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):  August 25, 2003


                                IMPAC SECURED ASSETS CORP.
                (as company (the "Company"), Impac Funding Corporation,
                as Master Servicer (the "Master Servicer"), and Deutsche
                        Bank National Trust Company, as Trustee).


              IMPAC SECURED ASSETS CORP MORTGAGE PASS THR CERT SER 2003-1
                (Exact name of Registrant as specified in its Charter)


                                      CALIFORNIA
                     (State or Other Jurisdiction of Incorporation)

               333-08439-12                        33-071-5871
          (Commission File Number)       (I.R.S. Employer Identification No.)


           1401 DOVE STREET
           NEWPORT BEACH                               92660
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (949) 475-3600



     Item 5.  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust 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
 	August 25, 2003



                                     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.


                                  Deutsche Bank National Trust Company,
                                  formerly known as 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 February 1, 2003.



          Date:  Aug 28, 2003               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of August 25, 2003.






			

< TR VALIGN="bottom">< TD ALIGN="right"> 6,912,000.00 < TD BGCOLOR=#CCFFFF ALIGN="center">Non-< TD BGCOLOR=#FFFFCC ALIGN="center">(4)< TD ALIGN="center" COLSPAN=2> 4,565.60 < TD ALIGN="left">< TD ALIGN="right">< TD ALIGN="right">< /TR>< TD ALIGN="right">Jan-31-03< TD ALIGN="right">< TD ALIGN="right">

	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	August 25, 2003 Distribution
	Contents
			TABLE OF CONTENTS							&nbs p;
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				8
			4.	Credit Enhancement Report				11
			5.	Collateral Report				12
			6.	Delinquency Report			& nbsp;	15
			7.	REO Report				16
			8.	Prepayment Report				17
			9.	Prepayment Detail Report				20
			10.	Realized Loss Report				21
			11.	Realized Loss Detail Report				24
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			13.	Additional Certificate Report				26
				Total Number of Pages				26
			CONTACTS
	< /FONT>			Administrator: James Noriega
		&nb sp;		Direct Phone Number: (714)247-6281
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777		&n bsp;
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Impac Funding Corp.	< FONT SIZE="-1" FACE="Times New Roman">				Cut-Off Date: February 1, 2003
	Certificate Insurer(s):							Closing Date: February 28, 2003
								First Payment Date: March 25, 2003
	Servicer(s):		Impac Funding Corporation Master Servicer
			GMAC Sub-Servicer
								Distribution Date: August 25, 2003
	Underwriter(s):		Bear, Stearns & Co. Inc Underwriter					Record Date: July 31, 2003		< FONT SIZE="-1" FACE="Times New Roman">
						Page 1 of 26					© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Pay ment Report for August 25, 2003 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
LT-1		244,395,924.83			233,899,144.15	1,286,505.04	3,922,415.00	5,208,920.04	-	-	229,976,729.15
LT-2		5,184,000.00			5,184,000.00	28,513.32	-	28,513.32	-	-	5,184,000.00
LT-3		10,320,000.00			10,320,000.00	56,762.64	-	56,762.64	-	-	10,320,000.00
LT-4		6,912,000.00			38,017.77	-	38,017.77	-	-	6,912,000.00
LT-5		20,688,000.00			20,688,000.00	113,789.28	-	113,789.28	-	-	20,688,000.00
LT-P		100.00			100.00	22,976.05	-	22,976.05	-	-	100.00
R-1		-			-	-	-	-	-	-	-
