-----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, S8vVaR9QnkOYI+kpaxxWszzNeJsDhaFtUrHnS5C/9MoVnAIdOKNhw4cfWjZRB1QN XgBl2sffuVb+OAa6yEGpLQ== 0001020242-98-000145.txt : 19981209 0001020242-98-000145.hdr.sgml : 19981209 ACCESSION NUMBER: 0001020242-98-000145 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980925 ITEM INFORMATION: FILED AS OF DATE: 19981208 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: 98765613 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): September 25, 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 September 25, 1998. Monthly Remittance Statement to the Certificateholders dated as of October 26, 1998. Monthly Remittance Statement to the Certificateholders dated as of November 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: December 8, 1998 By: /s/ Judy L. Gomez Judy L. Gomez Assistant Vice President EXHIBIT INDEX Monthly Remittance Statement to the Certificateholders dated as of September 25, 1998. Monthly Remittance Statement to the Certificateholders dated as of October 26, 1998. Monthly Remittance Statement to the Certificateholders dated as of November 25, 1998. Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Collateralized Asset-Backed Notes Series 1998-1 Statement to Noteholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A-1 88,116,000.00 66,547,187.55 372,109.69 5,398,418.26 5, >770,527.95 0.00 0.00 61,148,769.29 A-2 22,817,000.00 22,817,000.00 123,401.94 0.00 >123,401.94 0.00 0.00 22,817,000.00 A-3 53,189,000.00 53,189,000.00 288,993.57 0.00 >288,993.57 0.00 0.00 53,189,000.00 A-4 22,507,000.00 22,507,000.00 128,289.90 0.00 >128,289.90 0.00 0.00 22,507,000.00 A-5 33,803,000.00 33,803,000.00 208,451.83 0.00 >208,451.83 0.00 0.00 33,803,000.00 M-1 26,513,000.00 26,513,000.00 167,473.78 0.00 >167,473.78 0.00 0.00 26,513,000.00 M-2 24,240,000.00 24,240,000.00 156,954.00 0.00 >156,954.00 0.00 0.00 24,240,000.00 B-1 21,210,000.00 21,210,000.00 158,191.25 0.00 >158,191.25 0.00 0.00 21,210,000.00 TOTALS 292,395,000.00 270,826,187.55 1,603,865.96 5,398,418.26 7, >002,284.22 0.00 0.00 265,427,769.29 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A-1 45254SAA4 755.222520 4.222953 61.264904 > 65.487856 693.957616 6.710000% 6.710000% A-2 45254SAB2 1,000.000000 5.408333 0.000000 > 5.408333 1,000.000000 6.490000% 6.490000% A-3 45254SAC0 1,000.000000 5.433333 0.000000 > 5.433333 1,000.000000 6.520000% 6.520000% A-4 45254SAD8 1,000.000000 5.700000 0.000000 > 5.700000 1,000.000000 6.840000% 6.840000% A-5 45254SAE6 1,000.000000 6.166667 0.000000 > 6.166667 1,000.000000 7.400000% 7.400000% M-1 45254SAF3 1,000.000000 6.316667 0.000000 > 6.316667 1,000.000000 7.580000% 7.580000% M-2 45254SAG1 1,000.000000 6.475000 0.000000 > 6.475000 1,000.000000 7.770000% 7.770000% B-1 45254SAH9 1,000.000000 7.458333 0.000000 > 7.458333 1,000.000000 8.950000% 8.950000% SELLER: Impac Funding Corporation ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: Impac Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Lehman Brothers, Inc. > 3 Park Plaza RECORD DATE: August 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: September 25, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 3 > (c) 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 DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE B-2 10,605,000.00 10,599,237.19 102,812.60 0.00 >102,812.60 0.00 0.00 10,599,237.19 X 0.