
                                      UNITED STATES
                           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 27, 2004
                           (Date of earliest event reported)

                   Impac CMB Trust Series 2004-1 (as Issuer under the
                    Indenture dated as January 29, 2004, providing
                   for the issuance Trust Certificates, Series 2004-1)
                  (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-109503-03                          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


         (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  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 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     September 27, 2004.

                                    Signatures

               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,
                                  in its capacity as Trustee under the
                                  Indenture Agreement on behalf of Impac
                                  Assets Corporation Inc., Registrant


          Date:  Sep 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of September 27, 2004.


	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates


	September 27, 2004 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				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: Alan Sueda
				Direct Phone Number: (714)247-6315
				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, 2004
	Certificate Insurer(s):							Closing Date: January 29, 2004
								First Payment Date: February 25, 2004
	Servicer(s):		Impac Funding Corp. Master Servicer
			Countrywide Home Loans Serv Sub-Servicer
			Wells Fargo Sub-Servicer
								Distribution Date: September 27, 2004
	Underwriter(s):		Countrywide Securities Lead Underwriter					Record Date: September 24, 2004
			Merrill Lynch & Co. Co-Lead Underwriter					August 31, 2004






						Page 1 of 24					© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for September 27, 2004 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	STEP, FLT,	869,000,000.00			756,682,922.58	1,349,102.59	23,928,161.55	25,277,264.14	-	-	732,754,761.03
A-2	STEP, FLT,	21,000,000.00			18,285,778.33	34,613.45	578,240.96	612,854.41	-	-	17,707,537.37
M-1	MEZ, STEP,	48,500,000.00			42,231,440.44	83,811.81	1,335,461.26	1,419,273.07	-	-	40,895,979.18
M-2	MEZ, STEP,	23,500,000.00			20,462,656.72	43,798.61	647,079.17	690,877.78	-	-	19,815,577.55
M-3	MEZ, STEP,	21,500,000.00			18,721,154.01	44,876.17	592,008.60	636,884.77	-	-	18,129,145.41
M-4	MEZ, STEP,	16,500,000.00			14,367,397.25	37,073.87	454,332.18	491,406.05	-	-	13,913,065.07
Cert	R	-			-	-	-	-	-	-	-


Total		1,000,000,000.00			870,751,349.33	1,593,276.50	27,535,283.72	29,128,560.22	-	-	843,216,065.61


	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	08/25/04	09/26/04		A-Act/360	45254NGP6	869,000,000.00	870.751349	1.552477	27.535284	29.087761	843.216066
A-2	08/25/04	09/26/04		A-Act/360	45254NGQ4	21,000,000.00	870.751349	1.648260	27.535284	29.183543	843.216065
M-1	08/25/04	09/26/04		A-Act/360	45254NGR2	48,500,000.00	870.751349	1.728079	27.535284	29.263362	843.216066
M-2	08/25/04	09/26/04		A-Act/360	45254NGS0	23,500,000.00	870.751350	1.863771	27.535284	29.399054	843.216066
M-3	08/25/04	09/26/04		A-Act/360	45254NGT8	21,500,000.00	870.751349	2.087264	27.535284	29.622547	843.216066
M-4	08/25/04	09/26/04		A-Act/360	45254NGU5	16,500,000.00	870.751348	2.246901	27.535284	29.782185	843.216065
Cert	08/25/04	09/26/04		-		-	-	-	-	-	-


							Page 2 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for September 27, 2004 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	869,000,000.00		8,625,444.90		132,986,342.82	3,258,896.15	136,245,238.97	144,870,683.87	-	-	732,754,761.03
A-2	21,000,000.00		224,493.46		3,213,709.09	78,753.53	3,292,462.62	3,516,956.08	-	-	17,707,537.37
M-1	48,500,000.00		549,369.58		7,422,137.66	181,883.16	7,604,020.82	8,153,390.40	-	-	40,895,979.18
M-2	23,500,000.00		291,639.24		3,596,293.51	88,128.95	3,684,422.46	3,976,061.70	-	-	19,815,577.55
M-3	21,500,000.00		305,168.85		3,290,225.97	80,628.62	3,370,854.59	3,676,023.44	-	-	18,129,145.41
M-4	16,500,000.00		255,221.78		2,525,057.14	61,877.77	2,586,934.92	2,842,156.70	-	-	13,913,065.07
Cert	-		15,664,445.88		-	-	-	15,664,445.88	-	-	-


