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Previous: TRITON PCS INC, 424B3, 1999-01-15 |
Next: MUNICIPAL INVESTMENT TR FD INTERM TERM SER 404 DEF ASSET FDS, 487, 1999-01-15 |
January 14, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 1998-2; File No. 333-44209.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of Impac Secured Assets Corp.
under the Pooling and Servicing Agreement dated and effective as of
June 1, 1998, among Impac Secured Assets Corp. as depositor (the
"Depositor"), Impac Funding Corporation, as master servicer (the
"Master Servicer"), and Bankers Trust Company of California, N.A., as
trustee (the "Trustee"), providing for the issuance of Mortgage
Pass-Through Certificates, Series 1998-2, is a Current Report on Form
8-K.
The Series 1998-2 Mortgage Pass-Through Certificates will include the
following thirteen classes (the "Senior Certificates"); (i) Class A-1
Certificates; (ii) Class A-2 Certificates (the "Scheduled Interest
Only Certificates"); (iii) Class A-3 Certificates (the "Scheduled
Accrual Certificates"); and together with the Class A-1 Certificates,
the "Scheduled Certificates"); (iv) Class A-4 Certificates and Class
A-5 Certificates; (v) Class A-6 Certificates, Class A-7 Certificates
and Class A-8 Certificates (collectively, the "TAC Certificates"),
(vi) the Class A-9 Certificates (the "Accrual Companion
Certificates"; and together with the Scheduled Accrual Certificates,
the "Accrual Certificates"); (vii) Class A-10 Certificates (the
"Lockout Certificates"); (viii) Class A-11 Certificates (the
"Variable Strip Certificates"; and together with the Scheduled
Interest Only Certificates, the "Interest Only Certificates), and
(ix) Class R-I Certificates and the R-II Certificates (together, the
"Residual Certificates"). In addition to the Senior Certificates,
the Series 1998-2 Mortgage Pass-Through Certificates will also
include six classes of subordinate certificates which are designated
as the Class M-1 Certificates, Class M-2 Certificates and Class M-3
Certificates (collectively, the Class M Certificates") and the Class
B-1 Certificates, Class B-2 Certificates and Class B-3 Certificates
(collectively, the "Class B Certificates" and, together with the
Class M Certificates and Senior Certificates, the "Certificates").
Only the Senior Certificates and the Class M Certificates (together,
the "Offered Certificates") are offered hereby.
The Certificates were registered under the Securities Act of 1933.
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 (714) 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 Corp. Mortgage
Pass-Through Certificates, Series, 1998-2.
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 CORP.
(as company under a Pooling and Servicing Agreement, dated
June 1, 1998, providing for, inter alia, the issuance of
Mortgage Pass-Through Certificates, Series, 1998-2).
IMPAC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 1998-2
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
333-44209 33-071-5871
(Commission File Number) (I.R.S. Employer
Identification No.)
20371 IRVINE AVENUE
SANTA ANA, 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.
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 Pooling and Servicing
Agreement, dated as of June 1, 1998.
Date: January 14, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of
July 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1998.
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.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
X 83,470,303.00 83,470,303.00 476,476.31 58,215.50
>534,691.81 0.00 0.00 83,412,087.50
Y 41,883,993.00 41,883,993.00 239,087.79 43,474.49
>282,562.28 0.00 0.00 41,840,518.51
Z 0.00 0.00 131,983.64 0.00
>131,983.64 0.00 0.00 0.00
R-I 100.00 100.00 0.57 100.00
> 100.57 0.00 0.00 0.00
TOTALS 125,354,396.00 125,354,396.00 847,548.31 101,789.99
>949,338.30 0.00 0.00 125,252,606.01
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
X 1,000.000000 5.708333 0.697440
> 6.405773 999.302560 6.850000% 6.850000%
Y 1,000.000000 5.708333 1.037974
> 6.746307 998.962026 6.850000% 6.850000%
Z 0.000000 1.052884 0.000000
> 1.052884 0.000000 1.263461% 1.263556%
R-I 1,000.000000 5.700000 1,000.000000 1,
>005.700000 0.000000 6.850000% 6.850000%
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Erin E. Deegan
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 41,883,993.00 41,883,993.00 226,871.63 57,765.32
>284,636.95 0.00 0.00 41,826,227.68
A-2 0.00 0.00 12,216.16 0.00
> 12,216.16 0.00 0.00 0.00
A-3 2,500,000.00 2,500,000.00 0.00 0.00
> 0.00 0.00 14,270.83 2,514,270.83
A-4 1,773,700.00 1,773,700.00 9,977.06 0.00
> 9,977.06 0.00 0.00 1,773,700.00
A-5 1,182,467.00 1,182,467.00 6,897.72 0.00
> 6,897.72 0.00 0.00 1,182,467.00
A-6 19,500,000.00 19,500,000.00 111,312.50 0.00
>111,312.50 0.00 0.00 19,500,000.00
A-7 30,727,000.00 30,727,000.00 175,399.96 61,529.62
>236,929.58 0.00 0.00 30,665,470.38
A-8 4,100,000.00 4,100,000.00 23,404.17 0.00
> 23,404.17 0.00 0.00 4,100,000.00
A-9 1,750,000.00 1,750,000.00 0.00 0.00
> 0.00 0.00 9,989.58 1,759,989.58
A-10 12,535,440.00 12,535,440.00 71,556.47 0.00
> 71,556.47 0.00 0.00 12,535,440.00
A-11 0.00 0.00 131,983.64 0.00
>131,983.64 0.00 0.00 0.00
M-1 3,760,600.00 3,760,600.00 21,466.76 2,626.16
> 24,092.92 0.00 0.00 3,757,973.84
M-2 1,566,900.00 1,566,900.00 8,944.39 1,094.22