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 10,605,000.00 10,599,237.19 102,812.60 0.00 >102,812.60 0.00 0.00 10,599,237.19 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT B-2 999.456595 9.694729 0.000000 > 9.694729 999.456595 11.640000% 11.640000% X 0.000000 0.000000 0.000000 > 0.000000 0.000000 0.000000% 0.000000% SELLER: Impac Funding Corporation ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: Impac Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Lehman Brothers, Inc. > 3 Park Plaza RECORD DATE: August 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: September 25, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 1 > COPYRIGHT 1998 Bankers Trust Company > Impac Secured Assets Co >rp. > Impac Secured Assets CM >N Trust, Series 1998-1 > Collateralized Asset-Ba >cked Notes > Series 1998-1 > Statement to Noteholder >s > Distribution Date: > September 25, 1998 > DELINQUENT AND > FORECLOSURE LOAN > 30 TO 59 60 TO 89 90 PLUS > INFORMATION > DAYS DAYS DAYS TOTAL > > PRINCIPAL BALANCE > 7,842,572.1,771,064.613,582,417.24 13,196,054. > > PERCENTAGE OF POOL BALA >NCE 2.7940% 0.6310% 1.2763% 4.7012% > > NUMBER OF LOANS > 214 52 89 355 > > PERCENTAGE OF LOANS > 3.0337% 0.7372% 1.2617% 5.0326% > > FORECLOSURE LOAN INFORM >ATION: > PRINCIPAL BALANCE > N/A N/A N/A N/A N/A > PERCENTAGE OF POOL BALA >NCE 0.0000% 0.0000% 0.0000% 0.0000% > > NUMBER OF LOANS > N/A N/A N/A N/A N/A > PERCENTAGE OF LOANS > 0.0000% 0.0000% 0.0000% 0.0000% > > BANKRUPTCY LOAN INFORMA >TION: > PRINCIPAL BALANCE > N/A N/A N/A N/A N/A > PERCENTAGE OF POOL BALA >NCE 0.0000% 0.0000% 0.0000% 0.0000% > > NUMBER OF LOANS > N/A N/A N/A N/A N/A > PERCENTAGE OF LOANS > 0.0000% 0.0000% 0.0000% 0.0000% > > REO LOAN INFORMATION: > > PRINCIPAL BALANCE > N/A N/A N/A N/A N/A > PERCENTAGE OF POOL BALA >NCE 0.0000% 0.0000% 0.0000% 0.0000% > > NUMBER OF LOANS > N/A N/A N/A N/A N/A > PERCENTAGE OF LOANS > 0.0000% 0.0000% 0.0000% 0.0000% > > ADDITIONAL INFORMATION >RELATING TO ANY REO PROPERTY: (SEE ATTACH > > AGGREGATE COLLECTIONS O >F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 488,954.95 > > AGGREGATE COLLECTIONS O >F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 3,576,156.9 > > AGGREGATE COLLECTIONS W >ITH RESPECT TO THE MORTGAGE LOANS: 4,065,111.8 > > CURRENT PERIOD INTEREST > REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 3,136,944.4 > > CURRENT PERIOD PRINCIPA >L DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 5,398,418.2 > > CURRENT PERIOD NET MONT >HLY EXCESS CASHFLOW PAYABLE TO THE NOTEHOLDERS: 0.00 > > AGGREGATE PRIOR UNPAID >INTEREST SHORTFALL: 0.00 > > CURRENT AGGREGATE PRINC >IPAL BALANCE OF THE MORTGAGE LOANS: 280,695,502.37 > > AGGREGATE NUMBER OF THE > MORTGAGE LOANS IN POOL: 7,054 > > CURRENT WEIGHTED AVERAG >E NET MORTGAGE RATE: 13.2212% > > CURRENT WEIGHTED AVERAG >E MONTHS TO MATURITY: 195 > > > Page 2 of 3 COPYRIGHT 1998 B > > Impac Secured Assets Co >rp. > Impac Secured Assets CM >N Trust, Series 1998-1 > Collateralized Asset-Ba >cked Notes > Series 1998-1 > Statement to Noteholder >s > Distribution Date: > September 25, 1998 > CURRENT PERIOD REQUIRED > OVERCOLLATERALIZATION AMOUNT: 9,000,000.0 > > CURRENT PERIOD OVERCOLL >ATERALIZATION AMOUNT: 4,668,495.8 > > AMOUNT OF PRINCIPAL ADV >ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 391,995.42 > > AMOUNT OF INTEREST ADVA >NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 2,647,644.1 > > AGGREGATE ADVANCES MADE > WITH RESPECT TO THE RELATED PAYMENT DATE: 3,039,639.5 > > AMOUNT OF PREPAYMENT IN >TEREST 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 INTERES >T AMOUNT: 3,136,599.1 > > AGGREGATE AMOUNT OF REA >LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00 > > CUMULATIVE AMOUNT OF RE >ALIZED LOSSES SINCE THE CLOSING DATE: 5,762.81 > > DELINQUENCY