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):  September 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 MOR PASS THRU CERT SER 2003-3
                (Exact name of Registrant as specified in its Charter)


                                      CALIFORNIA
                     (State or Other Jurisdiction of Incorporation)

               333-85310-02                        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
 	September 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 July 1, 2003.



          Date:  Oct 01, 2003               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

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






			

< TR VALIGN="bottom">< TD ALIGN="center" COLSPAN=2> 1,787.31 < TD ALIGN="left">< TD ALIGN="center" COLSPAN=3> 345,000,000.00 < TD ALIGN="center">Total101,972.80 < TD ALIGN="center">< TD ALIGN="right">< /TR>< TD ALIGN="right">< TD ALIGN="right">CPR Avg since Cut-Off by Groups< TD ALIGN="right">

	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	September 25, 2003 Distribution
	Contents
			TABLE OF CONTENTS							& nbsp;
								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				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
	&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: July 1, 2002
	Certificate Insurer(s):			< /FONT>				Closing Date: July 31, 2003
								First Payment Date: August 25, 2003
	Servicer(s):		Impac Funding Corp. Master Servicer
			Wendover Funding, Inc. Sub-Servicer
			GMAC Sub-Servicer					;
								Distribution Date: September 25, 2003
	Underwriter(s):		Bear, Stearns & Co. Inc Underwriter					Record Date: August 29, 2003
						Page 1 of 26					© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for September 25, 2003 Distribution
										&nb sp;
	Distribution in Dollars - Current Period										< FONT SIZE="-1" FACE="Times New Roman">
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
< FONT SIZE="-1" FACE="Times New Roman">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		350,000,137.91			349,156,448.97	1,696,792.97	2,001,422.55	3,698,215.52	-	-	347,155,026.42
LT-2		6,000,000.00			6,000,000.00	29,158.16	-	29,158.16	-	-	6,000,000.00
LT-3		12,000,000.00			12,000,000.00	58,316.31	-	58,316.31	-	-	12,000,000.00
LT-4		8,000,000.00			8,000,000.00	38,877.54	-	38,877.54	-	-	8,000,000.00
LT-5		24,000,000.00			24,000,000.00	116,632.62	-	116,632.62	-	-	24,000,000.00
LT-P		100.00			100.00	3,156.33	-	3,156.33	-	-	100.00
R-1		-			-	-	-	-	-	-	-
Total		400,000,237.91			399,156,548.97	1,942,933.93	2,001,422.55	3,944,356.48	-	-	397,155,126.42
	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		350,000,137.91	997.589461	4.847978	5.718348	10.566326	991.871113
LT-2		& nbsp;		F-30/360		6,000,000.00	1,000.000000	4.859693	-	4.859693	1,000.000000
LT-3				F-30/360		12,000,000.00	1,000.000000	4.859693	-	4.859693	1,000.000000
LT-4				F-30/360		8,000,000.00	1,000.000000	4.859693	-	4.859693	1,000.000000
LT-5				F-30/360		24,000,000.00	1,000.000000	4.859693	-	4.859693	1,000.000000
LT-P				F-30/360		100.00	1,000.000000	31,563.300000	-	31,563.300000	1,000.000000
R-1				F-30/360		-	-	-	-	-	-
										< FONT FACE="Times New Roman" SIZE=-1>
							Page 2 of 26				© COPYR IGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for September 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)
LT-1	350,000,137.91		3,397,627.51		2,104,068.47	741,043.02	2,845,111.49	6,242,739.00	-	-	347,155,026.42
LT-2	6,000,000.00		58,315.31		-	-	-	58,315.31	-	-	6,000,000.00
LT-3	12,000,000.00		116,630.61		-	-	-	116,630.61	-	-	12,000,000.00
LT-4	8,000,000.00		77,753.74		-	-	-	77,753.74	-	-	8,000,000.00
LT-5	24,000,000.00		233,261.23		-	-	-	233,261.23	-	-	24,000,000.00
