8-K 1 d302709.txt IMH ASSETS CORP. ================================================================================ UNITED STATES 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) January 26, 2005 IMH ASSETS CORP. (as depositor under a Series 2004-10 Indenture dated as of November 24, 2004, providing for, inter alia, the issuance of Collateralized Asset-Backed Bonds, Series 2004-10) IMH Assets Corp. -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 333-117817 33-0705301 ------------------------------ ---------------- -------------------- (State or Other Jurisdiction (Commission File (I.R.S. Employer of Incorporation) Number) Identification No.) 1401 Dove Street Newport Beach, California 92660 ----------------------------- ------------ (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code, is (949) 475-3600. ================================================================================ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.01 Completion of Acquisition or Disposition of Assets. -------------------------------------------------- For a description of the Bonds and the Mortgage Pool, refer to the Indenture. Item 9.01 Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) Exhibits: EXHIBIT NO. DESCRIPTION ----------- ----------- 99.2 Supplemental Indenture No. 1 dated as of January 14, 2005 to the Indenture, dated as of November 24, 2004, between Impac CMB Trust Series 2004-10, as Issuer and Deutsche Bank National Trust Company, as Indenture Trustee, Collateralized Asset-Backed Bonds, Series 2004-10. 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 thereunto duly authorized. IMH ASSETS CORP. By: /s/ Lisa A. Duehring -------------------------- Name: Lisa A. Duehring Title: Senior Vice President Dated: January 26, 2005 EXHIBIT INDEX Sequentially Exhibit Numbered Number Description ------ ----------- 99.2 Supplemental Indenture No. 1 dated as of January 14, 2005 to the Indenture, dated as of November 24, 2004, between Impac CMB Trust Series 2004-10, as Issuer and Deutsche Bank National Trust Company, as Indenture Trustee, Collateralized Asset-Backed Bonds, Series 2004-10. EXHIBIT 99.2

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): December 27, 2004 (Date of earliest event reported) Impac CMB Trust Series 2004-10 (as Issuer under the Indenture dated as November 24, 2004, providing for the issuance Trust Certificates, Series 2004-10) (Exact name of Registrant as specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-117817-03 33-0705301 (Commission File Number) (I.R.S. Employer Identification No.) 1401 DOVE STREET NEWPORT BEACH, CALIFORNIA 92660 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (949) 475-3600 (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 9.01 Financial Statements and Exhibits (c) Exhibits: Exhibit No. Description 99.1 Monthly Remittance Statement to the Certificateholders dated as of December 27, 2004. Signatures 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. Deutsche Bank National Trust Company, in its capacity as Trustee under the Indenture Agreement on behalf of Impac Assets Corporation Inc., Registrant Date: Dec 28, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of December 27, 2004.

IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
				External Parties						Table of Contents
													Page
				Seller
										1. Certificate Payment Report					2
				Impac CMB Trust
										2. Collection Account Report					4
										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					10
										6. REO Report					18
										7. Foreclosure Report					19
										8. Prepayment Report					20
										9. Prepayment Detail Report					23
										10. Realized Loss Report					24
										11. Realized Loss Detail Report					27
				Servicer(s)
										12. Triggers and Adj. Cert. Report					28
				Impac Funding Corp.
										13. Additional Certificate Report					29
										14. Other Related Information					30
				Underwriter(s)
				Merrill Lynch
				Bear, Stearns & Co. Inc
										Total Number of Pages					30
				Dates						Contacts
				Cut-Off Date:			November 01, 2004			Marion Hogan
				Close Date:			November 24, 2004			Administrator
				First Distribution Date:			December 27, 2004			(714) 247-6282
										marion.c.hogan@db.com