PERCENTAGE >FOR THE RELATED PAYMENT DATE: 1.9072% > > ROLLING DELINQUENCY PER >CENTAGE FOR THE RELATED PAYMENT DATE: 0.7328% > > NUMBER OF MORTGAGE LOAN >S REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE > AND CONT >RIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0 > > AGGREGATE NUMBER OF MOR >TGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN > SALE AND > CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 2 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE > LOAN SAL >E AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE > LOAN SAL >E AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 82,434.71 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 > OF THE S >ERVICING AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 > OF THE S >ERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS PREPAID 3,423,613.1 > > > Page 3 of 3 COPYRIGHT 1998 > ED, IF ANY) ankers Trust Company ankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Collateralized Asset-Backed Notes Series 1998-1 Statement to Noteholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A-1 88,116,000.00 61,148,769.29 341,923.53 7,358,002.42 7, >699,925.95 0.00 0.00 53,790,766.87 A-2 22,817,000.00 22,817,000.00 123,401.94 0.00 >123,401.94 0.00 0.00 22,817,000.00 A-3 53,189,000.00 53,189,000.00 288,993.57 0.00 >288,993.57 0.00 0.00 53,189,000.00 A-4 22,507,000.00 22,507,000.00 128,289.90 0.00 >128,289.90 0.00 0.00 22,507,000.00 A-5 33,803,000.00 33,803,000.00 208,451.83 0.00 >208,451.83 0.00 0.00 33,803,000.00 M-1 26,513,000.00 26,513,000.00 167,473.78 0.00 >167,473.78 0.00 0.00 26,513,000.00 M-2 24,240,000.00 24,240,000.00 156,954.00 0.00 >156,954.00 0.00 0.00 24,240,000.00 B-1 21,210,000.00 21,210,000.00 158,191.25 0.00 >158,191.25 0.00 0.00 21,210,000.00 TOTALS 292,395,000.00 265,427,769.29 1,573,679.80 7,358,002.42 8, >931,682.22 0.00 0.00 258,069,766.87 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A-1 45254SAA4 693.957616 3.880380 83.503591 > 87.383971 610.454025 6.710000% 6.710000% A-2 45254SAB2 1,000.000000 5.408333 0.000000 > 5.408333 1,000.000000 6.490000% 6.490000% A-3 45254SAC0 1,000.000000 5.433333 0.000000 > 5.433333 1,000.000000 6.520000% 6.520000% A-4 45254SAD8 1,000.000000 5.700000 0.000000 > 5.700000 1,000.000000 6.840000% 6.840000% A-5 45254SAE6 1,000.000000 6.166667 0.000000 > 6.166667 1,000.000000 7.400000% 7.400000% M-1 45254SAF3 1,000.000000 6.316667 0.000000 > 6.316667 1,000.000000 7.580000% 7.580000% M-2 45254SAG1 1,000.000000 6.475000 0.000000 > 6.475000 1,000.000000 7.770000% 7.770000% B-1 45254SAH9 1,000.000000 7.458333 0.000000 > 7.458333 1,000.000000 8.950000% 8.950000% SELLER: Impac Funding Corporation ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: Impac Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Lehman Brothers, Inc. > 3 Park Plaza RECORD DATE: September 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: October 26, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 3 > (c) 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 DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE B-2 10,605,000.00 10,599,237.19 102,812.60 0.00 >102,812.60 0.00 0.00 10,599,237.19 X 0.