-----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, CrXWFSSB4DLQkBMh1E8I4vAyBXLNn88l02wAlqNpmoWXsDQiMhGwL2zcr7dQ8TPv aseZRIxyahm0zffUHlY31w== 0001020242-99-000031.txt : 19990202 0001020242-99-000031.hdr.sgml : 19990202 ACCESSION NUMBER: 0001020242-99-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981215 ITEM INFORMATION: FILED AS OF DATE: 19990201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPAC SECURED ASSETS CORP MORTGAGE PASS THR CER SER 1998-2 CENTRAL INDEX KEY: 0001065175 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330715871 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-08439-05 FILM NUMBER: 99517607 BUSINESS ADDRESS: STREET 1: 20371 IRVINE AVE STREET 2: STE 200 CITY: SANTA ANA HEIGHTS STATE: CA ZIP: 92707 BUSINESS PHONE: 7145560122 MAIL ADDRESS: STREET 1: 20371 IRVINE AVE STREET 2: SUITE 200 CITY: SANTA ANA HEIGHTS STATE: CA ZIP: 92707 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 CORP. (as company under a Pooling and Servicing Agreement, dated June 1, 1998, providing for, inter alia, the issuance of Mortgage Pass-Through Certificates, Series, 1998-2). IMPAC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-2 (Exact name of Registrant as specified in its Charter) CALIFORNIA (State or Other Jurisdiction of Incorporation) 333-44209 33-071-5871 (Commission File Number) (I.R.S. Employer Identification No.) 20371 IRVINE AVENUE SANTA ANA, 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 Pooling and Servicing Agreement, dated as of June 1, 1998. Date: January 29, 1999 By: /s/ Judy L. Gomez Judy L. Gomez Assistant Vice President EXHIBIT INDEX Document 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. Mortgage Pass-Through Certificates Series 1998-2 Statement To Certificateholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE X 83,470,303.00 77,664,912.04 443,337.21 820,870.44 1, >264,207.65 0.00 0.00 76,844,041.60 Y 41,883,993.00 37,552,042.37 214,359.57 616,306.45 >830,666.02 0.00 0.00 36,935,735.92 Z * 125,354,396.00 115,216,954.41 121,820.31 0.00 >121,820.31 0.00 0.00 113,779,777.52 R-I 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 125,354,396.00 115,216,954.41 779,517.09 1,437,176.89 2, >216,693.98 0.00 0.00 113,779,777.52 * Notional Balance FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT X 930.449624 5.311317 9.834281 > 15.145598 920.615343 6.850000% 6.850000% Y 896.572645 5.117935 14.714606 > 19.832541 881.858039 6.850000% 6.850000% Z * 919.129748 0.971807 0.000000 > 0.971807 907.664838 1.268775% 1.267134% R-I 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.850000% 6.850000% * This statement is also available on Bankers Trust's Website, h >ttp://online.bankerstrust.com/invr/. We begin posting statements to the Web at 7:00 p.m. Eastern Time on the business > day before each distribution date. SELLER: Impac Secured Assets Corp. ADMI >NISTRATOR: Jarrod Anderson SERVICER: Wendover Funding Inc. > Bankers Trust Company LEAD UNDERWRITER: Bear, Stearns & Co. > 3 Park Plaza RECORD DATE: November 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: December 28, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-2 Statement To Certificateholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A-1 41,883,993.00 37,482,944.33 203,032.62 629,297.70 >832,330.32 0.00 0.00 36,853,646.63 A-2 41,883,993.00 37,482,944.33 10,932.53 0.00 > 10,932.53 0.00 0.00 36,853,646.63 A-3 2,500,000.00 2,275,840.26 0.00 38,426.98 > 38,426.98 0.00 12,991.25 2,250,404.53 A-4 1,773,700.00 1,773,700.00 9,977.06 0.00 > 9,977.06 0.00 0.00 1,773,700.00 A-5 1,182,467.00 1,182,467.00 6,897.72 0.00 > 6,897.72 0.00 0.00 1,182,467.00 A-6 19,500,000.00 19,500,000.00 111,312.50 0.00 >111,312.50 0.00 0.00 19,500,000.00 A-7 30,727,000.00 26,998,171.88 154,114.56 775,567.19 >929,681.75 0.00 0.00 26,222,604.69 A-8 4,100,000.00 4,100,000.00 23,404.17 0.00 > 23,404.17 0.00 0.00 4,100,000.00 A-9 1,750,000.