Total		287,500,024.83			277,003,244.15	1,546,564.10	3,922,415.00	5,468,979.10	-	-	273,080,829.15
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
LT-1				F-30/360	IM03S1LT1	244,395,924.83	957.050099	5.264020	16.049429	21.313449	941.000671
LT-2				F-30/360	IM03S1LT2	5,184,000.00	1,000.000000	5.500255	-	5.500255	1,000.000000
LT-3				F-30/360 < /FONT>	IM03S1LT3	10,320,000.00	1,000.000000	5.500256	-	5.500256	1,000.000000
LT-4				F-30/360	IM03S1LT4	6,912,000.00	1,000.000000	5.500256	-	5.500256	1,000.000000
LT-5				F-30/360	IM03S1LT5	20,688,000.00	1,000.000000	5.500255	-	5.500255	1,000.000000
LT-P				F-30/360	IM03S1LTP	100.00 < /FONT>	1,000.000000	229,760.500000	-	229,760.500000	1,000.000000
R-1				F-30/360	IM03S1LR1	-	-	-	-	-	-
							Page 2 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for August 25, 2003 Distribution
										&n bsp;
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
< FONT SIZE="-1" FACE="Times New Roman">Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
	&nbs p;
LT-1	244,395,924.83		7,954,998.49		12,762,298.81	1,656,896. 87	14,419,195.68	22,374,194.17	-	-	229,976,729.15
LT-2	5,184,000.00		171,320.73		-	-	-	171,320.73	-	-	5,184,000.00
LT-3	10,320,000.00		341,055.18		-	-	-	341,055.18	-	-	10,320,000.00
LT-4	6,912,000.00		228,427.66		-	-	-	228,427.66	-	-	6,912,000.00
LT-5	20,688,000.00		683,696.67		-	-	-	683,696.67	-	-	20,688,000.00
LT-P	100.00		28,174.71		-	-	-	28,174.71	-	-	100.00
R-1	-		-		-	-	-	-	-	-	-
Total	287,500,024.83		9,407,673.44		12,762,298.81	1,656,896.87	14,419,195.68	23,826,869.12	-	-	273,080,829.15
	Interest Detail		< /FONT>
	Pass-	Prior Principal				Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
LT-1	6.60031%	233,899,144.15			1,286,505.04	-	-	-	1,286,505.04	1,286,505.04	-
LT-2	6.60031%	5,184,000.00			28,513.32	-	-	-	28,513.32	28,513.32	-
LT-3	6.60031%	10,320,000.00			56,762.64	-	-	-	56,762.64	56,762.64	-
LT-4	6.60031%	6,912,000.00			38,017.77	-	-	-	38,017.77	38,017.77	-
LT-5	6.60031%	20,688,000.00			113,789.28	-	-	-	113,789.28	113,789.28	-
LT-P	6.60031%	100.00			0.55	-	-	-	0.55	22,976.05	-
R-1		-			-	-	-	-	-	-	-
Total		277,003,244.15			1,523,588.60	-	-	-	1,523,588.60	1,546,564.10	-
							Page 3 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for August 25, 2003 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
MT-AA		281,750,024.33			271,463,081.29	1,317,10 8.36	3,843,966.69	5,161,075.05	-	-	267,619,114.60
MT-A1		2,500,490.00			2,409,473.34	11,690.49	34,296.56	45,987.05	-	-	2,375,176.78
MT-M1		158,080.00			152,325.96	739.07	2,1 68.22	2,907.29	-	-	150,157.74
MT-M2		129,330.00			124,622.45	604.65	1,773.88	2,378.53	-	-	122,848.57
MT-B		71,850.00			69,234.69	335.92	985.49	1,321.41	-	-	68,249.20
MT-ZZ		2,890,250.50			2,784,406.44	13,509.63	39,224.15	52,733.78	-	-	2,745,182.29
MT-IO		-			-	179,600.00	-	179,600.00	-	-	-
MT-P		100.00			100.00	22,975.99	-	22,975.99	-	-	100.00
R-2		-			-	-	-	-	-	-	-
Total		287,500,124.83			277,003,244.17	1,546,564.11	3,922,414.99	5,468,979.10	-	-	273,080,829.18
				&n bsp;
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Fa ce
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
MT-AA				F-30/360		281,750,024.33	963.489114	4.674741	13.643181	18.317922	949.845933
MT-A1				F-30/360		2,500,490.00	963.600470	4.675280	13.715936	18.391215	949.884535
MT-M1				F-30/360		158,080.00	963.600455	4.675291	13.715967	18.391258	949.884489
MT-M2				F-30/360		129,330.00	963.600479	4.675249	13.715921	18.391170	949.884559
MT-B				F-30/360		71,850.00	963.600418	4.675296	13.715936	18.391232	949.884482
MT-ZZ				F-30/360		2,890,250.50	963.378932	4.674207	13.571194	18.245401	949.807738
