SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  December 26, 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 MORT PASS THR CERTS SER 2003-2
                (Exact name of Registrant as specified in its Charter)


                                      CALIFORNIA
                     (State or Other Jurisdiction of Incorporation)

               333-85310-01                        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
 	December 26, 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 June 1, 2003.



          Date:  Jan 02, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of December 26, 2003.






			

< TD ALIGN="right">< TD ALIGN="right"> - < TR VALIGN="bottom">< TD ALIGN="right">< TD ALIGN="right">< TD ALIGN="right">Total Prior Principal Balance = 0.00TOTAL< TD ALIGN="right">

	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	December 26, 2003 Distribution
	Contents
			TABLE OF CONTENTS
								Page
& nbsp;
			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				15
			7.	REO Report				16
			8.	Prepayment Report				17
			9.	Prepayment Detail Report				20			< FONT SIZE="-1" FACE="Times New Roman">
			10.	Realized Loss Report				21
			11.	Realized Loss Detail Report				24
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
	&nb sp;
				Total Number of Pages				25
											< /FONT>
			CONTACTS
&nbs p;
				Administrator: James Noriega
				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
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Impac Funding Corp.					Cut-Off Date: June 1, 2003
	Certificate Insurer(s):							Closing Date: June 30, 2003
								First Payment Date: July 25, 2003
	Servicer(s):		Impac Funding Corp. Master Servicer
			Wendover Funding, Inc. Sub-Servicer
			Countrywide Funding Corporation Sub-Servicer					&nb sp;
								Distribution Date: December 26, 2003
	Underwriter(s):		UBS Securities Underwriter					Record Date: November 28, 2003
						Page 1 of 25					© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for December 26, 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)
LTA1		62,730,000.00			60,068,989.76	275,316.20	786,176.29	1,061,492.49	-	-	59,282,813.47
LTA2		47,498,000.00			45,483,132.09	313,075.56	595,278.20	908,353.76	-	-	44,887,853.89
LTA4		75,000,000.00			71,818,495.65	224,432.80	939,952.52	1,164,385.32	-	-	70,878,543.13
LTMB		13,500,629.76			13,429,199.73	61,550.50	14,506.17	76,056.67	-	-	13,414,693.56
LTIO		-			-	125,490.41	-	125,490.41	-	-	-
LTPO		1,271,388.00			1,252,258.53	-	2,572.32	2,572.32	-	-	1,249,686.21
LTP		100.00			100.00	0.46	-	0.46	-	-	100.00
LTR2		50.00			-	-	-	-	-	-	-
											< /TD>
Total		200,000,167.76			192,052,175.76	999,865.93	2,338,485.50	3,338,351.43	-	-	189,713,690.26
	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)
LTA1				F-30/360		62,730,000.00	957.579942	4.388908	12.532700	16.921608	945.047242
LTA2				< FONT FACE="Times New Roman" SIZE=-1> F-30/360		47,498,000.00	957.579942	6.591342	12.532700	19.124042	945.047242
LTA4				F-30/360		75,000,000.00	957.579942	2.992437	12.532700	15.525138	945.047242
LTMB				F-30/360		13,500,629.76	994.709133	4.559084	1.074481	5.633565	993.634652
LTIO				F-30/360		29,397,735.25	930.433859	4.268710	-	4.268710	911.399886
LTPO				F-30/360		1,271,388.00	984.953869	-	2.023238	2.023238	982.930632
LTP				F-30/360		100.00	1,000.000000	4.583000	-	4.583000	1,000.000000
LTR2				F-30/360		50.00	-	-	-	-	-
							Page 2 of 25				© COPYRIGHT 2003 Deutsche Bank
& nbsp;	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for December 26, 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)
LTA1	62,730,000.00		1,700,020.25		3,028,245.13	418,941.40	3,447,186.53	5,147,206.78	-	-	59,282,813.47
