-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K8h5oIxn4osVD/L/DsEOhOCMU8L/mHLOwczwgFflGedCx1NWMY1Uyq6In4jXEVgO z3cIL8op5Awq8Q4MFyullw== 0001020242-03-000246.txt : 20030127 0001020242-03-000246.hdr.sgml : 20030127 20030127161400 ACCESSION NUMBER: 0001020242-03-000246 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021125 ITEM INFORMATION: Other events FILED AS OF DATE: 20030127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPAC SECURED ASSETS CORP CENTRAL INDEX KEY: 0001018905 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330715871 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-08439 FILM NUMBER: 03526101 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 1761 EAST ST ANDREW PLACE CITY: SANTA ANA STATE: CA ZIP: 92705 BUSINESS PHONE: 7142476271 MAIL ADDRESS: STREET 1: 1761 EAST ST ANDREW PLACE CITY: SANTA ANA STATE: CA ZIP: 92705 FORMER COMPANY: FORMER CONFORMED NAME: ICIFC SECURED ASSETS CORP DATE OF NAME CHANGE: 19960716 8-K/A 1 im02s211.htm 8 KA NOV IMPAC Secured Assets Corp. 2002-S2

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): November 25, 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 (the "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

November 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.,

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 March 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 November 25, 2002.

    < TD ALIGN="center">IO,INV,NTL< /TR>  < TD ALIGN="right"> < TD ALIGN="center"> < TD ALIGN="right"> < TD ALIGN="right"> < TR VALIGN="bottom"> < TD ALIGN="right">  < TD ALIGN="right"> < TR VALIGN="bottom">< TD ALIGN="left"> < /TR>  < TD ALIGN="right">  CPR Avg since Cut-Off by Groups< TD ALIGN="right"> GA - 90.00%3 Months Avg Loss Severity Approximation
                       
 IMPAC Secured Assets Corp. 2002-S2
 Mortgage Pass-Through Certificates
  
  
 November 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 Report    20     
    10. Realized Loss Report    21    
    11. Realized Loss Detail Report    24    
    12. Triggers, Adj. Rate Cert. and Miscellaneous Report    25    
 &n bsp;          
            
            
             
            
    Total Number of Pages    25    
            
            
            
   CONTACTS        
&nb sp;           
     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.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, 2002    
 Certificate Insurer(s):       Closing Date: March 28, 2002    
      < /FONT>   First Payment Date: April 25, 2002    
 Servicer(s): Impac Funding Corporation Master Servicer        
   Wendover Funding, Inc. Sub-Servicer        
   GMAC Sub-Servicer         
         Distribution Date: November 25, 2002 & nbsp;  
 Underwriter(s): Bear, Stearns & Co. Inc Underwriter     Record Date: October 31, 2002    
           < /FONT> 
            
            
            
             
            
            
      Page 1 of 25    © COPYRIGHT 2002 Deutsche Bank
 IMPAC Secured Assets Corp. 2002-S2
 Mortgage Pass-Through Certificates
 REMIC I
 Certificate Payment Report for November 25, 2002 Distribution
            
          &nbs p; 
 Distribution in Dollars - Current Period          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTypeFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
      (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
            
LTA1  5,098,810.00 - - - - - - -
LTA2  ; 12,500,000.00 12,500,000.00 67,708.33 - 67,708.33 - - 12,500,000.00
LTA3  25,000,000.00 25,000,000.00 135,416.67 - 135,416.67 - - 25,000,000.00
LTA4  48,440,478.00 42,022,266.89 297,657.72 2,774,133.34 3,071,791.06 - - 39,248,133.55
LTA6  90,299,00 0.00 90,299,000.00 489,119.58 - 489,119.58 - - 90,299,000.00
LTA7  48,440,480.00 42,022,268.63 157,583.51 2,774,133.46 2,931,716.97 - - 39,248,135.17
LTMB  20,000,000.00 19,864,651.30 107,600.19 27,909.70 135,509.89 - - 19,836,741.60
LTIO  - - 329,932.53 - 329,932.53 - - -
LTPO  220,587.00 218,709.91 - 280.31 280.31 - - 218,429.60
LTP  100.00 100.00 74,647.37 - 74,647.37 - - 100.00
LTR2  50.00 - - - - - - -
  
  
Total  249,999,505.00 231,926,996.73 1,659,665.91 5,576,456.81 7,236,122.72 - - 226,350,539.92
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
     Orig. PrincipalPrior   Current
 PeriodPeriod  (with Notional)Principal  TotalPrincipal
Class StartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
            
