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): December 28, 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
December 28, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
January 25, 1999.
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 29, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of
December 28, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
January 25, 1999.
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 77,664,912.04 443,337.21 820,870.44 1,
>264,207.65 0.00 0.00 76,844,041.60
Y 41,883,993.00 37,552,042.37 214,359.57 616,306.45
>830,666.02 0.00 0.00 36,935,735.92
Z * 125,354,396.00 115,216,954.41 121,820.31 0.00
>121,820.31 0.00 0.00 113,779,777.52
R-I 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 125,354,396.00 115,216,954.41 779,517.09 1,437,176.89 2,
>216,693.98 0.00 0.00 113,779,777.52
* 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 930.449624 5.311317 9.834281
> 15.145598 920.615343 6.850000% 6.850000%
Y 896.572645 5.117935 14.714606
> 19.832541 881.858039 6.850000% 6.850000%
Z * 919.129748 0.971807 0.000000
> 0.971807 907.664838 1.268775% 1.267134%
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: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 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 37,482,944.33 203,032.62 629,297.70
>832,330.32 0.00 0.00 36,853,646.63
A-2 41,883,993.00 37,482,944.33 10,932.53 0.00
> 10,932.53 0.00 0.00 36,853,646.63
A-3 2,500,000.00 2,275,840.26 0.00 38,426.98
> 38,426.98 0.00 12,991.25 2,250,404.53
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 26,998,171.88 154,114.56 775,567.19
>929,681.75 0.00 0.00 26,222,604.69
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-11 125,356,007.86 115,216,954.41 121,820.31 0.00
>121,820.31 0.00 0.00 113,779,777.52
M-1 3,760,600.00 3,747,314.12 21,390.92 2,750.48
> 24,141.40 0.00 0.00 3,744,563.64
M-2 1,566,900.00 1,561,364.28 8,912.79 1,146.02
> 10,058.81 0.00 0.00 1,560,218.26
M-3 1,253,600.00 1,249,171.14 7,130.69 916.87
> 8,047.56 0.00 0.00 1,248,254.27
B-1 1,378,900.00 1,374,028.47 7,843.41 1,008.52
> 8,851.93 0.00 0.00 1,373,019.95
B-2 689,400.00 686,964.40 3,921.42 504.22
> 4,425.64 0.00 0.00 686,460.18
B-3 752,206.00 749,548.53 4,278.67 550.16
> 4,828.83 0.00 0.00 748,998.37
R-I 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-II 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 125,354,406.00 115,216,954.41 766,525.84 1,450,168.14 2,
>216,693.98 0.00 12,991.25 113,779,777.52
* 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 894.922896 4.847499 15.024778
> 19.872277 879.898118 6.500000% 6.500000%
A-2 45254TAB0 894.922896 0.261019 0.000000
> 0.261019 879.898118 0.350000% 0.350000%
A-3 45254TAC8 910.336104 0.000000 15.370792
> 15.370792 900.161812 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 878.646528 5.015607 25.240576
> 30.256183 853.405952 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 919.117930 0.971795 0.000000
> 0.971795 907.653167 1.268775% 1.267134%
M-1 45254TAN4 996.467085 5.688167 0.731394
> 6.419561 995.735691 6.850000% 6.850000%
M-2 45254TAP9 996.467088 5.688168 0.731393
> 6.419561 995.735695 6.850000% 6.850000%
M-3 45254TAQ7 996.467087 5.688170 0.731390
> 6.419560 995.735697 6.850000% 6.850000%
B-1 996.467090 5.688164 0.731395
> 6.419559 995.735695 6.850000% 6.850000%
B-2 996.467073 5.688164 0.731390
> 6.419553 995.735683 6.850000% 6.850000%
B-3 996.467098 5.688163 0.731395
> 6.419558 995.735703 6.850000% 6.850000%
R-I 45254TAL8 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
R-II 45254TAM6 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
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: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: December 28, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 6
>0 TO 89 90 PLUS
INFORMATION DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 719,780.15
>837,876.55 1.00 1,557,657.70
PERCENTAGE OF POOL BALANCE 0.6326%
> 0.7364% 0.0000% 1.3690%
NUMBER OF LOANS 3
> 3 0 6
PERCENTAGE OF LOANS 0.8403%
> 0.8403% 0.0000% 1.6807%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 398,961.93 398,961.93
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.3506% 0.3506%
NUMBER OF LOANS 0
> 0 1 1
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.2801% 0.2801%
BANKRUPTCY 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%
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%
BOOK VALUE REO PROPERTY:
> 0.00
TOTAL REO PROPERTY:
> 0
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS:
> 693,199.65
AGGREGATE COLLECTIONS OF SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS
>: 84,567.65
AGGREGATE COLLECTIONS OF PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS:
> 8,499.01
AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS:
> 786,266.31
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT
> 6,876.27
CLASS M-1 PREPAYMENT DISTRIBUTION PERCENTAGE
> 57.14%
CLASS M-2 PREPAYMENT DISTRIBUTION PERCENTAGE
> 23.81%
CLASS M-3 PREPAYMENT DISTRIBUTION PERCENTAGE
> 19.05%
CLASS B-1 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
CLASS B-2 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
CLASS B-3 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
AGGREGATE PRIOR UNPAID INTEREST SHORTFALL:
> 0.00
ENDING AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS:
> 113,779,777.52
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL:
> 357
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE:
> 8.1188%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY:
> 345
Page 3 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: December 28, 1998
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 12,085.75
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 105,861.94
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 117,947.69
HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED?
