SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 1998
IMPAC SECURED ASSETS CMN TRUST SERIES 1998-1
(as issuer under the Indenture, dated as of March 31, 1998,
providing for the issuance of Collaterialized Asset-Backed Notes
Series, 1998-1).
IMPAC SECURED ASSETS CMN TRUST SERIES 1998-1
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-38879 33-0705301
(Commission File Number) (I.R.S. Employer
Identification No.)
20371 IRVINE AVENUE
SANTA ANA HEIGHTS, CALIFORNIA 92707
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (714) 556-0122
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
October 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1998.
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Indenture, dated as of
March 31, 1998.
Date: December 8, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
October 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1998.
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Collateralized Asset-Backed Notes
Series 1998-1
Statement to Noteholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 88,116,000.00 66,547,187.55 372,109.69 5,398,418.26 5,
>770,527.95 0.00 0.00 61,148,769.29
A-2 22,817,000.00 22,817,000.00 123,401.94 0.00
>123,401.94 0.00 0.00 22,817,000.00
A-3 53,189,000.00 53,189,000.00 288,993.57 0.00
>288,993.57 0.00 0.00 53,189,000.00
A-4 22,507,000.00 22,507,000.00 128,289.90 0.00
>128,289.90 0.00 0.00 22,507,000.00
A-5 33,803,000.00 33,803,000.00 208,451.83 0.00
>208,451.83 0.00 0.00 33,803,000.00
M-1 26,513,000.00 26,513,000.00 167,473.78 0.00
>167,473.78 0.00 0.00 26,513,000.00
M-2 24,240,000.00 24,240,000.00 156,954.00 0.00
>156,954.00 0.00 0.00 24,240,000.00
B-1 21,210,000.00 21,210,000.00 158,191.25 0.00
>158,191.25 0.00 0.00 21,210,000.00
TOTALS 292,395,000.00 270,826,187.55 1,603,865.96 5,398,418.26 7,
>002,284.22 0.00 0.00 265,427,769.29
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 45254SAA4 755.222520 4.222953 61.264904
> 65.487856 693.957616 6.710000% 6.710000%
A-2 45254SAB2 1,000.000000 5.408333 0.000000
> 5.408333 1,000.000000 6.490000% 6.490000%
A-3 45254SAC0 1,000.000000 5.433333 0.000000
> 5.433333 1,000.000000 6.520000% 6.520000%
A-4 45254SAD8 1,000.000000 5.700000 0.000000
> 5.700000 1,000.000000 6.840000% 6.840000%
A-5 45254SAE6 1,000.000000 6.166667 0.000000
> 6.166667 1,000.000000 7.400000% 7.400000%
M-1 45254SAF3 1,000.000000 6.316667 0.000000
> 6.316667 1,000.000000 7.580000% 7.580000%
M-2 45254SAG1 1,000.000000 6.475000 0.000000
> 6.475000 1,000.000000 7.770000% 7.770000%
B-1 45254SAH9 1,000.000000 7.458333 0.000000
> 7.458333 1,000.000000 8.950000% 8.950000%
SELLER: Impac Funding Corporation ADMI
>NISTRATOR: Jarrod Anderson
MASTER SERVICER: Impac Funding Corporation
> Bankers Trust Co. of California, NA
CO-LEAD UNDERWRITERS: Lehman Brothers, Inc.
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Collateralized Asset-Backed Notes
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
B-2 10,605,000.00 10,599,237.19 102,812.60 0.00
>102,812.60 0.00 0.00 10,599,237.19
X 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 10,605,000.00 10,599,237.19 102,812.60 0.00
>102,812.60 0.00 0.00 10,599,237.19
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
B-2 999.456595 9.694729 0.000000
> 9.694729 999.456595 11.640000% 11.640000%
X 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Impac Funding Corporation ADMI
>NISTRATOR: Jarrod Anderson
MASTER SERVICER: Impac Funding Corporation
> Bankers Trust Co. of California, NA
CO-LEAD UNDERWRITERS: Lehman Brothers, Inc.
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 1
> COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Impac Secured Assets CM
>N Trust, Series 1998-1
> Collateralized Asset-Ba
>cked Notes
> Series 1998-1
> Statement to Noteholder
>s
> Distribution Date:
> September 25, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 7,842,572.1,771,064.613,582,417.24 13,196,054.
