SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K /A

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 26, 2002

IMH ASSETS CORP.

(as Company under a Series 2002-5 Indenture, dated as of August 28,

2002 providing for, inter alia, the issuance of Collateralized Asset-

Backed Bonds, Series 2002-5).

IMH ASSETS CORP IMPAC CMB TRUST SERIES 2002-5

(Exact name of Registrant as specified in its Charter)

DELAWARE

(State or Other Jurisdiction of Incorporation)

333-83600-02 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

Item 5. 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 7. Financial Statement and Exhibits

Exhibits: (as noted in Item 5 above)

Monthly Remittance Statement to the Certificateholders dated as of

December 26, 2002.

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.

Deutsche Bank National Trust Company,

not in its individual capacity, but solely as

a duly authorized agent of the Registrant

pursuant to the Indenture, dated as of

August 28, 2002.

Date: Jan 23, 2003 By: /s/ Katie Wannenmacher

Katie Wannenmacher

Vice President

EXHIBIT INDEX

DOCUMENT

Monthly Remittance Statement to the Certificateholders

dated as of December 26, 2002.


	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds


	December 26, 2002 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				12
			8.	Prepayment Report				13
			9.	Prepayment Detail Report				16
			10.	Realized Loss Report				17
			11.	Realized Loss Detail Report				20
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				21
			13.	Other Related Information				22




				Total Number of Pages				22



			CONTACTS

				Administrator: James F Noriega
				Direct Phone Number: (714)247-6281
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: http://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:		Impac Secured Asset Corp.					Cut-Off Date: August 1, 2002
	Certificate Insurer(s):		AMBAC Indemnity Corporation					Closing Date: August 28, 2002
								First Payment Date: September 25, 2002
	Servicer(s):		Impac Funding Corporation Master Servicer
			Wendover Funding, Inc. Sub-Servicer
			Countrywide Home Loans, Inc. Sub-Servicer
								Distribution Date: December 26, 2002
	Underwriter(s):		Countrywide Securities Underwriter					Record Date: December 24, 2002
			Lehman Brothers Securities Corporation Underwriter					November 29, 2002






						Page 1 of 22					© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Certificate Payment Report for December 26, 2002 Distribution


	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

A-1	FLT, STEP,	466,875,000.00			456,719,757.01	688,251.30	3,058,208.91	3,746,460.21	-	-	453,661,548.10
A-IO	IO, NTL	-			-	197,916.67	-	197,916.67	-	-	-
B	SUB, FLT, S	30,625,000.00			29,958,859.57	96,226.19	200,605.40	296,831.59	-	-	29,758,254.17
Cert	R	-			-	1,307,496.50	-	1,307,496.50	-	-	-


Total		497,500,000.00			486,678,616.58	2,289,890.66	3,258,814.31	5,548,704.97	-	-	483,419,802.27


	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)	(2)	(3)	(4)=(2)+(3)	(5)

A-1	11/25/02	12/25/02		A-Act/360	45254NCW5	466,875,000.00	978.248476	1.474166	6.550381	8.024547	971.698095
A-IO	11/25/02	12/25/02		F-30/360	45254NCX3	50,000,000.00	1,000.000000	3.958333	-	3.958333	1,000.000000
B	11/25/02	12/25/02		A-Act/360	45254NCY1	30,625,000.00	978.248476	3.142080	6.550380	9.692460	971.698095
Cert	11/25/02	12/25/02		-		-	-	-	-	-	-


							Page 2 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Certificate Payment Report for December 26, 2002 Distribution


	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)

A-1	466,875,000.00		3,200,524.09		11,858,241.31	1,355,210.59	13,213,451.90	16,413,975.99	-	-	453,661,548.10
A-IO	-		791,666.68		-	-	-	791,666.68	-	-	-
B	30,625,000.00		410,136.13		777,849.82	88,896.01	866,745.83	1,276,881.96	-	-	29,758,254.17
Cert	-		4,525,016.29		-	-	-	4,525,016.29	-	-	-


Total	497,500,000.00		8,927,343.19		12,636,091.13	1,444,106.60	14,080,197.73	23,007,540.92	-	-	483,419,802.27


	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	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