LTA1   F-30/360 5,098,810.00 - - - - -
LTA2   F-30/360 12,500,000.00 1,000.000000 5.416667 - 5.416667 1,000.000000
LTA3   F-30/360 25,000,000.00 1,000.000000 5.416667 - 5.416667 1,000.000000
LTA4   F-30/360 48,440,478.00 867.503143 6.144814 57.268909 63.413723 810.234233
LTA6   F-30/360 90,299,000.00 1,000.000000 5.416667 - 5.416667 1,000.000000
LTA7   F-30/360 48,440,480.00 867.503143 3.253137 57.268909 60.522046 810.234233
LTMB   F-30/360 20,000,000.00 993.232565 5.380010 1.395485 6.775495 991.837080
LTIO   F-30/360 242,265,076.86 925.669673 1.361866 - < /FONT> 1.361866 902.692733
LTPO   F-30/360 220,587.00 991.490478 - 1.270746 1.270746 990.219732
LTP   F-30/360 100.00 1,000.000000 746,473.717000 - 746,473.717000 1,000.000000
LTR2   F-30/360 50.00 - - - - -
            
            
       Page 2 of 25   © COPYRIGHT 2002 Deutsche Bank
 IMPAC Secured Assets Corp. 2002-S2
 Mortgage Pass-Through Certificates
 REMIC I
 Certificate Payment Report for November 25, 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)
         
LTA1 5,098,810.00 69,239.80 4,638,381.82 460,428.18 5,098,810.00 5,168,049.80 - - -
LTA2 12,500,000.00 541,666.67 - - - 541,666.67 - - 12,500,000.00
LTA3 25,000,000.00 1,083,333.33 - - - 1,083,333.33 - - 25,000,000.00
LTA4 48,440,478.00 2,630,135.96 8,757,262.47 435,081.98 9,192,344.45 11,822,480.41 - - 39,248,133. 55
LTA6 90,299,000.00 3,912,956.67 - - - 3,912,956.67 - - 90,299,000.00
LTA7 48,440,480.00 1,392,424.98 8,757,262.83 435,082.00 9,192,344.83 10,584,769.81 - - 39,248,135.17
LTMB 20,000,000.00 863,716.43 149,909.43 13,348.97 163,258.40 1,026,974.83 - - 19,836,741.60
LTI O - 2,773,442.24 - - - 2,773,442.24 - - -
LT PO 220,587.00 - 2,000.40 157.00 2,157.40 2,157.40 - - 218,429.60
LTP 100.00 237,349.58 - - - 237,349.58 - - 100.00
LTR2 50.00 0.27 44.04 5.96 50.00 50.27 - - -
 
 
Total 249,999,505.00 13,504,265.93 22,304,860.99 1,344,104.09 23,648,965.08 37,153,231.01 < /FONT> - - 226,350,539.92
            
             
 Interest Detail          
 Pass-Prior Principal Non-PriorUnscheduled Paid orCur rent
 Through(with Notional)AccruedSupportedUnpaidInterestOptimalDeferredUnpaid
ClassRateBalanceInterestInterest SFInterestAdjustmentsInterestInterestInterest
   (1)(2)(3)(4)(5)=(1)-(2)+(3)+(4)(6)(7)=(5)-(6)
  < /TD>        
LTA16.50000% - - - - - - - -
LTA26.50000% 12,500,000.00 - - - - - 67,708.33 -
LTA36.50000% 25,000,000.00 - < FONT FACE="Times New Roman" SIZE=-1> - - - - 135,416.67 -
LTA48.50000% 42,022,266.89 - - - - - 297,657.72 -
LTA66.50000% 90,299,000.00 - - - - - 489,119.58 -
LTA74.50000% 42,022,268.63 - - - - - 157,583.51 -
LTMB6.50000% 19,864,651.30 - - - - - 107,600.19 -
LTIO1.76545% 224,257,434.48 - - - - - 329,932.53 -
LTPO  218,709.91 - - - - - - -
LTP6.50000% 100.00 - - - - - 74,647.37 -
LTR26.50000% - - - - - - - -
  
