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): ~~June~~July 25, 2003 IMPAC CMB TRUST SERIES 2003-5. (as Company under a Series 2003-5 Indenture, dated as of April30,2003 providing for, inter alia, the issuance of Collateralized Asset Backed Bonds, Series 2003-5). IMH ASSETS CORP IMPAC CMB TRUST SERIES 2003-5 (Exact name of Registrant as specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-103591-02 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 ~~June~~July 25, 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, not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Indenture, dated as of April 30,2003. Date: ~~Jul~~Aug 0201, 2003 By: /s/ ~~David~~Katherine CoM. ~~David~~Wannenmacher CoKatherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~June~~July 25, 2003.

	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	June 25, 2003 Distribution
	July 25, 2003 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				15
			8.	Prepayment Report				16
			9.	Prepayment Detail Report				19
			10.	Realized Loss Report				20
			11.	Realized Loss Detail Report				23
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				24
			13.	Other Related Information				25
				Total Number of Pages				25
			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: April 1, 2003
	Certificate Insurer(s):							Closing Date: April 30, 2003
								First Payment Date: May 27, 2003
	Servicer(s):		Impac Funding Corp. Master Servicer
			Wendover Funding, Inc. Sub-Servicer
			Countrywide Home Loans, Inc. Sub-Servicer
								Distribution Date: June 25, 2003
								Distribution Date: July 25, 2003
	Underwriter(s):		Countrywide Securities Co-Lead Underwriter					Record Date: ~~June~~July 23, 2003
			Bear, Stearns & Co. Inc Co-Lead Underwriter					~~May~~June 30, 2003
						Page 1 of 25					© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Certificate Payment Report for June 25, 2003 Distribution
	Certificate Payment Report for July 25, 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, STEP,	228,900,000.00			~~227~~224,~~718~~787,~~784~~111.8786	~~302~~255,~~676~~695.2234	24,~~931~~085,~~673~~784.0171	34,~~234~~341,~~349~~480.2305	-	-	~~224~~220,~~787~~701,~~111~~327.8615
A-2	FLT, STEP,	14,850,000.00			14,~~773~~583,~~368~~174.0936	2118,~~659~~654.4031	~~190~~265,~~193~~067.7329	~~211~~283,~~853~~721.1360	-	-	14,~~583~~318,~~174~~107.3607
M-1	MEZ, FLT, S	22,500,000.00			22,~~383~~095,~~891~~718.0473	3732,~~325~~867.1438	~~288~~401,~~172~~617.3111	~~325~~434,~~497~~484.4549	-	-	2221,~~095~~694,~~718~~101.7362
M-2	MEZ, FLT, S	17,250,000.00			1716,~~160~~940,~~983~~051.1302	4239,~~440~~315.0604	~~220~~307,~~932~~906.1145	~~263~~347,~~372~~221.1749	-	-	16,~~940~~632,~~051~~144.0257
B	SUB, FLT, S	15,000,000.00			14,~~922~~730,~~594~~479.0315	5149,~~930~~531.6324	~~192~~267,~~114~~744.8874	~~244~~317,~~045~~275.5198	-	-	14,~~730~~462,~~479~~734.1541
Cert	R	-			-	~~819~~815,~~774~~308.5187	-	~~819~~815,~~774~~308.5187	-	-	-
Total		298,500,000.00			~~296~~293,~~959~~136,~~621~~535.1612	1,~~275~~211,~~805~~372.9618	35,~~823~~328,~~086~~120.0430	56,~~098~~539,~~892~~492.0048	-	-	~~293~~287,~~136~~808,~~535~~414.1282
	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	0506/2725/03	0607/24/03		A-Act/360	45254NEM5	228,900,000.00	~~994~~982.~~839602~~031943	1.~~322308~~117061	1217.~~807658~~849649	1418.~~129966~~966711	~~982~~964.~~031943~~182294
A-2	0506/2725/03	0607/24/03		A-Act/360	45254NEN3	14,850,000.00	~~994~~982.~~839602~~031943	1.~~458545~~256182	1217.~~807658~~849649	1419.~~266204~~105832	~~982~~964.~~031943~~182294
M-1	0506/2725/03	0607/24/03		A-Act/360	45254NEP8	22,500,000.00	~~994~~982.~~839602~~031944	1.~~658895~~460772	1217.~~807658~~849649	1419.~~466554~~310422	~~982~~964.~~031944~~182294