>
> PERCENTAGE OF POOL BALA
>NCE 2.7940% 0.6310% 1.2763% 4.7012%
>
> NUMBER OF LOANS
> 214 52 89 355
>
> PERCENTAGE OF LOANS
> 3.0337% 0.7372% 1.2617% 5.0326%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> N/A N/A N/A N/A N/A
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> N/A N/A N/A N/A N/A
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> N/A N/A N/A N/A N/A
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> N/A N/A N/A N/A N/A
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> REO LOAN INFORMATION:
>
> PRINCIPAL BALANCE
> N/A N/A N/A N/A N/A
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> N/A N/A N/A N/A N/A
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> ADDITIONAL INFORMATION
>RELATING TO ANY REO PROPERTY: (SEE ATTACH
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 488,954.95
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 3,576,156.9
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 4,065,111.8
>
> CURRENT PERIOD INTEREST
> REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 3,136,944.4
>
> CURRENT PERIOD PRINCIPA
>L DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 5,398,418.2
>
> CURRENT PERIOD NET MONT
>HLY EXCESS CASHFLOW PAYABLE TO THE NOTEHOLDERS: 0.00
>
> AGGREGATE PRIOR UNPAID
>INTEREST SHORTFALL: 0.00
>
> CURRENT AGGREGATE PRINC
>IPAL BALANCE OF THE MORTGAGE LOANS: 280,695,502.37
>
> AGGREGATE NUMBER OF THE
> MORTGAGE LOANS IN POOL: 7,054
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 13.2212%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 195
>
>
> Page 2 of 3 COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Impac Secured Assets CM
>N Trust, Series 1998-1
> Collateralized Asset-Ba
>cked Notes
> Series 1998-1
> Statement to Noteholder
>s
> Distribution Date:
> September 25, 1998
> CURRENT PERIOD REQUIRED
> OVERCOLLATERALIZATION AMOUNT: 9,000,000.0
>
> CURRENT PERIOD OVERCOLL
>ATERALIZATION AMOUNT: 4,668,495.8
>
> AMOUNT OF PRINCIPAL ADV
>ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 391,995.42
>
> AMOUNT OF INTEREST ADVA
>NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 2,647,644.1
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 3,039,639.5
>
> AMOUNT OF PREPAYMENT IN
>TEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
>
> AMOUNT OF COMPENSATING
>INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
>
> HAS THE CREDIT SUPPORT
>DEPLETION DATE OCCURRED? NO
> AVAILABLE FUNDS INTERES
>T AMOUNT: 3,136,599.1
>
> AGGREGATE AMOUNT OF REA
>LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
>
> CUMULATIVE AMOUNT OF RE
>ALIZED LOSSES SINCE THE CLOSING DATE: 5,762.81
>
> DELINQUENCY PERCENTAGE
>FOR THE RELATED PAYMENT DATE: 1.9072%
>
> ROLLING DELINQUENCY PER
>CENTAGE FOR THE RELATED PAYMENT DATE: 0.7328%
>
> NUMBER OF MORTGAGE LOAN
>S REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE
> AND CONT
>RIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0
>
> AGGREGATE NUMBER OF MOR
>TGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN
> SALE AND
> CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 2
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE
> LOAN SAL
>E AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE
> LOAN SAL
>E AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 82,434.71
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18
> OF THE S
>ERVICING AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18
> OF THE S
>ERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS PREPAID 3,423,613.1
>
>
> Page 3 of 3 COPYRIGHT 1998
>
ED, IF ANY)
ankers Trust Company
ankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Collateralized Asset-Backed Notes
Series 1998-1
Statement to Noteholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 88,116,000.00 61,148,769.29 341,923.53 7,358,002.42 7,
>699,925.95 0.00 0.00 53,790,766.87
A-2 22,817,000.00 22,817,000.00 123,401.94 0.00
>123,401.94 0.00 0.00 22,817,000.00
A-3 53,189,000.00 53,189,000.00 288,993.57 0.00
>288,993.57 0.00 0.00 53,189,000.00
A-4 22,507,000.00 22,507,000.00 128,289.90 0.00
>128,289.90 0.00 0.00 22,507,000.00
A-5 33,803,000.00 33,803,000.00 208,451.83 0.00
>208,451.83 0.00 0.00 33,803,000.00
M-1 26,513,000.00 26,513,000.00 167,473.78 0.00
>167,473.78 0.00 0.00 26,513,000.00
M-2 24,240,000.00 24,240,000.00 156,954.00 0.00
>156,954.00 0.00 0.00 24,240,000.00
B-1 21,210,000.00 21,210,000.00 158,191.25 0.00
>158,191.25 0.00 0.00 21,210,000.00