  
Total  456,184,431.21 - - - - - 1,659,665.91 -
            
            
       Page 3 of 25   © COPYRIGHT 2002 Deutsche Bank
 IMPAC Secured Assets Corp. 2002-S2
 Mortgage Pass-Through Certificates
 REMIC II
 Certificate Payment Report for November 25, 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-1SEQ,AS 5,098,810.00 - - - - - - -
A-2SEQ,AS 12,500,000.00 12,500,000.00 67,708.33 - 67,708.33 - - 12,500,000.00
A-3NAS 25,000,000.00 25,000,000.00 135,416.67 - 135,416.67 - - 25,000,000.00
A-4FLT,AS 48,440,478.00 42,022,266.89 73,538.97 2,774,133.34 2,847,672.31 - - 39,248,133.55
A-5 - - 224,118.76 - 224,118.76 - - -
A-6SEQ,AS 90,299,000.00 90,299,000.00 489,119.58 - 489,119.58 - - 90,299,000.00
A-7SEQ,A S 48,440,480.00 42,022,268.63 157,583.51 2,774,133.46 2,931,716.97 - - 39,248,135.17
A-POPO,RSTP 220,587.00 218,709.91 - 280.31 280.31 - - 218,429.60
A-IOIO,CSTR,NTL - - 329,932.53 - 329,932.53 - - -
M-1MEZ,NAS 6,250,000.00 6,187,653.87 33,516.46 8,707.00 42,223.46 - - 6,178,946.87
M-2MEZ,NAS 5,000,0 00.00 4,973,453.62 26,939.54 6,982.80 33,922.34 - - 4,966,470.82
M-3MEZ,NAS 3,500,000.00 3,481,417.52 18,857.68 4,887.96 23,745.64 - - 3,476,529.56
B-1SUB,NAS 1,500,000.00 1,492,03 6.09 8,081.86 2,094.84 10,176.70 - - 1,489,941.25
B-2SUB,NAS 1,125,000.00 1,119,027.06 6,061.40 1,571.13 7,632.53 - - 1,117,455.93
B-3SUB,NAS 2,625,000.00 2,611,063.14 14,143.26 3,665.97 17,809.23 - - 2,607,397.17
PSUB,NAS 100.00 100.00 74,647.37 - 74,647.37 - - 100.00
RR,CPT,AS 100.00 - - - - - - -
  
  
Total  249,999,555.00 231,926,996.73 1,659,665.92 5,576,456.81 7,236,122.73 - - 226,350,539.92
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
     Orig. PrincipalPrior   Current
 PeriodPerio d  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
A-1   F-30/360 45254TLB8 5,098,810.00 - - - - -
A-2   F-30/360 45254TLC6 12,500,000.00 1,000.000000 5.416666 - 5.416666 1,000.000000
A-3   F-30/360 45254TLD4 25,000,000.00 1,000.000000 5.416667 - 5.416667 1,000.000000
A-4   A-30/360 45254TLE2 48,440,478.00 867.503143 1.518131 57.268909 58.787040 810.234233
A-5   A-30/360 45254TLF9 48,440,478.00 867.503143 4.626683 - 4.626683 810.234233
A-6   F-30/360 45254TLG7 90,299,000.00 1,000.000000 5.416667 - 5.416667 1,000.000000
A-7   F-30/360 45254TLT9 48,440,480.00 867.503143 3.253137 57.268909 60.522046 810.234233
A-PO   F-30/360 45254TLJ1 220,587.00 991.490478 - 1.270746 1.270746 990.219732
A-IO   A-30/360 45254TLH5 242,265,076.86 925.669673 1.361866 - 1.361866 < /FONT> 902.692733
M-1   F-30/360 45254TLL6 6,250,000.00 990.024619 5.362634 1.393120 6.755754 988.631499
M-2   F-30/360 45254TLM4 5,000,000.00 994.690724 5.387908 1.396560 6.784468 993.294164
M-3   F-30/360 45254TLN2 3,500,000.00 994.690720 5.387909 1.396560 6.784469 993.294160
B-1   F-30/360 45254TLQ5 1,500,000.00 994.690727 5.387907 1.396560 6.784467 993.294167
B-2   F-30/360 45254TLR3 1,125,000.00 994.690720 5.387911 1.396560 6.784471 993.294160
B-3   F-30/360 45254TLS1 2,625,000.00 994.690720 5.387909 1.396560 6.784469 993.294160
P   F-30/360 45254TLP7 100.00 1,000.000000 746,473.700000 - 746,473.700000 1,000.000000
R   F-30/360 45254TLK8 100.00 - - - - -
            
      < FONT FACE="Times New Roman" SIZE=-1>      
       Page 4 of 25   © COPYRIGHT 2002 Deutsche Bank
 IMPAC Secured Assets Corp. 2002-S2
 Mortgage Pass-Through Certificates
 REMIC II
 Certificate Payment Report for November 25, 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-1 5,098,810.00 69,239.79 4,638,381.82 460,428.18 5,098,810.00 5,168,049.79 - - -
A-2 12,500,000.00 541,666.64 - - - 541,666.64 - - 12,500,000.00
A-3 25,000,000.00 1,083,333.36 - - - 1,083,333.36 - - 25,000,000.00
A-4 48,440,478.00 653,172.42 8,757,262.47 435,081.98 9,192,344.45 9,845,516.87 - - 39,248,133.55
A-5 - 1,976,963.55 - - - 1,976,963.55 - - -
A-6 90,299,000.00 3,912,956.64 - - - 3,912,956.64 - - 90,299,000.00
A-7 48,440,480.00 1,392,424.98 8,757,262 .83 435,082.00 9,192,344.83 10,584,769.81 - - 39,248,135.17
A-PO 220,587.00 - 2,000.40 157.00 2,157.40 2,157.40 - - 218,429.60
A-IO - 2,773,442.23 - - - 2,773,442.23 - - -
M-1 6,250,000.00 269,259.37 63,851.50 7,201.63 71,053.13 340,312.50 - - 6,178,946.87
M-2 5,000,000.00 216,166.20 31,293.78 2,235.40 33,529.18 249,695.38 - - 4,966,470.82
M-3 3,500,000.00 151,316.33 21,905.66 1,564.78 23,470.44 174,786.77 - - 3,476,529.56
B-1 1,500,000.00 64,849.87 9,388.13 670.62 10,058.75 74,908.62 - - 1,489,941.25
B-2 1,125,000.00 48,637.41 7,041.11 502.96 7,544.07 56,181.48 - - 1,117,455.93
B-3 2,625,000.00 113,487.25 16,429.25 1,173.58 17,602.83 131,090.08 - - 2,607,397.17
P 100.00 237,349.57 - - - 237,349.57 - - 100.00
R 100.00 0.54 88.08 11.92 100.00 100.54 - - -
 
