-30/360 45254TKR4 10,000,000.00 1,000.000000 5.625000 - 5.625000 1,000.000000
A-I-6   F-30/360 45254TKX1 25,244,000.00 1,000.000000 5.858333 - 5.858333 1,000.000000
A-II   F-30/360 45254TKS2 57,956,000.00 964.182015 5.222653 13.514595 18.737248 950.667419
A-IO   F-30/360 45254TKT0 26,750,000.00 1,000.000000 6.458333 - 6.458333 1,000.000000
M-1   F-30/360 45254TKU7 6,000,000.00 1,000.000000 5.833333 - 5.833333 1,000.000000
M-2   F-30/360 45254TKV5 4,000,000.00 1,000.000000 5.833335 - 5.833335 1,000.000000
B   F-30/360 45254TKW3 3,500,000.00 1,000.000000 5.833331 - 5.833331 1,000.000000
C   F-30/360 45254TKZ6 200,000,101.36 982.159581 - - - 975.132498
P   F-30/360 45254TKY9 100.00 1,000.000000 - - - 1,000.000000
R-3   F-30/360 45254TLA0 - - - - - -
            
            
       Page 6 of 28   © 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  Unscheduled Scheduled TotalTotalRealizedDeferredPrincipal
ClassFace ValueInterestPrincipalPrincipalPrincipalDistributionLossesInterestBalance
 (1)(2)(3)(4)(5)=(3)+(4)(6)=(2)+(5)(7)(8)(9)=(1)-(5)-(7)+(8)
         
A-I-1 30,800,000.00 199,063.90 3,370,537.21 335,654.71 3,706,191.91 3,905,255.81 - - 27,093,808.09
A-I-2 17,900,000.00 273,870.00 - - - 273,870.00 - - 17,900,000.00
A-I-3 19,100,000.00 354,623.32 - - - 354,623.32 - - 19,100,000.00
A-I-4 25,500,000.00 534,650.00 - - - 534,650.00 - - 25,500,000.00
A-I-5 10,000,000.00 225,000.00 - - - 225,000.00 - - 10,000,000.00
A-I-6 25,244,000.00 591,551.07 - - - 591,551.07 - - 25,244,000.00
A-II 57,956,000.00 1,241,446.45 2,635,778.77 223,340.28 2,859,119.05 4,100,565.50 - - 55,096,880.95
A-IO - 691,041.68 - - - 691,041.68 - - -
M-1 6,000,000.00 140,000.00 - - - 140,000.00 - - 6,000,000.00
M-2 4,000,000.00 93,333.34 - - - 93,333.34 - - 4,000,000.00
B 3,500,000.00 81,666.67 - - - 81,666.67 - - 3,500,000.00
C 1.36 - - - - - - 795,903.35 795,904.71
P 100.00 7,555.85 - - - 7,555.85 - - 100.00
R-3 - - - - - - - - -
 
 
Total 200,000,101.36 4,433,802.28 6,006,315.97 558,994.99 6,565,310.96 10,999,113.24 - 795,903.35 194,230,693.75
            
            
 Interest Detail          
 Pass-Prior Principal Non-PriorUnscheduled Paid orCurrent
 Through(with Notional)AccruedSupportedUnpaidInterestOptimalDeferredUnpaid
ClassRateBalanceInterestInterest SFInterestAdjustmentsInterestInterestInterest
   (1)(2)(3)(4)(5)=(1)-(2)+(3)+(4)(6)(7)=(5)-(6)
          
