

                           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 2003-7.
              (as Company under a Series 2003-7 Indenture, dated as of
               June 29,2003 providing for, inter alia, the issuance of
               Collateralized Asset Backed Bonds, Series 2003-7).


                   IMH ASSETS CORP IMPAC CMB TRUST SERIES 2003-7
                 (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-103591-04                          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
                                  June 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 2003-7
	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				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: December 26, 2003
	Underwriter(s):		Bear, Stearns & Co. Inc Underwriter					Record Date: December 24, 2003
			Countrywide Securities					November 28, 2003






						Page 1 of 22					© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	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)

A	FLT, STEP,	278,250,000.00			267,554,377.87	331,479.44	4,561,204.48	4,892,683.92	-	-	262,993,173.39
M	MEZ, FLT, S	13,500,000.00			12,981,074.93	30,949.50	221,298.33	252,247.83	-	-	12,759,776.60
B	SUB, FLT, S	6,000,000.00			5,769,366.63	20,462.22	98,354.81	118,817.03	-	-	5,671,011.82
Cert	R	-			-	613,922.38	-	613,922.38	-	-	-


Total		297,750,000.00			286,304,819.43	996,813.54	4,880,857.62	5,877,671.16	-	-	281,423,961.81


	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	11/25/03	12/25/03		A-Act/360	45254NEX1	278,250,000.00	961.561106	1.191301	16.392469	17.583770	945.168638
M	11/25/03	12/25/03		A-Act/360	45254NEY9	13,500,000.00	961.561106	2.292556	16.392469	18.685024	945.168637
B	11/25/03	12/25/03		A-Act/360	45254NEZ6	6,000,000.00	961.561105	3.410370	16.392468	19.802838	945.168637
Cert	11/25/03	12/25/03		-		-	-	-	-	-	-


							Page 2 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	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)

A	278,250,000.00		1,958,379.04		14,493,243.93	763,582.68	15,256,826.61	17,215,205.65	-	-	262,993,173.39
M	13,500,000.00		183,162.10		703,176.26	37,047.14	740,223.40	923,385.50	-	-	12,759,776.60
B	6,000,000.00		121,170.68		312,522.79	16,465.39	328,988.18	450,158.86	-	-	5,671,011.82
Cert	-		4,048,892.06		-	-	-	4,048,892.06	-	-	-


Total	297,750,000.00		6,311,603.88		15,508,942.98	817,095.21	16,326,038.19	22,637,642.07	-	-	281,423,961.81


	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	1.43875%	267,554,377.87			331,479.44	-	-	-	331,479.44	331,479.44	-
M	2.76875%	12,981,074.93			30,949.50	-	-	-	-	30,949.50	-
B	4.11875%	5,769,366.63			20,072.37	-	-	-	20,852.07	20,462.22	-
Cert		-			-	-	-	-	613,922.38	613,922.38	-


Total		286,304,819.43			382,501.31	-	-	-	966,253.89	996,813.54	-


							Page 3 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collection Account Report for December 26, 2003 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							4,880,857.63
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL PRINCIPAL							4,880,857.63

	Interest Collections							1,274,426.96
	Interest Withdrawals							0.00
	Interest Other Accounts							(129,041.56)
	Interest Fees							(148,571.87)
	TOTAL INTEREST							996,813.53

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							5,877,671.16


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							156,193.75
	Curtailments							9,521.53
	Prepayments in Full							4,715,142.35
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	Delinquent Principal							(30,894.39)
	Realized Losses							0.00
	Substitution Adjustments- Principal							0.00
	Termination Price Amounts- Principal							0.00
	Additional Principal Amts							0.00
	Principal Advanced							30,894.39

	TOTAL PRINCIPAL							4,880,857.63


				Page 4 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collection Account Report for December 26, 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							1,292,343.99
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Interest							0.00
	Other Additional Interest							0.00
	Prepayment Interest Shortfalls							(11,657.80)
	Relief Act Interest Shortfalls							0.00
	Delinquent Interest							(258,577.13)
	Interest Realized Losses							0.00
	Compensating Interest							11,657.80
	Substitution Adjustments- Interest							0.00
	Termination Price Amounts- Interest							0.00
	Additional Interest Amts							0.00
	Interest Prepayment Premiums							0.00
	Interest Advanced							240,660.10
	Cap Contract Payment Amt							0.00