M-2	0506/2725/03	0607/24/03		A-Act/360	45254NEQ6	17,250,000.00	~~994~~982.~~839602~~031943	2.~~460293~~279133	1217.~~807658~~849649	1520.~~267952~~128782	~~982~~964.~~031943~~182294
B	0506/2725/03	0607/24/03		A-Act/360	45254NER4	15,000,000.00	~~994~~982.~~839602~~031943	3.~~462042~~302083	1217.~~807658~~849649	1621.~~269700~~151732	~~982~~964.~~031943~~182294
Cert				-		-	-	-	-	-	-
							Page 2 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Certificate Payment Report for June 25, 2003 Distribution
	Certificate Payment Report for July 25, 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	228,900,000.00		~~585~~841,~~939~~635.9731		37,~~858~~798,~~020~~779.9213	~~254~~399,~~867~~893.2373	48,~~112~~198,~~888~~672.1486	49,~~698~~040,~~828~~308.1117	-	-	~~224~~220,~~787~~701,~~111~~327.8615
A-2	14,850,000.00		4160,~~929~~583.6596		~~250~~505,~~291~~949.0063	1625,~~534~~943.6430	~~266~~531,~~825~~892.6493	~~308~~592,~~755~~476.2989	-	-	14,~~583~~318,~~174~~107.3607
M-1	22,500,000.00		72105,~~256~~123.3977		~~379~~766,~~228~~590.7935	2539,~~052~~308.4803	~~404~~805,~~281~~898.2738	~~476~~911,~~537~~022.6615	-	-	2221,~~095~~694,~~718~~101.7362
M-2	17,250,000.00		82121,~~158~~473.1923		~~290~~587,~~742~~719.0727	1930,~~206~~136.9016	~~309~~617,~~948~~855.9842	~~392~~739,~~107~~328.1765	-	-	16,~~940~~632,~~051~~144.0257
B	15,000,000.00		~~100~~150,~~530~~061.6387		~~252~~511,~~819~~060.1923	1626,~~701~~205.6536	~~269~~537,~~520~~265.8559	~~370~~687,~~051~~327.4846	-	-	14,~~730~~462,~~479~~734.1541
Cert	-		12,~~246~~061,~~065~~373.0087		-	-	-	12,~~246~~061,~~065~~373.0087	-	-	-
Total	298,500,000.00		23,~~128~~340,~~879~~252.8301		510,~~031~~170,~~101~~098.9860	~~332~~521,~~362~~486.9058	510,~~363~~691,~~464~~585.8818	714,~~492~~031,~~344~~837.7119	-	-	~~293~~287,~~136~~808,~~535~~414.1282
	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.~~65000~~36500%	~~227~~224,~~718~~787,~~784~~111.8786			~~302~~255,~~676~~695.2234	-	-	-	~~302~~255,~~676~~695.2234	~~302~~255,~~676~~695.2234	-
A-2	1.~~82000~~53500%	14,~~773~~583,~~368~~174.0936			2118,~~659~~654.4031	-	-	-	2118,~~659~~654.4031	2118,~~659~~654.4031	-
M-1	21.~~07000~~78500%	22,~~383~~095,~~891~~718.0473			3732,~~325~~867.1438	-	-	-	3732,~~325~~867.1438	3732,~~325~~867.1438	-
M-2	32.~~07000~~78500%	1716,~~160~~940,~~983~~051.1302			4239,~~440~~315.0604	-	-	-	4239,~~440~~315.0604	4239,~~440~~315.0604	-
B	4.~~32000~~03500%	14,~~922~~730,~~594~~479.0315			5149,~~930~~531.6324	-	-	-	5149,~~930~~531.6324	5149,~~930~~531.6324	-
Cert		-			-	-	-	-	~~819~~815,~~774~~308.5187	~~819~~815,~~774~~308.5187	-
Total		~~296~~293,~~959~~136,~~621~~535.1612			~~456~~396,~~031~~063.4531	-	-	-	1,~~275~~211,~~805~~372.9618	1,~~275~~211,~~805~~372.9618	-
							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
SUMMARY					FIXED	FIXED	ADJUSTABLE	TOTAL
	Principal Collections				~~103~~39,~~583~~284.3437	8128,~~422~~741.9230	35,~~711~~160,~~079~~094.7863	35,~~823~~328,~~086~~120.0430
	Principal Withdrawals				0.00	0.00	0.00	0.00
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL PRINCIPAL				~~103~~39,~~583~~284.3437	8128,~~422~~741.9230	35,~~711~~160,~~079~~094.7863	35,~~823~~328,~~086~~120.0430
	Interest Collections				4140,~~802~~286.9442	55,~~145~~070.7515	1,~~367~~297,~~051~~356.2108	1,~~463~~392,~~999~~712.9065
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	(76119,~~108~~567.1909)
	Interest Fees				(21,~~092~~677.8657)	(1,~~104~~094.0276)	(~~108~~59,~~888~~001.8705)	(~~112~~61,~~085~~773.7538)
	TOTAL INTEREST				3938,~~710~~608.0885	5453,~~041~~975.7339	1,~~258~~238,~~162~~355.3403	1,~~275~~211,~~805~~372.9618
