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Previous: INFOSEEK CORP /DE/, S-4, 1998-12-08 |
Next: SAXON ASSET SECURITIES TRUST 1998 3, 8-K, 1998-12-08 |
December 8, 1998
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 1998-3; 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
September 1, 1998, among the Depositor, PNC Mortgage Securities
Corp., as master servicer (the "Master Servicer"), and Bankers Trust
Company of California, N.A., as trustee (the "Trustee"), providing
for, among other things, the issuance of Mortgage Pass-Through
Certificates, Series 1998-3, is a Current Report on Form 8-K.
The Series 1998-3 Mortgage Pass-Through Certificates will include the
following four classes (the "Senior Certificates"); (i) Class A-1
Certificates; (ii) Class A-2 Certificates (the "Principal Only
Certificates"); (iii) Class A-3 Certificates (the "Variable Strip
Certificates"), and (iii) Class R Certificates (the "Residual
Certificates"). In addition to the Senior Certificates, the Series
1998-3 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 the 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, 1998-3.
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): October 26, 1998
IMPAC SECURED ASSETS CORP.
(as company under a Pooling and Servicing Agreement, dated
September 1, 1998, providing for, inter alia, the issuance of
Mortgage Pass-Through Certificates, Series, 1998-3).
IMPAC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 1998-3
(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
October 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Indenture, dated as of
September 1, 1998.
Date: December 8, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
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 1998-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 269,772,582.00 269,772,582.00 1,573,673.40 1,352,492.81 2,
>926,166.21 0.00 0.00 268,420,089.19
A-2 9,991,578.00 9,991,578.00 0.00 50,092.33
> 50,092.33 0.00 0.00 9,941,485.67
A-3 0.00 0.00 243,975.27 0.00
>243,975.27 0.00 0.00 0.00
M-1 7,291,728.00 7,291,728.00 41,015.97 5,077.38
> 46,093.35 0.00 0.00 7,286,650.62
M-2 3,571,458.00 3,571,458.00 20,089.45 2,486.88
> 22,576.33 0.00 0.00 3,568,971.12
M-3 2,083,350.00 2,083,350.00 11,718.84 1,450.68
> 13,169.52 0.00 0.00 2,081,899.32
B-1 2,083,350.00 2,083,350.00 11,718.84 1,450.68
> 13,169.52 0.00 0.00 2,081,899.32
B-2 1,190,486.00 1,190,486.00 6,696.48 828.96
> 7,525.44 0.00 0.00 1,189,657.04
B-3 1,636,921.63 1,636,921.63 9,207.68 1,139.82
> 10,347.50 0.00 0.00 1,635,781.81
Strip 0.00 0.00 114,088.26 0.00
>114,088.26 0.00 0.00 0.00
R 100.00 100.00 0.56 100.00
> 100.56 0.00 0.00 0.00
TOTALS 297,621,553.63 297,621,553.63 2,032,184.75 1,415,119.54 3,
>447,304.29 0.00 0.00 296,206,434.09
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 1,000.000000 5.833333 5.013455
> 10.846789 994.986545 7.000000% 7.000000%
A-2 1,000.000000 0.000000 5.013455
> 5.013455 994.986545 0.000000% 0.000000%
A-3 0.000000 0.819750 0.000000
> 0.819750 0.000000 0.983700% 0.993400%
M-1 1,000.000000 5.625000 0.696321
> 6.321321 999.303679 6.750000% 6.750000%
M-2 1,000.000000 5.625000 0.696321
> 6.321320 999.303679 6.750000% 6.750000%
M-3 1,000.000000 5.624998 0.696321
> 6.321319 999.303679 6.750000% 6.750000%
B-1 1,000.000000 5.624998 0.696321
> 6.321319 999.303679 6.750000% 6.750000%
B-2 1,000.000000 5.624997 0.696321
> 6.321318 999.303679 6.750000% 6.750000%
B-3 1,000.000000 5.624997 0.696319
> 6.321317 999.303681 6.750000% 6.750000%
Strip 0.000000 0.383333 0.000000
> 0.383333 0.000000 0.460000% 0.464500%
R 1,000.000000 5.600000 1,000.000000 1,
>005.600000 0.000000 6.750000% 6.750000%
* 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 busin
>ess day before each distribution date.
SELLER: Impac Funding Corporation ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: PNC Mortgage Securities Corp.
> Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-3
> 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
> 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
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 2,033,900.0
>
> AGGREGATE COLLECTIONS O
>F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 207,239.98
>
> AGGREGATE COLLECTIONS O
>F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 1,207,869.2
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 3,449,009.2
>
> SUBORDINATE PRINCIPAL D
>ISTRIBUTION AMOUNT 12,434.40
>
> CLASS M-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 100.00%
>
> CLASS M-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS M-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> 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: 296,206,444.36
>
> AGGREGATE NUMBER OF THE
> MORTGAGE LOANS IN POOL: 2,317
>
> WEIGHTED AVERAGE POOL S
>TRIP RATE 1.4437%
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 8.1937%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 348
>
>
> Page 2 of 3 COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> AMOUNT OF PRINCIPAL ADV
>ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 330.87
>
> AMOUNT OF INTEREST ADVA
>NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 1,395.24
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 1,726.11
>
> 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
> 94.00%
>
> CLASS M-1 PERCENTAGE
> 2.45%
>
> CLASS M-2 PERCENTAGE
> 1.20%
>
> CLASS M-3 PERCENTAGE
> 0.70%
>
> CLASS B-1 PERCENTAGE
> 0.70%
>
> CLASS B-2 PERCENTAGE
> 0.40%
>
> CLASS B-3 PERCENTAGE
> 0.55%
>
> SUBORDINATE PERCENTAGE
> 6.00%
>
> AGGREGATE FORECLOSED LO
>AN RECOVERIES 0.00
>
> SPECIAL HAZARD AMOUNT
> 2,976,216.0
>
> FRAUD LOSS AMOUNT
> 5,952,431.0
>
> BANKRUPTCY AMOUNT
> 143,230.00
>
> Class
> Interest Accrued Net Interest Shortfall Aggregate Unpaid Intere
>
> Clas
>s A-1 1,573,673.40 0.00 0.00
> Clas
>s A-2 0.00 0.00 0.00
> Clas
>s A-3 243,975.27 0.00 0.00
> Clas
>s M-1 41,015.97 0.00 0.00
> Clas
>s M-2 20,089.45 0.00 0.00
> Clas
>s M-3 11,718.84 0.00 0.00
> Clas
>s B-1 11,718.84 0.00 0.00
> Clas
>s B-2 6,696.48 0.00 0.00
> Clas
>s B-3 9,207.68 0.00 0.00
> Clas
>s Strip 114,088.26 0.00 0.00
> Clas
>s R 0.56 0.00 0.00
>
> Page 3 of 3 COPYRIGHT 1998 B
>
ankers Trust Company
st
ankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 269,772,582.00 268,420,089.19 1,565,783.92 2,061,664.74 3,
>627,448.66 0.00 0.00 266,358,424.45
A-2 9,991,578.00 9,941,485.67 0.00 76,357.96
> 76,357.96 0.00 0.00 9,865,127.71
A-3 297,621,553.63 296,206,444.36 242,711.58 0.00
>242,711.58 0.00 0.00 294,055,824.84
M-1 7,291,728.00 7,286,650.62 40,987.41 5,139.51
> 46,126.92 0.00 0.00 7,281,511.11
M-2 3,571,458.00 3,568,971.12 20,075.46 2,517.31
> 22,592.77 0.00 0.00 3,566,453.81
M-3 2,083,350.00 2,081,899.32 11,710.68 1,468.43
> 13,179.11 0.00 0.00 2,080,430.89
B-1 2,083,350.00 2,081,899.32 11,710.68 1,468.43
> 13,179.11 0.00 0.00 2,080,430.89
B-2 1,190,486.00 1,189,657.04 6,691.82 839.10
> 7,530.92 0.00 0.00 1,188,817.94
B-3 1,636,921.63 1,635,781.81 9,201.29 1,153.77
> 10,355.06 0.00 0.00 1,634,628.04
Ex-St297,621,553.63 296,206,444.36 113,497.34 0.00
>113,497.34 0.00 0.00 294,055,824.84
R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 297,621,553.63 296,206,434.09 2,022,370.18 2,150,609.25 4,
>172,979.43 0.00 0.00 294,055,824.84
* The balances for Class A-3 and the Excess Servicing Strip denote a Notional
>Balance.
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 994.986545 5.804088 7.642232
> 13.446321 987.344312 7.000000% 7.000000%
A-2 994.986545 0.000000 7.642232
> 7.642232 987.344312 0.000000% 0.000000%
A-3 * 995.245273 0.815504 0.000000
> 0.815504 988.019252 0.983300% 0.983600%
M-1 999.303679 5.621083 0.704841
> 6.325924 998.598838 6.750000% 6.750000%
M-2 999.303679 5.621082 0.704841
> 6.325923 998.598838 6.750000% 6.750000%
M-3 999.303679 5.621081 0.704841
> 6.325922 998.598838 6.750000% 6.750000%
B-1 999.303679 5.621081 0.704841
> 6.325922 998.598838 6.750000% 6.750000%
B-2 999.303679 5.621082 0.704838
> 6.325921 998.598841 6.750000% 6.750000%
B-3 999.303681 5.621094 0.704841
> 6.325935 998.598839 6.750000% 6.750000%
Ex-Strip * 995.245273 0.381348 0.000000
> 0.381348 988.019252 0.459800% 0.459900%
R 0.000000 0.000000 0.000000
> 0.000000 0.000000 6.750000% 6.750000%
This statement is also available on Bankers Trust's website, http://online
>.bankerstrust.com/invr.