> 10,038.61 0.00 0.00 1,565,805.78
M-3 1,253,600.00 1,253,600.00 7,155.97 875.43
> 8,031.40 0.00 0.00 1,252,724.57
B-1 1,378,900.00 1,378,900.00 7,871.22 962.93
> 8,834.15 0.00 0.00 1,377,937.07
B-2 689,400.00 689,400.00 3,935.33 481.43
> 4,416.76 0.00 0.00 688,918.57
B-3 752206 752206 4293.84 525.29
> 4819.13 0 0 751680.71
R-I 100 100 0.57 100
> 100.57 0 0 0
R-II 100 100 0.57 100
> 100.57 0 0 0
TOTALS 125,354,406.00 125,354,406.00 823,287.96 126,060.40
>949,348.36 0.00 24,260.41 125,252,606.01
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 45254TAA2 1,000.000000 5.416667 1.379174
> 6.795841 998.620826 6.500000% 6.500000%
A-2 45254TAB0 0.000000 0.097453 0.000000
> 0.097453 0.000000 0.350000% 0.350000%
A-3 45254TAC8 1,000.000000 0.000000 0.000000
> 0.000000 1,005.708332 6.850000% 6.850000%
A-4 45254TAD6 1,000.000000 5.624999 0.000000
> 5.624999 1,000.000000 6.750000% 6.750000%
A-5 45254TAE4 1,000.000000 5.833330 0.000000
> 5.833330 1,000.000000 7.000000% 7.000000%
A-6 45254TAF1 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-7 45254TAG9 1,000.000000 5.708333 2.002461
> 7.710794 997.997539 6.850000% 6.850000%
A-8 45254TAH7 1,000.000000 5.708334 0.000000
> 5.708334 1,000.000000 6.850000% 6.850000%
A-9 45254TAJ3 1,000.000000 0.000000 0.000000
> 0.000000 1,005.708331 6.850000% 6.850000%
A-10 45254TAK0 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-11 IM98S2A11 0.000000 1.052884 0.000000
> 1.052884 0.000000 1.263461% 1.263556%
M-1 45254TAN4 1,000.000000 5.708334 0.698335
> 6.406669 999.301665 6.850000% 6.850000%
M-2 45254TAP9 1,000.000000 5.708335 0.698334
> 6.406669 999.301666 6.850000% 6.850000%
M-3 45254TAQ7 1,000.000000 5.708336 0.698333
> 6.406669 999.301667 6.850000% 6.850000%
B-1 1000 5.708332729 0.698332004
>6.406664733 999.301668 0.0685 0.0685
B-2 1000 5.708340586 0.698331883
>6.406672469 999.3016681 0.0685 0.0685
B-3 1000 5.708329899 0.698332638
>6.406662537 999.3016674 0.0685 0.0685
R-I 45254TAL8 1000 5.7 1000
> 1005.7 0 0.0685 0.0685
R-II 45254TAM6 1000 5.7 1000
> 1005.7 0 0.0685 0.0685
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Erin E. Deegan
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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 INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> REO LOAN INFORMATION:
>
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> BOOK VALUE REO PROPERTY
>: 0.00
>
> TOTAL REO PROPERTY:
> 0
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 870,669.69
>
> AGGREGATE COLLECTIONS O
>F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 87,539.27
>
> AGGREGATE COLLECTIONS O
>F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 14,260.23
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 972,469.19
>
> SUBORDINATE PRINCIPAL D
>ISTRIBUTION AMOUNT 6,565.46
>
> CLASS M-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 57.14%
>
> CLASS M-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 23.81%
>
> CLASS M-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 19.05%
>
> CLASS B-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> AGGREGATE PRIOR UNPAID
>INTEREST SHORTFALL: 0.00
>
> ENDING AGGREGATE PRINCI
>PAL BALANCE OF THE MORTGAGE LOANS: 125,252,606.01
>
> AGGREGATE NUMBER OF THE
> MORTGAGE LOANS IN POOL: 388
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 8.1135%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 350
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> 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: 0.00
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 0.00
>
> HAS THE CREDIT SUPPORT
>DEPLETION DATE OCCURRED? NO
> AGGREGATE AMOUNT OF REA
>LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
>
> CUMULATIVE AMOUNT OF RE
>ALIZED LOSSES SINCE THE CLOSING DATE: 0.00
>
> SENIOR ACCELERATED DIST
>RIBUTION PERCENTAGE 100.00%
>
> SENIOR PERCENTAGE
> 92.50%
>
> CLASS M-1 PERCENTAGE
> 3.00%
>
> CLASS M-2 PERCENTAGE
> 1.25%
>
> CLASS M-3 PERCENTAGE
> 1.00%
>
> CLASS B-1 PERCENTAGE
> 1.10%
>
> CLASS B-2 PERCENTAGE
> 0.55%
>
> CLASS B-3 PERCENTAGE
> 0.60%
>
> SUBORDINATE PERCENTAGE
> 7.50%
>
> LOCKOUT PERCENTAGE
> 0.00%
>
> INITIAL SPECIAL HAZARD
>AMOUNT 1,774,883.0
>
> INITIAL FRAUD LOSS AMOU
>NT 2,507,088.1
>
> INITIAL BANKRUPTCY AMOU
>NT 100,000.00
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Revised
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
X 83,470,303.00 83,412,087.50 476,144.00 1,930,854.87 2,
>406,998.87 0.00 0.00 81,481,232.63
Y 41,883,993.00 41,840,518.51 238,839.63 1,408,779.15 1,
>647,618.78 0.00 0.00 40,431,739.36
Z 0.00 0.00 133,452.11 0.00
>133,452.11 0.00 0.00 0.00
R-I 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 125,354,396.00 125,252,606.01 848,435.74 3,339,634.02 4,
>188,069.76 0.00 0.00 121,912,971.99
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
X 999.302560 5.704352 23.132237
> 28.836590 976.170323 6.850000% 6.850000%
Y 998.962026 5.702408 33.635264
> 39.337672 965.326762 6.850000% 6.850000%
Z 0.000000 1.064599 0.000000
> 1.064599 0.000000 1.278556% 0.000000%
R-I 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
* This statement is also available on Bankers Trust's Website, h
>ttp://online.bankerstrust.com/invr/. We begin posting
statements to the Web at 7:00 p.m. Eastern Time on the business
> day before each distribution date.
