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):  June 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 THROUGH CERTIFICATES SERIES 2004-2
                 (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-85310-04                          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
     June 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 May 1,2004.



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

                                   EXHIBIT INDEX

          DOCUMENT

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






			

	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	June 25, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				6
			4.	Credit Enhancement Report				9
			5.	Collateral Report				10
			6.	Delinquency Report				13
			7.	REO Report				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				19
			11.	Realized Loss Detail Report				22
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				23
			13.	Additional Certificate Report				24
				Total Number of Pages				24
			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
	Seller:		IMPAC Mortgage Holdings Inc.					Cut-Off Date: May 1, 2004
	Certificate Insurer(s):							Closing Date: May 28, 2004
								First Payment Date: June 25, 2004
	Servicer(s):		Impac Funding Corp. Master Servicer
			Countrywide Home Loans Serv Sub-Servicer
			GMAC Sub-Servicer
								Distribution Date: June 25, 2004
	Underwriter(s):		Countrywide Securities Underwriter					Record Date: June 24, 2004
								May 28, 2004
						Page 1 of 24					© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for June 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	57,124,000.00			57,124,000.00	57,314.41	55,113.03	112,427.44	-	-	57,068,886.97
A-2	AFC,SEQ,AS	13,944,000.00			13,944,000.00	46,933.18	-	46,933.18	-	-	13,944,000.00
A-3	AFC,SEQ,AS	40,997,000.00			40,997,000.00	170,650.01	-	170,650.01	-	-	40,997,000.00
A-4	AFC,SEQ,AS	26,259,000.00			26,259,000.00	127,246.74	-	127,246.74	-	-	26,259,000.00
A-5	STEP,AFC,SE	31,326,000.00			31,326,000.00	154,019.50	-	154,019.50	-	-	31,326,000.00
A-6	STEP,AFC,SE	18,850,000.00			18,850,000.00	90,165.83	-	90,165.83	-	-	18,850,000.00
M-1	MEZ,STEP,AF	5,000,000.00			5,000,000.00	24,583.33	-	24,583.33	-	-	5,000,000.00
M-2	MEZ,STEP,AF	4,000,000.00			4,000,000.00	7,933.33	-	7,933.33	-	-	4,000,000.00
M-3	MEZ,STEP,AF	2,500,000.00			2,500,000.00	6,805.56	-	6,805.56	-	-	2,500,000.00
C	SUB	-			-	148,582.28	-	148,582.28	-	-	-
P	SUB	100.00			100.00	-	-	-	-	-	100.00
R	R	-			-	-	-	-	-	-	-
Total		200,000,100.00			200,000,100.00	834,234.17	55,113.03	889,347.20	-	-	199,944,986.97
	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	05/28/04	06/24/04		A-Act/360	45254TPG3	57,124,000.00	1,000.000000	1.003333	0.964796	1.968130	999.035204
A-2	05/28/04	06/24/04		A-30/360	45254TPH1	13,944,000.00	1,000.000000	3.365833	-	3.365833	1,000.000000
A-3	05/28/04	06/24/04		A-30/360	45254TPJ7	40,997,000.00	1,000.000000	4.162500	-	4.162500	1,000.000000
A-4	05/28/04	06/24/04		A-30/360	45254TPK4	26,259,000.00	1,000.000000	4.845833	-	4.845833	1,000.000000
A-5	05/28/04	06/24/04		A-30/360	45254TPL2	31,326,000.00	1,000.000000	4.916667	-	4.916667	1,000.000000
A-6	05/28/04	06/24/04		A-30/360	45254TPM0	18,850,000.00	1,000.000000	4.783333	-	4.783333	1,000.000000
M-1	05/28/04	06/24/04		A-30/360	45254TPN8	5,000,000.00	1,000.000000	4.916666	-	4.916666	1,000.000000
M-2	05/28/04	06/24/04		A-30/360	45254TPP3	4,000,000.00	1,000.000000	1.983333	-	1.983333	1,000.000000
M-3	05/28/04	06/24/04		A-30/360	45254TPQ1	2,500,000.00	1,000.000000	2.722224	-	2.722224	1,000.000000
C	05/28/04	06/24/04		A-30/360	45254TPR9	-	-	-	-	-	-
P	05/28/04	06/24/04		A-30/360	45254TPS7	100.00	1,000.000000	-	-	-	1,000.000000
R	05/28/04	06/24/04		A-30/360	45254TPT5	-	-	-	-	-	-
							Page 2 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for June 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	57,124,000.00		57,314.41		3,534.33	51,578.70	55,113.03	112,427.44	-	-	57,068,886.97
A-2	13,944,000.00		46,933.18		-	-	-	46,933.18	-	-	13,944,000.00
A-3	40,997,000.00		170,650.01		-	-	-	170,650.01	-	-	40,997,000.00
A-4	26,259,000.00		127,246.74		-	-	-	127,246.74	-	-	26,259,000.00
A-5	31,326,000.00		154,019.50		-	-	-	154,019.50	-	-	31,326,000.00
A-6	18,850,000.00		90,165.83		-	-	-	90,165.83	-	-	18,850,000.00
M-1	5,000,000.00		24,583.33		-	-	-	24,583.33	-	-	5,000,000.00
M-2	4,000,000.00		7,933.33		-	-	-	7,933.33	-	-	4,000,000.00
M-3	2,500,000.00		6,805.56		-	-	-	6,805.56	-	-	2,500,000.00
C	-		148,582.28		-	-	-	148,582.28	-	-	-
P	100.00		-		-	-	-	-	-	-	100.00
R	-		-		-	-	-	-	-	-	-
Total	200,000,100.00		834,234.17		3,534.33	51,578.70	55,113.03	889,347.20	-	-	199,944,986.97
	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	1.29000%	57,124,000.00			57,314.41	-	-	-	57,314.41	57,314.41	-
A-2	4.03900%	13,944,000.00			46,933.18	-	-	-	46,933.18	46,933.18	-