LTA2	47,498,000.00		1,933,176.41		2,292,931.40	317,214.71	2,610,146.11	4,543,322.52	-	-	44,887,853.89
LTA4	75,000,000.00		1,385,825.82		3,620,570.45	500,886.42	4,121,456.87	5,507,282.69	-	-	70,878,543.13
LTMB	13,500,629.76		370,289.75		65,025.40	20,910.80	85,936.20	456,225.95	-	-	13,414,693.56
LTIO	-		788,214.57		-	-	-	788,214.57	-	-	-
LTPO	1,271,388.00		-		17,562.74	4,139.05	21,701.79	21,701.79	-	-	1,249,686.21
LTP	100.00		2.75		-	-	-	2.75	-	-	100.00
LTR2	50.00		0.23		16.55	33.45	50.00	50.23	- < /FONT>	-	-
Total	200,000,167.76		6,177,529.78		9,024,351.68	1,262,125.82	10,286,477.50	16,464,007.28	-	-	189,713,690.26
	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)
LTA1	5.50000%	60,068,989.76			-	-	-	-	-	275,316.20	-
LTA2	8.26000%	45,483,132.09			-	-	-	-	-	313,075.56	-
LTA4	3.75000%	71,818,495.65			-	-	-	-	-	224,432.80	-
LTMB	5. 50000%	13,429,199.73			-	-	-	-	-	61,550.50	-
LTIO	5.50000%	27,352,648.25			-	-	-	-	-	125,490.41	-
LTPO		1,252,258.53			-	-	-	-	-	-	-
LTP	5.50000%	100.00			-	-	-	-	-	0.46	-
LTR2	5.50000%	-			-	-	-	-	-	-	-
Total		219,404,824.01			-	-	-	-	-	999,865.93	-
							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for December 26, 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	SEQ,AS	62,730,000.00			60,068,989.76	275,316.20	786,176.29	1,061,492.49	-	-	59,282,813.47
A-2	SEQ,AS	47,498,000.00			45,483,132.09	227,415.66	595,278.20	822,693.86	-	-	44,887,853.89
A-3	IO,INV,NTL	-			-	85,784.00	-	85,784.00 < /FONT>	-	-	-
A-4	NAS	75,000,000.00			71,818,495.65	224,432.80	939,952.52	1,164,385.32	-	-	70,878,543.13
A-PO	PO,RSTP	1,271,388.00			1,252,258.53	-	2,572.32	2,572.32	-	-	1,249,686.21
A-IO	IO,CSTR,NTL	-			-	125,366.31	-	125,366.31	-	-	-
R	SUB,NAS	100.00			-	-	-	-	-	-	-
M-1	MEZ,NAS	7,500,000.00			7,460,312.83	34,193.10	8,058.61	42,251.71	-	-	7,452,254.22
M-2	MEZ,NAS	1,000,000.00			994,708.37	4,559.08	1,074.48	5,633.56	-	-	993,633.89
M-3	MEZ,NAS	2,000,000.00			1,989,416.74	9,118.16	2,148.96	11,267.12	-	-	1,987,267.78
B-1		1,400,000.00			1,392,591.71	6,382.71	1,504.27	7,886.98	-	-	1,391,087.44
B-2	SUB,NAS	800,000.00			795,766.69	3,647.26	859.58	4,506.84	-	-	794,907.11
B-3	SUB,NAS	800,629.76			796,403.39	3,650.18	860.27	4,510.45	-	-	795,543.12
P	SUB,NAS	100.00			100.00	0.46	-	0.46	-	-	100.00
						< /FONT>
Total		200,000,217.76			192,052,175.76	999,865.92	2,338,485.50	3,338,35 1.42	-	-	189,713,690.26
								&nb sp;
									< /FONT>
	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)
A-1				F-30/360	45254TMS0	62,730,000.00	957.579942	4.388908	12.532700	16.921608	945.047242
A-2				F-30/360	45254TMT8	47,498,000.00	957.579942	4.787900	12.532700	17.320600	945.047242
A-3				A-30/360	45254TMU5	19,545,636.00	957.579942	4.388908	-	4.388908	945.047241
A-4				F-30/360	45254TMV3	75,000,000.00	957.579942	2.992437	12.532700	15.525138	945.047242
A-PO				F-30/360	45254TMX9	1,271,388.00	984.953869	-	2.023238	2.023238	982.930632
A-IO				A-30/360	45254TMW1	29,397,735.25	930.433859	4.264489	-	4.264489	911.399886
R				F-30/360	45254TMY7	100.00	-	-	-	-	-
M-1				F-30/360	45254TMZ4	7,500,000.00	994.708377	4.559080	1.074481	5.633561	993.633896
M-2				F-30/360	45 254TNA8	1,000,000.00	994.708370	4.559080	1.074480	5.633560	993.633890
M-3				F-30/360	45254TNB6	2,000,000.00	994.708370	4.559080	1.074480	5.633560	993.633890
B-1				F-30/360	45254TND2	1,400,000.00	994.708364	4.559079	1.074479	5.633557	993.633886
B-2				F-30/360	45254TNE0	800,000.00	994.70836 3	4.559075	1.074475	5.633550	993.633888
B-3				F-30/360	45254TNF7	800,629.76	994.721193	4.559136	1.074492	5.633628	993.646701
P				F-30/360	45254TNC4	100.00	1,000.000000	4.600000	< FONT FACE="Times New Roman" SIZE=-1> -	4.600000	1,000.000000
							Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for December 26, 2003 Distribution