MT-IO				F-30/360		43,104,000.00	1,000.000000	4.166667	-	4.166667	1,000.000000
MT-P				F-30/360		100.00	1,000.000000	229,759.900000	-	229,759.900000	1,000.000000
R-2				F-30/360		-	-	-	-	-	-
							Page 4 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for August 25, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
MT-AA	281,750,024.33		8,135,861.14		12,507,052.80	1,623,758.92	14,130,811.72	22,266,672.86	-	-	267,619,114.60
MT-A1	2,500,490.00		72,218.22		111,007.97	14,302.47	125,310.44	197,528.66	-	-	2,375,176.78
MT-M1	158,080.00		7,017.89	904.20	7,922.09	12,487.69	-	-	150,157.74
MT-M2	129,330.00		3,735.27	5,741.53	739.76	6,481.29	10,216.56	-	-	122,848.57
MT-B	71,850.00		2,075.15		3,189.74	410.98	3,600.72	5,675.87	-	-	68,249.20
MT-ZZ	2,890,250.50		83,443.75		128,288.85	16,780.54	145,069.39	228,513.14	-	-	2,745,182.29
MT-IO	-		1,077,600.00		-	-	-	1,077,600.00	-	-	-
MT-P	100.00		28,174.35		-	-	-	28,174.35	-	-	100.00
R-2	-		-		-	-	-	-	-	-	-
Total	287,500,124.83		9,407,673.48		12,762,298.78	1,656,896.87	14,419,195.65	23,826,869.13	-	-	273,080,829.18
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
MT-AA	5.82227%	271,463,081.29			1,317,108.36	-	-	-	1,317,108.36	1,317,108.36	-
MT-A1	5.82227%	2,409,473.34			11,690.49	-	-	-	11,690.49	11,690.49	-
MT-M1	5.82227%	152,325.96			739.07	-	-	-	739.07	739.07	-
MT-M2	5.82227%	124,622.45			604.65	-	-	-	604.65	604.65	-
MT-B	5.82227%	69,234.69			335.92	-	-	-	335.92	335.92	-
MT-ZZ	5.82227%	2,784,406.44			13,509.63	-	-	-	13,509.63	13,509.63	-
MT-IO	5.00000%	43,104,000.00			179,600.00	-	-	-	179,600.00	179,600.00	-
MT-P	5.82227%	100.00			0.49	-	-	-	0.49	22,975.99	-
R-2		-			-	-	-	-	-	-	-
Total		320,107,244.17			1,5 23,588.61	-	-	-	1,523,588.61	1,546,564.11	-
							Page 5 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for August 25, 2003 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1	FLT, SEQ	250,049,000.00			240,947,333.56	893,513.03	3,429,656.26	4,323,169.29	-	-	237,517,677.30
A-IO	IO, NTL, AR	-			-	179,600.00	-	179,600.00	-	-	-
M-1	MEZ, STEP,	15,808,000.00			15,232,596.20	63,723.03	216,821.53	280,544.56	-	-	15,015,774.67
M-2	MEZ, STEP,	12,933,000.00			12,462,244.87	54,210.77	177,388.21	231,598.98	-	-	12,284,856.66
B	SUB	7,185,000.00			6,923,469.36	33,591.90	98,549.01	132,140.91	-	-	6,824,920.35
C		1,524,924.83			1,437,500.12	298,949.87	-	298,949.87	-	-	1,437,500.12
P		100.00			100.00	22,975.50	-	22,975.50	-	-	100.00
R-3		-			-	- -	-	-	-	-	-
Total		287,500,024.83			277,003,244.11	1,546,564.10	3,922,415.01	5,468,979.11	-	-	273,080,829.10
	< /FONT>
	Interest Accrual Detail	< /FONT>			Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1				F-30/360		250,049,000.00	963.600469	3.573352	13.715937	17.289288	949.884532
A-IO				F-30/360		43,104,000.00	1,000.000000	4.166667	-	4.166667	1,000.000000
M-1				F-30/360		15,808,000.00	963.600468	4.031062	13.715937	17.746999	949.884531
M-2				F-30/360		12,933,000.00	963.600469	4.191662	13.715937	17.907599	949.884533
B				F-30/360		7,185,000.00	963.60 0468	4.675282	13.715937	18.391219	949.884530
C				F-30/360		289,024,949.66	963.379613	1.034339	-	1.034339	949.808415
P				F-30/360		100.00	1,000.000000	229,755.000000	-	229,755.000000	1,000.000000
R-3				F-30/360		-	-	-	-	-	-
						Page 6 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for August 25, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	250,049,000.00		5,493,257.81		11,082,575.75	1,448,746.95	12,531,322.70	18,024,580.51	-	-	237,517,677.30
A-IO	-		1,077,600.00		-	-	-	1,077,600.00	-	-	-
M-1	15,808,000.00		391,764.87		700,636.10	91,589.23	792,225.33	1,183,990.20	-	-	15,015,774.67
M-2	12,933,000.00		333,284.13		573,211.46	74,931.88	648,143.34	981,427.47	-	-	12,284,856.66
