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
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
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 Indenture, dated as of
September 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 1998-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 269,772,582.00 266,358,424.45 1,553,757.48 2,126,907.24 3,
>680,664.72 0.00 0.00 264,231,517.21
A-2 9,991,578.00 9,865,127.71 0.00 78,774.35
> 78,774.35 0.00 0.00 9,786,353.36
A-3 297,621,553.63 294,055,824.84 241,021.67 0.00
>241,021.67 0.00 0.00 291,837,501.04
M-1 7,291,728.00 7,281,511.11 40,958.50 5,162.24
> 46,120.74 0.00 0.00 7,276,348.87
M-2 3,571,458.00 3,566,453.81 20,061.30 2,528.44
> 22,589.74 0.00 0.00 3,563,925.37
M-3 2,083,350.00 2,080,430.89 11,702.42 1,474.92
> 13,177.34 0.00 0.00 2,078,955.97
B-1 2,083,350.00 2,080,430.89 11,702.42 1,474.92
> 13,177.34 0.00 0.00 2,078,955.97
B-2 1,190,486.00 1,188,817.94 6,687.10 842.81
> 7,529.91 0.00 0.00 1,187,975.13
B-3 1,636,921.63 1,634,628.04 9,194.81 1,158.88
> 10,353.69 0.00 0.00 1,633,469.16
Ex-St297,621,553.63 294,055,824.84 112,707.09 0.00
>112,707.09 0.00 0.00 291,837,501.04
R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 297,621,553.63 294,055,824.84 2,007,792.79 2,218,323.80 4,
>226,116.59 0.00 0.00 291,837,501.04
* 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-1 987.344312 5.759509 7.884075
> 13.643583 979.460237 7.000000% 7.000000%
A-2 987.344312 0.000000 7.884075
> 7.884075 979.460237 0.000000% 0.000000%
A-3 * 988.019252 0.809826 0.000000
> 0.809826 980.565747 0.983600% 0.982900%
M-1 998.598838 5.617118 0.707958
> 6.325077 997.890880 6.750000% 6.750000%
M-2 998.598838 5.617118 0.707957
> 6.325075 997.890881 6.750000% 6.750000%
M-3 998.598838 5.617117 0.707956
> 6.325073 997.890882 6.750000% 6.750000%
B-1 998.598838 5.617117 0.707956
> 6.325073 997.890882 6.750000% 6.750000%
B-2 998.598841 5.617118 0.707955
> 6.325072 997.890887 6.750000% 6.750000%
B-3 998.598839 5.617135 0.707963
> 6.325098 997.890876 6.750000% 6.750000%
Ex-Strip * 988.019252 0.378693 0.000000
> 0.378693 980.565747 0.459900% 0.459600%
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: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-3
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 1,110,997.45
> 0.00 0.00 1,110,997.45
PERCENTAGE OF POOL BALANCE 0.3807%
> 0.0000% 0.0000% 0.3807%
NUMBER OF LOANS 8
> 0 0 8
PERCENTAGE OF LOANS 0.3493%
> 0.0000% 0.0000% 0.3493%
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 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
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS:
> 1,971,506.15
AGGREGATE COLLECTIONS OF SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS
>: 208,471.20
AGGREGATE COLLECTIONS OF PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS:
> 2,009,852.60
AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS:
> 4,189,829.95
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT
> 12,642.21
CLASS M-1 PREPAYMENT DISTRIBUTION PERCENTAGE
> 100.00%
CLASS M-2 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
CLASS M-3 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
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:
> 291,837,501.04