LT-P	100.00		3,156.82		-	-	-	3,156.82	-	-	100.00
R-1	-		-		-	-	-	-	-	-	-
Total	400,000,237.91		3,886,745.22		2,104,068.47	741,043.02	2,845,111.49	6,731,856.71	-	-	397,155,126.42
	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)
LT-1	5.83163%	349,156,448.97			1,696,792.97	-	-	-	1,696,792.97	1,696,792.97	-
LT-2	5.83163%	6,000,000.00			29,158.16	-	-	-	29,158.16	29,158.16	-
LT-3	5.83163%	12,000,000.00			58,316.31	-	-	-	58,316.31	58,316.31	-
LT-4	5.83163%	8,000,000.00			38,877.54	-	-	-	38,877.54	38,877.54	-
LT-5	5.83163%	24,000,000.00			116,632.62	-	-	-	116,632.62	116,632.62	-
LT-P	5.83163%	100.00			0.49	-	-	-	0.49	3,156.33	-
R-1		-			-	-	-	-	-	-	-
Total		399,156,548.97			1,939,778.09	-	-	-	1,939,778.09	1,942,933.93	-
							Page 3 of 26			&nb sp;	© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for September 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		392,000,135.15			391,173,319.99	1,666,190.44	1,961,394.10	3,627,584.54	-	-	389,211,925.89
MT-A1		3,450,000.00			3,442,687.80	14,664.02	17,349.01	32,013.03	-	-	3,425,338.79
MT-M1		240,000.00			239,491.33	1,020.11	1,206.89	2,227.00	-	-	238,284.44
MT-M2		210,000.00			209,554.91	892.59	1,056.03	1,948.62	-	-	208,498.88
MT-B		80,000.00			79,830.44	340.04	402.29	742.33	-	-	79,428.15
MT-ZZ		4,020,002.76			4,011,564.50	17,087.13	20,014.23	37,101.36	-	-	3,991,550.27
MT-IO		-			-	239,583.33	-	239,583.33	-	-	-
MT-P		100.00			100.00	3,156.27	-	3,156.27	-	-	100.00
R-2		-			-	-	-	-	-	-	-
Total		400,000,237.91			399,156,548.97	1,942,933.93	2,001,422.55	3,944,356.48	-	-	397,155,126.42
				;
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face< /I>
						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		392,000,135.15	997.890778	4.250484	5.003555	9.254039	992.887224
MT-A1				F-30/360		3,450,000.00	997.880522	4.250441	5.028699	9.279139	992.851823
MT-M1				F-30/360		240,000.00	997.880542	4.250458	5.028708	9.279167	992.851833
MT-M2				F-30/360		210,000.00	997.880524	4.250429	5.028714	9.279143	992.851810
MT-B				F-30/360		80,000.00	997.880500	4.250500	5.028625	9.279125	992.851875
MT-ZZ				F-30/360		4,020,002.76	997.900932	4.250527	4.978661	9.229188	992.922271
MT-IO				F-30/360		50,000,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
MT-P				F-30/360		100.00	1,000.000000	31,562.700000	-	31,562.700000	1,000.000000
R-2				F-30/360		-	-	-	-	-	-
							Page 4 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for September 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	392,000,135.15		3,336,333.41		2,061,987.10	726,222.16	2,788,209.26	6,124,542.67	-	-	389,211,925.89
MT-A1	3,450,000.00		29,362.98		18,238.02	6,423.19	24,661.21	54,024.19	-	-	3,425,338.79
MT-M1	24 0,000.00		2,042.65		1,268.73	446.83	1,715.56	3,758.21	-	-	238,284.44
MT-M2	210,000.00		1,110.14	390.98	1,501.12	3,288.43	-	-	208,498.88
MT-B	80,000.00		680.89	422.91	148.94	571.85	1,252.74	-	-	79,428.15
MT-ZZ	4,020,002.76		34,214.62		21,041.57	7,410.92	28,452.49	62,667.11	-	-	3,991,550.27
MT-IO	-		479,166.66		-	-	-	479,166.66	-	-	-
MT-P	100.00		3,156.70		-	-	-	3,156.70	-	-	100.00
R-2	-		-		-	-	-	-	-	-	-
Total	400,000,237.91		3,886,745.22		2,104,068.47	741,043.02	2,845,111.49	6,731,856.71	-	-	397,155,126.42
	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	5.11136%	391,173,319.99			1,666,190.44	-	-	-	1,666,190.44	1,666,190.44	-
MT-A1	5.11136%	3,442,687.80			14,664.02	-	-	-	14,664.02	14,664.02	-
MT-M1	5.11136%	239,491.33			1,020.11	-	-	-	1,020.11	1,020.11	-
MT-M2	5.11136%	209,554.91			892.59	-	-	-	892.59	892.59	-
MT-B	5.11136%	79,830.44			340.04	-	-	-	340.04	340.04	-
MT-ZZ	5.11136%	4,011,564.50			17,087.13	-	-	-	17,087.13	17,087.13	-
MT-IO	5.75000%	50,000,000.00			239,583.33	-	-	-	239,583.33	239,583.33	-
