

                           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):
                          (Date of earliest event reported)

                   Impac CMB Trust Series 2004-7 (as Issuer under the
                    Indenture dated as July 29, 2004, providing
                   for the issuance Trust Certificates, Series 2004-7)
                  (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-113187-05                          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
     .

                                    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 29, 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 .



IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				IMPAC Mortgage Holdings Inc.						1. Certificate Payment Report					2
				IMPAC Mortgage Holdings Inc.						2. Collection Account Report					6
										2. Collection Account Report					6
										3. Credit Enhancement Report					8
										4. Collateral Report					9
				Certificate Insurer(s)						5. Delinquency Report					13
				Certificate Insurer(s)						5. Delinquency Report					13
										6. REO Report					16

										7. Foreclosure Report					17
										8. Prepayment Report					18
										9. Prepayment Detail Report					21
										9. Prepayment Detail Report					21
										10. Realized Loss Report					23
										11. Realized Loss Detail Report					26
				Servicer(s)						11. Realized Loss Detail Report					26
				Servicer(s)						12. Triggers and Adj. Cert. Report					27
				Impac Funding Corp.						12. Triggers and Adj. Cert. Report					27
				Impac Funding Corp.						13. Additional Certificate Report					28
										13. Additional Certificate Report					28
										14. Other Related Information					29


				Underwriter(s)
				Countrywide Securities


										Total Number of Pages					29
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			July 01, 2004			Marion Hogan
				Close Date:			July 29, 2004			Administrator
				First Distribution Date:			August 25, 2004			(714) 247-6282
										marion.c.hogan@db.com
										marion.c.hogan@db.com
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:			September 27, 2004
										Factor Information:			(800) 735-7777
				Record Date:			September 24, 2004			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000
										Main Phone Number:			(714) 247-6000

										https://www.corporatetrust.db.com/invr






Page 1 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - Master Remic
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

1-A-1	FLT, STEP,	$	1,047,174,000.00		1,044,537,815.77		1,900,623.60		7,659,322.97		9,559,946.57		0.00		0.00		1,036,878,492.80
1-A-1	FLT, STEP,	$	1,047,174,000.00		1,044,537,815.77		1,900,623.60		7,659,322.97		9,559,946.57		0.00		0.00		1,036,878,492.80
1-A-2	FLT, STEP,	$	116,352,000.00		116,059,092.32		220,754.07		851,031.01		1,071,785.08		0.00		0.00		115,208,061.31
2-A	FLT, STEP,	$	772,477,000.00		771,739,889.61		1,368,873.63		5,287,979.01		6,656,852.64		0.00		0.00		766,451,910.60
M-1	MEZ, STEP,	$	38,500,000.00		38,427,091.53		76,966.26		274,398.59		351,364.85		0.00		0.00		38,152,692.94
M-2	MEZ, STEP,	$	60,499,000.00		60,384,432.52		124,266.13		431,190.33		555,456.46		0.00		0.00		59,953,242.19
M-3	MEZ, STEP,	$	44,000,000.00		43,916,676.93		91,987.14		313,598.12		405,585.26		0.00		0.00		43,603,078.81
M-4	MEZ, STEP,	$	60,499,000.00		60,384,432.51		155,817.00		431,190.33		587,007.33		0.00		0.00		59,953,242.18
M-5	MEZ, STEP,	$	60,499,000.00		60,384,432.52		166,887.47		431,190.32		598,077.79		0.00		0.00		59,953,242.20
CERT	R	$	0.00		0.00		2,719,076.27		0.00		2,719,076.27		0.00		0.00		0.00




Total			2,200,000,000.00		2,195,833,863.71		6,825,251.57		15,679,900.68		22,505,152.25		0.00		0.00		2,180,153,963.03
Total




Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
									Orig. Principal		Prior							Current
									Orig. Principal		Prior							Current
	Period		Period						(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
1-A-1	08/25/04		09/26/04		A-Act/360		45254NKF3		1,047,174,000.00		997.482573		1.815003		7.314279		9.129282	990.168294
1-A-2	08/25/04		09/26/04		A-Act/360		45254NKG1		116,352,000.00		997.482573		1.897295		7.314279		9.211574	990.168294
2-A	08/25/04		09/26/04		A-Act/360		45254NKJ5		772,477,000.00		999.045783		1.772057		6.845484		8.617542	992.200299
M-1	08/25/04		09/26/04		A-Act/360		45254NKK2		38,500,000.00		998.106274		1.999124		7.127236		9.126360	990.979037
M-2	08/25/04		09/26/04		A-Act/360		45254NKL0		60,499,000.00		998.106291		2.054020		7.127231		9.181250	990.979061
M-3	08/25/04		09/26/04		A-Act/360		45254NKM8		44,000,000.00		998.106294		2.090617		7.127230		9.217847	990.979064
M-4	08/25/04		09/26/04		A-Act/360		45254NKN6		60,499,000.00		998.106291		2.575530		7.127231		9.702761	990.979060
M-5	08/25/04		09/26/04		A-Act/360		45254NKP1		60,499,000.00		998.106291		2.758516		7.127231		9.885747	990.979061
CERT	08/25/04		09/24/04		A-30/360		IM0407101		0.00		0.000000		0.000000		0.000000		0.000000	0.000000






Page 2 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

Distribution to Date - Master Remic
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
1-A-1	1,047,174,000.00		3,345,723.72		9,894,940.14		400,567.06		10,295,507.20		13,641,230.92		0.00		0.00		1,036,878,492.80
1-A-2	116,352,000.00		389,173.59		1,099,431.49		44,507.20		1,143,938.69		1,533,112.28		0.00		0.00		115,208,061.31
2-A	772,477,000.00		2,405,924.00		5,619,198.64		405,890.76		6,025,089.40		8,431,013.40		0.00		0.00		766,451,910.60
M-1	38,500,000.00		135,871.26		159,864.37		187,442.69		347,307.06		483,178.32		0.00		0.00		38,152,692.94
M-2	60,499,000.00		219,552.06		251,210.74		294,547.07		545,757.81		765,309.87		0.00		0.00		59,953,242.19
M-3	44,000,000.00		162,607.14		182,701.69		214,219.50		396,921.19		559,528.33		0.00		0.00		43,603,078.81
M-4	60,499,000.00		276,966.25		251,210.75		294,547.07		545,757.82		822,724.07		0.00		0.00		59,953,242.18
M-5	60,499,000.00		297,111.57		251,210.74		294,547.06		545,757.80		842,869.37		0.00		0.00		59,953,242.20
CERT	0.00		4,002,097.05		0.00		0.00		0.00		4,002,097.05		0.00		0.00		0.00




Total	2,200,000,000.00		11,235,026.64		17,709,768.56		2,136,268.41		19,846,036.97		31,081,063.61		0.00		0.00		2,180,153,963.03


Interest Detail - Master Remic
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
1-A-1	1.98500%		1,044,537,815.77		1,900,623.60		0.00		0.00		0.00		1,900,623.60		1,900,623.60		0.00
1-A-2	2.07500%		116,059,092.32		220,754.07		0.00		0.00		0.00		220,754.07		220,754.07		0.00
2-A	1.93500%		771,739,889.61		1,368,873.63		0.00		0.00		0.00		1,368,873.63		1,368,873.63		0.00
M-1	2.18500%		38,427,091.53		76,966.26		0.00		0.00		0.00		76,966.26		76,966.26		0.00
M-2	2.24500%		60,384,432.52		124,266.13		0.00		0.00		0.00		124,266.13		124,266.13		0.00
M-3	2.28500%		43,916,676.93		91,987.14		0.00		0.00		0.00		91,987.14		91,987.14		0.00
M-4	2.81500%		60,384,432.51		155,817.00		0.00		0.00		0.00		155,817.00		155,817.00		0.00
M-5	3.01500%		60,384,432.52		166,887.48		0.00		0.00		0.00		166,887.48		166,887.47		0.01
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		2,719,076.27		0.00




