-----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, RSOR+UDYA7U41RUQmofMon3CNZtiLFTQeybjmeaYoPfxeAU3bJ4PDXZ2B7SQla2b jDWMPAggQJyqE2q/EBr/yQ== 0001020242-98-000147.txt : 19981209 0001020242-98-000147.hdr.sgml : 19981209 ACCESSION NUMBER: 0001020242-98-000147 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981026 ITEM INFORMATION: FILED AS OF DATE: 19981208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPAC SECURED ASSETS CORP MPT CERTS SERIES 1998-3 CENTRAL INDEX KEY: 0001072296 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-44209-01 FILM NUMBER: 98765693 BUSINESS ADDRESS: STREET 1: C/O BANKERS TRUST CO STREET 2: 3 PARK PLZ 16TH FL CITY: IRVINE STATE: CA ZIP: 92614 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 December 8, 1998 Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 1998-3; File No. 333-44209. Ladies and Gentlemen: Enclosed herewith for filing on behalf of Impac Secured Assets Corp. under the Pooling and Servicing Agreement dated and effective as of September 1, 1998, among the Depositor, PNC Mortgage Securities Corp., as master servicer (the "Master Servicer"), and Bankers Trust Company of California, N.A., as trustee (the "Trustee"), providing for, among other things, the issuance of Mortgage Pass-Through Certificates, Series 1998-3, is a Current Report on Form 8-K. The Series 1998-3 Mortgage Pass-Through Certificates will include the following four classes (the "Senior Certificates"); (i) Class A-1 Certificates; (ii) Class A-2 Certificates (the "Principal Only Certificates"); (iii) Class A-3 Certificates (the "Variable Strip Certificates"), and (iii) Class R Certificates (the "Residual Certificates"). In addition to the Senior Certificates, the Series 1998-3 Mortgage Pass-Through Certificates will also include six classes of subordinate certificates which are designated as the Class M-1 Certificates, Class M-2 Certificates and the Class M-3 Certificates (collectively, the Class M Certificates") and the Class B-1 Certificates, Class B-2 Certificates and Class B-3 Certificates (collectively, the "Class B Certificates" and, together with the Class M Certificates and Senior Certificates, the "Certificates"). Only the Senior Certificates and the Class M Certificates (together, the "Offered Certificates") are offered hereby. The Certificates were registered under the Securities Act of 1933. As a result, the Registrant is subject to the filing requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Trust intends to fulfill these filing requirements in the manner described herein: The agent for Registrant will file, promptly after each Distribution Date (as defined in the Indenture), a Current Report on Form 8-K in substantially the form enclosed herewith, including as an exhibit thereto the applicable Distribution Date Report. Each such Current Report will also disclose under Item 5 any matter occurring during the relevant reporting period which would be reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q. Within 90 days after the end of each fiscal year, the agent for the Registrant will file an annual report of Form 10-K, which responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and Item 14 of Part IV thereof, and include as exhibits thereto certain information from the Distribution Date reports aggregated for such year and a copy of the independent accountants' annual compliance statement required under the Pooling and Servicing Agreement. The agent for the Registrant will follow the above procedures except for any fiscal year as to which its reporting obligations under Section 15(d) of the Exchange Act have been suspended pursuant to such Section. In such event, the agent for the Registrant will file a Form 15 as required under Rule 15d-6. Should you wish to discuss the above filing procedures, please call Judy L. Gomez at (714) 253-7562. Sincerely, /s/ Judy L. Gomez Assistant Vice President Bankers Trust Company of California, N.A. S.E.C. Reporting Agent for Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series, 1998-3. 