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 10,605,000.00 10,599,237.19 102,812.60 0.00 >102,812.60 0.00 0.00 10,599,237.19 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT B-2 999.456595 9.694729 0.000000 > 9.694729 999.456595 11.640000% 11.640000% X 0.000000 0.000000 0.000000 > 0.000000 0.000000 0.000000% 0.000000% SELLER: Impac Funding Corporation ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: Impac Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Lehman Brothers, Inc. > 3 Park Plaza RECORD DATE: September 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: October 26, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 1 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: October 26, 1998 DELINQUENT AND FORECLOSURE LOAN 30 TO 59 6 >0 TO 89 90 PLUS INFORMATION DAYS > DAYS DAYS TOTAL PRINCIPAL BALANCE 7,633,402.48 3, >041,849.89 4,931,338.43 15,606,590.80 PERCENTAGE OF POOL BALANCE 2.7783% > 1.1071% 1.7949% 5.6804% NUMBER OF LOANS 215 > 85 130 430 PERCENTAGE OF LOANS 3.1074% > 1.2285% 1.8789% 6.2148% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE N/A > N/A N/A N/A N/A PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.0000% 0.0000% NUMBER OF LOANS N/A > N/A N/A N/A N/A PERCENTAGE OF LOANS 0.0000% > 0.0000% 0.0000% 0.0000% BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE N/A > N/A N/A N/A N/A PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.0000% 0.0000% NUMBER OF LOANS N/A > N/A N/A N/A N/A PERCENTAGE OF LOANS 0.0000% > 0.0000% 0.0000% 0.0000% REO LOAN INFORMATION: PRINCIPAL BALANCE N/A > N/A N/A N/A N/A PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.0000% 0.0000% NUMBER OF LOANS N/A > N/A N/A N/A N/A 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: > 436,676.39 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: > 5,948,538.15 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 6,385,214.54 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: > 3,085,956.67 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: > 7,358,002.42 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: > 274,746,964.22 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 6,919 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 13.1866% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 194 Page 2 of 3 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: October 26, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: > 9,000,000.00 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: > 6,077,960.16 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 0.00 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 2,647,831.85 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 2,647,831.85 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DA >TE: 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: > 3,084,508.25 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: > 2.9020% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 1.0930% 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 MORTG >AGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DAT >E: 0.00 AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTG >AGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: > 82,434.71 AGGREGATE 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 > 5,333,111.08 Page 3 of 3 > (c) 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 DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A-1 88,116,000.00 53,790,766.87 300,780.04 6,875,531.34 7, >176,311.38 0.00 0.00 46,915,235.53 A-2 22,817,000.00 22,817,000.00 123,401.94 0.00 >123,401.94 0.00 0.00 22,817,000.00 A-3 53,189,000.00 53,189,000.00 288,993.57 0.00 >288,993.57 0.00 0.00 53,189,000.00 A-4 22,507,000.00 22,507,000.00 128,289.90 0.00 >128,289.90 0.00 0.00 22,507,000.00 A-5 33,803,000.00 33,803,000.00 208,451.83 0.00 >208,451.83 0.00 0.00 33,803,000.00 M-1 26,513,000.00 26,513,000.00 167,473.78 0.00 >167,473.78 0.00 0.00 26,513,000.00 M-2 24,240,000.00 24,240,000.00 156,954.00 0.00 >156,954.00 0.00 0.00 24,240,000.00 B-1 