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):  November 26, 2004
                          (Date of earliest event reported)

            Impac Secured Asset Corporation (as Depositor under the Pooling
          and Servicing Agreement, dated as February 1, 2004, providing for the
            issuance of Mortgage Pass-Through Certificates, Series 2004-1)
                   (Exact name of registrant as specified in 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


       (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  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 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     November 26, 2004.

                                    Signatures

               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,
                                  in its capacity as Trustee under the
                                  Indenture Agreement on behalf of Impac
                                  Assets Corporation Inc., Registrant


          Date:  Nov 26, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of November 26, 2004.










			

	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	November 26, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								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
				Administrator:
				Direct Phone Number:
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	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: November 26, 2004
	Underwriter(s):		Deutsche Bank Securities Underwriter					Record Date: October 29, 2004
						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	REMIC 3
	Certificate Payment Report for November 26, 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			45,555,867.88	84,328.97	6,127,622.43	6,211,951.40	-	-	39,428,245.45
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	-			-	86,250.00	-	86,250.00	-	-	-
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	-	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			805,002.29	374,995.72	-	374,995.72	-	-	805,002.29
P	SUB	100.00			100.00	61,768.69	-	61,768.69	-	-	100.00
R	R	-			-	-	-	-	-	-	-
Total		230,000,740.00			198,782,970.17	1,161,100.25	6,127,622.43	7,288,722.68	-	-	192,655,347.74
	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	11/25/04		A-Act/360	45254TNT7	76,773,000.00	593.383975	1.098420	79.814810	80.913230	513.569164
A-2	02/27/04	11/25/04		A-30/360	45254TNU4	26,403,000.00	1,000.000000	2.525000	-	2.525000	1,000.000000
A-3	02/27/04	11/25/04		A-30/360	45254TNV2	39,263,000.00	1,000.000000	3.091667	-	3.091667	1,000.000000
A-4	02/27/04	11/25/04		A-30/360	45254TNW0	30,619,000.00	1,000.000000	4.041667	-	4.041667	1,000.000000
A-5	02/27/04	11/25/04		A-30/360	45254TNX8	19,107,000.00	1,000.000000	4.675000	-	4.675000	1,000.000000
A-6	02/27/04	11/25/04		A-30/360	45254TNY6	23,000,000.00	1,000.000000	3.866667	-	3.866667	1,000.000000
A-IO	02/27/04	11/25/04		A-30/360	45254TNZ3	28,700,000.00	801.393728	3.005226	-	3.005226	801.393728
M-1	02/27/04	11/25/04		A-30/360	45254TPA6	5,980,000.00	1,000.000000	4.208333	-	4.208333	1,000.000000
M-2	02/27/04	11/25/04		A-30/360	45254TPB4	4,600,000.00	1,000.000000	4.625000	-	4.625000	1,000.000000
M-3	02/27/04	11/25/04		A-30/360	45254TPC2	3,450,000.00	1,000.000000	5.000000	-	5.000000	1,000.000000
C	02/27/04	11/25/04		A-30/360	45254TPD0	805,640.00	999.208443	465.463135	-	465.463135	999.208443
P	02/27/04	11/25/04		A-30/360	45254TPE8	100.00	1,000.000000	617,686.900000	-	617,686.900000	1,000.000000
R	02/27/04	11/25/04		A-30/360	45254TPF5	-	-	-	-	-	-
							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	REMIC 3
	Certificate Payment Report for November 26, 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		719,386.08		35,476,663.44	1,868,091.11	37,344,754.55	38,064,140.63	-	-	39,428,245.45
A-2	26,403,000.00		600,008.22		-	-	-	600,008.22	-	-	26,403,000.00
A-3	39,263,000.00		1,092,492.99		-	-	-	1,092,492.99	-	-	39,263,000.00
A-4	30,619,000.00		1,113,766.11		-	-	-	1,113,766.11	-	-	30,619,000.00
A-5	19,107,000.00		803,927.07		-	-	-	803,927.07	-	-	19,107,000.00
A-6	23,000,000.00		800,399.97		-	-	-	800,399.97	-	-	23,000,000.00
A-IO	-		904,500.00		-	-	-	904,500.00	-	-	-
M-1	5,980,000.00		226,492.47		-	-	-	226,492.47	-	-	5,980,000.00
M-2	4,600,000.00		191,475.00		-	-	-	191,475.00	-	-	4,600,000.00
M-3	3,450,000.00		155,250.00		-	-	-	155,250.00	-	-	3,450,000.00
C	805,640.00		4,228,343.79		444.56	193.15	637.71	4,228,981.50	-	-	805,002.29
P	100.00		289,179.76		-	-	-	289,179.76	-	-	100.00
R	-		-		-	-	-	-	-	-	-
