-----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, VrPlq5+aAYedoz4pv3kGi7X8AGLT8H4AdKNJwRcJouoz+YUmyv29n2jghVmB8P+w bN8wrpNJwYWrJhVP9VSRvg== 0001020242-99-000033.txt : 19990202 0001020242-99-000033.hdr.sgml : 19990202 ACCESSION NUMBER: 0001020242-99-000033 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 MPT CERTS SERIES 1998-3 CENTRAL INDEX KEY: 0001072296 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: 333-44209-01 FILM NUMBER: 99517612 BUSINESS ADDRESS: STREET 1: 20371 IRVINE AVENUE STREET 2: 3 PARK PLZ 16TH FL CITY: SANTA ANA STATE: CA ZIP: 92707 BUSINESS PHONE: 9492537562 MAIL ADDRESS: STREET 1: C/O BANKERS TRUST CO STREET 2: 3 PARK PLZ 16TH FL 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 CORP. (as company under a Pooling and Servicing Agreement, dated September 1, 1998, providing for, inter alia, the issuance of Mortgage Pass-Through Certificates, Series, 1998-3). IMPAC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-3 (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 Indenture, dated as of September 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 1998-3 Statement To Certificateholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A-1 269,772,582.00 266,358,424.45 1,553,757.48 2,126,907.24 3, >680,664.72 0.00 0.00 264,231,517.21 A-2 9,991,578.00 9,865,127.71 0.00 78,774.35 > 78,774.35 0.00 0.00 9,786,353.36 A-3 297,621,553.63 294,055,824.84 241,021.67 0.00 >241,021.67 0.00 0.00 291,837,501.04 M-1 7,291,728.00 7,281,511.11 40,958.50 5,162.24 > 46,120.74 0.00 0.00 7,276,348.87 M-2 3,571,458.00 3,566,453.81 20,061.30 2,528.44 > 22,589.74 0.00 0.00 3,563,925.37 M-3 2,083,350.00 2,080,430.89 11,702.42 1,474.92 > 13,177.34 0.00 0.00 2,078,955.97 B-1 2,083,350.00 2,080,430.89 11,702.42 1,474.92 > 13,177.34 0.00 0.00 2,078,955.97 B-2 1,190,486.00 1,188,817.94 6,687.10 842.81 > 7,529.91 0.00 0.00 1,187,975.13 B-3 1,636,921.63 1,634,628.04 9,194.81 1,158.88 > 10,353.69 0.00 0.00 1,633,469.16 Ex-St297,621,553.63 294,055,824.84 112,707.09 0.00 >112,707.09 0.00 0.00 291,837,501.04 R 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 297,621,553.63 294,055,824.84 2,007,792.79 2,218,323.80 4, >226,116.59 0.00 0.00 291,837,501.04 * The balances for Class A-3 and the Excess Servicing Strip denote a Notional >Balance. FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A-1 987.344312 5.759509 7.884075 > 13.643583 979.460237 7.000000% 7.000000% A-2 987.344312 0.000000 7.884075 > 7.884075 979.460237 0.000000% 0.000000% A-3 * 988.019252 0.809826 0.000000 > 0.809826 980.565747 0.983600% 0.982900% M-1 998.598838 5.617118 0.707958 > 6.325077 997.890880 6.750000% 6.750000% M-2 998.598838 5.617118 0.707957 > 6.325075 997.890881 6.750000% 6.750000% M-3 998.598838 5.617117 0.707956 > 6.325073 997.890882 6.750000% 6.750000% B-1 998.598838 5.617117 0.707956 > 6.325073 997.890882 6.750000% 6.750000% B-2 998.598841 5.617118 0.707955 > 6.325072 997.890887 6.750000% 6.750000% B-3 998.598839 5.617135 0.707963 > 6.325098 997.890876 6.750000% 6.750000% Ex-Strip * 988.019252 0.378693 0.000000 > 0.378693 980.565747 0.459900% 0.459600% R 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.750000% 6.750000% This statement is also available on Bankers Trust's website, http://online >.bankerstrust.com/invr. We begin posting statements to the website at 7:00 p.m. EST on the busines >s day before each distribution date. SELLER: Impac Funding Corporation ADMI >NISTRATOR: Jarrod Anderson SERVICER: PNC Mortgage Securities Corp. > Bankers Trust Company LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette > 3 Park Plaza RECORD DATE: November 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: December 28, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 3 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-3 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 1,110,997.45 > 0.00 0.00 1,110,997.45 PERCENTAGE OF POOL BALANCE 0.3807% > 0.0000% 0.0000% 0.3807% NUMBER OF LOANS 8 > 0 0 8 PERCENTAGE OF LOANS 0.3493% > 0.0000% 