-----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, AoxqmDHOcR2ZbMbKRc8kta5KvvVBjELUxiLc0sDa0SjLlTO5CF6t2tm5JQjX9EXb cHcLYbhCeozgp045BX2bbQ== 0001020242-99-000011.txt : 19990122 0001020242-99-000011.hdr.sgml : 19990122 ACCESSION NUMBER: 0001020242-99-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980727 ITEM INFORMATION: FILED AS OF DATE: 19990121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPAC CMB TRUST SERIES 1998-3 CENTRAL INDEX KEY: 0001076336 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-38879-05 FILM NUMBER: 99509360 BUSINESS ADDRESS: STREET 1: 3 PARK PLAZA 16TH FLOOR CITY: IRVINE STATE: CA ZIP: 92614 MAIL ADDRESS: STREET 1: 3 PARK PLAZA STREET 2: 16TH FLOOR CITY: IRVINE STATE: CA ZIP: 92614 8-K 1 January 21, 1999 Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Impac CMB Trust Series 1998-3 Collateralized Asset-Backed Bonds; File No. 333-38879. Ladies and Gentlemen: Enclosed herewith for filing on behalf of Impac CMB Trust Series 1998-3 (as issuer under a series 1998-3 Indenture dated as of June 26, 1998, providing for, among other things, the issuance of Collateralized Asset-Backed Bonds Series 1998-3) is a Current Report on Form 8-K. The Series 1998-3 Collateralized Asset-Backed Bonds will include four classes (the "Bonds"): (i) Class A Bonds (the "Senior Bonds"); (ii) Class M-1 Bonds and Class M-2 Bonds (together, the "Class M Bonds"); and (iii) Class B Bonds (the "Class B Bonds"; and together with the Class M Bonds, the "Subordinate Bonds"). The Bonds will represent obligations of the Impac CMB Trust Series 1998-3 (the "Issuer"), which will be formed pursuant to a Trust Agreement to be dated as of June 19, 1998 between IMH Assets Corp. (the "Company") and Wilmington Trust Company, the Owner Trustee (as amended and restated by the Amended and Restated Trust Agreement dated June 26, 1998, the "Trust Agreement"). The Bonds will be issued pursuant to an Indenture to be dated as of June 26, 1998, between the Issuer and Bankers Trust Company of California, N.A., the Indenture Trustee (the "Indenture"). The Bonds 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 (949) 253-7562. Sincerely, /s/ Judy L. Gomez Assistant Vice President Bankers Trust Company of California, N.A. S.E.C. Reporting Agent for Impac CMB Trust Series 1998-3 Collateralized Asset-Backed Bonds 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): July 27, 1998 IMPAC CMB TRUST SERIES 1998-3 (as issuer under the Indenture, dated as of June 26, 1998, providing for the issuance of Collaterialized Asset-Backed Bonds Series, 1998-3). IMPAC CMB TRUST SERIES 1998-3 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-38879 33-0705301 (Commission File Number) (I.R.S. Employer Identification No.) c/o WILMINGTON TRUST COMPANY RODNEY SQUARE NORTH 1100 NORTH MARKET STREET WILMINGTON, DELAWARE 19890 (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 July 27, 1998. Monthly Remittance Statement to the Certificateholders dated as of August 25, 1998. 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 June 26, 1998. Date: January 21, 1999 By: /s/ Judy L. Gomez Judy L. Gomez Assistant Vice President EXHIBIT INDEX Document Monthly Remittance Statement to the Certificateholders dated as of July 27, 1998. Monthly Remittance Statement to the Certificateholders dated as of August 25, 1998. 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. IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds Series 1998-3 Statement to Bondholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A 121,835,000.00 121,835,000.00 611,071.67 2,011,737.55 2, >622,809.22 0.00 0.00 119,823,262.45 M-1 31,441,300.00 31,441,300.00 163,923.09 519,158.24 >683,081.33 0.00 0.00 30,922,141.76 M-2 27,511,100.00 27,511,100.00 148,881.23 454,262.84 >603,144.07 0.00 0.00 27,056,837.16 B 11,299,200.00 11,299,200.00 66,985.56 186,572.21 >253,557.77 0.00 0.00 11,112,627.79 TOTALS 192,086,600.00 192,086,600.00 990,861.55 3,171,730.84 4, >162,592.39 0.00 0.00 188,914,869.16 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A 45254NAK3 1,000.000000 5.015568 16.511984 > 21.527551 983.488016 5.824530% 5.867500% M-1 45254NAL1 1,000.000000 5.213623 16.511984 > 21.725607 983.488016 6.054530% 6.097500% M-2 