September 18, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Impac Secured Assets CMN Trust Series 1998-1; File No.
333- 08439.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of Impac Secured Assets CMN
Trust Series 1998-1, a Delaware business trust, as Issuer, (the
"Issuer") under the Indenture, dated as of March 31, 1998, between
Impac Secured Assets CMN Trust Series 1998-1, and Bankers Trust
Company of California, N.A., a national banking association, as
Indenture Trustee (the "Indenture Trustee") is a Current Report on
Form 8-K.
The Series 1998-1 Collateralized Asset-Backed Notes will include
the following eight classes (the "Notes"): Class A-1 Notes, Class
A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class A-5 Notes
(collectively, the "Senior Notes"); (ii) Class M-1 Notes and Class
M-2 Notes (together, the "Class M Notes"); and (iii) Class B-1 Notes
(together with the Class M Notes, the "Subordinate Notes"). The
Series 1998 1 Collateralized Asset-Backed Certificates will include
the Class B-2 Certificates (together with the Subordinate Notes, the
"Subordinate Securities") and the Class X Certificates. Only the
Notes are offered hereby.
The Bonds were registered under the Securities Act of 1933 under
Commission File Number 333-08439. As a result, the Registrant is
subject to the filing requirements of Section 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
The Trust intends to fulfill these filing requirements in the manner
described herein:
The agent for Registrant will file, promptly after each Distribution
Date (as defined in the Indenture), a Current Report on Form 8-K in
substantially the form enclosed herewith, including as an exhibit
thereto the applicable Distribution Date Report. Each such Current
Report will also disclose under Item 5 any matter occurring during
the relevant reporting period which would be reportable under Item
1, 2, 4 or 5 of Part II of Form 10-Q.
Within 90 days after the end of each fiscal year, the agent for the
Registrant will file an annual report of Form 10-K, which responds to
Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and
13 of Part III and Item 14 of Part IV thereof, and include as
exhibits thereto certain information from the Distribution Date
reports aggregated for such year and a copy of the independent
accountants' annual compliance statement required under the Pooling
and Servicing Agreement.
The agent for the Registrant will follow the above procedures except
for any fiscal year as to which its reporting obligations under
Section 15(d) of the Exchange Act have been suspended pursuant to
such Section. In such event, the agent for the Registrant will file
a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (949) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Impac Secured Assets CMN Trust Series
1998-1 Collateralized Asset-backed Notes.
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): April 26, 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
April 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
May 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
June 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: September 18, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of April 25, 1998. 4
Monthly Remittance Statement to the Certificateholders
dated as of May 25, 1998. 10
Monthly Remittance Statement to the Certificateholders
dated as of June 25, 1998. 18
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Collateralized Asset-Backed Notes
Series 1998-1
Statement to Noteholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 88,116,000.00 88,116,000.00 492,715.30 2,517,395.66
A-2 22,817,000.00 22,817,000.00 123,401.94 0.00
A-3 53,189,000.00 53,189,000.00 288,993.57 0.00
A-4 22,507,000.00 22,507,000.00 128,289.90 0.00
A-5 33,803,000.00 33,803,000.00 208,451.83 0.00
M-1 26,513,000.00 26,513,000.00 167,473.78 0.00
M-2 24,240,000.00 24,240,000.00 156,954.00 0.00
B-1 21,210,000.00 21,210,000.00 158,191.25 0.00
TOTALS 292,395,000.00 292,395,000.00 1,724,471.57 2,517,395.66
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 3,010,110.96 0.00 0.00 85,598,604.34
A-2 123,401.94 0.00 0.00 22,817,000.00
A-3 288,993.57 0.00 0.00 53,189,000.00
A-4 128,289.90 0.00 0.00 22,507,000.00