Total			2,195,833,863.71		4,106,175.31		0.00		0.00		0.00		4,106,175.31		6,825,251.57		0.01



Page 3 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

Current Period Distribution - Class M-1 Components
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

M-1-1	MEZ, STEP,	$	23,139,000.00		23,080,749.25		46,228.82		169,245.11		215,473.93		0.00		0.00		22,911,504.14
M-1-1	MEZ, STEP,	$	23,139,000.00		23,080,749.25		46,228.82		169,245.11		215,473.93		0.00		0.00		22,911,504.14
M-2-1	MEZ, STEP,	$	36,360,000.00		36,268,466.35		74,637.48		265,947.19		340,584.67		0.00		0.00		36,002,519.16
M-3-1	MEZ, STEP,	$	26,444,000.00		26,377,429.16		55,249.72		193,418.80		248,668.52		0.00		0.00		26,184,010.36
M-4-1	MEZ, STEP,	$	36,360,000.00		36,268,466.35		93,587.76		265,947.19		359,534.95		0.00		0.00		36,002,519.16
M-1-2	MEZ, STEP,	$	15,361,000.00		15,346,342.28		30,737.44		105,153.48		135,890.92		0.00		0.00		15,241,188.80
M-5-1	MEZ, STEP,	$	36,360,000.00		36,268,466.35		100,236.97		265,947.18		366,184.15		0.00		0.00		36,002,519.17
M-2-2	MEZ, STEP,	$	24,139,000.00		24,115,966.17		49,628.65		165,243.14		214,871.79		0.00		0.00		23,950,723.03
M-3-2	MEZ, STEP,	$	17,556,000.00		17,539,247.77		36,737.42		120,179.32		156,916.74		0.00		0.00		17,419,068.45
M-4-2	MEZ, STEP,	$	24,139,000.00		24,115,966.16		62,229.24		165,243.14		227,472.38		0.00		0.00		23,950,723.02
M-5-2	MEZ, STEP,	$	24,139,000.00		24,115,966.17		66,650.50		165,243.14		231,893.64		0.00		0.00		23,950,723.03



Total			263,997,000.00		263,497,066.01		615,924.00		1,881,567.69		2,497,491.69		0.00		0.00		261,615,498.32
Total




Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
									Orig. Principal		Prior						Current
									Orig. Principal		Prior						Current
	Period		Period						(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
M-1-1	08/25/04		09/26/04		A-Act/360				23,139,000.00		997.482573		1.997875		7.314279		9.312154	990.168293
M-2-1	08/25/04		09/26/04		A-Act/360				36,360,000.00		997.482573		2.052736		7.314279		9.367015	990.168294
M-3-1	08/25/04		09/26/04		A-Act/360				26,444,000.00		997.482573		2.089310		7.314279		9.403589	990.168294
M-4-1	08/25/04		09/26/04		A-Act/360				36,360,000.00		997.482573		2.573921		7.314279		9.888200	990.168294
M-5-1	08/25/04		09/26/04		A-Act/360				36,360,000.00		997.482573		2.756792		7.314279		10.071071	990.168294
M-1-2	08/25/04		09/26/04		A-Act/360				15,361,000.00		999.045783		2.001005		6.845484		8.846489	992.200299
M-2-2	08/25/04		09/26/04		A-Act/360				24,139,000.00		999.045784		2.055953		6.845484		8.901437	992.200300
M-3-2	08/25/04		09/26/04		A-Act/360				17,556,000.00		999.045783		2.092585		6.845484		8.938069	992.200299
M-4-2	08/25/04		09/26/04		A-Act/360				24,139,000.00		999.045783		2.577954		6.845484		9.423438	992.200299
M-5-2	08/25/04		09/26/04		A-Act/360				24,139,000.00		999.045784		2.761113		6.845484		9.606597	992.200300