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:			December 27, 2004
										Factor Information:			(800) 735-7777
				Record Date:			November 30, 2004
										Main Phone Number:			(714) 247-6000
							December 24, 2004
										https://www.tss.db.com/invr
Page 1 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution -
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance
					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)
1-A-1	AFC, FLT, S	$	844,039,000.00		844,039,000.00		1,918,781.99		3,637,765.71		5,556,547.71		0.00		0.00		840,401,234.29
1-A-2	AFC, FLT, S	$	173,489,000.00		173,489,000.00		399,169.27		747,728.88		1,146,898.15		0.00		0.00		172,741,271.12
2-A	AFC, FLT, S	$	681,725,000.00		681,725,000.00		1,549,788.17		3,881,808.98		5,431,597.14		0.00		0.00		677,843,191.02
3-A-1	AFC, FLT, S	$	187,179,000.00		187,179,000.00		430,667.68		36,488.53		467,156.21		0.00		0.00		187,142,511.47
3-A-2	AFC, FLT, S	$	20,798,000.00		20,798,000.00		48,805.97		4,054.35		52,860.32		0.00		0.00		20,793,945.65
4-A-1	AFC, FLT, S	$	85,707,000.00		85,707,000.00		193,819.24		195,705.27		389,524.51		0.00		0.00		85,511,294.73
4-A-2	AFC, FLT, S	$	19,779,000.00		19,779,000.00		47,683.87		45,163.81		92,847.68		0.00		0.00		19,733,836.19
3-M-1	AFC, FLT, S	$	13,163,000.00		13,163,000.00		32,940.41		2,565.99		35,506.39		0.00		0.00		13,160,434.01
3-M-2	AFC, FLT, S	$	10,029,000.00		10,029,000.00		25,281.44		1,955.05		27,236.48		0.00		0.00		10,027,044.95
3-M-3	AFC, FLT, S	$	6,895,000.00		6,895,000.00		17,760.37		1,344.11		19,104.48		0.00		0.00		6,893,655.89
3-M-4	AFC, FLT, S	$	6,268,000.00		6,268,000.00		18,443.59		1,221.88		19,665.47		0.00		0.00		6,266,778.12
3-M-5	AFC, FLT, S	$	6,393,000.00		6,393,000.00		19,690.44		1,246.25		20,936.69		0.00		0.00		6,391,753.75
4-M-1	AFC, FLT, S	$	10,301,000.00		10,301,000.00		26,061.53		23,521.53		49,583.06		0.00		0.00		10,277,478.47
4-M-2	AFC, FLT, S	$	15,658,000.00		15,658,000.00		45,356.01		35,753.83		81,109.83		0.00		0.00		15,622,246.17
4-B	AFC, FLT, S	$	29,668,000.00		29,668,000.00		109,054.62		67,744.57		176,799.19		0.00		0.00		29,600,255.43
CERT	EXE	$	0.00		0.00		403,467.44		0.00		403,467.44		0.00		0.00		0.00
Total			2,111,091,000.00		2,111,091,000.00		5,286,772.04		8,684,068.74		13,970,840.75		0.00		0.00		2,102,406,931.26
Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
									Orig. Principal		Prior							Current
	Period		Period						(with Notional)		Principal						Total	Principal
Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance
									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
1-A-1	11/24/04		12/26/04		A-Act/360		45254NLJ4		844,039,000.00		1,000.000000		2.273333		4.309950		6.583283	995.690050
1-A-2	11/24/04		12/26/04		A-Act/360		45254NLK1		173,489,000.00		1,000.000000		2.300833		4.309950		6.610783	995.690050
2-A	11/24/04		12/26/04		A-Act/360		45254NLL9		681,725,000.00		1,000.000000		2.273333		5.694098		7.967431	994.305902
3-A-1	11/24/04		12/26/04		A-Act/360		45254NLM7		187,179,000.00		1,000.000000		2.300833		0.194939		2.495773	999.805061
3-A-2	11/24/04		12/26/04		A-Act/360		45254NLN5		20,798,000.00		1,000.000000		2.346667		0.194939		2.541606	999.805061
4-A-1	11/24/04		12/26/04		A-Act/360		45254NLP0		85,707,000.00		1,000.000000		2.261417		2.283422		4.544839	997.716578
4-A-2	11/24/04		12/26/04		A-Act/360		45254NLQ8		19,779,000.00		1,000.000000		2.410833		2.283422		4.694256	997.716578
3-M-1	11/24/04		12/26/04		A-Act/360		45254NLR6		13,163,000.00		1,000.000000		2.502500		0.194940		2.697439	999.805060
3-M-2	11/24/04		12/26/04		A-Act/360		45254NLS4		10,029,000.00		1,000.000000		2.520834		0.194940		2.715772	999.805060
3-M-3	11/24/04		12/26/04		A-Act/360		45254NLT2		6,895,000.00		1,000.000000		2.575833		0.194940		2.770773	999.805060
3-M-4	11/24/04		12/26/04		A-Act/360		45254NLU9		6,268,000.00		1,000.000000		2.942500		0.194939		3.137439	999.805061
3-M-5	11/24/04		12/26/04		A-Act/360		45254NLV7		6,393,000.00		1,000.000000		3.080000		0.194940		3.274940	999.805060
4-M-1	11/24/04		12/26/04		A-Act/360		45254NLW5		10,301,000.00		1,000.000000		2.530000		2.283422		4.813422	997.716578
4-M-2	11/24/04		12/26/04		A-Act/360		45254NLX3		15,658,000.00		1,000.000000		2.896667		2.283423		5.180089	997.716577
4-B	11/24/04		12/26/04		A-Act/360		45254NLY1		29,668,000.00		1,000.000000		3.675833		2.283422		5.959255	997.716578