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): October 26, 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 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 September 1, 1998. Date: December 8, 1998 By: /s/ Judy L. Gomez Judy L. Gomez Assistant Vice President EXHIBIT INDEX Document 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. 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-1 269,772,582.00 269,772,582.00 1,573,673.40 1,352,492.81 2, >926,166.21 0.00 0.00 268,420,089.19 A-2 9,991,578.00 9,991,578.00 0.00 50,092.33 > 50,092.33 0.00 0.00 9,941,485.67 A-3 0.00 0.00 243,975.27 0.00 >243,975.27 0.00 0.00 0.00 M-1 7,291,728.00 7,291,728.00 41,015.97 5,077.38 > 46,093.35 0.00 0.00 7,286,650.62 M-2 3,571,458.00 3,571,458.00 20,089.45 2,486.88 > 22,576.33 0.00 0.00 3,568,971.12 M-3 2,083,350.00 2,083,350.00 11,718.84 1,450.68 > 13,169.52 0.00 0.00 2,081,899.32 B-1 2,083,350.00 2,083,350.00 11,718.84 1,450.68 > 13,169.52 0.00 0.00 2,081,899.32 B-2 1,190,486.00 1,190,486.00 6,696.48 828.96 > 7,525.44 0.00 0.00 1,189,657.04 B-3 1,636,921.63 1,636,921.63 9,207.68 1,139.82 > 10,347.50 0.00 0.00 1,635,781.81 Strip 0.00 0.00 114,088.26 0.00 >114,088.26 0.00 0.00 0.00 R 100.00 100.00 0.56 100.00 > 100.56 0.00 0.00 0.00 TOTALS 297,621,553.63 297,621,553.63 2,032,184.75 1,415,119.54 3, >447,304.29 0.00 0.00 296,206,434.09 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A-1 1,000.000000 5.833333 5.013455 > 10.846789 994.986545 7.000000% 7.000000% A-2 1,000.000000 0.000000 5.013455 > 5.013455 994.986545 0.000000% 0.000000% A-3 0.000000 0.819750 0.000000 > 0.819750 0.000000 0.983700% 0.993400% M-1 1,000.000000 5.625000 0.696321 > 6.321321 999.303679 6.750000% 6.750000% M-2 1,000.000000 5.625000 0.696321 > 6.321320 999.303679 6.750000% 6.750000% M-3 1,000.000000 5.624998 0.696321 > 6.321319 999.303679 6.750000% 6.750000% B-1 1,000.000000 5.624998 0.696321 > 6.321319 999.303679 6.750000% 6.750000% B-2 1,000.000000 5.624997 0.696321 > 6.321318 999.303679 6.750000% 6.750000% B-3 1,000.000000 5.624997 0.696319 > 6.321317 999.303681 6.750000% 6.750000% Strip 0.000000 0.383333 0.000000 > 0.383333 0.000000 0.460000% 0.464500% R 1,000.000000 5.600000 1,000.000000 1, >005.600000 0.000000 6.750000% 6.750000% * 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 busin >ess 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: September 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: October 26, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 3 > COPYRIGHT 1998 Bankers Trust Company > Impac Secured Assets Co >rp. > Mortgage Pass-Through C >ertificates > Series 1998-3 > Statement To Certific >ateholders > Distribution Date: > October 26, 1998 > DELINQUENT AND > FORECLOSURE LOAN > 30 TO 59 60 TO 89 90 PLUS > INFORMATION > DAYS DAYS DAYS TOTAL > > PRINCIPAL BALANCE > 0.00 0.00 0.00 0.00 > > PERCENTAGE OF POOL BALA >NCE 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% > > FORECLOSURE LOAN INFORM >ATION: > PRINCIPAL BALANCE > 0.00 0.00 0.00 0.00 > > PERCENTAGE OF POOL BALA >NCE 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 INFORMA >TION: > PRINCIPAL BALANCE > 0.00 0.00 0.00 0.00 > > PERCENTAGE OF POOL BALA >NCE 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 BALA >NCE 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 O >F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 2,033,900.0 > > AGGREGATE COLLECTIONS O >F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 207,239.98 > > AGGREGATE COLLECTIONS O >F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 1,207,869.2 > > AGGREGATE COLLECTIONS W >ITH RESPECT TO THE MORTGAGE LOANS: 3,449,009.2 > > SUBORDINATE PRINCIPAL D >ISTRIBUTION AMOUNT 12,434.40 > > CLASS M-1 PREPAYMENT DI >STRIBUTION PERCENTAGE 100.00% > > CLASS M-2 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > CLASS M-3 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > CLASS B-1 