		< /FONT>
	< I>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	62,730,000.00		1,700,020.24		3,028,245.13	418,941.40	3,447,186.53	5,1 47,206.77	-	-	59,282,813.47
A-2	47,498,000.00		1,404,244.38		2,292,931.40	317,214.71	2,610,146.11	4,014,390.49	-	-	44,887,853.89
A-3	-		529,698.34		-	-	-	529,698.34	-	-	-
A-4	75,000,000.00		1,385,825.82		3,620,570.45	500,886.42	4,121,456.87	5,507,282.69	-	-	70,878,543.13
A-PO	1,271,388.00		-		17,562.74	4,139.05	21,701.79	21,701.79	-	-	1,249,686.21
A-IO	-		787,448.27		-	-	-	787,448.27	-	-
R	100.00		0.46		33.10	66.90	100.00	100.46	-	-	-
M-1	7,500,000.00		205,706.80		36,125.40	11,620.38	47,745.78	253,452.58	-	-	7,452,254.22
M-2	1,000,000.00		27,427.56		4,816.72	1,549.39	6,366.11	33,793.67	-	-	993,633.89
M-3	2,000,000.00		54,855.16		9,633.45	3,098.77	12,732.22	67,587.38	-	-	1,987,267.78
B-1	1,400,000.00		38,398.61		6,743.42	2,169.14	8,912.56	47,311.17	-	-	1,391,087.44
B-2	800,000.00		21,942.07		3,853.38	1,239.51	5,092.89	27,034.96	-	-	794,907.11
B-3	800,629.76		21,959.57		3,853.04	1,233.60	5,086.64	27,046.21	-	-	795,5 43.12
P	100.00		2.76		-	-	-	2.76	-	-	100.00
Total	200,000,217.76		6,177,530.04		9,024,368.23	1,262,159.27	10,286,527.50	16,464,057.54	-	-	189,713,690.26
							< FONT FACE="Times New Roman" SIZE=-1>
	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	5.50000%	60 ,068,989.76			-	-	-	-	-	275,316.20	-
A-2	6.00000%	45,483,132.09			-	-	-	-	-	227,415.66	-
A-3	5.50000%	18,716,508.98			-	-	-	-	-	85,784.00	-
A-4	3.75000%	71,818,495.65			-	-	-	-	-	224,432.80	-
A-PO		1,252,258.53			-	-	-	-	-	-	-
A-IO	5.50000%	27,352,648.25			-	-	-	-	-	125,366.31	-
R	5.50000%	-			-	-	-	-	-	-	-
M-1	5.50000%	7,460,312.83			-	-	-	-	-	34,193.10	-
M-2	5.50000%	994,708.37			-	-	-	-	-	4,559.08	-
M-3	5.50000%	1,989,416.74			-	-	-	-	-	9,118.16	-
B-1	5.50000%	1,392,591.71			-	-	-	-	-	6,382.71	-
B-2	5.50000%	795,766.69			-	-	-	-	-	3,647.26	-
B-3	5.50000%	796,403.39			-	-	-	-	-	3,650.18	-
P	5.50000%	100.00			-	-	-	-	-	0.46	-
Total		238,121,332.99			-	-	-	-	-	999,865.92	-
&nb sp;
							Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	REMIC II Component Classes
	Certificate Payment Report for December 26, 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)
R-1	SUB,NAS	50.00			-	-	-	-	-	-	-
R-2		50.00			-	-	-	-	-	-	-
Total		100.00			-	-	-	-	-	-	-
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period			& nbsp;	(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	< FONT SIZE="-1" FACE="Times New Roman">Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
R-1				F-30/360		50.00	-	-	-	-	-
R-2				F-30/360		50.00	-	-	-	-	-
										;
							Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	REMIC II Component Classes
	Certificate Payment Report for December 26, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Cla ss	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)
R-1	50.00		0.23		16.55	33.45	50.00	50.23	-	-	-
R-2	50.00		0.23		16.55	33.45	50.00	50.23	-	-	-
Total	100.00		0.46		33.10	66.90	100.00	100.46	-	-	-
	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)
R-1	5.50000%	-			-	-	-	-	-	-	-
R-2	5.50000%	-			-	-	-	-	-	-	-
Total		-			-	-	-	-	-	-	-
							Page 7 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
											< /FONT>
	Collection Account Report
SUMMARY								TOTAL
	Principal - Collections							2,338,485.50
	Principal - Withdrawals							0.00
	Principal - Other Accounts							0.00
	TOTAL NET PRINCIPAL							2,338,485.50
	Interest Collections							1,049,545.41
	Interest Withdrawals							0.00
	Interest Fees							(49,679.49)
	TOTAL NET INTEREST							999,865.92
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							3,338,351.42
< /TD>
