

                           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):  September 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
     September 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:  Oct 01, 2003               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of September 25, 2003.


	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates


	September 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: September 25, 2003
	Underwriter(s):		Countrywide Securities Co-Lead Underwriter					Record Date: September 23, 2003
			Bear, Stearns & Co. Inc Co-Lead Underwriter					August 29, 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 September 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			216,037,645.69	267,886.68	7,802,477.14	8,070,363.82	-	-	208,235,168.55
A-2	FLT, STEP,	14,850,000.00			14,015,548.44	19,431.00	506,189.54	525,620.54	-	-	13,509,358.90
M-1	MEZ, FLT, S	22,500,000.00			21,235,679.46	34,012.48	766,953.85	800,966.33	-	-	20,468,725.61
M-2	MEZ, FLT, S	17,250,000.00			16,280,687.58	40,095.72	587,997.95	628,093.67	-	-	15,692,689.63
B	SUB, FLT, S	15,000,000.00			14,157,119.64	50,104.41	511,302.56	561,406.97	-	-	13,645,817.08
Cert	R	-			-	745,291.65	-	745,291.65	-	-	-


Total		298,500,000.00			281,726,680.81	1,156,821.94	10,174,921.04	11,331,742.98	-	-	271,551,759.77


	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	08/25/03	09/24/03		A-Act/360	45254NEM5	228,900,000.00	943.807976	1.170322	34.086838	35.257160	909.721138
A-2	08/25/03	09/24/03		A-Act/360	45254NEN3	14,850,000.00	943.807976	1.308485	34.086838	35.395322	909.721138
M-1	08/25/03	09/24/03		A-Act/360	45254NEP8	22,500,000.00	943.807976	1.511666	34.086838	35.598503	909.721138
M-2	08/25/03	09/24/03		A-Act/360	45254NEQ6	17,250,000.00	943.807976	2.324390	34.086838	36.411227	909.721138
B	08/25/03	09/24/03		A-Act/360	45254NER4	15,000,000.00	943.807976	3.340294	34.086838	37.427132	909.721139
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 September 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		1,381,291.15		19,984,166.72	680,664.74	20,664,831.46	22,046,122.61	-	-	208,235,168.55
A-2	14,850,000.00		99,742.13		1,296,482.64	44,158.46	1,340,641.10	1,440,383.23	-	-	13,509,358.90
M-1	22,500,000.00		173,696.16		1,964,367.63	66,906.76	2,031,274.39	2,204,970.55	-	-	20,468,725.61
M-2	17,250,000.00		202,387.00		1,506,015.19	51,295.18	1,557,310.37	1,759,697.37	-	-	15,692,689.63
B	15,000,000.00		251,227.77		1,309,578.42	44,604.50	1,354,182.93	1,605,410.70	-	-	13,645,817.08
Cert	-		3,580,402.04		-	-	-	3,580,402.04	-	-	-


Total	298,500,000.00		5,688,746.25		26,060,610.60	887,629.64	26,948,240.24	32,636,986.49	-	-	271,551,759.77


	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	1.44000%	216,037,645.69			267,886.68	-	-	-	267,886.68	267,886.68	-
A-2	1.61000%	14,015,548.44			19,431.00	-	-	-	19,431.00	19,431.00	-
M-1	1.86000%	21,235,679.46			34,012.48	-	-	-	34,012.48	34,012.48	-
M-2	2.86000%	16,280,687.58			40,095.72	-	-	-	40,095.72	40,095.72	-
B	4.11000%	14,157,119.64			50,104.41	-	-	-	50,104.41	50,104.41	-
Cert		-			-	-	-	-	745,291.65	745,291.65	-


Total		281,726,680.81			411,530.29	-	-	-	1,156,821.94	1,156,821.94	-


							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for September 25, 2003 Distribution


	Collection Account Report


SUMMARY					FIXED	FIXED	ADJUSTABLE	TOTAL

	Principal Collections				148,262.19	266,149.80	9,760,509.04	10,174,921.03
	Principal Withdrawals				0.00	0.00	0.00	0.00
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL PRINCIPAL				148,262.19	266,149.80	9,760,509.04	10,174,921.03

	Interest Collections				38,296.11	49,183.96	1,281,476.79	1,368,956.86
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	(103,416.05)
	Interest Fees				(2,008.44)	(853.21)	(105,857.21)	(108,718.86)
	TOTAL INTEREST				36,287.67	48,330.75	1,175,619.58	1,156,821.95

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS				184,549.86	314,480.55	10,936,128.62	11,331,742.98