> NO
AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE:
> 0.00
CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE:
> 0.00
SENIOR ACCELERATED DISTRIBUTION PERCENTAGE
> 100.00%
SENIOR PERCENTAGE
> 91.87%
CLASS M-1 PERCENTAGE
> 3.25%
CLASS M-2 PERCENTAGE
> 1.36%
CLASS M-3 PERCENTAGE
> 1.08%
CLASS B-1 PERCENTAGE
> 1.19%
CLASS B-2 PERCENTAGE
> 0.60%
CLASS B-3 PERCENTAGE
> 0.65%
SUBORDINATE PERCENTAGE
> 8.13%
LOCKOUT PERCENTAGE
> 0.00%
INITIAL SPECIAL HAZARD AMOUNT
> 1,774,883.00
INITIAL FRAUD LOSS AMOUNT
> 2,304,339.09
INITIAL BANKRUPTCY AMOUNT
> 100,000.00
Page 4 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
X 83,470,303.00 76,844,041.60 438,651.40 1,857,276.71 2,
>295,928.11 0.00 0.00 74,986,764.89
Y 41,883,993.00 36,935,735.92 210,841.50 1,401,930.33 1,
>612,771.83 0.00 0.00 35,533,805.59
Z * 125,354,396.00 113,779,777.52 120,145.19 0.00
>120,145.19 0.00 0.00 110,520,570.48
R-I 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 125,354,396.00 113,779,777.52 769,638.09 3,259,207.04 4,
>028,845.13 0.00 0.00 110,520,570.48
* 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 920.615343 5.255179 22.250748
> 27.505928 898.364594 6.850000% 6.850000%
Y 881.858039 5.033940 33.471745
> 38.505685 848.386294 6.850000% 6.850000%
Z * 907.664838 0.958444 0.000000
> 0.958444 881.664896 1.267134% 1.265552%
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: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1999 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 36,853,646.63 199,623.92 1,414,776.39 1,
>614,400.31 0.00 0.00 35,438,870.24
A-2 41,883,993.00 36,853,646.63 10,748.98 0.00
> 10,748.98 0.00 0.00 35,438,870.24
A-3 2,500,000.00 2,250,404.53 0.00 86,884.03
> 86,884.03 0.00 12,846.06 2,176,366.56
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 26,222,604.69 149,687.37 1,763,581.18 1,
>913,268.55 0.00 0.00 24,459,023.51
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-11 125,356,007.86 113,779,777.52 120,145.19 0.00
>120,145.19 0.00 0.00 110,520,570.48
M-1 3,760,600.00 3,744,563.64 21,375.22 2,724.57
> 24,099.79 0.00 0.00 3,741,839.07
M-2 1,566,900.00 1,560,218.26 8,906.25 1,135.22
> 10,041.47 0.00 0.00 1,559,083.04
M-3 1,253,600.00 1,248,254.27 7,125.45 908.24
> 8,033.69 0.00 0.00 1,247,346.03
B-1 1,378,900.00 1,373,019.95 7,837.66 999.02
> 8,836.68 0.00 0.00 1,372,020.93
B-2 689,400.00 686,460.18 3,918.54 499.47
> 4,418.01 0.00 0.00 685,960.71
B-3 752,206.00 748,998.37 4,275.53 544.98
> 4,820.51 0.00 0.00 748,453.39
R-I 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-II 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 125,354,406.00 113,779,777.52 756,792.03 3,272,053.10 4,
>028,845.13 0.00 12,846.06 110,520,570.48
* 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 879.898118 4.766115 33.778451
> 38.544565 846.119668 6.500000% 6.500000%
A-2 45254TAB0 879.898118 0.256637 0.000000
> 0.256637 846.119668 0.350000% 0.350000%
A-3 45254TAC8 900.161812 0.000000 34.753612
> 34.753612 870.546624 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 853.405952 4.871526 57.395163
> 62.266689 796.010789 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 907.653167 0.958432 0.000000
> 0.958432 881.653559 1.267134% 1.265552%
M-1 45254TAN4 995.735691 5.683992 0.724504
> 6.408496 995.011187 6.850000% 6.850000%
M-2 45254TAP9 995.735695 5.683994 0.724501