TOTALS 292,395,000.00 265,427,769.29 1,573,679.80 7,358,002.42 8,
>931,682.22 0.00 0.00 258,069,766.87
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 45254SAA4 693.957616 3.880380 83.503591
> 87.383971 610.454025 6.710000% 6.710000%
A-2 45254SAB2 1,000.000000 5.408333 0.000000
> 5.408333 1,000.000000 6.490000% 6.490000%
A-3 45254SAC0 1,000.000000 5.433333 0.000000
> 5.433333 1,000.000000 6.520000% 6.520000%
A-4 45254SAD8 1,000.000000 5.700000 0.000000
> 5.700000 1,000.000000 6.840000% 6.840000%
A-5 45254SAE6 1,000.000000 6.166667 0.000000
> 6.166667 1,000.000000 7.400000% 7.400000%
M-1 45254SAF3 1,000.000000 6.316667 0.000000
> 6.316667 1,000.000000 7.580000% 7.580000%
M-2 45254SAG1 1,000.000000 6.475000 0.000000
> 6.475000 1,000.000000 7.770000% 7.770000%
B-1 45254SAH9 1,000.000000 7.458333 0.000000
> 7.458333 1,000.000000 8.950000% 8.950000%
SELLER: Impac Funding Corporation ADMI
>NISTRATOR: Jarrod Anderson
MASTER SERVICER: Impac Funding Corporation
> Bankers Trust Co. of California, NA
CO-LEAD UNDERWRITERS: Lehman Brothers, Inc.
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Collateralized Asset-Backed Notes
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
B-2 10,605,000.00 10,599,237.19 102,812.60 0.00
>102,812.60 0.00 0.00 10,599,237.19
X 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 10,605,000.00 10,599,237.19 102,812.60 0.00
>102,812.60 0.00 0.00 10,599,237.19
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
B-2 999.456595 9.694729 0.000000
> 9.694729 999.456595 11.640000% 11.640000%
X 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Impac Funding Corporation ADMI
>NISTRATOR: Jarrod Anderson
MASTER SERVICER: Impac Funding Corporation
> Bankers Trust Co. of California, NA
CO-LEAD UNDERWRITERS: Lehman Brothers, Inc.
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 1
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Payment Date Statement
Distribution Date: October 26, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 6
>0 TO 89 90 PLUS
INFORMATION DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 7,633,402.48 3,
>041,849.89 4,931,338.43 15,606,590.80
PERCENTAGE OF POOL BALANCE 2.7783%
> 1.1071% 1.7949% 5.6804%
NUMBER OF LOANS 215
> 85 130 430
PERCENTAGE OF LOANS 3.1074%
> 1.2285% 1.8789% 6.2148%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE N/A
> N/A N/A N/A N/A
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS N/A
> N/A N/A N/A N/A
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE N/A
> N/A N/A N/A N/A
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS N/A
> N/A N/A N/A N/A
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.0000% 0.0000%
REO LOAN INFORMATION:
PRINCIPAL BALANCE N/A
> N/A N/A N/A N/A
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS N/A
> N/A N/A N/A N/A
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.0000% 0.0000%
ADDITIONAL INFORMATION RELATING TO ANY REO PROPERTY:
> (SEE ATTACHED, IF ANY)
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS:
> 436,676.39
AGGREGATE COLLECTIONS OF PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS:
> 5,948,538.15
AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS:
> 6,385,214.54
CURRENT PERIOD INTEREST REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS:
> 3,085,956.67
CURRENT PERIOD PRINCIPAL DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS:
> 7,358,002.42
CURRENT PERIOD NET MONTHLY EXCESS CASHFLOW PAYABLE TO THE NOTEHOLDERS:
> 0.00
AGGREGATE PRIOR UNPAID INTEREST SHORTFALL:
> 0.00
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS:
> 274,746,964.22
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL:
> 6,919
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE:
> 13.1866%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY:
> 194
Page 2 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Payment Date Statement
Distribution Date: October 26, 1998
CURRENT PERIOD REQUIRED OVERCOLLATERALIZATION AMOUNT:
> 9,000,000.00
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT:
> 6,077,960.16
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 0.00
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 2,647,831.85
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 2,647,831.85
AMOUNT OF PREPAYMENT INTEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DA
>TE: 0.00
AMOUNT OF COMPENSATING INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 0.00
HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED?