Total	230,000,740.00		11,125,221.46		35,477,108.00	1,868,284.26	37,345,392.26	48,470,613.72	-	-	192,655,347.74
	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	2.08250%	45,555,867.88			84,328.97	-	-	-	84,328.97	84,328.97	-
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%	23,000,000.00			86,250.00	-	-	-	86,250.00	86,250.00	-
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	-	-	-	21,275.00	21,275.00	-
M-3	6.00000%	3,450,000.00			17,250.00	-	-	-	17,250.00	17,250.00	-
C	2.26375%	805,002.29			374,995.72	-	-	-	374,995.72	374,995.72	-
P		100.00			-	-	-	-	61,768.69	61,768.69	-
R		-			-	-	-	-	-	-	-
Total		221,782,970.17			1,099,331.56	-	-	-	1,161,100.25	1,161,100.25	-
							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for November 26, 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)
REMIC1		230,000,740.00			198,782,970.17	1,099,331.57	6,127,622.42	7,226,953.99	-	-	192,655,347.75
Total		230,000,740.00			198,782,970.17	1,099,331.57	6,127,622.42	7,226,953.99	-	-	192,655,347.75
	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	11/25/04		A-30/360		230,000,740.00	864.271003	4.779687	26.641751	31.421438	837.629252
							Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for November 26, 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)
REMIC1	230,000,740.00		10,836,041.69		-	37,345,392.25	37,345,392.25	48,181,433.94	-	-	192,655,347.75
Total	230,000,740.00		10,836,041.69		-	37,345,392.25	37,345,392.25	48,181,433.94	-	-	192,655,347.75
	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	6.63637%	198,782,970.17			-	-	-	-	-	1,099,331.57	-
Total		198,782,970.17			-	-	-	-	-	1,099,331.57	-
							Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for November 26, 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)
REMIC2		230,000,740.00			198,782,970.17	1,099,331.57	6,127,622.42	7,226,953.99	-	-	192,655,347.75
Total		230,000,740.00			198,782,970.17	1,099,331.57	6,127,622.42	7,226,953.99	-	-	192,655,347.75
	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)
REMIC2	02/27/04	11/25/04		A-30/360		230,000,740.00	864.271003	4.779687	26.641751	31.421438	837.629252
							Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for November 26, 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)
REMIC2	230,000,740.00		10,836,041.69		-	37,345,392.25	37,345,392.25	48,181,433.94	-	-	192,655,347.75
Total	230,000,740.00		10,836,041.69		-	37,345,392.25	37,345,392.25	48,181,433.94	-	-	192,655,347.75
	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	6.63637%	198,782,970.17			-	-	-	-	-	1,099,331.57	-
Total		198,782,970.17			-	-	-	-	-	1,099,331.57	-
							Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for November 26, 2004 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							6,127,622.42
	Other Principal Deposits							0.00
	TOTAL NET PRINCIPAL							6,127,622.42
	Interest Collections							1,180,612.81
	Interest Withdrawals							(1,656.52)
	Interest Fees							(17,856.03)
	TOTAL NET INTEREST							1,161,100.26
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							7,288,722.68
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							195,883.14
	Curtailments							19,626.59
	Prepayments In Full							5,764,110.59
	Repurchases/Substitutions							148,002.10
	Liquidations							0.00
	Insurance Principal							0.00
	Other Principal							0.00
	Delinquent Principal							(158,760.86)
	Total Realized Loss Of Principal							0.00
	Principal Advanced							158,760.86
	TOTAL PRINCIPAL COLLECTED							6,127,622.42
				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for November 26, 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							1,154,790.74
	Repurchases/Substitutions							1,141.47
	Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls							(13,132.91)
	Delinquent Interest							(929,477.99)
	Interest Realized Losses							0.00
	Compensating Interest							13,132.91
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums							61,768.69
	Interest Advanced							892,389.90
	TOTAL INTEREST COLLECTED							1,180,612.81
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for November 26, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
	Credit Risk Manager Fees							1,656.52
	TOTAL INTEREST WITHDRAWALS							1,656.52
INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES								TOTAL
	Radian PMI Fee							6,407.94
	Trustee Fee Amount							2,153.48
	Retained Spread							0.00
	Current Servicing Fees							46,382.69
	Delinquent Servicing Fees							(37,088.08)
	TOTAL INTEREST OTHER FEES							17,856.03