PRINCIPAL - COLLECTIONS					FIXED	FIXED	ADJUSTABLE	TOTAL

	Scheduled Principal				5,932.17	6,281.13	166,765.46	178,978.76
	Curtailments				40,416.94	1,666.48	61,006.97	103,090.39
	Prepayments in Full				101,913.08	258,202.19	9,532,736.61	9,892,851.88
	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				(3,120.31)	(3,249.22)	(46,527.16)	(52,896.69)
	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				3,120.31	3,249.22	46,527.16	52,896.69

	TOTAL PRINCIPAL				148,262.19	266,149.80	9,760,509.04	10,174,921.03


				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for September 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				40,104.60	50,875.27	1,301,158.90	1,392,138.77
	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				(1,406.46)	(1,580.39)	(24,870.03)	(27,856.88)
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(13,560.94)	(26,085.82)	(306,375.80)	(346,022.56)
	Interest Realized Losses				0.00	0.00	0.00	0.00
	Compensating Interest				452.79	634.37	24,870.03	25,957.19
	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				12,706.12	25,340.53	286,693.69	324,740.34
	Cap Contract Payment Amt				0.00	0.00	0.00	0.00

	TOTAL INTEREST				38,296.11	49,183.96	1,281,476.79	1,368,956.86


				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for September 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							103,416.05


INTEREST - FEES					FIXED	FIXED	ADJUSTABLE	TOTAL

	Owner Trustee Fee				6.16	8.63	386.45	401.24
	Indenture Trustee Fee				31.70	44.41	1,989.09	2,065.20
	CMAC PMI Insurance Premiums				0.00	124.48	31,097.15	31,221.63
	Current Servicing Fees				1,970.58	675.69	72,384.52	75,030.79

	TOTAL INTEREST FEES				2,008.44	853.21	105,857.21	108,718.86


				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Credit Enhancement Report for September 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							0.01
	Current Periods Net Monthly Excess Cashflow							747,191.35
	Current Periods Overcollateralization Release							0.00

	60 Day Rolling Delinquency Amount							1,022,575.35
	90 Day Rolling Delinquency Amount							475,610.87

	Available Funds Rate							5.2026%


				Page 7 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collateral Report for September 25, 2003 Distribution


	Collateral Report


COLLATERAL					FIXED	FIXED	ADJUSTABLE	TOTAL
	Loan Count:
	*Original*				110	91	1239	1440
	Prior				102	84	1,165	1,351
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(3)	(3)	(32)	(38)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				99	81	1,133	1,313

	*Principal Balance:*
	Original				4,613,824.58	6,683,913.77	288,704,635.19	300,002,373.54
	Prior				4,346,775.14	6,089,928.49	272,789,989.04	283,226,692.67
	Prefunding				-	-	-	-
	Scheduled Principal				(5,932.17)	(6,281.13)	(166,765.46)	(178,978.76)
	Partial and Full Voluntary Prepayments				(142,330.02)	(259,868.67)	(9,593,743.58)	(9,995,942.27)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				4,198,512.95	5,823,778.69	263,029,480.00	273,051,771.64

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 September 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				11.087114%	10.027484%	5.754286%	5.932956%
	Weighted Average Coupon Current				11.071546%	10.024800%	5.723783%	5.898337%
	Weighted Average Months to Maturity Original				161	264	349	344
	Weighted Average Months to Maturity Prior				160	260	347	342
	Weighted Average Months to Maturity Current				160	259	347	342
	Weighted Avg Remaining Amortization Term Original				286	290	349	346
	Weighted Avg Remaining Amortization Term Prior				288	288	347	345
	Weighted Avg Remaining Amortization Term Current				291	288	346	344
	Weighted Average Seasoning Original				20.14	44.67	11.35	12.23
	Weighted Average Seasoning Prior				21.22	47.35	13.12	13.98
	Weighted Average Seasoning Current				21.05	48.38	13.80	14.65

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 September 25, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS					FIXED	FIXED	ADJUSTABLE	TOTAL

	Weighted Average Margin Original						3.353%
	Weighted Average Margin Prior						3.332%
	Weighted Average Margin Current						3.330%
	Weighted Average Max Rate Original						12.208%
	Weighted Average Max Rate Prior						12.140%
	Weighted Average Max Rate Current						12.120%
	Weighted Average Min Rate Original						3.599%
	Weighted Average Min Rate Prior						3.572%
	Weighted Average Min Rate Current						3.567%
	Weighted Average Cap Up Original						1.059%
	Weighted Average Cap Up Prior						1.060%
	Weighted Average Cap Up Current						1.056%
	Weighted Average Cap Down Original						1.048%
	Weighted Average Cap Down Prior						1.048%
	Weighted Average Cap Down Current						1.044%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES					FIXED	FIXED	ADJUSTABLE	TOTAL