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Revised
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 41,883,993.00 41,826,227.68 226,558.73 1,423,131.45 1,
>649,690.18 0.00 0.00 40,403,096.23
A-2 0.00 0.00 12,199.32 0.00
> 12,199.32 0.00 0.00 0.00
A-3 2,500,000.00 2,514,270.83 0.00 117,015.89
>117,015.89 0.00 14,352.30 2,411,607.24
A-4 1,773,700.00 1,773,700.00 9,977.06 0.00
> 9,977.06 0.00 0.00 1,773,700.00
A-5 1,182,467.00 1,182,467.00 6,897.72 0.00
> 6,897.72 0.00 0.00 1,182,467.00
A-6 19,500,000.00 19,500,000.00 111,312.50 0.00
>111,312.50 0.00 0.00 19,500,000.00
A-7 30,727,000.00 30,665,470.38 175,048.73 306,003.38
>481,052.11 0.00 0.00 30,359,467.00
A-8 4,100,000.00 4,100,000.00 23,404.17 0.00
> 23,404.17 0.00 0.00 4,100,000.00
A-9 1,750,000.00 1,759,989.58 0.00 1,511,430.02 1,
>511,430.02 0.00 10,046.61 258,606.17
A-10 12,535,440.00 12,535,440.00 71,556.47 0.00
> 71,556.47 0.00 0.00 12,535,440.00
A-11 0.00 0.00 133,452.11 0.00
>133,452.11 0.00 0.00 0.00
M-1 3,760,600.00 3,757,973.84 21,451.77 2,580.85
> 24,032.62 0.00 0.00 3,755,392.99
M-2 1,566,900.00 1,565,805.78 8,938.14 1,075.34
> 10,013.48 0.00 0.00 1,564,730.44
M-3 1,253,600.00 1,252,724.57 7,150.97 860.33
> 8,011.30 0.00 0.00 1,251,864.24
B-1 1,378,900.00 1,377,937.07 7,865.72 946.32
> 8,812.04 0.00 0.00 1,376,990.75
B-2 689,400.00 688,918.57 3,932.58 473.13
> 4,405.71 0.00 0.00 688,445.44
B-3 752206 751680.71 4290.84 516.22
> 4807.06 0 0 751164.49
R-I 100 0 0 0
> 0 0 0 0
R-II 100 0 0 0
> 0 0 0 0
TOTALS 125,354,406.00 125,252,606.01 824,036.83 3,364,032.93 4,
>188,069.76 0.00 24,398.91 121,912,971.99
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 45254TAA2 998.620826 5.409196 33.977932
> 39.387128 964.642894 6.500000% 6.500000%
A-2 45254TAB0 0.000000 0.097319 0.000000
> 0.097319 0.000000 0.350000% 0.350000%
A-3 45254TAC8 1,005.708332 0.000000 46.806356
> 46.806356 964.642896 6.850000% 6.850000%
A-4 45254TAD6 1,000.000000 5.624999 0.000000
> 5.624999 1,000.000000 6.750000% 6.750000%
A-5 45254TAE4 1,000.000000 5.833330 0.000000
> 5.833330 1,000.000000 7.000000% 7.000000%
A-6 45254TAF1 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-7 45254TAG9 997.997539 5.696903 9.958778
> 15.655681 988.038761 6.850000% 6.850000%
A-8 45254TAH7 1,000.000000 5.708334 0.000000
> 5.708334 1,000.000000 6.850000% 6.850000%
A-9 45254TAJ3 1,005.708331 0.000000 863.674297
>863.674297 147.774954 6.850000% 6.850000%
A-10 45254TAK0 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-11 IM98S2A11 0.000000 1.064598 0.000000
> 1.064598 0.000000 1.278556% 0.000000%
M-1 45254TAN4 999.301665 5.704348 0.686287
> 6.390634 998.615378 6.850000% 6.850000%
M-2 45254TAP9 999.301666 5.704346 0.686285
> 6.390631 998.615381 6.850000% 6.850000%
M-3 45254TAQ7 999.301667 5.704347 0.686287
> 6.390635 998.615380 6.850000% 6.850000%
B-1 999.301668 5.704344042 0.68628617
>6.390630212 998.6153818 0.0685 0.0685
B-2 999.3016681 5.70435161 0.686292428
>6.390644038 998.6153757 0.0685 0.0685
B-3 999.3016674 5.70434163 0.68627477
> 6.3906164 998.6153926 0.0685 0.0685
R-I 45254TAL8 0 0 0
> 0 0 0.0685 0.0685
R-II 45254TAM6 0 0 0
> 0 0 0.0685 0.0685
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 1,226,485. 398,915.65 0.00 1,625,401.4
>
> PERCENTAGE OF POOL BALA
>NCE 1.0060% 0.3272% 0.0000% 1.3332%
>
> NUMBER OF LOANS
> 4 1 0 5
>
> PERCENTAGE OF LOANS
> 1.0526% 0.2632% 0.0000% 1.3158%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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 INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> REO LOAN INFORMATION:
>
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> BOOK VALUE REO PROPERTY
>: 0.00
>
> TOTAL REO PROPERTY:
> 0
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 735,474.41
>
> AGGREGATE COLLECTIONS O
>F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 86,019.17
>
> AGGREGATE COLLECTIONS O
>F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 203,193.34
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 1,024,686.9
>
> SUBORDINATE PRINCIPAL D
>ISTRIBUTION AMOUNT 6,452.20
>
> CLASS M-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 57.14%
>
> CLASS M-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 23.81%
>
> CLASS M-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 19.05%
>
> CLASS B-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> AGGREGATE PRIOR UNPAID
>INTEREST SHORTFALL: 0.00
>
> ENDING AGGREGATE PRINCI
>PAL BALANCE OF THE MORTGAGE LOANS: 121,912,971.99
>
> AGGREGATE NUMBER OF THE