A-5 208,451.83 0.00 0.00 33,803,000.00
M-1 167,473.00 0.00 0.00 26,513,000.00
M-2 156,954.00 0.00 0.00 24,240.000.00
B-1 158,191.25 0.00 0.00 21,210,000.00
TOTALS 4,241,867.23 0.00 0.00 289,877,604.34
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 45254SAA4 1,000.000000 5.591667 28.569110
A-2 45254SAB2 1,000.000000 5.408333 0.000000
A-3 45254SAC0 1,000.000000 5.433333 0.000000
A-4 45254SAD8 1,000.000000 5.700000 0.000000
A-5 45254SAE6 1,000.000000 6.166667 0.000000
M-1 45254SAF3 1,000.000000 6.316667 0.000000
M-2 45254SAG1 1,000.000000 6.475000 0.000000
B-1 45254SAH9 1,000.000000 7.458333 0.000000
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
CURRENT
PRINCIPAL
CLASS AL TOTAL BALANCE
A-1 34.160776 971.430890
A-2 5.408333 1,000.000000
A-3 5.433333 1,000.000000
A-4 5.700000 1,000.000000
A-5 6.166667 1,000.000000
M-1 6.316667 1,000.000000
M-2 6.475000 1,000.000000
B-1 7.458333 1,000.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A-1 6.710000% 6.710000%
A-2 6.490000% 6.490000%
A-3 6.520000% 6.520000%
A-4 6.840000% 6.840000%
A-5 7.400000% 7.400000%
M-1 7.580000% 7.580000%
M-2 7.770000% 7.770000%
B-1 8.950000% 8.950000%
SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang
MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of
California, NA
CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza
RECORD DATE: March 31, 1998 Irvine, CA 92614
DIST. DATE: April 27, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 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
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
B-2 10,605,000.00 10,605,000.00 102,868.50 0.00
X 0.00 0.00 0.00 0.00
TOTALS 10,605,000.00 10,605,000.00 102,868.50 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
B-2 102,868.50 0.00 0.00 10,605,000.00
X 0.00 0.00 0.00 0.00
TOTALS 102,868.50 0.00 0.00 10,605,000.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
B-2 1,000.000000 9.700000 0.000000
X 0.000000 0.000000 0.000000
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
B-2 9.700000 1,000.000000
X 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
B-2 11.640000% 11.640000%
X 0.000000% 0.000000%
SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang
MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of
California, NA
CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza
RECORD DATE: March 31, 1998 Irvine, CA 92614
DIST. DATE: April 27, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Payment Date Statement
Distribution Date: April 27, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 1,198,663.01 20,725.54 0.00 1,219,388.55
% OF POOL BALAN CE 0.4516% 0.0078% 0.0000% 0.4594%
NUMBER OF LOANS 33 1 0 34
PERCENTAGE OF LOANS 0.5073% 0.0154% 0.0000% 0.5227%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 24,700.51 0.00 0.00 475,468.03
PERCENTAGE OF POOL BALANCE 0.0093% 0.0000% 0.0000% 0.1791%
NUMBER OF LOANS 1 0 0 12
PERCENTAGE OF LOANS 0.0154% 0.0000% 0.0000% 0.1845%
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00%
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
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: 2,474,187.81
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 1,396,556.88
AGGREGATE COLLECTIONS WITH
RESPECT TO THE MORTGAGE LOANS: 3,870,744.69
CURRENT PERIOD INTEREST
REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 2,938,467.37
CURRENT PERIOD PRINCIPAL
DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 2,517,395.66
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: 265,408,769.14
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 6,505
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.2299%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 199
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Payment Date Statement
Distribution Date: April 27, 1998
CURRENT PERIOD REQUIRED
OVERCOLLATERALIZATION AMOUNT: 9,000,000.00
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: (1,111,127.30)
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 9,711.48
AMOUNT OF INTEREST ADVANCES
MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 467,436.87
AGGREGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 477,148.35
AMOUNT OF PREPAYMENT INTEREST
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 INTEREST AMOUNT: 2,941,624.67