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL:
> 2,290
WEIGHTED AVERAGE POOL STRIP RATE
> 1.4435%
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE:
> 8.1935%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY:
> 346
Page 2 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: December 28, 1998
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 4,033.73
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 39,349.72
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 43,383.45
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
> 93.94%
CLASS M-1 PERCENTAGE
> 2.48%
CLASS M-2 PERCENTAGE
> 1.21%
CLASS M-3 PERCENTAGE
> 0.71%
CLASS B-1 PERCENTAGE
> 0.71%
CLASS B-2 PERCENTAGE
> 0.40%
CLASS B-3 PERCENTAGE
> 0.56%
SUBORDINATE PERCENTAGE
> 6.06%
AGGREGATE FORECLOSED LOAN RECOVERIES
> 0.00
SPECIAL HAZARD AMOUNT
> 2,976,216.00
FRAUD LOSS AMOUNT
> 5,952,431.07
BANKRUPTCY AMOUNT
> 143,230.00
Class Interest Accrued Net
>Interest Shortfall Aggregate Unpaid Interest
Class A-1 1,553,757.48
> 0.00 0.00
Class A-2 0.00
> 0.00 0.00
Class A-3 241,021.67
> 0.00 0.00
Class M-1 40,958.50
> 0.00 0.00
Class M-2 20,061.30
> 0.00 0.00
Class M-3 11,702.42
> 0.00 0.00
Class B-1 11,702.42
> 0.00 0.00
Class B-2 6,687.10
> 0.00 0.00
Class B-3 9,194.81
> 0.00 0.00
Class Ex-Strip 112,707.09
> 0.00 0.00
Class R 0.00
> 0.00 0.00
Page 3 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
a
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-1 269,772,582.00 264,231,517.21 1,541,350.52 3,194,201.21 4,
>735,551.73 0.00 0.00 261,037,316.00
A-2 9,991,578.00 9,786,353.36 0.00 118,303.76
>118,303.76 0.00 0.00 9,668,049.60
A-3 297,621,553.63 291,837,501.04 239,030.79 0.00
>239,030.79 0.00 0.00 288,512,340.31
M-1 7,291,728.00 7,276,348.87 40,929.46 5,167.77
> 46,097.23 0.00 0.00 7,271,181.10
M-2 3,571,458.00 3,563,925.37 20,047.08 2,531.15
> 22,578.23 0.00 0.00 3,561,394.22
M-3 2,083,350.00 2,078,955.97 11,694.13 1,476.50
> 13,170.63 0.00 0.00 2,077,479.47
B-1 2,083,350.00 2,078,955.97 11,694.13 1,476.50
> 13,170.63 0.00 0.00 2,077,479.47
B-2 1,190,486.00 1,187,975.13 6,682.36 843.72
> 7,526.08 0.00 0.00 1,187,131.41
B-3 1,636,921.63 1,633,469.16 9,188.28 1,160.12
> 10,348.40 0.00 0.00 1,632,309.04
Ex-St297,621,553.63 291,837,501.04 111,776.12 0.00
>111,776.12 0.00 0.00 288,512,340.31
R 100.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 297,621,553.63 291,837,501.04 1,992,392.87 3,325,160.73 5,
>317,553.60 0.00 0.00 288,512,340.31
* 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-1 979.460237 5.713518 11.840348
> 17.553866 967.619890 7.000000% 7.000000%
A-2 979.460237 0.000000 11.840348
> 11.840348 967.619889 0.000000% 0.000000%
A-3 * 980.565747 0.803137 0.000000
> 0.803137 969.393301 0.982900% 0.982000%
M-1 997.890880 5.613136 0.708717
> 6.321853 997.182163 6.750000% 6.750000%
M-2 997.890881 5.613136 0.708716
> 6.321852 997.182165 6.750000% 6.750000%
M-3 997.890882 5.613137 0.708714
> 6.321852 997.182168 6.750000% 6.750000%
B-1 997.890882 5.613137 0.708714
> 6.321852 997.182168 6.750000% 6.750000%
B-2 997.890887 5.613136 0.708719
> 6.321855 997.182168 6.750000% 6.750000%
B-3 997.890876 5.613146 0.708721
> 6.321866 997.182156 6.750000% 6.750000%
Ex-Strip * 980.565747 0.375565 0.000000