> NO
AVAILABLE FUNDS INTEREST AMOUNT:
> 3,084,508.25
AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE:
> 0.00
CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE:
> 5,762.81
DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE:
> 2.9020%
ROLLING DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE:
> 1.0930%
NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE
AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE:
> 0
AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN
SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE:
> 2
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTG
>AGE
LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DAT
>E: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTG
>AGE
LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE:
> 82,434.71
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3
>.18
OF THE SERVICING AGREEMENT FOR THE RELATED PAYMENT DATE:
> 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3
>.18
OF THE SERVICING AGREEMENT SINCE THE CLOSING DATE:
> 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS PREPAID
> 5,333,111.08
Page 3 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Collateralized Asset-Backed Notes
Series 1998-1
Statement to Noteholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 88,116,000.00 53,790,766.87 300,780.04 6,875,531.34 7,
>176,311.38 0.00 0.00 46,915,235.53
A-2 22,817,000.00 22,817,000.00 123,401.94 0.00
>123,401.94 0.00 0.00 22,817,000.00
A-3 53,189,000.00 53,189,000.00 288,993.57 0.00
>288,993.57 0.00 0.00 53,189,000.00
A-4 22,507,000.00 22,507,000.00 128,289.90 0.00
>128,289.90 0.00 0.00 22,507,000.00
A-5 33,803,000.00 33,803,000.00 208,451.83 0.00
>208,451.83 0.00 0.00 33,803,000.00
M-1 26,513,000.00 26,513,000.00 167,473.78 0.00
>167,473.78 0.00 0.00 26,513,000.00
M-2 24,240,000.00 24,240,000.00 156,954.00 0.00
>156,954.00 0.00 0.00 24,240,000.00
B-1 21,210,000.00 21,210,000.00 158,191.25 0.00
>158,191.25 0.00 0.00 21,210,000.00
TOTALS 292,395,000.00 258,069,766.87 1,532,536.31 6,875,531.34 8,
>408,067.65 0.00 0.00 251,194,235.53
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 45254SAA4 610.454025 3.413455 78.028183
> 81.441638 532.425842 6.710000% 6.710000%
A-2 45254SAB2 1,000.000000 5.408333 0.000000
> 5.408333 1,000.000000 6.490000% 6.490000%
A-3 45254SAC0 1,000.000000 5.433333 0.000000
> 5.433333 1,000.000000 6.520000% 6.520000%
A-4 45254SAD8 1,000.000000 5.700000 0.000000
> 5.700000 1,000.000000 6.840000% 6.840000%
A-5 45254SAE6 1,000.000000 6.166667 0.000000
> 6.166667 1,000.000000 7.400000% 7.400000%
M-1 45254SAF3 1,000.000000 6.316667 0.000000
> 6.316667 1,000.000000 7.580000% 7.580000%
M-2 45254SAG1 1,000.000000 6.475000 0.000000
> 6.475000 1,000.000000 7.770000% 7.770000%
B-1 45254SAH9 1,000.000000 7.458333 0.000000
> 7.458333 1,000.000000 8.950000% 8.950000%
SELLER: Impac Funding Corporation ADMI
>NISTRATOR: Jarrod Anderson
MASTER SERVICER: Impac Funding Corporation
> Bankers Trust Co. of California, NA
CO-LEAD UNDERWRITERS: Lehman Brothers, Inc.
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Collateralized Asset-Backed Notes
Series 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
B-2 10,605,000.00 10,599,237.19 102,812.60 0.00
>102,812.60 0.00 0.00 10,599,237.19
X 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 10,605,000.00 10,599,237.19 102,812.60 0.00
>102,812.60 0.00 0.00 10,599,237.19
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
B-2 999.456595 9.694729 0.000000
> 9.694729 999.456595 11.640000% 11.640000%
X 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Impac Funding Corporation ADMI
>NISTRATOR: Jarrod Anderson
MASTER SERVICER: Impac Funding Corporation
> Bankers Trust Co. of California, NA
CO-LEAD UNDERWRITERS: Lehman Brothers, Inc.
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 5
> COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Impac Secured Assets CM
>N Trust, Series 1998-1
> Collateralized Asset-Ba
>cked Notes
> Series 1998-1
> Statement to Noteholder
>s
> Distribution Date:
> November 25, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 7,583,515.2,879,612.696,820,602.09 17,283,730.