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS				~~143~~77,~~293~~893.4222	62182,~~464~~716.6569	46,~~969~~398,~~242~~449.1266	56,~~098~~539,~~892~~492.0048
PRINCIPAL - COLLECTIONS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Scheduled Principal				7,~~358~~033.3521	7,~~163~~147.1464	~~176~~174,~~919~~942.2283	~~191~~189,~~440~~123.7168
	Curtailments				52,~~437~~251.6491	~~1,259~~863.78	3322,~~917~~225.7266	4025,~~615~~341.1435
	Prepayments in Full				9029,~~787~~999.3525	0120,729.0088	34,~~500~~962,~~242~~926.8414	35,~~591~~113,~~030~~655.1927
	Repurchases/Substitutions				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Other Additional Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(3,~~206~~409.0367)	(2,~~381~~591.5290)	(54119,~~432~~032.3963)	(60125,~~019~~034.9420)
	Realized Losses				0.00	0.00	0.00	0.00
	Substitution Adjustments- Principal				0.00	0.00	0.00	0.00
	Termination Price Amounts- Principal				0.00	0.00	0.00	0.00
	Additional Principal Amts				0.00	0.00	0.00	0.00
	Principal Advanced				3,~~206~~409.0367	2,~~381~~591.5290	54119,~~432~~032.3963	60125,~~019~~034.9420
	TOTAL PRINCIPAL				~~103~~39,~~583~~284.3437	8128,~~422~~741.9230	35,~~711~~160,~~079~~094.7863	35,~~823~~328,~~086~~120.0430
				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Scheduled Interest				4241,~~777~~567.9492	55,~~782~~714.5710	1,~~391~~369,~~980~~492.8608	1,~~490~~466,~~541~~774.3710
	Repurchases/Substitutions				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Additional Interest				0.00	0.00	0.00	0.00
	Prepayment Interest Shortfalls				(~~519~~279.2837)	0(234.0052)	(815,~~013~~655.8892)	(816,~~533~~169.1681)
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(1418,~~568~~640.2906)	(23,~~248~~457.2599)	(~~381~~1,~~283~~035,594.3980)	(~~419~~1,~~099~~077,692.9385)
	Interest Realized Losses				0.00	0.00	0.00	0.00
	Compensating Interest				~~478~~279.7337	0234.0052	815,~~013~~655.8892	816,~~492~~169.6181
	Substitution Adjustments- Interest				0.00	0.00	0.00	0.00
	Termination Price Amounts- Interest				0.00	0.00	0.00	0.00
	Additional Interest Amts				0.00	0.00	0.00	0.00
	Interest Prepayment Premiums				0.00	0.00	0.00	0.00
	Interest Advanced				1317,~~633~~358.8456	22,~~611~~814.4304	~~356~~963,~~353~~458.7480	~~392~~1,~~599~~003,631.0140
	Cap Contract Payment Amt				0.00	0.00	0.00	0.00
	TOTAL INTEREST				4140,~~802~~286.9442	55,~~145~~070.7515	1,~~367~~297,~~051~~356.2108	1,~~463~~392,~~999~~712.9065
				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for June 25, 2003 Distribution
	Collection Account Report for July 25, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Prev. Unreimbursed PMI Premiums				0.00	0.00	0.00	0.00
	Prev. Unreimbursed Spec Haz Premiums				0.00	0.00	0.00	0.00
	Prev. Unreimbursed Liq. Expenses				0.00	0.00	0.00	0.00
	Prev. Unreimbursed Master/Sub-Servicing Fees				0.00	0.00	0.00	0.00
	Amt Rvcd Not Due Bondholder /Deposits in Error				0.00	0.00	0.00	0.00
	Prev. Unreimb. P&I Advances/Non Recov Advances				0.00	0.00	0.00	0.00
	Prev. Unreimbursed Servicing Advances				0.00	0.00	0.00	0.00
	Clear and Terminate Collection Account				0.00	0.00	0.00	0.00
	TOTAL INTEREST WITHDRAWALS				0.00	0.00	0.00	0.00
INTEREST - OTHER ACCOUNTS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Cap Contract Payment Amount							0.00
	Floor Contract Payment Amounts							0.00
	Swap Contract Payment Amounts							76119,~~108~~567.1909
INTEREST - FEES					FIXED	FIXED	ADJUSTABLE	TOTAL
	Owner Trustee Fee				6.5136	9.4645	~~406~~401.8559	~~422~~417.8240
	Indenture Trustee Fee				3332.5176	48.6862	2,~~094~~067.0701	2,~~176~~148.2639
	CMAC PMI Insurance Premiums				0.00	124.8576	3432,~~391~~995.8822	3433,~~516~~119.7398
