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):  March 25, 2004


                                Impac Secured Asset Corp
            (as depositor, Impac Funding Corporation, Master Servicer,
             and Deutsche Bank National Trust Company, as Trustee).


               IMPAC SECURED ASSET CORP MORTGAGE PASS THR CERT SER 2004-1
                 (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-85310-03                          33-0715871
          (Commission File Number)        (I.R.S. Employer Identification No.)


          1401 DOVE STREET
          NEWPORT BEACH, CALIFORNIA                    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
     March 25, 2004..



                                     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,
                                  not in its individual capacity, but solely as
                                  a duly authorized agent of the Registrant
                                  pursuant to the Polling and Servicing
                                  Agreement dated as of February 29,2004.



          Date:  Apr 01, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of March 25, 2004.






			

21,275.00 < /TR>M-3< TD ALIGN="right">(6)=(2)+(5) - < TD ALIGN="right">< /TR>< TD ALIGN="left">< TR VALIGN="bottom">< TR VALIGN="bottom">< TD ALIGN="center">< TD ALIGN="right">< TD ALIGN="left">< TD ALIGN="right">0.00%< /TR>Mortgage Pass-Through Certificates< TR VALIGN="bottom">

	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	March 25, 2004 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				15
			7.	REO Report				1 6
			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
				Administrator: Alan Sueda
				Direct Phone Number: (714)247-6315
				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
< /FONT>
	Seller:		Impac Funding Corp.					Cut-Off Date: February 1, 2004
	Certificate Insurer(s):							Closing Date: February 27, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Impac Funding Corp. Master Servicer
			Countrywide Home Loans Serv Sub-Servicer
			GMAC Sub-Servicer
								Distribution Date: March 25, 2004
	Underwriter(s):		Deutsche Bank Securities Underwriter					Record Date: February 27, 2004
						&nbs p;
						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	REMIC 3
	Certificate Payment Report for March 25, 2004 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,AS	76,773,000.00			76,773,000.00	71,398.89	714,546.29	785,945.18	-	-	76,058,453.71
A-2	AFC,SEQ,AS	26,403,000.00			26,403,000.00	66,667.58	-	66,667.58	-	-	26,403,000.00
A-3	AFC,SEQ,AS	39,263,000.00			39,263,000.00	121,388.11	-	121,388.11	-	-	39,263,000.00
A-4	AFC,SEQ,AS	30,619,000.00			30,619,000.00	123,751.79	-	123,751.79	-	-	30,619,000.00
A-5	STEP,AFC,SE	19,107,000.00			19,107,000.00	89,325.23	-	89,325.23	-	-	19,107,000.00
A-6	STEP,AFC,SE	23,000,000.00			23,000,000.00	88,933.33	-	88,933.33	-	-	23,000,000.00
A-IO	IO,NTL,DRB	-			-	107,625.00	-	107,625.00	-	-	-
M-1	MEZ,STEP,AF	5,980,000.00			5,980,000.00	25,165.83	-	25,165.83	-	-	5,980,000.00
M-2	MEZ,STEP,AF	4,600,000.00			4,600,000.00	-	21,275.00	-	-	4,600,000.00
M-3	MEZ,STEP,AF	3,450,000.00			3,450,000.00	17,250.00	-	17,250.00	-	-	3,450,000.00
C	SUB	805,640.00			805,640.00	546,677.25	637.41	547,314.66	-	-	805,002.59
P	SUB	100.00			100.00	-	-	-	-	-	100.00
R	R	-			-	-	-	-	-	-	-
Total		230,000,740.00			230,000,740.00	1,279,458.01	715,183.70	1,994,641.71	-	-	229,285,556.30
	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	02/27/04	03/24/04		A-Act/360	45254TNT7	76,773,000.00	1,000.000000	0.930000	9.307260	10.237260	990.692740
A-2	02/27/04	03/24/04		A-30/360	45254TNU4	26,403,000.00	1,000.000000	2.525000	-	2.525000	1,000.000000
A-3	02/27/04	03/24/04		A-30/360	45254TNV2	39,263,000.00	1,000.000000	3.091667	-	3.091667	1,000.000000
A-4	02/27/04	03/24/04		A-30/360	45254TNW0	30,619,000.00	1,000.000000	4.041667	-	4.041667	1,000.000000
A-5	02/27/04	03/24/04		A-30/360	45254TNX8	19,107,000.00	1,000.000000	4.675000	-	4.675000	1,000.000000
A-6	02/27/04	03/24/04		A-30/360	45254TNY6	23,000,000.00	1,000.000000	3.866667	-	3.866667	1,000.000000
A-IO	02/27/04	03/24/04		A-30/360	45254TNZ3	28,700,000.00	1,000.000000	3.750000	-	3.750000	1,000.000000
M-1	02/27/04	03/24/04		A-30/360	45254TPA6	5,980,000.00	1,000.000000	4.208333	-	4.208333	1,000.000000
M-2	02/27/04	03/24/04		A-30/360	45254TPB4	4,600,000.00	1,000.000000	4.625000	-	4.625000	1,000.000000
M-3	02/27/04	03/24/04		A-30/360	45254TPC2	3,450,000.00	1,000.000000	5.000000	-	5.000000	1,000.000000
C	02/27/04	03/24/04		A-30/360	45254TPD0	805,640.00	1,000.000000	678.562695	0.791185	679.353880	999.208815
P	02/27/04	03/24/04		A-30/360	45254TPE8	100.00	1,000.000000	-	-	-	1,000.000000
