

                           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):  December 26, 2003


                                IMPAC CMB TRUST SERIES.
              (as Company under a Series 2003-1 Indenture, dated as of
            January 30,2003 providing for, inter alia, the issuance of
               Collateralized Asset Backed Bonds, Series 2003-1).


                     IMH ASSETS CORP IPAC CMB TRUST SERIES 2003-1
                 (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                    (State or Other Jurisdiction of Incorporation)

               333-83600-07                          33-0705301
          (Commission File Number)        (I.R.S. Employer Identification No.)


          1401 DOVE STREET
          NEWPORT BEACH, CALIFORNIA                    92660
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (949) 475-3600


     Item 5.  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 7.  Financial Statement and Exhibits

     Exhibits:  (as noted in Item 5 above)

     Monthly Remittance Statement to the Certificateholders dated as of
     December 26, 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
                                  January 30,2003.



          Date:  Jan 02, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President

                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of December 26, 2003.


	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds


	December 26, 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				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				19
			11.	Realized Loss Detail Report				22
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				23
			13.	Other Related Information				24




				Total Number of Pages				24



			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: January 1, 2003
	Certificate Insurer(s):		AMBAC Indemnity Corporation					Closing Date: January 30, 2003
								First Payment Date: February 25, 2003
	Servicer(s):		Impac Funding Corporation Master Servicer
			Countrywide Home Loans, Inc. Sub-Servicer
			Wendover Funding, Inc. Sub-Servicer
								Distribution Date: December 26, 2003
	Underwriter(s):		Countrywide Securities Underwriter					Record Date: December 25, 2003
			Countrywide Securities					November 28, 2003






						Page 1 of 24					© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Certificate Payment Report for December 26, 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)

1-A-1	FLT, STEP,	312,263,000.00			258,162,923.88	337,628.70	4,987,992.29	5,325,620.99	-	-	253,174,931.59
2-A-1	FLT, STEP,	13,268,240.00			13,126,994.87	18,298.03	15,446.30	33,744.33	-	-	13,111,548.57
1-B-1	FLT, STEP,	19,255,000.00			15,919,039.71	56,460.08	307,573.40	364,033.48	-	-	15,611,466.31
Cert	R	-			-	462,193.75	-	462,193.75	-	-	-


Total		344,786,240.00			287,208,958.46	874,580.56	5,311,011.99	6,185,592.55	-	-	281,897,946.47


	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)

1-A-1	11/25/03	12/25/03		A-Act/360	45254NDV6	312,263,000.00	826.748362	1.081232	15.973690	17.054922	810.774673
2-A-1	11/25/03	12/25/03		A-Act/360	45254NDX2	13,268,240.00	989.354645	1.379085	1.164156	2.543241	988.190489
1-B-1	11/25/03	12/25/03		A-Act/360	45254NDW4	19,255,000.00	826.748362	2.932230	15.973690	18.905920	810.774672
Cert	11/25/03	12/25/03		-Act/360		-	-	-	-	-	-


							Page 2 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Certificate Payment Report for December 26, 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)

1-A-1	312,263,000.00		4,270,125.05		57,300,459.02	1,787,609.39	59,088,068.41	63,358,193.46	-	-	253,174,931.59
2-A-1	13,268,240.00		205,702.60		48.25	156,643.18	156,691.43	362,394.03	-	-	13,111,548.57
1-B-1	19,255,000.00		689,650.20		3,533,304.75	110,228.94	3,643,533.69	4,333,183.89	-	-	15,611,466.31
Cert	-		6,756,325.32		-	-	-	6,756,325.32	-	-	-


Total	344,786,240.00		11,921,803.17		60,833,812.02	2,054,481.51	62,888,293.53	74,810,096.70	-	-	281,897,946.47


	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)

1-A-1	1.51875%	258,162,923.88			337,628.70	-	-	-	337,628.70	337,628.70	-
2-A-1	1.61875%	13,126,994.87			18,298.03	-	-	-	18,298.03	18,298.03	-
1-B-1	3.02917%	15,919,039.71			41,523.99	-	-	-	56,460.08	56,460.08	-
Cert		-			-	-	-	-	-	462,193.75	-


Total		287,208,958.46			397,450.72	-	-	-	412,386.81	874,580.56	-


							Page 3 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


SUMMARY						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Principal Collections					15,446.30	5,295,565.68	5,311,011.98
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL PRINCIPAL					15,446.30	5,295,565.68	5,311,011.98

	Interest Collections					69,507.11	1,180,707.18	1,250,214.29
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					(21,162.30)	(199,268.65)	(220,430.95)
	Interest Fees					(5,078.69)	(150,124.08)	(155,202.77)
	TOTAL INTEREST					43,266.12	831,314.45	874,580.57