MT-P	5.11136%	100.00			0.43	-	-	-	0.43	3,156.27	-
R-2		-			-	-	-	-	-	-	-
Total		449,156,548.97			1,939,778.09	-	-	-	1,939,778.09	1,942,933.93	-
							Page 5 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for September 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	CSTR, AFC,	344,268,780.11	1,204,940.73	1,734,901.46	2,939,842.19	-	-	342,533,878.65
A-IO	IO, NTL, AF	-			-	239,583.33	-	239,583.33	-	-	-
M-1	MEZ, CSTR,	24,000,000.00			23,949,132.53	97,632.63	120,688.80	218,321.43	-	-	23,828,443.73
M-2	MEZ, CSTR,	21,000,000.00			20,955,490.96	89,259.25	105,602.70	194,861.95	-	-	20,849,888.26
B	SUB, CSTR,	8,000,000.00			7,983,044.18	34,003.53	40,229.59	74,233.12	-	-	7,942,814.59
C	SUB	2,000,137.91			2,000 ,001.19	274,358.62	-	274,358.62	-	-	2,000,001.19
P	SUB	100.00			100.00	3,155.84	-	3,155.84	-	-	100.00
R-3	R	-			-	-	-	-	-	-	-
	400,000,237.91			399,156,548.97	1,942,933.93	2,001,422.55	3,944,356.48	-	-	397,155,126.42
&nb sp;
	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	45254TNG5	345,000,000.00	997.880522	3.492582	5.028700	8.521282	992.851822
A-IO				F-30/360	45254TNH3	50,000,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
M-1				F-30/360	45254TNJ9	24,000,000.00	997.880522	4.068026	5.028700	9.096726	992.851822
M-2				F-30/360	45254TNK6	21,000,000.00	997.880522	4.250440	5.028700	9.279140	992.851822
B				F-30/360	45254TNL4	8,000,000 .00	997.880523	4.250441	5.028699	9.279140	992.851824
C				F-30/360	45254TNN0	402,000,275.82	997.900933	0.682484	-	0.682484	992.922273
P				F-30/360	45254TNM2	100.00	1,000.000000	31,558.400000	-	31,558.400000	1,000.000000
R-3				F-30/360	45254TNP5	-	-	-	-	-	-
							Page 6 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for September 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)< /TD>		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	345,000,000.00		2,412,440.73		1,823,759.93	642,361.42	2,466,121.35	4,878,562.08	-	-	342,533,878.65
A-IO	-		479,166.66		-	-	-	479,166.66	-	-	-
M-1	24,000,000.00		195,472.63		126,870.26	44,686.01	171,556.27	367,028.90	-	-	23,828,443.73
M-2	21,000,000.00		178,731.17		111,011.47	39,100.27	150,111.74	328,842.91	-	-	20,849,888.26
B	8,000,000.00		68,088.07		42,290.08	14,895.33	57,185.41	125,273.48	-	-	7,942,814.59
C	2,000,137.91		549,690.12		136.72	-	136.72	549,826.84	-	-	2,000,001.19
P	100.00		3,155.84		-	-	-	3,155.84	-	-	100.00
R-3	-		-		-	-	-	-	-	-	-
Total	400,000,237.91		3,886,745.22		2,104,068.46	741,043.03	2,845,111.49	6,731,856.71	-	-	397,155,126.42
	Interest Detail					< FONT SIZE="-1" FACE="Times New Roman">
	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	4.20000%	344,268,780.11			1,204,940.73	-	-	-	1,204,940.73	1,204,940.73	-
A-IO	5.75000%	50,000,000.00			239,583.33	-	-	-	239,583.33	239,583.33	-
M-1	4.89200%	23,949,132.53			97,632.63	-	-	-	97,632.63	97,632.63	-
M-2	5.11136%< /TD>	20,955,490.96			89,259.25	-	-	-	89,259.25	89,259.25	-
B	5.11136%	7,983,044.18			34,003.53	-	-	-	34,003.53	34,003.53	-
C	0.82482%	401,156,450.16			274,358.62	-	-	-	274,358.62	274,358.62	-
P		100.00			-	-	-	-	-	3,155.84	-
R-3		-			-	-	-	-	-	-	-
Total		848,312,997.94			1,939,778.09	-	-	-	1,939,778.09	1,942,933.93	-
							Page 7 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							2,001,422.55
	Other Principal Deposits							0.00
	TOTAL NET PRINCIPAL							2,001,422.55
							;
	Interest Collections							2,044,906.74
	Interest Withdrawals							0.00
	Interest Fees							(101,972.80)
	TOTAL NET INTEREST							1,942,933.94
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							3,944,356.49
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							437,873.69
	Curtailments							64,662.80		;