	Current Servicing Fees				21,~~052~~638.8445	~~921~~911.0393	7123,~~996~~537.0723	7426,~~969~~087.9461
	TOTAL INTEREST FEES				21,~~092~~677.8657	1,~~104~~094.0276	~~108~~59,~~888~~001.8705	~~112~~61,~~085~~773.7538
				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Credit Enhancement Report for June 25, 2003 Distribution
	Credit Enhancement Report for July 25, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current Periods Required Overcollateralization Amt							1,500,011.87
	Current Periods Overcollateralization Amt							1,500,011.87
	Current Periods Extra Principal Distribution							0.00
	Current Periods Net Monthly Excess Cashflow							~~819,~~815,308.0687
	Current Periods Overcollateralization Release							0.00
	60 Day Rolling Delinquency Amount							~~204~~397,~~672~~167.6878
	90 Day Rolling Delinquency Amount							0123,257.0098
	Available Funds Rate							5.~~6516~~4484%
				Page 7 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collateral Report for June 25, 2003 Distribution
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
COLLATERAL					FIXED	FIXED	ADJUSTABLE	TOTAL
	Loan Count:
	Original				110	91	1239	1440
	Prior				~~110~~107	91	1,~~231~~213	1,~~432~~411
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(32)	-(1)	(1826)	(2129)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				~~107~~105	9190	1,~~213~~187	1,~~411~~382
	Principal Balance:
	Original				4,613,824.58	6,683,913.77	288,704,635.19	300,002,373.54
	Prior				4,~~595~~492,~~821~~237.1783	6,~~676~~668,~~496~~073.2634	~~287~~283,~~187~~476,~~315~~235.6082	~~298~~294,~~459~~636,~~633~~546.0399
	Prefunding				-	-	-	-
	Scheduled Principal				(7,~~358~~033.3521)	(7,~~163~~147.1464)	(~~176~~174,~~919~~942.2283)	(~~191~~189,~~440~~123.7168)
	Partial and Full Voluntary Prepayments				(9632,~~224~~251.9916)	(1121,~~259~~593.7866)	(34,~~534~~985,~~160~~151.5680)	(35,~~631~~138,~~645~~996.3362)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				4,~~492~~452,~~237~~953.8346	6,~~668~~539,~~073~~332.3404	~~283~~278,~~476~~316,~~235~~141.8219	~~294~~289,~~636~~308,~~546~~426.9969
PREFUNDING					FIXED	FIXED	ADJUSTABLE	TOTAL
	PRE-FUNDING ACCOUNT
	Original Pre-Funded Amount							0.00
	Balance of Subsequent Mortgage Loans added this period							0.00
	Withdrawal remaining amounts							0.00
	Pre-Funding Account Ending Balance							0.00
	Adjustable		Fixed
	Fixed
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collateral Report for June 25, 2003 Distribution
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
CHARACTERISTICS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Weighted Average Coupon Original				11.175962%	9.557231%	3.917943%	4.155206%
	Weighted Average Coupon Prior				11.~~175962~~169608%	910.~~557231~~026079%	35.~~917943~~816333%	45.~~155206~~992937%
	Weighted Average Coupon Current				11.~~169608~~103931%	10.~~026079~~026422%	5.~~816333~~797278%	5.~~992937~~973899%
	Weighted Average Months to Maturity Original				161	264	349	344
	Weighted Average Months to Maturity Prior				161	~~264~~263	~~349~~348	~~344~~343
	Weighted Average Months to Maturity Current				~~161~~160	~~263~~262	348	343
	Weighted Avg Remaining Amortization Term Original				286	290	349	346
	Weighted Avg Remaining Amortization Term Prior				~~286~~289	~~290~~289	~~349~~348	346
	Weighted Avg Remaining Amortization Term Current				289	~~289~~287	~~348~~347	~~346~~345
	Weighted Average Seasoning Original				20.14	44.67	11.35	12.23
	Weighted Average Seasoning Prior				20.1405	4445.67	11.3599	12.2388
	Weighted Average Seasoning Current				20.0555	4546.6762	1112.9953	1213.8842
Note: Original information refers to deal issue.