Total	1,000,000,000.00		25,915,783.69		153,033,766.19	3,750,168.18	156,783,934.37	182,699,718.06	-	-	843,216,065.61


	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	1.94500%	756,682,922.58			1,349,102.59	-	-	-	1,349,102.59	1,349,102.59	-
A-2	2.06500%	18,285,778.33			34,613.45	-	-	-	34,613.45	34,613.45	-
M-1	2.16500%	42,231,440.44			83,811.81	-	-	-	83,811.81	83,811.81	-
M-2	2.33500%	20,462,656.72			43,798.61	-	-	-	43,798.61	43,798.61	-
M-3	2.61500%	18,721,154.01			44,876.17	-	-	-	44,876.17	44,876.17	-
M-4	2.81500%	14,367,397.25			37,073.87	-	-	-	37,073.87	37,073.87	-
Cert		-			-	-	-	-	-	-	-


Total		870,751,349.33			1,593,276.50	-	-	-	1,593,276.50	1,593,276.50	-


							Page 3 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							26,057,547.16
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL PRINCIPAL							26,057,547.16

	Interest Collections							3,851,195.04
	Interest Withdrawals							0.00
	Interest Other Accounts - Cap Contract Amt (Paid) / Received							(665,430.11)
	Interest Fees							(114,751.87)
	Interest Earnings							0.00
	TOTAL INTEREST							3,071,013.06

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							29,128,560.22


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							440,893.80
	Curtailments							159,365.43
	Prepayments in Full							25,457,287.93
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	Delinquent Principal							(354,569.53)
	Realized Losses							0.00
	Substitution Adjustments- Principal							0.00
	Termination Price Amounts- Principal							0.00
	Additional Principal Amts							0.00
	Principal Advanced							354,569.53

	TOTAL PRINCIPAL							26,057,547.16


				Page 4 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							4,079,271.17
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Interest							0.00
	Other Additional Interest							0.00
	Prepayment Interest Shortfalls							(63,035.30)
	Relief Act Interest Shortfalls							0.00
	Delinquent Interest							(3,160,054.04)
	Interest Realized Losses							0.00
	Compensating Interest							63,035.30
	Substitution Adjustments- Interest							0.00
	Termination Price Amounts- Interest							0.00
	Additional Interest Amts							0.00
	Interest Prepayment Premiums							0.00
	Interest Advanced							2,931,977.91


	TOTAL INTEREST							3,851,195.04


				Page 5 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for September 27, 2004 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
SPACE INTENTIONALLY LEFT BLANK


INTEREST - FEES								TOTAL

	Owner Trustee Fee							1,236.10
	Indenture Trustee Fee							1,890.50
	Radian PMI Insurance Premiums							44,008.83
	Current Servicing Fees							67,616.44
	TOTAL INTEREST FEES							114,751.87


				Page 6 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Credit Enhancement Report for September 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES								TOTAL

	Current Period Required Overcollateralization Amt							5,000,000.74
	Current Period Overcollateralization Amt							3,264,217.74
	Current Period Net Monthly Excess Cashflow							1,477,736.56
	Current Period Overcollateralization Release							0.00

	Available Funds Rate							3.8475%


				Page 7 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for September 27, 2004 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							3940
	Prior							3,493
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(99)
	Repurchases							-
	Liquidations							-
	Current							3,394

	*Principal Balance:*
	Original							1,000,000,049.26
	Prior							872,537,830.51
	Prefunding							-
	Scheduled Principal							(440,893.80)
	Partial and Full Voluntary Prepayments							(25,616,653.36)
	Repurchases							-
	Liquidations							-
	Current							846,480,283.35

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 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for September 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							5.749443%
	Weighted Average Coupon Prior							5.609998%
	Weighted Average Coupon Current							5.610216%
	Weighted Average Months to Maturity Original							358
	Weighted Average Months to Maturity Prior							352
	Weighted Average Months to Maturity Current							351
	Weighted Avg Remaining Amortization Term Original							358
	Weighted Avg Remaining Amortization Term Prior							352
	Weighted Avg Remaining Amortization Term Current							351
	Weighted Average Seasoning Original							2.15
	Weighted Average Seasoning Prior							8.09
	Weighted Average Seasoning Current							9.09