B	7,185,000.00		207,514.52		-	360,079.65	360,079.65	567,594.17	-	-	6,824,920.35
C	1,524,924.83		1,876,080.70		318,450.81	-	87,424.71	1,963,505.41	-	-	1,437,500.12
P	100.00		28,171.41		87,424.71	-	-	28,171.41	-	-	100.00
R-3	-		-		-	-	-	-	-	-	-
Total	287,500,024.83		9,407,673.44		12,762,298.83	1,975,347.71	14,419,195.73	23,826,869.17	-	-	273,080,829.10
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	4.45000%	240,947,333.56			893,513.03	-	-	-	893,513.03	893,513.03	-
A-IO	5.00000%	43,104,000.00			179,600.00	-	-	-	179,600.00	179,600.00	-
M-1	5.02000%	15,232,596.20			63,723.03	-	-	-	63,723.03	63,723.03	-
M-2	5.22000%	12,462,244.87			54,210.77	-	-	-	54,210.77	54,210.77	-
B	5.82227%	6,923,469.36			33,591.90	-	-	-	33,591.90	33,591.90	-
C	1.29500%	278,440,744.27			298,949.87	-	-	(0.00)	298,949.87	298,949.87	0.00
P		100.00			-	-	-	-	-	22,975.50	-
R-3		-			-	-	-	-	-	-	-
Total		597,110,488.26			1,523,588.60	-	-	(0.00)	1,523,588.60	1,546,564.10	0.00
							Page 7 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for August 25, 2003 Distribution
	Collection Account Report
		< /FONT>
SUMMARY								TOTAL
	Principal Collections							3,922,415.00
	Other Principal Deposits						0.00
						& nbsp;
	TOTAL NET PRINCIPAL							3,922,415.00
	Interest Collections							1,620,658.73			;
	Interest Withdrawals							0.00
	Interest Fees							(74,094.63)
	TOTAL NET INTEREST							1,546,564.10
					& nbsp;
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							5,468,9 79.10
PRINCIPAL - COLLECTIONS								TOTAL
									& nbsp;
	Scheduled Principal							277,765.78
	Curtailments							30,520.61
&nb sp;	Prepayments In Full							3,614,128.61
	Repurchases/Substitutions						0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Principal							0.00
	Delinquent Principal							0.00
	Total Realized Loss Of Principal							0.00
	Principal Advanced							0.00
	TOTAL PRINCIPAL COLLECTED							3,922,415.00
				Page 8 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for August 25, 2003 Distribution
	C ollection Account Report
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK< /FONT>
										< /FONT>
PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTER EST - COLLECTIONS								TOTAL
	Scheduled Interest							1,597,683.23
	Repurchases/Substitutions							0.00
	< FONT SIZE="-1" FACE="Times New Roman">Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls							0.00
	Delinquent Interest							0.00
	Interest Realized Losses							0.00
	Compensating Interest							0.00
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums							22,975.50
	Interest Advanced							0.00
		< /TD>
	TOTAL INTEREST COLLECTED							1,620,658.73
				Page 9 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Collection Account Report for August 25, 2003 Distribution
	Collection Account Report
&nb sp;
INTEREST - WITHDRAWALS			& nbsp;					TOTAL
	Undistributed Receipts on Repurchased Loans							0.00
	Reimburse Advances from Late Collections	< FONT SIZE="-1" FACE="Times New Roman">						0.00
	Reimbursement for Expenses							0.00
	Reimbursements to Sub-Servicer							0.00
	Reimburse Fees and Advances from Late Collections							0.00
	Interest Earnings on the Custodial Account							0.00
	Prev. Unreimbursed P&I Advances							0.00
	Prev. Unreimbursed Servicing Advances							0.00
TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES								TOTAL
	Radian PMI Fee							7,440.72
	Trustee Fee Amount							2,019.82
	Retained Spread							0.00
	Current Servicing Fees				< /FONT>			64,634.09
	Delinquent Servicing Fees							0.00
	TOTAL INTEREST OTHER FEES							74,094.63