	Prepayments In Full							1,067,069.41
	Repurchases/Substitutions							431,816.65
	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							2,001,422.55
		< /TD>
				Page 8 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report
							&n bsp;
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							2,038,782.16
	Repurchases/Substitutions							2,968.74
	Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls							(4,185.34)
	Delinquent Interest			&nb sp;				0.00
	Interest Realized Losses							0.00
	Compensating Interest						< /FONT>	4,185.34
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums							3,155.84
	Interest Advanced							0.00
	TOTAL INTEREST COLLECTED							2,044,906.74
				Page 9 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
											< FONT SIZE="-1" FACE="Arial">
	Undistributed Receipts on Repurchased Loans							0.00
	Reimburse Advances from Late Collections							0.00
	Reimbursement for Expenses							0.00
	Reimbursements to Sub-Servicer							0.00
	Reimburse Fees and Advances from Late Collections		< /FONT>					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							6,674.18
	Trustee Fee Amount							2,162.10
	Retained Spread							0.00
	Current Servicing Fees							93,136.52
	Delinquent Servicing Fees			&nb sp;				0.00
	TOTAL INTEREST OTHER FEES
									&nb sp;
				Page 10 of 26				© COPYRIGHT 2003 Deutsche Bank
&nb sp;	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for September 25, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES								TOTAL
	Overcollateralization Amount			& nbsp;				2,000,001.19
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount							0.00
	Overcollateralization Deficiency Amount							0.00
	Overcollateralization Target Amount							2,000,001.19
											& nbsp;
			Page 11 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Collateral Report for September 25, 2003 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							1635
	Prior							1,633
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(5)
	Repurchases						(1)
	Liquidations							-
	Current							1,627
	Principal Balance:
	Original							400,000,237.91
	Prior							399,156,548.97
	Prefunding							-
	Scheduled Principal							(437,873.69)
	Partial and Full Voluntary Prepayments							(1,131,732.21)
	Repurchases							(431,816.65)
	Liquidations							-
	Current							397,155,126.42
											&n bsp;
PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK
Current Prin Balance by Groups (in millions of dollars )					Total Current Principal Balance (in millions of dollars)
									&nbs p;
				Page 12 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Collateral Report for September 25, 2003 Distribution
	Collateral Report
		&n bsp;
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							6.137962%
	Weighted Average Coupon Prior							6.137962%
	Weighted Average Coupon Current							6.138196%
	Weighted Average Months to Maturity Original							341
	Weighted Average Months to Maturity Prior							341
	Weighted Average Months to Maturity Current							340
	Weighted Avg Remaining Amortization Term Original							341
	Weighted Avg Remaining Amortization Term Prior							341
	Weighted Avg Remaining Amortization Term Current							340
	Weighted Average Seasoning Original							1.61
	Weighted Average Seasoning Prior							1.61
	Weighted Average Seasoning Current							2.60
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dat es correspond to distribution dates.
				Page 13 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Collateral Report for September 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			< /TD>				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.