21,210,000.00 21,210,000.00 158,191.25 0.00 >158,191.25 0.00 0.00 21,210,000.00 TOTALS 292,395,000.00 258,069,766.87 1,532,536.31 6,875,531.34 8, >408,067.65 0.00 0.00 251,194,235.53 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A-1 45254SAA4 610.454025 3.413455 78.028183 > 81.441638 532.425842 6.710000% 6.710000% A-2 45254SAB2 1,000.000000 5.408333 0.000000 > 5.408333 1,000.000000 6.490000% 6.490000% A-3 45254SAC0 1,000.000000 5.433333 0.000000 > 5.433333 1,000.000000 6.520000% 6.520000% A-4 45254SAD8 1,000.000000 5.700000 0.000000 > 5.700000 1,000.000000 6.840000% 6.840000% A-5 45254SAE6 1,000.000000 6.166667 0.000000 > 6.166667 1,000.000000 7.400000% 7.400000% M-1 45254SAF3 1,000.000000 6.316667 0.000000 > 6.316667 1,000.000000 7.580000% 7.580000% M-2 45254SAG1 1,000.000000 6.475000 0.000000 > 6.475000 1,000.000000 7.770000% 7.770000% B-1 45254SAH9 1,000.000000 7.458333 0.000000 > 7.458333 1,000.000000 8.950000% 8.950000% SELLER: Impac Funding Corporation ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: Impac Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Lehman Brothers, Inc. > 3 Park Plaza RECORD DATE: October 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: November 25, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 5 > (c) 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 DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE B-2 10,605,000.00 10,599,237.19 102,812.60 0.00 >102,812.60 0.00 0.00 10,599,237.19 X 0.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 10,605,000.00 10,599,237.19 102,812.60 0.00 >102,812.60 0.00 0.00 10,599,237.19 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT B-2 999.456595 9.694729 0.000000 > 9.694729 999.456595 11.640000% 11.640000% X 0.000000 0.000000 0.000000 > 0.000000 0.000000 0.000000% 0.000000% SELLER: Impac Funding Corporation ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: Impac Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Lehman Brothers, Inc. > 3 Park Plaza RECORD DATE: October 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: November 25, 1998 > FACTOR INFORMATION(800) 735-7777 Page 2 of 5 > COPYRIGHT 1998 Bankers Trust Company > Impac Secured Assets Co >rp. > Impac Secured Assets CM >N Trust, Series 1998-1 > Collateralized Asset-Ba >cked Notes > Series 1998-1 > Statement to Noteholder >s > Distribution Date: > November 25, 1998 > DELINQUENT AND > FORECLOSURE LOAN > 30 TO 59 60 TO 89 90 PLUS > INFORMATION > DAYS DAYS DAYS TOTAL > > PRINCIPAL BALANCE > 7,583,515.2,879,612.696,820,602.09 17,283,730. > > PERCENTAGE OF POOL BALA >NCE 2.8173% 1.0698% 2.5338% 6.4209% > > NUMBER OF LOANS > 192 85 181 458 > > PERCENTAGE OF LOANS > 2.8264% 1.2513% 2.6645% 6.7422% > > FORECLOSURE LOAN INFORM >ATION: > PRINCIPAL BALANCE > N/A N/A N/A N/A N/A > PERCENTAGE OF POOL BALA >NCE 0.0000% 0.0000% 0.0000% 0.0000% > > NUMBER OF LOANS > N/A N/A N/A N/A N/A > PERCENTAGE OF LOANS > 0.0000% 0.0000% 0.0000% 0.0000% > > BANKRUPTCY LOAN INFORMA >TION: > PRINCIPAL BALANCE > N/A N/A N/A N/A N/A > PERCENTAGE OF POOL BALA >NCE 0.0000% 0.0000% 0.0000% 0.0000% > > NUMBER OF LOANS > N/A N/A N/A N/A N/A > PERCENTAGE OF LOANS > 0.0000% 0.0000% 0.0000% 0.0000% > > REO LOAN INFORMATION: > > PRINCIPAL BALANCE > N/A N/A N/A N/A N/A > PERCENTAGE OF POOL BALA >NCE 0.0000% 0.0000% 0.0000% 0.0000% > > NUMBER OF LOANS > N/A N/A N/A N/A N/A > PERCENTAGE OF LOANS > 0.0000% 0.0000% 0.0000% 0.0000% > > ADDITIONAL INFORMATION >RELATING TO ANY REO PROPERTY: (SEE ATTACH > > AGGREGATE COLLECTIONS O >F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 477,694.80 > > AGGREGATE COLLECTIONS