	< /TD>			Page 10 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for August 25, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
								< FONT SIZE="-1" FACE="Times New Roman">
STRUCTURAL FEATURES								TOTAL
	Overcollateralization Amount							1,437,500.17
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount							0.00
	Overcollateralization Deficiency Amount							0.00
	Overcollateralization Target Amount							1,437,500.12
				Page 11 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Collateral Report for August 25, 2003 Distribution
	Collateral Report
						< /TD>
COLLATERAL								TOTAL
	Loan Count:
	Original							1427
	Prior							1,381
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(21)
	Repurchases							-
	Liquidations							-
	Current							1,360
	Principal Balance:
	Original							287,500,024.83
	Prior							277,003,244.15
	Prefunding							-
	Scheduled Principal							(277,765.78)
	Partial and Full Voluntary Prepayments						< /TD>	(3,644,649.22)
	Repurchases							-
	Liquidations							-
	Current							273,080,829.15
PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
										& nbsp;
				Page 12 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
										;
	Collateral Report for August 25, 2003 Distribution
	Collateral Report
					< FONT SIZE="-1" FACE="Times New Roman">
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							6.935058%
	Weighted Average Coupon Prior							6.927435%
	Weighted Average Coupon Current							6.921290%
	Weighted Average Months to Maturity Original							-
	Weighted Average Months to Maturity Prior							-
	Weighted Average Months to Maturity Current							340
	Weighted Avg Remaining Amortization Term Original		& nbsp;					349
	Weighted Avg Remaining Amortization Term Prior							344
	Weighted Avg Remaining Amortization Term Current							343
	Weighted Average Seasoning Original							1.90
	Weighted Average Seasoning Prior							(36.22)
	Weighted Average Seasoning Current							(1,236.23)
											&nbs p;
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.		&n bsp;
				Page 13 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
< FONT FACE="Times New Roman" SIZE=+2>	Mortgage Pass-Through Certificates
	Collateral Report for August 25, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS								TOTAL
	Weighted Average Margin Original							0.000%
	Weighted Average Margin Prior							0.000%
	Weighted Average Margin Current							0.000%
	Weighted Average Max Rate Original							0.000%
	Weighted Average Max Rate Prior							0.000%
	Weighted Average Max Rate Current							0.000%
	Weighted Average Min Rate Original							0.0 00%
	Weighted Average Min Rate Prior							0.000%
	Weighted Average Min Rate Current							0.000%
	Weighted Average Cap Up Original							0.000%
< /TD>	Weighted Average Cap Up Prior							0.000%
	Weighted Average Cap Up Current						0.000%
	Weighted Average Cap Down Original							0.000%
	Weighted Average Cap Down Prior							0.000%
	Weighted Average Cap Down Current							0.000%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							64,634.09
	Delinquent Servicing Fees							0.00
	TOTAL SERVICING FEES							64,634.09
	Total Servicing Fees							64,634.09
	Compensating Interest							0.00
	Delinquent Servicing Fees							0.00
	COLLECTED SERVICING FEES							64,634.09
	Current PPIS							0.00	< /FONT>
	Current Net PPIS							0.00
	Total Advanced Principal For Current Payment Date							0.00
	Total Advanced Interest For Current Pay ment Date							0.00
	TOTAL ADVANCES FOR CURRENT PERIOD							0.00
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Mortgage Rate							6.9213%
	Weighted Average Net Mortgage Rate							6.6003%