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 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for September 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							3.472%
	Weighted Average Margin Prior							3.475%
	Weighted Average Margin Current							3.475%
	Weighted Average Max Rate Original							11.709%
	Weighted Average Max Rate Prior							11.686%
	Weighted Average Max Rate Current							11.678%
	Weighted Average Min Rate Original							3.646%
	Weighted Average Min Rate Prior							3.639%
	Weighted Average Min Rate Current							3.641%
	Weighted Average Cap Up Original							1.066%
	Weighted Average Cap Up Prior							1.063%
	Weighted Average Cap Up Current							1.064%
	Weighted Average Cap Down Original							1.066%
	Weighted Average Cap Down Prior							1.063%
	Weighted Average Cap Down Current							1.064%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							67,616.44
	Delinquent Servicing Fees							228,076.12
	TOTAL SERVICING FEES							295,692.56

	Total Servicing Fees							295,692.56
	Compensating Interest							63,035.30
	Delinquent Servicing Fees							(228,076.12)
	COLLECTED SERVICING FEES							130,651.74

	Current PPIS							63,035.30
	Current Net PPIS							0.00

	Total Advanced Principal For Current Payment Date							354,569.53
	Total Advanced Interest For Current Payment Date							2,931,977.91
	TOTAL ADVANCES FOR CURRENT PERIOD							3,286,547.44


ADDITIONAL COLLATERAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 10 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			5,588,481.81	2,088,834.18	468,117.45	8,145,433.44
		% Balance			0.66%	0.25%	0.06%	0.96%
		# Loans			24	8	2	34
		% # Loans			0.71%	0.24%	0.06%	1.00%
FORECLOSURE		Balance		98,900.42	-	-	3,782,471.83	3,881,372.25
		% Balance		0.01%	0.00%	0.00%	0.45%	0.46%
		# Loans		1	-	-	14	15
		% # Loans		0.03%	0.00%	0.00%	0.41%	0.44%
BANKRUPTCY		Balance		238,199.30	-	-	131,000.00	369,199.30
		% Balance		0.03%	0.00%	0.00%	0.02%	0.04%
		# Loans		2	-	-	1	3
		% # Loans		0.06%	0.00%	0.00%	0.03%	0.09%
REO		Balance		-	-	-	76,127.60	76,127.60
		% Balance		0.00%	0.00%	0.00%	0.01%	0.01%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.03%	0.03%

TOTAL		Balance		337,099.72	5,588,481.81	2,088,834.18	4,457,716.88	12,472,132.59
		% Balance		0.04%	0.66%	0.25%	0.53%	1.47%
		# Loans		3	24	8	18	53
		% # Loans		0.09%	0.71%	0.24%	0.53%	1.56%
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 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	REO Report for September 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 1				Loan Group 1 = Adjustable; REO Book Value = Not Available
Total Original Principal Balance = 76,500.00
Total Current Balance = 76,127.60
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

2503042877 1		76,500.00	76,127.60	Mar-01-04	8.625%	MI - 75.00%	360	Dec-30-03


				Page 12 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							99
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							99

	Paid in Full Balance							25,457,287.93
	Repurchased Loans Balance							-
	Curtailments Amount							159,365.43
	Total Prepayment Amount							25,616,653.36

	*Cumulative*
	Number of Paid in Full Loans							542
	Number of Repurchased Loans							4
	Total Number of Loans Prepaid in Full							546

	Paid in Full Balance							147,820,150.60
	Repurchased Loans Balance							1,090,218.88
	Curtailments Amount							859,228.25
	Total Prepayment Amount							149,769,597.73


	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 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							2.94%
	3 Months Avg SMM							2.86%
	12 Months Avg SMM
	Avg SMM Since Cut-off							2.01%

	CPR							30.08%
	3 Months Avg CPR							29.43%
	12 Months Avg CPR
	Avg CPR Since Cut-off							21.66%

	PSA							1654.21%
	3 Months Avg PSA Approximation							1818.47%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1930.88%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 14 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for September 27, 2004 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/(0.002*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 24				© COPYRIGHT 2004 Deutsche Bank