	Adjustable		Fixed
	Fixed
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collateral Report for June 25, 2003 Distribution
	Collateral Report for July 25, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Weighted Average Margin Original						3.353%
	Weighted Average Margin Prior						3.~~353~~349%
	Weighted Average Margin Current						3.~~349~~342%
	Weighted Average Max Rate Original						12.208%
	Weighted Average Max Rate Prior						12.~~208~~198%
	Weighted Average Max Rate Current						12.~~198~~174%
	Weighted Average Min Rate Original						3.599%
	Weighted Average Min Rate Prior						3.~~599~~591%
	Weighted Average Min Rate Current						3.~~591~~587%
	Weighted Average Cap Up Original						1.059%
	Weighted Average Cap Up Prior						1.059%
	Weighted Average Cap Up Current						1.059%
	Weighted Average Cap Down Original						1.048%
	Weighted Average Cap Down Prior						1.048%
	Weighted Average Cap Down Current						1.~~048~~047%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current Servicing Fees				21,~~052~~638.8445	~~921~~911.0393	7123,~~996~~537.0723	7426,~~969~~087.9461
	Delinquent Servicing Fees				~~934~~1,281.4551	~~636~~643.8295	2472,~~929~~136.6500	2674,~~500~~061.9246
	TOTAL SERVICING FEES				2,~~987~~919.2996	1,~~557~~555.8588	9695,~~925~~673.7223	~~101~~100,~~470~~149.8607
	Total Servicing Fees				2,~~987~~919.2996	1,~~557~~555.8588	9695,~~925~~673.7223	~~101~~100,~~470~~149.8607
	Compensating Interest				~~478~~279.7337	0(234.0052)	(815,~~013~~655.8892)	(715,~~535~~611.1507)
	Delinquent Servicing Fees				(~~934~~1,281.4551)	(~~636~~643.8295)	(2472,~~929~~136.6500)	(2674,~~500~~061.9246)
	COLLECTED SERVICING FEES				21,~~531~~917.5782	~~921~~677.0341	637,~~982~~881.1931	6710,~~434~~476.7954
	Current PPIS				~~519~~279.2837	0234.0052	815,~~013~~655.8892	816,~~533~~169.1681
	Current Net PPIS				~~998~~558.0174	0.00	0.00	~~998~~558.0174
	Total Advanced Principal For Current Payment Date				3,~~206~~409.0367	2,~~381~~591.5290	54119,~~432~~032.3963	60125,~~019~~034.9420
	Total Advanced Interest For Current Payment Date				1317,~~633~~358.8456	22,~~611~~814.4304	~~356~~963,~~353~~458.7480	~~392~~1,~~599~~003,631.0140
	TOTAL ADVANCES FOR CURRENT PERIOD				1620,~~839~~768.8723	2425,~~992~~405.9594	~~410~~1,~~786~~082,491.1343	~~452~~1,~~618~~128,665.9560
ADDITIONAL COLLATERAL INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 10 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Delinquency Report for June 25, 2003 Distribution
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			~~937~~1,~~385~~314,383.2984	~~409~~412,~~345~~384.3603	-369,773.94	12,~~346~~096,~~730~~541.6581
		% Balance			0.3245%	0.14%	0.0013%	0.4672%
		# Loans			1410	46	-3	1819
		% # Loans			0.9972%	0.2843%	0.0022%	1.2837%
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		51,~~838~~587.2822	-	-	-	51,~~838~~587.2822
		% Balance		0.02%	0.00%	0.00%	0.00%	0.02%
		# Loans		1	-	-	-	1
		% # Loans		0.07%	0.00%	0.00%	0.00%	0.07%
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		51,~~838~~587.2822	~~937~~1,~~385~~314,383.2984	~~409~~412,~~345~~384.3603	-369,773.94	12,~~398~~148,~~568~~129.9303
		% Balance		0.02%	0.3245%	0.14%	0.0013%	0.4774%
		# Loans		1	1410	46	-3	1920
		% # Loans		0.07%	0.9972%	0.2843%	0.0022%	1.3545%
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 11 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Delinquency Report for June 25, 2003 Distribution
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Adjustable Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			~~429~~1,~~321~~065,255.6230	~~322~~328,~~477~~388.6240	-322,118.51	~~751~~1,~~799~~715,762.2421
		% Balance			0.1538%	0.1112%	0.0012%	0.2762%
		# Loans			45	23	-2	610
		% # Loans			0.3342%	0.1625%	0.0017%	0.4984%
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		-	~~429~~1,~~321~~065,255.6230	~~322~~328,~~477~~388.6240	-322,118.51	~~751~~1,~~799~~715,762.2421
		% Balance		0.00%	0.1538%	0.1112%	0.0012%	0.2762%
		# Loans		-	45	23	-2	610
		% # Loans		0.00%	0.3342%	0.1625%	0.0017%	0.4984%