				Page 14 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Delinquency Report for August 25, 2003 Distribution
	Delinquency Report - Total
			< /TD>
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			2,585,435.88	246,454.82	734,885.44	3,566,776.14
		% Balance			0.95%	0.09%	0.27%	1.31%
		# Loans			14	1	4	19
		% # Loans			1.03%	0.07%	0.29%	1.40%
FORECLOSURE		Balance		-	-	-	169,403.70	169,403.70
		% Balance		0.00%	0.00%	0.00%	0.06%	0.06%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.07%	0.07%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
								< FONT SIZE="-1" FACE="Times New Roman">
TOTAL		Balance		-	2,585,435.88	246,454.82	904,289.14	3 ,736,179.84
		% Balance		0.00%	0.95%	0.09%	0.33%	1.37%
		# Loans		-	14	1	5	20
		% # Loans		0.00%	1.03%	0.07%	0.37%	1.47%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								< I>6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
	& nbsp;
Note: Dates correspond to distribution dates.
				Page 15 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REO Report for August 25, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
									;
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 16 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Prepayment Report for August 25, 2003 Distribution
	Prepay ment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current	&nbs p;
	Number of Paid in Full Loans							21
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							21
	Paid in Full Balance							3,614,128.61
	Repurchased Loans Balance							-
	Curtailments Amount							30,520.61
	Total Prepayment Amount							3,644,649.22
	Cumulative
	Number of Paid in Full Loans							67
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							67
	Paid in Full Balance							12,411,613.14
	Repurchased Loans Balance							-
	Curtailments Amount							350,685.67
	Total Prepayment Amount							12,762,298.81
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 17 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Prepayment Report for August 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							1.32%
	3 Months Avg SMM							1.22%
	12 Months Avg SMM
< /FONT>	Avg SMM Since Cut-off							0.76%
	CPR							14.71%
	3 Months Avg CPR				< /TD>			13.74%
	12 Months Avg CPR
	Avg CPR Since Cut-off							8.72%	< FONT SIZE="-1" FACE="Arial">
	PSA							-5.95%
	3 Months Avg PSA Approximation							-15.75%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							-18.97%
					< FONT SIZE="-1" FACE="Times New Roman">
										&nbs p;
CPR by Groups					Total CPR						&n bsp;
PSA by Groups					Total PSA
				Page 18 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Prepayment Report for August 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off				< /FONT>
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
								&nb sp;
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 19 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for August 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 21						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 3,730,931.00
Total Prepayment Amount = 3,614,128.61
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
1100365134 1			350,000.00	347,883.12	Jul-31-03	6.000%	CA - 51.10%	Paid Off - 360	Jan-23-03
1100365273 1			105,750.00	13,081.47	Jul-18-03	7.500%	FL - 79.99%	Paid Off - 360
1100367954 1			114,400.00	113,085.79	Jul-31-03	6.250%	NC - 80.00%	Paid Off - 360	Jan-27-03
1100368579 1			152,000.00	151,345.82	Jul-01-03	7.750%	FL - 80.00%	Paid Off - 360	Jan-22-03
1100369003 1			74,100.00	73,332.51	Jul-16-03	8.000%	CA - 95.00%	Paid Off - 240	Feb-07-03
1100369071 1			405,000.00	402,635.08	Jul-10-03	7.000%	CA - 75.00%	Paid Off - 360	Jan-24-03