> 0.375565 969.393301 0.459600% 0.459200%
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: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-3
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 1,186,563.45
>291,331.15 0.00 1,477,894.60
PERCENTAGE OF POOL BALANCE 0.4113%
> 0.1010% 0.0000% 0.5122%
NUMBER OF LOANS 9
> 3 0 12
PERCENTAGE OF LOANS 0.3975%
> 0.1325% 0.0000% 0.5300%
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE #N/A
> #N/A #N/A #N/A
PERCENTAGE OF POOL BALANCE #N/A
> #N/A #N/A #N/A
NUMBER OF LOANS #N/A
> #N/A #N/A #N/A
PERCENTAGE OF LOANS #N/A
> #N/A #N/A #N/A
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE #N/A
> #N/A #N/A #N/A
PERCENTAGE OF POOL BALANCE #N/A
> #N/A #N/A #N/A
NUMBER OF LOANS #N/A
> #N/A #N/A #N/A
PERCENTAGE OF LOANS #N/A
> #N/A #N/A #N/A
REO LOAN INFORMATION:
PRINCIPAL BALANCE #N/A
> #N/A #N/A #N/A
PERCENTAGE OF POOL BALANCE #N/A
> #N/A #N/A #N/A
NUMBER OF LOANS #N/A
> #N/A #N/A #N/A
PERCENTAGE OF LOANS #N/A
> #N/A #N/A #N/A
BOOK VALUE REO PROPERTY:
> 0.00
AGGREGATE COLLECTIONS OF NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS:
> 1,936,405.50
AGGREGATE COLLECTIONS OF SCHEDULED PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS
>: 207,267.27
AGGREGATE COLLECTIONS OF PREPAYMENTS WITH RESPECT TO THE MORTGAGE LOANS:
> 3,117,893.46
AGGREGATE COLLECTIONS WITH RESPECT TO THE MORTGAGE LOANS:
> 5,261,566.23
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT
> 12,655.76
CLASS M-1 PREPAYMENT DISTRIBUTION PERCENTAGE
> 100.00%
CLASS M-2 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
CLASS M-3 PREPAYMENT DISTRIBUTION PERCENTAGE
> 0.00%
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:
> 288,512,340.31
AGGREGATE NUMBER OF THE MORTGAGE LOANS IN POOL:
> 2,264
WEIGHTED AVERAGE POOL STRIP RATE
> 1.4425%
CURRENT WEIGHTED AVERAGE NET MORTGAGE RATE:
> 8.1925%
CURRENT WEIGHTED AVERAGE MONTHS TO MATURITY:
> 345
Page 2 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
Impac Secured Assets Corp.
Mortgage Pass-Through Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: January 25, 1999
AMOUNT OF PRINCIPAL ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 5,134.33
AMOUNT OF INTEREST ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 59,027.34
AGGREGATE ADVANCES MADE WITH RESPECT TO THE RELATED PAYMENT DATE:
> 64,161.67
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
> 93.89%
CLASS M-1 PERCENTAGE
> 2.49%
CLASS M-2 PERCENTAGE
> 1.22%
CLASS M-3 PERCENTAGE
> 0.71%
CLASS B-1 PERCENTAGE
> 0.71%
CLASS B-2 PERCENTAGE
> 0.41%
CLASS B-3 PERCENTAGE
> 0.56%
SUBORDINATE PERCENTAGE
> 6.11%
AGGREGATE FORECLOSED LOAN RECOVERIES
> 0.00
SPECIAL HAZARD AMOUNT
> 2,976,216.00
FRAUD LOSS AMOUNT
> 5,952,431.07
BANKRUPTCY AMOUNT
> 143,230.00
Class Interest Accrued Net
>Interest Shortfall Aggregate Unpaid Interest
Class A-1 1,541,350.52
> 0.00 0.00
Class A-2 0.00
> 0.00 0.00
Class A-3 239,030.79
> 0.00 0.00
Class M-1 40,929.46
> 0.00 0.00
Class M-2 20,047.08
> 0.00 0.00
Class M-3 11,694.13
> 0.00 0.00
Class B-1 11,694.13
> 0.00 0.00
Class B-2 6,682.36
> 0.00 0.00
Class B-3 9,188.28
> 0.00 0.00
Class Ex-Strip 111,776.12
> 0.00 0.00
Class R 0.00
> 0.00 0.00
Page 3 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