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 A-10 12,535,440.00 12,535,440.00 71,556.47 0.00 > 71,556.47 0.00 0.00 12,535,440.00 A-11 125,356,007.86 115,216,954.41 121,820.31 0.00 >121,820.31 0.00 0.00 113,779,777.52 M-1 3,760,600.00 3,747,314.12 21,390.92 2,750.48 > 24,141.40 0.00 0.00 3,744,563.64 M-2 1,566,900.00 1,561,364.28 8,912.79 1,146.02 > 10,058.81 0.00 0.00 1,560,218.26 M-3 1,253,600.00 1,249,171.14 7,130.69 916.87 > 8,047.56 0.00 0.00 1,248,254.27 B-1 1,378,900.00 1,374,028.47 7,843.41 1,008.52 > 8,851.93 0.00 0.00 1,373,019.95 B-2 689,400.00 686,964.40 3,921.42 504.22 > 4,425.64 0.00 0.00 686,460.18 B-3 752,206.00 749,548.53 4,278.67 550.16 > 4,828.83 0.00 0.00 748,998.37 R-I 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 R-II 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 125,354,406.00 115,216,954.41 766,525.84 1,450,168.14 2, >216,693.98 0.00 12,991.25 113,779,777.52 * Notional Balance 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 45254TAA2 894.922896 4.847499 15.024778 > 19.872277 879.898118 6.500000% 6.500000% A-2 45254TAB0 894.922896 0.261019 0.000000 > 0.261019 879.898118 0.350000% 0.350000% A-3 45254TAC8 910.336104 0.000000 15.370792 > 15.370792 900.161812 6.850000% 6.850000% A-4 45254TAD6 1,000.000000 5.624999 0.000000 > 5.624999 1,000.000000 6.750000% 6.750000% A-5 45254TAE4 1,000.000000 5.833330 0.000000 > 5.833330 1,000.000000 7.000000% 7.000000% A-6 45254TAF1 1,000.000000 5.708333 0.000000 > 5.708333 1,000.000000 6.850000% 6.850000% A-7 45254TAG9 878.646528 5.015607 25.240576 > 30.256183 853.405952 6.850000% 6.850000% A-8 45254TAH7 1,000.000000 5.708334 0.000000 > 5.708334 1,000.000000 6.850000% 6.850000% A-9 45254TAJ3 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.850000% 6.850000% A-10 45254TAK0 1,000.000000 5.708333 0.000000 > 5.708333 1,000.000000 6.850000% 6.850000% A-11 IM98S2A11 919.117930 0.971795 0.000000 > 0.971795 907.653167 1.268775% 1.267134% M-1 45254TAN4 996.467085 5.688167 0.731394 > 6.419561 995.735691 6.850000% 6.850000% M-2 45254TAP9 996.467088 5.688168 0.731393 > 6.419561 995.735695 6.850000% 6.850000% M-3 45254TAQ7 996.467087 5.688170 0.731390 > 6.419560 995.735697 6.850000% 6.850000% B-1 996.467090 5.688164 0.731395 > 6.419559 995.735695 6.850000% 6.850000% B-2 996.467073 5.688164 0.731390 > 6.419553 995.735683 6.850000% 6.850000% B-3 996.467098 5.688163 0.731395 > 6.419558 995.735703 6.850000% 6.850000% R-I 45254TAL8 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.850000% 6.850000% R-II 45254TAM6 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.850000% 6.850000% SELLER: Impac Secured Assets Corp. ADMI >NISTRATOR: Jarrod Anderson SERVICER: Wendover Funding Inc. > Bankers Trust Company LEAD UNDERWRITER: Bear, Stearns & Co. > 3 Park Plaza RECORD DATE: November 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: December 28, 1998 > FACTOR INFORMATION(800) 735-7777 Page 2 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-2 Statement To Certificateholders 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 719,780.15 >837,876.55 1.00 1,557,657.70 PERCENTAGE OF POOL