CERT	11/24/04		12/24/04		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000
Page 2 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Distribution to Date -
																	Current
	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal
Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
1-A-1	844,039,000.00		1,918,781.99		3,351,184.21		286,581.50		3,637,765.71		5,556,547.71		0.00		0.00		840,401,234.29
1-A-2	173,489,000.00		399,169.27		688,823.14		58,905.74		747,728.88		1,146,898.15		0.00		0.00		172,741,271.12
2-A	681,725,000.00		1,549,788.17		3,786,585.33		95,223.65		3,881,808.98		5,431,597.14		0.00		0.00		677,843,191.02
3-A-1	187,179,000.00		430,667.68		0.00		36,488.53		36,488.53		467,156.21		0.00		0.00		187,142,511.47
3-A-2	20,798,000.00		48,805.97		0.00		4,054.35		4,054.35		52,860.32		0.00		0.00		20,793,945.65
4-A-1	85,707,000.00		193,819.24		91,249.20		104,456.07		195,705.27		389,524.51		0.00		0.00		85,511,294.73
4-A-2	19,779,000.00		47,683.87		21,058.00		24,105.81		45,163.81		92,847.68		0.00		0.00		19,733,836.19
3-M-1	13,163,000.00		32,940.41		0.00		2,565.99		2,565.99		35,506.39		0.00		0.00		13,160,434.01
3-M-2	10,029,000.00		25,281.44		0.00		1,955.05		1,955.05		27,236.48		0.00		0.00		10,027,044.95
3-M-3	6,895,000.00		17,760.37		0.00		1,344.11		1,344.11		19,104.48		0.00		0.00		6,893,655.89
3-M-4	6,268,000.00		18,443.59		0.00		1,221.88		1,221.88		19,665.47		0.00		0.00		6,266,778.12
3-M-5	6,393,000.00		19,690.44		0.00		1,246.25		1,246.25		20,936.69		0.00		0.00		6,391,753.75
4-M-1	10,301,000.00		26,061.53		10,967.11		12,554.42		23,521.53		49,583.06		0.00		0.00		10,277,478.47
4-M-2	15,658,000.00		45,356.01		16,670.52		19,083.31		35,753.83		81,109.83		0.00		0.00		15,622,246.17
4-B	29,668,000.00		109,054.62		31,586.47		36,158.11		67,744.57		176,799.19		0.00		0.00		29,600,255.43
CERT	0.00		403,467.44		0.00		0.00		0.00		403,467.44		0.00		0.00		0.00
Total	2,111,091,000.00		5,286,772.04		7,998,123.98		685,944.77		8,684,068.74		13,970,840.75		0.00		0.00		2,102,406,931.26
Interest Detail -
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current
	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid
Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
1-A-1	2.48000%		844,039,000.00		1,918,781.99		0.00		0.00		0.00		1,918,781.99		1,918,781.99		0.00
1-A-2	2.51000%		173,489,000.00		399,169.27		0.00		0.00		0.00		399,169.27		399,169.27		0.00
2-A	2.48000%		681,725,000.00		1,549,788.17		0.00		0.00		0.00		1,549,788.17		1,549,788.17		0.00
3-A-1	2.51000%		187,179,000.00		430,667.68		0.00		0.00		0.00		430,667.68		430,667.68		0.00
3-A-2	2.56000%		20,798,000.00		48,805.97		0.00		0.00		0.00		48,805.97		48,805.97		0.00
4-A-1	2.46700%		85,707,000.00		193,819.24		0.00		0.00		0.00		193,819.24		193,819.24		0.00
4-A-2	2.63000%		19,779,000.00		47,683.87		0.00		0.00		0.00		47,683.87		47,683.87		0.00
3-M-1	2.73000%		13,163,000.00		32,940.41		0.00		0.00		0.00		32,940.41		32,940.41		0.00
3-M-2	2.75000%		10,029,000.00		25,281.44		0.00		0.00		0.00		25,281.44		25,281.44		0.00
3-M-3	2.81000%		6,895,000.00		17,760.37		0.00		0.00		0.00		17,760.37		17,760.37		0.00
3-M-4	3.21000%		6,268,000.00		18,443.59		0.00		0.00		0.00		18,443.59		18,443.59		0.00
3-M-5	3.36000%		6,393,000.00		19,690.44		0.00		0.00		0.00		19,690.44		19,690.44		0.00
4-M-1	2.76000%		10,301,000.00		26,061.53		0.00		0.00		0.00		26,061.53		26,061.53		0.00
4-M-2	3.16000%		15,658,000.00		45,356.01		0.00		0.00		0.00		45,356.01		45,356.01		0.00
4-B	4.01000%		29,668,000.00		109,054.62		0.00		0.00		0.00		109,054.62		109,054.62		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		403,467.44		0.00
Total			2,111,091,000.00		4,883,304.60		0.00		0.00		0.00		4,883,304.60		5,286,772.04		0.00
Page 3 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Collection Account Report
SUMMARY
						Group 4		Group 3		Group 2		Group 1		Total
Principal Collections						195,302.31		48,915.27		3,271,302.25		2,744,292.36		6,259,812.19
Principal Withdrawals						0.00		0.00		0.00		0.00		0.00
Principal Other Accounts						0.00		0.00		0.00		0.00		0.00
TOTAL NET PRINCIPAL						195,302.31		48,915.27		3,271,302.25		2,744,292.36		6,259,812.19
Interest Collections						703,944.15		1,163,644.33		2,713,968.79		4,763,105.07		9,344,662.35
Interest Withdrawals						-0.00		-0.00		-0.00		-0.00		-0.00
