-----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, JInLk2rTu8rjDxEnskph7cWq/5dVWbdsdG8Fcz2R50LqGRafKFvFInNvHo2dGysd czx2Fyx5wPErBHefyulK3g== 0001020242-98-000114.txt : 19980922 0001020242-98-000114.hdr.sgml : 19980922 ACCESSION NUMBER: 0001020242-98-000114 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970425 ITEM INFORMATION: FILED AS OF DATE: 19980921 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPAC SECURED ASSETS CMN TRUST SERIES 1998-1 CENTRAL INDEX KEY: 0001059385 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 330705301 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-08439-04 FILM NUMBER: 98712058 BUSINESS ADDRESS: STREET 1: 3 PARK PLAZA 16TH FLOOR CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 7142537562 MAIL ADDRESS: STREET 1: 3 PARK PLAZA 16TH FLOOR CITY: IRVINE STATE: CA ZIP: 92614 8-K 1 September 18, 1998 Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Impac Secured Assets CMN Trust Series 1998-1; File No. 333- 08439. Ladies and Gentlemen: Enclosed herewith for filing on behalf of Impac Secured Assets CMN Trust Series 1998-1, a Delaware business trust, as Issuer, (the "Issuer") under the Indenture, dated as of March 31, 1998, between Impac Secured Assets CMN Trust Series 1998-1, and Bankers Trust Company of California, N.A., a national banking association, as Indenture Trustee (the "Indenture Trustee") is a Current Report on Form 8-K. The Series 1998-1 Collateralized Asset-Backed Notes will include the following eight classes (the "Notes"): Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class A-5 Notes (collectively, the "Senior Notes"); (ii) Class M-1 Notes and Class M-2 Notes (together, the "Class M Notes"); and (iii) Class B-1 Notes (together with the Class M Notes, the "Subordinate Notes"). The Series 1998 1 Collateralized Asset-Backed Certificates will include the Class B-2 Certificates (together with the Subordinate Notes, the "Subordinate Securities") and the Class X Certificates. Only the Notes are offered hereby. The Bonds were registered under the Securities Act of 1933 under Commission File Number 333-08439. As a result, the Registrant is subject to the filing requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Trust intends to fulfill these filing requirements in the manner described herein: The agent for Registrant will file, promptly after each Distribution Date (as defined in the Indenture), a Current Report on Form 8-K in substantially the form enclosed herewith, including as an exhibit thereto the applicable Distribution Date Report. Each such Current Report will also disclose under Item 5 any matter occurring during the relevant reporting period which would be reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q. Within 90 days after the end of each fiscal year, the agent for the Registrant will file an annual report of Form 10-K, which responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and Item 14 of Part IV thereof, and include as exhibits thereto certain information from the Distribution Date reports aggregated for such year and a copy of the independent accountants' annual compliance statement required under the Pooling and Servicing Agreement. The agent for the Registrant will follow the above procedures except for any fiscal year as to which its reporting obligations under Section 15(d) of the Exchange Act have been suspended pursuant to such Section. In such event, the agent for the Registrant will file a Form 15 as required under Rule 15d-6. Should you wish to discuss the above filing procedures, please call Judy L. Gomez at (949) 253-7562. Sincerely, /s/ Judy L. Gomez Assistant Vice President Bankers Trust Company of California, N.A. S.E.C. Reporting Agent for Impac Secured Assets CMN Trust Series 1998-1 Collateralized Asset-backed Notes. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 26, 1998 IMPAC SECURED ASSETS CMN TRUST SERIES 1998-1 (as issuer under the Indenture, dated as of March 31, 1998, providing for the issuance of Collaterialized Asset-Backed Notes Series, 1998-1). IMPAC SECURED ASSETS CMN TRUST SERIES 1998-1 (Exact name of Registrant as specified in its Charter) CALIFORNIA (State or Other Jurisdiction of Incorporation) 333-38879 33-0705301 (Commission File Number) (I.R.S. Employer Identification No.) 20371 IRVINE AVENUE SANTA ANA HEIGHTS, CALIFORNIA 92707 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (714) 556-0122 ITEM 5. Other Events Attached hereto are copies of the Monthly Remittance Statements to the Certificateholders which were derived from the monthly information submitted by the Master Servicer 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 April 25, 1998. Monthly Remittance Statement to the Certificateholders dated as of May 25, 1998. Monthly Remittance Statement to the Certificateholders dated as of June 25, 1998. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Bankers Trust Company of California, N.A., not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Indenture, dated as of March 31, 1998. Date: September 18, 1998 By: /s/ Judy L. Gomez Judy L. Gomez Assistant Vice President EXHIBIT INDEX Sequential Document Page Number Monthly Remittance Statement to the Certificateholders dated as of April 25, 1998. 4 Monthly Remittance Statement to the Certificateholders dated as of May 25, 1998. 10 Monthly Remittance Statement to the Certificateholders dated as of June 25, 1998. 18 Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Collateralized Asset-Backed Notes Series 1998-1 Statement to Noteholders DISTRIBUTION IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL A-1 88,116,000.00 88,116,000.00 492,715.30 2,517,395.66 A-2 22,817,000.00 22,817,000.00 123,401.94 0.00 A-3 53,189,000.00 53,189,000.00 288,993.57 0.00 A-4 22,507,000.00 22,507,000.00 128,289.90 0.00 A-5 33,803,000.00 33,803,000.00 208,451.83 0.00 M-1 26,513,000.00 26,513,000.00 167,473.78 0.00 M-2 24,240,000.00 24,240,000.00 156,954.00 0.00 B-1 21,210,000.00 21,210,000.00 158,191.25 0.00 TOTALS 292,395,000.00 292,395,000.00 1,724,471.57 2,517,395.66 CURRENT REALIZED DEFERRED PRINCIPAL CLASS TOTAL LOSSES INTEREST BALANCE A-1 3,010,110.96 0.00 0.00 85,598,604.34 A-2 123,401.94 0.00 0.00 22,817,000.00 A-3 288,993.57 0.00 0.00 53,189,000.00 A-4 128,289.90 0.00 0.00 22,507,000.00 A-5 208,451.83 0.00 0.00 33,803,000.00 M-1 167,473.00 0.00 0.00 26,513,000.00 M-2 156,954.00 0.00 0.00 24,240.000.00 B-1 158,191.25 0.00 0.00 21,210,000.00 TOTALS 4,241,867.23 0.00 0.00 289,877,604.34 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL A-1 45254SAA4 1,000.000000 5.591667 28.569110 A-2 45254SAB2 1,000.000000 5.408333 0.000000 A-3 45254SAC0 1,000.000000 5.433333 0.000000 A-4 45254SAD8 1,000.000000 5.700000 0.000000 A-5 45254SAE6 1,000.000000 6.166667 0.000000 M-1 45254SAF3 1,000.000000 6.316667 0.000000 M-2 45254SAG1 1,000.000000 6.475000 0.000000 B-1 45254SAH9 1,000.000000 7.458333 0.000000 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE CURRENT PRINCIPAL CLASS AL TOTAL BALANCE A-1 34.160776 971.430890 A-2 5.408333 1,000.000000 A-3 5.433333 1,000.000000 A-4 5.700000 1,000.000000 A-5 6.166667 1,000.000000 M-1 6.316667 1,000.000000 M-2 6.475000 1,000.000000 B-1 7.458333 1,000.000000 PASS-THROUGH RATES CLASS CURRENT NEXT A-1 6.710000% 6.710000% A-2 6.490000% 6.490000% A-3 6.520000% 6.520000% A-4 6.840000% 6.840000% A-5 7.400000% 7.400000% M-1 7.580000% 7.580000% M-2 7.770000% 7.770000% B-1 8.950000% 8.950000% SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza RECORD DATE: March 31, 1998 Irvine, CA 92614 DIST. DATE: April 27, 1998 FACTOR INFORMATION: (800)735-7777 Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Collateralized Asset-Backed Notes Series 1998-1 Statement to Certificateholders DISTRIBUTION IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL B-2 10,605,000.00 10,605,000.00 102,868.50 0.00 X 0.00 0.00 0.00 0.00 TOTALS 10,605,000.00 10,605,000.00 102,868.50 0.00 CURRENT REALIZED DEFERRED PRINCIPAL CLASS TOTAL LOSSES INTEREST BALANCE B-2 102,868.50 0.00 0.00 10,605,000.00 X 0.00 0.00 0.00 0.00 TOTALS 102,868.50 0.00 0.00 10,605,000.00 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL B-2 1,000.000000 9.700000 0.000000 X 0.000000 0.000000 0.000000 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE CURRENT PRINCIPAL CLASS TOTAL BALANCE B-2 9.700000 1,000.000000 X 0.000000 0.000000 PASS-THROUGH RATES CLASS CURRENT NEXT B-2 11.640000% 11.640000% X 0.000000% 0.000000% SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza RECORD DATE: March 31, 1998 Irvine, CA 92614 DIST. DATE: April 27, 1998 FACTOR INFORMATION: (800)735-7777 Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: April 27, 1998 DELINQUENT AND FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS INFORMATION DAYS DAYS DAYS TOTAL PRINCIPAL BALANCE 1,198,663.01 20,725.54 0.00 1,219,388.55 % OF POOL BALAN CE 0.4516% 0.0078% 0.0000% 0.4594% NUMBER OF LOANS 33 1 0 34 PERCENTAGE OF LOANS 0.5073% 0.0154% 0.0000% 0.5227% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% NUMBER OF LOANS 0 0 0 0 PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE 24,700.51 0.00 0.00 475,468.03 PERCENTAGE OF POOL BALANCE 0.0093% 0.0000% 0.0000% 0.1791% NUMBER OF LOANS 1 0 0 12 PERCENTAGE OF LOANS 0.0154% 0.0000% 0.0000% 0.1845% REO LOAN INFORMATION: PRINCIPAL BALANCE 0.00 0.00 0.00 0.00% PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% NUMBER OF LOANS 0 0 