R	02/27/04	03/24/04		A-30/360	45254TPF5	-	-	-	-	-	-
							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	REMIC 3
	Certificate Payment Report for March 25, 2004 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	76,773,000.00		71,398.89		498,040.56	216,505.73	714,546.29	785,945.18	-	-	76,058,453.71
A-2	26,403,000.00		66,667.58		-	-	-	66,667.58	-	-	26,403,000.00
A-3	39,263,000.00		121,388.11		-	-	-	121,388.11	-	-	39,263,000.00
A-4	30,619,000.00		123,751.79		-	-	-	123,751.79	-	-	30,619,000.00
A-5	19,107,000.00		89,325.23		-	-	-	89,325.23	-	-	19,107,000.00 < /FONT>
A-6	23,000,000.00		88,933.33		-	-	-	88,933.33	-	-	23,000,000.00
A-IO	-		107,625.00		-	-	-	107,625.00	-	-	-
M-1	5,980,000.00		25,165.83		-	-	-	25,165.83	-	-	5,980,000.00
M-2	4,600,000.00		21,275.00		-	-	-	21,275.00	-	-	4,600,000.00
3,450,000.00		17,250.00		-	-	-	17,250.00	-	-	3,450,000.00
C	805,640.00		546,677.25		444.28	193.13	637.41	547,314.66	-	-	805,002.59
P	100.00		-		-	-	-	-	-	-	100.00
R	-		-		-	-	-	-	-	-	-
< FONT FACE="Times New Roman" SIZE=-1>
Total	230,000,740.00		1,279,458.01		498,484.84	216,698.86	715,183.70	1,994,641.71	-	-	229,285,556.30
	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	1.24000%	76,773,000.00			71,398.89	-	-	-	71,398.89	71,398.89	-
A-2	3.03000%	26,403,000.00			66,667.58	-	-	-	66,667.58	66,667.58	-
A-3	3.71000%	39,263,000.00			121,388.11	-	-	-	121,388.11	121,388.11	-
A-4	4.85000%	30,619,000.00			123,751.79	-	-	-	123,751.79	123,751.79	-
A-5	5.61000%	19,107,000.00			89,325.23	-	-	-	89,325.23	89,325.23	-
A-6	4.64000%	23,000,000.00			88,933.33	-	-	-	88,933.33	88,933.33	-
A-IO	4.50000%	28,700,000.00			107,625.00	-	-	-	107,625.00	107,625.00	-
M-1	5.05000%	5,980,000.00			25,165.83	-	-	-	25,165.83	25,165.83	-
M-2	5.55000%	4,600,000.00			21,275.00	-	- < /TD>	-	21,275.00	21,275.00	-
M-3	6.00000%	3,450,000.00			17,250.00	-	-	-	17,250.00	17,250.00	-
C	2.85222%	805,640.00			546,677.25	-	-	-	546,677.25	546,677.25	-
P		100.00			-	-	-	- -	-	-	-
R		-			-	-	-	-	-	-	-
Total		258,700,740.00			1,279,458.01	-	-	-	1,279,458.01	1,279,458.01	-
			&nb sp;
					;		Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for March 25, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	< FONT SIZE="-1" FACE="Times New Roman">Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
REMIC1		230,000,740.00			230,000,740.00	1,279,458.01	715,183.70	1,994,641.71	-	-	229,285,556.30
Total		230,000,740.00			230,000,740.00	1,279,458.01	715,183.70	1,994,641.71	-	-	229,285,556.30
	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)
REMIC1	02/27/04	03/24/04		A-30/360		230,000,740.00	1,000.000000	5.562843	3.109484	8.672327	996.890516
							Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pas s-Through Certificates
	REMIC I
	Certificate Payment Report for March 25, 2004 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)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
REMIC1	230,000,740.00		1,279,458.01		-	715,183.70	715,183.70	1,994,641.71	-	-	229,285,556.30
Total	230,000,740.00		1,279,458.01		-	715,183.70	715,183.70	1,994,641.71	-	-	229,285,556.30
	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)
REMIC1	6.67541%	230,000,740.00			-	-	-	-	-	1,279,458.01	-
Total		230,000,740.00			-	-	-	-	-	1,279,458.01
							Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for March 25, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Valu e			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
REMIC2		230,000,740.00			230,000,740.00	1,279,458.01	715,183.70	1,994,641.71	-	-	229,285,556.30
Total		230,000, 740.00			230,000,740.00	1,279,458.01	715,183.70	1,994,641.71	-	-	229,285,556.30
	Interest Accrual Detail				Current Perio d 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)
REMIC2	02/27/04	03/24/04		A-30/360		230,000,740.00	1,000.000000	5.562843	3.109484	8.672327	996.890516
						;
							Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for March 25, 2004 Di stribution
	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)
REMIC2	230,000,740.00		1,279,458.01		-	715,183.70	715,183.70	1,994,641.71	-	-	229,285,556.30
Total	230,000,740.00		1,279,458.01		-	715,183.70	715,183.70	1,994,641.71	-	-	229,285,556.30
< /I>
	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)
REMIC2	6.67541%	230,000,740.00			-	-	-	-	-	1,279,458.01	-
< /TD>
Total		230,000,740.00			-	-	-	-	-	1,279,458.01	-
				;
						< /TD>	Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Collection Account Report for March 25, 2004 Distribution									&nbs p;
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							715,183.70
	Other Principal Deposits							0.00
	TOTAL NET PRINCIPAL							715,183.70
	Interest Collections							1,334,422.41
	Interest Withdrawals							(1,916.67)
	Interest Fees							(53,047.73)