0.0000% 0.3493% 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 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 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 1,971,506.15 AGGREGATE COLLECTIONS OF SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS >: 208,471.20 AGGREGATE COLLECTIONS OF PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: > 2,009,852.60 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 4,189,829.95 SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT > 12,642.21 CLASS M-1 PREPAYMENT DISTRIBUTION PERCENTAGE > 100.00% CLASS M-2 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% CLASS M-3 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% 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: > 291,837,501.04 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 2,290 WEIGHTED AVERAGE POOL STRIP RATE > 1.4435% CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.1935% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 346 Page 2 of 3 > (c) COPYRIGHT 1998 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-3 Statement To Certificateholders Distribution Date: December 28, 1998 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 4,033.73 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 39,349.72 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 43,383.45 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 > 93.94% CLASS M-1 PERCENTAGE > 2.48% CLASS M-2 PERCENTAGE > 1.21% CLASS M-3 PERCENTAGE > 0.71% CLASS B-1 PERCENTAGE > 0.71% CLASS B-2 PERCENTAGE > 0.40% CLASS B-3 PERCENTAGE > 0.56% SUBORDINATE PERCENTAGE > 6.06% AGGREGATE FORECLOSED LOAN RECOVERIES > 0.00 SPECIAL HAZARD AMOUNT > 2,976,216.00 FRAUD LOSS AMOUNT > 5,952,431.07 BANKRUPTCY AMOUNT > 143,230.00 Class Interest Accrued Net >Interest Shortfall Aggregate Unpaid Interest Class A-1 1,553,757.48 > 0.00 0.00 Class A-2 0.00 > 0.00 0.00 Class A-3 241,021.67 > 0.00 0.00 Class M-1 40,958.50 > 0.00 0.00 Class M-2 20,061.30 > 0.00 0.00 Class M-3 11,702.42 > 0.00 0.00 Class B-1 11,702.42 > 0.00 0.00 Class B-2 6,687.10 > 0.00 0.00 Class B-3 9,194.81 > 0.00 0.00 Class Ex-Strip 112,707.09 > 0.00 0.00 Class R 0.00 > 0.00 0.00 Page 3 of 3 > (c) COPYRIGHT 1998 Bankers Trust Company a Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-3 Statement To Certificateholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A-1 269,772,582.00 264,231,517.21 1,541,350.52 3,194,201.21 4, >735,551.73 0.00 0.00 261,037,316.00 A-2 9,991,578.00 9,786,353.36 0.00 118,303.76 >118,303.76 0.00 0.00 9,668,049.60 A-3 297,621,553.63 291,837,501.04 239,030.79 0.00 >239,030.79 0.00 0.00 288,512,340.31 M-1 7,291,728.00 7,276,348.87 40,929.46 5,167.77 > 46,097.23 0.00 0.00 7,271,181.10 M-2 3,571,458.00 3,563,925.37 20,047.08 2,531.15 > 22,578.23 0.00 0.00 3,561,394.22 M-3 2,083,350.00 2,078,955.97 11,694.13 1,476.50 > 13,170.63 0.00 0.00 2,077,479.47 B-1 2,083,350.00 2,078,955.97 11,694.13 1,476.50 > 13,170.63 0.00 0.00 2,077,479.47 B-2 1,190,486.00 1,187,975.13 6,682.36 843.72 > 7,526.08 0.00 0.00 1,187,131.41 B-3 1,636,921.63 1,633,469.16 9,188.28 1,160.12 > 10,348.40 0.00 0.00 1,632,309.04 Ex-St297,621,553.63 291,837,501.04 111,776.12 0.00 >111,776.12 0.00 0.00 288,512,340.31 R 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 297,621,553.63 291,837,501.04 1,992,392.87 3,325,160.73 5, >317,553.60 0.00 0.00 288,512,340.31 * The balances for Class A-3 and the Excess Servicing Strip denote a Notional >Balance. FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A-1 979.460237 5.713518 11.840348 > 17.553866 967.619890 7.000000% 7.000000% A-2 979.460237 0.000000 11.840348 > 11.840348 967.619889 0.000000% 0.000000% A-3 * 980.565747 0.803137 0.000000 > 0.803137 969.393301 0.982900% 0.982000% M-1 997.890880 5.613136 0.708717 > 6.321853 997.182163 6.750000% 6.750000% M-2 997.890881 5.613136 0.708716 > 6.321852 997.182165 6.750000% 6.750000% M-3 997.890882 5.613137 0.708714 > 6.321852 997.182168 6.750000% 6.750000% B-1 997.890882 5.613137 0.708714 > 6.321852 