> MORTGAGE LOANS IN POOL: 380
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 8.1286%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 349
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> AMOUNT OF PRINCIPAL ADV
>ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 12,923.38
>
> AMOUNT OF INTEREST ADVA
>NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 134,501.98
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 147,425.36
>
> HAS THE CREDIT SUPPORT
>DEPLETION DATE OCCURRED? NO
> AGGREGATE AMOUNT OF REA
>LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
>
> CUMULATIVE AMOUNT OF RE
>ALIZED LOSSES SINCE THE CLOSING DATE: 0.00
>
> SENIOR ACCELERATED DIST
>RIBUTION PERCENTAGE 100.00%
>
> SENIOR PERCENTAGE
> 92.50%
>
> CLASS M-1 PERCENTAGE
> 3.00%
>
> CLASS M-2 PERCENTAGE
> 1.25%
>
> CLASS M-3 PERCENTAGE
> 1.00%
>
> CLASS B-1 PERCENTAGE
> 1.10%
>
> CLASS B-2 PERCENTAGE
> 0.55%
>
> CLASS B-3 PERCENTAGE
> 0.60%
>
> SUBORDINATE PERCENTAGE
> 7.50%
>
> LOCKOUT PERCENTAGE
> 0.00%
>
> INITIAL SPECIAL HAZARD
>AMOUNT 1,774,883.0
>
> INITIAL FRAUD LOSS AMOU
>NT 2,505,052.1
>
> INITIAL BANKRUPTCY AMOU
>NT 100,000.00
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Revised
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
X 83,470,303.00 81,481,232.63 465,122.03 1,341,611.35 1,
>806,733.38 0.00 0.00 80,139,621.28
Y 41,883,993.00 40,431,739.36 230,797.84 1,013,252.96 1,
>244,050.80 0.00 0.00 39,418,486.40
Z 0.00 0.00 129,244.86 0.00
>129,244.86 0.00 0.00 0.00
R-I 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 125,354,396.00 121,912,971.99 825,164.73 2,354,864.31 3,
>180,029.04 0.00 0.00 119,558,107.68
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
X 976.170323 5.572306 16.072918
> 21.645224 960.097405 6.850000% 6.850000%
Y 965.326762 5.510407 24.191890
> 29.702297 941.134872 6.850000% 6.850000%
Z 0.000000 1.031036 0.000000
> 1.031036 0.000000 1.272168% 1.262966%
R-I 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
* This statement is also available on Bankers Trust's Website, h
>ttp://online.bankerstrust.com/invr/. We begin posting
statements to the Web at 7:00 p.m. Eastern Time on the business
> day before each distribution date.
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: August 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Revised
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 41,883,993.00 40,403,096.23 218,850.10 1,027,019.22 1,
>245,869.32 0.00 0.00 39,376,077.01
A-2 0.00 0.00 11,784.24 0.00
> 11,784.24 0.00 0.00 0.00
A-3 2,500,000.00 2,411,607.24 0.00 61,651.34
> 61,651.34 0.00 13,766.26 2,363,722.16
A-4 1,773,700.00 1,773,700.00 9,977.06 0.00
> 9,977.06 0.00 0.00 1,773,700.00
A-5 1,182,467.00 1,182,467.00 6,897.72 0.00
> 6,897.72 0.00 0.00 1,182,467.00
A-6 19,500,000.00 19,500,000.00 111,312.50 0.00
>111,312.50 0.00 0.00 19,500,000.00
A-7 30,727,000.00 30,359,467.00 173,301.96 1,014,676.15 1,
>187,978.11 0.00 0.00 29,344,790.85
A-8 4,100,000.00 4,100,000.00 23,404.17 0.00
> 23,404.17 0.00 0.00 4,100,000.00
A-9 1,750,000.00 258,606.17 0.00 260,082.38
>260,082.38 0.00 1,476.21 0.00
A-10 12,535,440.00 12,535,440.00 71,556.47 0.00
> 71,556.47 0.00 0.00 12,535,440.00
A-11 0.00 0.00 129,244.86 0.00
>129,244.86 0.00 0.00 0.00
M-1 3,760,600.00 3,755,392.99 21,437.03 2,671.04
> 24,108.07 0.00 0.00 3,752,721.95
M-2 1,566,900.00 1,564,730.44 8,932.00 1,112.92
> 10,044.92 0.00 0.00 1,563,617.52
M-3 1,253,600.00 1,251,864.24 7,146.06 890.40
> 8,036.46 0.00 0.00 1,250,973.84
B-1 1,378,900.00 1,376,990.75 7,860.32 979.39
> 8,839.71 0.00 0.00 1,376,011.36
B-2 689,400.00 688,445.44 3,929.88 489.66
> 4,419.54 0.00 0.00 687,955.78
B-3 752206 751164.49 4287.89 534.28
> 4822.17 0 0 750630.21
R-I 100 0 0 0
> 0 0 0 0
R-II 100 0 0 0
> 0 0 0 0
TOTALS 125,354,406.00 121,912,971.99 809,922.26 2,370,106.78 3,
>180,029.04 0.00 15,242.47 119,558,107.68
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 45254TAA2 964.642894 5.225149 24.520566
> 29.745715 940.122328 6.500000% 6.500000%
A-2 45254TAB0 0.000000 0.094007 0.000000
> 0.094007 0.000000 0.350000% 0.350000%
A-3 45254TAC8 964.642896 0.000000 24.660536
> 24.660536 945.488864 6.850000% 6.850000%
A-4 45254TAD6 1,000.000000 5.624999 0.000000
> 5.624999 1,000.000000 6.750000% 6.750000%
A-5 45254TAE4 1,000.000000 5.833330 0.000000
> 5.833330 1,000.000000 7.000000% 7.000000%
A-6 45254TAF1 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-7 45254TAG9 988.038761 5.640055 33.022298
> 38.662353 955.016463 6.850000% 6.850000%