 
Total 249,999,555.00 13,504,266.15 22,304,905.03 1,344,110.05 23,649,015.08 37,153,281.23 - - 226,350,539.92
            
   &nbs p;        
 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-16.50000% - - - - - - - -
A-26.50000% 12,500,000.00 - - - - - 67,708.33 -
A-36.50000% 25,000,000.00 - - - - - 135,416.67 -
A-42.10000% 42,022,266.89 - - - - - 73,538.97 -
A-56.40000% 42,022,266.89 - - - - - 224,118.76 -
A-66.50000% 90,299,000.00 - - - - - 489,119.58 -
A-74.50000% 42,022,268.63 - - - - - 157,583.51 -
A-PO  218,709.91 - - - - - - -
A- IO1.76547% 224,257,434.48 - - - - - 329,932.53 -
M-16.50000% 6,187,653.87 - - - - - 33,516.46 -
M-26.50000% 4,973,453.62 - - - - - 26,939.54 -
M-36.50000% 3,481,417.52 - - - - - 18,857.68 -
B-16.50000% 1,492,036.09 - - - - - 8,081.86 -
B-26.50000% 1,119,027.06 - - - - - 6,061.40 -
B-36.50000% 2,611,063.14 - - - - - 14,143.26 -
P6.50000% 100.00 - - - - - 74,647.37 -
R6.50000% - - - - - - - -
  
  
Total  498,206,698.10 - - - - - 1,659,665.92 -
            
           
       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 November 25, 2002 Distribution
            
            
 Distribution in Dollars - Current Period          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTyp eFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
   (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
         
R-1  50.00 - - - - - - -
R-2  50.00 - - - - - - -
  
  
Total  100.00 - - - - - - -
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
      Orig. PrincipalPrior   Current
 Per iodPeriod  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
R-1   F-30/360 50.00 - - - - -
R-2   F-30/360 50.00 - - - - -
            
            
       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 November 25, 2002 Distribution
            
         < FONT FACE="Times New Roman" SIZE=+1 COLOR=#3366FF>   
 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)
         
R-1 50.00 0.27 44.04 5.96 50.00 50.27 - - -
R-2 50.00 0.27 44.04 5.96 50.00 50.27 - - -
 
 
Total 100.00 0.54 88.08 11.92 100.00 100.54 - - -
            
            
 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)
          
R-16.50000% - - - - - - - -
R-26.50000% - - - - - - - -
  
  
Total - - - - - - - -
 < /TD>           
            
       Page 7 of 25   © COPYRIGHT 2002 Deutsche Bank
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Collection Account Report for November 25, 2002 Distribution   
        < FONT SIZE="-1" FACE="Times New Roman">    
            
 Collection Account Report   
            
             
SUMMARY    TOTAL   
    
 Principal - Collections      5,576,456.82    
 Principal - Withdrawals      0.00    
 Principal - Other Accounts     0.00    
 TOTAL NET PRINCIPAL      5,576,456.82    
            
 Interest Collections      1,681,455.59    
 Interest Withdrawals      0.00    
 Interest Fees      (21,789.69)   
 TOTAL NET INTEREST      1,659,665.90    
            
           
             
 TOTAL AVAILABLE FUNDS TO BONDHOLDERS      7,236,122.72   
             
            
PRINCIPAL - COLLECTIONS    TOTAL   
   
 Scheduled Principal      176,321.43   & nbsp;
 Curtailments      24,490.85    
 Prepayments In Full      5,226,363.34    
 Repurchases/Substitutions      149,281.20    
 Liquidations      0.00    
 Insurance Principal      0.00    
 Other Principal      0.00    
 Delinquent Principal      (144,599.90)   
 Principal Advanced      144,599.90    
 Total Realized Loss Of Principal      0.00     
            
 TOTAL PRINCIPAL COLLECTED      5,576,456.82    
            
            
    Page 8 of 25   © COPYRIGHT 2002 Deutsche Bank   
 IMPAC Secured Assets Corp. 2002-S2   
&nb sp;Mortgage Pass-Through Certificates   
     