AGGREGATE AMOUNT OF
REALIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
CUMULATIVE AMOUNT OF
REALIZED LOSSES SINCE THE CLOSING DATE: 0.0000%
CUMULATIVE LOSS PERCENTAGE
FOR THE RELATED PAYMENT DATE: 0.0000%
DELINQUENCY PERCENTAGE
FOR THE RELATED PAYMENT DATE: 0.0078%
ROLLING DELINQUENCY
PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0078%
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: 0
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED
PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR
THE RELATED PAYMENT DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED
PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT
SINCE THE CLOSING DATE: 0.00
AGGREGAGE 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
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1 REVISED
Collateralized Asset-Backed Notes
Series 1998-1
Statement to Noteholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 88,116,000.00 85,598,604.34 478,638.86 4,234,689.68
A-2 22,817,000.00 22,817,000.00 123,401.94 0.00
A-3 53,189,000.00 53,189,000.00 288,993.57 0.00
A-4 22,507,000.00 22,507,000.00 128,289.90 0.00
A-5 33,803,000.00 33,803,000.00 208,451.83 0.00
M-1 26,513,000.00 26,513,000.00 167,473.78 0.00
M-2 24,240,000.00 24,240,000.00 156,954.00 0.00
B-1 21,210,000.00 21,210,000.00 158,191.25 0.00
TOTALS 292,395,000.00 289,877,604.34 1,710,395.13 4,234,689.68
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 4,713,328.54 0.00 0.00 81,363,914.66
A-2 123,401.94 0.00 0.00 22,817,000.00
A-3 288,993.57 0.00 0.00 53,189,000.00
A-4 128,289.90 0.00 0.00 22,507,000.00
A-5 208,451.83 0.00 0.00 33,803,000.00
M-1 167,473.78 0.00 0.00 26,513,000.00
M-2 156,954.00 0.00 0.00 24,240.000.00
B-1 158,191.25 0.00 0.00 21,210,000.00
TOTALS 5,945,084.81 0.00 0.00 285,642,914.66
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
CURRENT
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 45254SAA4 971.430890 5.431918 48.058124
A-2 45254SAB2 1,000.000000 5.408333 0.000000
A-3 45254SAC0 1,000.000000 5.433333 0.000000
A-4 45254SAD8 1,000.000000 5.700000 0.000000
A-5 45254SAE6 1,000.000000 6.166667 0.000000
M-1 45254SAF3 1,000.000000 6.316667 0.000000
M-2 45254SAG1 1,000.000000 6.475000 0.000000
B-1 45254SAH9 1,000.000000 7.458333 0.000000
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A-1 53.490042 923.372766
A-2 5.408333 1,000.000000
A-3 5.433333 1,000.000000
A-4 5.700000 1,000.000000
A-5 6.166667 1,000.000000
M-1 6.316667 1,000.000000
M-2 6.475000 1,000.000000
B-1 7.458333 1,000.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A-1 6.710000% 6.710000%
A-2 6.490000% 6.490000%
A-3 6.520000% 6.520000%
A-4 6.840000% 6.840000%
A-5 7.400000% 7.400000%
M-1 7.580000% 7.580000%
M-2 7.770000% 7.770000%
B-1 8.950000% 8.950000%
SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang
MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of
California, NA
CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza
RECORD DATE: April 30, 1998 Irvine, CA 92614
DIST. DATE: May 26, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1 REVISED
Collateralized Asset-Backed Notes
Series 1998-1
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
B-2 10,605,000.00 10,605,000.00 102,868.50 0.00
X 0.00 0.00 0.00 0.00
TOTALS 10,605,000.00 10,605,000.00 102,868.50 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
B-2 102,868.50 5,762.81 0.00 10,599,237.19
X 0.00 0.00 0.00 0.00
TOTALS 102,868.50 5,762.81 0.00 10,599,237.19
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
B-2 1,000.000000 9.700000 0.000000 9.700000 999.456595
X 0.000000 0.000000 0.000000 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
B-2 11.640000% 11.640000%
X 0.000000% 0.000000%
SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang
MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of
California, NA
CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza
RECORD DATE: April 30, 1998 Irvine, CA 92614
DIST. DATE: May 26, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Payment Date Statement
Distribution Date: May 26, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 2,090,140.46 466,797.33 20,725.54 2,577,663.33
% OF POOL BALANCE 0.7968% 0.1779% 0.0079% 0.9826%
NUMBER OF LOANS 59 9 1 69