A-8 45254TAH7 1,000.000000 5.708334 0.000000
> 5.708334 1,000.000000 6.850000% 6.850000%
A-9 45254TAJ3 147.774954 0.000000 148.618503
>148.618503 0.000000 6.850000% 6.850000%
A-10 45254TAK0 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-11 IM98S2A11 0.000000 1.031036 0.000000
> 1.031036 0.000000 1.272168% 1.262966%
M-1 45254TAN4 998.615378 5.700428 0.710270
> 6.410698 997.905108 6.850000% 6.850000%
M-2 45254TAP9 998.615381 5.700428 0.710269
> 6.410696 997.905112 6.850000% 6.850000%
M-3 45254TAQ7 998.615380 5.700431 0.710274
> 6.410705 997.905105 6.850000% 6.850000%
B-1 998.6153818 5.700427877 0.710269055
>6.410696932 997.9051128 0.0685 0.0685
B-2 998.6153757 5.700435161 0.7102698
>6.410704961 997.9051059 0.0685 0.0685
B-3 998.6153926 5.700419832 0.710284151
>6.410703983 997.9051084 0.0685 0.0685
R-I 45254TAL8 0 0 0
> 0 0 0.0685 0.0685
R-II 45254TAM6 0 0 0
> 0 0 0.0685 0.0685
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: August 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 1,799,806. 0.00 0.00 1,799,806.0
>
> PERCENTAGE OF POOL BALA
>NCE 1.5054% 0.0000% 0.0000% 1.5054%
>
> NUMBER OF LOANS
> 6 0 0 6
>
> PERCENTAGE OF LOANS
> 1.6043% 0.0000% 0.0000% 1.6043%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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 INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> REO LOAN INFORMATION:
>
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> BOOK VALUE REO PROPERTY
>: 0.00
>
> TOTAL REO PROPERTY:
> 0
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 730,933.99
>
> AGGREGATE COLLECTIONS O
>F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 86,711.28
>
> AGGREGATE COLLECTIONS O
>F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 14,215.10
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 831,860.37
>
> SUBORDINATE PRINCIPAL D
>ISTRIBUTION AMOUNT 6,677.68
>
> CLASS M-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 57.14%
>
> CLASS M-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 23.81%
>
> CLASS M-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 19.05%
>
> CLASS B-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> AGGREGATE PRIOR UNPAID
>INTEREST SHORTFALL: 0.00
>
> ENDING AGGREGATE PRINCI
>PAL BALANCE OF THE MORTGAGE LOANS: 119,558,107.68
>
> AGGREGATE NUMBER OF THE
> MORTGAGE LOANS IN POOL: 374
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 8.1222%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 348
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Revised
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> AMOUNT OF PRINCIPAL ADV
>ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 13,754.70
>
> AMOUNT OF INTEREST ADVA
>NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 115,082.62
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 128,837.32
>
> HAS THE CREDIT SUPPORT
>DEPLETION DATE OCCURRED? NO
> AGGREGATE AMOUNT OF REA
>LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
>
> CUMULATIVE AMOUNT OF RE
>ALIZED LOSSES SINCE THE CLOSING DATE: 0.00
>
> SENIOR ACCELERATED DIST
>RIBUTION PERCENTAGE 100.00%
>
> SENIOR PERCENTAGE
> 92.30%
>
> CLASS M-1 PERCENTAGE
> 3.08%
>
> CLASS M-2 PERCENTAGE
> 1.28%
>
> CLASS M-3 PERCENTAGE
> 1.03%
>
> CLASS B-1 PERCENTAGE
> 1.13%
>
> CLASS B-2 PERCENTAGE
> 0.56%
>
> CLASS B-3 PERCENTAGE
> 0.62%
>
> SUBORDINATE PERCENTAGE
> 7.70%
>
> LOCKOUT PERCENTAGE
> 0.00%
>
> INITIAL SPECIAL HAZARD
>AMOUNT 1,774,883.0
>
> INITIAL FRAUD LOSS AMOU
>NT 2,438,259.4
>
> INITIAL BANKRUPTCY AMOU
>NT 100,000.00
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
X 83,470,303.00 80,139,621.28 457,463.67 1,420,174.52 1,
>877,638.19 0.00 0.00 78,719,446.76
Y 41,883,993.00 39,418,486.40 225,013.86 1,072,328.16 1,
>297,342.02 0.00 0.00 38,346,158.24
Z 0.00 0.00 125,831.54 0.00
>125,831.54 0.00 0.00 0.00
R-I 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 125,354,396.00 119,558,107.68 808,309.07 2,492,502.68 3,
>300,811.75 0.00 0.00 117,065,605.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
X 960.097405 5.480556 17.014129
> 22.494685 943.083275 6.850000% 6.850000%
Y 941.134872 5.372312 25.602338
> 30.974650 915.532534 6.850000% 6.850000%
Z 0.000000 1.003806 0.000000
> 1.003806 0.000000 1.262966% 1.265623%
R-I 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
* This statement is also available on Bankers Trust's Website, h
>ttp://online.bankerstrust.com/invr/. We begin posting
statements to the Web at 7:00 p.m. Eastern Time on the business
> day before each distribution date.