	TOTAL NET INTEREST							1,279,458.01
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							1,994,641.71
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							216,698.86
	Curtailments							(3,941.66)
	Prepayments In Full							481,132.52
	Repurchases/Substitutions							21,293.98
	Liquidations							0.00
	Insurance Principal							0.00
	Other Principal							0.00			& nbsp;
	Delinquent Principal							(45,436.95)
	Total Realized Loss Of Principal							0.00
	Principal Advanced							45,436.95
			& nbsp;
	TOTAL PRINCIPAL COLLECTED							715,183.70
				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Collection Account Report for March 25, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							1,345,187.54
	Repurchases/Substitutions							79.85
	Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls							(711.01)	&nb sp;
	Delinquent Interest							(282,357.08)
	Interest Realized Losses							0.00
	Compensating Interest							711.01
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums							0.00
	Interest Advanced							271,512.10
	TOTAL INTEREST COLLECTED							1,334,422.41
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US< /B>
	Mortgage Pass-Through Certificates
											< /FONT>
	Collection Account Report for March 25, 2004 Distribution
	Collection Account Report
					< /TD>
INTEREST - WITHDRAWALS								TOTAL
	Credit Risk Manager Fees							1,916.67
	TOTAL INTEREST WITHDRAWALS							1,916.67
									;
INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INT ENTIONALLY LEFT BLANK
INTEREST - FEES								TOTAL
	Radian PMI Fee							7,734.20
	Trustee Fee Amount							2,491.67
	Retained Spread							0.00
	Current Servicing Fees							53,666.84
	Delinquent Servicing Fees							(10,844.98)
	TOTAL INTEREST OTHER FEES							53,047.73
				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank			&n bsp;
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for March 25, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES					< /FONT>			TOTAL
	Overcollateralization Amount							0.00
	Excess Overcollateralized Amount							637.41
	Overcollateralization Release Amount							637.41
	Overcollateralization Deficiency Amount							0.00
	Overcollateralization Target Amount							805,002.59
				Page 11 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Collateral Report for March 25, 2004 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							1226
	Prior							-
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(2)
	Repurchases							(1)
	Liquidations							-
	Current							1,223
	Principal Balance:
	Original							230,000,740.30
	Prior							-
	Prefunding							-
	Scheduled Principal							(216,698.86)
	Partial and Full Voluntary Prepayments							(477,190.86)
	Repurchases			< /TD>				(21,293.98)
	Liquidations							-
	Current							< FONT SIZE="-1" FACE="Times New Roman"> 229,285,556.60
PREFUNDING								TOTAL			&n bsp;
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 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Collateral Report for March 25, 2004 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							7.018764%
	Weighted Average Coupon Prior
	Weighted Average Coupon Current							7.018764%
	Weighted Average Months to Maturity Original							344
	Weighted Average Months to Maturity Prior							-		&nb sp;
	Weighted Average Months to Maturity Current							344
	Weighted Avg Remaining Amortization Term Original							344
&nbs p;	Weighted Avg Remaining Amortization Term Prior							-
	Weighted A vg Remaining Amortization Term Current							344
	Weighted Average Seasoning Original							3.05
	Weighted Average Seasoning Prior							-
	Weighted Average Seasoning Current							3.05
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 13 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Collateral Report for March 25, 2004 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		;					0.000%
	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%		< /TD>
	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							42,821.86
	Delinquent Servicing Fees							10,844.98
	TOTAL SERVICING FEES							53,666.84
	Total Servicing Fees							53,666.84		& nbsp;
	Compensating Interest							711.01
	Delinquent Servicing Fees							(10,844.98)
	COLLECTED SERVICING FEES							43,532.87
	Current PPIS							(711.01)
	Current Net PPIS							0.00
							< /FONT>
	Total Advanced Principal For Current Payment Date							45,436.95 < /TD>
	Total Advanced Interest For Current Payment Date							271,512.10
	TOTAL ADVANCES FOR CURRENT PERIOD							316,949.05
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Mortgage Rate							7.0188%
	Weighted Average Net Mortgage Rate							6.6754%