We begin posting statements to the website at 7:00 p.m. EST on the busines
>s day
before each distribution date.
SELLER: Impac Funding Corporation ADMI
>NISTRATOR: Jarrod Anderson
SERVICER: PNC Mortgage Securities Corp.
> Bankers Trust Company
LEAD UNDERWRITER: Donaldson, Lufkin & Jenrette
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> COPYRIGHT 1998 Bankers Trust Company
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-3
> 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
> 576,104.30 0.00 0.00 576,104.30
>
> PERCENTAGE OF POOL BALA
>NCE 0.1959% 0.0000% 0.0000% 0.1959%
>
> NUMBER OF LOANS
> 5 0 0 5
>
> PERCENTAGE OF LOANS
> 0.2170% 0.0000% 0.0000% 0.2170%
>
> 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
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 1,966,933.2
>
> AGGREGATE COLLECTIONS O
>F SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 208,923.77
>
> AGGREGATE COLLECTIONS O
>F PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS: 1,941,695.7
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 4,117,552.7
>
> SUBORDINATE PRINCIPAL D
>ISTRIBUTION AMOUNT 12,586.55
>
> CLASS M-1 PREPAYMENT DI
>STRIBUTION PERCENTAGE 100.00%
>
> CLASS M-2 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> CLASS M-3 PREPAYMENT DI
>STRIBUTION PERCENTAGE 0.00%
>
> 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: 294,055,824.84
>
> AGGREGATE NUMBER OF THE
> MORTGAGE LOANS IN POOL: 2,304
>
> WEIGHTED AVERAGE POOL S
>TRIP RATE 1.4431%
>
> CURRENT WEIGHTED AVERAG
>E NET MORTGAGE RATE: 8.1931%
>
> CURRENT WEIGHTED AVERAG
>E MONTHS TO MATURITY: 347
>
>
> Page 2 of 3 COPYRIGHT 1998 B
>
> Impac Secured Assets Co
>rp.
> Mortgage Pass-Through C
>ertificates
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> AMOUNT OF PRINCIPAL ADV
>ANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 5,228.67
>
> AMOUNT OF INTEREST ADVA
>NCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE: 58,518.38
>
> AGGREGATE ADVANCES MADE
> WITH RESPECT TO THE RELATED PAYMENT DATE: 63,747.05
>
> 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
> 93.98%
>
> CLASS M-1 PERCENTAGE
> 2.46%
>
> CLASS M-2 PERCENTAGE
> 1.20%
>
> CLASS M-3 PERCENTAGE
> 0.70%
>
> CLASS B-1 PERCENTAGE
> 0.70%
>
> CLASS B-2 PERCENTAGE
> 0.40%
>
> CLASS B-3 PERCENTAGE
> 0.55%
>
> SUBORDINATE PERCENTAGE
> 6.02%
>
> AGGREGATE FORECLOSED LO
>AN RECOVERIES 0.00
>
> SPECIAL HAZARD AMOUNT
> 2,976,216.0
>
> FRAUD LOSS AMOUNT
> 5,952,431.0
>
> BANKRUPTCY AMOUNT
> 143,230.00
>
> Class
> Interest Accrued Net Interest Shortfall Aggregate Unpaid Intere
>
> Clas
>s A-1 1,565,783.92 0.00 0.00
> Clas
>s A-2 0.00 0.00 0.00
> Clas
>s A-3 242,711.58 0.00 0.00
> Clas
>s M-1 40,987.41 0.00 0.00
> Clas
>s M-2 20,075.46 0.00 0.00
> Clas
>s M-3 11,710.68 0.00 0.00
> Clas
>s B-1 11,710.68 0.00 0.00
> Clas
>s B-2 6,691.82 0.00 0.00
> Clas
>s B-3 9,201.29 0.00 0.00
> Clas
>s Ex-Strip 113,497.34 0.00 0.00
> Clas
>s R 0.00 0.00 0.00
>
> Page 3 of 3 COPYRIGHT 1998 B
>
ankers Trust Company
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ankers Trust Company
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