	TOTAL INTEREST							1,274,426.96


				Page 5 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collection Account Report for December 26, 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							129,041.56


INTEREST - FEES								TOTAL

	Owner Trustee Fee							408.79
	Indenture Trustee Fee							1,262.43
	Bond Insurance Premium Amount							41,640.59
	Radian PMI Insurance Premiums							25,789.83
	Current Servicing Fees							79,470.23

	TOTAL INTEREST FEES							148,571.87


				Page 6 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Credit Enhancement Report for December 26, 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							614,312.23
	Current Periods Overcollateralization Release							0.01

	60 Day Rolling Delinquency Amount							682,304.11
	90 Day Rolling Delinquency Amount							274,828.92

	60 Day Delinquency Percentage							0.3080%
	90 Day Delinquency Percentage							0.2131%

	Available Funds Rate							4.0403%



				Page 7 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collateral Report for December 26, 2003 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							1169
	Prior							1,128
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(17)
	Repurchases							-
	Liquidations							-
	Current							1,111

	*Principal Balance:*
	Original							300,000,797.24
	Prior							288,554,825.42
	Prefunding							-
	Scheduled Principal							(156,193.75)
	Partial and Full Voluntary Prepayments							(4,724,663.88)
	Repurchases							-
	Liquidations							-
	Current							283,673,967.79

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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collateral Report for December 26, 2003 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							5.492849%
	Weighted Average Coupon Prior							5.466275%
	Weighted Average Coupon Current							5.374413%
	Weighted Average Months to Maturity Original							359
	Weighted Average Months to Maturity Prior							355
	Weighted Average Months to Maturity Current							354
	Weighted Avg Remaining Amortization Term Original							359
	Weighted Avg Remaining Amortization Term Prior							355
	Weighted Avg Remaining Amortization Term Current							354
	Weighted Average Seasoning Original							1.14
	Weighted Average Seasoning Prior							5.15
	Weighted Average Seasoning Current							6.15

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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Collateral Report for December 26, 2003 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							3.121%
	Weighted Average Margin Prior							3.120%
	Weighted Average Margin Current							3.109%
	Weighted Average Max Rate Original							11.511%
	Weighted Average Max Rate Prior							11.501%
	Weighted Average Max Rate Current							11.478%
	Weighted Average Min Rate Original							3.250%
	Weighted Average Min Rate Prior							3.249%
	Weighted Average Min Rate Current							3.227%
	Weighted Average Cap Up Original							1.010%
	Weighted Average Cap Up Prior							1.011%
	Weighted Average Cap Up Current							1.009%
	Weighted Average Cap Down Original							1.010%
	Weighted Average Cap Down Prior							1.011%
	Weighted Average Cap Down Current							1.009%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							79,470.23
	Delinquent Servicing Fees							17,917.03
	TOTAL SERVICING FEES							97,387.26

	Total Servicing Fees							97,387.26
	Compensating Interest							11,657.80
	Delinquent Servicing Fees							(17,917.03)
	COLLECTED SERVICING FEES							91,128.03

	Current PPIS							11,657.80
	Current Net PPIS							23,315.60

	Total Advanced Principal For Current Payment Date							30,894.39
	Total Advanced Interest For Current Payment Date							240,660.10
	TOTAL ADVANCES FOR CURRENT PERIOD							271,554.49


ADDITIONAL COLLATERAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 10 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Delinquency Report for December 26, 2003 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,369,108.89	269,329.83	604,375.75	2,242,814.47
		% Balance			0.48%	0.09%	0.21%	0.79%
		# Loans			5	2	3	10
		% # Loans			0.45%	0.18%	0.27%	0.90%
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		-	1,369,108.89	269,329.83	604,375.75	2,242,814.47
		% Balance		0.00%	0.48%	0.09%	0.21%	0.79%
		# Loans		-	5	2	3	10
		% # Loans		0.00%	0.45%	0.18%	0.27%	0.90%
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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	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 = 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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							17
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							17

	Paid in Full Balance							4,715,142.35
	Repurchased Loans Balance							-
	Curtailments Amount							9,521.53
	Total Prepayment Amount							4,724,663.88

	*Cumulative*
	Number of Paid in Full Loans							58
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							58

