-----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, VYLZX0RDYY2Yb+Rjna2BRMnm6FUGNpxxzjVK6Xp6Q2XaOf4OvdwLYH3guGJNwJiB jqvmFLOnoIlGMI3ILFXzXg== 0001020242-99-000025.txt : 19990202 0001020242-99-000025.hdr.sgml : 19990202 ACCESSION NUMBER: 0001020242-99-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981228 ITEM INFORMATION: FILED AS OF DATE: 19990201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPAC SECURED ASSETS CMN TRUST SERIES 1998-1 CENTRAL INDEX KEY: 0001059385 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] 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: 99517587 BUSINESS ADDRESS: STREET 1: 20371 IRVINE AVENUE CITY: SANTA ANA HEGHTS STATE: CA ZIP: 92707 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): December 28, 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 December 28, 1998. Monthly Remittance Statement to the Certificateholders dated as of January 25, 1999. 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: January 29, 1999 By: /s/ Judy L. Gomez Judy L. Gomez Assistant Vice President EXHIBIT INDEX Monthly Remittance Statement to the Certificateholders dated as of December 28, 1998. Monthly Remittance Statement to the Certificateholders dated as of January 25, 1999. 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 46,915,235.53 262,334.36 6,212,059.64 6, >474,394.00 0.00 0.00 40,703,175.89 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 292,395,000.00 251,194,235.53 1,494,090.63 6,212,059.64 7, >706,150.27 0.00 0.00 244,982,175.89 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 532.425842 2.977148 70.498657 > 73.475805 461.927186 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: November 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: December 28, 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: November 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: December 28, 1998 > FACTOR INFORMATION(800) 735-7777 Page 2 of 5 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: December 28, 1998 DELINQUENT AND FORECLOSURE LOAN 30 TO 59 6 >0 TO 89 90 PLUS INFORMATION DAYS > DAYS DAYS TOTAL PRINCIPAL BALANCE 3,278,624.59 1, >719,560.56 6,303,384.82 11,301,569.97 PERCENTAGE OF POOL BALANCE 1.2408% > 0.6508% 2.3856% 4.2772% NUMBER OF LOANS 85 > 52 164 301 PERCENTAGE OF LOANS 1.2730% > 0.7788% 2.4562% 4.5080% 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: > 2,169,569.75 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: > 4,853,008.77 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 7,022,578.52 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: > 2,955,954.10 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: > 6,212,059.64 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: > 1,359,050.87 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE REMAINING MORTGAGE LOANS: > 264,228,882.97 AGGREGATE NUMBER OF THE REMAINING MORTGAGE LOANS IN POOL: > 6,677 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 13.1875% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 192 Page 3 of 5 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: December 28, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: > 9,000,000.00 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: > 8,647,469.89 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: > 788,608.79 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 788,608.79 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: > 2,958,178.54 AGGREGATE AMOUNT OF REALIZED LOSSES ON THE MORTGAGE LOANS FOR THE RELATED PAYME >NT DATE: 49,809.53 CUMULATIVE AMOUNT OF REALIZED LOSSES ON THE MORTGAGE LOANS SINCE THE CLOSING DA >TE: 152,762.53 AMOUNT OF INVESTMENT EARNINGS / (LOSS) FOR THE CURRENT PERIOD: > 960.86 DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 3.0364% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 2.1205% 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 PREPAYMENTS INCLUDED IN PRINCIPAL REMITTANCE TO HOLDERS: > 4,306,687.12 AGGREGATE CURTAILMENTS INCLUDED IN PRINCIPAL REMITTANCE TO HOLDERS: > 0.00 Page 4 of 5 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: December 28, 1998 Class Interest Accrued Net >Interest Shortfall Aggregate Unpaid Interest Class A-1 262,334.36 > 0.00 0.00 Class A-2 123,401.94 > 0.00 0.00 Class A-3 288,993.57 > 0.00 0.00 Class A-4 128,289.90 > 0.00 0.00 Class A-5 208,451.83 > 0.00 0.00 Class M-1 167,473.78 > 0.00 0.00 Class M-2 156,954.00 > 0.00 0.00 Class B-1 158,191.25 > 0.00 0.00 Class B-2 102,812.60 > 0.00 0.00 Class X 0.00 > 0.00 0.00 Page 5 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 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 40,703,175.89 227,598.59 7,673,759.07 7, >901,357.66 0.00 0.00 33,029,416.82 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 292,395,000.00 244,982,175.89 1,459,354.86 7,673,759.07 9, >133,113.93 0.00 0.00 237,308,416.82 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 461.927186 2.582943 87.087011 > 89.669954 374.840175 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: December 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: January 25, 1999 > FACTOR INFORMATION(800) 735-7777 Page 1 of 5 > (c) COPYRIGHT 1999 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: December 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: January 25, 1999 > FACTOR INFORMATION(800) 735-7777 Page 2 of 5 > (c) COPYRIGHT 1999 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: January 25, 1999 DELINQUENT AND FORECLOSURE LOAN 30 TO 59 6 >0 TO 89 90 PLUS INFORMATION DAYS > DAYS DAYS TOTAL PRINCIPAL BALANCE 3,285,183.99 2, >656,407.91 7,479,594.65 13,421,186.55 PERCENTAGE OF POOL BALANCE 1.2738% > 1.0300% 2.9002% 5.2041% NUMBER OF LOANS 86 > 67 199 352 PERCENTAGE OF LOANS 1.3168% > 1.0259% 3.0470% 5.3897% 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: > 2,117,536.97 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: > 6,333,251.63 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 8,450,788.60 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: > 2,902,674.90 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: > 7,673,759.07 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: > 1,340,507.44 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE REMAINING MORTGAGE LOANS: > 257,895,631.34 AGGREGATE NUMBER OF THE REMAINING MORTGAGE LOANS IN POOL: > 6,531 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 13.1917% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 191 Page 3 of 5 > (c) COPYRIGHT 1999 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: January 25, 1999 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: > 10,500,000.00 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: > 9,987,977.33 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: > 787,148.32 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 787,148.32 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: > 2,904,685.29 AGGREGATE AMOUNT OF REALIZED LOSSES ON THE MORTGAGE LOANS FOR THE RELATED PAYME >NT DATE: 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES ON THE MORTGAGE LOANS SINCE THE CLOSING DA >TE: 152,762.53 AMOUNT OF INVESTMENT EARNINGS / (LOSS) FOR THE CURRENT PERIOD: > 1,116.32 DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 3.9303% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 2.7465% 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 PREPAYMENTS INCLUDED IN PRINCIPAL REMITTANCE TO HOLDERS: > 5,700,742.37 AGGREGATE CURTAILMENTS INCLUDED IN PRINCIPAL REMITTANCE TO HOLDERS: > 2,409.04 Page 4 of 5 > (c) COPYRIGHT 1999 Bankers Trust Company Impac Secured Assets Corp. Impac Secured Assets CMN Trust, Series 1998-1 Payment Date Statement Distribution Date: January 25, 1999 Class Interest Accrued Net >Interest Shortfall Aggregate Unpaid Interest Class A-1 227,598.59 > 0.00 0.00 Class A-2 123,401.94 > 0.00 0.00 Class A-3 288,993.57 > 0.00 0.00 Class A-4 128,289.90 > 0.00 0.00 Class A-5 208,451.83 > 0.00 0.00 Class M-1 167,473.78 > 0.00 0.00 Class M-2 156,954.00 > 0.00 0.00 Class B-1 158,191.25 > 0.00 0.00 Class B-2 102,812.60 > 0.00 0.00 Class X 0.00 > 0.00 0.00 Page 5 of 5 > (c) COPYRIGHT 1999 Bankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----