Interest Fees						-1,014.60		-157,496.23		-351,694.01		-820,528.30		-1,650,210.51
Interest Other Accounts														16,576.73
TOTAL NET INTEREST						702,929.55		1,006,148.10		2,362,274.78		3,959,153.50		7,711,028.57
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														13,970,840.76
PRINCIPAL - COLLECTIONS
							Group 4		Group 3		Group 2		Group 1		Total
Scheduled Principal Received							196,357.72		49,094.38		95,223.65		345,487.24		686,162.99
Curtailments							-1,055.41		-179.11		150,607.37		-29,107.06		120,265.79
Prepayments In Full							0.00		0.00		3,025,471.23		2,427,912.18		5,453,383.41
Repurchased/Substitutions							0.00		0.00		0.00		0.00		0.00
Liquidations							0.00		0.00		0.00		0.00		0.00
Insurance Principal							0.00		0.00		0.00		0.00		0.00
Other Additional Principal							0.00		0.00		0.00		0.00		0.00
Delinquent Principal							-189,200.46		-34,397.28		-42,463.76		-200,460.15		-466,521.65
Realized Losses							-0.00		-0.00		-0.00		-0.00		-0.00
Advanced Principal							189,200.46		34,397.28		42,463.76		200,460.15		466,521.65
TOTAL PRINCIPAL COLLECTED							195,302.31		48,915.27		3,271,302.25		2,744,292.36		6,259,812.19
PRINCIPAL - WITHDRAWALS
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
						Group 4		Group 3		Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS						0.00		0.00		0.00		0.00		0.00
Page 4 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
INTEREST - COLLECTIONS
						Group 4		Group 3		Group 2		Group 1		Total
Scheduled Interest						725,055.44		1,225,934.24		2,808,500.46		4,960,029.04		9,719,519.19
Repurchased/Substitution Interest						0.00		0.00		0.00		0.00		0.00
Liquidation Interest						0.00		0.00		0.00		0.00		0.00
Insurance Interest						0.00		0.00		0.00		0.00		0.00
Other Additional Interest						0.00		0.00		0.00		0.00		0.00
Prepayment Interest Shortfalls						-0.00		-0.00		-5,806.69		-3,377.77		-9,184.45
Delinquent Interest						-700,642.56		-918,749.09		-1,379,503.30		-3,001,145.36		-6,000,040.31
Compensating Interest						0.00		0.00		5,806.69		3,377.77		9,184.45
Civil Relief Act Shortfalls						-0.00		-0.00		-0.00		-0.00		-0.00
Interest Advanced						679,531.27		856,459.18		1,284,971.63		2,804,221.39		5,625,183.47
TOTAL INTEREST COLLECTED						703,944.15		1,163,644.33		2,713,968.79		4,763,105.07		9,344,662.35
INTEREST - WITHDRAWALS
						Group 4		Group 3		Group 2		Group 1		Total
Non-Recoverable Advances						0.00		0.00		0.00		0.00		0.00
Reimbursements to Master Servicer						0.00		0.00		0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS						0.00		0.00		0.00		0.00		0.00
INTEREST - OTHER ACCOUNTS
						Group 4		Group 3		Group 2		Group 1		Total
Prepayment Charges						0.00		0.00		0.00		16,576.73		16,576.73
TOTAL INTEREST OTHER ACCOUNTS														16,576.73
Deriviative Contract Payments						108,367.58		117,497.47		319,477.36		476,845.00		1,022,187.40
INTEREST - FEES
						Group 4		Group 3		Group 2		Group 1		Total
Current Servicing Fees						780.98		21,128.68		104,277.44		131,973.84		258,160.94
Trustee Fees						233.63		355.19		949.17		1,416.71		2,954.69
TOTAL INTEREST FEES						1,014.60		157,496.23		351,694.01		820,528.30		1,650,210.51
Page 5 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
						Group 4		Group 3		Group 2		Group 1		Total
Radian PMI						0.00		27,644.78		49,435.35		91,581.16		168,661.29
Certificate Insurance Policy Payment (Group 1 and 2 Certs )						0.00		0.00		79,534.58		118,711.60		198,246.18
STRUCTURAL FEATURES
						Group 4		Group 3		Group 2		Group 1		Total
Overcollateralized Amount/(Undercollateralized Amount)						3,973,070.96		39.13		-102,343,650.63		-15,859,417.45		-114,229,958.00
Overcollateralization Reduction Amount						0.00		39.13		0.00		0.00		39.13
Overcollateralization Deficiency Amount						2,623,468.41		0.00		104,688,653.38		19,359,514.27		126,671,636.06
Overcollateralization Target Amount						6,596,539.37		0.00		2,345,002.75		3,500,096.82		12,441,638.94
Page 6 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Collateral Report
COLLATERAL
							Group 4		Group 3		Group 2		Group 1		Total
Loan Count:
Original						148		592		1,632		5,112		7,484
Prior						148		592		1,632		5,112		7,484
Prefunding						0		0		0		0		0
Scheduled Paid Offs						-0		-0		-0		-0		-0
Full Voluntary Prepayments						-0		-0		-12		-13		-25