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							93,136.53
	Delinquent Servicing Fees							0.00
	TOTAL SERVICING FEES							93,136.53
											< /TD>
	Total Servicing Fees							93,136.53
	Compensating Interest							4,185.34
	Delinquent Servicing Fees							0.00
	COLLECTED SERVICING FEES		;					97,321.87
	Current PPIS							(4,185.34)
	Current Net PPIS							0.00
	Total Advanced Principal For Current Payment Date							0.00
	Total Advanced Interest For Current Payment Date							0.00
&nb sp;	TOTAL ADVANCES FOR CURRENT PERIOD							0.00
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Mortgage Rate		&n bsp;					6.1382%
	Weighted Average Net Mortgage Rate							5.8316%
				Page 14 of 26				© COPYRIGHT 2003 Deutsche Bank	;
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Delinquency Report for September 25, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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%
TOTAL		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
				&nbs p;				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 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	REO Report for September 25, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
				< FONT SIZE="-1" FACE="Times New Roman">
SUMMARY				LOAN GROUP
								< /FONT>
Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00						&nb sp;
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 2003-3
	Mortgage Pass-Through Certificates
	Prepayment Report for September 25, 2003 Distribution
										& nbsp;
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
											< FONT SIZE="-1" FACE="Arial">
	Current
	Number of Paid in Full Loans							5
	Number of Rep urchased Loans							1
	Total Number of Loans Prepaid in Full							6
	Paid in Full Balance							1,067,069.41
	Repurchased Loans Balance							431,816.65
	Curtailments Amount							64,662.8 0
	Total Prepayment Amount							1,563,548.86
	Cumulative
	Number of Paid in Full Loans							7
	Number of Repurchased Loans							1
	Total Number of Loans Prepaid in Full		< /FONT>					8
	Paid in Full Balance							1,469,479.22
	Repurchased Loans Balance							431,816.65
	Curtailments Amount							202,772.60	< /TD>
	Total Prepayment Amount							2,104,068.47
SPACE INTE NTIONALLY 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 2003-3
	Mortgage Pass-Through Certificates										&nbs p;
	Prepayment Report for September 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES	&nbs p;							TOTAL
	SMM							0.39%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.26%
	CPR							4.61%
	3 Months Avg CPR
	12 Months Avg CPR		&n bsp;
	Avg CPR Since Cut-off							3.12%
	PSA							884.04%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							739.97%
						& nbsp;
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 18 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Prepayment Report for September 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
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-SMMn+1) *.......*(1-SMMm)]^(1/mo nths 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)
											&nb sp;
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
		& nbsp;
				Page 19 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 6						Loan Group 1 = Group 1 Group
Total Original Principal Balan ce = 1,502,350.00
Total Prepayment Amount = 1,498,886.06
				< /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
1100368376 1			304,900.00	303,579.22	Aug-07-03	8.500%	NV - 95.00%	Paid Off - 360	May-07-03
1100378499 1			115,000.00	114,806.22	Aug-27-03	6.875%	OK - 54.77%	Paid Off - 360	Jul-14-03
1100378824 1			90,000.00	89,836.84	Aug-26-03	6.500%	FL - 90.00%	Paid Off - 360	Jun-26-03
1100378893 1			330,300.00	329,743.42	Aug-15-03	6.875%	CA - 90.00%	Paid Off - 360	Jul-21-03
1103046432 1			229,500.00	229,103.71	Aug-01-03	6.750%	CA - 90.00%	Paid Off - 360	Jun-19-03
1103041983 1			432,650.00	431,816.65	Sep-01-03	8.250%	NC - 85.00%	Repur/Subs - 360	Jun-06-03
			&nbs p;		Page 20 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 25, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								TOTAL
	Current
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
	Cumulative
	Number of Loans Liquidated							< FONT SIZE="-1" FACE="Times New Roman"> -
	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
& nbsp;
				Page 21 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 25, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%
	CDR							0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%
	SDA							0.00%
	3 Months Avg SDA Approximation
	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
	& nbsp;
					&nb sp;
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 22 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 25, 2003 Distribution
									& nbsp;
	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:
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.									< /TD>
Dates correspond to distribution dates.
						&nbs p;
				Page 23 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for September 25, 2003 Distribution
	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 & ;
&		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 26				© COPYRI GHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS	&n bsp;							TOTAL
	Optional Termination Date Reached							No
	After the 36th Distribution							No
					< /FONT>
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 25 of 26				© COPYRIGHT 2003 Deutsche Bank
	IMPAC SECURED ASSETS 2003-3
	Mortgage Pass-Through Certificates
	Additional Certificate Report for September 25, 2003 Distribution
	Additional Certificate Report
											&nbs p;
	CLASS							Net PPIS & Other Int. Shortfalls
										&n bsp;
	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