0 0 PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% ADDITIONAL INFORMATION RELATING TO ANY REO PROPERTY: (SEE ATTACHED, IF ANY) AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 2,474,187.81 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 1,396,556.88 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: 3,870,744.69 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 2,938,467.37 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 2,517,395.66 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE NOTEHOLDERS: 0.00 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: 265,408,769.14 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 6,505 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.2299% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 199 Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: April 27, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: 9,000,000.00 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: (1,111,127.30) AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 9,711.48 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 467,436.87 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 477,148.35 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00 HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO AVAILABLE FUNDS INTEREST AMOUNT: 2,941,624.67 AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: 0.0000% CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0000% DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0078% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0078% NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0 AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 0 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 0.00 AGGREGAGE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 OF THE SERVICING AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 OF THE SERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00 Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 REVISED Collateralized Asset-Backed Notes Series 1998-1 Statement to Noteholders DISTRIBUTION IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL A-1 88,116,000.00 85,598,604.34 478,638.86 4,234,689.68 A-2 22,817,000.00 22,817,000.00 123,401.94 0.00 A-3 53,189,000.00 53,189,000.00 288,993.57 0.00 A-4 22,507,000.00 22,507,000.00 128,289.90 0.00 A-5 33,803,000.00 33,803,000.00 208,451.83 0.00 M-1 26,513,000.00 26,513,000.00 167,473.78 0.00 M-2 24,240,000.00 24,240,000.00 156,954.00 0.00 B-1 21,210,000.00 21,210,000.00 158,191.25 0.00 TOTALS 292,395,000.00 289,877,604.34 1,710,395.13 4,234,689.68 CURRENT REALIZED DEFERRED PRINCIPAL CLASS TOTAL LOSSES INTEREST BALANCE A-1 4,713,328.54 0.00 0.00 81,363,914.66 A-2 123,401.94 0.00 0.00 22,817,000.00 A-3 288,993.57 0.00 0.00 53,189,000.00 A-4 128,289.90 0.00 0.00 22,507,000.00 A-5 208,451.83 0.00 0.00 33,803,000.00 M-1 167,473.78 0.00 0.00 26,513,000.00 M-2 156,954.00 0.00 0.00 24,240.000.00 B-1 158,191.25 0.00 0.00 21,210,000.00 TOTALS 5,945,084.81 0.00 0.00 285,642,914.66 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE CURRENT PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL A-1 45254SAA4 971.430890 5.431918 48.058124 A-2 45254SAB2 1,000.000000 5.408333 0.000000 A-3 45254SAC0 1,000.000000 5.433333 0.000000 A-4 45254SAD8 1,000.000000 5.700000 0.000000 A-5 45254SAE6 1,000.000000 6.166667 0.000000 M-1 45254SAF3 1,000.000000 6.316667 0.000000 M-2 45254SAG1 1,000.000000 6.475000 0.000000 B-1 45254SAH9 1,000.000000 7.458333 0.000000 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE CURRENT PRINCIPAL CLASS TOTAL BALANCE A-1 53.490042 923.372766 A-2 5.408333 1,000.000000 A-3 5.433333 1,000.000000 A-4 5.700000 1,000.000000 A-5 6.166667 1,000.000000 M-1 6.316667 1,000.000000 M-2 6.475000 1,000.000000 B-1 7.458333 1,000.000000 PASS-THROUGH RATES CLASS CURRENT NEXT A-1 6.710000% 6.710000% A-2 6.490000% 6.490000% A-3 6.520000% 6.520000% A-4 6.840000% 6.840000% A-5 7.400000% 7.400000% M-1 7.580000% 7.580000% M-2 7.770000% 7.770000% B-1 8.950000% 8.950000% SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza RECORD DATE: April 30, 1998 Irvine, CA 92614 DIST. DATE: May 26, 1998 FACTOR INFORMATION: (800)735-7777 Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 REVISED Collateralized Asset-Backed Notes Series 1998-1 Statement to Certificateholders DISTRIBUTION IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL B-2 10,605,000.00 10,605,000.00 102,868.50 0.00 X 0.00 0.00 0.00 0.00 TOTALS 10,605,000.00 10,605,000.00 102,868.50 0.00 CURRENT REALIZED DEFERRED PRINCIPAL CLASS TOTAL LOSSES INTEREST BALANCE B-2 102,868.50 5,762.81 0.00 10,599,237.19 X 0.00 0.00 0.00 0.00 TOTALS 102,868.50 5,762.81 