	Current Servicing Fees				1,970.58	675.69	72,384.52	75,030.79
	Delinquent Servicing Fees				854.83	745.29	19,682.11	21,282.23
	TOTAL SERVICING FEES				2,825.41	1,420.98	92,066.63	96,313.02

	Total Servicing Fees				2,825.41	1,420.98	92,066.63	96,313.02
	Compensating Interest				452.79	(634.37)	(24,870.03)	(25,051.61)
	Delinquent Servicing Fees				(854.83)	(745.29)	(19,682.11)	(21,282.23)
	COLLECTED SERVICING FEES				2,423.37	41.32	47,514.49	49,979.18

	Current PPIS				1,406.46	1,580.39	24,870.03	27,856.88
	Current Net PPIS				1,859.25	946.02	0.00	2,805.27

	Total Advanced Principal For Current Payment Date				3,120.31	3,249.22	46,527.16	52,896.69
	Total Advanced Interest For Current Payment Date				12,706.12	25,340.53	286,693.69	324,740.34
	TOTAL ADVANCES FOR CURRENT PERIOD				15,826.43	28,589.75	333,220.85	377,637.03


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 September 25, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,905,457.30	655,751.03	381,584.81	2,942,793.14
		% Balance			0.70%	0.24%	0.14%	1.08%
		# Loans			10	4	2	16
		% # Loans			0.76%	0.30%	0.15%	1.22%
FORECLOSURE		Balance		-	-	68,770.13	216,541.51	285,311.64
		% Balance		0.00%	0.00%	0.03%	0.08%	0.10%
		# Loans		-	-	1	3	4
		% # Loans		0.00%	0.00%	0.08%	0.23%	0.30%
BANKRUPTCY		Balance		552,057.87	-	-	28,139.76	580,197.63
		% Balance		0.20%	0.00%	0.00%	0.01%	0.21%
		# Loans		5	-	-	1	6
		% # Loans		0.38%	0.00%	0.00%	0.08%	0.46%
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		552,057.87	1,905,457.30	724,521.16	626,266.08	3,808,302.41
		% Balance		0.20%	0.70%	0.27%	0.23%	1.39%
		# Loans		5	10	5	6	26
		% # Loans		0.38%	0.76%	0.38%	0.46%	1.98%
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 September 25, 2003 Distribution


	Delinquency Report - Adjustable Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,752,299.59	655,751.03	367,000.56	2,775,051.18
		% Balance			0.67%	0.25%	0.14%	1.06%
		# Loans			7	4	1	12
		% # Loans			0.62%	0.35%	0.09%	1.06%
FORECLOSURE		Balance		-	-	-	175,623.10	175,623.10
		% Balance		0.00%	0.00%	0.00%	0.07%	0.07%
		# Loans		-	-	-	2	2
		% # Loans		0.00%	0.00%	0.00%	0.18%	0.18%
BANKRUPTCY		Balance		451,197.49	-	-	-	451,197.49
		% Balance		0.17%	0.00%	0.00%	0.00%	0.17%
		# Loans		3	-	-	-	3
		% # Loans		0.26%	0.00%	0.00%	0.00%	0.26%
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		451,197.49	1,752,299.59	655,751.03	542,623.66	3,401,871.77
		% Balance		0.17%	0.67%	0.25%	0.21%	1.29%
		# Loans		3	7	4	3	17
		% # Loans		0.26%	0.62%	0.35%	0.26%	1.50%
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 September 25, 2003 Distribution


	Delinquency Report - Fixed Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			138,248.38	-	-	138,248.38
		% Balance			2.37%	0.00%	0.00%	2.37%
		# Loans			2	-	-	2
		% # Loans			2.47%	0.00%	0.00%	2.47%
FORECLOSURE		Balance		-	-	68,770.13	40,918.41	109,688.54
		% Balance		0.00%	0.00%	1.18%	0.70%	1.88%
		# Loans		-	-	1	1	2
		% # Loans		0.00%	0.00%	1.23%	1.23%	2.47%
BANKRUPTCY		Balance		49,783.71	-	-	28,139.76	77,923.47
		% Balance		0.85%	0.00%	0.00%	0.48%	1.34%
		# Loans		1	-	-	1	2
		% # Loans		1.23%	0.00%	0.00%	1.23%	2.47%
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		49,783.71	138,248.38	68,770.13	69,058.17	325,860.39
		% Balance		0.85%	2.37%	1.18%	1.19%	5.60%
		# Loans		1	2	1	2	6
		% # Loans		1.23%	2.47%	1.23%	2.47%	7.41%
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 September 25, 2003 Distribution