45254NAM9 1,000.000000 5.411679 16.511984 > 21.923662 983.488016 6.284530% 6.327500% B 45254NAN7 1,000.000000 5.928345 16.511984 > 22.440329 983.488016 6.884530% 6.927500% SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Cindy Tsang MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc > 3 Park Plaza RECORD DATE: June 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: July 27, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds 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 CERTIFICATES 0.00 0.00 360,779.78 0.00 >360,779.78 0.00 0.00 0.00 TOTALS 0.00 0.00 360,779.78 0.00 >360,779.78 0.00 0.00 0.00 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT CERTIFICATES 0.000000 1.878214 0.000000 > 1.878214 0.000000 0.000000% 0.000000% SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Cindy Tsang MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc > 3 Park Plaza RECORD DATE: June 30, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: July 27, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 1 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: July 27, 1998 DELINQUENT AND FORECLOSURE LOAN 30 TO 59 6 >0 TO 89 90 PLUS INFORMATION DAYS > DAYS DAYS TOTAL 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% 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 1,069,221.14 PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.0000% 0.5530% NUMBER OF LOANS 0 > 0 0 7 PERCENTAGE OF LOANS 0.0000% > 0.0000% 0.0000% 0.5011% 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% REO BOOK VALUE > 0.00 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 1,015,052.45 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: > 3,143,290.62 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 4,158,343.07 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE BONDHOLDERS: > 1,351,641.33 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE BONDHOLDERS: > 3,171,730.84 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE BONDHOLDERS: > 0.00 CURRENT PERIOD CARRY FORWARD AMOUNT: > 0.00 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: > 193,336,401.83 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 1,397 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.2540% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 352 Page 2 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: July 27, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: > 4,421,432.99 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: > 4,421,532.67 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: > 360,779.78 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 28,440.22 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 338,914.23 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 367,354.45 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DA >TE: 978.44 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 978.44 THE AMOUNT OF DISTRIBUTION TO THE TRUST CERTIFICATES > 360,779.78 MAXIMUM BOND INTEREST RATE FOR THE RELATED PAYMENT DATE: > 14.0000% AVAILABLE FUNDS INTEREST AMOUNT: > 1,351,642.71 AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: > 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: > 0.00 CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.0000% DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.0000% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.0000% AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SA >LE 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: > 0 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: > 0.00 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 Page 3 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: July 27, 1998 AGGREGATE PRINCIPAL PREPAYMENTS APPLIED TO EACH CLASS: CLASS A : > 1,930,466.20 CLASS M-1 : > 498,184.98 CLASS M-2 : > 435,911.26 CLASS B : > 179,034.95 INTEREST SHORTFALLS APPLIED TO EACH CLASS: CLASS A : > 0.00 CLASS M-1 : > 0.00 CLASS M-2 : > 0.00 CLASS B : > 0.00 Page 4 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds Series 1998-3 Statement to Bondholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A 121,835,000.00 119,823,262.45 566,356.30 2,619,866.72 3, >186,223.02 0.00 0.00 117,203,395.73 M-1 31,441,300.00 30,922,141.76 151,885.70 