> 6.408494 995.011194 6.850000% 6.850000%
M-3 45254TAQ7 995.735697 5.683990 0.724505
> 6.408496 995.011192 6.850000% 6.850000%
B-1 995.735695 5.683994 0.724505
> 6.408500 995.011190 6.850000% 6.850000%
B-2 995.735683 5.683986 0.724500
> 6.408486 995.011184 6.850000% 6.850000%
B-3 995.735703 5.683988 0.724509
> 6.408497 995.011194 6.850000% 6.850000%
R-I 45254TAL8 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
R-II 45254TAM6 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.850000% 6.850000%
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: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 25, 1999
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 6
>0 TO 89 90 PLUS
INFORMATION DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 2,176,996.23
>266,837.37 233,149.28 2,676,982.88
PERCENTAGE OF POOL BALANCE 1.9698%
> 0.2414% 0.2110% 2.4222%
NUMBER OF LOANS 6
> 1 1 8
PERCENTAGE OF LOANS 1.7291%
> 0.2882% 0.2882% 2.3055%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 720,028.58 720,028.58
PERCENTAGE OF POOL BALANCE 0.0000%
> 0.0000% 0.6515% 0.6515%
NUMBER OF LOANS 0
> 0 2 2
PERCENTAGE OF LOANS 0.0000%
> 0.0000% 0.5764% 0.5764%
BANKRUPTCY 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%
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%
BOOK VALUE REO PROPERTY:
> 0.00
TOTAL REO PROPERTY:
> 0
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS:
> 653,657.76
AGGREGATE COLLECTIONS OF SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS
>: 82,786.90
AGGREGATE COLLECTIONS OF PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS:
> 19,616.13
AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS:
> 756,060.79
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT
> 6,811.50
CLASS M-1 PREPAYMENT DISTRIBUTION PERCENTAGE
> 57.14%
CLASS M-2 PREPAYMENT DISTRIBUTION PERCENTAGE
> 23.81%
CLASS M-3 PREPAYMENT DISTRIBUTION PERCENTAGE
> 19.05%
CLASS B-1 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
CLASS B-2 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
CLASS B-3 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
AGGREGATE PRIOR UNPAID INTEREST SHORTFALL:
> 0.00
ENDING AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS:
> 110,520,570.48
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL:
> 347
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE:
> 8.1171%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY:
> 344
Page 3 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 25, 1999
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 13,171.62
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 135,116.96
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 148,288.58
HAS THE CREDIT SUPPORT DEPLETION DATE OCCURRED?
> NO
AGGREGATE AMOUNT OF REALIZED LOSSES FOR THE RELATED PAYMENT DATE:
> 0.00
CUMULATIVE AMOUNT OF REALIZED LOSSES SINCE THE CLOSING DATE:
> 0.00
SENIOR ACCELERATED DISTRIBUTION PERCENTAGE
> 100.00%
SENIOR PERCENTAGE
> 91.77%
CLASS M-1 PERCENTAGE
> 3.29%
CLASS M-2 PERCENTAGE
> 1.37%
CLASS M-3 PERCENTAGE
> 1.10%
CLASS B-1 PERCENTAGE
> 1.21%
CLASS B-2 PERCENTAGE
> 0.60%
CLASS B-3 PERCENTAGE
> 0.66%
SUBORDINATE PERCENTAGE
> 8.23%
LOCKOUT PERCENTAGE
> 0.00%
INITIAL SPECIAL HAZARD AMOUNT
> 1,774,883.00
INITIAL FRAUD LOSS AMOUNT
> 2,275,595.55
INITIAL BANKRUPTCY AMOUNT
> 100,000.00
Page 4 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