BALANCE 0.6326% > 0.7364% 0.0000% 1.3690% NUMBER OF LOANS 3 > 3 0 6 PERCENTAGE OF LOANS 0.8403% > 0.8403% 0.0000% 1.6807% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE 0.00 > 0.00 398,961.93 398,961.93 PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.3506% 0.3506% NUMBER OF LOANS 0 > 0 1 1 PERCENTAGE OF LOANS 0.0000% > 0.0000% 0.2801% 0.2801% BANKRUPTCY 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% 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% BOOK VALUE REO PROPERTY: > 0.00 TOTAL REO PROPERTY: > 0 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 693,199.65 AGGREGATE COLLECTIONS OF SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS >: 84,567.65 AGGREGATE COLLECTIONS OF PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: > 8,499.01 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 786,266.31 SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT > 6,876.27 CLASS M-1 PREPAYMENT DISTRIBUTION PERCENTAGE > 57.14% CLASS M-2 PREPAYMENT DISTRIBUTION PERCENTAGE > 23.81% CLASS M-3 PREPAYMENT DISTRIBUTION PERCENTAGE > 19.05% CLASS B-1 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% CLASS B-2 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% CLASS B-3 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 ENDING AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: > 113,779,777.52 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 357 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.1188% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 345 Page 3 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-2 Statement To Certificateholders Distribution Date: December 28, 1998 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 12,085.75 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 105,861.94 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 117,947.69 HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? > NO AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: > 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: > 0.00 SENIOR ACCELERATED DISTRIBUTION PERCENTAGE > 100.00% SENIOR PERCENTAGE > 91.87% CLASS M-1 PERCENTAGE > 3.25% CLASS M-2 PERCENTAGE > 1.36% CLASS M-3 PERCENTAGE > 1.08% CLASS B-1 PERCENTAGE > 1.19% CLASS B-2 PERCENTAGE > 0.60% CLASS B-3 PERCENTAGE > 0.65% SUBORDINATE PERCENTAGE > 8.13% LOCKOUT PERCENTAGE > 0.00% INITIAL SPECIAL HAZARD AMOUNT > 1,774,883.00 INITIAL FRAUD LOSS AMOUNT > 2,304,339.09 INITIAL BANKRUPTCY AMOUNT > 100,000.00 Page 4 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-2 Statement To Certificateholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE X 83,470,303.00 76,844,041.60 438,651.40 1,857,276.71 2, >295,928.11 0.00 0.00 74,986,764.89 Y 41,883,993.00 36,935,735.92 210,841.50 1,401,930.33 1, >612,771.83 0.00 0.00 35,533,805.59 Z * 125,354,396.00 113,779,777.52 120,145.19 0.00 >120,145.19 0.00 0.00 110,520,570.48 R-I 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 125,354,396.00 113,779,777.52 769,638.09 3,259,207.04 4, >028,845.13 0.00 0.00 110,520,570.48 * Notional Balance FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT X 920.615343 5.255179 22.250748 > 27.505928 898.364594 6.850000% 6.850000% Y 881.858039 5.033940 33.471745 > 38.505685 848.386294 6.850000% 6.850000% Z * 907.664838 0.958444 0.000000 > 0.958444 881.664896 1.267134% 1.265552% R-I 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.850000% 6.850000% * This statement is also available on Bankers Trust's Website, h >ttp://online.bankerstrust.com/invr/. We