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 12 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Delinquency Report for June 25, 2003 Distribution
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Fixed Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			~~493~~249,~~170~~128.1154	8669,~~867~~203.7498	-47,655.43	~~580~~365,~~037~~987.8595
		% Balance			73.4081%	1.3006%	0.0073%	85.7060%
		# Loans			95	2	-1	118
		% # Loans			95.8956%	2.2022%	01.0011%	128.0989%
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		-	~~493~~249,~~170~~128.1154	8669,~~867~~203.7498	-47,655.43	~~580~~365,~~037~~987.8595
		% Balance		0.00%	73.4081%	1.3006%	0.0073%	85.7060%
		# Loans		-	95	2	-1	118
		% # Loans		0.00%	95.8956%	2.2022%	01.0011%	128.0989%
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 13 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Delinquency Report for June 25, 2003 Distribution
	Delinquency Report for July 25, 2003 Distribution
	Delinquency Report - Fixed Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			~~14,893.56~~-	-14,791.65	-	14,~~893~~791.5665
		% Balance			0.3300%	0.0033%	0.00%	0.33%
		# Loans			1-	-1	-	1
		% # Loans			0.9300%	0.0095%	0.00%	0.9395%
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		51,~~838~~587.2822	-	-	-	51,~~838~~587.2822
		% Balance		1.1516%	0.00%	0.00%	0.00%	1.1516%
		# Loans		1	-	-	-	1
		% # Loans		0.9395%	0.00%	0.00%	0.00%	0.9395%
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		51,~~838~~587.2822	~~14,893.56~~-	-14,791.65	-	66,~~731~~378.8487
		% Balance		1.1516%	0.3300%	0.0033%	0.00%	1.49%
		# Loans		1	1-	-1	-	2
		% # Loans		0.9395%	0.9300%	0.0095%	0.00%	1.8790%
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 14 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	REO Report for June 25, 2003 Distribution
	REO Report for July 25, 2003 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				Loan Group 2 = Fixed Group; REO Book Value = 000.00
Total Current Balance = 000.00				Loan Group 3 = Fixed Group; REO Book Value = 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 15 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Prepayment Report for June 25, 2003 Distribution
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current
	Number of Paid in Full Loans				32	-1	1826	2129
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				32	-1	1826	2129
	Paid in Full Balance				9029,~~787~~999.3525	-120,729.88	34,~~500~~962,~~242~~926.8414	35,~~591~~113,~~030~~655.1927
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				52,~~437~~251.6491	~~1,259~~863.78	3322,~~917~~225.7266	4025,~~615~~341.1435
	Total Prepayment Amount				9632,~~224~~251.9916	1121,~~259~~593.7866	34,~~534~~985,~~160~~151.5680	35,~~631~~138,~~645~~996.3362
	Cumulative
	Number of Paid in Full Loans				35	-1	2652	2958
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				35	-1	2652	2958
	Paid in Full Balance				90120,~~787~~786.3560	-120,729.88	49,~~864~~826,~~057~~983.3145	410,~~954~~068,~~844~~499.6693
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				1518,~~834~~086.9182	2,~~003~~867.5331	6083,~~780~~006.5521	78103,~~618~~960.9934
	Total Prepayment Amount				~~106~~138,~~622~~873.2642	2123,~~003~~597.5319	49,~~924~~909,~~837~~989.8666	510,~~033~~172,~~463~~460.6527
	Current Prin Balance of Repurchases Per Sec 3.18				0.00	0.00	0.00	0.00
	Cumulative Prin Balance of Repurchases Per Sec 3.18				0.00	0.00	0.00	0.00
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Prepayment Report for June 25, 2003 Distribution
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES					FIXED	FIXED	ADJUSTABLE	TOTAL
	SMM				20.1072%	01.0283%	1.2376%	1.2275%
	3 Months Avg SMM				1.02%	0.62%	1.16%	1.14%
	12 Months Avg SMM
	Avg SMM Since Cut-off				1.1702%	0.0262%	01.8616%	01.8414%
	CPR				228.4630%	019.2383%	1319.8219%	1319.6705%
	3 Months Avg CPR				11.55%	7.22%	13.06%	12.91%
	12 Months Avg CPR
	Avg CPR Since Cut-off				1311.1355%	07.1822%	913.8206%	912.6691%
	PSA				~~560~~201.0983%	3330.7758%	~~575~~765.9068%	~~530~~709.7340%
	3 Months Avg PSA Approximation				285.11%	120.27%	545.89%	502.37%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				~~326~~285.6211%	3120.0027%	~~420~~545.5389%	~~384~~502.8237%