A-3	4.99500%	40,997,000.00			170,650.01	-	-	-	170,650.01	170,650.01	-
A-4	5.81500%	26,259,000.00			127,246.74	-	-	-	127,246.74	127,246.74	-
A-5	5.90000%	31,326,000.00			154,019.50	-	-	-	154,019.50	154,019.50	-
A-6	5.74000%	18,850,000.00			90,165.83	-	-	-	90,165.83	90,165.83	-
M-1	5.90000%	5,000,000.00			24,583.33	-	-	-	24,583.33	24,583.33	-
M-2	2.55000%	4,000,000.00			7,933.33	-	-	-	7,933.33	7,933.33	-
M-3	3.50000%	2,500,000.00			6,805.56	-	-	-	6,805.56	6,805.56	-
C	1.11468%	-			148,582.29	-	-	-	148,582.29	148,582.28	0.01
P		100.00			-	-	-	-	-	-	-
R		-			-	-	-	-	-	-	-
Total		200,000,100.00			834,234.18	-	-	-	834,234.18	834,234.17	0.01
							Page 3 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for June 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)
REMIC1		200,000,100.00			200,000,100.00	834,234.17	55,113.03	889,347.20	-	-	199,944,986.97
Total		200,000,100.00			200,000,100.00	834,234.17	55,113.03	889,347.20	-	-	199,944,986.97
	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	05/28/04	06/24/04		A-30/360		200,000,100.00	1,000.000000	4.171169	0.275565	4.446734	999.724435
							Page 4 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for June 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)
REMIC1	200,000,100.00		834,234.17		-	55,113.03	55,113.03	889,347.20	-	-	199,944,986.97
Total	200,000,100.00		834,234.17		-	55,113.03	55,113.03	889,347.20	-	-	199,944,986.97
	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	6.26177%	200,000,100.00			-	-	-	-	-	834,234.17	-
Total		200,000,100.00			-	-	-	-	-	834,234.17	-
							Page 5 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collection Account Report for June 25, 2004 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							55,113.03
	Other Principal Deposits							0.00
	TOTAL NET PRINCIPAL							55,113.03
	Interest Collections							871,287.52
	Interest Withdrawals							0.00
	Interest Fees							(37,053.34)
	TOTAL NET INTEREST							834,234.18
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							889,347.21
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							51,578.70
	Curtailments							3,534.33
	Prepayments In Full							0.00
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Principal							0.00
	Delinquent Principal							(18,997.37)
	Total Realized Loss Of Principal							0.00
	Principal Advanced							18,997.37
	TOTAL PRINCIPAL COLLECTED							55,113.03
				Page 6 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collection Account Report for June 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							875,822.67
	Repurchases/Substitutions							0.00
	Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls							0.00
	Delinquent Interest							(105,219.87)
	Interest Realized Losses							0.00
	Compensating Interest							0.00
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums							0.00
	Interest Advanced							100,684.72
	TOTAL INTEREST COLLECTED							871,287.52
				Page 7 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collection Account Report for June 25, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
	Credit Risk Manager Fees							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES								TOTAL
	Radian PMI Fee							2,099.00
	Trustee Fee Amount							2,166.67
	Retained Spread							0.00
	Current Servicing Fees							37,322.82
	Delinquent Servicing Fees							(4,535.15)
	TOTAL INTEREST OTHER FEES							37,053.34
				Page 8 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for June 25, 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							0.00
	Overcollateralization Target Amount							0.00
				Page 9 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collateral Report for June 25, 2004 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							778
	Prior							-
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							-
	Repurchases							-
	Liquidations							-
	Current							778
	Principal Balance:
	Original							159,954,948.80
	Prior							-
	Prefunding							-
	Scheduled Principal							(51,578.70)
	Partial and Full Voluntary Prepayments							(3,534.33)
	Repurchases							-
	Liquidations							-
	Current							159,899,835.77
PREFUNDING								TOTAL
	Prefund Amount Deposited							40,045,151.20
	Amount of Funds Transferred							0.00
	Prefund Amount Remaining							40,045,151.20
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 10 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collateral Report for June 25, 2004 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							6.570520%
	Weighted Average Coupon Prior
	Weighted Average Coupon Current							6.570520%
	Weighted Average Months to Maturity Original							352
	Weighted Average Months to Maturity Prior							-
	Weighted Average Months to Maturity Current							352
	Weighted Avg Remaining Amortization Term Original							352
	Weighted Avg Remaining Amortization Term Prior							-
	Weighted Avg Remaining Amortization Term Current							352