A-I-12.08000% 28,091,421.66 53,560.98 - - - 53,560.98 53,560.98 -
A-I-24.59000% 17,900,000.00 68,467.50 - - - 68,467.50 68,467.50 -
A-I-35.57000% 19,100,000.00 88,655.83 - - - 88,655.83 88,655.83 -
A-I-46.29000% 25,500,000.00 133,662.50 - - - 133,662.50 133,662.50 -
A-I-56.75000% 10,000,000.00 56,250.00 - - - 56,250.00 56,250.00 -
A-I-66.80677% 25,244,000.00 143,191.71 - - 4,696.06 143,191.71 147,887.77 -
A-II6.50000% 55,880,132.84 302,684.05 - - - 302,684.05 302,684.05 -
A-IO7.75000% 26,750,000.00 172,760.42 - - - 172,760.42 172,760.42 -
M-16.80677% 6,000,000.00 34,033.84 - - 966.16 34,033.84 35,000.00 -
M-26.80677% 4,000,000.00 22,689.23 - - 644.11 22,689.23 23,333.34 -
B6.80677% 3,500,000.00 19,853.07 - - 563.59 19,853.07 20,416.66 -
C1.15037% 196,432,015.66 187,724.09 - - - 187,724.09 187,724.13 187,724.09
P  100.00 - - - - - - -
R-3  - - - - - - - -
  
  
Total  418,397,670.15 1,283,533.22 - - 6,869.92 1,283,533.22 1,290,403.18 187,724.09
            
            
       Page 7 of 28   © 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   © 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   © 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   © 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   © 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    120695815   
 Prior   147 877 1,024    
 Prefunding   - - -    
 Scheduled Paid Offs   - - -    
 Full Voluntary Prepayments   (2) (4) (6)   
 Repurchases   - (1) (1)   
 Liquidations   - - -    
 Current   145 872 1,017    
            
 Principal Balance:          
 Original   48,517,658.43 107,380,483.93 155,898,142.36    
 Prior   60,280,773.43 135,543,061.65 195,823,835.08    
 Prefunding   - - -    
 Scheduled Principal   (53,819.10) (101,564.26) (155,383.36)   
 Partial and Full Voluntary Prepayments   (646,868.84) (623,046.75) (1,269,915.59)   
 Repurchases   - (167,842.38) (167,842.38)   
 Liquidations   - - -    
 Current   59,580,085.49 134,650,608.26 194,230,693.75    
            
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)Total Current Principal Balance (in millions of dollars)   
            
            
    Page 12 of 28   © 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    7.615355%8.431210%8.177305%   
 Weighted Average Coupon Prior    7.591437%8.521725%8.231751%   
 Weighted Average Coupon Current    7.556057%8.510415%8.216633%   
 Weighted Average Months to Maturity Original   344 340 341    
 Weighted Average Months to Maturity Prior   345 338 340    
 Weighted Average Months to Maturity Current   343 337 339    
 Weighted Avg Remaining Amortization Term Original   345 348 347    
 Weighted Avg Remaining Amortization Term Prior   346 347 347    
 Weighted Avg Remaining Amortization Term Current   345 346 345    
 Weighted Average Seasoning Original   1.84 1.99 1.94    
 Weighted Average Seasoning Prior   3.40 3.53 3.49    
 Weighted Average Seasoning Current   4.40 4.53 4.49    
            
Note: Original information refers to deal issue.           
            
            
  Group 1          
  Group 2          
WAC by GroupsTotal WAC   
            
            
WARAT by GroupsTotal WARAT   
            
            
Note: Dates correspond to distribution dates.           
    Page 13 of 28   © 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   © 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 PAYMENT 2 PAYMTS 3+ PAYMTS TOTAL   
DELINQUENT  Balance   2,759,179.86 1,022,824.80 - 3,782,004.66    
   % Balance   1.42%0.53%0.00%1.95%   
   # Loans   13 8 - 21    
   % # Loans   1.28%0.79%0.00%2.06%   
FORECLOSURE  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
BANKRUPTCY  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
REO  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
            
TOTAL  Balance   - 2,759,179.86 1,022,824.80 - 3,782,004.66    
   % Balance  0.00%1.42%0.53%0.00%1.95%   
   # Loans   - 13 8 - 21    
   % # Loans  0.00%1.28%0.79%0.00%2.06%   
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+           
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 15 of 28   © 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 PAYMENT 2 PAYMTS 3+ PAYMTS TOTAL   
DELINQUENT  Balance   2,122,167.74 1,022,824.80 - 3,144,992.54    
   % Balance   1.58%0.76%0.00%2.34%   
   # Loans   11 8 - 19    
   % # Loans   1.26%0.92%0.00%2.18%   
FORECLOSURE  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
BANKRUPTCY  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
REO  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
            