	Delinquency Report - Fixed Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			14,909.33	-	14,584.25	29,493.58
		% Balance			0.36%	0.00%	0.35%	0.70%
		# Loans			1	-	1	2
		% # Loans			1.01%	0.00%	1.01%	2.02%
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		51,076.67	-	-	-	51,076.67
		% Balance		1.22%	0.00%	0.00%	0.00%	1.22%
		# Loans		1	-	-	-	1
		% # Loans		1.01%	0.00%	0.00%	0.00%	1.01%
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		51,076.67	14,909.33	-	14,584.25	80,570.25
		% Balance		1.22%	0.36%	0.00%	0.35%	1.92%
		# Loans		1	1	-	1	3
		% # Loans		1.01%	1.01%	0.00%	1.01%	3.03%
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 September 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 September 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS					FIXED	FIXED	ADJUSTABLE	TOTAL

	*Current*
	Number of Paid in Full Loans				3	3	32	38
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				3	3	32	38

	Paid in Full Balance				101,913.08	258,202.19	9,532,736.61	9,892,851.88
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				40,416.94	1,666.48	61,006.97	103,090.39
	Total Prepayment Amount				142,330.02	259,868.67	9,593,743.58	9,995,942.27

	*Cumulative*
	Number of Paid in Full Loans				11	10	106	127
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				11	10	106	127

	Paid in Full Balance				316,660.42	820,805.65	24,667,384.75	25,804,850.82
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				63,854.47	5,478.37	188,788.60	258,121.44
	Total Prepayment Amount				380,514.89	826,284.02	24,856,173.35	26,062,972.26


	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 September 25, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES					FIXED	FIXED	ADJUSTABLE	TOTAL

	SMM				3.28%	4.27%	3.52%	3.53%
	3 Months Avg SMM				2.08%	4.31%	2.40%	2.44%
	12 Months Avg SMM
	Avg SMM Since Cut-off				1.72%	2.62%	1.79%	1.81%

	CPR				32.97%	40.78%	34.94%	35.04%
	3 Months Avg CPR				22.32%	41.09%	25.33%	25.67%
	12 Months Avg CPR
	Avg CPR Since Cut-off				18.77%	27.25%	19.47%	19.64%

	PSA				783.09%	679.62%	1265.67%	1195.79%
	3 Months Avg PSA Approximation				532.96%	684.75%	962.79%	915.43%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				455.43%	454.20%	775.11%	730.92%



	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 September 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 September 25, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 38						Loan Group 1 = Adjustable Group
Total Original Principal Balance = 10,200,828.00						Loan Group 2 = Fixed Group
Total Prepayment Amount = 9,892,851.88						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