				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for November 26, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES								TOTAL
	Overcollateralization Amount							0.00
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount							0.00
	Overcollateralization Deficiency Amount							0.01
	Overcollateralization Target Amount							805,002.59
				Page 11 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for November 26, 2004 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							1226
	Prior							1,073
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(27)
	Repurchases							(1)
	Liquidations							-
	Current							1,045
	Principal Balance:
	Original							230,000,740.30
	Prior							198,782,970.47
	Prefunding							-
	Scheduled Principal							(195,883.14)
	Partial and Full Voluntary Prepayments							(5,783,737.18)
	Repurchases							(148,002.10)
	Liquidations							-
	Current							192,655,348.05
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 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for November 26, 2004 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							7.018764%
	Weighted Average Coupon Prior							6.990672%
	Weighted Average Coupon Current							6.978056%
	Weighted Average Months to Maturity Original							344
	Weighted Average Months to Maturity Prior							336
	Weighted Average Months to Maturity Current							335
	Weighted Avg Remaining Amortization Term Original							344
	Weighted Avg Remaining Amortization Term Prior							337
	Weighted Avg Remaining Amortization Term Current							335
	Weighted Average Seasoning Original							3.05
	Weighted Average Seasoning Prior							9.98
	Weighted Average Seasoning Current							10.98
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 Corp. 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for November 26, 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%
	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							9,294.61
	Delinquent Servicing Fees							37,088.08
	TOTAL SERVICING FEES							46,382.69
	Total Servicing Fees							46,382.69
	Compensating Interest							13,132.91
	Delinquent Servicing Fees							(37,088.08)
	COLLECTED SERVICING FEES							22,427.52
	Current PPIS							(13,132.91)
	Current Net PPIS							0.00
	Total Advanced Principal For Current Payment Date							158,760.86
	Total Advanced Interest For Current Payment Date							892,389.90
	TOTAL ADVANCES FOR CURRENT PERIOD							1,051,150.76
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Mortgage Rate							6.9781%
	Weighted Average Net Mortgage Rate							6.6364%
				Page 14 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Delinquency Report for November 26, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			2,230,909.15	246,463.94	109,812.80	2,587,185.89
		% Balance			1.16%	0.13%	0.06%	1.34%
		# Loans			11	2	1	14
		% # Loans			1.05%	0.19%	0.10%	1.34%
FORECLOSURE		Balance		-	-	-	1,456,615.10	1,456,615.10
		% Balance		0.00%	0.00%	0.00%	0.76%	0.76%
		# Loans		-	-	-	10	10
		% # Loans		0.00%	0.00%	0.00%	0.96%	0.96%
BANKRUPTCY		Balance		610,043.49	-	-	272,554.10	882,597.59
		% Balance		0.32%	0.00%	0.00%	0.14%	0.46%
		# Loans		3	-	-	1	4
		% # Loans		0.29%	0.00%	0.00%	0.10%	0.38%
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		610,043.49	2,230,909.15	246,463.94	1,838,982.00	4,926,398.58
		% Balance		0.32%	1.16%	0.13%	0.95%	2.56%
		# Loans		3	11	2	12	28
		% # Loans		0.29%	1.05%	0.19%	1.15%	2.68%
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 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	REO Report for November 26, 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 Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for November 26, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							27
	Number of Repurchased Loans							1
	Total Number of Loans Prepaid in Full							28
	Paid in Full Balance							5,764,110.59
	Repurchased Loans Balance							148,002.10
	Curtailments Amount							19,626.59
	Total Prepayment Amount							5,931,739.28
	Cumulative
	Number of Paid in Full Loans							178
	Number of Repurchased Loans							3
	Total Number of Loans Prepaid in Full							181
	Paid in Full Balance							34,983,717.82
	Repurchased Loans Balance							329,890.14
	Curtailments Amount							163,500.03
	Total Prepayment Amount							35,477,107.99
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for November 26, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							2.99%
	3 Months Avg SMM							2.60%
	12 Months Avg SMM
	Avg SMM Since Cut-off							1.86%
	CPR							30.50%