	Paid in Full Balance							15,325,995.61
	Repurchased Loans Balance							-
	Curtailments Amount							183,738.63
	Total Prepayment Amount							15,509,734.24


	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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Prepayment Report for December 26, 2003 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							1.64%
	3 Months Avg SMM							1.48%
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.88%

	CPR							17.98%
	3 Months Avg CPR							16.36%
	12 Months Avg CPR
	Avg CPR Since Cut-off							10.09%

	PSA							1462.17%
	3 Months Avg PSA Approximation							1588.25%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1383.58%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 14 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Prepayment Report for December 26, 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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Prepayment Detail Report for December 26, 2003 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 17						Loan Group 1 = Adjustable Group
Total Original Principal Balance = 4,726,600.00
Total Prepayment Amount = 4,715,142.35


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

1100371109 1			258,000.00	256,821.11	Nov-10-03	6.500%	CA - 80.00%	Paid Off - 360	Jun-03-03
1100375092 1			252,000.00	252,000.00	Nov-25-03	4.250%	CA - 80.00%	Paid Off - 360	May-28-03
1100375728 1			307,650.00	306,804.10	Nov-14-03	3.625%	CA - 68.37%	Paid Off - 360	Jun-10-03
1100376072 1			176,000.00	174,933.49	Nov-28-03	4.990%	MD - 79.64%	Paid Off - 360	May-28-03
1100377405 1			140,000.00	140,000.00	Nov-26-03	5.000%	CA - 80.00%	Paid Off - 360	Jun-10-03
1100377564 1			301,000.00	300,943.56	Nov-20-03	4.500%	CA - 70.00%	Paid Off - 360	Jun-26-03
1100378136 1			308,700.00	307,072.97	Nov-12-03	5.750%	CA - 90.00%	Paid Off - 360	Jun-18-03
1100378316 1			148,800.00	147,856.51	Nov-20-03	4.750%	DC - 80.00%	Paid Off - 360	Jun-16-03
1100378515 1			348,000.00	348,000.00	Nov-14-03	6.250%	CA - 80.00%	Paid Off - 360	May-27-03
1100378530 1			262,500.00	261,528.79	Nov-21-03	8.500%	FL - 72.52%	Paid Off - 360	May-29-03
1100378744 1			520,000.00	517,259.30	Nov-20-03	5.750%	DC - 80.00%	Paid Off - 360	Jun-27-03
1103036709 1			94,000.00	93,521.05	Nov-06-03	7.250%	CA - 89.53%	Paid Off - 360	May-27-03
2500025210 1			636,000.00	636,000.00	Nov-11-03	6.125%	FL - 80.00%	Paid Off - 360	May-29-03
2500026946 1			85,500.00	85,018.61	Nov-21-03	6.625%	FL - 95.00%	Paid Off - 360	May-29-03
2500027008 1			233,950.00	233,950.00	Nov-05-03	4.625%	NV - 89.99%	Paid Off - 360	May-30-03
2500027841 1			322,000.00	320,932.86	Nov-13-03	6.990%	FL - 48.79%	Paid Off - 360	Jun-11-03
2500028084 1			332,500.00	332,500.00	Nov-03-03	3.875%	CA - 70.00%	Paid Off - 360	Jun-17-03


					Page 16 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Realized Loss Report for December 26, 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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Realized Loss Report for December 26, 2003 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS								TOTAL

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

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

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

	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off



CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 18 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Realized Loss Report for December 26, 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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	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 = 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 CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 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							1.1188%


ADDITIONAL INFORMATION								TOTAL


	Current Periods Net Mortgage Rate							4.8552%


				Page 21 of 22				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-7
	Collateralized Asset-Backed Bonds
	Series 2003-7
	Other Related Information for December 26, 2003 Distribution


	Other Related Information


ADDITIONAL INFORMATION								TOTAL

	Total Derivative Payments							129,041.56

	FXIMP037A1							7,029.68
	FXIMP037B1							57,409.58
	FXIMP037C1							13,932.49
	FXIMP037D1							12,490.21
	FXIMP037E1							2,921.62
	FXIMP037F1							30,241.17
	FXIMP037G1							5,016.81


				Page 22 of 22				© COPYRIGHT 2003 Deutsche Bank

IMH ASSETS CORP IMPAC CMB TRUST SERIES 2003 7 8-K