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					58,712.42	6,126,880.13	6,185,592.55


PRINCIPAL - COLLECTIONS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Scheduled Principal					15,446.31	160,027.99	175,474.30
	Curtailments					(0.01)	34,544.04	34,544.03
	Prepayments in Full					0.00	5,100,993.65	5,100,993.65
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(2,042.85)	(5,677.06)	(7,719.91)
	Realized Losses					0.00	0.00	0.00
	Substitution Adjustments- Principal					0.00	0.00	0.00
	Termination Price Amounts- Principal					0.00	0.00	0.00
	Additional Principal Amts					0.00	0.00	0.00
	Principal Advanced					2,042.85	5,677.06	7,719.91

	TOTAL PRINCIPAL					15,446.30	5,295,565.68	5,311,011.98


				Page 4 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Scheduled Interest					69,946.08	1,183,830.77	1,253,776.85
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Prepayment Interest Shortfalls					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(9,159.22)	(49,976.70)	(59,135.92)
	Interest Realized Losses					0.00	0.00	0.00
	Compensating Interest					0.00	0.00	0.00
	Substitution Adjustments- Interest					0.00	0.00	0.00
	Termination Price Amounts- Interest					0.00	0.00	0.00
	Additional Interest Amts					0.00	0.00	0.00
	Interest Prepayment Premiums					0.00	0.00	0.00
	Interest Advanced					8,720.25	46,853.11	55,573.36
	Cap Contract Payment Amt					0.00	0.00	0.00

	TOTAL INTEREST					69,507.11	1,180,707.18	1,250,214.29


				Page 5 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

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

	TOTAL INTEREST WITHDRAWALS					0.00	0.00	0.00

INTEREST - OTHER ACCOUNTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Cap Contract Payment Amounts					0.00	0.00	0.00
	Floor Contract Payment Amounts					0.00	0.00	0.00
	Swap Contract Payment Amounts					21,162.30	199,268.65	220,430.95


INTEREST - FEES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Owner Trustee Fee					20.23	393.03	413.26
	Indenture Trustee Fee					89.25	1,733.94	1,823.19
	Bond Insurance Premium Amount					2,076.00	40,086.03	42,162.03
	Radian PMI Insurance Premiums					0.00	17,401.84	17,401.84
	Current Servicing Fees					2,893.21	90,509.24	93,402.45

	TOTAL INTEREST FEES					5,078.69	150,124.08	155,202.77


				Page 6 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Credit Enhancement Report for December 26, 2003 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Current Periods Required Overcollateralization Amt					1,153,760.00	3,348,660.44	4,502,420.44
	Current Periods Overcollateralization Amt					1,153,760.01	3,348,660.45	4,502,420.46
	Current Periods Net Monthly Excess Cashflow					24,968.10	452,161.76	477,129.86
	Current Periods Overcollateralization Release					0.01	0.00	0.01
	Current Periods Principal Available Funds Shortfall						0.00	0.00

	60 Day Rolling Delinquency Amount					0.00	3,566,539.57	3,566,539.57
	90 Day Rolling Delinquency Amount					0.00	3,028,562.19	3,028,562.19

	Available Funds Rate					3.3010%	3.0292%	3.0292%
	90 Day Delinquency Percentage							0.0000%


				Page 7 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Collateral Report for December 26, 2003 Distribution


	Collateral Report


COLLATERAL						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
	Loan Count:
	*Original*					19	1282	1301
	Prior					19	1,079	1,098
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					-	(19)	(19)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					19	1,060	1,079

	*Principal Balance:*
	Original					14,422,000.00	334,866,044.13	349,288,044.13
	Prior					14,280,754.88	277,430,624.03	291,711,378.91
	Prefunding					-	-	-
	Scheduled Principal					(15,446.31)	(160,027.99)	(175,474.30)
	Partial and Full Voluntary Prepayments					0.01	(5,135,537.69)	(5,135,537.68)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					14,265,308.58	272,135,058.35	286,400,366.93

PREFUNDING						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Group 1 - Adj
	Group 2 - Adj
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Collateral Report for December 26, 2003 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Weighted Average Coupon Original					5.877149%	4.823186%	4.866704%
	Weighted Average Coupon Prior					5.877471%	5.187583%	5.220520%
	Weighted Average Coupon Current					5.877511%	5.120548%	5.157606%
	Weighted Average Months to Maturity Original					360	359	359
	Weighted Average Months to Maturity Prior					350	350	350
	Weighted Average Months to Maturity Current					349	349	349
	Weighted Avg Remaining Amortization Term Original					360	359	359
	Weighted Avg Remaining Amortization Term Prior					351	350	350
	Weighted Avg Remaining Amortization Term Current					350	349	349
	Weighted Average Seasoning Original					-	0.92	0.88
	Weighted Average Seasoning Prior					9.00	9.81	9.77
	Weighted Average Seasoning Current					10.00	10.80	10.76

Note: Original information refers to deal issue.