	3 Months Avg CPR							27.14%
	12 Months Avg CPR
	Avg CPR Since Cut-off							20.13%
	PSA							1389.45%
	3 Months Avg PSA Approximation							1359.96%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1435.58%
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for November 26, 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 Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*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 Corp. 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for November 26, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 28						Loan Group 1 = Group 1
Total Original Principal Balance = 5,968,025.00
Total Prepayment Amount = 5,912,112.69
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
1103033679 1			105,000.00	98,556.01	Oct-04-04	6.750%	MI - 66.25%	Paid Off - 180	Dec-31-03
1103052547 1			166,000.00	163,661.52	Oct-18-04	6.500%	MI - 78.30%	Paid Off - 360	Dec-31-03
1103052960 1			212,000.00	209,083.29	Oct-04-04	6.625%	IL - 80.00%	Paid Off - 360	Dec-31-03
1103060430 1			210,000.00	207,310.97	Oct-21-04	6.625%	WA - 88.61%	Paid Off - 360	Dec-31-03
1103092181 1			236,000.00	233,711.59	Oct-26-04	7.250%	FL - 80.00%	Paid Off - 360	Dec-17-03
1103092576 1			180,000.00	174,011.66	Oct-20-04	7.875%	PA - 80.00%	Paid Off - 180	Jan-06-04
1103099371 1			454,900.00	450,685.89	Oct-26-04	6.500%	CA - 65.00%	Paid Off - 360	Dec-24-03
1103100038 1			215,200.00	213,299.61	Oct-29-04	6.750%	CA - 80.00%	Paid Off - 360	Jan-14-04
1103100363 1			257,000.00	254,878.37	Oct-27-04	6.750%	CA - 79.08%	Paid Off - 360	Jan-07-04
1103100655 1			127,500.00	126,318.03	Oct-15-04	6.500%	CA - 54.26%	Paid Off - 360	Jan-30-04
1103102897 1			114,750.00	113,771.75	Oct-29-04	7.000%	CA - 85.00%	Paid Off - 360	Jan-06-04
1103104359 1			280,000.00	280,000.00	Oct-18-04	5.750%	CA - 69.14%	Paid Off - 360	Jan-14-04
1103105402 1			104,925.00	103,425.66	Oct-11-04	7.125%	CA - 79.80%	Paid Off - 360	Jan-14-04
1103107124 1			263,000.00	262,448.01	Oct-20-04	6.875%	CA - 75.69%	Paid Off - 360	Jan-26-04
1103108200 1			222,800.00	220,991.32	Oct-01-04	6.625%	CA - 80.00%	Paid Off - 360	Dec-31-03
1103111722 1			121,600.00	120,781.85	Oct-20-04	7.875%	FL - 80.00%	Paid Off - 360	Jan-09-04
1103114854 1			79,000.00	78,375.12	Oct-13-04	7.375%	FL - 79.11%	Paid Off - 360	Dec-24-03
1103114877 1			175,000.00	173,421.78	Oct-18-04	7.150%	FL - 100.00%	Paid Off - 360	Dec-24-03
1103114924 1			39,900.00	39,632.40	Oct-18-04	9.500%	FL - 95.00%	Paid Off - 360	Dec-24-03
1103119000 1			176,000.00	174,702.83	Oct-07-04	7.125%	NV - 80.00%	Paid Off - 360	Feb-10-04
1103135889 1			280,250.00	278,463.59	Oct-20-04	7.250%	NJ - 95.00%	Paid Off - 360	Feb-13-04
1103136851 1			846,000.00	839,142.69	Oct-29-04	6.000%	CA - 31.34%	Paid Off - 360	Feb-13-04
2503043267 1			72,000.00	71,604.38	Oct-21-04	8.000%	VA - 90.00%	Paid Off - 360	Jan-09-04
2503043973 1			228,800.00	226,942.59	Oct-15-04	6.625%	CA - 80.00%	Paid Off - 360	Dec-29-03
2503044350 1			164,800.00	164,800.00	Oct-04-04	7.000%	MD - 80.00%	Paid Off - 360	Jan-13-04
2503044678 1			260,000.00	258,666.25	Oct-07-04	8.750%	FL - 74.93%	Paid Off - 360	Feb-06-04
2503047489 1			226,800.00	225,423.43	Oct-26-04	7.500%	CA - 90.00%	Paid Off - 360	Feb-05-04
1103123871 1			148,800.00	148,002.10	Nov-01-04	9.255%	MD - 80.00%	Repur/Subs - 360	Dec-30-03
					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for November 26, 2004 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							-
	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 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for November 26, 2004 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%
	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
				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for November 26, 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)
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.
Dates correspond to distribution dates.
				Page 23 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for November 26, 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.
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
	Impac Secured Assets Corp. 2004-1
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for November 26, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
	Optional Termination Date Reached							No
	Trigger Event Occured							Yes
	Step Down Date Reached							No
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 Corp. 2004-1
	Mortgage Pass-Through Certificates
	Additional Certificate Report for November 26, 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