O >F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 5,493,904.4 > > AGGREGATE COLLECTIONS W >ITH RESPECT TO THE MORTGAGE LOANS: 5,971,599.2 > > CURRENT PERIOD INTEREST > REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 3,016,975.8 > > CURRENT PERIOD PRINCIPA >L DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 6,875,531.3 > > CURRENT PERIOD NET MONT >HLY EXCESS CASHFLOW: 1,381,626.9 > > AGGREGATE PRIOR UNPAID >INTEREST SHORTFALL: 0.00 > > CURRENT AGGREGATE PRINC >IPAL BALANCE OF THE REMAINING MORTGAGE LOANS: 269,180,526.61 > > AGGREGATE NUMBER OF THE > REMAINING MORTGAGE LOANS IN POOL: 6,793 > > CURRENT WEIGHTED AVERAG >E NET MORTGAGE RATE: 13.1871% > > CURRENT WEIGHTED AVERAG >E MONTHS TO MATURITY: 193 > > > Page 3 of 5 COPYRIGHT 1998 B > > Impac Secured Assets Co >rp. > Impac Secured Assets CM >N Trust, Series 1998-1 > Collateralized Asset-Ba >cked Notes > Series 1998-1 > Statement to Noteholder >s > Distribution Date: > November 25, 1998 > CURRENT PERIOD REQUIRED > OVERCOLLATERALIZATION AMOUNT: 9,000,000.0 > > CURRENT PERIOD OVERCOLL >ATERALIZATION AMOUNT: 7,387,053.8 > > AMOUNT OF PRINCIPAL ADV >ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00 > > AMOUNT OF INTEREST ADVA >NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 2,541,557.1 > > AGGREGATE ADVANCES MADE > WITH RESPECT TO THE RELATED PAYMENT DATE: 2,541,557.1 > > AMOUNT OF PREPAYMENT IN >TEREST 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 INTERES >T AMOUNT: 3,019,251.9 > > AGGREGATE AMOUNT OF REA >LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00 > > CUMULATIVE AMOUNT OF RE >ALIZED LOSSES ON THE MORTGAGE LOANS SINCE THE CLOSING DATE: 78,296.02 > > AMOUNT OF INVESTMENT EA >RNINGS / (LOSS) FOR THE CURRENT PERIOD: 975.05 > > DELINQUENCY PERCENTAGE >FOR THE RELATED PAYMENT DATE: 3.6036% > > ROLLING DELINQUENCY PER >CENTAGE FOR THE RELATED PAYMENT DATE: 1.6569% > > NUMBER OF MORTGAGE LOAN >S REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE > AND CONT >RIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0 > > AGGREGATE NUMBER OF MOR >TGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN > SALE AND > CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 2 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE > LOAN SAL >E AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE > LOAN SAL >E AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 82,434.71 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 > OF THE S >ERVICING AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00 > > AGGREGATE PRINCIPAL BAL >ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18 > OF THE S >ERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00 > > AGGREGATE PRINCIPAL PRE >PAYMENTS INCLUDED IN PRINCIPAL REMITTANCE TO HOLDERS: 4,795,045.0 > > > Page 4 of 5 COPYRIGHT 1998 B > > Impac Secured Assets Co >rp. > Impac Secured Assets CM >N Trust, Series 1998-1 > Collateralized Asset-Ba >cked Notes > Series 1998-1 > Statement to Noteholder >s > Distribution Date: > November 25, 1998 > Class > Interest Accrued Net Interest Shortfall Aggregate Unpaid Intere > > Clas >s A-1 300,780.04 0.00 0.00 > Clas >s A-2 123,401.94 0.00 0.00 > Clas >s A-3 288,993.57 0.00 0.00 > Clas >s A-4 128,289.90 0.00 0.00 > Clas >s A-5 208,451.83 0.00 0.00 > Clas >s M-1 167,473.78 0.00 0.00 > Clas >s M-2 156,954.00 0.00 0.00 > Clas >s B-1 158,191.25 0.00 0.00 > Clas >s B-2 102,812.60 0.00 0.00 > Clas >s X 0.00 0.00 0.00 > > Page 5 of 5 COPYRIGHT 1998 B > ED, IF ANY) ankers Trust Company ankers Trust Company st ankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----