~~Item~~SECURITIES ~~601(a)~~AND ofEXCHANGE ~~Sequentially~~COMMISSION ~~Exhibit~~Washington, ~~Regulation~~D.C. ~~Numbered~~20549 ~~Number~~FORM S8-K ~~Exhibit~~Current ~~No.~~Report ~~Description~~Pursuant ~~Page~~To ~~------~~Section ~~---------------~~13 ~~-----------~~or ~~----~~15(d) ~~3.1~~of ~~Amended~~the ~~and~~Securities ~~Restated~~Exchange ~~Trust~~Act ~~Agreement,~~of ~~dated~~1934 asDate of ~~June~~Report ~~30,~~(Date ~~2003,~~of ~~among~~earliest ~~IMH~~event ~~Assets~~reported): ~~Corp.,~~July ~~as Depositor~~25, ~~Wilmington~~2003 ~~Trust~~IMPAC ~~Company,~~CMB asTRUST ~~Owner~~SERIES ~~Trustee~~2003-7. ~~and~~(as ~~Deutsche~~Company ~~Bank~~under ~~National~~a ~~Trust~~Series ~~Company~~2003-7 Indenture, dated as ~~Certificate~~of ~~Registrar~~June ~~and~~29,2003 ~~Certificate~~providing ~~Paying~~for, ~~Agent~~inter alia, the issuance of Collateralized Asset- Backed Bonds, Series 2003-7). ~~4.1~~(Exact ~~Indenture~~name ~~dated~~of Registrant as ofspecified ~~June~~in ~~30,~~its ~~2003,~~Charter) ~~between~~California ~~Impac~~(State ~~CMB~~or ~~Trust~~Other ~~Series~~Jurisdiction ~~2003~~of Incorporation) 333-7,103591-04 as33-0705301 4(Commission File Number) (I.1R.S. ~~Issuer~~Employer ~~and~~Identification ~~Deutsche~~No.) ~~Bank~~1401 ~~National~~DOVE ~~Trust~~STREET ~~Company~~NEWPORT BEACH, asCALIFORNIA ~~Indenture~~92660 ~~Trustee,~~(Address ~~Collateralized~~of ~~Asset-Backed~~principal ~~Bonds~~executive offices) (Zip Code) Registrant's Telephone Number, ~~Series~~Including ~~2003~~Area Code: (949) 475-73600 Item 5. 99Other 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.1 ~~Servicing~~Item ~~Agreement,~~7. Financial Statement and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of ~~June~~July 3025, 2003,.. ~~between~~SIGNATURE ~~Impac~~Pursuant ~~Funding~~to ~~Corporation,~~the asrequirements ~~Master~~of ~~Servicer~~the Securities Exchange Act of 1934, ~~Impac~~the ~~CMB~~Registrant ~~Trust~~has ~~Series~~duly ~~2003-7~~caused this report to be signed on its behalf by the undersigned, ashereunto ~~Issuer~~duly ~~and~~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, ~~Trustee~~dated as of June 30,2003. ~~Collateralized~~Date: ~~Asset-Backed~~Aug ~~Bonds~~05, ~~Series~~2003 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of July 25, 2003-7.


	Impac 2003-7
	Collateralized Asset-Backed Bonds


	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				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 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 Mortgage Holdings Inc.					Cut-Off Date: June 1, 2003
	Certificate Insurer(s):		AMBAC Indemnity Corporation					Closing Date: June 30, 2003
								First Payment Date: July 25, 2003
	Servicer(s):		Impac Funding Corp. Master Servicer
			Wendover Funding, Inc. Sub-Servicer
			Countrywide Home Loans, Inc. Sub-Servicer
								Distribution Date: July 25, 2003
	Underwriter(s):		Bear, Stearns & Co. Inc Underwriter					Record Date: July 24, 2003
			Countrywide Securities






						Page 1 of 22					© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	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	FLT, STEP,	278,250,000.00			278,250,000.00	277,042.32	62,715.17	339,757.49	-	-	278,187,284.83
M	MEZ, FLT, S	13,500,000.00			13,500,000.00	25,910.16	3,042.78	28,952.94	-	-	13,496,957.22
B	SUB, FLT, S	6,000,000.00			6,000,000.00	17,140.63	1,352.35	18,492.98	-	-	5,998,647.65
Cert	R	-			-	737,630.40	-	737,630.40	-	-	-