TOTAL  Balance   - 2,122,167.74 1,022,824.80 - 3,144,992.54    
   % Balance  0.00%1.58%0.76%0.00%2.34%   
   # Loans   - 11 8 - 19    
   % # Loans  0.00%1.26%0.92%0.00%2.18%   
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+           
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 16 of 28   © 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 PAYMENT 2 PAYMTS 3+ PAYMTS TOTAL   
DELINQUENT  Balance   637,012.12 - - 637,012.12    
   % Balance   1.07%0.00%0.00%1.07%   
   # Loans   2 - - 2    
   % # Loans   1.38%0.00%0.00%1.38%   
FORECLOSURE  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
BANKRUPTCY  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
REO  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
            
TOTAL  Balance   - 637,012.12 - - 637,012.12    
   % Balance  0.00%1.07%0.00%0.00%1.07%   
   # Loans   - 2 - - 2    
   % # Loans  0.00%1.38%0.00%0.00%1.38%   
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+   
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 17 of 28   © 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 Distribution   
            
            
SUMMARY    LOAN GROUP       
            
Total Loan Count = 0 Loan Group 1 = Group 1 Group; REO Book Value = 000.00   
Total Original Principal Balance = 000.00 Loan Group 2 = Group 2 Group; REO Book Value = 000.00       
Total Current Balance = 000.00        
REO Book Value = 000.00        
            
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.   
            
Loan Number Original Stated   Current State &      
& Principal Principal Paid to Note LTV at Original Origination    
Loan Group Balance BalanceDateRateOriginationTermDate   
SPACE INTENTIONALLY LEFT BLANK   
          
            
    Page 18 of 28   © 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   - 1 1    
 Total Number of Loans Prepaid in Full   2 5 7    
            
 Paid in Full Balance   633,942.78 603,502.60 1,237,445.38    
 Repurchased Loans Balance   - 167,842.38 167,842.38    
 Curtailments Amount   12,926.06 19,544.15 32,470.21    
 Total Prepayment Amount   646,868.84 790,889.13 1,437,757.97    
            
 Cumulative          
 Number of Paid in Full Loans   7 15 22    
 Number of Repurchased Loans   - 4 4    
 Total Number of Loans Prepaid in Full   7 19 26    
            
 Paid in Full Balance   2,340,835.02 2,318,736.61 4,659,571.63    
 Repurchased Loans Balance   - 617,628.32 617,628.32    
 Curtailments Amount   34,350.31 (101,737.05) (67,386.74)   
 Total Prepayment Amount   2,375,185.33 2,834,627.88 5,209,813.21    
            
SPACE INTENTIONALLY LEFT BLANK   
            
            
Total Prepayments by Groups (in thousands of dollars)Total Prepayments (in thousands of dollars)   
            
            
    Page 19 of 28   © 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    1.07%0.58%0.73%   
 3 Months Avg SMM    1.29%0.54%0.77%   
 12 Months Avg SMM          
 Avg SMM Since Cut-off    0.97%0.55%0.68%   
            
 CPR    12.15%6.79%8.47%   
 3 Months Avg CPR    14.40%6.26%8.85%   
 12 Months Avg CPR          
 Avg CPR Since Cut-off    11.07%6.43%7.88%   
            
 PSA    1381.14%749.21%943.29%   
 3 Months Avg PSA Approximation    2113.71%886.33%1267.94%   
 12 Months Avg PSA Approximation          
 Avg PSA Since Cut-off Approximation    1835.93%1021.57%1269.56%   
            
            
            
  Group 1          
  Group 2          
            
            
CPR by GroupsTotal CPR   
            
            
PSA by GroupsTotal PSA   
            
            
    Page 20 of 28   © 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 Total CPR Avg since Cut-Off    
            
            
PSA Avg since Cut-Off by Groups Total PSA Avg since Cut-Off    
            
            
PREPAYMENT CALCULATION METHODOLOGY   
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + 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 (AvgCPRn,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   © 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 Current 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 Prepayment Note LTV at & Origination   
Loan GroupStatus Balance AmountDateRateOriginationOriginal TermDate  
   