				Page 14 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Delinquency Report for March 25, 2004 Distribution										&nb sp;
	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%
	< /FONT>
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 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	REO Report for March 25, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Original Principal Bal ance = 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 RE O 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 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							2
	Number of Repurchased Loans							1
	Total Number of Loans Prepaid in Full							3
	Paid in Full Balance							481,132.52
	Repurchased Loans Balance							21,293.98
	Curtailments Amount							(3,941.66)
	Total Prepayment Amount							498,484.84
	Cumulative
	Number of Paid in Full Loans							2			;
	Number of Repurchased Loans							1
;	Total Number of Loans Prepaid in Full							3
	Paid in Full Balance							481,132.52
	Repurchased Loans Balance							21,293.98
	Curtailments Amount							(3,941.66)
	Total Prepayment Amount							498,484.84
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				< FONT SIZE="-1" FACE="Times New Roman">
				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	S MM							0.22%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off					;		0.22%
	CPR							2.57%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off							2.57%
	PSA							421.35%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation							< FONT SIZE="-1" FACE="Times New Roman">
	Avg PSA Since Cut-off Approximation							421.35%	&n bsp;
											&nb sp;
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
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-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 Appr oximation 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 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for March 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY			< /FONT>			LOAN GROUP
Total Loan Count = 3						Loan Group 1 = Group 1
Total Original Principal Balance = 714,222.00
Total Prepayment Amount = 502,426.50
&nbs p;
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status< /FONT>	Balance	Amount	Date	Rate	Origination	Original Term	Date
1103046117 1			273,000.00	271,172.77	Feb-24-04	7.000%	FL - 70.00%	Paid Off - 360	Dec-31-03
1103108801 1			210,222.00	209,959.75	Feb-24-04	8.375%	FL - 89.46%	Paid Off - 360	Jan-06-04
1103117091 1			231,000.00	21,293.98	Mar-01-04	4.500%	NJ - 68.96%	Repur/Subs - 180	Dec-24-03
						< /FONT>
					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Realized Loss Report for March 25, 2004 Distribution
	Realized Loss Report - Collateral
COLLATER AL REALIZED LOSSES								TOTAL
	Current
	Number of Loans 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
			& nbsp;
							3 Months Moving Average
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Throug h Certificates
	Realized Loss Report for March 25, 2004 Distribution										< FONT SIZE="-1" FACE="Arial">
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR						0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off
	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
CDR by Groups					Total CDR
							&nb sp;
SDA by Groups					Total SDA
				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Realized Loss Report for March 25, 2004 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)
Condition al 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)*0.0 2-0.0095*(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 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Realized Loss Detail Report for March 25, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 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.							&nb sp;
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss /(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 24 of 26				© COPYRIGHT 2004 Deutsche Bank		&n bsp;
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for March 25, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
	Optional Termination Date Reached							No
	Trigger Event Occured							No
	Step Down Date Reached							No
											< FONT SIZE="-1" FACE="Arial">
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank
	IMPAC Secured Assets 2004-1 American/Bond/MBS US
	Mortgage Pass-Through Certificates
	Additional Certificate Report for March 25, 2004 Distribution
	Additional Certificate Report
	CLASS							Net PPIS & Other Int. Shortfalls
	A-1							0.00
	A-2							0.00
	A-3							0.00
	A-4							0.00
	A-5							0.00
	A-6							0.00
	A-IO							0.00
	M-1							0.00
	M-2							0.00
	M-3							0.00
	C							0.00
	P							0.00
				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank