-----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, QK2E2os6tGMAF0hubNAATnQ0jsIfEQpkyN9s/LASi8XcwL7lC+Y3RQPhN+r+Lycg rU86B5ZT8CwWZv+b/cwJOg== 0001020242-98-000122.txt : 19981022 0001020242-98-000122.hdr.sgml : 19981022 ACCESSION NUMBER: 0001020242-98-000122 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980727 ITEM INFORMATION: FILED AS OF DATE: 19981021 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: 98728215 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 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): July 27, 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 July 27, 1998. Monthly Remittance Statement to the Certificateholders dated as of August 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: October 20, 1998 By: /s/ Judy L. Gomez Judy L. Gomez Assistant Vice President EXHIBIT INDEX Monthly Remittance Statement to the Certificateholders dated as of July 27, 1998. Monthly Remittance Statement to the Certificateholders dated as of August 25, 1998. 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 77,159,268.58 431,448.91 4,730,161.84 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 292,395,000.00 281,438,268.58 1,663,205.18 4,730,161.84 CURRENT REALIZED DEFERRED PRINCIPAL CLASS TOTAL LOSSES INTEREST BALANCE A-1 5,161,610.75 0.00 0.00 72,429,106.74 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 6,393,367.02 0.00 0.00 276,708,106.74 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PRIOR PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL A-1 45254SAA4 875.655597 4.896374 53.681078 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 58.577452 821.974519 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: June 30, 1998 Irvine, CA 92614 DIST. DATE: July 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 Payment Date Statement Distribution Date: July 27, 1998 DELINQUENT AND FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS INFORMATION DAYS DAYS DAYS TOTAL PRINCIPAL BALANCE 558,733.67 373,323.23 129,407.68 1,061,464.58 % OF POOL BALAN CE 0.1932% 0.1291% 0.0448% 0.3671% NUMBER OF LOANS 11 9 3 23 PERCENTAGE OF LOANS 0.1518% 0.1242% 0.0414% 0.3174% 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 74,918.02 0.00 0.00 293,882.90 PERCENTAGE OF POOL BALANCE 0.0259% 0.0000% 0.0000% 0.1016% NUMBER OF LOANS 1 0 0 5 PERCENTAGE OF LOANS 0.0138% 0.0000% 0.0000% 0.0690% 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: 3,175,430.18 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 3,275,335.01 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: 6,450,765.19 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 3,218,416.02 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 4,730,161.84 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: 289,130,481.89 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 7,247 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.2001% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 194 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: July 27, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: 9,000,000.00 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: 1,823,137.96 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 2,428.59 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 40,566.98 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 42,995.57 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 23.98 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 23.98 HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO AVAILABLE FUNDS INTEREST AMOUNT: 3,215,997.16 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: 0.1739% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.1642% 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: 2 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 27,762.80 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 82,434.71 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 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 72.429,106.74 404,999.42 5,881,919.19 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 292,395,000.00 276,708,106.74 1,636,755.69 5,881,919.19 CURRENT REALIZED DEFERRED PRINCIPAL CLASS TOTAL LOSSES INTEREST BALANCE A-1 6,286,918.61 0.00 0.00 66,547,187.55 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 0.00 270,826,187.55 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE CURRENT PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL A-1 45254SAA4 821.974519 4.596207 66.752000 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 71.348207 755.222520 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: July 31, 1998 Irvine, CA 92614 DIST. DATE: August 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 Payment Date Statement Distribution Date: August 25, 1998 DELINQUENT AND FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS INFORMATION DAYS DAYS DAYS TOTAL PRINCIPAL BALANCE 1,939,060.48 1,182,842.13 839,956.70 3,961,859.31 % OF POOL BALANCE 0.6811% 0.4155% 0.2950% 1.3916% NUMBER OF LOANS 57 29 23 109 PERCENTAGE OF LOANS 0.7980% 0.4060% 0.3220% 1.5260% 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 129,514.80 276,071.76 832,147.08 2,562,133.46 PERCENTAGE OF POOL BALANCE 0.0455% 0.0970% 0.2923% 0.9000% NUMBER OF LOANS 3 7 22 64 PERCENTAGE OF LOANS 0.0420% 0.0980% 0.3080% 0.8960% 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: 2,561,194.92 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 4,378,689.20 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: 6,939,884.12 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 3,179,317.27 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 5,881,919.19 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: 284,688,311.68 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 7,143 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.1868% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 193 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: August 25, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: 9,000,000.00 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: 3,262,886.94 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 63,481.01 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 616,069.83 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 679,550.84 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 38.76 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 38.76 HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO AVAILABLE FUNDS INTEREST AMOUNT: 3,177,264.76 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: 1.0998% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.4392% 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: 2 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: 82,434.71 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 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS PREPAID 3,853,385.16 Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----