	Adjustable		Fixed
	Fixed
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Prepayment Report for June 25, 2003 Distribution
	Prepayment Report for July 25, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
	Adjustable		Fixed
	Fixed
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 18 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Prepayment Detail Report for June 25, 2003 Distribution
	Prepayment Detail Report for July 25, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 21						Loan Group 1 = Adjustable Group
Total Loan Count = 29						Loan Group 1 = Adjustable Group
Total Original Principal Balance = 3,743,510.00						Loan Group 2 = Fixed Group
Total Original Principal Balance = 5,309,795.00						Loan Group 2 = Fixed Group
Total Prepayment Amount = 3,591,030.19						Loan Group 3 = Fixed Group
Total Prepayment Amount = 5,113,655.27						Loan Group 3 = Fixed Group
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
1103017676 1			240,000.00	238,809.06	May-29-03	4.875%	CA - 80.00%	Paid Off - 360	Mar-31-03
1100371979 1			300,000.00	299,239.54	Jun-23-03	6.875%	CA - 89.56%	Paid Off - 360	Apr-01-03
2500024708 1			186,900.00	186,900.00	May-30-03	6.250%	CA - 89.99%	Paid Off - 360	Feb-26-03
1100372102 1			213,750.00	213,259.05	Jun-13-03	7.375%	CA - 95.00%	Paid Off - 360	Apr-01-03
3900003808 1			103,410.00	99,959.54	May-15-03	5.500%	FL - 90.00%	Paid Off - 360	Oct-15-99
1100374226 1			180,595.00	180,125.89	Jun-04-03	6.750%	MD - 95.00%	Paid Off - 360	Apr-10-03
3900003847 1			164,700.00	158,629.70	May-29-03	5.375%	CA - 90.00%	Paid Off - 360	Nov-12-99
1103030377 1			204,250.00	203,825.55	Jun-20-03	7.875%	CA - 95.00%	Paid Off - 360	Apr-03-03
3900003886 1			204,250.00	196,414.59	May-15-03	4.875%	HI - 95.00%	Paid Off - 360	Dec-07-99
1103035378 1			87,300.00	87,141.43	Jun-19-03	6.490%	OH - 90.00%	Paid Off - 360	Apr-15-03
3900003907 1			396,000.00	381,789.41	May-02-03	5.875%	CA - 90.00%	Paid Off - 360	Nov-24-99
2500026106 1			300,000.00	300,000.00	Jun-20-03	6.875%	FL - 89.56%	Paid Off - 360	Apr-17-03
3900003932 1			314,650.00	302,446.59	May-16-03	5.500%	CA - 89.90%	Paid Off - 360	Oct-15-99
3900003814 1			188,100.00	182,393.23	Jun-30-03	8.500%	CA - 90.00%	Paid Off - 360	Oct-29-99
3900003942 1			153,450.00	148,241.11	May-22-03	6.125%	OH - 90.00%	Paid Off - 360	Oct-19-99
3900003825 1			189,000.00	181,492.75	Jun-06-03	5.625%	CA - 90.00%	Paid Off - 360	Sep-21-99
3900003944 1			218,500.00	210,439.05	May-20-03	5.625%	CA - 95.00%	Paid Off - 360	Oct-15-99
3900003830 1			162,900.00	156,735.36	Jun-05-03	5.500%	CA - 94.99%	Paid Off - 360	Sep-22-99
3900003965 1			125,400.00	122,266.55	May-13-03	9.375%	CA - 95.00%	Paid Off - 360	Dec-14-99
3900003867 1			135,000.00	130,579.90	Jun-19-03	8.250%	CA - 58.70%	Paid Off - 360	Nov-05-99
3900004038 1			272,650.00	262,151.25	May-29-03	5.375%	CA - 95.00%	Paid Off - 360	Nov-12-99
3900003869 1			244,800.00	237,524.52	Jun-05-03	8.875%	NC - 80.00%	Paid Off - 360	Nov-19-99
3900004048 1			193,700.00	186,625.77	May-30-03	5.375%	CA - 95.00%	Paid Off - 360	Nov-19-99
3900003888 1			237,500.00	230,419.12	Jun-20-03	8.375%	CA - 95.00%	Paid Off - 360	Jan-19-00
3900004103 1			146,700.00	142,307.85	May-01-03	5.625%	CA - 90.00%	Paid Off - 360	Jan-14-00
3900003938 1			108,000.00	104,308.48	Jun-06-03	8.000%	CA - 80.00%	Paid Off - 360	Oct-29-99
3900004139 1			271,900.00	258,939.18	May-16-03	5.750%	CO - 79.99%	Paid Off - 360	Jan-26-00
3900003949 1			121,500.00	116,886.61	Jun-30-03	5.500%	OH - 90.00%	Paid Off - 360	Nov-04-99
3900004288 1			230,800.00	217,705.90	May-01-03	8.375%	WA - 89.99%	Paid Off - 360	Sep-14-99
3900003952 1			167,200.00	161,578.71	Jun-02-03	5.625%	CA - 95.00%	Paid Off - 360	Oct-15-99
3900004304 1			71,900.00	69,923.43	May-13-03	9.375%	CO - 89.99%	Paid Off - 360	Nov-30-99
3900003961 1			289,800.00	282,531.73	Jun-27-03	9.500%	CA - 90.00%	Paid Off - 360	Nov-08-99
3900004309 1			175,500.00	169,435.29	May-27-03	5.750%	CA - 90.00%	Paid Off - 360	Dec-03-99
3900003991 1			234,000.00	226,283.23	Jun-03-03	5.500%	CA - 90.00%	Paid Off - 360	Nov-22-99