0.00 10,599,237.19 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR CURRENT PRINCIPAL PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE B-2 1,000.000000 9.700000 0.000000 9.700000 999.456595 X 0.000000 0.000000 0.000000 0.000000 0.000000 PASS-THROUGH RATES CLASS CURRENT NEXT B-2 11.640000% 11.640000% X 0.000000% 0.000000% SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza RECORD DATE: April 30, 1998 Irvine, CA 92614 DIST. DATE: May 26, 1998 FACTOR INFORMATION: (800)735-7777 Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: May 26, 1998 DELINQUENT AND FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS INFORMATION DAYS DAYS DAYS TOTAL PRINCIPAL BALANCE 2,090,140.46 466,797.33 20,725.54 2,577,663.33 % OF POOL BALANCE 0.7968% 0.1779% 0.0079% 0.9826% NUMBER OF LOANS 59 9 1 69 PERCENTAGE OF LOANS 0.9154% 0.1396% 0.0155% 1.0706% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 % OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% NUMBER OF LOANS 0 0 0 0 PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE 105,323.44 91,341.11 0.00 696,934.87 PERCENTAGE OF POOL BALANCE 0.0401% 0.0348% 0.0000% 0.2657% NUMBER OF LOANS 2 3 0 17 PERCENTAGE OF LOANS 0.0310% 0.0465% 0.0000% 0.2638% REO LOAN INFORMATION: PRINCIPAL BALANCE 0.00 0.00 0.00 0.00% % OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% NUMBER OF LOANS 0 0 0 0 PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% ADDITIONAL INFORMATION RELATING TO ANY REO PROPERTY: (SEE ATTACHED, IF ANY) AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 2,373,028.60 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 3,073,785.90 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: 5,446,814.50 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 2,923,291.05 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 4,234,689.68 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE NOTEHOLDERS: 0.00 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: 262,325,538.65 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 6,445 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.2290% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 197 Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: May 26, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: 9,000,000.00 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: (1,110,027.42) AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 50,876.36 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 53,403.68 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 604,280.04 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00 HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO AVAILABLE FUNDS INTEREST AMOUNT: 2,926,422.46 AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: 0.0000% CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0000% DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.2207% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.2285% NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0 AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 0 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 0.00 AGGREGAGE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 OF THE SERVICING AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 OF THE SERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00 Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 REVISED Collateralized Asset-Backed Notes Series 1998-1 Statement to Noteholders DISTRIBUTION IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL A-1 88,116,000.00 81,363,914.66 454,959.89 4,204,646.08 A-2 22,817,000.00 22,817,000.00 123,401.94 0.00 A-3 53,189,000.00 53,189,000.00 288,993.57 0.00 A-4 22,507,000.00 22,507,000.00 128,289.90 0.00 A-5 33,803,000.00 33,803,000.00 208,451.83 0.00 M-1 26,513,000.00 26,513,000.00 167,473.78 0.00 M-2 24,240,000.00 24,240,000.00 156,954.00 0.00 B-1 21,210,000.00 21,210,000.00 158,191.25 0.00 TOTALS 292,395,000.00 285,642,914.66 1,686,716.16 4,204,646.08 CURRENT REALIZED DEFERRED PRINCIPAL CLASS TOTAL LOSSES INTEREST BALANCE A-1 4,659,605.97 0.00 0.00 77,159,268.58 A-2 123,401.94 0.00 0.00 22,817,000.00 A-3 288,993.57 0.00 0.00 53,189,000.00 A-4 128,289.90 0.00 0.00 22,507,000.00 A-5 208,451.83 0.00 0.00 33,803,000.00 M-1 167,473.78 0.00 0.00 26,513,000.00 M-2 156,954.00 0.00 0.00 24,240.000.00 B-1 158,191.25 0.00 0.00 21,210,000.00 TOTALS 5,891,362.24 0.00 0.00 281,438,268.58 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL A-1 45254SAA4 923.372766 5.163193 47.717169 A-2 45254SAB2 1,000.000000 5.408333 0.000000 A-3 45254SAC0 1,000.000000 5.433333 0.000000 A-4 45254SAD8 1,000.000000 5.700000 0.000000 A-5 45254SAE6 1,000.000000 6.166667 0.000000 M-1 45254SAF3 