997.182168 6.750000% 6.750000% B-2 997.890887 5.613136 0.708719 > 6.321855 997.182168 6.750000% 6.750000% B-3 997.890876 5.613146 0.708721 > 6.321866 997.182156 6.750000% 6.750000% Ex-Strip * 980.565747 0.375565 0.000000 > 0.375565 969.393301 0.459600% 0.459200% R 0.000000 0.000000 0.000000 > 0.000000 0.000000 6.750000% 6.750000% This statement is also available on Bankers Trust's website, http://online >.bankerstrust.com/invr. We begin posting statements to the website at 7:00 p.m. EST on the busines >s day before each distribution date. SELLER: Impac Funding Corporation ADMI >NISTRATOR: Jarrod Anderson SERVICER: PNC Mortgage Securities Corp. > Bankers Trust Company LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette > 3 Park Plaza RECORD DATE: December 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: January 25, 1999 > FACTOR INFORMATION(800) 735-7777 Page 1 of 3 > (c) COPYRIGHT 1999 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-3 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 1,186,563.45 >291,331.15 0.00 1,477,894.60 PERCENTAGE OF POOL BALANCE 0.4113% > 0.1010% 0.0000% 0.5122% NUMBER OF LOANS 9 > 3 0 12 PERCENTAGE OF LOANS 0.3975% > 0.1325% 0.0000% 0.5300% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE #N/A > #N/A #N/A #N/A PERCENTAGE OF POOL BALANCE #N/A > #N/A #N/A #N/A NUMBER OF LOANS #N/A > #N/A #N/A #N/A PERCENTAGE OF LOANS #N/A > #N/A #N/A #N/A BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE #N/A > #N/A #N/A #N/A PERCENTAGE OF POOL BALANCE #N/A > #N/A #N/A #N/A NUMBER OF LOANS #N/A > #N/A #N/A #N/A PERCENTAGE OF LOANS #N/A > #N/A #N/A #N/A REO LOAN INFORMATION: PRINCIPAL BALANCE #N/A > #N/A #N/A #N/A PERCENTAGE OF POOL BALANCE #N/A > #N/A #N/A #N/A NUMBER OF LOANS #N/A > #N/A #N/A #N/A PERCENTAGE OF LOANS #N/A > #N/A #N/A #N/A BOOK VALUE REO PROPERTY: > 0.00 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 1,936,405.50 AGGREGATE COLLECTIONS OF SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS >: 207,267.27 AGGREGATE COLLECTIONS OF PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: > 3,117,893.46 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 5,261,566.23 SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT > 12,655.76 CLASS M-1 PREPAYMENT DISTRIBUTION PERCENTAGE > 100.00% CLASS M-2 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% CLASS M-3 PREPAYMENT DISTRIBUTION PERCENTAGE > 0.00% 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: > 288,512,340.31 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 2,264 WEIGHTED AVERAGE POOL STRIP RATE > 1.4425% CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.1925% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 345 Page 2 of 3 > (c) COPYRIGHT 1999 Bankers Trust Company Impac Secured Assets Corp. Mortgage Pass-Through Certificates Series 1998-3 Statement To Certificateholders Distribution Date: January 25, 1999 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 5,134.33 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 59,027.34 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 64,161.67 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 > 93.89% CLASS M-1 PERCENTAGE > 2.49% CLASS M-2 PERCENTAGE > 1.22% CLASS M-3 PERCENTAGE > 0.71% CLASS B-1 PERCENTAGE > 0.71% CLASS B-2 PERCENTAGE > 0.41% CLASS B-3 PERCENTAGE > 0.56% SUBORDINATE PERCENTAGE > 6.11% AGGREGATE FORECLOSED LOAN RECOVERIES > 0.00 SPECIAL HAZARD AMOUNT > 2,976,216.00 FRAUD LOSS AMOUNT > 5,952,431.07 BANKRUPTCY AMOUNT > 143,230.00 Class Interest Accrued Net >Interest Shortfall Aggregate Unpaid Interest Class A-1 1,541,350.52 > 0.00 0.00 Class A-2 0.00 > 0.00 0.00 Class A-3 239,030.79 > 0.00 0.00 Class M-1 40,929.46 > 0.00 0.00 Class M-2 20,047.08 > 0.00 0.00 Class M-3 11,694.13 > 0.00 0.00 Class B-1 11,694.13 > 0.00 0.00 Class B-2 6,682.36 > 0.00 0.00 Class B-3 9,188.28 > 0.00 0.00 Class Ex-Strip 111,776.12 > 0.00 0.00 Class R 0.00 > 0.00 0.00 Page 3 of 3 > (c) COPYRIGHT 1999 Bankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----