676,094.85 >827,980.55 0.00 0.00 30,246,046.91 M-2 27,511,100.00 27,056,837.16 137,912.83 591,582.18 >729,495.01 0.00 0.00 26,465,254.98 B 11,299,200.00 11,112,627.79 62,013.87 242,971.22 >304,985.09 0.00 0.00 10,869,656.57 TOTALS 192,086,600.00 188,914,869.16 918,168.70 >4,130,514.97 0.00 0.00 184,784,354.19 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A 45254NAK3 983.488016 4.648552 21.503400 > 26.151952 961.984616 5.867500% 5.867500% M-1 45254NAL1 983.488016 4.830770 21.503400 >26.334170 961.984616 6.097500% 6.097500% M-2 45254NAM9 983.488016 5.012989 21.503400 >26.516388 961.984616 6.327500% 6.327500% B 45254NAN7 983.488016 5.488342 21.503400 >26.991742 961.984616 6.927500% 6.927500% SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc > 3 Park Plaza RECORD DATE: July 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: August 25, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds 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 CERTIFICATES 0.00 0.00 429,469.53 0.00 >429,469.53 0.00 0.00 0.00 TOTALS 0.00 0.00 429,469.53 0.00 >429,469.53 0.00 0.00 0.00 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT CERTIFICATES 0.000000 2.235812 0.000000 > 2.235812 0.000000 0.000000% 0.000000% SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc > 3 Park Plaza RECORD DATE: July 31, 1998 > Irvine, CA 92614 DISTRIBUTION DATE: August 25, 1998 > FACTOR INFORMATION(800) 735-7777 Page 1 of 1 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: August 25, 1998 DELINQUENT AND FORECLOSURE LOAN 30 TO 59 6 >0 TO 89 90 PLUS INFORMATION DAYS > DAYS DAYS TOTAL PRINCIPAL BALANCE 7,110,438.63 >459,748.25 106,802.74 7,676,989.62 PERCENTAGE OF POOL BALANCE 3.7580% > 0.2430% 0.0564% 4.0575% NUMBER OF LOANS 58 > 6 1 65 PERCENTAGE OF LOANS 4.2429% > 0.4389% 0.0732% 4.7549% 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 131,133.47 > 0.00 0.00 983,783.58 PERCENTAGE OF POOL BALANCE 0.0693% > 0.0000% 0.0000% 0.5200% NUMBER OF LOANS 1 > 0 0 7 PERCENTAGE OF LOANS 0.0732% > 0.0000% 0.0000% 0.5121% 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% REO BOOK VALUE > 0.00 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 1,015,240.55 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: > 4,103,681.87 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 5,118,922.42 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE BONDHOLDERS: > 1,347,638.23 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE BONDHOLDERS: > 4,130,514.97 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE BONDHOLDERS: > 0.00 CURRENT PERIOD CARRY FORWARD AMOUNT: > 0.00 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: > 189,205,886.86 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 1,367 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.3645% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 351 Page 2 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: August 25, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: > 4,421,432.99 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: > 4,421,532.67 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: > 429,469.53 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 26,833.10 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 334,685.49 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 361,518.59 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DA >TE: 12,797.14 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 12,797.14 THE AMOUNT OF DISTRIBUTION TO THE TRUST CERTIFICATES > 429,469.53 MAXIMUM BOND INTEREST RATE FOR THE RELATED PAYMENT DATE: > 14.0000% AVAILABLE FUNDS INTEREST AMOUNT: > 1,347,642.42 AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: > 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: > 0.00 CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.0000% DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.2994% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.2994% AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SA >LE 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: > 0 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: > 0.00 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 Page 3 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: August 25, 1998 AGGREGATE PRINCIPAL PREPAYMENTS APPLIED TO EACH CLASS: CLASS A : > 2,541,598.73 CLASS M-1 : > 655,896.65 CLASS M-2 : > 573,908.79 CLASS B : > 235,712.50 INTEREST SHORTFALLS APPLIED TO EACH CLASS: CLASS A : > 0.00 CLASS M-1 : > 0.00 CLASS M-2 : > 0.00 CLASS B : > 0.00 AGGREGATE NUMBER OF CONDO SELECT LOANS IN POOL: > 96.