Repurchases						-0		-0		-0		-0		-0
Liquidations						-0		-0		-0		-0		-0
Current						148		592		1,620		5,099		7,459
Principal Balance:
Original						164,913,484.26		250,725,039.13		578,770,842.64		1,000,027,380.32		1,994,436,746.35
Prior						164,913,484.26		250,725,039.13		578,770,842.64		1,000,027,380.32		1,994,436,746.35
Prefunding						0.00		0.00		91,229,942.36		0.00		91,229,942.36
Scheduled Principal						-196,357.72		-49,094.38		-95,223.65		-345,487.24		-686,162.99
Partial Prepayments						(1,055.41)		(179.11)		-150,607.37		(29,107.06)		-120,265.79
Full Voluntary Prepayments						-0.00		-0.00		-3,025,471.23		-2,427,912.18		-5,453,383.41
Repurchases						-0.00		-0.00		-0.00		-0.00		-0.00
Liquidations						-0.00		-0.00		-0.00		-0.00		-0.00
Current						164,718,181.95		250,676,123.86		666,729,482.75		997,283,087.96		2,079,406,876.52
PREFUNDING
						Group 4		Group 3		Group 2		Group 1		Total
Prefunding Account Original Balance						0.00		0.00		91,229,942.36		0.00		91,229,942.36
Prefunding Account Beginning Balance										91,229,942.36				91,229,942.36
Subsequent Loans Added to the Pool										0.00				0.00
Prefund Release to Certificate Holders										0.00				0.00
Prefunding Account Ending Balance						0.00				91,229,942.36				91,229,942.36
Page 7 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
CHARACTERISTICS
						Group 4		Group 3		Group 2		Group 1		Total
Weighted Average Coupon Original						5.27590%		5.86747%		5.82303%		5.95187%		5.84798%
Weighted Average Coupon Prior						5.27590%		5.86747%		5.82303%		5.95187%		5.84798%
Weighted Average Coupon Current						5.27590%		5.86747%		5.82303%		5.95187%		5.84798%
Weighted Average Months to Maturity Original						354		357		352		357		355
Weighted Average Months to Maturity Prior						354		357		352		357		355
Weighted Average Months to Maturity Current						354		357		352		357		355
Weighted Avg Remaining Amortization Term Original						354		357		352		357		355
Weighted Avg Remaining Amortization Term Prior						354		357		352		357		355
Weighted Avg Remaining Amortization Term Current						354		357		352		357		355
Weighted Average Seasoning Original						2.23		1.95		2.00		1.90		1.96
Weighted Average Seasoning Prior						2.23		1.95		2.00		1.90		1.96
Weighted Average Seasoning Current						2.23		1.95		2.00		1.90		1.96
Page 8 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
ARM CHARACTERISTICS
						Group 4		Group 3		Group 2		Group 1		Total
Weighted Average Margin Original						2.65728%		4.34700%		3.73360%		4.39552%		4.04459%
Weighted Average Margin Prior						2.65728%		4.34700%		3.73360%		4.39552%		4.04459%
Weighted Average Margin Current						2.65728%		4.34700%		3.73360%		4.39552%		4.04459%
Weighted Average Max Rate Original						10.86215%		11.82630%		11.48141%		11.87566%		11.66594%
Weighted Average Max Rate Prior						10.86215%		11.82630%		11.48141%		11.87566%		11.66594%
Weighted Average Max Rate Current						10.86215%		11.82630%		11.48141%		11.87566%		11.66594%
Weighted Average Min Rate Original						5.23593%		4.58320%		3.89431%		4.62021%		4.46184%
Weighted Average Min Rate Prior						5.23593%		4.58320%		3.89431%		4.62021%		4.46184%
Weighted Average Min Rate Current						5.23593%		4.58320%		3.89431%		4.62021%		4.46184%
Weighted Average Cap Up Original						1.00000%		1.06178%		1.13832%		1.08310%		1.08881%
Weighted Average Cap Up Prior						1.00000%		1.06178%		1.13832%		1.08310%		1.08881%
Weighted Average Cap Up Current						1.00000%		1.06178%		1.13832%		1.08310%		1.08881%
Weighted Average Cap Down Original						1.00000%		1.06178%		1.13832%		1.08310%		1.08881%
Weighted Average Cap Down Prior						1.00000%		1.06178%		1.13832%		1.08310%		1.08881%
Weighted Average Cap Down Current						1.00000%		1.06178%		1.13832%		1.08310%		1.08881%
SERVICING FEES & ADVANCES
							Group 4		Group 3		Group 2		Group 1		Total
Current Servicing Fees						780.98		21,128.68		104,277.44		131,973.84		258,160.94
Delinquent Servicing Fees						21,111.29		62,289.91		94,531.67		196,923.97		374,856.84
TOTAL SERVICING FEES						21,892.27		83,418.59		198,809.10		328,897.78		633,017.74
Total Servicing Fees						21,892.27		83,418.59		198,809.10		328,897.78		633,017.74
Compensating Interest						-0.00		-0.00		-5,806.69		-3,377.77		-9,184.45
Delinquent Servicing Fees						-21,111.29		-62,289.91		-94,531.67		-196,923.97		-374,856.84