PRINCIPAL - COLLECTIONS								TOTAL
	Schedu led Principal							208,563.42
	Curtailments		< FONT SIZE="-1" FACE="Times New Roman">					16,234.97
	Prepayments In Full							2,113,687.11
	Repurchases/Substitutions							0.00
	Liquidations						&nbs p;	0.00
	Insurance Principal							0.00
	Other Principal							0.00
	Delinquent Principal							(5,076.56)
	Principal Advanced							5,076.56
	Total Realized Loss Of Principal							0.00
	TOTAL PRINCIPAL COLLECTED							2,338,485.50
				Page 8 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
< FONT SIZE="-1" FACE="Times New Roman">
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
& nbsp;
PRINCIPAL - OTHER ACCOUNTS								TOTAL
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							1,051,040.09
	Repurchases/Substitutions							0.00
	Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Delinquent Interest							(40,657.98)
	Interest Advanced							39,163.30
	Prepayment Inter est Shortfalls							0.00
	Compensating Interest							0.00
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums					< FONT SIZE="-1" FACE="Times New Roman">		0.00
	TOTAL INTEREST COLLECTED							1,049,545.41
;				Page 9 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Sec ured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
	Undistributed Receipts on Repurchased Loans							0.00
	Reimburse Advances from Late Collections							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
	&n bsp;
	TOTAL INTEREST WITHDRAWALS		< FONT SIZE="-1" FACE="Times New Roman">					0.00
INTEREST - OTHER ACCOUNTS								TOTAL
INTEREST - FEES								TOTAL
	Radian PMI Fee							4,201.41
	Trustee Fee Amount							2,160.59		< /TD>
	Current Servicing Fees							43,317.49
	TOTAL INTEREST O THER FEES							49,679.49
				Page 10 of 25		& nbsp;		© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Cert ificates
	Credit Enhancement Report for December 26, 2003 Distribution
	Credit Enhancement Report
											< /FONT>
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
										< /FONT>
INSURANCE								TOTAL
	Radian PMI Premium							4,201.41
STRUCTURAL FEATURES		& nbsp;						TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 11 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							951
	< FONT SIZE="-1" FACE="Times New Roman">Prior							915
	Prefunding							-
	Scheduled Paid Offs			< FONT SIZE="-1" FACE="Times New Roman">				-
	Full Voluntary Prepayments							(15)
	Repurchases							-
	Liquidations							-
	Current							900
	Principal Balance:
	Original							200,000,217.50
	Prior							192,052,175.50
	Prefunding							-
	Scheduled Principal							(208,563.42)
	Partial and Full Voluntary Prepayments							(2,129,922.08)
	Repurchases							- -
	Liquidations							-
	Current							189,713,690.00
PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 12 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							6.594581%
	Weighted Average Coupon Prior							6.574266%
	Weighted Average Coupon Current							6.567216%
	Weighted Average Months to Maturity Original							340
	Weighted Average Months to Maturity Prior							336
	Weighted Average Months to Maturity Current	< FONT SIZE="-1" FACE="Times New Roman">						335
	Weighted Avg Remaining Amortization Term Original							342
	Weighted Avg Remaining Amortization Term Prior							338
	Weighted Avg Remaining Amortization Term Current							337
	Weighted Average Seasoning Original							1.31
	Weighted Average Seasoning Prior							< FONT SIZE="-1" FACE="Times New Roman"> 5.27
	Weighted Average Seasoning Current							6.27
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT						&n bsp;
Note: Dates correspond to distribution dates.
