

                           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):  May 27, 2003


                                IMPAC SECURED ASSETS CORP.
                (as company (the "Company"), Impac Funding Corporation,
                as Master Servicer (the "Master Servicer"), and Deutsche
                        Bank National Trust Company, as Trustee).


              IMPAC SECURED ASSETS CORP MORTGAGE PASS THR CERT SER 2003-1
                (Exact name of Registrant as specified in its Charter)


                                      CALIFORNIA
                     (State or Other Jurisdiction of Incorporation)

               333-08439-12                        33-071-5871
          (Commission File Number)       (I.R.S. Employer Identification No.)


           1401 DOVE STREET
           NEWPORT BEACH                               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
 	May 27, 2003



                                     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,
                                  formerly known as Bankers Trust Company
                                  of California, N.A., not in its
                                  individual capacity, but solely
                                  as a duly authorized agent of the Registrant
                                  pursuant to the Pooling and Servicing
                                  Agreement, dated as of February 1, 2003.



          Date:  Jun 02, 2003               By:  /s/ David Co
                                            David Co
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of May 27, 2003.


	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates


	May 27, 2003 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				8
			4.	Credit Enhancement Report				11
			5.	Collateral Report				12
			6.	Delinquency Report				15
			7.	REO Report				16
			8.	Prepayment Report				17
			9.	Prepayment Detail Report				20
			10.	Realized Loss Report				21
			11.	Realized Loss Detail Report				24
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			13.	Additional Certificate Report				26




				Total Number of Pages				26



			CONTACTS

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

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



ISSUANCE INFORMATION

	Seller:		Impac Funding Corp.					Cut-Off Date: February 1, 2003
	Certificate Insurer(s):							Closing Date: February 28, 2003
								First Payment Date: March 25, 2003
	Servicer(s):		Impac Funding Corporation Master Servicer
			GMAC Sub-Servicer

								Distribution Date: May 27, 2003
	Underwriter(s):		Bear, Stearns & Co. Inc Underwriter					Record Date: April 30, 2003







						Page 1 of 26					© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for May 27, 2003 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)

LT-1		244,395,924.83			242,627,068.76	1,337,020.32	1,520,228.79	2,857,249.11	-	-	241,106,839.97
LT-2		5,184,000.00			5,184,000.00	28,566.94	-	28,566.94	-	-	5,184,000.00
LT-3		10,320,000.00			10,320,000.00	56,869.37	-	56,869.37	-	-	10,320,000.00
LT-4		6,912,000.00			6,912,000.00	38,089.26	-	38,089.26	-	-	6,912,000.00
LT-5		20,688,000.00			20,688,000.00	114,003.26	-	114,003.26	-	-	20,688,000.00
LT-P		100.00			100.00	5,196.46	-	5,196.46	-	-	100.00
R-1		-			-	-	-	-	-	-	-


Total		287,500,024.83			285,731,168.76	1,579,745.61	1,520,228.79	3,099,974.40	-	-	284,210,939.97


	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)

LT-1				F-30/360	IM03S1LT1	244,395,924.83	992.762334	5.470714	6.220352	11.691067	986.541982
LT-2				F-30/360	IM03S1LT2	5,184,000.00	1,000.000000	5.510598	-	5.510598	1,000.000000
LT-3				F-30/360	IM03S1LT3	10,320,000.00	1,000.000000	5.510598	-	5.510598	1,000.000000
LT-4				F-30/360	IM03S1LT4	6,912,000.00	1,000.000000	5.510599	-	5.510599	1,000.000000
LT-5				F-30/360	IM03S1LT5	20,688,000.00	1,000.000000	5.510598	-	5.510598	1,000.000000
LT-P				F-30/360	IM03S1LTP	100.00	1,000.000000	51,964.600000	-	51,964.600000	1,000.000000
R-1				F-30/360	IM03S1LR1	-	-	-	-	-	-


							Page 2 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for May 27, 2003 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)

LT-1	244,395,924.83		4,025,480.10		2,472,194.94	816,889.92	3,289,084.86	7,314,564.96	-	-	241,106,839.97
LT-2	5,184,000.00		85,716.37		-	-	-	85,716.37	-	-	5,184,000.00
LT-3	10,320,000.00		170,639.07		-	-	-	170,639.07	-	-	10,320,000.00
LT-4	6,912,000.00		114,288.50		-	-	-	114,288.50	-	-	6,912,000.00
LT-5	20,688,000.00		342,071.83		-	-	-	342,071.83	-	-	20,688,000.00
LT-P	100.00		5,197.56		-	-	-	5,197.56	-	-	100.00
R-1	-		-		-	-	-	-	-	-	-