1100369103 1			110,000.00	109,364.72	Jul-31-03	7.750%	MI - 66.67%	Paid Off - 360	Jan-24-03
1100369178 1			72,000.00	71,541.68	Jul-02-03	7.875%	FL - 90.00%	Paid Off - 360	Jan-29-03
1100369424 1			360,000.00	357,872.13	Jul-30-03	6.375%	CA - 80.00%	Paid Off - 360	Jan-30-03
1100369480 1			195,784.00	194,830.57	Jul-25-03	7.125%	FL - 80.00%	Paid Off - 360	Feb-07-03
1100369491 1			69,225.00	68,835.18	Jul-11-03	6.375%	FL - 65.00%	Paid Off - 360	Feb-07-03
1100369588 1			285,000.00	282,997.86	Jul-16-03	6.750%	CA - 100.00%	Paid Off - 360	Jan-31-03
1100369780 1			83,246.00	82,496.23	Jul-07-03	8.000%	MI - 95.00%	Paid Off - 360	Feb-21-03
1100369800 1< /TD>			80,750.00	80,196.93	Jul-25-03	7.500%	FL - 95.00%	Paid Off - 360	Feb-21-03
1100369999 1			216,400.00	215,468.66	Jul-28-03	7.750%	CA - 80.00%	Paid Off - 360	Feb-13-03
1100370914 1			232,000.00	230,790.01	Jul-10-03	6.875%	CA - 80.00%	Paid Off - 360	Feb-03-03
1100370921 1			164,176.00	161,972.44	Jul-02-03	6.000%	CA - 80.00%	Paid Off - 360	Jan-17-03
1100372322 1			252,000.00	251,225.81	Jul-11-03	8.500%	CA - 90.00%	Paid Off - 360	Feb-04-03
1100372330 1			125,100.00	124,629.93	Jul-01-03	7.500%	CA - 90.00%	Paid Off - 360	Feb-11-03
1103009126 1			155,000.00	153,759.54	Jul-29-03	6.000%	CA - 68.89%	Paid Off - 360	Jan-29-03
1103021650 1			129,000.00	126,783.13	Jul-30-03	6.125%	CA - 25.55%	Paid Off - 180	Jan-29-03
					Page 20 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for August 25, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								TOTAL
	Current
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
						< FONT SIZE="-1" FACE="Times New Roman">
	Cumulative
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
							3 Months Moving Average
					&nb sp;
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for August 25, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR		< FONT SIZE="-1" FACE="Times New Roman">
	Avg MDR Since Cut-off							0.00%
	CDR							0.00%
	3 Months Avg CDR							0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%
	SDA							0.00%
	3 Months Avg SDA Approximation			;				0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation						& nbsp;	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
CDR by Groups					Total CDR
SDA by Groups					Total SDA
&nbs p;
				Page 22 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for August 25, 2003 Distribution
	Realized Loss Report - Collateral
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
				&n bsp;
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgM DRn,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance o f Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.											< FONT SIZE="-1" FACE="Arial">
Dates correspond to distribution dates.
				Page 23 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for August 25, 2003 Distribu tion
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Original	Prior		Current	State &	&nb sp;
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
							< /FONT>
					Page 24 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for August 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
&nb sp;	Optional Termination Date Reached							No
	After the 36th Distribution							No
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
							< /TD>
				Page 25 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	Additional Certificate Report for August 25, 2003 Distribution
	&nb sp;
	Additional Certificate Report
	CLASS							Net PPIS & Other Int. Shortfalls
	A-1							0.00
	A-IO							0.00
	M-1							0.00
	M-2							0.00
	B						0.00
				Page 26 of 26				© COPYRIGHT 2003 Deutsche Bank