	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 99						Loan Group 1 = Adjustable
Total Original Principal Balance = 25,585,679.00
Total Prepayment Amount = 25,457,287.93


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

1103065318 1			313,450.00	309,570.67	Aug-20-04	5.000%	NY - 94.99%	Paid Off - 360	Dec-16-03
1103073656 1			214,200.00	212,696.48	Aug-31-04	7.375%	CA - 85.00%	Paid Off - 360	Jan-05-04
1103080875 1			171,000.00	169,672.75	Aug-02-04	6.250%	CA - 95.00%	Paid Off - 360	Dec-30-03
1103083069 1			572,000.00	572,000.00	Aug-09-04	5.250%	CA - 79.89%	Paid Off - 360	Dec-22-03
1103084489 1			214,300.00	212,181.26	Aug-16-04	5.750%	CA - 80.00%	Paid Off - 360	Dec-31-03
1103087140 1			185,250.00	185,250.00	Aug-27-04	6.750%	CA - 95.00%	Paid Off - 360	Nov-20-03
1103087213 1			228,000.00	228,000.00	Aug-16-04	5.625%	CA - 80.00%	Paid Off - 360	Jan-12-04
1103088292 1			400,000.00	399,626.64	Aug-24-04	7.125%	CA - 87.92%	Paid Off - 360	Dec-17-03
1103089411 1			194,000.00	192,462.42	Aug-27-04	6.750%	CA - 69.95%	Paid Off - 360	Dec-23-03
1103090947 1			88,000.00	88,000.00	Aug-31-04	6.375%	FL - 80.00%	Paid Off - 360	Nov-24-03
1103091754 1			167,000.00	165,324.38	Aug-31-04	5.500%	CA - 64.24%	Paid Off - 360	Dec-16-03
1103093357 1			304,800.00	301,741.77	Aug-13-04	5.500%	CA - 80.00%	Paid Off - 360	Dec-23-03
1103093882 1			315,000.00	312,007.26	Aug-25-04	4.500%	CA - 79.75%	Paid Off - 360	Dec-31-03
1103093971 1			315,200.00	312,180.81	Aug-05-04	5.750%	CA - 80.00%	Paid Off - 360	Dec-22-03
1103094243 1			162,369.00	161,434.96	Aug-17-04	8.375%	NC - 95.00%	Paid Off - 360	Dec-19-03
1103094561 1			248,000.00	240,205.24	Aug-04-04	4.625%	CA - 80.00%	Paid Off - 360	Jan-07-04
1103094844 1			248,000.00	246,127.86	Aug-25-04	6.375%	CA - 80.00%	Paid Off - 360	Jan-06-04
1103095036 1			215,550.00	213,625.53	Aug-13-04	6.125%	CA - 79.99%	Paid Off - 360	Jan-06-04
1103095444 1			112,550.00	112,549.05	Aug-12-04	6.250%	AZ - 79.83%	Paid Off - 360	Nov-20-03
1103096890 1			90,000.00	89,492.99	Aug-17-04	7.875%	TN - 90.00%	Paid Off - 360	Jan-13-04
1103097145 1			200,650.00	198,772.39	Aug-02-04	5.875%	CA - 89.98%	Paid Off - 360	Jan-07-04
1103097666 1			366,660.00	364,158.24	Aug-04-04	6.875%	CA - 90.00%	Paid Off - 360	Dec-16-03
1103098112 1			183,200.00	181,712.77	Aug-19-04	6.625%	TX - 80.00%	Paid Off - 360	Jan-09-04
1103098170 1			255,250.00	255,250.00	Aug-09-04	6.750%	CA - 94.89%	Paid Off - 360	Dec-31-03
1103098308 1			280,000.00	277,206.28	Aug-30-04	4.875%	CA - 80.00%	Paid Off - 360	Dec-18-03
1103098859 1			100,800.00	100,057.05	Aug-18-04	7.125%	MI - 80.00%	Paid Off - 360	Dec-22-03
1103099049 1			144,000.00	142,588.17	Aug-25-04	5.625%	CA - 80.00%	Paid Off - 360	Dec-31-03
1103099071 1			423,000.00	423,000.00	Aug-24-04	6.750%	CA - 90.00%	Paid Off - 360	Jan-02-04
1103099165 1			375,900.00	375,896.63	Aug-11-04	4.250%	CA - 80.00%	Paid Off - 360	Dec-24-03
1103099284 1			297,600.00	297,600.00	Aug-04-04	4.125%	CA - 80.00%	Paid Off - 360	Dec-19-03
1103099566 1			280,000.00	278,099.82	Aug-18-04	7.000%	CA - 80.00%	Paid Off - 360	Dec-24-03
1103099689 1			185,250.00	185,249.92	Aug-31-04	5.500%	NV - 93.57%	Paid Off - 360	Jan-07-04
1103100473 1			197,500.00	195,482.85	Aug-17-04	4.375%	CA - 79.99%	Paid Off - 360	Jan-09-04
1103100681 1			217,600.00	217,600.00	Aug-19-04	5.250%	CA - 80.00%	Paid Off - 360	Dec-18-03
1103102223 1			273,000.00	272,375.69	Aug-23-04	4.875%	CA - 70.00%	Paid Off - 360	Jan-07-04
1103102359 1			165,200.00	163,775.76	Aug-20-04	6.875%	NV - 94.99%	Paid Off - 360	Nov-19-03
1103102925 1			256,000.00	256,000.00	Aug-19-04	5.625%	CA - 79.76%	Paid Off - 360	Jan-12-04
1103103158 1			200,000.00	198,650.72	Aug-19-04	6.250%	CA - 78.75%	Paid Off - 360	Jan-07-04
1103103284 1			136,000.00	135,021.34	Aug-06-04	6.625%	CA - 80.00%	Paid Off - 360	Jan-08-04
1103103791 1			297,500.00	297,500.00	Aug-06-04	4.750%	CA - 70.00%	Paid Off - 360	Dec-23-03
1103103919 1			384,000.00	384,000.00	Aug-30-04	6.250%	HI - 80.00%	Paid Off - 360	Jan-15-04
1103104000 1			382,050.00	382,050.00	Aug-23-04	6.375%	CA - 77.19%	Paid Off - 360	Dec-31-03
1103104100 1			194,000.00	194,000.00	Aug-13-04	6.250%	NV - 80.00%	Paid Off - 360	Dec-22-03
1103104356 1			237,500.00	237,500.00	Aug-18-04	5.750%	AZ - 95.00%	Paid Off - 360	Dec-17-03