				Page 13 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Collateral Repo rt for December 26, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS								TOTAL
	Weighted Average Margin Original							0.000%
	Weigh ted 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							0.000%
	Weighted Average Min Rate Prior							0.000%
	Weighted Average Min Rate Current							0.000%
	Weighted Average Cap Up Original							0.000%
	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.
									< /TD>
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							43,3 17.49
	Delinquent Servicing Fees							1,494.68
	TOTAL SERVICING FEES							44,812.17
	Total Servicing Fees							44,812.17
	Compensating Interest							0.00
	Delinquent Servicing Fees							(1,494.68)
	COLLECTED SERVICING FEES							43,317.49
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Net Mortgage Rate							6.2475%
			&nb sp;
				Page 14 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			422,421.99	866,741.67	1,178,859.23	2,468,022.89
		% Balance			0.22%	0.46%	0.62%	1.30%
		# Loans			3	2	5	10
		% # Loans			0.33%	0.22%	0.56%	1.11%
FORECLOSURE		Balance		-	-	-	1,039,216.64	1,039,216.64
		% Balance		0.00%	0.00%	0.00%	0.55%	0.55%
		# Loans		-	-	-	2	2
		% # Loans		0.00%	0.00%	0.00%	0.22%	0.22%
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		-	-	-	197,082.01	197,082.01
		% Balance		0.00%	0.00%	0.00%	0.10%	0.10%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.11%	0.11%
		;
TOTAL		Balance		-	422,421.99	866,741.67	2,415,157.88	3,704,321.54
		% Balance		0.00%< /TD>	0.22%	0.46%	1.27%	1.95%
		# Loans		-	3	2	8	13
		% # Loans		0.00%	0.33%	0.22%	0.89%	1.44%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 15 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	REO Report for December 26, 2003 Distribution
< /TD>
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 1				Loan Group 1 = Pool Group; REO Book Value = Not Available
Total Original Principal Balance = 198,000.00
Total Current Balance = 197,082.01									< FONT SIZE="-1" FACE="Arial">
REO Book Value = Not Available
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.									;
											&nb sp;
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
< /FONT>
2500027419 1		198,000.00	197,082.01	Jul-01-03	7.375%	GA - 90.00%	360	May-15-03		& nbsp;
				Page 16 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
										&n bsp;
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							15
	Number of Repur chased Loans							-
	Total Number of Loans Prepaid in Full	< /FONT>						15
	Paid in Full Balance							2,113,687.11
	Repurchased Loans Balance							-
	Curtailments Amount							16 ,234.97
	Total Prepayment Amount							2,129,922.08
Cumulative
	Number of Paid in Full Loans							51
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full		& nbsp;					51
	Paid in Full Balance							8,864,498.39
	Repurchased Loans Balance							-
	Curtailments Amount							159,869.84	& nbsp;
	Total Prepayment Amount							9,024,368.23
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 17 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							1.11%
	3 Months Avg SMM						1.22%
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.77%
	CPR							12.54%
	3 Months Avg CPR< /FONT>							13.66%
	12 Months Avg CPR
	Avg CPR Since Cut-off							8.86%
	PSA							999.63%
	3 Months Avg PSA Approximation							1295.51%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1170.03%
CPR by Groups					Total CPR
								< /TD>
PSA by Groups					Total PSA
				Page 18 of 25				© COPYRIGHT 2003 Deutsche B ank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments									& nbsp;
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