 Collection Account Report for November 25, 2002 Distribution   
     
     
 Collection Account Report   
            
            
PRINCIPAL - WITHDRAWALS    TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
PRINCIPAL - OTHER ACCOUNTS    TOTAL   
            
            
INTEREST - COLLECTIONS    TOTAL   
    
 Scheduled Interest      1,650,534.05    
 Repurchases/Substitutions      995.21    
 Liquidation Interest      0.00    
 Insurance Interest   < FONT SIZE="-1" FACE="Times New Roman">   0.00    
 Other Interest      0.00    
 Delinquent Interest      (1,372,783.13)   
 Interest Advanced      1,328,062.63    
 Prepayment Interest Shortfalls      (17,957.57)   
 Compensating Interest      17,957.57    
 Civil Relief Act Shortfalls      0.00    
 Prepayment Premiums      74,646.83    
            
 TOTAL INTEREST COLLECTED      1,681,455.59    
        ;     
            
    Page 9 of 25   © COPYRIGHT 2002 Deutsche Bank    
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Collection Account Report for November 25, 2002 Distribution   
  < FONT SIZE="-1" FACE="Arial">   
     
 Collection Account Report   
            
 < FONT SIZE="-1" FACE="Times New Roman">           
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       10,847.61    
 Trustee Fee Amount      1,546.18    
 Current Servicing Fees       9,395.90    
            
 TOTAL INTEREST OTHER FEES      21,789.69    
            
            
    Page 10 of 25   © COPYRIGHT 2002 Deutsche Bank   
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Credit Enhancement Report for November 25, 2002 Distribution   
     
      
 Credit Enhancement Report   
            
            
ACCOUNTS    TOTAL    
SPACE INTENTIONALLY LEFT BLANK   
            
        < /FONT>    
INSURANCE    TOTAL   
    
 Radian PMI Premium      10,847.61    
             
            
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 November 25, 2002 Distribution   
     
     
 Collateral Report   
            
             
COLLATERAL    TOTAL   
 Loan Count:          
 Original      1147   
 Prior   1,378    
 Prefunding   -    
Scheduled Paid Offs   -    
 Full Voluntary Prepayments   (28)   
 Repurchases   (1)   
 Liquidations  < FONT SIZE="-1" FACE="Times New Roman"> -    
 Current   1,349    
            
 Principal Balance:          
 Original   193,381,668.57    
 Prior   231,927,441.73    
 Prefunding   -    
 Schedu led Principal   (176,321.43)   
 Partial and Full Voluntary Prepayments    (5,250,854.19)   
 Repurchases   (149,281.20)   
 Liquidations   -    
 Current   < /TD> 226,350,984.91    
            
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 COVER AGE 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    
        &nbs p;   
            
            
            
Current Prin Balance by Groups (in millions of do llars)Total Current Principal Balance (in millions of dollars)   
            
            
    Page 12 of 25   © COPYRIGHT 2002 Deutsche Bank  < FONT SIZE="-1" FACE="Arial"> 
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Collateral Report for November 25, 2002 Distribution   
   &nbs p; 
     
 Collateral Report   
            
            
CHARACTERISTICS    TOTAL   
            
 Weighted Average Coupon Original      8.558430%   
 Weighted Average Coupon Prior      8.551686%< /FONT>   
 Weighted Average Coupon Current      8.545065%   
 Weighted Average Months to Maturity Original   340     
 Weighted Average Months to Maturity Prior   334    
 Weighted Average Months to Maturity Current   332    
 W eighted Avg Remaining Amortization Term Original   350    
 Weighted Avg Remaining Amortization Term Prior   343    
 Weighted Avg Remaining Amortization Term Current   341    
 Weighted Average Seasoning Original   2.97    
 Weighted Average Seasoning Prior   8.45    
 Weighted Average Seasoning Current   9.48    
        &n bsp;   
Note: Original information refers to deal issue.           
            < /TD>
            
            
            
WAC by GroupsTotal WAC   
            
             
WARAT by GroupsTotal WARAT   
           < FONT SIZE="-1" FACE="Arial"> 
            
< I>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 November 25, 2002 Distribution   
     
     
 Collateral Report   
            
      & nbsp;     
ARM CHARACTERISTICS    TOTAL   
            
 Weighted Average Margin Original      0.000%   
 Weighted Average Margin Prior      0.000%   
 Weighted Average Margin Current      0.000%   
 Weighted Average Max Rate Original      0.000%   
 Weighted Average Max Rate Prior      0.000%   
 Weighted Average Max Rate Current      0.000%   
 Weighted Average Min Rate Original      0.000%   
 Weighted Average Min Rate Prior      0.000%   
 Weighted Average Min Rate Current      0 .000%   
 Weighted Average Cap Up Original      0.000%   
 Weighted Average Cap Up Prior      0.000%   
 Weighted Average Cap Up Current      0.000%   
 Weighted Average Cap Down Original      0.000%   
 Weighted Average Cap Down Prior      0.000%   
 Weighted Average Cap Down Current      0.000%   
             
Note: Original information refers to deal issue.           
            