begin posting statements to the Web at 7:00 p.m. Eastern Time on the business > day before each distribution date. SELLER: Impac Secured Assets Corp. ADMI >NISTRATOR: Jarrod Anderson SERVICER: Wendover Funding Inc. > Bankers Trust Company LEAD UNDERWRITER: Bear, Stearns & Co. > 3 Park Plaza RECORD DATE: December 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: January 25, 1999 > FACTOR INFORMATION(800) 735-7777 Page 1 of 4 > (c) COPYRIGHT 1999 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-2 Statement To Certificateholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A-1 41,883,993.00 36,853,646.63 199,623.92 1,414,776.39 1, >614,400.31 0.00 0.00 35,438,870.24 A-2 41,883,993.00 36,853,646.63 10,748.98 0.00 > 10,748.98 0.00 0.00 35,438,870.24 A-3 2,500,000.00 2,250,404.53 0.00 86,884.03 > 86,884.03 0.00 12,846.06 2,176,366.56 A-4 1,773,700.00 1,773,700.00 9,977.06 0.00 > 9,977.06 0.00 0.00 1,773,700.00 A-5 1,182,467.00 1,182,467.00 6,897.72 0.00 > 6,897.72 0.00 0.00 1,182,467.00 A-6 19,500,000.00 19,500,000.00 111,312.50 0.00 >111,312.50 0.00 0.00 19,500,000.00 A-7 30,727,000.00 26,222,604.69 149,687.37 1,763,581.18 1, >913,268.55 0.00 0.00 24,459,023.51 A-8 4,100,000.00 4,100,000.00 23,404.17 0.00 > 23,404.17 0.00 0.00 4,100,000.00 A-9 1,750,000.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 A-10 12,535,440.00 12,535,440.00 71,556.47 0.00 > 71,556.47 0.00 0.00 12,535,440.00 A-11 125,356,007.86 113,779,777.52 120,145.19 0.00 >120,145.19 0.00 0.00 110,520,570.48 M-1 3,760,600.00 3,744,563.64 21,375.22 2,724.57 > 24,099.79 0.00 0.00 3,741,839.07 M-2 1,566,900.00 1,560,218.26 8,906.25 1,135.22 > 10,041.47 0.00 0.00 1,559,083.04 M-3 1,253,600.00 1,248,254.27 7,125.45 908.24 > 8,033.69 0.00 0.00 1,247,346.03 B-1 1,378,900.00 1,373,019.95 7,837.66 999.02 > 8,836.68 0.00 0.00 1,372,020.93 B-2 689,400.00 686,460.18 3,918.54 499.47 > 4,418.01 0.00 0.00 685,960.71 B-3 752,206.00 748,998.37 4,275.53 544.98 > 4,820.51 0.00 0.00 748,453.39 R-I 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 R-II 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 125,354,406.00 113,779,777.52 756,792.03 3,272,053.10 4, >028,845.13 0.00 12,846.06 110,520,570.48 * Notional Balance 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 45254TAA2 879.898118 4.766115 33.778451 > 38.544565 846.119668 6.500000% 6.500000% A-2 45254TAB0 879.898118 0.256637 0.000000 > 0.256637 846.119668 0.350000% 0.350000% A-3 45254TAC8 900.161812 0.000000 34.753612 > 34.753612 870.546624 6.850000% 6.850000% A-4 45254TAD6 1,000.000000 5.624999 0.000000 > 5.624999 1,000.000000 6.750000% 6.750000% A-5 45254TAE4 1,000.000000 5.833330 0.000000 > 5.833330 1,000.000000 7.000000% 7.000000% A-6 45254TAF1 1,000.000000 5.708333 0.000000 > 5.708333 1,000.000000 6.850000% 6.850000% A-7 45254TAG9 853.405952 4.871526 57.395163 > 62.266689 796.010789 6.850000% 6.850000% A-8 45254TAH7 1,000.000000 5.708334 0.000000 > 5.708334 1,000.000000 6.850000% 6.850000% A-9 45254TAJ3 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.850000% 6.850000% A-10 45254TAK0 1,000.000000 5.708333 0.000000 > 5.708333 1,000.000000 6.850000% 6.850000% A-11 IM98S2A11 907.653167 0.958432 0.000000 > 0.958432 881.653559 1.267134% 1.265552% M-1 45254TAN4 995.735691 5.683992 0.724504 > 6.408496 995.011187 6.850000% 6.850000% M-2 45254TAP9 995.735695 5.683994 0.724501 > 6.408494 995.011194 6.850000% 6.850000% M-3 45254TAQ7 995.735697 5.683990 0.724505 > 6.408496 995.011192 6.850000% 6.850000% B-1 995.735695 5.683994 