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): July 27, 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
July 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 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: October 20, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Monthly Remittance Statement to the Certificateholders
dated as of July 27, 1998.
Monthly Remittance Statement to the Certificateholders
dated as of August 25, 1998.
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 77,159,268.58 431,448.91 4,730,161.84
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 292,395,000.00 281,438,268.58 1,663,205.18 4,730,161.84
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 5,161,610.75 0.00 0.00 72,429,106.74
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 6,393,367.02 0.00 0.00 276,708,106.74
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 45254SAA4 875.655597 4.896374 53.681078
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 58.577452 821.974519
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: June 30, 1998 Irvine, CA 92614
DIST. DATE: July 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
Payment Date Statement
Distribution Date: July 27, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 558,733.67 373,323.23 129,407.68 1,061,464.58
% OF POOL BALAN CE 0.1932% 0.1291% 0.0448% 0.3671%
NUMBER OF LOANS 11 9 3 23
PERCENTAGE OF LOANS 0.1518% 0.1242% 0.0414% 0.3174%
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 74,918.02 0.00 0.00 293,882.90
PERCENTAGE OF POOL BALANCE 0.0259% 0.0000% 0.0000% 0.1016%
NUMBER OF LOANS 1 0 0 5
PERCENTAGE OF LOANS 0.0138% 0.0000% 0.0000% 0.0690%
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: 3,175,430.18
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 3,275,335.01
AGGREGATE COLLECTIONS WITH
RESPECT TO THE MORTGAGE LOANS: 6,450,765.19
CURRENT PERIOD INTEREST
REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 3,218,416.02
CURRENT PERIOD PRINCIPAL
DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 4,730,161.84
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: 289,130,481.89
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 7,247
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.2001%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 194
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: July 27, 1998
CURRENT PERIOD REQUIRED
OVERCOLLATERALIZATION AMOUNT: 9,000,000.00
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: 1,823,137.96
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 2,428.59
AMOUNT OF INTEREST ADVANCES
MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 40,566.98
AGGREGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 42,995.57
AMOUNT OF PREPAYMENT INTEREST
SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 23.98
AMOUNT OF COMPENSATING INTEREST MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 23.98
HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO
AVAILABLE FUNDS INTEREST AMOUNT: 3,215,997.16
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: 0.1739%
ROLLING DELINQUENCY
PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.1642%
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: 2
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED
PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT FOR
THE RELATED PAYMENT DATE: 27,762.80
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS REPURCHASED
PURSUANT TO THE MORTGAGE LOAN SALE AND CONTRIBUTION AGREEMENT
SINCE THE CLOSING DATE: 82,434.71
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
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 72.429,106.74 404,999.42 5,881,919.19
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 292,395,000.00 276,708,106.74 1,636,755.69 5,881,919.19
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-1 6,286,918.61 0.00 0.00 66,547,187.55
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 0.00 270,826,187.55
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
CURRENT
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 45254SAA4 821.974519 4.596207 66.752000
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 71.348207 755.222520
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: July 31, 1998 Irvine, CA 92614
DIST. DATE: August 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
Payment Date Statement
Distribution Date: August 25, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 1,939,060.48 1,182,842.13 839,956.70 3,961,859.31
% OF POOL BALANCE 0.6811% 0.4155% 0.2950% 1.3916%
NUMBER OF LOANS 57 29 23 109
PERCENTAGE OF LOANS 0.7980% 0.4060% 0.3220% 1.5260%
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 129,514.80 276,071.76 832,147.08 2,562,133.46
PERCENTAGE OF POOL BALANCE 0.0455% 0.0970% 0.2923% 0.9000%
NUMBER OF LOANS 3 7 22 64
PERCENTAGE OF LOANS 0.0420% 0.0980% 0.3080% 0.8960%
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: 2,561,194.92
AGGREGATE COLLECTIONS OF PRINCIPAL
WITH RESPECT TO THE MORTGAGE LOANS: 4,378,689.20
AGGREGATE COLLECTIONS WITH
RESPECT TO THE MORTGAGE LOANS: 6,939,884.12
CURRENT PERIOD INTEREST
REMITTANCE AMOUNT PAYABLE TO THE NOTEHOLDERS: 3,179,317.27
CURRENT PERIOD PRINCIPAL
DISTRIBUTION AMOUNT PAYABLE TO THE NOTEHOLDERS: 5,881,919.19
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: 284,688,311.68
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL: 7,143
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE: 13.1868%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY: 193
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: August 25, 1998
CURRENT PERIOD REQUIRED
OVERCOLLATERALIZATION AMOUNT: 9,000,000.00
CURRENT PERIOD OVERCOLLATERALIZATION AMOUNT: 3,262,886.94
AMOUNT OF PRINCIPAL ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 63,481.01
AMOUNT OF INTEREST ADVANCES
MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 616,069.83
AGGREGATE ADVANCES MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 679,550.84
AMOUNT OF PREPAYMENT INTEREST
SHORTFALLS WITH RESPECT TO THE RELATED PAYMENT DATE: 38.76
AMOUNT OF COMPENSATING INTEREST MADE
WITH RESPECT TO THE RELATED PAYMENT DATE: 38.76
HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED? NO
AVAILABLE FUNDS INTEREST AMOUNT: 3,177,264.76
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: 1.0998%
ROLLING DELINQUENCY
PERCENTAGE FOR THE RELATED PAYMENT DATE: 0.4392%
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 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: 82,434.71
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
AGGREGATE PRINCIPAL BALANCE OF MORTGAGE LOANS PREPAID 3,853,385.16
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