					Page 16 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

1103104630 1			160,000.00	158,813.69	Aug-23-04	5.750%	CA - 74.42%	Paid Off - 360	Jan-15-04
1103105091 1			332,500.00	332,500.00	Aug-30-04	6.500%	CA - 95.00%	Paid Off - 360	Dec-24-03
1103105272 1			109,420.00	108,687.64	Aug-02-04	7.000%	IL - 80.00%	Paid Off - 360	Jan-12-04
1103105417 1			360,000.00	357,150.21	Aug-11-04	6.125%	CA - 90.00%	Paid Off - 360	Dec-24-03
1103106082 1			199,900.00	199,536.63	Aug-17-04	5.750%	CA - 80.00%	Paid Off - 360	Jan-09-04
1103106141 1			491,200.00	486,408.96	Aug-26-04	5.000%	CA - 80.00%	Paid Off - 360	Jan-09-04
1103106676 1			304,000.00	301,961.36	Aug-06-04	6.990%	MN - 80.00%	Paid Off - 360	Jan-05-04
1103106698 1			156,800.00	156,800.00	Aug-17-04	4.375%	NV - 80.00%	Paid Off - 360	Jan-13-04
1103106870 1			185,000.00	185,000.00	Aug-12-04	6.250%	CA - 48.31%	Paid Off - 360	Dec-31-03
1103107105 1			217,000.00	216,801.56	Aug-09-04	4.625%	CA - 70.00%	Paid Off - 360	Jan-09-04
1103107159 1			156,000.00	154,610.63	Aug-12-04	5.500%	CA - 80.00%	Paid Off - 360	Jan-09-04
1103107160 1			216,000.00	214,592.92	Aug-20-04	7.375%	MA - 90.00%	Paid Off - 360	Jan-09-04
1103107803 1			118,750.00	117,612.47	Aug-05-04	5.750%	MN - 94.25%	Paid Off - 360	Dec-18-03
1103107936 1			584,000.00	584,000.00	Aug-19-04	6.000%	CA - 80.00%	Paid Off - 360	Jan-09-04
1103108326 1			360,000.00	356,807.68	Aug-12-04	4.875%	CA - 80.00%	Paid Off - 360	Jan-09-04
1103108558 1			226,000.00	224,029.10	Aug-26-04	4.875%	CA - 79.30%	Paid Off - 360	Jan-02-04
1103108958 1			176,000.00	174,433.91	Aug-27-04	5.500%	CA - 80.00%	Paid Off - 360	Jan-09-04
1103108985 1			230,880.00	230,880.00	Aug-23-04	5.375%	FL - 68.30%	Paid Off - 360	Dec-04-03
1103109328 1			334,600.00	334,600.00	Aug-03-04	5.125%	CA - 70.00%	Paid Off - 360	Jan-16-04
1103109334 1			188,400.00	188,379.90	Aug-20-04	5.750%	CA - 80.00%	Paid Off - 360	Jan-09-04
1103109348 1			132,000.00	130,976.20	Aug-03-04	5.500%	NV - 80.00%	Paid Off - 360	Jan-06-04
1103109584 1			225,000.00	225,000.00	Aug-02-04	6.000%	CA - 90.00%	Paid Off - 360	Dec-31-03
1103111216 1			216,000.00	216,000.00	Aug-10-04	5.750%	CA - 80.00%	Paid Off - 360	Jan-05-04
1103112436 1			156,000.00	154,896.45	Aug-05-04	6.000%	MD - 80.00%	Paid Off - 360	Dec-31-03
1103112660 1			382,500.00	379,812.92	Aug-11-04	6.750%	VA - 90.00%	Paid Off - 360	Jan-09-04
1103113863 1			170,100.00	169,084.15	Aug-03-04	7.750%	FL - 90.00%	Paid Off - 360	Jan-14-04