0.724505 > 6.408500 995.011190 6.850000% 6.850000% B-2 995.735683 5.683986 0.724500 > 6.408486 995.011184 6.850000% 6.850000% B-3 995.735703 5.683988 0.724509 > 6.408497 995.011194 6.850000% 6.850000% R-I 45254TAL8 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.850000% 6.850000% R-II 45254TAM6 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.850000% 6.850000% SELLER: Impac Secured Assets Corp. ADMI >NISTRATOR: Jarrod Anderson SERVICER: Wendover Funding Inc. > Bankers Trust Company LEAD UNDERWRITER: Bear, Stearns & Co. > 3 Park Plaza RECORD DATE: December 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: January 25, 1999 > FACTOR INFORMATION(800) 735-7777 Page 2 of 4 > (c) COPYRIGHT 1999 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-2 Statement To Certificateholders 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 2,176,996.23 >266,837.37 233,149.28 2,676,982.88 PERCENTAGE OF POOL BALANCE 1.9698% > 0.2414% 0.2110% 2.4222% NUMBER OF LOANS 6 > 1 1 8 PERCENTAGE OF LOANS 1.7291% > 0.2882% 0.2882% 2.3055% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE 0.00 > 0.00 720,028.58 720,028.58 PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.6515% 0.6515% NUMBER OF LOANS 0 > 0 2 2 PERCENTAGE OF LOANS 0.0000% > 0.0000% 0.5764% 0.5764% BANKRUPTCY 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% 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% BOOK VALUE REO PROPERTY: > 0.00 TOTAL REO PROPERTY: > 0 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 653,657.76 AGGREGATE COLLECTIONS OF SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS >: 82,786.90 AGGREGATE COLLECTIONS OF PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: > 19,616.13 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 756,060.79 SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT > 6,811.50 CLASS M-1 PREPAYMENT DISTRIBUTION PERCENTAGE > 57.14% CLASS M-2 PREPAYMENT DISTRIBUTION PERCENTAGE > 23.81% CLASS M-3 PREPAYMENT DISTRIBUTION PERCENTAGE > 19.05% CLASS B-1 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% CLASS B-2 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% CLASS B-3 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 ENDING AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: > 110,520,570.48 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 347 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.1171% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 344 Page 3 of 4 > (c) COPYRIGHT 1999 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-2 Statement To Certificateholders Distribution Date: January 25, 1999 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 13,171.62 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 135,116.96 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 148,288.58 HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? > NO AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: > 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: > 0.00 SENIOR ACCELERATED DISTRIBUTION PERCENTAGE > 100.00% SENIOR PERCENTAGE > 91.77% CLASS M-1 PERCENTAGE > 3.29% CLASS M-2 PERCENTAGE > 1.37% CLASS M-3 PERCENTAGE > 1.10% CLASS B-1 PERCENTAGE > 1.21% CLASS B-2 PERCENTAGE > 0.60% CLASS B-3 PERCENTAGE > 0.66% SUBORDINATE PERCENTAGE > 8.23% LOCKOUT PERCENTAGE > 0.00% INITIAL SPECIAL HAZARD AMOUNT > 1,774,883.00 INITIAL FRAUD LOSS AMOUNT > 2,275,595.55 INITIAL BANKRUPTCY AMOUNT > 100,000.00 Page 4 of 4 > (c) COPYRIGHT 1999 Bankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----