A-1	1.75000%	456,719,757.01			688,251.30	-	-	-	688,251.30	688,251.30	-
A-IO	4.75000%	50,000,000.00			197,916.67	-	-	-	197,916.67	197,916.67	-
B	3.73000%	29,958,859.57			96,226.19	-	-	-	96,226.19	96,226.19	-
Cert		-			-	-	-	-	1,307,496.50	1,307,496.50	-


Total		536,678,616.58			982,394.16	-	-	-	2,289,890.66	2,289,890.66	-


							Page 3 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Collection Account Report for December 26, 2002 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							3,258,814.31
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL PRINCIPAL							3,258,814.31

	Interest Collections							2,598,010.81
	Interest Withdrawals							0.00
	Interest Other Accounts							(42,159.53)
	Interest Fees							(265,960.62)
	TOTAL INTEREST							2,289,890.66

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							5,548,704.97


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							379,468.39
	Curtailments							32,874.80
	Prepayments in Full							2,846,471.12
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	Delinquent Principal							(66,645.10)
	Realized Losses							0.00
	Substitution Adjustments- Principal							0.00
	Termination Price Amounts- Principal							0.00
	Additional Principal Amts							0.00
	Principal Advanced							66,645.10

	TOTAL PRINCIPAL							3,258,814.31


				Page 4 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Collection Account Report for December 26, 2002 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							2,627,032.36
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Interest							0.00
	Other Additional Interest							0.00
	Prepayment Interest Shortfalls							(6,063.66)
	Relief Act Interest Shortfalls							0.00
	Delinquent Interest							(490,375.59)
	Interest Realized Losses							0.00
	Compensating Interest							6,063.66
	Substitution Adjustments- Interest							0.00
	Termination Price Amounts- Interest							0.00
	Additional Interest Amts							0.00
	Interest Prepayment Premiums							0.00
	Interest Advanced							461,354.04
	Cap Contract Payment Amt							0.00

	TOTAL INTEREST							2,598,010.81


				Page 5 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Collection Account Report for December 26, 2002 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL

	Prev. Unreimbursed PMI Premiums							0.00
	Prev. Unreimbursed Spec Haz Premiums							0.00
	Prev. Unreimbursed Liq. Expenses							0.00
	Prev. Unreimbursed Master/Sub-Servicing Fees							0.00
	Amt Rvcd Not Due Bondholder /Deposits in Error							0.00
	Prev. Unreimb. P&I Advances/Non Recov Advances							0.00
	Prev. Unreimbursed Servicing Advances							0.00
	Clear and Terminate Collection Account							0.00

	TOTAL INTEREST WITHDRAWALS							0.00

INTEREST - OTHER ACCOUNTS								TOTAL

	Cap Contract Payment Amounts							0.00
	Floor Contract Payment Amounts							42,159.53
	Swap Contract Payment Amounts							0.00


INTEREST - FEES								TOTAL

	Owner Trustee Fee							693.00
	Indenture Trustee Fee							1,630.60
	Bond Insurance Premium Amount							66,158.98
	Radian PMI Insurance Premiums							61,401.68
	Current Servicing Fees							136,076.36

	TOTAL INTEREST FEES							265,960.62


				Page 6 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Credit Enhancement Report for December 26, 2002 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES								TOTAL

	Current Periods Required Overcollateralization Amt							4,489,446.63
	Current Periods Overcollateralization Amt							2,500,369.43
	Current Periods Extra Principal Distribution							0.00
	Current Periods Net Monthly Excess Cashflow							1,307,496.50
	Current Periods Overcollateralization Release							0.00

	60 Day Rolling Delinquency Amount							517,805.37
	90 Day Rolling Delinquency Amount							122,468.05

	Available Funds Rate							4.9838%


				Page 7 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Collateral Report for December 26, 2002 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							2034
	Prior							1,997
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(14)
	Repurchases							-
	Liquidations							-
	Current							1,983

	*Principal Balance:*
	Original							500,000,369.43
	Prior							489,178,986.01
	Prefunding							-
	Scheduled Principal							(379,468.39)
	Partial and Full Voluntary Prepayments							(2,879,345.92)
	Repurchases							-
	Liquidations							-
	Current							485,920,171.70

PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK




Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Collateral Report for December 26, 2002 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							5.185764%
	Weighted Average Coupon Prior							6.451191%
	Weighted Average Coupon Current							6.444346%
	Weighted Average Months to Maturity Original							359
	Weighted Average Months to Maturity Prior							357
	Weighted Average Months to Maturity Current							356
	Weighted Avg Remaining Amortization Term Original							358
	Weighted Avg Remaining Amortization Term Prior							356
	Weighted Avg Remaining Amortization Term Current							355
	Weighted Average Seasoning Original							1.55
	Weighted Average Seasoning Prior							3.55
	Weighted Average Seasoning Current							4.54

Note: Original information refers to deal issue.




WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Collateral Report for December 26, 2002 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							2.907%
	Weighted Average Margin Prior							2.907%
	Weighted Average Margin Current							2.906%
	Weighted Average Max Rate Original							12.520%
	Weighted Average Max Rate Prior							12.516%
	Weighted Average Max Rate Current							12.515%
	Weighted Average Min Rate Original							3.167%
	Weighted Average Min Rate Prior							3.165%
	Weighted Average Min Rate Current							3.164%
	Weighted Average Cap Up Original							1.008%
	Weighted Average Cap Up Prior							1.008%
	Weighted Average Cap Up Current							1.007%
	Weighted Average Cap Down Original							1.007%
	Weighted Average Cap Down Prior							1.007%
	Weighted Average Cap Down Current							1.007%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							136,076.36
	Delinquent Servicing Fees							29,021.55
	TOTAL SERVICING FEES							165,097.91

	Total Servicing Fees							165,097.91
	Compensating Interest							6,063.66
	Delinquent Servicing Fees							(29,021.55)
	COLLECTED SERVICING FEES							142,140.02

	Current PPIS							6,063.66
	Current Net PPIS							12,127.32

	Total Advanced Principal For Current Payment Date							66,645.10
	Total Advanced Interest For Current Payment Date							461,354.04
	TOTAL ADVANCES FOR CURRENT PERIOD							527,999.14


ADDITIONAL COLLATERAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 10 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Delinquency Report for December 26, 2002 Distribution


	Delinquency Report - Total


				CURRENT	1 PAYMENT	2 PAYMTS	3+ PAYMTS	TOTAL
DELINQUENT		Balance			4,946,692.16	1,186,011.94	-	6,132,704.10
		% Balance			1.02%	0.24%	0.00%	1.26%
		# Loans			17	4	-	21
		% # Loans			0.86%	0.20%	0.00%	1.06%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		183,569.50	-	-	-	183,569.50
		% Balance		0.04%	0.00%	0.00%	0.00%	0.04%
		# Loans		1	-	-	-	1
		% # Loans		0.05%	0.00%	0.00%	0.00%	0.05%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		183,569.50	4,946,692.16	1,186,011.94	-	6,316,273.60
		% Balance		0.04%	1.02%	0.24%	0.00%	1.30%
		# Loans		1	17	4	-	22
		% # Loans		0.05%	0.86%	0.20%	0.00%	1.11%
Note: Current = 0-30days, 1 Payment =31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	REO Report for December 26, 2002 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Adjustable Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00

REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 12 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Prepayment Report for December 26, 2002 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							14
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							14

	Paid in Full Balance							2,846,471.12
	Repurchased Loans Balance							-
	Curtailments Amount							32,874.80
	Total Prepayment Amount							2,879,345.92

	*Cumulative*
	Number of Paid in Full Loans							51
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							51

	Paid in Full Balance							12,512,189.42
	Repurchased Loans Balance							-
	Curtailments Amount							123,901.71
	Total Prepayment Amount							12,636,091.13


	Current Prin Balance of Repurchases Per Sec 3.18							0.00
	Cumulative Prin Balance of Repurchases Per Sec 3.18							0.00


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 13 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Prepayment Report for December 26, 2002 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							0.59%
	3 Months Avg SMM							0.76%
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.64%

	CPR							6.84%
	3 Months Avg CPR							8.73%
	12 Months Avg CPR
	Avg CPR Since Cut-off							7.41%

	PSA							753.14%
	3 Months Avg PSA Approximation							1231.61%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1215.13%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 14 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Prepayment Report for December 26, 2002 Distribution


	Prepayment Report - Voluntary Prepayments




CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*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/(0.02*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 and repurchases.
Dates correspond to distribution dates.