Page 4 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

Distribution to Date - Class M-1 Components
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
M-1-1	23,139,000.00		81,631.49		103,393.33		124,102.53		227,495.86		309,127.35		0.00		0.00		22,911,504.14
M-2-1	36,360,000.00		131,904.48		162,469.48		195,011.36		357,480.84		489,385.32		0.00		0.00		36,002,519.16
M-3-1	26,444,000.00		97,692.34		118,161.24		141,828.40		259,989.64		357,681.98		0.00		0.00		26,184,010.36
M-4-1	36,360,000.00		166,398.66		162,469.48		195,011.36		357,480.84		523,879.50		0.00		0.00		36,002,519.16
M-5-1	36,360,000.00		178,501.87		162,469.47		195,011.36		357,480.83		535,982.70		0.00		0.00		36,002,519.17
M-1-2	15,361,000.00		54,239.77		56,471.05		63,340.15		119,811.20		174,050.97		0.00		0.00		15,241,188.80
M-2-2	24,139,000.00		87,647.58		88,741.27		99,535.70		188,276.97		275,924.55		0.00		0.00		23,950,723.03
M-3-2	17,556,000.00		64,914.80		64,540.44		72,391.11		136,931.55		201,846.35		0.00		0.00		17,419,068.45
M-4-2	24,139,000.00		110,567.59		88,741.27		99,535.71		188,276.98		298,844.57		0.00		0.00		23,950,723.02
M-5-2	24,139,000.00		118,609.70		88,741.27		99,535.70		188,276.97		306,886.67		0.00		0.00		23,950,723.03



Total	263,997,000.00		1,092,108.28		1,096,198.30		1,285,303.38		2,381,501.68		3,473,609.96		0.00		0.00		261,615,498.32


Interest Detail - Class M-1 Components
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
				(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
M-1-1	2.18500%		23,080,749.25		46,228.82		0.00		0.00		0.00		46,228.82		46,228.82		0.00
M-2-1	2.24500%		36,268,466.35		74,637.48		0.00		0.00		0.00		74,637.48		74,637.48		0.00
M-3-1	2.28500%		26,377,429.16		55,249.72		0.00		0.00		0.00		55,249.72		55,249.72		0.00
M-4-1	2.81500%		36,268,466.35		93,587.76		0.00		0.00		0.00		93,587.76		93,587.76		0.00
M-5-1	3.01500%		36,268,466.35		100,236.97		0.00		0.00		0.00		100,236.97		100,236.97		0.00
M-1-2	2.18500%		15,346,342.28		30,737.44		0.00		0.00		0.00		30,737.44		30,737.44		0.00
M-2-2	2.24500%		24,115,966.17		49,628.65		0.00		0.00		0.00		49,628.65		49,628.65		0.00
M-3-2	2.28500%		17,539,247.77		36,737.42		0.00		0.00		0.00		36,737.42		36,737.42		0.00
M-4-2	2.81500%		24,115,966.16		62,229.24		0.00		0.00		0.00		62,229.24		62,229.24		0.00
M-5-2	3.01500%		24,115,966.17		66,650.50		0.00		0.00		0.00		66,650.50		66,650.50		0.00



Total			263,497,066.01		615,924.00		0.00		0.00		0.00		615,924.00		615,924.00		0.00



Page 5 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										6,009,041.23		9,671,029.75		15,680,070.98
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										6,009,041.23		9,671,029.75		15,680,070.98
Interest Collections										3,717,280.50		5,566,805.64		9,284,086.14
Interest Withdrawals										-45,018.16		-0.00		-45,018.16
Interest Other Accounts										-855,587.36		-1,286,075.75		-2,141,663.11
Interest Fees										-122,722.02		-149,601.56		-272,323.58
TOTAL NET INTEREST										2,693,952.96		4,131,128.32		6,825,081.29
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										8,702,994.19		13,802,158.07		22,505,152.27



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											271,812.26		323,817.32		595,629.59
Curtailments											398,860.23		316,562.11		715,422.34
Prepayments In Full											5,338,368.74		9,030,650.32		14,369,019.06
Repurchased/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											-186,535.20		-239,313.70		-425,848.90
Realized Losses											-0.00		-0.00		-0.00
Principal Recoveries
Advanced Principal											186,535.20		239,313.70		425,848.90
TOTAL PRINCIPAL COLLECTED											6,009,041.23		9,671,029.75		15,680,070.98