1100365827 1			220,000.00	220,000.00	Aug-21-03	5.375%	CA - 69.85%	Paid Off - 360	Apr-14-03
1100371150 1			368,800.00	366,401.42	Aug-25-03	5.625%	CA - 80.00%	Paid Off - 360	Apr-16-03
1100372779 1			175,000.00	174,691.26	Aug-01-03	5.375%	CA - 70.00%	Paid Off - 360	Apr-08-03
1100373430 1			487,900.00	487,900.00	Aug-04-03	4.625%	CA - 70.00%	Paid Off - 360	Mar-26-03
1100373757 1			945,000.00	944,739.14	Aug-18-03	6.625%	NY - 70.00%	Paid Off - 360	Mar-27-03
1100374152 1			138,521.00	137,769.92	Aug-01-03	5.630%	CA - 55.41%	Paid Off - 360	Apr-10-03
1100374203 1			400,000.00	397,747.37	Aug-07-03	6.375%	NY - 69.57%	Paid Off - 360	Apr-07-03
1100374296 1			483,900.00	482,254.76	Aug-28-03	8.000%	MD - 80.00%	Paid Off - 360	Apr-21-03
1103030024 1			260,000.00	259,974.36	Aug-13-03	5.625%	SC - 86.67%	Paid Off - 360	Apr-04-03
1103055998 1			280,000.00	279,160.97	Aug-06-03	7.500%	WA - 80.00%	Paid Off - 360	Apr-21-03
2500024066 1			595,000.00	595,000.00	Aug-13-03	4.250%	FL - 70.00%	Paid Off - 360	Mar-06-03
2500025412 1			258,000.00	258,000.00	Aug-11-03	2.375%	CA - 52.66%	Paid Off - 360	Apr-16-03
2500025676 1			294,000.00	294,000.00	Aug-11-03	6.750%	FL - 80.00%	Paid Off - 360	Mar-31-03
2500025960 1			589,000.00	587,647.17	Aug-26-03	7.375%	CA - 77.71%	Paid Off - 360	Apr-16-03
2500026239 1			157,450.00	157,097.25	Aug-13-03	7.500%	MD - 89.98%	Paid Off - 360	Apr-11-03
2500026324 1			99,000.00	98,673.42	Aug-21-03	5.500%	FL - 90.00%	Paid Off - 360	Apr-10-03
3900003777 1			296,400.00	285,151.51	Aug-25-03	8.375%	CA - 90.00%	Paid Off - 360	Mar-03-99
3900003827 1			140,000.00	133,609.43	Aug-07-03	5.625%	CA - 80.00%	Paid Off - 360	Sep-21-99
3900003910 1			420,000.00	406,603.92	Aug-12-03	5.500%	CA - 84.85%	Paid Off - 360	Jan-07-00
3900003975 1			318,400.00	306,856.63	Aug-08-03	8.375%	CA - 80.00%	Paid Off - 360	Nov-05-99
3900003983 1			166,500.00	157,821.78	Aug-06-03	5.375%	CA - 90.00%	Paid Off - 360	Nov-30-99
3900003992 1			80,000.00	77,206.07	Aug-14-03	8.250%	CO - 74.77%	Paid Off - 360	Nov-19-99
3900004001 1			272,000.00	260,468.94	Aug-12-03	5.375%	CA - 80.00%	Paid Off - 360	Dec-03-99
3900004003 1			113,850.00	107,337.73	Aug-04-03	5.500%	CA - 90.00%	Paid Off - 360	Oct-14-99
3900004008 1			81,900.00	77,221.28	Aug-04-03	5.500%	CA - 86.21%	Paid Off - 360	Sep-29-99
3900004037 1			204,972.00	192,837.63	Aug-20-03	5.500%	CA - 89.90%	Paid Off - 360	Nov-10-99
3900004050 1			158,500.00	151,734.80	Aug-01-03	7.625%	CA - 55.62%	Paid Off - 360	Nov-24-99
3900004060 1			205,735.00	199,886.34	Aug-06-03	9.125%	CA - 90.00%	Paid Off - 360	Nov-30-99
3900004125 1			550,000.00	520,325.87	Aug-18-03	3.750%	NY - 52.13%	Paid Off - 360	Jan-26-00
3900004128 1			282,000.00	265,512.50	Aug-25-03	3.875%	MA - 60.77%	Paid Off - 360	Jan-26-00
3900004144 1			650,000.00	614,265.09	Aug-18-03	4.125%	PA - 78.78%	Paid Off - 360	Jan-26-00
3900004261 1			50,000.00	34,840.05	Aug-05-03	4.500%	FL - 35.71%	Paid Off - 174	Jan-26-00
3900003881 2			49,500.00	43,615.83	Aug-05-03	10.750%	CT - 79.84%	Paid Off - 180	Dec-31-99
3900004152 2			185,000.00	179,988.75	Aug-12-03	9.650%	CA - 72.55%	Paid Off - 360	Nov-02-99
3900004182 2			37,500.00	34,597.61	Aug-22-03	10.250%	FL - 79.79%	Paid Off - 240	Oct-08-99
3900003773 3			110,000.00	44,964.83	Aug-07-03	11.950%	NY - 46.81%	Paid Off - 180	Sep-22-98
3900004282 3			45,000.00	35,863.12	Aug-13-03	13.000%	CA - 30.00%	Paid Off - 180	Jan-28-00
3900004329 3			32,000.00	21,085.13	Aug-07-03	14.500%	NJ - 24.62%	Paid Off - 180	Dec-05-95


					Page 19 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Report for September 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 September 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 September 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 September 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 September 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							1.1100%


ADDITIONAL INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL


	Current Net Mortgage Rate							5.3475%


				Page 24 of 25				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Other Related Information for September 25, 2003 Distribution


	Other Related Information


ADDITIONAL INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL

	Total Derivative Payments							103,416.10
	BXNC114462							0.00
	FXIMP035A1							31,159.03
	FXIMP035B1							30,547.98
	FXIMP035C1							14,714.63
	FXIMP035E1							7,492.30
	FXIMP035D1							19,502.11


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