	Group 1 - Adj
	Group 2 - Adj
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Collateral Report for December 26, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Weighted Average Margin Original					2.917%	2.929%
	Weighted Average Margin Prior					2.918%	2.907%
	Weighted Average Margin Current					2.918%	2.899%
	Weighted Average Max Rate Original					10.995%	11.911%
	Weighted Average Max Rate Prior					10.995%	11.817%
	Weighted Average Max Rate Current					10.995%	11.796%
	Weighted Average Min Rate Original					5.877%	3.158%
	Weighted Average Min Rate Prior					5.877%	3.055%
	Weighted Average Min Rate Current					5.878%	3.030%
	Weighted Average Cap Up Original					1.000%	1.026%
	Weighted Average Cap Up Prior					1.000%	1.022%
	Weighted Average Cap Up Current					1.000%	1.021%
	Weighted Average Cap Down Original					1.000%	1.047%
	Weighted Average Cap Down Prior					1.000%	1.040%
	Weighted Average Cap Down Current					1.000%	1.038%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Current Servicing Fees					2,893.21	90,509.24	93,402.45
	Delinquent Servicing Fees					438.97	3,123.59	3,562.56
	TOTAL SERVICING FEES					3,332.18	93,632.83	96,965.01

	Total Servicing Fees					3,332.18	93,632.83	96,965.01
	Compensating Interest					0.00	0.00	0.00
	Delinquent Servicing Fees					(438.97)	(3,123.59)	(3,562.56)
	COLLECTED SERVICING FEES					2,893.21	90,509.24	93,402.45

	Current PPIS					0.00	0.00	0.00
	Current Net PPIS					0.00	0.00	0.00

	Total Advanced Principal For Current Payment Date					2,042.85	5,677.06	7,719.91
	Total Advanced Interest For Current Payment Date					8,720.25	46,853.11	55,573.36
	TOTAL ADVANCES FOR CURRENT PERIOD					10,763.10	52,530.17	63,293.27


ADDITIONAL COLLATERAL INFORMATION						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 10 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Delinquency Report for December 26, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,156,860.14	345,519.95	422,365.43	3,924,745.52
		% Balance			1.10%	0.12%	0.15%	1.37%
		# Loans			8	2	2	12
		% # Loans			0.74%	0.19%	0.19%	1.11%
FORECLOSURE		Balance		-	-	-	1,915,747.87	1,915,747.87
		% Balance		0.00%	0.00%	0.00%	0.67%	0.67%
		# Loans		-	-	-	6	6
		% # Loans		0.00%	0.00%	0.00%	0.56%	0.56%
BANKRUPTCY		Balance		-	-	-	440,267.57	440,267.57
		% Balance		0.00%	0.00%	0.00%	0.15%	0.15%
		# Loans		-	-	-	2	2
		% # Loans		0.00%	0.00%	0.00%	0.19%	0.19%
REO		Balance		-	-	-	341,676.46	341,676.46
		% Balance		0.00%	0.00%	0.00%	0.12%	0.12%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.09%	0.09%

TOTAL		Balance		-	3,156,860.14	345,519.95	3,120,057.33	6,622,437.42
		% Balance		0.00%	1.10%	0.12%	1.09%	2.31%
		# Loans		-	8	2	11	21
		% # Loans		0.00%	0.74%	0.19%	1.02%	1.95%
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 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Delinquency Report for December 26, 2003 Distribution


	Delinquency Report - Group 1 - Adj Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,672,691.73	345,519.95	422,365.43	2,440,577.11
		% Balance			0.61%	0.13%	0.16%	0.90%
		# Loans			7	2	2	11
		% # Loans			0.66%	0.19%	0.19%	1.04%
FORECLOSURE		Balance		-	-	-	1,915,747.87	1,915,747.87
		% Balance		0.00%	0.00%	0.00%	0.70%	0.70%
		# Loans		-	-	-	6	6
		% # Loans		0.00%	0.00%	0.00%	0.57%	0.57%
BANKRUPTCY		Balance		-	-	-	440,267.57	440,267.57
		% Balance		0.00%	0.00%	0.00%	0.16%	0.16%
		# Loans		-	-	-	2	2
		% # Loans		0.00%	0.00%	0.00%	0.19%	0.19%
REO		Balance		-	-	-	341,676.46	341,676.46
		% Balance		0.00%	0.00%	0.00%	0.13%	0.13%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.09%	0.09%