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
										Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS										0.00		0.00		0.00





Page 6 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										3,931,270.71		5,908,409.21		9,839,679.92
Repurchased/Substitution Interest										0.00		0.00		0.00
Liquidation Interest										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										-10,401.33		-9,823.58		-20,224.90
Delinquent Interest										-2,847,617.30		-4,529,484.30		-7,377,101.60
Compensating Interest										10,401.33		9,823.58		20,224.90
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										2,633,627.09		4,187,880.72		6,821,507.82
TOTAL INTEREST COLLECTED										3,717,280.50		5,566,805.64		9,284,086.14


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
										Group 2		Group 1		Total
Trust Fund Expenses										0.00		0.00		0.00
Non-Recoverable Advances										0.00		0.00		0.00
Reimbursements to Master Servicer										0.00		0.00		0.00
Class 2-A Bond Insurance										45,018.16		0.00		45,018.16

TOTAL INTEREST WITHDRAWALS										45,018.16		0.00		45,018.16


INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
										Group 2		Group 1		Total
Prepayment Charges										0.00		0.00		0.00

Deriviative Contract Payments										-855,587.36		-1,286,075.75		-2,141,663.11
Interest Coverage Amount										0.00		0.00		0.00
TOTAL INTEREST OTHER ACCOUNTS										-855,587.36		-1,286,075.75		-2,141,663.11



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Master Servicing Fee										21,924.33		32,971.52		54,895.85
Sub Servicing Fee										60,063.97		70,540.38		130,604.35
Indenture Trustee Fee										511.57		769.34		1,280.90
OwnerTrustee Fee										1,242.38		1,868.39		3,110.76
Primary Mortgage Insurance										38,979.77		43,451.95		82,431.71

TOTAL INTEREST FEES										122,722.02		149,601.56		272,323.58



Page 7 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
										Group 2		Group 1		Total
Overcollateralized Amount										0.00		170.30		170.30
Overcollateralization Release Amount										0.00		170.30		170.30
Overcollateralization Deficiency Amount										0.00		0.00		0.00
Overcollateralization Target Amount										0.00		0.00		0.00



Page 8 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



*Loan Count:*


Original										3,736		4,326		8,062
Prior										3,733		4,315		8,048
Prefunding										1,036		941		1,977
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-23		-24		-47
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										3,710		4,291		8,001
*Principal Balance:*


Original										877,810,988.39		1,322,189,170.30		2,200,000,158.69
Prior										876,973,366.55		1,318,860,655.85		2,195,834,022.40
Prefunding										279,582,029.96		260,418,249.00		540,000,279.14
Scheduled Principal										-271,812.26		-323,817.32		-595,629.59
Partial Prepayments										-398,860.23		-316,562.11		-715,422.34
Full Voluntary Prepayments										-5,338,368.74		-9,030,650.32		-14,369,019.06
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										870,964,325.32		1,309,189,626.10		2,180,153,951.42





PREFUNDING
PREFUNDING
										Group 2		Group 1		Total
Prefund Amount Deposited										279,582,029.96		260,418,249.18		540,000,279.14
Prefunded Transfered										279,582,029.96		260,418,249.00		540,000,279.14
UnPrefunded Amount Remaining										279,582,029.96		260,418,249.18		540,000,279.14






Page 9 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										5.38002%		5.37652%		5.37791%
Weighted Average Coupon Prior										5.38002%		5.37652%		5.37791%
Weighted Average Coupon Current										5.37933%		5.37592%		5.37728%
Weighted Average Months to Maturity Original										358		358		358
Weighted Average Months to Maturity Prior										358		358		358
Weighted Average Months to Maturity Current										357		357		357
Weighted Avg Remaining Amortization Term Original										358		358		358
Weighted Avg Remaining Amortization Term Prior										358		358		358
Weighted Avg Remaining Amortization Term Current										357		357		357
Weighted Average Seasoning Original										1.57		1.68		1.64
Weighted Average Seasoning Prior										1.57		1.68		1.64
Weighted Average Seasoning Current										2.45		2.58		2.53