SERVICING FEES / ADVANCES    TOTAL   
    
 Current Servicing Fees      9,395.90    
 Delinquent Servicing Fees      44,720.51    
            
 TOTAL SERVICING FEES      54,116.41    
            
            
  &n bsp;         
 Total Servicing Fees      54,116.41    
 Compensating Interest   &n bsp;  (17,957.57)   
 Delinquent Servicing Fees      (44,720.51)   
             
 COLLECTED SERVICING FEES      (8,561.67)   
            
            
ADDITIONAL COLLATERAL INFORMATION    TOTAL   
    
< FONT SIZE="-1" FACE="Times New Roman"> Weighted Average Net Mortgage Rate      8.2009%   
            
            
    Page 14 of 25   © COPYRIGHT 2002 Deutsche Bank   
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Delinquency Report for November 25, 2002 Distribution   
     
     
< FONT FACE="Times New Roman" SIZE=+1> Delinquency Report - Total   
            
         &n bsp;  
     CURRENT 1 PAYMENT 2 PAYMTS 3+ PAYMTS TOTAL   
DELINQUENT  Balance   3,271,185.04 849,900.75 - 4,121,085.79    
   % Balance   1.45%0.38%0.00%1.82%   
   # Loans   18 6 - 24    
  < /FONT> % # Loans   1.33%0.44%0.00%1.78%   
FORECLOSURE  Balance   453,350.65 - - 2,790,086.44 3,243,437.09    
   % Balance &n bsp;0.20%0.00%0.00%1.23%1.43%   
   # Loans   2 - - 14 16    
   % # Loans  0.15%0.00%0.00%1.04%1.19%   
BANKRUPTCY  Balance   - 314,811.68 - 149,986.96 464,798.64    
   % Balance  0.00%0.14%0.00%0.07%0.21%   
   # Loans   - 3 - 1 4    
   % # Loans  0.00%0.22%0.00%0.07%0.30%   
REO  Balance   - - - 433,648.95 433,648.95    
   % Balance  0.00%0.00%0.00%0.19%0.19%   
   # Loans   - - - 2 2    
   % # Loans  0.00%0.00%0.00%0.15%0.15%   
            
TOTAL  Balance   453,350.65 3,585,996.72 849,900.75 3,373,722.35 8,262,970.47    
   % Balance  0.20%1.58%0.38%1.49%3.65%   
   # Loans   2 21 6 17 46    
   % # Loans  0.15% 1.56%0.44%1.26%3.41%   
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+   
 &n bsp;      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 25   © COPYRIGHT 2002 Deutsche Bank   
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
      
 REO Report for November 25, 2002 Distribution   
    &nbs p;
     
 REO Report - Mortgage Loans that Become REO During Current Distribution   
            
  & nbsp;         
SUMMARY    LOAN GROUP       
            
Total Loan Count = 2 Loan Group 1 = Pool Group; REO Book Value = Not Available   
Total Original Principal Ba lance = 435,100.00        
Total Current Balance = 433,648.95   &n bsp;    
REO Book Value = Not Available        
            
REO Book Value reported corresponds to total REO loans, including loan s 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   
    
1100347427 1 180,500.00 179,756.89 Apr-01-0210.000%GA - 92.80% 360 Apr-04-02  
1109005505 1 254,600.00 253,892.06 May-01-0210.625%GA - 95.00% 360 Apr-02-02    
          
            
    Page 16 of 25   © COPYRIGHT 2002 Deutsche Bank   
 IMPAC Secured Assets Corp. 2002-S2  
 Mortgage Pass-Through Certificates   
     
 Prepayment Report for November 25, 2002 Distribution   
     
      
 Prepayment Report - Voluntary Prepayments   
            
            
VOLUNTARY PREPAYMENTS    TOTAL   
            
 Current          
 Number of Paid in Full Loans   28    
 Number of Repurchased Loan s   1    
 Total Number of Loans Prepaid in Full  29    
            
 Paid in Full Balance   5,226,363.34    
 Repurchased Loans Balance   149,281.20    
 Curtailments Amount   24,490.85    
 Total Prepayment Amount   5,400,135.39     
            
 Cumulative          
 Numb er of Paid in Full Loans   125    
 Number of Repurchased Loans   2    
 Total Number of Loans Prepaid in Full   127    
            
 Paid in Full Balance   21,673,567.66    
 Repurchased Loans Balance   272,289.41    
 Curtailments Amount   311,848.84    
 Total Prepayment Amount   22,257,705.91    
            
SPACE INTENTIONALLY LEFT BLANK    
          & nbsp; 
            
Total Prepayments by Groups (in thousands of dollars)Total 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 November 25, 2002 Distribution   
     