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-SMM n+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 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 15						Loan Group 1 = Pool Group
Total Original Principal Balance = 2,127,450.00
Total Prepayment Amount = 2,113,687.11
		< /FONT>
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
1100373587 1			136,000.00	135,125.29	Nov-18-03	6.500%	CA - 80.00%	Paid Off - 360	May-07-03
1100374446 1			120,000.00	119,224.86	Nov-25-03	6.750%	FL - 39.61%	Paid Off - 360	Apr-24-03
1100374452 1			101,150.00	100,677.30	Nov-20-03	8.125%	FL - 85.00%	Paid Off - 360	Apr-24-03
1100375624 1			102,000.00	101,439.20	Nov-04-03	6.500%	CA - 66.24%	Paid Off - 360	Apr-29-03
1100376213 1			90,450.00	90,021.93	Nov-13-03	8.500%	FL - 90.00%	Paid Off - 360	Apr-24-03
1100376478 1			229,500.00	228,326.47	Nov-25-03	6.875%	CA - 90.00%	Paid Off - 360	May-15-03
1100376500 1			75,000.00	74,715.39	Nov-26-03	8.375%	FL - 37.50%	Paid Off - 360	May-01-03
1103037699 1			101,500.00	100,884.18	Nov-07-03	6.000%	CA - 70.00%	Paid Off - 360	May-06-03
1103038023 1			156,000.00	155,162.69	Nov-24-03	6.625%	CA - 38.52%	Paid Off - 360	May-13-03
1103038907 1			173,000.00	172,093.68	Nov-10-03	6.750%	FL - 69.20%	Paid Off - 360	May-09-03
1103039150 1			152,000.00	151,542.42	Nov-18-03	9.500%	FL - 95.00%	Paid Off - 360	Apr-24-03
2500025918 1			108,000.00	107,535.17	Nov-03-03	7.750%	FL - 90.00%	Paid Off - 360	May-06-03
2500026143 1			211,500.00	211,500.00	Nov-05-03	7.125%	CA - 90.00%	Paid Off - 360	Apr-18-03
2500026243 1			87,850.00	87,618.75	Nov-12-03	9.250%	PA - 94.98%	Paid Off - 360	May-05-03	&nbs p;
2500026684 1			283,500.00	277,819.78	Nov-21-03	6.500%	CA - 90.00%	Paid Off - 180	May-06-03
		;
					Page 20 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 20 03 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								TOTAL		< /FONT>
	Current
	Number of Loa ns Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
	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
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	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%
< /TD>
	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							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
< FONT SIZE="-1" FACE="Times New Roman">
				Page 22 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Realized Loss Report for December 26, 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
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 (AvgMDRn,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:										&nb sp;
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 of 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.
Dates correspond to distribution dates.
				Page 23 of 25				© COPYRIGHT 20 03 Deutsche Bank
	Impac Secured Assets Corp. 200 3-2
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for December 26, 2003 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Pool Group
Total Original 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 &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
					Page 24 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-2
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
	Optional Termination Date Reached?							No
	Credit Support Depletion Date Reached?							No
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
	Senior Principal Distribution Amount							2,321,406.89
	Subordinate Principal Distribution Amount							14,506.17
	Senior Accelerated Distribution Percentage							100.0000%
	Senior Percentage							92.9616%
	Special Hazard Amount							2,000,002.00
	Fraud Loss Amount							6,000,006.53
	Bankruptcy Amount							150,000.00
				&n bsp;
				Page 25 of 25				© COPYRIGHT 2003 Deutsche Bank