	Weighted Average Seasoning Original							1.38
	Weighted Average Seasoning Prior							-
	Weighted Average Seasoning Current							1.38
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Collateral Report for June 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%
	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							32,787.67
	Delinquent Servicing Fees							4,535.15
	TOTAL SERVICING FEES							37,322.82
	Total Servicing Fees							37,322.82
	Compensating Interest							0.00
	Delinquent Servicing Fees							(4,535.15)
	COLLECTED SERVICING FEES							32,787.67
	Current PPIS							0.00
	Current Net PPIS							0.00
	Total Advanced Principal For Current Payment Date							18,997.37
	Total Advanced Interest For Current Payment Date							100,684.72
	TOTAL ADVANCES FOR CURRENT PERIOD							119,682.09
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Mortgage Rate							6.5705%
	Weighted Average Net Mortgage Rate							6.2618%
				Page 12 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Delinquency Report for June 25, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			132,959.25	-	-	132,959.25
		% Balance			0.08%	0.00%	0.00%	0.08%
		# Loans			1	-	-	1
		% # Loans			0.13%	0.00%	0.00%	0.13%
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		-	132,959.25	-	-	132,959.25
		% Balance		0.00%	0.08%	0.00%	0.00%	0.08%
		# Loans		-	1	-	-	1
		% # Loans		0.00%	0.13%	0.00%	0.00%	0.13%
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 13 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REO Report for June 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 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
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				Page 14 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Prepayment Report for June 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							-
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							-
	Paid in Full Balance							-
	Repurchased Loans Balance							-
	Curtailments Amount							3,534.33
	Total Prepayment Amount							3,534.33
	Cumulative
	Number of Paid in Full Loans							-
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							-
	Paid in Full Balance							-
	Repurchased Loans Balance							-
	Curtailments Amount							3,534.33
	Total Prepayment Amount							3,534.33
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Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 15 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Prepayment Report for June 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							0.00%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.00%
	CPR							0.03%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off							0.03%
	PSA							9.61%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							9.61%
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 16 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Prepayment Report for June 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 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 17 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for June 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Group 1
Total Original Principal Balance = 0.00
Total Prepayment Amount = 0.00
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
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					Page 18 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Realized Loss Report for June 25, 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.
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							3 Months Moving Average
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 19 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Realized Loss Report for June 25, 2004 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
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 20 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Realized Loss Report for June 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)
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 21 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for June 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.
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)
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					Page 22 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for June 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
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
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ADDITIONAL INFORMATION								TOTAL
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				Page 23 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	Additional Certificate Report for June 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
	M-1							0.00
	M-2							0.00
	M-3							0.00
	C							0.00
	P							0.00
				Page 24 of 24				© COPYRIGHT 2004 Deutsche Bank