COLLECTED SERVICING FEES						780.98		21,128.68		104,277.44		131,973.84		248,976.45
Total Advanced Interest						679,531.27		856,459.18		1,284,971.63		2,804,221.39		5,625,183.47
Total Advanced Principal						189,200.46		34,397.28		42,463.76		200,460.15		466,521.65
Aggregate Advances with respect to this Distribution						868,731.73		890,856.46		1,327,435.39		3,004,681.54		4,332,116.93
ADDITIONAL COLLATERAL INFORMATION
						Group 4		Group 3		Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)						0.00		0.00		5,806.69		3,377.77		9,184.45
Compensating Interest						-0.00		-0.00		-5,806.69		-3,377.77		-9,184.45
Net Prepayment Interest Shortfall (PPIS)						0.00		0.00		0.00		0.00		0.00
Ending Pool Stated Principal Balance						164,718,181.95		250,676,123.86		666,729,482.75		997,283,087.96		2,079,406,876.52
Weighted Average Net Mortgage Rate						4.326356%		4.771848%		4.011630%		4.873413%		4.541108%
Page 9 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Delinquency Report
	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				265,676.75		0.00		0.00		265,676.75
			% Balance				0.01%		0.00%		0.00%		0.01%
			# Loans				1		0		0		1
			% # Loans				0.01%		0.00%		0.00%		0.01%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		265,676.75		0.00		0.00		265,676.75
			% Balance		0.00%		0.01%		0.00%		0.00%		0.01%
			# Loans		0		1		0		0		1
			% # Loans		0.00%		0.01%		0.00%		0.00%		0.01%
	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				265,676.75		0.00		0.00		265,676.75
			% Balance				0.01%		0.00%		0.00%		0.01%
			# Loans				1		0		0		1
			% # Loans				0.01%		0.00%		0.00%		0.01%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		265,676.75		0.00		0.00		265,676.75
			% Balance		0.00%		0.01%		0.00%		0.00%		0.01%
			# Loans		0		1		0		0		1
			% # Loans		0.00%		0.01%		0.00%		0.00%		0.01%
Page 10 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Page 11 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				265,676.75		0.00		0.00		265,676.75
			% Balance				0.03%		0.00%		0.00%		0.03%
			# Loans				1		0		0		1
			% # Loans				0.02%		0.00%		0.00%		0.02%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		265,676.75		0.00		0.00		265,676.75
			% Balance		0.00%		0.03%		0.00%		0.00%		0.03%
			# Loans		0		1		0		0		1
			% # Loans		0.00%		0.02%		0.00%		0.00%		0.02%
Page 12 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				265,676.75		0.00		0.00		265,676.75
			% Balance				0.03%		0.00%		0.00%		0.03%
			# Loans				1		0		0		1
			% # Loans				0.02%		0.00%		0.00%		0.02%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		265,676.75		0.00		0.00		265,676.75
			% Balance		0.00%		0.03%		0.00%		0.00%		0.03%
			# Loans		0		1		0		0		1
			% # Loans		0.00%		0.02%		0.00%		0.00%		0.02%
Page 13 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				0.00		0.00		0.00		0.00
			% Balance				0.00%		0.00%		0.00%		0.00%
			# Loans				0		0		0		0
			% # Loans				0.00%		0.00%		0.00%		0.00%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
Page 14 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				0.00		0.00		0.00		0.00
			% Balance				0.00%		0.00%		0.00%		0.00%
			# Loans				0		0		0		0
			% # Loans				0.00%		0.00%		0.00%		0.00%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
Page 15 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
	GROUP 3
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				0.00		0.00		0.00		0.00
			% Balance				0.00%		0.00%		0.00%		0.00%
			# Loans				0		0		0		0
			% # Loans				0.00%		0.00%		0.00%		0.00%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
Page 16 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Page 17 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
REO Report
Loan Number			Original		Stated				Current		State &
														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
TOTAL
Page 18 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &
														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
TOTAL
Page 19 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Prepayment Report
VOLUNTARY PREPAYMENTS
							Group 4		Group 3		Group 2		Group 1		Total
Current
Number of Paid in Full Loans						0		0		12		13		25
Number of Repurchased Loans						0		0		0		0		0
Total Number of Loans Prepaid in Full						0		0		12		13		25
Curtailments Amount						-1,055.41		-179.11		150,607.37		-29,107.06		120,265.79