PERCENTAGE OF LOANS 0.9154% 0.1396% 0.0155% 1.0706%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
% OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 105,323.44 91,341.11 0.00 696,934.87
PERCENTAGE OF POOL BALANCE 0.0401% 0.0348% 0.0000% 0.2657%
NUMBER OF LOANS 2 3 0 17
PERCENTAGE OF LOANS 0.0310% 0.0465% 0.0000% 0.2638%
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00%
% OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
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: 2,373,028.60
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 3,073,785.90
AGGREGATE COLLECTIONS WITH
RESPECT TO THE MORTGAGE LOANS: 5,446,814.50
CURRENT PERIOD INTEREST
REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 2,923,291.05
CURRENT PERIOD PRINCIPAL
DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 4,234,689.68
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: 262,325,538.65
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 6,445
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.2290%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 197
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Payment Date Statement
Distribution Date: May 26, 1998
CURRENT PERIOD REQUIRED
OVERCOLLATERALIZATION AMOUNT: 9,000,000.00
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: (1,110,027.42)
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 50,876.36
AMOUNT OF INTEREST ADVANCES
MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 53,403.68
AGGREGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 604,280.04
AMOUNT OF PREPAYMENT INTEREST
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 INTEREST AMOUNT: 2,926,422.46
AGGREGATE AMOUNT OF REALIZED
LOSSES FOR THE RELATED PAYMENT DATE: 0.00
CUMULATIVE AMOUNT OF
REALIZED LOSSES SINCE THE CLOSING DATE: 0.0000%
CUMULATIVE LOSS PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.0000%
DELINQUENCY PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.2207%
ROLLING DELINQUENCY
PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.2285%
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: 0
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED
PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR
THE RELATED PAYMENT DATE: 0.00
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED
PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT
SINCE THE CLOSING DATE: 0.00
AGGREGAGE 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
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1 REVISED
Collateralized Asset-Backed Notes
Series 1998-1
Statement to Noteholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 88,116,000.00 81,363,914.66 454,959.89 4,204,646.08
A-2 22,817,000.00 22,817,000.00 123,401.94 0.00
A-3 53,189,000.00 53,189,000.00 288,993.57 0.00
A-4 22,507,000.00 22,507,000.00 128,289.90 0.00
A-5 33,803,000.00 33,803,000.00 208,451.83 0.00
M-1 26,513,000.00 26,513,000.00 167,473.78 0.00
M-2 24,240,000.00 24,240,000.00 156,954.00 0.00
B-1 21,210,000.00 21,210,000.00 158,191.25 0.00
TOTALS 292,395,000.00 285,642,914.66 1,686,716.16 4,204,646.08
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 4,659,605.97 0.00 0.00 77,159,268.58
A-2 123,401.94 0.00 0.00 22,817,000.00
A-3 288,993.57 0.00 0.00 53,189,000.00
A-4 128,289.90 0.00 0.00 22,507,000.00
A-5 208,451.83 0.00 0.00 33,803,000.00
M-1 167,473.78 0.00 0.00 26,513,000.00
M-2 156,954.00 0.00 0.00 24,240.000.00
B-1 158,191.25 0.00 0.00 21,210,000.00
TOTALS 5,891,362.24 0.00 0.00 281,438,268.58
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 45254SAA4 923.372766 5.163193 47.717169
A-2 45254SAB2 1,000.000000 5.408333 0.000000
A-3 45254SAC0 1,000.000000 5.433333 0.000000
A-4 45254SAD8 1,000.000000 5.700000 0.000000
A-5 45254SAE6 1,000.000000 6.166667 0.000000
M-1 45254SAF3 1,000.000000 6.316667 0.000000
M-2 45254SAG1 1,000.000000 6.475000 0.000000
B-1 45254SAH9 1,000.000000 7.458333 0.000000
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A-1 52.880362 875.655597
A-2 5.408333 1,000.000000
A-3 5.433333 1,000.000000
A-4 5.700000 1,000.000000
A-5 6.166667 1,000.000000
M-1 6.316667 1,000.000000
M-2 6.475000 1,000.000000
B-1 7.458333 1,000.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A-1 6.710000% 6.710000%
A-2 6.490000% 6.490000%
A-3 6.520000% 6.520000%
A-4 6.840000% 6.840000%