1,000.000000 6.316667 0.000000 M-2 45254SAG1 1,000.000000 6.475000 0.000000 B-1 45254SAH9 1,000.000000 7.458333 0.000000 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE CURRENT PRINCIPAL CLASS TOTAL BALANCE A-1 52.880362 875.655597 A-2 5.408333 1,000.000000 A-3 5.433333 1,000.000000 A-4 5.700000 1,000.000000 A-5 6.166667 1,000.000000 M-1 6.316667 1,000.000000 M-2 6.475000 1,000.000000 B-1 7.458333 1,000.000000 PASS-THROUGH RATES CLASS CURRENT NEXT A-1 6.710000% 6.710000% A-2 6.490000% 6.490000% A-3 6.520000% 6.520000% A-4 6.840000% 6.840000% A-5 7.400000% 7.400000% M-1 7.580000% 7.580000% M-2 7.770000% 7.770000% B-1 8.950000% 8.950000% SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza Irvine, CA 92614 RECORD DATE: May 29, 1998 DIST. DATE: June 25, 1998 FACTOR INFORMATION: (800)735-7777 Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 REVISED Collateralized Asset-Backed Notes Series 1998-1 Statement to Certificateholders DISTRIBUTION IN DOLLARS PRIOR ORIGINAL PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL B-2 10,605,000.00 10,599,237.19 102,812.60 0.00 X 0.00 0.00 0.00 0.00 TOTALS 10,605,000.00 10,599,237.19 102,812.60 0.00 CURRENT REALIZED DEFERRED PRINCIPAL CLASS TOTAL LOSSES INTEREST BALANCE B-2 102,812.60 0.00 0.00 10,599,237.19 X 0.00 0.00 0.00 0.00 TOTALS 102,812.60 0.00 0.00 10,599,237.19 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR CURRENT RINCIPAL PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE B-2 999.456595 9.694729 0.000000 9.694729 999.456595 X 0.000000 0.000000 0.000000 0.000000 0.000000 PASS-THROUGH RATES CLASS CURRENT NEXT B-2 11.640000% 11.640000% X 0.000000% 0.000000% SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza RECORD DATE: May 29, 1998 Irvine, CA 92614 DIST. DATE: April 25, 1998 FACTOR INFORMATION: (800)735-7777 Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: June 25, 1998 DELINQUENT AND FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS INFORMATION DAYS DAYS DAYS TOTAL PRINCIPAL BALANCE 683,799.12 487,783.88 172,204.14 1,343,787.14 % OF POOL BALANCE 0.2638% 0.1882% 0.0664% 0.5184% NUMBER OF LOANS 18 12 3 33 PERCENTAGE OF LOANS 0.2823% 0.1882% 0.0470% 0.5175% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 % OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% NUMBER OF LOANS 0 0 0 0 PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE 0.00 0.00 0.00 157,422.13 % OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% NUMBER OF LOANS 0 0 0 3 PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0470% REO LOAN INFORMATION: PRINCIPAL BALANCE 0.00 0.00 0.00 0.00% % OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% NUMBER OF LOANS 0 0 0 0 PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000% ADDITIONAL INFORMATION RELATING TO ANY REO PROPERTY: (SEE ATTACHED, IF ANY) AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 2,851,972.65 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 3,100,227.21 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: 5,952,199.86 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 2,891,919.18 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 4,204,646.08 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE NOTEHOLDERS: 0.00 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: 259,223,282.99 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 6,377 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.2218% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 196 Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: June 25, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: 9,000,000.00 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: (1,102,390.42) AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 2,028.45 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 38,390.54 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 40,418.99 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00 HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO AVAILABLE FUNDS INTEREST AMOUNT: 2,890,353.40 AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: 5,762.81 DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.2546% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.2415% NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 1 AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 1 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 54,671.91 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 54,671.91 AGGREGAGE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 OF THE SERVICING AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 OF THE SERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00 Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----