>
> PERCENTAGE OF POOL BALA
>NCE 2.8173% 1.0698% 2.5338% 6.4209%
>
> NUMBER OF LOANS
> 192 85 181 458
>
> PERCENTAGE OF LOANS
> 2.8264% 1.2513% 2.6645% 6.7422%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> N/A N/A N/A N/A N/A
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> N/A N/A N/A N/A N/A
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> N/A N/A N/A N/A N/A
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> N/A N/A N/A N/A N/A
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> REO LOAN INFORMATION:
>
> PRINCIPAL BALANCE
> N/A N/A N/A N/A N/A
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> N/A N/A N/A N/A N/A
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> ADDITIONAL INFORMATION
>RELATING TO ANY REO PROPERTY: (SEE ATTACH
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 477,694.80
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 5,493,904.4
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 5,971,599.2
>
> CURRENT PERIOD INTEREST
> REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 3,016,975.8
>
> CURRENT PERIOD PRINCIPA
>L DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 6,875,531.3
>
> CURRENT PERIOD NET MONT
>HLY EXCESS CASHFLOW: 1,381,626.9
>
> AGGREGATE PRIOR UNPAID
>INTEREST SHORTFALL: 0.00
>
> CURRENT AGGREGATE PRINC
>IPAL BALANCE OF THE REMAINING MORTGAGE LOANS: 269,180,526.61
>
> AGGREGATE NUMBER OF THE
> REMAINING MORTGAGE LOANS IN POOL: 6,793
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 13.1871%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 193
>
>
> Page 3 of 5 COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Impac Secured Assets CM
>N Trust, Series 1998-1
> Collateralized Asset-Ba
>cked Notes
> Series 1998-1
> Statement to Noteholder
>s
> Distribution Date:
> November 25, 1998
> CURRENT PERIOD REQUIRED
> OVERCOLLATERALIZATION AMOUNT: 9,000,000.0
>
> CURRENT PERIOD OVERCOLL
>ATERALIZATION AMOUNT: 7,387,053.8
>
> AMOUNT OF PRINCIPAL ADV
>ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
>
> AMOUNT OF INTEREST ADVA
>NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 2,541,557.1
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 2,541,557.1
>
> AMOUNT OF PREPAYMENT IN
>TEREST SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
>
> AMOUNT OF COMPENSATING
>INTEREST MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
>
> HAS THE CREDIT SUPPORT
>DEPLETION DATE OCCURRED? NO
>
> AVAILABLE FUNDS INTERES
>T AMOUNT: 3,019,251.9
>
> AGGREGATE AMOUNT OF REA
>LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
>
> CUMULATIVE AMOUNT OF RE
>ALIZED LOSSES ON THE MORTGAGE LOANS SINCE THE CLOSING DATE: 78,296.02
>
> AMOUNT OF INVESTMENT EA
>RNINGS / (LOSS) FOR THE CURRENT PERIOD: 975.05
>
> DELINQUENCY PERCENTAGE
>FOR THE RELATED PAYMENT DATE: 3.6036%
>
> ROLLING DELINQUENCY PER
>CENTAGE FOR THE RELATED PAYMENT DATE: 1.6569%
>
> NUMBER OF MORTGAGE LOAN
>S REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE
> AND CONT
>RIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0
>
> AGGREGATE NUMBER OF MOR
>TGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE LOAN
> SALE AND
> CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 2
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE
> LOAN SAL
>E AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE
> LOAN SAL
>E AND CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 82,434.71
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18
> OF THE S
>ERVICING AGREEMENT FOR THE RELATED PAYMENT DATE: 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF MORTGAGE LOANS REPURCHASED PURSUANT TO SECTION 3.18
> OF THE S
>ERVICING AGREEMENT SINCE THE CLOSING DATE: 0.00
>
> AGGREGATE PRINCIPAL PRE
>PAYMENTS INCLUDED IN PRINCIPAL REMITTANCE TO HOLDERS: 4,795,045.0
>
>
> Page 4 of 5 COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Impac Secured Assets CM
>N Trust, Series 1998-1
> Collateralized Asset-Ba
>cked Notes
> Series 1998-1
> Statement to Noteholder
>s
> Distribution Date:
> November 25, 1998
> Class
> Interest Accrued Net Interest Shortfall Aggregate Unpaid Intere
>
> Clas
>s A-1 300,780.04 0.00 0.00
> Clas
>s A-2 123,401.94 0.00 0.00
> Clas
>s A-3 288,993.57 0.00 0.00
> Clas
>s A-4 128,289.90 0.00 0.00
> Clas
>s A-5 208,451.83 0.00 0.00
> Clas
>s M-1 167,473.78 0.00 0.00
> Clas
>s M-2 156,954.00 0.00 0.00
> Clas
>s B-1 158,191.25 0.00 0.00
> Clas
>s B-2 102,812.60 0.00 0.00
> Clas
>s X 0.00 0.00 0.00
>
> Page 5 of 5 COPYRIGHT 1998 B
>
ED, IF ANY)
ankers Trust Company
ankers Trust Company
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ankers Trust Company