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF "CONDO SELECT LOANS: > 5,871,459.68 Page 4 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds Series 1998-3 Statement to Bondholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A 121,835,000.00 117,203,395.73 592,178.30 3,817,656.80 4, >409,835.10 0.00 0.00 113,385,738.93 M-1 31,441,300.00 30,246,046.91 158,810.65 985,202.06 1, >144,012.71 0.00 0.00 29,260,844.85 M-2 27,511,100.00 26,465,254.98 144,200.72 862,050.63 1, >006,251.35 0.00 0.00 25,603,204.35 B 11,299,200.00 10,869,656.57 64,841.28 354,056.45 >418,897.73 0.00 0.00 10,515,600.12 TOTALS 192,086,600.00 184,784,354.19 960,030.95 6,018,965.93 6, >978,996.88 0.00 0.00 178,765,388.25 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A 45254NAK3 961.984616 4.860494 31.334648 > 36.195142 930.649969 5.867500% 5.867500% M-1 45254NAL1 961.984616 5.051020 31.334648 > 36.385668 930.649968 6.097500% 6.097500% M-2 45254NAM9 961.984616 5.241547 31.334648 > 36.576195 930.649969 6.327500% 6.327500% B 45254NAN7 961.984616 5.738573 31.334648 > 37.073220 930.649968 6.927500% 6.927500% THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST'S WEBSITE, WWW >.ONLINE. BANKERSTRUST.COM/INVR/. WE BEGIN POSTING STATEMENTS TO THE WEB > AT 7:00 PM EASTERN TIME ON THE BUSINESS DAY BEFORE EACH DISTRIBUTION DATE. > SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. 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 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds 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 CERTIFICATES 0.00 0.00 363,242.41 0.00 >363,242.41 0.00 0.00 0.00 TOTALS 0.00 0.00 363,242.41 0.00 >363,242.41 0.00 0.00 0.00 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT CERTIFICATES 0.000000 1.891035 0.000000 > 1.891035 0.000000 0.000000% 0.000000% SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. 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 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: September 25, 1998 DELINQUENT AND FORECLOSURE LOAN 30 TO 59 6 >0 TO 89 90 PLUS INFORMATION DAYS > DAYS DAYS TOTAL PRINCIPAL BALANCE 6,732,568.05 1, >896,461.76 0.00 8,629,029.81 PERCENTAGE OF POOL BALANCE 3.6752% > 1.0353% 0.0000% 4.7105% NUMBER OF LOANS 51 > 22 0 73 PERCENTAGE OF LOANS 3.8520% > 1.6616% 0.0000% 5.5136% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE 0.00 >160,142.13 106,766.17 266,908.30 PERCENTAGE OF POOL BALANCE 0.0000% > 0.0874% 0.0583% 0.1457% NUMBER OF LOANS 0 > 3 1 4 PERCENTAGE OF LOANS 0.0000% > 0.2266% 0.0755% 0.3021% BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE 46,910.76 > 0.00 0.00 1,138,047.27 PERCENTAGE OF POOL BALANCE 0.0256% > 0.0000% 0.0000% 0.6212% NUMBER OF LOANS 1 > 0 0 9 PERCENTAGE OF LOANS 0.0755% > 0.0000% 0.0000% 0.6798% 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% REO BOOK VALUE > 0.00 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 1,016,257.32 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: > 5,994,421.54 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 7,010,678.86 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE BONDHOLDERS: > 1,323,273.36 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE BONDHOLDERS: > 6,018,965.93 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE BONDHOLDERS: > 0.00 CURRENT PERIOD CARRY FORWARD AMOUNT: > 0.00 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: > 183,186,920.93 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 1,324 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.3926% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 350 Page 2 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: September 25, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: > 4,421,432.99 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: > 4,421,532.67 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: > 363,242.41 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 