Page 10 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										3.91114%		3.50084%		3.66455%
Weighted Average Margin Prior										3.91114%		3.50084%		3.66455%
Weighted Average Margin Current										3.91163%		3.50291%		3.66614%
Weighted Average Max Rate Original										11.38112%		11.29792%		11.33111%
Weighted Average Max Rate Prior										11.38112%		11.29792%		11.33111%
Weighted Average Max Rate Current										11.38094%		11.29858%		11.33147%
Weighted Average Min Rate Original										4.00289%		3.54885%		3.73001%
Weighted Average Min Rate Prior										4.00289%		3.54885%		3.73001%
Weighted Average Min Rate Current										4.00346%		3.55103%		3.73172%
Weighted Average Cap Up Original										1.03190%		1.08752%		1.06532%
Weighted Average Cap Up Prior										1.03190%		1.08752%		1.06532%
Weighted Average Cap Up Current										1.03192%		1.08773%		1.06544%
Weighted Average Cap Down Original										1.03190%		1.08752%		1.06532%
Weighted Average Cap Down Prior										1.03190%		1.08752%		1.06532%
Weighted Average Cap Down Current										1.03192%		1.08773%		1.06544%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										83,230.68		105,380.28		188,610.97
Delinquent Servicing Fees										213,990.21		341,603.57		555,593.78
TOTAL SERVICING FEES										297,220.90		446,983.86		744,204.76


Total Servicing Fees										297,220.90		446,983.86		744,204.76
Compensating Interest										-10,401.33		-9,823.58		-20,224.90
Delinquent Servicing Fees										-213,990.21		-341,603.57		-555,593.78
COLLECTED SERVICING FEES										60,063.97		70,540.38		168,386.08


Total Advaced Interest										2,633,627.09		4,187,880.72		6,821,507.82
Total Advaced Principal										186,535.20		239,313.70		425,848.90
Aggregate Advances with respect to this Distribution										2,820,162.29		4,427,194.42		7,247,356.71







Page 11 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										10,401.33		9,823.58		20,224.90
Compensating Interest										-10,401.33		-9,823.58		-20,224.90
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00

Reference 3623484 Internal13167034														219,152.48
Reference 3623485 Internal 13167033														227,134.53
Reference 3623486 Internal 13167032														8,841.32
Reference 3623487 Internal 13167031														643,324.99
Reference 3623488 Internal 13167030														321,623.61
Reference 3623489 Internal 13167029														92,880.41
Reference 3623490 Internal 13167028														457,158.07
Reference 3623491 Internal 13167026														171,547.71

Total Derivatives Outflow/(Inflow) Net Amount														2,141,663.11



Page 12 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				1,610,095.34		0.00		0.00		1,610,095.34
			% Balance				0.07%		0.00%		0.00%		0.07%
			# Loans				8		0		0		8
			% # Loans				0.10%		0.00%		0.00%		0.10%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		1,610,095.34		0.00		0.00		1,610,095.34
			% Balance		0.00%		0.07%		0.00%		0.00%		0.07%
			# Loans		0		8		0		0		8
			% # Loans		0.00%		0.10%		0.00%		0.00%		0.10%









Page 13 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				920,635.34		0.00		0.00		920,635.34
			% Balance				0.07%		0.00%		0.00%		0.07%
			# Loans				5		0		0		5
			% # Loans				0.12%		0.00%		0.00%		0.12%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		920,635.34		0.00		0.00		920,635.34
			% Balance		0.00%		0.07%		0.00%		0.00%		0.07%
			# Loans		0		5		0		0		5
			% # Loans		0.00%		0.12%		0.00%		0.00%		0.12%










Page 14 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				689,460.00		0.00		0.00		689,460.00
			% Balance				0.08%		0.00%		0.00%		0.08%
			# Loans				3		0		0		3
			% # Loans				0.08%		0.00%		0.00%		0.08%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		689,460.00		0.00		0.00		689,460.00
			% Balance		0.00%		0.08%		0.00%		0.00%		0.08%
			# Loans		0		3		0		0		3
			% # Loans		0.00%		0.08%		0.00%		0.00%		0.08%