Total	287,500,024.83		4,743,393.43		2,472,194.94	816,889.92	3,289,084.86	8,032,478.29	-	-	284,210,939.97


	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)

LT-1	6.61272%	242,627,068.76			1,337,020.32	-	-	-	1,337,020.32	1,337,020.32	-
LT-2	6.61272%	5,184,000.00			28,566.94	-	-	-	28,566.94	28,566.94	-
LT-3	6.61272%	10,320,000.00			56,869.37	-	-	-	56,869.37	56,869.37	-
LT-4	6.61272%	6,912,000.00			38,089.26	-	-	-	38,089.26	38,089.26	-
LT-5	6.61272%	20,688,000.00			114,003.26	-	-	-	114,003.26	114,003.26	-
LT-P	6.61272%	100.00			0.55	-	-	-	0.55	5,196.46	-
R-1		-			-	-	-	-	-	-	-


Total		285,731,168.76			1,574,549.70	-	-	-	1,574,549.70	1,579,745.61	-


							Page 3 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for May 27, 2003 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)

MT-AA		281,750,024.33			280,016,447.39	1,367,050.23	1,489,824.21	2,856,874.44	-	-	278,526,623.18
MT-A1		2,500,490.00			2,485,788.01	12,135.71	13,292.48	25,428.19	-	-	2,472,495.53
MT-M1		158,080.00			157,150.55	767.21	840.35	1,607.56	-	-	156,310.20
MT-M2		129,330.00			128,569.58	627.68	687.51	1,315.19	-	-	127,882.07
MT-B		71,850.00			71,427.55	348.71	381.95	730.66	-	-	71,045.60
MT-ZZ		2,890,250.50			2,871,685.69	14,019.67	15,202.29	29,221.96	-	-	2,856,483.40
MT-IO		-			-	179,600.00	-	179,600.00	-	-	-
MT-P		100.00			100.00	5,196.40	-	5,196.40	-	-	100.00
R-2		-			-	-	-	-	-	-	-


Total		287,500,124.83			285,731,168.77	1,579,745.61	1,520,228.79	3,099,974.40	-	-	284,210,939.98


	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)

MT-AA				F-30/360		281,750,024.33	993.847110	4.851997	5.287752	10.139749	988.559358
MT-A1				F-30/360		2,500,490.00	994.120356	4.853333	5.315950	10.169283	988.804406
MT-M1				F-30/360		158,080.00	994.120382	4.853302	5.315979	10.169281	988.804403
MT-M2				F-30/360		129,330.00	994.120312	4.853321	5.315936	10.169257	988.804376
MT-B				F-30/360		71,850.00	994.120390	4.853305	5.315936	10.169241	988.804454
MT-ZZ				F-30/360		2,890,250.50	993.576747	4.850676	5.259852	10.110528	988.316895
MT-IO				F-30/360		43,104,000.00	1,000.000000	4.166667	-	4.166667	1,000.000000
MT-P				F-30/360		100.00	1,000.000000	51,964.000000	-	51,964.000000	1,000.000000
R-2				F-30/360		-	-	-	-	-	-


							Page 4 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for May 27, 2003 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)

MT-AA	281,750,024.33		4,115,408.14		2,422,751.02	800,552.12	3,223,303.14	7,338,711.28	-	-	278,526,623.18
MT-A1	2,500,490.00		36,530.48		21,034.02	6,957.67	27,991.69	64,522.17	-	-	2,472,495.53
MT-M1	158,080.00		2,309.43		1,329.77	439.86	1,769.63	4,079.06	-	-	156,310.20
MT-M2	129,330.00		1,889.43		1,087.92	359.87	1,447.79	3,337.22	-	-	127,882.07
MT-B	71,850.00		1,049.68		604.40	199.92	804.32	1,854.00	-	-	71,045.60
MT-ZZ	2,890,250.50		42,208.90		25,387.81	8,380.47	33,768.28	75,977.18	-	-	2,856,483.40
MT-IO	-		538,800.00		-	-	-	538,800.00	-	-	-
MT-P	100.00		5,197.38		-	-	-	5,197.38	-	-	100.00
R-2	-		-		-	-	-	-	-	-	-


Total	287,500,124.83		4,743,393.44		2,472,194.94	816,889.91	3,289,084.85	8,032,478.29	-	-	284,210,939.98


	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)