TOTAL		Balance		-	1,672,691.73	345,519.95	3,120,057.33	5,138,269.01
		% Balance		0.00%	0.61%	0.13%	1.15%	1.89%
		# Loans		-	7	2	11	20
		% # Loans		0.00%	0.66%	0.19%	1.04%	1.89%
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 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Delinquency Report for December 26, 2003 Distribution


	Delinquency Report - Group 2 - Adj Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,484,168.41	-	-	1,484,168.41
		% Balance			10.40%	0.00%	0.00%	10.40%
		# Loans			1	-	-	1
		% # Loans			5.26%	0.00%	0.00%	5.26%
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		-	1,484,168.41	-	-	1,484,168.41
		% Balance		0.00%	10.40%	0.00%	0.00%	10.40%
		# Loans		-	1	-	-	1
		% # Loans		0.00%	5.26%	0.00%	0.00%	5.26%
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 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	REO Report for December 26, 2003 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1 - Adj Group; REO Book Value = Not Available
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 - Adj Group; REO Book Value = Not Available
Total Current Balance = 000.00
REO Book Value = Not Available

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 14 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	*Current*
	Number of Paid in Full Loans					-	19	19
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					-	19	19

	Paid in Full Balance					-	5,100,993.65	5,100,993.65
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					(0.01)	34,544.04	34,544.03
	Total Prepayment Amount					(0.01)	5,135,537.69	5,135,537.68

	*Cumulative*
	Number of Paid in Full Loans					-	221	221
	Number of Repurchased Loans					-	1	1
	Total Number of Loans Prepaid in Full					-	222	222

	Paid in Full Balance					-	59,867,981.85	59,867,981.85
	Repurchased Loans Balance					-	77,141.23	77,141.23
	Curtailments Amount					48.24	888,024.37	888,072.61
	Total Prepayment Amount					48.24	60,833,147.45	60,833,195.69


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


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


				Page 15 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	SMM					0.00%	1.85%	1.76%
	3 Months Avg SMM					0.00%	2.40%	2.29%
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.00%	1.81%	1.73%

	CPR					0.00%	20.10%	19.21%
	3 Months Avg CPR					0.00%	25.31%	24.25%
	12 Months Avg CPR
	Avg CPR Since Cut-off					0.00%	19.72%	18.91%

	PSA					0.00%	930.44%	892.53%
	3 Months Avg PSA Approximation					0.04%	1289.48%	1240.65%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					0.04%	1683.45%	1625.43%



	Group 1 - Adj
	Group 2 - Adj


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 16 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1 - Adj
	Group 2 - Adj

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 17 of 24				© COPYRIGHT 2003 Deutsche Bank


	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Prepayment Detail Report for December 26, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 19						Loan Group 1 = Group 1 - Adj Group
Total Original Principal Balance = 5,150,550.00						Loan Group 2 = Group 2 - Adj Group
Total Prepayment Amount = 5,100,993.65


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

1100361260 1			215,250.00	213,572.02	Nov-28-03	6.875%	CA - 75.00%	Paid Off - 360	Dec-16-02
1100361836 1			306,300.00	302,694.64	Nov-03-03	4.750%	CA - 90.00%	Paid Off - 360	Dec-18-02
1100362133 1			364,000.00	359,267.16	Nov-26-03	4.250%	CA - 77.45%	Paid Off - 360	Nov-27-02
1100362270 1			444,600.00	444,593.05	Nov-07-03	3.500%	CA - 90.00%	Paid Off - 360	Nov-27-02
1100365865 1			216,000.00	212,579.16	Nov-18-03	3.500%	VA - 80.00%	Paid Off - 360	Jan-13-03
1100366190 1			178,000.00	175,887.46	Nov-17-03	3.750%	IL - 64.73%	Paid Off - 360	Nov-26-02
1100367011 1			146,400.00	144,744.87	Nov-14-03	6.875%	MI - 80.00%	Paid Off - 360	Dec-23-02
1100367041 1			238,680.00	235,554.95	Nov-26-03	4.875%	CA - 94.72%	Paid Off - 360	Dec-23-02
1100367100 1			296,000.00	293,271.45	Nov-05-03	7.500%	MI - 80.00%	Paid Off - 360	Dec-23-02
1100367164 1			501,800.00	493,718.37	Nov-24-03	5.250%	TX - 67.54%	Paid Off - 360	Dec-23-02
1100367234 1			287,000.00	286,298.39	Nov-17-03	5.250%	CA - 70.00%	Paid Off - 360	Dec-18-02
1100368534 1			342,000.00	333,550.36	Nov-26-03	6.125%	CA - 95.00%	Paid Off - 360	Dec-20-02
1100368810 1			150,000.00	145,959.64	Nov-26-03	5.810%	NJ - 67.26%	Paid Off - 360	Dec-20-02
1100368853 1			236,000.00	232,886.26	Nov-21-03	5.125%	CA - 57.56%	Paid Off - 360	Dec-18-02
1100368854 1			111,920.00	111,010.37	Nov-06-03	7.875%	NV - 80.00%	Paid Off - 360	Dec-24-02
1100368882 1			125,600.00	124,405.49	Nov-03-03	6.875%	CA - 80.00%	Paid Off - 360	Dec-24-02
1100368973 1			360,500.00	360,500.00	Nov-18-03	6.500%	HI - 56.16%	Paid Off - 360	Jan-08-03
1103009896 1			543,200.00	543,200.00	Nov-21-03	4.750%	CA - 80.00%	Paid Off - 360	Dec-20-02
2500023221 1			87,300.00	87,300.01	Nov-24-03	6.500%	FL - 90.00%	Paid Off - 360	Dec-23-02