1103114087 1			509,650.00	504,880.89	Aug-31-04	5.875%	VA - 79.02%	Paid Off - 360	Dec-19-03
1103114192 1			98,150.00	97,294.15	Aug-02-04	6.250%	NV - 79.80%	Paid Off - 360	Dec-19-03
1103114245 1			450,000.00	446,352.81	Aug-09-04	6.000%	WA - 79.65%	Paid Off - 360	Dec-19-03
1103117546 1			417,500.00	413,334.35	Aug-18-04	4.875%	CA - 78.77%	Paid Off - 360	Dec-18-03
1103117547 1			267,300.00	265,233.65	Aug-19-04	6.250%	CA - 90.00%	Paid Off - 360	Dec-18-03
1103117551 1			316,400.00	313,954.05	Aug-11-04	6.250%	CA - 80.00%	Paid Off - 360	Dec-18-03
1103117594 1			254,400.00	252,696.96	Aug-03-04	6.999%	CA - 80.00%	Paid Off - 360	Dec-18-03
1103118330 1			128,100.00	126,617.65	Aug-20-04	4.625%	MD - 70.00%	Paid Off - 360	Jan-09-04
1103119286 1			267,200.00	265,439.79	Aug-19-04	6.375%	FL - 94.99%	Paid Off - 360	Dec-31-03
1103122984 1			384,000.00	380,887.80	Aug-19-04	6.000%	WA - 74.00%	Paid Off - 360	Jan-16-04
1103123060 1			524,000.00	520,051.31	Aug-03-04	6.500%	CO - 80.00%	Paid Off - 360	Jan-16-04
1103123929 1			337,250.00	334,876.30	Aug-27-04	6.740%	CA - 95.00%	Paid Off - 360	Dec-30-03
1103123944 1			527,250.00	523,549.70	Aug-26-04	6.755%	CA - 95.00%	Paid Off - 360	Dec-30-03
1103124081 1			216,800.00	214,993.92	Aug-05-04	6.490%	NC - 80.00%	Paid Off - 360	Dec-30-03
2503040424 1			331,200.00	328,443.00	Aug-13-04	5.125%	OR - 80.00%	Paid Off - 360	Jan-06-04
2503040611 1			331,200.00	331,200.00	Aug-06-04	4.750%	CA - 80.00%	Paid Off - 360	Dec-17-03
2503041168 1			157,450.00	157,450.00	Aug-04-04	5.250%	MD - 89.98%	Paid Off - 360	Jan-14-04
2503041736 1			280,800.00	280,800.00	Aug-05-04	4.875%	CA - 80.00%	Paid Off - 360	Dec-29-03
2503042185 1			344,550.00	342,112.69	Aug-17-04	6.000%	CA - 89.50%	Paid Off - 360	Dec-23-03
2503042213 1			180,000.00	178,756.44	Aug-16-04	6.125%	NJ - 90.00%	Paid Off - 360	Dec-30-03
2503043156 1			182,500.00	182,483.61	Aug-03-04	4.625%	CA - 78.50%	Paid Off - 360	Dec-23-03
2503043166 1			111,000.00	109,850.74	Aug-02-04	4.375%	IL - 56.93%	Paid Off - 360	Dec-31-03
2503043299 1			150,100.00	149,454.04	Aug-25-04	7.750%	FL - 95.00%	Paid Off - 360	Jan-05-04
2503043388 1			255,000.00	255,000.00	Aug-09-04	4.875%	FL - 72.86%	Paid Off - 360	Dec-19-03
2503043666 1			330,000.00	330,000.00	Aug-16-04	6.875%	CA - 83.55%	Paid Off - 360	Dec-22-03
2503043681 1			166,500.00	166,500.00	Aug-12-04	6.875%	FL - 90.00%	Paid Off - 360	Jan-15-04