Paid in Full Balance						0.00		0.00		3,025,471.23		2,427,912.18		5,453,383.41
Repurchased Loans Balance						0.00		0.00		0.00		0.00		0.00
Total Prepayment Amount						-1,055.41		-179.11		3,176,078.60		2,398,805.12		5,573,649.20
Cumulative
Number of Paid in Full Loans						0		0		12		13		25
Number of Repurchased Loans						0		0		0		0		0
Total Number of Loans Prepaid in Full						0		0		12		13		25
Paid in Full Balance						0.00		0.00		3,025,471.23		2,427,912.18		5,453,383.41
Repurchased Loans Balance						0.00		0.00		0.00		0.00		0.00
Curtailments Amount						-1,055.41		-179.11		150,607.37		-29,107.06		120,265.79
Total Prepayment Amount						-1,055.41		-179.11		3,176,078.60		2,398,805.12		5,573,649.20
Page 20 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
VOLUNTARY PREPAYMENTS RATES
							Group 4		Group 3		Group 2		Group 1		Total
SMM						0.00%		0.00%		0.55%		0.24%		0.28%
3 Months Avg SMM						0.00%		0.00%		0.55%		0.24%		0.28%
12 Months Avg SMM						0.00%		0.00%		0.55%		0.24%		0.28%
Avg SMM Since Cut-off						0.00%		0.00%		0.55%		0.24%		0.28%
CPR						-0.01%		0.00%		6.39%		2.84%		3.30%
3 Months Avg CPR						-0.01%		0.00%		6.39%		2.84%		3.30%
12 Months Avg CPR						-0.01%		0.00%		6.39%		2.84%		3.30%
Avg CPR Since Cut-off						-0.01%		0.00%		6.39%		2.84%		3.30%
PSA						-1.73%		-0.22%		1,600.32%		746.52%		841.18%
3 Months Avg PSA Approximation						-1.72%		-0.21%		1,600.31%		746.53%		841.19%
12 Months Avg PSA Approximation						-1.72%		-0.21%		1,600.31%		746.53%		841.19%
Avg PSA Since Cut-off Approximation						-1.72%		-0.21%		1,600.31%		746.53%		841.19%
Page 21 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
PREPAYMENT CALCULATION METHODOLOGY
	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)
	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)
	Weighted Average Seasoning (WAS)
	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
	Dates correspond to distribution dates.
Page 22 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date
1103254029 1			135,700.00		135,700.00			29-Nov-2004		5.375%		FL - 69.98%		Paid Off - 360		11/1/2004
1103257338 2			69,750.00		69,698.65			22-Nov-2004		10.875%		NV - 25.00%		Paid Off - 180		10/1/2004
1103265468 1			116,000.00		115,881.74			19-Nov-2004		5.875%		OR - 80.00%		Paid Off - 360		11/1/2004
1103274618 2			46,200.00		46,185.24			16-Nov-2004		11.500%		CA - 15.00%		Paid Off - 180		11/1/2004
1103275224 2			387,200.00		386,890.36			30-Nov-2004		7.125%		MA - 80.00%		Paid Off - 360		11/1/2004
1103277507 1			143,505.00		143,505.00			24-Nov-2004		8.250%		FL - 90.00%		Paid Off - 360		11/1/2004
1103281260 1			497,000.00		497,000.00			17-Nov-2004		4.375%		CA - 70.00%		Paid Off - 360		11/1/2004
1103282286 1			88,900.00		88,900.00			30-Nov-2004		5.250%		FL - 70.00%		Paid Off - 360		12/1/2004
1103282288 2			31,750.00		31,750.00			24-Nov-2004		12.250%		FL - 25.00%		Paid Off - 180		12/1/2004
1103282929 1			147,733.00		147,733.00			30-Nov-2004		4.500%		NV - 70.00%		Paid Off - 360		11/1/2004
1103290763 1			186,000.00		186,000.00			30-Nov-2004		5.750%		AZ - 80.00%		Paid Off - 360		11/1/2004
1103293320 2			59,500.00		59,456.20			12-Nov-2004		10.875%		NV - 17.87%		Paid Off - 180		10/1/2004
1103302302 2			477,000.00		477,000.00			04-Nov-2004		6.865%		CA - 90.00%		Paid Off - 360		11/1/2004
1103302473 2			432,000.00		432,000.00			08-Nov-2004		6.665%		CO - 90.00%		Paid Off - 360		11/1/2004
1103302679 2			285,000.00		285,000.00			30-Nov-2004		7.990%		MD - 95.00%		Paid Off - 360		11/1/2004
1103302754 2			382,500.00		382,500.00			30-Nov-2004		7.500%		IL - 90.00%		Paid Off - 360		11/1/2004
1103302923 1			68,000.00		68,000.00			16-Nov-2004		6.990%		AZ - 73.11%		Paid Off - 360		11/1/2004
1103305234 1			160,000.00		160,000.00			17-Nov-2004		6.950%		IL - 68.09%		Paid Off - 360		11/1/2004
1103305845 1			220,410.00		220,246.42			24-Nov-2004		7.500%		NJ - 89.60%		Paid Off - 360		11/1/2004
1103323371 1			292,000.00		292,000.00			19-Nov-2004		7.640%		CA - 80.00%		Paid Off - 360		11/1/2004
1103330753 2			392,000.00		391,260.17			30-Nov-2004		8.350%		CA - 80.00%		Paid Off - 360		9/1/2004
1103330793 1			207,000.00		206,646.02			24-Nov-2004		6.800%		CA - 90.00%		Paid Off - 360		10/1/2004
1103330888 2			344,350.00		343,624.63			22-Nov-2004		6.500%		CA - 85.03%		Paid Off - 360		10/1/2004