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 41,883,993.00 39,376,077.01 213,287.08 1,085,821.07 1,
>299,108.15 0.00 0.00 38,290,255.94
A-2 0.00 0.00 11,484.69 0.00
> 11,484.69 0.00 0.00 0.00
A-3 2,500,000.00 2,363,722.16 0.00 65,553.26
> 65,553.26 0.00 13,492.91 2,311,661.81
A-4 1,773,700.00 1,773,700.00 9,977.06 0.00
> 9,977.06 0.00 0.00 1,773,700.00
A-5 1,182,467.00 1,182,467.00 6,897.72 0.00
> 6,897.72 0.00 0.00 1,182,467.00
A-6 19,500,000.00 19,500,000.00 111,312.50 0.00
>111,312.50 0.00 0.00 19,500,000.00
A-7 30,727,000.00 29,344,790.85 167,509.85 1,347,882.12 1,
>515,391.97 0.00 0.00 27,996,908.73
A-8 4,100,000.00 4,100,000.00 23,404.17 0.00
> 23,404.17 0.00 0.00 4,100,000.00
A-9 1,750,000.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
A-10 12,535,440.00 12,535,440.00 71,556.47 0.00
> 71,556.47 0.00 0.00 12,535,440.00
A-11 0.00 0.00 125,831.54 0.00
>125,831.54 0.00 0.00 0.00
M-1 3,760,600.00 3,752,721.95 21,421.79 2,695.63
> 24,117.42 0.00 0.00 3,750,026.32
M-2 1,566,900.00 1,563,617.52 8,925.65 1,123.17
> 10,048.82 0.00 0.00 1,562,494.35
M-3 1,253,600.00 1,250,973.84 7,140.98 898.59
> 8,039.57 0.00 0.00 1,250,075.25
B-1 1,378,900.00 1,376,011.36 7,854.73 988.41
> 8,843.14 0.00 0.00 1,375,022.95
B-2 689,400.00 687,955.78 3,927.08 494.17
> 4,421.25 0.00 0.00 687,461.61
B-3 752206 750630.21 4284.85 539.17
> 4824.02 0 0 750091.04
R-I 100 0 0 0
> 0 0 0 0
R-II 100 0 0 0
> 0 0 0 0
TOTALS 125,354,406.00 119,558,107.68 794,816.16 2,505,995.59 3,
>300,811.75 0.00 13,492.91 117,065,605.00
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 45254TAA2 940.122328 5.092329 25.924488
> 31.016817 914.197840 6.500000% 6.500000%
A-2 45254TAB0 0.000000 0.091618 0.000000
> 0.091618 0.000000 0.350000% 0.350000%
A-3 45254TAC8 945.488864 0.000000 26.221304
> 26.221304 924.664724 6.850000% 6.850000%
A-4 45254TAD6 1,000.000000 5.624999 0.000000
> 5.624999 1,000.000000 6.750000% 6.750000%
A-5 45254TAE4 1,000.000000 5.833330 0.000000
> 5.833330 1,000.000000 7.000000% 7.000000%
A-6 45254TAF1 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-7 45254TAG9 955.016463 5.451552 43.866376
> 49.317928 911.150087 6.850000% 6.850000%
A-8 45254TAH7 1,000.000000 5.708334 0.000000
> 5.708334 1,000.000000 6.850000% 6.850000%
A-9 45254TAJ3 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
A-10 45254TAK0 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-11 IM98S2A11 0.000000 1.003806 0.000000
> 1.003806 0.000000 1.262966% 1.265623%
M-1 45254TAN4 997.905108 5.696376 0.716808
> 6.413184 997.188300 6.850000% 6.850000%
M-2 45254TAP9 997.905112 5.696375 0.716810
> 6.413185 997.188302 6.850000% 6.850000%
M-3 45254TAQ7 997.905105 5.696378 0.716808
> 6.413186 997.188298 6.850000% 6.850000%
B-1 997.9051128 5.696373921 0.716810501
>6.413184422 997.1883023 0.0685 0.0685
B-2 997.9051059 5.696373658 0.71681172
>6.413185379 997.1882942 0.0685 0.0685
B-3 997.9051084 5.696378386 0.71678503
>6.413163415 997.1883234 0.0685 0.0685
R-I 45254TAL8 0 0 0
> 0 0 0.0685 0.0685
R-II 45254TAM6 0 0 0
> 0 0 0.0685 0.0685
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 1,679,142. 902,206.75 0.00 2,581,349.4
>
> PERCENTAGE OF POOL BALA
>NCE 1.4344% 0.7707% 0.0000% 2.2050%
>
> NUMBER OF LOANS
> 5 3 0 8
>
> PERCENTAGE OF LOANS
> 1.3624% 0.8174% 0.0000% 2.1798%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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 INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> REO LOAN INFORMATION:
>
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> BOOK VALUE REO PROPERTY
>: 0.00
>
> TOTAL REO PROPERTY:
> 0
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 700,500.99
>
> AGGREGATE COLLECTIONS O
>F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 85,880.05
>
> AGGREGATE COLLECTIONS O
>F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 17,746.24
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 804,127.28
>
> SUBORDINATE PRINCIPAL D
>ISTRIBUTION AMOUNT 6,739.16
>
> CLASS M-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 57.14%
>
> CLASS M-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 23.81%
>
> CLASS M-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 19.05%
>