     
 Prepayment Report - Voluntary Prepayments   
            
            
VOLUNTARY PREPAYMENT RATES     TOTAL   
    < /TD>        
 SMM       2.33%   
 3 Months Avg SMM      1.59%   
 12 Months Avg SMM          
 Avg SMM Since Cut-off      1.17%  
            
 CPR      24.64%   
 3 Months Avg CPR      17.51%   
 12 Months Avg CPR  < /TD>        
 Avg CPR Since Cut-off      13.21%   
            
 PSA      1300.11%   
 3 Months Avg PSA Approximation      1035.06%  < /FONT> 
 12 Months Avg PSA Approximation          
 Avg PSA Since Cut-off Approximation      1099.80%   
            
            
             
       < /FONT>     
            
             
            
CPR by GroupsTotal CPR   
            
            
PSA by GroupsTotal PSA   
            
             
    Page 18 of 25   © COPYRIGHT 2002 Deutsche Bank   
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   < /FONT>
     
 Prepayment Report for November 25, 2002 Distribution   
      
     
 Prepayment Report - Voluntary Prepayments   
            
            
            
    
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/mo nths 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)   
   &nb sp;
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.   
Dates correspond to distribution dates.   
  & nbsp;         
    Page 19 of 25   © COPYRIGHT 2002 Deutsche Bank   
            
           
 IMPAC Secured Assets Corp. 2002-S2  
 Mortgage Pass-Through Certificates  
    
 Prepayment Detail Report for November 25, 2002 Distribution  
    
    
 Prepayment Detail Report - Loans Prepaid in Full During Current Distribution  
            
            
SUMMARY     LOAN GROUP&nbs p;    
            
Total Loan Count = 29     Loan Group 1 = Pool Group  
Total Original Principal B alance = 5,400,978.00    
Total Prepayment Amount = 5,375,644.54    
            
    &nb sp;       
Loan Number  Original    Current State & Type Prepayment    
&Loan Principal Prepayment Prepayment < /TD> Note LTV at & Origination   
Loan GroupStatus Balance AmountDateRateOriginationOriginal TermDate  
   
1100341974 1  110,000.00 < /TD> 109,181.86 Oct-18-028.875%FL - 61.12% Paid Off - 360 Feb-28-02  
1100342429 1  105,300.00 104,223.52 Oct-16-027.875%FL - 90.00% Paid Off - 360 Feb-22-02  
1100342657 1  193,500.00 192,129.87 Oct-02-028.375% Paid Off - 360 Feb-14-02  
1100343294 1  149,800.00 149,273.81 Oct-08-0210.750%PA - 89.97% Paid Off - 360 Feb-04-02  
1100344471 1  117,593.00 116,916.52 Oct-08-028.375%FL - 70.00% Paid Off - 360 Jan-28-02   
1100344939 1  140,000.00 139,338.93 Oct-02-028.750%GA - 62.23% Paid Off - 360 Mar-04-02  
1100346027 1  183,100.00 182,365.29 Oct-04-028.875%CA - 89.98% Paid Off - 360 Mar-19-02  
1100346248 1  213,600.00 212,940.01 Oct-09-029.375%CA - 85.44% Paid Off - 360 Mar-25-02  
1100346489 1  89,300.00 89,024.10 Oct-03-029.375%FL - 95.00% Paid Off - 360 Apr-09-02  
1100347035 1  75,600.00 75,319.25 Oct-17-029.250%TN - 90.00% Paid Off - 360 Mar-13-02  
1100347136 1  301,500.00 300,436.58 Oct-17-029.500%NY - 90.00% Paid Off - 360 Mar-05-02  
1100347258 1  130,500.00 129,985.35 Oct-09-029.625%CA - 90.00% Paid Off - 360 Feb-14-02  
1100347348 1  71,250.00 70,954.17 Oct-10-029.375%FL - 95.00% Paid Off - 360 Feb-08-02  
1100347431 1  105,200.00 104,636.23 Oct-14-028.125%NJ - 80.00% Paid Off - 360 Feb-12-02  
1100347645 1  283,500.00 281,988.44 Oct-18-028.750%NY - 75.00% Paid Off - 360 Feb-19-02  
1100347664 1  80,300.00 79,932.71 Oct-07-029.375%MN - 89.98% Paid Off - 360 Feb-08-02  
1100347772 1  335,550.00 334,020.94 Oct-07-028.250%NV - 89.25% Paid Off - 360 Mar-13-02  
1100348073 1  221,250.00 220,339.25 Oct-25-028.750%CA - 64.69% Paid Off - 360 Mar-27-02  
1100349084 1  188,300.00 187,405.22 Oct-17-027.250%CA - 70.00% Paid Off - 360 Apr-08-02  
1100349306 1  85,500.00 85,249.26 Oct-14-029.625%FL - 83.82% Paid Off - 360 Apr-08-02  
1100349473 1  256,410.00 255,531.43 Oct-22-028.875%VA - 88.72% Paid Off - 360 Apr-15-02  
1109004183 1  157,425.00 156,131.93 Oct-01-027.125%NJ - 75.00% Paid Off - 360 Jan-03-02  
1109004892 1  532,000.00 529,386.15 Oct-28-027.875%CA - 70.00% Paid Off - 360 Mar-14-02  
1109004917 1  550,000.00 547,957.32 Oct-30-029.250%MO - 45.84% Paid Off - 360 Mar-21-02  
1109005162 1  80,000.00 79,667.83 Oct-31-029.375%GA - 58.61% Paid Off - 360 Feb-27-02  
1109005407 1  75,000.00 74,608.09 Oct-24-028.250%MI - 68.18% Paid Off - 360 Mar-29-02  
1109005626 1  199,500.00 198,735.28 Oct-25-028.875%CA - 90.68% Paid Off - 360 Apr-15-02  
2500012483 1  220,000.00 218,684.00 Oct-22-028.375%MA - 70.07% Paid Off - 360 Feb-04-02  
1100347844 1  150,000.00 149,281.20 Nov-01-028.000%SC - 88.24% Repur/Subs - 360 Mar-29-02  
           