2503080537 2			120,150.00		120,105.98			26-Nov-2004		10.875%		CA - 24.98%		Paid Off - 180		11/1/2004
2503085236 1			166,300.00		166,300.00			22-Nov-2004		5.750%		FL - 77.52%		Paid Off - 360		12/1/2004
TOTAL			5,455,948.00		5,453,383.41
Page 23 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Realized Loss Report
COLLATERAL REALIZED LOSSES
							Group 4		Group 3		Group 2		Group 1		Total
Current
Number of Loans Liquidated						0		0		0		0		0
Collateral Principal Realized Loss/(Gain) Amount						0.00		0.00		0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount						0.00		0.00		0.00		0.00		0.00
Net Liquidation Proceeds						0.00		0.00		0.00		0.00		0.00
Cumulative
Number of Loans Liquidated						0		0		0		0		0
Collateral Realized Loss/(Gain) Amount						0.00		0.00		0.00		0.00		0.00
Net Liquidation Proceeds						0.00		0.00		0.00		0.00		0.00
Page 24 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
DEFAULT SPEEDS
							Group 4		Group 3		Group 2		Group 1		Total
MDR						0.00%		0.00%		0.00%		0.00%		0.00%
3 Months Avg MDR						0.00%		0.00%		0.00%		0.00%		0.00%
12 Months Avg MDR						0.00%		0.00%		0.00%		0.00%		0.00%
Avg MDR Since Cut-off						0.00%		0.00%		0.00%		0.00%		0.00%
CDR						0.00%		0.00%		0.00%		0.00%		0.00%
3 Months Avg CDR						0.00%		0.00%		0.00%		0.00%		0.00%
12 Months Avg CDR						0.00%		0.00%		0.00%		0.00%		0.00%
Avg CDR Since Cut-off						0.00%		0.00%		0.00%		0.00%		0.00%
SDA						0.00%		0.00%		0.00%		0.00%		0.00%
3 Months Avg SDA Approximation						0.00%		0.00%		0.00%		0.00%		0.00%
12 Months Avg SDA Approximation						0.00%		0.00%		0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation						0.00%		0.00%		0.00%		0.00%		0.00%
Loss Severity Approximation for Current Period						0.00%		0.00%		0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation						0.00%		0.00%		0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation						0.00%		0.00%		0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off						0.00%		0.00%		0.00%		0.00%		0.00%
Page 25 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
	Conditional Default Rate (CDR): 1-((1-MDR)^12)
	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.
Page 26 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
TOTAL
Page 27 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
						Group 4		Group 3		Group 2		Group 1		Total
Does a Trigger Event Exist? (0=No,1=Yes)						0
Has a Stepdown Date Occurred? (0=No,1=Yes)						0
ADJUSTABLE RATE CERTIFICATE INFORMATION
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
						Group 4		Group 3		Group 2		Group 1		Total
Current LIBOR Rate														2.160000%
Next LIBOR Rate														2.417500%
Page 28 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Additional Certificate Report
ADDITIONAL CERTIFICATE REPORT
										Next Pass Through Rate			Basis Risk Shortfall CarryOver		Basis Risk Shortfall Paid
CLASS
			1-A-1							3.06%			$0.00		$0.00
			1-A-2							3.12%			$0.00		$0.00
			2-A							3.06%			$0.00		$0.00
			3-A-1							3.12%			$0.00		$0.00
			3-A-2							3.22%			$0.00		$0.00
			4-A-1							3.16%			$0.00		$0.00
			4-A-2							3.36%			$0.00		$0.00
			3-M-1							3.27%			$0.00		$0.00
			3-M-2							3.30%			$0.00		$0.00
			3-M-3							3.39%			$0.00		$0.00
			3-M-4							3.99%			$0.00		$0.00
			3-M-5							4.22%			$0.00		$0.00
			4-M-1							3.32%			$0.00		$0.00
			4-M-2							3.92%			$0.00		$0.00
			4-B							5.19%			$0.00		$0.00
			CERT							0.00%			$0.00		$0.00
Page 29 of 30
IMPAC CMB Trust 2004-10
Collateralized Asset-Backed Bonds
2004-10
December 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
						Group 4		Group 3		Group 2		Group 1		Total
Reference Risk ID 815841D Effort ID N537113 Global ID														0.00
Reference Risk ID 815771D Effort ID N537117 Global ID														60,243.40
Reference Risk ID 815775D Effort ID N537120 Global ID														259,724.31
Reference Risk ID 815803D Effort ID N537123 Global ID														322,726.07
Reference Risk ID 815769D Effort ID N537128 Global ID														48,124.18
Reference Risk ID 816159D Effort ID N537281 Global ID														0.00
Reference Risk ID 816205L Effort ID N537292 Global ID														331,369.44
Total Derivatives Outflow/(Inflow) Net Amount														1,022,187.40
Page 30 of 30

Filing Compare · IMPAC CMB Trust Series 2004-10