> CLASS B-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> AGGREGATE PRIOR UNPAID
>INTEREST SHORTFALL: 0.00
>
> ENDING AGGREGATE PRINCI
>PAL BALANCE OF THE MORTGAGE LOANS: 117,065,605.00
>
> AGGREGATE NUMBER OF THE
> MORTGAGE LOANS IN POOL: 367
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 8.1130%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 347
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> AMOUNT OF PRINCIPAL ADV
>ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 16,257.38
>
> AMOUNT OF INTEREST ADVA
>NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 128,260.51
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 144,517.89
>
> HAS THE CREDIT SUPPORT
>DEPLETION DATE OCCURRED? NO
> AGGREGATE AMOUNT OF REA
>LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
>
> CUMULATIVE AMOUNT OF RE
>ALIZED LOSSES SINCE THE CLOSING DATE: 0.00
>
> SENIOR ACCELERATED DIST
>RIBUTION PERCENTAGE 100.00%
>
> SENIOR PERCENTAGE
> 92.15%
>
> CLASS M-1 PERCENTAGE
> 3.14%
>
> CLASS M-2 PERCENTAGE
> 1.31%
>
> CLASS M-3 PERCENTAGE
> 1.05%
>
> CLASS B-1 PERCENTAGE
> 1.15%
>
> CLASS B-2 PERCENTAGE
> 0.58%
>
> CLASS B-3 PERCENTAGE
> 0.63%
>
> SUBORDINATE PERCENTAGE
> 7.85%
>
> LOCKOUT PERCENTAGE
> 0.00%
>
> INITIAL SPECIAL HAZARD
>AMOUNT 1,774,883.0
>
> INITIAL FRAUD LOSS AMOU
>NT 2,391,162.1
>
> INITIAL BANKRUPTCY AMOU
>NT 100,000.00
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
X 83,470,303.00 78,719,446.76 449,356.85 1,054,534.72 1,
>503,891.57 0.00 0.00 77,664,912.04
Y 41,883,993.00 38,346,158.24 218,892.65 794,115.87 1,
>013,008.52 0.00 0.00 37,552,042.37
Z * 125,354,396.00 117,065,605.00 123,467.47 0.00
>123,467.47 0.00 0.00 115,216,954.41
R-I 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 125,354,396.00 117,065,605.00 791,716.97 1,848,650.59 2,
>640,367.56 0.00 0.00 115,216,954.41
* Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
X 943.083275 5.383434 12.633652
> 18.017085 930.449624 6.850000% 6.850000%
Y 915.532534 5.226165 18.959889
> 24.186054 896.572645 6.850000% 6.850000%
Z * 933.877141 0.984947 0.000000
> 0.984947 919.129748 1.265623% 1.268775%
R-I 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
* This statement is also available on Bankers Trust's Website, h
>ttp://online.bankerstrust.com/invr/. We begin posting
statements to the Web at 7:00 p.m. Eastern Time on the business
> day before each distribution date.
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 41,883,993.00 38,290,255.94 207,405.55 807,311.61 1,
>014,717.16 0.00 0.00 37,482,944.33
A-2 41,883,993.00 38,290,255.94 11,167.99 0.00
> 11,167.99 0.00 0.00 37,482,944.33
A-3 2,500,000.00 2,311,661.81 0.00 49,017.29
> 49,017.29 0.00 13,195.74 2,275,840.26
A-4 1,773,700.00 1,773,700.00 9,977.06 0.00
> 9,977.06 0.00 0.00 1,773,700.00
A-5 1,182,467.00 1,182,467.00 6,897.72 0.00
> 6,897.72 0.00 0.00 1,182,467.00
A-6 19,500,000.00 19,500,000.00 111,312.50 0.00
>111,312.50 0.00 0.00 19,500,000.00
A-7 30,727,000.00 27,996,908.73 159,815.69 998,736.85 1,
>158,552.54 0.00 0.00 26,998,171.88
A-8 4,100,000.00 4,100,000.00 23,404.17 0.00
> 23,404.17 0.00 0.00 4,100,000.00
A-9 1,750,000.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
A-10 12,535,440.00 12,535,440.00 71,556.47 0.00
> 71,556.47 0.00 0.00 12,535,440.00
A-11 125,356,007.86 117,065,605.00 123,467.47 0.00
>123,467.47 0.00 0.00 115,216,954.41
M-1 3,760,600.00 3,750,026.32 21,406.40 2,712.20
> 24,118.60 0.00 0.00 3,747,314.12
M-2 1,566,900.00 1,562,494.35 8,919.24 1,130.07
> 10,049.31 0.00 0.00 1,561,364.28
M-3 1,253,600.00 1,250,075.25 7,135.85 904.11
> 8,039.96 0.00 0.00 1,249,171.14
B-1 1,378,900.00 1,375,022.95 7,849.09 994.48
> 8,843.57 0.00 0.00 1,374,028.47
B-2 689,400.00 687,461.61 3,924.26 497.21
> 4,421.47 0.00 0.00 686,964.40
B-3 752206 750091.04 4281.77 542.51
> 4824.28 0 0 749548.53
R-I 100 0 0 0
> 0 0 0 0
R-II 100 0 0 0
> 0 0 0 0
TOTALS 125,354,406.00 117,065,605.00 778,521.23 1,861,846.33 2,
>640,367.56 0.00 13,195.74 115,216,954.41
* Notional Balance
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 45254TAA2 914.197840 4.951905 19.274944
> 24.226849 894.922896 6.500000% 6.500000%
A-2 45254TAB0 914.197840 0.266641 0.000000
> 0.266641 894.922896 0.350000% 0.350000%