24,544.39 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 309,254.98 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 333,799.37 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DA >TE: 18,470.30 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 18,470.30 THE AMOUNT OF DISTRIBUTION TO THE TRUST CERTIFICATES > 363,242.41 MAXIMUM BOND INTEREST RATE FOR THE RELATED PAYMENT DATE: > 14.0000% AVAILABLE FUNDS INTEREST AMOUNT: > 1,323,277.54 AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: > 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: > 0.00 CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.0000% DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 1.1810% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.7402% AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SA >LE 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: > 0 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: > 0.00 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 Page 3 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: September 25, 1998 AGGREGATE PRINCIPAL PREPAYMENTS APPLIED TO EACH CLASS: CLASS A : > 3,741,103.69 CLASS M-1 : > 965,446.41 CLASS M-2 : > 844,764.46 CLASS B : > 346,956.78 INTEREST SHORTFALLS APPLIED TO EACH CLASS: CLASS A : > 0.00 CLASS M-1 : > 0.00 CLASS M-2 : > 0.00 CLASS B : > 0.00 AGGREGATE NUMBER OF CONDO SELECT LOANS IN POOL: > 88.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF "CONDO SELECT LOANS: > 4,721,047.80 Page 4 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds Series 1998-3 Statement to Bondholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A 121,835,000.00 113,385,738.93 572,889.32 3,492,332.50 4, >065,221.82 0.00 0.00 109,893,406.43 M-1 31,441,300.00 29,260,844.85 153,637.72 901,247.37 1, >054,885.09 0.00 0.00 28,359,597.48 M-2 27,511,100.00 25,603,204.35 139,503.68 788,590.38 >928,094.06 0.00 0.00 24,814,613.97 B 11,299,200.00 10,515,600.12 62,729.21 323,885.28 >386,614.49 0.00 0.00 10,191,714.84 TOTALS 192,086,600.00 178,765,388.25 928,759.93 5,506,055.53 6, >434,815.46 0.00 0.00 173,259,332.72 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A 45254NAK3 930.649969 4.702174 28.664444 > 33.366617 901.985525 5.867500% 5.867500% M-1 45254NAL1 930.649968 4.886494 28.664444 > 33.550938 901.985525 6.097500% 6.097500% M-2 45254NAM9 930.649969 5.070814 28.664444 > 33.735258 901.985525 6.327500% 6.327500% B 45254NAN7 930.649968 5.551651 28.664444 > 34.216094 901.985525 6.927500% 6.927500% THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST'S WEBSITE, WWW >.ONLINE. BANKERSTRUST.COM/INVR/. WE BEGIN POSTING STATEMENTS TO THE WEB > AT 7:00 PM EASTERN TIME ON THE BUSINESS DAY BEFORE EACH DISTRIBUTION DATE. > SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. 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 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds 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 CERTIFICATES 0.00 0.00 358,386.40 0.00 >358,386.40 0.00 0.00 0.00 TOTALS 0.00 0.00 358,386.40 0.00 >358,386.40 0.00 0.00 0.00 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT CERTIFICATES 0.000000 1.865754 0.000000 > 1.865754 0.000000 0.000000% 0.000000% SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. 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 IMH Assets Corp. Impac CMB Trust Series 1998-3 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 3,179,540.22 3, >693,721.22 845,210.54 7,718,471.98 PERCENTAGE OF POOL BALANCE 1.7895% > 2.0789% 0.4757% 4.3440% NUMBER OF LOANS 35 > 23 10 68 PERCENTAGE OF LOANS 2.7259% > 1.7913% 0.7788% 5.2960% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE 0.00 > 0.00 210,940.31 210,940.31 PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.1187% 0.1187% NUMBER OF LOANS 0 > 0 3 3 PERCENTAGE OF LOANS 0.0000% > 0.0000% 0.2336% 0.2336% BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE 0.00 > 46,892.28 85,650.51 1,169,501.53 PERCENTAGE OF POOL BALANCE 0.0000% > 0.0264% 0.0482% 0.6582% NUMBER OF LOANS 0 > 1 2 12 PERCENTAGE OF LOANS 0.0000% > 0.0779% 0.1558% 0.9346% 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% REO BOOK VALUE > 0.00 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 997,153.78 