Page 15 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
REO Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 16 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 17 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans										23		24		47
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										23		24		47
Curtailments Amount										398,860.23		316,562.11		715,422.34
Paid in Full Balance										5,338,368.74		9,030,650.32		14,369,019.06
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										5,737,228.97		9,347,212.43		15,084,441.40

*Cumulative*


Number of Paid in Full Loans										26		35		61
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										26		35		61
Paid in Full Balance										6,014,039.54		11,636,167.96		17,650,207.50
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										426,732.77		918,301.99		1,345,034.76
Total Prepayment Amount										6,440,772.31		12,554,469.95		18,995,242.26










Page 18 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										0.65%		0.71%		0.69%
3 Months Avg SMM										13.47%		13.58%		13.54%
12 Months Avg SMM										13.47%		13.58%		13.54%
Avg SMM Since Cut-off										13.47%		13.58%		13.54%


CPR										7.58%		8.18%		7.94%
3 Months Avg CPR										82.39%		82.65%		82.55%
12 Months Avg CPR										82.39%		82.65%		82.55%
Avg CPR Since Cut-off										82.39%		82.65%		82.55%


PSA										1,543.87%		1,587.09%		1,570.44%
3 Months Avg PSA Approximation										20,477.87%		19,409.76%		19,822.16%
12 Months Avg PSA Approximation										20,477.87%		19,409.76%		19,822.16%
Avg PSA Since Cut-off Approximation										20,477.87%		19,409.76%		19,822.16%










Page 19 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*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, liquidations, and repurchases.
	Dates correspond to distribution dates.