3900004319 1			160,300.00	147,258.57	May-22-03	5.125%	FL - 74.97%	Paid Off - 360	Mar-06-96
3900004013 1			171,500.00	164,925.15	Jun-20-03	5.625%	CA - 70.00%	Paid Off - 360	Oct-07-99
3900004101 3			45,800.00	42,143.33	May-29-03	14.625%	CA - 20.00%	Paid Off - 180	Jan-12-00
3900004031 1			368,000.00	353,391.17	Jun-03-03	5.375%	CA - 89.98%	Paid Off - 360	Nov-10-99
3900004327 3			20,000.00	14,553.81	May-15-03	13.500%	CA - 18.87%	Paid Off - 180	Dec-05-95
3900004080 1			287,000.00	278,918.34	Jun-09-03	8.750%	CA - 84.42%	Paid Off - 360	Dec-20-99
3900004339 3			47,000.00	34,090.21	May-01-03	14.000%	VA - 15.67%	Paid Off - 180	Dec-05-95
3900004116 1			67,500.00	65,386.95	Jun-12-03	5.625%	CA - 90.00%	Paid Off - 360	Jan-18-00
3900004120 1			208,050.00	201,135.41	Jun-04-03	5.750%	CA - 95.00%	Paid Off - 360	Jan-21-00
3900004311 1			131,100.00	127,058.59	Jun-06-03	5.625%	GA - 90.00%	Paid Off - 360	Dec-20-99
3900004324 1			188,000.00	171,401.86	Jun-09-03	6.500%	CA - 79.83%	Paid Off - 360	Dec-05-95
3900004325 1			252,000.00	229,287.33	Jun-30-03	6.125%	CA - 80.00%	Paid Off - 360	Dec-05-95
3900004348 1			86,750.00	77,096.24	Jun-10-03	4.887%	NV - 79.59%	Paid Off - 360	Dec-29-95
3900004160 2			124,200.00	120,729.88	Jun-24-03	9.990%	AR - 90.00%	Paid Off - 360	Nov-02-99
3900004334 3			23,000.00	1,040.38	Jun-10-03	12.990%	CA - 9.77%	Paid Off - 180	Dec-05-95
3900004360 3			39,000.00	28,958.87	Jun-06-03	13.500%	CA - 25.32%	Paid Off - 180	Mar-29-96
					Page 19 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES					FIXED	FIXED	ADJUSTABLE	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.
	Cumulative Loss Percentage For Related Payment Date							0.0000%
	Adjustable		Fixed				3 Months Moving Average
	Fixed
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 20 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS					FIXED	FIXED	ADJUSTABLE	TOTAL
	MDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg MDR				0.00%	0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off				0.00%	0.00%	0.00%	0.00%
	CDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg CDR				0.00%	0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off				0.00%	0.00%	0.00%	0.00%
	SDA				0.00%	0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation				0.00%	0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	0.00%	0.00%	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
	Adjustable		Fixed
	Fixed
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 21 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Report for June 25, 2003 Distribution
	Realized Loss Report for July 25, 2003 Distribution
	Realized Loss Report - Collateral
	Adjustable		Fixed
	Fixed
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 22 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Detail Report for June 25, 2003 Distribution
	Realized Loss Detail Report for July 25, 2003 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						Loan Group 2 = Fixed Group
Total Prior Principal Balance = 0.00						Loan Group 3 = Fixed Group
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 23 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Triggers, Adj. Rate Cert. and Miscellaneous Report for June 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADJUSTABLE RATE CERTIFICATE INFORMATION					FIXED	FIXED	ADJUSTABLE	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.~~3200~~0350%
ADDITIONAL INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current Net Mortgage Rate							5.~~4357~~4207%
				Page 24 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Other Related Information for June 25, 2003 Distribution
	Other Related Information for July 25, 2003 Distribution
	Other Related Information
ADDITIONAL INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL
	Total Derivative Payments							76117,~~108~~375.2448
	BXNC114462							0.00
	FXIMP035A1							2137,~~399~~004.2914
	FXIMP035B1							2134,~~184~~994.1864
	FXIMP035C1							1116,~~370~~251.4344
	FXIMP035E1							68,~~274~~048.8197
	FXIMP035D1							1521,~~879~~076.4824
				Page 25 of 25				© COPYRIGHT 2003 Deutsche Bank

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