				Page 15 of 22				© COPYRIGHT 2002 Deutsche Bank


	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Prepayment Detail Report for December 26, 2002 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 14						Loan Group 1 = Adjustable Group
Total Original Principal Balance = 2,855,650.00
Total Prepayment Amount = 2,846,471.12


Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date

1100351036 1			95,850.00	95,495.38	Nov-15-02	8.500%	AZ - 90.00%	Paid Off - 360	Jul-16-02
1100351996 1			355,200.00	354,236.26	Nov-14-02	8.000%	CA - 80.00%	Paid Off - 360	Jul-16-02
1100352491 1			185,000.00	184,535.23	Nov-26-02	8.375%	CA - 72.55%	Paid Off - 360	Jul-05-02
1100354032 1			161,500.00	161,500.00	Nov-19-02	9.000%	GA - 95.00%	Paid Off - 360	Jul-26-02
1100354514 1			399,900.00	397,936.69	Nov-19-02	6.125%	MI - 79.98%	Paid Off - 360	Aug-12-02
1100355043 1			322,500.00	321,526.21	Nov-25-02	7.500%	CA - 89.59%	Paid Off - 360	Jul-29-02
1100355836 1			161,500.00	161,083.77	Nov-18-02	8.250%	MN - 95.00%	Paid Off - 360	Jul-19-02
1100356737 1			240,000.00	239,434.94	Nov-19-02	7.250%	CA - 80.00%	Paid Off - 360	Aug-22-02
1100358159 1			213,300.00	212,271.68	Nov-22-02	6.375%	TX - 90.00%	Paid Off - 360	Aug-12-02
1109005240 1			135,000.00	133,926.77	Nov-27-02	5.375%	NJ - 90.00%	Paid Off - 360	Jul-12-02
1109006337 1			148,500.00	147,996.66	Nov-22-02	6.875%	CA - 90.00%	Paid Off - 360	Jul-25-02
1109007305 1			201,400.00	200,889.49	Nov-27-02	6.875%	CA - 95.00%	Paid Off - 360	Aug-22-02
1109007379 1			136,000.00	135,638.04	Nov-18-02	6.625%	CA - 80.00%	Paid Off - 360	Aug-15-02
2500018994 1			100,000.00	100,000.00	Nov-14-02	5.125%	FL - 80.00%	Paid Off - 360	Jul-30-02


					Page 16 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Realized Loss Report for December 26, 2002 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES								TOTAL

	*Current*
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-

	*Cumulative*
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-

	Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.


	Cumulative Loss Percentage For Related Payment Date							0.0000%


							3 Months Moving Average


Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 17 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Realized Loss Report for December 26, 2002 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS								TOTAL

	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%

	CDR							0.00%
	3 Months Avg CDR							0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%

	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							0.00%

	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off



CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 18 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Realized Loss Report for December 26, 2002 Distribution


	Realized Loss Report - Collateral




CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off


SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off


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 19 of 22				© COPYRIGHT 2002 Deutsche Bank


	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Realized Loss Detail Report for December 26, 2002 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Adjustable Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00


Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


					Page 20 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 2002 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL

	Current Periods Basis Risk Shortfall Carry Forward Amt							0.00
	Cumulative Basis Risk Shortfall Carry Forward Amt							0.00

	Current Periods LIBOR Rate							1.3800%


ADDITIONAL INFORMATION								TOTAL


	Current Periods Net Mortgage Rate							5.8830%


				Page 21 of 22				© COPYRIGHT 2002 Deutsche Bank
	Impac CMB Trust 2002-5
	Collateralized Asset-Backed Bonds
	Series 2002-5
	Other Related Information for December 26, 2002 Distribution


	Other Related Information


ADDITIONAL INFORMATION								TOTAL

	Total Derivative Payments							42,159.53
	BXIMP025C1							0.00
	BXIMP025C2							0.00
	BXIMP025C3							0.00
	BXIMP025C4							0.00
	BXIMP025C5							0.00
	BXNC106527							0.00
	BXIMP025F1							9,445.28
	BXIMP025F2							10,568.50
	BXIMP025F3							10,124.74
	BXIMP025F4							3,894.13
	BXIMP025F5							8,126.88


				Page 22 of 22				© COPYRIGHT 2002 Deutsche Bank

IMH ASSETS CORP IMPAC CMB TRUST SERIES 2002-5 8-K/A