A-5 7.400000% 7.400000%
M-1 7.580000% 7.580000%
M-2 7.770000% 7.770000%
B-1 8.950000% 8.950000%
SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang
MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of
California, NA
CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza
Irvine, CA 92614
RECORD DATE: May 29, 1998
DIST. DATE: June 25, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1 REVISED
Collateralized Asset-Backed Notes
Series 1998-1
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
B-2 10,605,000.00 10,599,237.19 102,812.60 0.00
X 0.00 0.00 0.00 0.00
TOTALS 10,605,000.00 10,599,237.19 102,812.60 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
B-2 102,812.60 0.00 0.00 10,599,237.19
X 0.00 0.00 0.00 0.00
TOTALS 102,812.60 0.00 0.00 10,599,237.19
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
RINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
B-2 999.456595 9.694729 0.000000 9.694729 999.456595
X 0.000000 0.000000 0.000000 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
B-2 11.640000% 11.640000%
X 0.000000% 0.000000%
SELLER: ICI Funding Corporation ADMINISTRATOR: Cindy Tsang
MASTER SERVICER: ICI Funding Corporation Bankers Trust Co. of
California, NA
CO-LEAD UNDERWRITERS: Bear, Stearns & Co. Inc 3 Park Plaza
RECORD DATE: May 29, 1998 Irvine, CA 92614
DIST. DATE: April 25, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 1 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Payment Date Statement
Distribution Date: June 25, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 683,799.12 487,783.88 172,204.14 1,343,787.14
% OF POOL BALANCE 0.2638% 0.1882% 0.0664% 0.5184%
NUMBER OF LOANS 18 12 3 33
PERCENTAGE OF LOANS 0.2823% 0.1882% 0.0470% 0.5175%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
% OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0000%
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 157,422.13
% OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 3
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000% 0.0470%
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00%
% OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0 0
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: 2,851,972.65
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 3,100,227.21
AGGREGATE COLLECTIONS WITH
RESPECT TO THE MORTGAGE LOANS: 5,952,199.86
CURRENT PERIOD INTEREST
REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 2,891,919.18
CURRENT PERIOD PRINCIPAL
DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 4,204,646.08
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: 259,223,282.99
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 6,377
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.2218%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 196
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Impac Secured Assets CMN Trust, Series 1998-1
Payment Date Statement
Distribution Date: June 25, 1998
CURRENT PERIOD REQUIRED
OVERCOLLATERALIZATION AMOUNT: 9,000,000.00
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: (1,102,390.42)
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 2,028.45
AMOUNT OF INTEREST ADVANCES
MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 38,390.54
AGGREGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 40,418.99
AMOUNT OF PREPAYMENT INTEREST
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 INTEREST AMOUNT: 2,890,353.40
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: 0.2546%
ROLLING DELINQUENCY
PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.2415%
NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE MORTGAGE
LOAN SALE AND CONTRIBUTION AGREEMENT FOR THE RELATED PAYMENT
DATE: 1
AGGREGATE NUMBER OF MORTGAGE LOANS REPURCHASED PURSUANT TO THE
MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT SINCE THE CLOSING
DATE: 1
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED
PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR
THE RELATED PAYMENT DATE: 54,671.91
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS
REPURCHASED PURSUANT TO THE MORTGAGE LOAN SALE AND
CONTRIBUTION AGREEMENT SINCE THE CLOSING DATE: 54,671.91
AGGREGAGE 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
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