Total		297,750,000.00			297,750,000.00	1,057,723.51	67,110.30	1,124,833.81	-	-	297,682,889.70


	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	06/30/03	07/24/03		A-Act/360	45254NEX1	278,250,000.00	1,000.000000	0.995660	0.225391	1.221051	999.774609
M	06/30/03	07/24/03		A-Act/360	45254NEY9	13,500,000.00	1,000.000000	1.919271	0.225391	2.144662	999.774609
B	06/30/03	07/24/03		A-Act/360	45254NEZ6	6,000,000.00	1,000.000000	2.856772	0.225392	3.082163	999.774608
Cert	06/30/03	07/24/03		-		-	-	-	-	-	-


							Page 2 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	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	278,250,000.00		277,042.32		587.92	62,127.25	62,715.17	339,757.49	-	-	278,187,284.83
M	13,500,000.00		25,910.16		28.52	3,014.26	3,042.78	28,952.94	-	-	13,496,957.22
B	6,000,000.00		17,140.63		12.68	1,339.67	1,352.35	18,492.98	-	-	5,998,647.65
Cert	-		737,630.40		-	-	-	737,630.40	-	-	-


Total	297,750,000.00		1,057,723.51		629.12	66,481.18	67,110.30	1,124,833.81	-	-	297,682,889.70


	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	1.43375%	278,250,000.00			277,042.32	-	-	-	277,042.32	277,042.32	-
M	2.76375%	13,500,000.00			25,910.16	-	-	-	25,910.16	25,910.16	-
B	4.11375%	6,000,000.00			17,140.63	-	-	-	17,140.63	17,140.63	-
Cert		-			-	-	-	-	737,630.40	737,630.40	-


Total		297,750,000.00			320,093.11	-	-	-	1,057,723.51	1,057,723.51	-


							Page 3 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collection Account Report for July 25, 2003 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							67,901.56
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL PRINCIPAL							67,901.56

	Interest Collections							1,365,768.35
	Interest Withdrawals							0.00
	Interest Other Accounts							(142,283.73)
	Interest Fees							(166,552.37)
	TOTAL INTEREST							1,056,932.25

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							1,124,833.81


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							66,481.18
	Curtailments							1,420.38
	Prepayments in Full							0.00
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	Delinquent Principal							(9,583.73)
	Realized Losses							0.00
	Substitution Adjustments- Principal							0.00
	Termination Price Amounts- Principal							0.00
	Additional Principal Amts							0.00
	Principal Advanced							9,583.73

	TOTAL PRINCIPAL							67,901.56


				Page 4 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collection Account Report for July 25, 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							1,373,215.83
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Interest							0.00
	Other Additional Interest							0.00
	Prepayment Interest Shortfalls							0.00
	Relief Act Interest Shortfalls							0.00
	Delinquent Interest							(106,790.58)
	Interest Realized Losses							0.00
	Compensating Interest							0.00
	Substitution Adjustments- Interest							0.00
	Termination Price Amounts- Interest							0.00
	Additional Interest Amts							0.00
	Interest Prepayment Premiums							0.00
	Interest Advanced							99,343.10
	Cap Contract Payment Amt							0.00

	TOTAL INTEREST							1,365,768.35


				Page 5 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collection Account Report for July 25, 2003 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							0.00
	Swap Contract Payment Amounts							142,283.73


INTEREST - FEES								TOTAL

	Owner Trustee Fee							425.00
	Indenture Trustee Fee							1,312.50
	Bond Insurance Premium Amount							44,046.22
	Radian PMI Insurance Premiums							26,965.85
	Current Servicing Fees							93,802.80

	TOTAL INTEREST FEES							166,552.37


				Page 6 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Credit Enhancement Report for July 25, 2003 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES								TOTAL

	Current Periods Required Overcollateralization Amt							2,250,005.98
	Current Periods Overcollateralization Amt							2,250,005.98
	Current Periods Extra Principal Distribution							0.00
	Current Periods Net Monthly Excess Cashflow							737,630.40
	Current Periods Overcollateralization Release							791.26

	60 Day Rolling Delinquency Amount							0.00
	90 Day Rolling Delinquency Amount							0.00

	60 Day Delinquency Percentage							0.0000%
	90 Day Delinquency Percentage							0.0000%

	Available Funds Rate							5.1116%



				Page 7 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collateral Report for July 25, 2003 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							1169
	Prior							-
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							-
	Repurchases							-
	Liquidations							-
	Current							1,169

	*Principal Balance:*
	Original							300,000,797.24
	Prior							-
	Prefunding							-
	Scheduled Principal							(66,481.18)
	Partial and Full Voluntary Prepayments							(1,420.38)
	Repurchases							-
	Liquidations							-
	Current							299,932,895.68

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 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collateral Report for July 25, 2003 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							5.492849%
	Weighted Average Coupon Prior
	Weighted Average Coupon Current							5.492849%
	Weighted Average Months to Maturity Original							359
	Weighted Average Months to Maturity Prior							-
	Weighted Average Months to Maturity Current							359
	Weighted Avg Remaining Amortization Term Original							359
	Weighted Avg Remaining Amortization Term Prior							-
	Weighted Avg Remaining Amortization Term Current							359
	Weighted Average Seasoning Original							1.14
	Weighted Average Seasoning Prior							-
	Weighted Average Seasoning Current							1.14

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 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collateral Report for July 25, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							3.121%
	Weighted Average Margin Prior							0.000%
	Weighted Average Margin Current							3.121%
	Weighted Average Max Rate Original							11.511%
	Weighted Average Max Rate Prior							0.000%
	Weighted Average Max Rate Current							11.511%
	Weighted Average Min Rate Original							3.250%
	Weighted Average Min Rate Prior							0.000%
	Weighted Average Min Rate Current							3.250%
	Weighted Average Cap Up Original							1.010%
	Weighted Average Cap Up Prior							0.000%
	Weighted Average Cap Up Current							1.010%
	Weighted Average Cap Down Original							1.010%
	Weighted Average Cap Down Prior							0.000%
	Weighted Average Cap Down Current							1.010%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							93,802.80
	Delinquent Servicing Fees							7,447.47
	TOTAL SERVICING FEES							101,250.27

	Total Servicing Fees							101,250.27
	Compensating Interest							0.00
	Delinquent Servicing Fees							(7,447.47)
	COLLECTED SERVICING FEES							93,802.80

	Current PPIS							0.00
	Current Net PPIS							0.00

	Total Advanced Principal For Current Payment Date							9,583.73
	Total Advanced Interest For Current Payment Date							99,343.10
	TOTAL ADVANCES FOR CURRENT PERIOD							108,926.83


ADDITIONAL COLLATERAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 10 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Delinquency Report for July 25, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
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		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	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
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 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Prepayment Report for July 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

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

	Paid in Full Balance							-
	Repurchased Loans Balance							-
	Curtailments Amount							1,420.38
	Total Prepayment Amount							1,420.38

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

	Paid in Full Balance							-
	Repurchased Loans Balance							-
	Curtailments Amount							1,420.38
	Total Prepayment Amount							1,420.38


	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 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Prepayment Report for July 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

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

	CPR							0.01%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off							0.01%

	PSA							2.48%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							2.48%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 14 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Prepayment Report for July 25, 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 15 of 22				© COPYRIGHT 2003 Deutsche Bank


	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Prepayment Detail Report for July 25, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Adjustable Group
Total Original Principal Balance = 0.00
Total Prepayment Amount = 0.00


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
SPACE INTENTIONALLY LEFT BLANK


					Page 16 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Realized Loss Report for July 25, 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.


	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 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Realized Loss Report for July 25, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS								TOTAL

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

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

	SDA							0.00%
	3 Months Avg SDA Approximation
	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 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Realized Loss Report for July 25, 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 19 of 22				© COPYRIGHT 2003 Deutsche Bank


	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	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
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 20 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Triggers, Adj. Rate Cert. and Miscellaneous Report for July 25, 2003 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							1.1138%


ADDITIONAL INFORMATION								TOTAL


	Current Periods Net Mortgage Rate							4.9730%


				Page 21 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Other Related Information for July 25, 2003 Distribution


	Other Related Information


ADDITIONAL INFORMATION								TOTAL

	Total Derivative Payments							142,283.73

	FXIMP037A1							7,675.88
	FXIMP037B1							64,633.70
	FXIMP037C1							16,646.25
	FXIMP037D1							13,394.08
	FXIMP037E1							3,225.00
	FXIMP037F1							31,421.32
	FXIMP037G1							5,287.50


				Page 22 of 22				© COPYRIGHT 2003 Deutsche Bank

Filing Compare · IMH ASSETS CORP IMPAC CMB TRUST SERIES 2003 7