MT-AA	5.85844%	280,016,447.39			1,367,050.23	-	-	-	1,367,050.23	1,367,050.23	-
MT-A1	5.85844%	2,485,788.01			12,135.71	-	-	-	12,135.71	12,135.71	-
MT-M1	5.85844%	157,150.55			767.21	-	-	-	767.21	767.21	-
MT-M2	5.85844%	128,569.58			627.68	-	-	-	627.68	627.68	-
MT-B	5.85844%	71,427.55			348.71	-	-	-	348.71	348.71	-
MT-ZZ	5.85844%	2,871,685.69			14,019.67	-	-	-	14,019.67	14,019.67	-
MT-IO	5.00000%	43,104,000.00			179,600.00	-	-	-	179,600.00	179,600.00	-
MT-P	5.85844%	100.00			0.49	-	-	-	0.49	5,196.40	-
R-2		-			-	-	-	-	-	-	-


Total		328,835,168.77			1,574,549.70	-	-	-	1,574,549.70	1,579,745.61	-


							Page 5 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for May 27, 2003 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, SEQ	250,049,000.00			248,578,800.75	921,813.05	1,329,247.98	2,251,061.03	-	-	247,249,552.77
A-IO	IO, NTL, AR	-			-	179,600.00	-	179,600.00	-	-	-
M-1	MEZ, STEP,	15,808,000.00			15,715,054.58	65,741.31	84,034.54	149,775.85	-	-	15,631,020.04
M-2	MEZ, STEP,	12,933,000.00			12,856,958.56	55,927.77	68,751.18	124,678.95	-	-	12,788,207.38
B	SUB	7,185,000.00			7,142,754.75	34,871.18	38,195.10	73,066.28	-	-	7,104,559.65
C		1,524,924.83			1,437,500.12	316,596.39	-	316,596.39	-	-	1,437,500.12
P		100.00			100.00	5,195.91	-	5,195.91	-	-	100.00
R-3		-			-	-	-	-	-	-	-


Total		287,500,024.83			285,731,168.76	1,579,745.61	1,520,228.80	3,099,974.41	-	-	284,210,939.96


	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				F-30/360		250,049,000.00	994.120355	3.686530	5.315950	9.002480	988.804405
A-IO				F-30/360		43,104,000.00	1,000.000000	4.166667	-	4.166667	1,000.000000
M-1				F-30/360		15,808,000.00	994.120356	4.158737	5.315950	9.474687	988.804405
M-2				F-30/360		12,933,000.00	994.120356	4.324424	5.315950	9.640373	988.804406
B				F-30/360		7,185,000.00	994.120355	4.853331	5.315950	10.169280	988.804405
C				F-30/360		289,024,949.66	993.577438	1.095395	-	1.095395	988.317584
P				F-30/360		100.00	1,000.000000	51,959.100000	-	51,959.100000	1,000.000000
R-3				F-30/360		-	-	-	-	-	-


							Page 6 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for May 27, 2003 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	250,049,000.00		2,773,209.26		2,085,180.21	714,267.02	2,799,447.23	5,572,656.49	-	-	247,249,552.77
A-IO	-		538,800.00		-	-	-	538,800.00	-	-	-
M-1	15,808,000.00		197,778.07		131,824.28	45,155.68	176,979.96	374,758.03	-	-	15,631,020.04
M-2	12,933,000.00		168,254.73		107,849.40	36,943.22	144,792.62	313,047.35	-	-	12,788,207.38
B	7,185,000.00		104,968.03		-	80,440.35	80,440.35	185,408.38	-	-	7,104,559.65
C	1,524,924.83		955,187.44		59,916.33	27,508.38	87,424.71	1,042,612.15	-	-	1,437,500.12
P	100.00		5,195.91		87,424.71	-	-	5,195.91	-	-	100.00
R-3	-		-		-	-	-	-	-	-	-


Total	287,500,024.83		4,743,393.44		2,472,194.93	904,314.64	3,289,084.87	8,032,478.31	-	-	284,210,939.96


	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	4.45000%	248,578,800.75			921,813.05	-	-	-	921,813.05	921,813.05	-
A-IO	5.00000%	43,104,000.00			179,600.00	-	-	-	179,600.00	179,600.00	-
M-1	5.02000%	15,715,054.58			65,741.31	-	-	-	65,741.31	65,741.31	-
M-2	5.22000%	12,856,958.56			55,927.77	-	-	-	55,927.77	55,927.77	-
B	5.85844%	7,142,754.75			34,871.18	-	-	-	34,871.18	34,871.18	-
C	1.33000%	287,168,668.89			316,596.39	-	-	(0.00)	316,596.39	316,596.39	0.00
P		100.00			-	-	-	-	-	5,195.91	-
R-3		-			-	-	-	-	-	-	-