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: > 5,482,846.80 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 6,480,000.58 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE BONDHOLDERS: > 1,287,146.33 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE BONDHOLDERS: > 5,506,055.53 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE BONDHOLDERS: > 0.00 CURRENT PERIOD CARRY FORWARD AMOUNT: > 0.00 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: > 177,680,865.40 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 1,284 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.4317% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 349 Page 2 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: October 26, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: > 4,421,432.99 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: > 4,421,532.68 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: > 358,386.40 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 23,208.73 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 292,160.26 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 315,368.99 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DA >TE: 18,675.48 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 18,675.48 THE AMOUNT OF DISTRIBUTION TO THE TRUST CERTIFICATES > 358,386.40 MAXIMUM BOND INTEREST RATE FOR THE RELATED PAYMENT DATE: > 14.0000% AVAILABLE FUNDS INTEREST AMOUNT: > 1,287,150.51 AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: > 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: > 0.00 CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.0000% DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 2.7479% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 1.4094% AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SA >LE 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: > 0 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: > 0.00 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 Page 3 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: October 26, 1998 AGGREGATE PRINCIPAL PREPAYMENTS APPLIED TO EACH CLASS: CLASS A : > 3,417,832.19 CLASS M-1 : > 882,021.48 CLASS M-2 : > 771,767.74 CLASS B : > 316,975.99 INTEREST SHORTFALLS APPLIED TO EACH CLASS: CLASS A : > 0.00 CLASS M-1 : > 0.00 CLASS M-2 : > 0.00 CLASS B : > 0.00 AGGREGATE NUMBER OF CONDO SELECT LOANS IN POOL: > 71.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF "CONDO SELECT LOANS: > 3,405,855.39 Page 4 of 4 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds Series 1998-3 Statement to Bondholders DISTRIBUTIONS IN DOLLARS PRIOR > CURRENT ORIGINAL PRINCIPAL > REALIZED DEFERRED PRINCIPAL CLASS FACE VALUE BALANCE INTEREST PRINCIPAL > TOTAL LOSSES INTEREST BALANCE A 121,835,000.00 109,893,406.43 532,181.72 3,943,248.22 4, >475,429.94 0.00 0.00 105,950,158.21 M-1 31,441,300.00 28,359,597.48 142,772.85 1,017,612.76 1, >160,385.61 0.00 0.00 27,341,984.72 M-2 27,511,100.00 24,814,613.97 129,682.21 890,409.95 1, >020,092.16 0.00 0.00 23,924,204.02 B 11,299,200.00 10,191,714.84 58,358.18 365,704.03 >424,062.21 0.00 0.00 9,826,010.81 TOTALS 192,086,600.00 173,259,332.72 862,994.96 6,216,974.96 7, >079,969.92 0.00 0.00 167,042,357.76 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT A 45254NAK3 901.985525 4.368053 32.365480 > 36.733533 869.620045 5.811250% 5.305000% M-1 45254NAL1 901.985525 4.540933 32.365480 > 36.906413 869.620045 6.041250% 5.535000% M-2 45254NAM9 901.985525 4.713814 32.365480 > 37.079294 869.620045 6.271250% 5.765000% B 45254NAN7 901.985525 5.164806 32.365480 > 37.530286 869.620045 6.871250% 6.365000% THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST >'S WEBSITE, WWW.ONLINE. BANKERSTRUST.COM/INVR/. WE BEGIN POSTING STATEME >NTS TO THE WEB AT 7:00 PM EASTERN TIME ON THE BUSINESS DAY BEFORE EACH DIST >RIBUTION DATE. SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. 