            
     Page 20 of 25   © COPYRIGHT 2002 Deutsche Bank  
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Realized Loss Report for November 25, 2002 Distribution   
     
     
 Realized Loss Report - Collateral   
            
            
COLLATERAL REALIZED LOSSES    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.       < /TD>   
            
SPACE INTENTIONALLY LEFT BLANK   
            
            
        3 Months Moving Average     
            
            
Collateral Loss Severity Approximation by GroupsCollateral Loss Severity Approximation   
         < FONT SIZE="-1" FACE="Arial">   
            
    Page 21 of 25   © COPYRIGHT 2002 Deutsche Bank   
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Realized Loss Report for November 25, 2002 Distribution   
     
     
 Realized Loss Report - Collateral   
            
            
DEFAULT SPEEDS    TOTAL   
            
 MDR      0.00%   
 3 Months Avg MDR      0.00%   
 12 Months Avg MDR          
 Avg MDR Since Cut-off      0.00%   
             
 CDR &n bsp;    0.00%   
 3 Months Avg CDR      0.00%   
 12 Months Avg CDR          
 Avg CDR Since Cut-off      0.0 0%   
          &nb sp; 
 SDA      0.00%   
 3 Months Avg SDA Approximation      0.00%   
 12 Months Avg S DA Approximation          
 Avg SDA Since Cut-off Approximation      0.00%   
            
 Loss Severity Approximation for Current Period   
    
 12 Months Avg Loss Severity Approximation   
 Avg Loss Severity Approximation Since Cut-off   
            
< FONT FACE="Times New Roman" SIZE=-1>            
            
CDR by GroupsTotal CDR   
            
            
SDA by GroupsTotal SDA   
            
          & nbsp; 
    Page 22 of 25   © COPYRIGHT 2002 Deutsche Bank   
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Realized Loss Report for November 25, 2002 Distribution   
    &nb sp;
     
 Realized Loss Report - Collateral   
            
            
            
            
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  < /TD> 
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)))< /FONT>   
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.   
   < FONT SIZE="-1" FACE="Times New Roman">         
    Page 23 of 25   © COPYRIGHT 2002 Deutsche Bank   
            
            
 IMPAC Secured Assets Corp. 2002-S2  
 Mortgage Pass-Through Certificates  
    
 Realized Loss Detail Report for November 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 Realized Note LTV at Original Origination   
Loan GroupStatus Balance BalanceLoss/(Gain)RateOriginationTermDate  
SPACE INTENTIONALLY LEFT BLANK  
         
     &nb sp;      
     Page 24 of 25   © COPYRIGHT 2002 Deutsche Bank  
 IMPAC Secured Assets Corp. 2002-S2   
 Mortgage Pass-Through Certificates   
     
 Triggers, Adj. Rate Cert. and Miscellaneous Report for November 25, 2002 Distribution   
     
     
 < B>Triggers, Adj. Rate Cert. and Miscellaneous Report   
         &nbs p;  
            
TRIGGER EVENTS    TOTAL   
    
 Optional Termination Date Reached?      No   
            
 Credit Support Depletion Date Reached?      No   
            
            
ADJUSTABLE RATE CERTIFICATE INFORMATION    TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
 &nbs p;          
            
ADDITIONAL INFORMATION    TOTAL   
    
 Senior Principal Distribution Amount< FONT SIZE="-1" FACE="Times New Roman">      5,548,266.80    
 Subordinate Principal Distribution Amount      27,890.25    
 Senior Accelerated Distribution Percentage      100.0000%   
 Senior Percentage      91.4267%   
       &n bsp;    
            
 Special Hazard Amount      2,499,996.00    
 Fraud Loss Amount      3,867,633.37    
 Bankruptcy Amount      100,000.00    
  < /FONT>          
            
    Page 25 of 25    © COPYRIGHT 2002 Deutsche Bank   
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