Total		614,566,337.53			1,574,549.70	-	-	(0.00)	1,574,549.70	1,579,745.61	0.00


							Page 7 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Collection Account Report for May 27, 2003 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							1,520,228.79
	Other Principal Deposits							0.00

	TOTAL NET PRINCIPAL							1,520,228.79

	Interest Collections							1,655,954.77
	Interest Withdrawals							0.00
	Interest Fees							(76,209.16)

	TOTAL NET INTEREST							1,579,745.61


	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							3,099,974.40


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							282,236.74
	Curtailments							64,499.02
	Prepayments In Full							1,173,493.03
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Principal							0.00
	Delinquent Principal							0.00
	Total Realized Loss Of Principal							0.00
	Principal Advanced							0.00


	TOTAL PRINCIPAL COLLECTED							1,520,228.79


				Page 8 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Collection Account Report for May 27, 2003 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							1,650,758.86
	Repurchases/Substitutions							0.00
	Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls							0.00
	Delinquent Interest							0.00
	Interest Realized Losses							0.00
	Compensating Interest							0.00
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums							5,195.91
	Interest Advanced							0.00


	TOTAL INTEREST COLLECTED							1,655,954.77


				Page 9 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Collection Account Report for May 27, 2003 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL

	Undistributed Receipts on Repurchased Loans							0.00
	Reimburse Advances from Late Collections							0.00
	Reimbursement for Expenses							0.00
	Reimbursements to Sub-Servicer							0.00
	Reimburse Fees and Advances from Late Collections							0.00
	Interest Earnings on the Custodial Account							0.00
	Prev. Unreimbursed P&I Advances							0.00
	Prev. Unreimbursed Servicing Advances							0.00

	TOTAL INTEREST WITHDRAWALS							0.00

INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - FEES								TOTAL

	Radian PMI Fee							7,455.09
	Trustee Fee Amount							2,083.46
	Retained Spread							0.00
	Current Servicing Fees							66,670.61
	Delinquent Servicing Fees							0.00

	TOTAL INTEREST OTHER FEES							76,209.16


				Page 10 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for May 27, 2003 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES								TOTAL

	Overcollateralization Amount							1,437,500.14
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount							0.00
	Overcollateralization Deficiency Amount							0.00
	Overcollateralization Target Amount							1,437,500.12


				Page 11 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Collateral Report for May 27, 2003 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							1427
	Prior							1,423
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(7)
	Repurchases							-
	Liquidations							-
	Current							1,416

	*Principal Balance:*
	Original							287,500,024.83
	Prior							285,731,168.77
	Prefunding							-
	Scheduled Principal							(282,236.74)
	Partial and Full Voluntary Prepayments							(1,237,992.05)
	Repurchases							-
	Liquidations							-
	Current							284,210,939.98

PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK




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


				Page 12 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Collateral Report for May 27, 2003 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							6.935058%
	Weighted Average Coupon Prior							6.933895%
	Weighted Average Coupon Current							6.932778%
	Weighted Average Months to Maturity Original							-
	Weighted Average Months to Maturity Prior							-
	Weighted Average Months to Maturity Current							-
	Weighted Avg Remaining Amortization Term Original							349
	Weighted Avg Remaining Amortization Term Prior							348
	Weighted Avg Remaining Amortization Term Current							346
	Weighted Average Seasoning Original							1.90
	Weighted Average Seasoning Prior							(36.21)
	Weighted Average Seasoning Current							(36.21)

Note: Original information refers to deal issue.




WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 13 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Collateral Report for May 27, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							0.000%
	Weighted Average Margin Prior							0.000%
	Weighted Average Margin Current							0.000%
	Weighted Average Max Rate Original							0.000%
	Weighted Average Max Rate Prior							0.000%
	Weighted Average Max Rate Current							0.000%
	Weighted Average Min Rate Original							0.000%
	Weighted Average Min Rate Prior							0.000%
	Weighted Average Min Rate Current							0.000%
	Weighted Average Cap Up Original							0.000%
	Weighted Average Cap Up Prior							0.000%
	Weighted Average Cap Up Current							0.000%
	Weighted Average Cap Down Original							0.000%
	Weighted Average Cap Down Prior							0.000%
	Weighted Average Cap Down Current							0.000%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							66,670.61
	Delinquent Servicing Fees							0.00
	TOTAL SERVICING FEES							66,670.61