					Page 17 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

2503043823 1			340,000.00	340,000.00	Aug-30-04	6.250%	CA - 77.28%	Paid Off - 360	Jan-07-04
2503043832 1			176,000.00	176,000.00	Aug-04-04	5.375%	WA - 80.00%	Paid Off - 360	Jan-13-04
2503045642 1			372,000.00	372,000.00	Aug-02-04	5.000%	CA - 80.00%	Paid Off - 360	Jan-08-04


					Page 18 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for September 27, 2004 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 19 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for September 27, 2004 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 20 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for September 27, 2004 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 21 of 24				© COPYRIGHT 2004 Deutsche Bank


	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Detail Report for September 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Adjustable
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 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			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK


					Page 22 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL


	Current Periods LIBOR Rate							1.6150%


ADDITIONAL INFORMATION								TOTAL


	Current Periods Net Mortgage Rate							5.1387%


				Page 23 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Other Related Information for September 27, 2004 Distribution


	Other Related Information


ADDITIONAL INFORMATION								TOTAL


	Net Derivative Contracts Payment Amt - Paid / (Recvd)							665,430.11


	RISK ID: 643809D / EFFORT ID: N406967 / GLOBAL DEAL ID: 458369							35,621.45
	RISK ID: 643793D / EFFORT ID: N406968 / GLOBAL DEAL ID: 458375							159,871.73
	RISK ID: 630047D / EFFORT ID: N397445 / GLOBAL DEAL ID: 446550							94,614.78
	RISK ID: 643823D / EFFORT ID: N406971 / GLOBAL DEAL ID: 458383							9,628.29
	RISK ID: 643807D / EFFORT ID: N406972 / GLOBAL DEAL ID: 458385							84,677.62
	RISK ID: 643925D / EFFORT ID: N407091 / GLOBAL DEAL ID: 458388							43,425.34
	RISK ID: 643821D / EFFORT ID: N406980 / GLOBAL DEAL ID: 458396							41,637.50
	RISK ID: 643799D / EFFORT ID: N406981 / GLOBAL DEAL ID: 458399							80,372.18
	RISK ID: 643789D / EFFORT ID: N406975 / GLOBAL DEAL ID: 458402							62,600.69
	RISK ID: 643781D / EFFORT ID: N406978 / GLOBAL DEAL ID: 458409							16,945.93
	RISK ID: 643791D / EFFORT ID: N406979 / GLOBAL DEAL ID: 458416							36,034.60


				Page 24 of 24				© COPYRIGHT 2004 Deutsche Bank

IMH ASSETS CORP IMPAC CMB TRUST SERIES 2004-1 8-K