A-3 45254TAC8 924.664724 0.000000 19.606916
> 19.606916 910.336104 6.850000% 6.850000%
A-4 45254TAD6 1,000.000000 5.624999 0.000000
> 5.624999 1,000.000000 6.750000% 6.750000%
A-5 45254TAE4 1,000.000000 5.833330 0.000000
> 5.833330 1,000.000000 7.000000% 7.000000%
A-6 45254TAF1 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-7 45254TAG9 911.150087 5.201149 32.503559
> 37.704707 878.646528 6.850000% 6.850000%
A-8 45254TAH7 1,000.000000 5.708334 0.000000
> 5.708334 1,000.000000 6.850000% 6.850000%
A-9 45254TAJ3 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
A-10 45254TAK0 1,000.000000 5.708333 0.000000
> 5.708333 1,000.000000 6.850000% 6.850000%
A-11 IM98S2A11 933.865133 0.984935 0.000000
> 0.984935 919.117930 1.265623% 1.268775%
M-1 45254TAN4 997.188300 5.692283 0.721215
> 6.413498 996.467085 6.850000% 6.850000%
M-2 45254TAP9 997.188302 5.692284 0.721214
> 6.413498 996.467088 6.850000% 6.850000%
M-3 45254TAQ7 997.188298 5.692286 0.721211
> 6.413497 996.467087 6.850000% 6.850000%
B-1 997.1883023 5.692283704 0.721212561
>6.413496265 996.4670897 0.0685 0.0685
B-2 997.1882942 5.692283145 0.721221352
>6.413504497 996.4670728 0.0685 0.0685
B-3 997.1883234 5.692283763 0.721225303
>6.413509065 996.4670981 0.0685 0.0685
R-I 45254TAL8 0 0 0
> 0 0 0.0685 0.0685
R-II 45254TAM6 0 0 0
> 0 0 0.0685 0.0685
SELLER: Impac Secured Assets Corp. ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: Wendover Funding Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Bear, Stearns & Co.
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 1,809,138. 0.00 633,600.52 2,442,739.2
>
> PERCENTAGE OF POOL BALA
>NCE 1.5702% 0.0000% 0.5499% 2.1201%
>
> NUMBER OF LOANS
> 6 0 2 8
>
> PERCENTAGE OF LOANS
> 1.6575% 0.0000% 0.5525% 2.2099%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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 INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> REO LOAN INFORMATION:
>
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 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%
>
> BOOK VALUE REO PROPERTY
>: 0.00
>
> TOTAL REO PROPERTY:
> 0
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 667,634.83
>
> AGGREGATE COLLECTIONS O
>F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 84,667.49
>
> AGGREGATE COLLECTIONS O
>F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 14,403.02
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 766,705.34
>
> SUBORDINATE PRINCIPAL D
>ISTRIBUTION AMOUNT 6,780.57
>
> CLASS M-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 57.14%
>
> CLASS M-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 23.81%
>
> CLASS M-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 19.05%
>
> CLASS B-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS B-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> AGGREGATE PRIOR UNPAID
>INTEREST SHORTFALL: 0.00
>
> ENDING AGGREGATE PRINCI
>PAL BALANCE OF THE MORTGAGE LOANS: 115,216,954.41
>
> AGGREGATE NUMBER OF THE
> MORTGAGE LOANS IN POOL: 362
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 8.1156%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 346
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> AMOUNT OF PRINCIPAL ADV
>ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 15,549.78
>
> AMOUNT OF INTEREST ADVA
>NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 144,121.45
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 159,671.23
>
> HAS THE CREDIT SUPPORT
>DEPLETION DATE OCCURRED? NO
> AGGREGATE AMOUNT OF REA
>LIZED LOSSES FOR THE RELATED PAYMENT DATE: 0.00
>
> CUMULATIVE AMOUNT OF RE
>ALIZED LOSSES SINCE THE CLOSING DATE: 0.00
>
> SENIOR ACCELERATED DIST
>RIBUTION PERCENTAGE 100.00%
>
> SENIOR PERCENTAGE
> 91.99%
>
> CLASS M-1 PERCENTAGE
> 3.20%
>
> CLASS M-2 PERCENTAGE
> 1.33%
>
> CLASS M-3 PERCENTAGE
> 1.07%
>
> CLASS B-1 PERCENTAGE
> 1.17%
>
> CLASS B-2 PERCENTAGE
> 0.59%
>
> CLASS B-3 PERCENTAGE
> 0.64%
>
> SUBORDINATE PERCENTAGE
> 8.01%
>
> LOCKOUT PERCENTAGE
> 0.00%
>
> INITIAL SPECIAL HAZARD
>AMOUNT 1,774,883.0
>
> INITIAL FRAUD LOSS AMOU
>NT 2,341,312.1
>
> INITIAL BANKRUPTCY AMOU
>NT 100,000.00
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
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