1100341753 1  56,000.00 55,763.52 Apr-08-028.625%MD - 80.00% Paid Off - 180 Dec-31-01  
1100343668 1  245,100.00 244,735.47 Apr-24-029.500%MD - 95.00% Paid Off - 360 Jan-14-02  
1100344420 1  199,500.00 199,195.39 Apr-19-029.375%NY - 94.96% Paid Off - 360 Jan-22-02  
1109004384 1  104,000.00 103,808.22 Apr-01-029.750%CA - 89.97% Paid Off - 360 Jan-29-02  
1100343557 2  329,050.00 328,341.54 Apr-24-029.125%CA - 85.00% Paid Off - 360 Jan-17-02  
1100344627 2  306,000.00 305,601.24 Apr-19-0210.125%FL - 90.00% Paid Off - 360 Jan-17-02  
2500013189 1  168,150.00 167,842.38 Apr-30-028.875%FL - 95.00% Repur/Subs - 360 Dec-17-01  
          
            
     Page 22 of 28   © 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   
            
            
COLLATERAL REALIZED LOSSES    GROUP 2 GROUP 1 TOTAL   
            
 Current          
 Number of Loans Liquidated   - - -    
 Collateral Realized Loss/(Gain) Amount   - - -    
 Net Liquidation Proceeds   - - -    
            
 Cumulative          
 Number of Loans Liquidated   - - -    
 Collateral Realized Loss/(Gain) Amount   - - -    
 Net Liquidation Proceeds   - - -    
            
 Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.          
            
SPACE INTENTIONALLY LEFT BLANK   
            
            
  Group 1      3 Months Moving Average     
  Group 2          
            
Collateral Loss Severity Approximation by GroupsCollateral Loss Severity Approximation   
            
            
    Page 23 of 28   © 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    0.00%0.00%0.00%   
 3 Months Avg MDR    0.00%0.00%0.00%   
 12 Months Avg MDR          
 Avg MDR Since Cut-off    0.00%0.00%0.00%   
            
 CDR    0.00%0.00%0.00%   
 3 Months Avg CDR    0.00%0.00%0.00%   
 12 Months Avg CDR          
 Avg CDR Since Cut-off    0.00%0.00%0.00%   
            
 SDA    0.00%0.00%0.00%   
 3 Months Avg SDA Approximation    0.00%0.00%0.00%   
 12 Months Avg SDA Approximation          
 Avg SDA Since Cut-off Approximation    0.00%0.00%0.00%   
            
 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 GroupsTotal CDR   
            
            
SDA by GroupsTotal SDA   
            
            
    Page 24 of 28   © 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 GroupsTotal CDR Avg since Cut-Off   
            
            
SDA Avg since Cut-Off by Groups Total SDA Avg since Cut-Off    
            
            
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY   
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated 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 (AvgCDRn,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 Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)   
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)   
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.   
Dates correspond to distribution dates.   
            
    Page 25 of 28   © 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 Realized Note LTV at Original Origination   
Loan GroupStatus Balance BalanceLoss/(Gain)RateOriginationTermDate  
SPACE INTENTIONALLY LEFT BLANK  
         
            
     Page 26 of 28   © COPYRIGHT 2002 Deutsche Bank  
 Impac Secured Assets Corp, Mortgage Pass-Through 2002-1   
 Mortgage Pass-Through Certificates   
     
 Triggers, Adj. Rate Cert. and Miscellaneous Report for May 28, 2002 Distribution   
     
     
 Triggers, Adj. Rate Cert. and Miscellaneous Report   
            
            
TRIGGER EVENTS    GROUP 2 GROUP 1 TOTAL   
    
 Optional Termination Date Reached    NoNoNo   
            
 After the 36th Distribution    NoNoNo   
            
 Stepdown date occurred    NoNoNo   
            
 Trigger Event in Effect    NoNoNo   
            
            
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   © 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   © COPYRIGHT 2002 Deutsche Bank