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 IMH Assets Corp. Impac CMB Trust Series 1998-3 Collateralized Mortgage bonds 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 CERTIFICATES 0.00 0.00 387,723.43 0.00 >387,723.43 0.00 0.00 0.00 TOTALS 0.00 0.00 387,723.43 0.00 >387,723.43 0.00 0.00 0.00 FACTOR INFORMATION PER $1000 OF ORIGINAL FACE > PASS-THROUGH PRIOR > CURRENT RATES PRINCIPAL > PRINCIPAL CLASS CUSIP BALANCE INTEREST PRINCIPAL > TOTAL BALANCE CURRENT NEXT CERTIFICATES 0.000000 2.018482 0.000000 > 2.018482 0.000000 0.000000% 0.000000% SELLER: Impac Mortgage Holdings, Inc. ADMI >NISTRATOR: Jarrod Anderson MASTER SERVICER: ICI Funding Corporation > Bankers Trust Co. of California, NA CO-LEAD UNDERWRITERS: Bear, Stearns & Co. 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 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: November 25, 1998 DELINQUENT AND FORECLOSURE LOAN 30 TO 59 6 >0 TO 89 90 PLUS INFORMATION DAYS > DAYS DAYS TOTAL PRINCIPAL BALANCE 4,921,692.06 1, >142,154.59 2,584,054.92 8,647,901.57 PERCENTAGE OF POOL BALANCE 2.8704% > 0.6661% 1.5071% 5.0436% NUMBER OF LOANS 50 > 12 15 77 PERCENTAGE OF LOANS 4.0258% > 0.9662% 1.2077% 6.1997% FORECLOSURE LOAN INFORMATION: PRINCIPAL BALANCE 0.00 > 0.00 1,155,075.37 1,512,438.68 PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.6737% 0.8821% NUMBER OF LOANS 0 > 0 11 12 PERCENTAGE OF LOANS 0.0000% > 0.0000% 0.8857% 0.9662% BANKRUPTCY LOAN INFORMATION: PRINCIPAL BALANCE 0.00 > 0.00 132,473.93 1,635,694.56 PERCENTAGE OF POOL BALANCE 0.0000% > 0.0000% 0.0773% 0.9540% NUMBER OF LOANS 0 > 0 3 15 PERCENTAGE OF LOANS 0.0000% > 0.0000% 0.2415% 1.2077% 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% REO BOOK VALUE > 0.00 AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: > 893,159.63 AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: > 6,187,247.02 AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS: > 7,080,406.65 CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE BONDHOLDERS: > 1,250,718.39 CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE BONDHOLDERS: > 6,216,974.96 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE BONDHOLDERS: > 0.00 CURRENT PERIOD CARRY FORWARD AMOUNT: > 0.00 AGGREGATE PRIOR UNPAID INTEREST SHORTFALL: > 0.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: > 171,463,890.44 AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: > 1,242 CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: > 8.4470% CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: > 348 Page 3 of 5 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: November 25, 1998 CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT: > 4,421,432.99 CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: > 4,421,532.68 CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW: > 387,723.43 AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 29,727.94 AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 359,661.32 AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 389,389.26 AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DA >TE: 21,516.99 AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: > 21,516.99 THE AMOUNT OF DISTRIBUTION TO THE TRUST CERTIFICATES > 387,723.43 MAXIMUM BOND INTEREST RATE FOR THE RELATED PAYMENT DATE: > 14.0000% AVAILABLE FUNDS INTEREST AMOUNT: > 1,250,721.44 AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE: > 0.00 CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE: > 0.00 CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: > 0.0000% DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 2.9241% ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: > 1.7881% AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SA >LE 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: > 0 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: > 0.00 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 Page 4 of 5 > (c) COPYRIGHT 1998 Bankers Trust Company IMH Assets Corp. Impac CMB Trust Series 1998-3 Payment Date Statement Distribution Date: November 25, 1998 AGGREGATE PRINCIPAL PREPAYMENTS APPLIED TO EACH CLASS: CLASS A : > 3,870,614.62 CLASS M-1 : > 998,868.60 CLASS M-2 : > 874,008.83 CLASS B : > 358,967.86 INTEREST SHORTFALLS APPLIED TO EACH CLASS: CLASS A : > 0.00 CLASS M-1 : > 0.00 CLASS M-2 : > 0.00 CLASS B : > 0.00 AGGREGATE NUMBER OF CONDO SELECT LOANS IN POOL: > 54.00 CURRENT AGGREGATE PRINCIPAL BALANCE OF "CONDO SELECT LOANS: > 2,270,580.66 Page 5 of 5 > (c) COPYRIGHT 1998 Bankers Trust Company -----END PRIVACY-ENHANCED MESSAGE-----