	Total Servicing Fees							66,670.61
	Compensating Interest							0.00
	Delinquent Servicing Fees							0.00
	COLLECTED SERVICING FEES							66,670.61

	Current PPIS							0.00
	Current Net PPIS							0.00

	Total Advanced Principal For Current Payment Date							0.00
	Total Advanced Interest For Current Payment Date							0.00
	TOTAL ADVANCES FOR CURRENT PERIOD							0.00


ADDITIONAL COLLATERAL INFORMATION								TOTAL

	Weighted Average Mortgage Rate							6.9328%
	Weighted Average Net Mortgage Rate							6.6127%


				Page 14 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Delinquency Report for May 27, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			818,640.84	-	-	818,640.84
		% Balance			0.29%	0.00%	0.00%	0.29%
		# Loans			5	-	-	5
		% # Loans			0.35%	0.00%	0.00%	0.35%
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		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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		-	818,640.84	-	-	818,640.84
		% Balance		0.00%	0.29%	0.00%	0.00%	0.29%
		# Loans		-	5	-	-	5
		% # Loans		0.00%	0.35%	0.00%	0.00%	0.35%
Note: <1 Payment = 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 15 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	REO Report for May 27, 2003 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1 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 16 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Prepayment Report for May 27, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							7
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							7

	Paid in Full Balance							1,173,493.03
	Repurchased Loans Balance							-
	Curtailments Amount							64,499.02
	Total Prepayment Amount							1,237,992.05

	*Cumulative*
	Number of Paid in Full Loans							11
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							11

	Paid in Full Balance							2,239,315.42
	Repurchased Loans Balance							-
	Curtailments Amount							232,879.51
	Total Prepayment Amount							2,472,194.93

SPACE INTENTIONALLY LEFT BLANK


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


				Page 17 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Prepayment Report for May 27, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							0.43%
	3 Months Avg SMM							0.29%
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.29%

	CPR							5.08%
	3 Months Avg CPR							3.40%
	12 Months Avg CPR
	Avg CPR Since Cut-off							3.40%

	PSA							-70.17%
	3 Months Avg PSA Approximation							-72.37%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							-72.37%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 18 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Prepayment Report for May 27, 2003 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 19 of 26				© COPYRIGHT 2003 Deutsche Bank


	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for May 27, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 7						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 1,175,850.00
Total Prepayment Amount = 1,173,493.03


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

1100367317 1			85,500.00	85,343.52	Apr-30-03	8.500%	FL - 95.00%	Paid Off - 360	Feb-05-03
1100367530 1			208,600.00	207,973.90	Apr-29-03	6.000%	FL - 70.00%	Paid Off - 360	Jan-17-03
1100368269 1			273,850.00	273,386.02	Apr-24-03	8.875%	VA - 80.00%	Paid Off - 360	Jan-29-03
1100369260 1			63,000.00	62,794.97	Apr-30-03	9.125%	FL - 90.00%	Paid Off - 360	Jan-30-03
1103017647 1			283,500.00	282,967.68	Apr-22-03	8.375%	CA - 90.00%	Paid Off - 360	Jan-29-03
1103023117 1			113,400.00	113,247.31	Apr-04-03	8.000%	FL - 90.00%	Paid Off - 360	Jan-29-03
2500023556 1			148,000.00	147,779.63	Apr-09-03	7.500%	CA - 75.90%	Paid Off - 360	Jan-31-03


					Page 20 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for May 27, 2003 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 Loss Amount may include adjustments to loans liquidated in prior periods.

SPACE INTENTIONALLY LEFT BLANK


							3 Months Moving Average


Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 21 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for May 27, 2003 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 22 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for May 27, 2003 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 23 of 26				© COPYRIGHT 2003 Deutsche Bank


	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for May 27, 2003 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Group 1 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
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

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 24 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for May 27, 2003 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL

	Optional Termination Date Reached							No

	After the 36th Distribution							No


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 25 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets 2003-1
	Mortgage Pass-Through Certificates

	Additional Certificate Report for May 27, 2003 Distribution


	Additional Certificate Report


	CLASS							Net PPIS & Other Int. Shortfalls

	A-1							0.00
	A-IO							0.00
	M-1							0.00
	M-2							0.00
	B							0.00


				Page 26 of 26				© COPYRIGHT 2003 Deutsche Bank

IMPAC SECURED ASSETS CORP MORTGAGE PASS THR CERT SER 2003-1 8-K