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > CLASS B-2 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > CLASS B-3 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > AGGREGATE PRIOR UNPAID >INTEREST SHORTFALL: 0.00 > > ENDING AGGREGATE PRINCI >PAL BALANCE OF THE MORTGAGE LOANS: 296,206,444.36 > > AGGREGATE NUMBER OF THE > MORTGAGE LOANS IN POOL: 2,317 > > WEIGHTED AVERAGE POOL S >TRIP RATE 1.4437% > > CURRENT WEIGHTED AVERAG >E NET MORTGAGE RATE: 8.1937% > > CURRENT WEIGHTED AVERAG >E MONTHS TO MATURITY: 348 > > > Page 2 of 3 COPYRIGHT 1998 B > > Impac Secured Assets Co >rp. > Mortgage Pass-Through C >ertificates > Series 1998-3 > Statement To Certific >ateholders > Distribution Date: > October 26, 1998 > AMOUNT OF PRINCIPAL ADV >ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 330.87 > > AMOUNT OF INTEREST ADVA >NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 1,395.24 > > AGGREGATE ADVANCES MADE > WITH RESPECT TO THE RELATED PAYMENT DATE: 1,726.11 > > HAS THE CREDIT SUPPORT >DEPLETION DATE OCCURRED? NO > AGGREGATE AMOUNT OF REA >LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00 > > CUMULATIVE AMOUNT OF RE >ALIZED LOSSES SINCE THE CLOSING DATE: 0.00 > > SENIOR ACCELERATED DIST >RIBUTION PERCENTAGE 100.00% > > SENIOR PERCENTAGE > 94.00% > > CLASS M-1 PERCENTAGE > 2.45% > > CLASS M-2 PERCENTAGE > 1.20% > > CLASS M-3 PERCENTAGE > 0.70% > > CLASS B-1 PERCENTAGE > 0.70% > > CLASS B-2 PERCENTAGE > 0.40% > > CLASS B-3 PERCENTAGE > 0.55% > > SUBORDINATE PERCENTAGE > 6.00% > > AGGREGATE FORECLOSED LO >AN RECOVERIES 0.00 > > SPECIAL HAZARD AMOUNT > 2,976,216.0 > > FRAUD LOSS AMOUNT > 5,952,431.0 > > BANKRUPTCY AMOUNT > 143,230.00 > > Class > Interest Accrued Net Interest Shortfall Aggregate Unpaid Intere > > Clas >s A-1 1,573,673.40 0.00 0.00 > Clas >s A-2 0.00 0.00 0.00 > Clas >s A-3 243,975.27 0.00 0.00 > Clas >s M-1 41,015.97 0.00 0.00 > Clas >s M-2 20,089.45 0.00 0.00 > Clas >s M-3 11,718.84 0.00 0.00 > Clas >s B-1 11,718.84 0.00 0.00 > Clas >s B-2 6,696.48 0.00 0.00 > Clas >s B-3 9,207.68 0.00 0.00 > Clas >s Strip 114,088.26 0.00 0.00 > Clas >s R 0.56 0.00 0.00 > > Page 3 of 3 COPYRIGHT 1998 B > ankers Trust Company st ankers Trust Company 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-1 269,772,582.00 268,420,089.19 1,565,783.92 2,061,664.74 3, >627,448.66 0.00 0.00 266,358,424.45 A-2 9,991,578.00 9,941,485.67 0.00 76,357.96 > 76,357.96 0.00 0.00 9,865,127.71 A-3 297,621,553.63 296,206,444.36 242,711.58 0.00 >242,711.58 0.00 0.00 294,055,824.84 M-1 7,291,728.00 7,286,650.62 40,987.41 5,139.51 > 46,126.92 0.00 0.00 7,281,511.11 M-2 3,571,458.00 3,568,971.12 20,075.46 2,517.31 > 22,592.77 0.00 0.00 3,566,453.81 M-3 2,083,350.00 2,081,899.32 11,710.68 1,468.43 > 13,179.11 0.00 0.00 2,080,430.89 B-1 2,083,350.00 2,081,899.32 11,710.68 1,468.43 > 13,179.11 0.00 0.00 2,080,430.89 B-2 1,190,486.00 1,189,657.04 6,691.82 839.10 > 7,530.92 0.00 0.00 1,188,817.94 B-3 1,636,921.63 1,635,781.81 9,201.29 1,153.77 > 10,355.06 0.00 0.00 1,634,628.04 Ex-St297,621,553.63 296,206,444.36 113,497.34 0.00 >113,497.34 0.00 0.00 294,055,824.84 R 100.00 0.00 0.00 0.00 > 0.00 0.00 0.00 0.00 TOTALS 297,621,553.63 296,206,434.09 2,022,370.18 2,150,609.25 4, >172,979.43 0.00 0.00 294,055,824.84 * 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-1 994.986545 5.804088 7.642232 > 13.446321 987.344312 7.000000% 7.000000% A-2 994.986545 0.000000 7.642232 > 7.642232 987.344312 0.000000% 0.000000% A-3 * 995.245273 0.815504 0.000000 > 0.815504 988.019252 0.983300% 0.983600% M-1 999.303679 5.621083 0.704841 > 6.325924 998.598838 6.750000% 6.750000% M-2 999.303679 5.621082 0.704841 > 6.325923 998.598838 6.750000% 6.750000% M-3 999.303679 5.621081 0.704841 > 6.325922 998.598838 6.750000% 6.750000% B-1 999.303679 5.621081 0.704841 > 6.325922 998.598838 6.750000% 6.750000% B-2 999.303679 5.621082 0.704838 > 6.325921 998.598841 6.750000% 6.750000% B-3 999.303681 5.621094 0.704841 > 6.325935 998.598839 6.750000% 6.750000% Ex-Strip * 995.245273 0.381348 0.000000 > 0.381348 988.019252 0.459800% 0.459900% 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: October 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: November 25, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 3 > COPYRIGHT 1998 Bankers Trust Company > Impac Secured Assets Co >rp. > Mortgage Pass-Through C >ertificates > Series 1998-3 > Statement To Certific >ateholders > Distribution Date: > November 25, 1998 > DELINQUENT AND > FORECLOSURE LOAN > 30 TO 59 60 TO 89 90 PLUS > INFORMATION > DAYS DAYS DAYS TOTAL > > PRINCIPAL BALANCE > 576,104.30 0.00 0.00 576,104.30 > > PERCENTAGE OF POOL BALA >NCE 0.1959% 0.0000% 0.0000% 0.1959% > > NUMBER OF LOANS > 5 0 0 5 > > PERCENTAGE OF LOANS > 0.2170% 0.0000% 0.0000% 0.2170% > > FORECLOSURE LOAN INFORM >ATION: > PRINCIPAL BALANCE > 0.00 0.00 0.00 0.00 > > PERCENTAGE OF POOL BALA >NCE 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 INFORMA >TION: > PRINCIPAL BALANCE > 0.00 0.00 0.00 0.00 > > PERCENTAGE OF POOL BALA >NCE 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 BALA >NCE 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 O >F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 1,966,933.2 > > AGGREGATE COLLECTIONS O >F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 208,923.77 > > AGGREGATE COLLECTIONS O >F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 1,941,695.7 > > AGGREGATE COLLECTIONS W >ITH RESPECT TO THE MORTGAGE LOANS: 4,117,552.7 > > SUBORDINATE PRINCIPAL D >ISTRIBUTION AMOUNT 12,586.55 > > CLASS M-1 PREPAYMENT DI >STRIBUTION PERCENTAGE 100.00% > > CLASS M-2 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > CLASS M-3 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > CLASS B-1 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > CLASS B-2 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > CLASS B-3 PREPAYMENT DI >STRIBUTION PERCENTAGE 0.00% > > AGGREGATE PRIOR UNPAID >INTEREST SHORTFALL: 0.00 > > ENDING AGGREGATE PRINCI >PAL BALANCE OF THE MORTGAGE LOANS: 294,055,824.84 > > AGGREGATE NUMBER OF THE > MORTGAGE LOANS IN POOL: 2,304 > > WEIGHTED AVERAGE POOL S >TRIP RATE 1.4431% > > CURRENT WEIGHTED AVERAG >E NET MORTGAGE RATE: 8.1931% > > CURRENT WEIGHTED AVERAG >E MONTHS TO MATURITY: 347 > > > Page 2 of 3 COPYRIGHT 1998 B > > Impac Secured Assets Co >rp. > Mortgage Pass-Through C >ertificates > Series 1998-3 > Statement To Certific >ateholders > Distribution Date: > November 25, 1998 > AMOUNT OF PRINCIPAL ADV >ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 5,228.67 > > AMOUNT OF INTEREST ADVA >NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 58,518.38 > > AGGREGATE ADVANCES MADE > WITH RESPECT TO THE RELATED PAYMENT DATE: 63,747.05 > > HAS THE CREDIT SUPPORT >DEPLETION DATE OCCURRED? NO > AGGREGATE AMOUNT OF REA >LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00 > > CUMULATIVE AMOUNT OF RE >ALIZED LOSSES SINCE THE CLOSING DATE: 0.00 > > SENIOR ACCELERATED DIST >RIBUTION PERCENTAGE 100.00% > > SENIOR PERCENTAGE > 93.98% > > CLASS M-1 PERCENTAGE > 2.46% > > CLASS M-2 PERCENTAGE > 1.20% > > CLASS M-3 PERCENTAGE > 0.70% > > CLASS B-1 PERCENTAGE > 0.70% > > CLASS B-2 PERCENTAGE > 0.40% > > CLASS B-3 PERCENTAGE > 0.55% > > SUBORDINATE PERCENTAGE > 6.02% > > AGGREGATE FORECLOSED LO >AN RECOVERIES 0.00 > > SPECIAL HAZARD AMOUNT > 2,976,216.0 > > FRAUD LOSS AMOUNT > 5,952,431.0 > > BANKRUPTCY AMOUNT > 143,230.00 > > Class > Interest Accrued Net Interest Shortfall Aggregate Unpaid Intere > > Clas >s A-1 1,565,783.92 0.00 0.00 > Clas >s A-2 0.00 0.00 0.00 > Clas >s A-3 242,711.58 0.00 0.00 > Clas >s M-1 40,987.41 0.00 0.00 > Clas >s M-2 20,075.46 0.00 0.00 > Clas >s M-3 11,710.68 0.00 0.00 > Clas >s B-1 11,710.68 0.00 0.00 > Clas >s B-2 6,691.82 0.00 0.00 > Clas >s B-3 9,201.29 0.00 0.00 > Clas >s Ex-Strip 113,497.34 0.00 0.00 > Clas >s R 0.00 0.00 0.00 > > Page 3 of 3 COPYRIGHT 1998 B > ankers Trust Company st ankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----