					Page 18 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2 - ADJ	GROUP 1 - ADJ	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%	0.0000%	0.0000%


	Group 1 - Adj						3 Months Moving Average
	Group 2 - Adj

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 19 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

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

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

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

	Group 1 - Adj
	Group 2 - Adj
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 20 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral

	Group 1 - Adj
	Group 2 - Adj

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 21 of 24				© COPYRIGHT 2003 Deutsche Bank


	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Realized Loss Detail Report for December 26, 2003 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 0						Loan Group 1 = Group 1 - Adj Group
Total Original Principal Balance = 0.00						Loan Group 2 = Group 2 - Adj Group
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 22 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 2003 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	Current Periods Basis Risk Shortfall Carry Forward Amt					0.00	14,936.09	14,936.09
	Cumulative Basis Risk Shortfall Carry Forward Amt					0.00	0.00	0.00

	Current Periods LIBOR Rate							1.1188%


ADDITIONAL INFORMATION						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL


	Current Periods Net Mortgage Rate					5.5883%	4.6311%	4.6779%

	Total Derivative Payments					21,162.30	187,549.86	208,712.16
	289257 - 448403D					0.00	0.00	0.00
	N/A					0.00	0.00	0.00
	288999 - 448023D					0.00	15,870.69	15,870.69
	288984 - 448005D					0.00	7,689.18	7,689.18
	288988 - 448019D					0.00	11,753.08	11,753.08
	288998 - 447997D					0.00	7,883.97	7,883.97
	289000 - 448031D					0.00	7,883.97	7,883.97

				Page 23 of 24				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-1
	Collateralized Asset-Backed Bonds
	Series 2003-1
	Other Related Information for December 26, 2003 Distribution


	Other Related Information


ADDITIONAL INFORMATION						GROUP 2 - ADJ	GROUP 1 - ADJ	TOTAL

	289001 - 448029D					0.00	6,751.82	6,751.82
	288983 - 448027D					0.00	10,295.31	10,295.31
	288985 - 448015D					0.00	9,157.20	9,157.20
	288987 - 448021D					0.00	6,277.56	6,277.56
	288990 - 448025D					0.00	21,549.20	21,549.20
	288989 - 448017D					0.00	7,031.28	7,031.28
	289003 - 448033D					0.00	8,128.69	8,128.69
	288934 - 447961D					7,971.15	0.00	7,971.15
	288946 - 447963D					7,374.85	0.00	7,374.85
	288962 - 447989D					0.00	10,348.70	10,348.70
	288963 - 447987D					5,816.30	0.00	5,816.30
	288964 - 447993D					0.00	8,512.70	8,512.70
	288967 - 448001D					0.00	4,829.23	4,829.23
	288968 - 448007D					0.00	3,943.05	3,943.05
	288969 - 448009D					0.00	7,724.99	7,724.99
	288970 - 448013D					0.00	8,530.61	8,530.61
	288974 - 447999D					0.00	7,812.55	7,812.55
	288975 - 448003D					0.00	8,845.69	8,845.69
	288971 - 447995D					0.00	6,730.39	6,730.39


				Page 24 of 24				© COPYRIGHT 2003 Deutsche Bank

IMH ASSETS CORP IPAC CMB TRUST SERIES 2003-1 8-K