Page 20 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103145882 1			489,000.00		489,000.00			27-Aug-2004		3.875%		CA - 69.87%		Paid Off - 360		01-May-2004
1103145882 1			489,000.00		489,000.00			27-Aug-2004		3.875%		CA - 69.87%		Paid Off - 360		01-May-2004
1103176182 2			143,150.00		143,150.00			23-Aug-2004		4.375%		NV - 79.99%		Paid Off - 360		01-Jul-2004
1103176751 2			244,625.00		244,625.00			12-Aug-2004		7.250%		NJ - 95.00%		Paid Off - 360		01-Jul-2004
1103176854 1			370,000.00		370,000.00			17-Aug-2004		4.125%		CA - 55.64%		Paid Off - 360		01-Jun-2004
1103180661 1			160,000.00		160,000.00			17-Aug-2004		4.875%		NV - 80.00%		Paid Off - 360		01-Jul-2004
1103183476 2			271,920.00		271,294.84			23-Aug-2004		5.250%		VA - 80.00%		Paid Off - 360		01-Jul-2004
1103183624 2			194,800.00		194,420.37			19-Aug-2004		6.125%		CA - 80.00%		Paid Off - 360		01-Jul-2004
1103184148 2			306,000.00		305,640.75			13-Aug-2004		5.125%		MA - 80.00%		Paid Off - 360		01-Aug-2004
1103184459 2			193,410.00		193,050.77			30-Aug-2004		6.375%		MA - 90.00%		Paid Off - 360		01-Jul-2004
1103184611 2			188,000.00		188,000.00			12-Aug-2004		5.750%		NV - 80.00%		Paid Off - 360		01-Jul-2004
1103185668 1			134,750.00		134,750.00			25-Aug-2004		5.625%		MD - 70.00%		Paid Off - 360		01-Aug-2004
1103187579 1			438,750.00		438,750.00			19-Aug-2004		6.500%		CA - 75.00%		Paid Off - 360		01-Jul-2004
1103187677 2			328,400.00		327,728.72			02-Aug-2004		5.875%		CA - 80.00%		Paid Off - 360		01-Jul-2004
1103187687 1			112,000.00		112,000.00			13-Aug-2004		4.750%		CA - 70.00%		Paid Off - 360		01-Aug-2004
1103191067 1			700,000.00		699,035.60			25-Aug-2004		4.250%		NJ - 58.34%		Paid Off - 360		01-Aug-2004
1103192409 1			445,850.00		445,001.71			31-Aug-2004		6.250%		MA - 90.00%		Paid Off - 360		01-Jul-2004
1103192430 1			340,000.00		339,619.02			26-Aug-2004		5.375%		UT - 87.18%		Paid Off - 360		01-Aug-2004
1103195878 2			241,500.00		241,500.00			18-Aug-2004		3.500%		CA - 70.00%		Paid Off - 360		01-Jul-2004
1103196328 2			211,300.00		211,300.00			16-Aug-2004		5.125%		CA - 69.99%		Paid Off - 360		01-Aug-2004
1103196604 2			283,100.00		282,867.95			06-Aug-2004		7.000%		MA - 95.00%		Paid Off - 360		01-Aug-2004
1103198966 2			177,650.00		177,552.97			16-Aug-2004		9.000%		NV - 95.00%		Paid Off - 360		01-Aug-2004
1103200590 2			320,000.00		320,000.00			20-Aug-2004		5.125%		CA - 80.00%		Paid Off - 360		01-Jun-2004
1103200788 1			159,920.00		159,920.00			19-Aug-2004		7.990%		FL - 80.00%		Paid Off - 360		01-Jun-2004
1103204554 1			377,300.00		377,300.00			31-Aug-2004		4.750%		VA - 80.00%		Paid Off - 360		01-May-2004
1103204924 1			287,900.00		287,746.80			27-Aug-2004		9.125%		FL - 90.00%		Paid Off - 360		01-Aug-2004
1103206710 2			166,643.00		166,503.00			26-Aug-2004		6.875%		NV - 90.00%		Paid Off - 360		01-Aug-2004
1103208220 1			374,300.00		374,300.00			20-Aug-2004		4.875%		CA - 80.00%		Paid Off - 360		01-Aug-2004
1103208553 2			211,650.00		211,650.00			27-Aug-2004		4.950%		CA - 79.13%		Paid Off - 360		01-Jul-2004
1103209236 2			308,000.00		307,291.87			18-Aug-2004		5.250%		CA - 80.00%		Paid Off - 360		01-Jul-2004
1103209671 1			159,600.00		159,600.00			31-Aug-2004		5.875%		FL - 89.66%		Paid Off - 360		01-Jul-2004
1103212498 1			1,030,000.00		1,029,999.98			25-Aug-2004		6.500%		CA - 72.53%		Paid Off - 360		01-Jul-2004
1103212501 1			544,000.00		544,000.00			23-Aug-2004		7.375%		CA - 80.00%		Paid Off - 360		01-Jul-2004
1103212574 2			200,000.00		200,000.00			31-Aug-2004		7.375%		CA - 80.00%		Paid Off - 360		01-Jul-2004
1103213243 2			263,000.00		261,591.69			14-Aug-2004		4.440%		CA - 63.22%		Paid Off - 360		01-May-2004
1103215810 1			135,000.00		135,000.00			30-Aug-2004		5.250%		MA - 30.34%		Paid Off - 360		01-Jul-2004
1103216058 2			219,100.00		219,100.00			30-Aug-2004		6.500%		VA - 79.99%		Paid Off - 360		01-Jun-2004
1103216368 2			108,000.00		107,779.20			08-Aug-2004		5.875%		FL - 80.00%		Paid Off - 360		01-Jul-2004
1103216368 2			108,000.00		107,779.20			08-Aug-2004		5.875%		FL - 80.00%		Paid Off - 360		01-Jul-2004



Page 21 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103217437 1			531,050.00		531,050.00			26-Aug-2004		6.410%		FL - 95.00%		Paid Off - 360		01-Jul-2004
1103217437 1			531,050.00		531,050.00			26-Aug-2004		6.410%		FL - 95.00%		Paid Off - 360		01-Jul-2004
1103217558 2			330,000.00		329,469.61			31-Aug-2004		7.115%		IL - 100.00%		Paid Off - 360		01-Jul-2004
1103221530 2			240,000.00		239,452.00			23-Aug-2004		5.750%		CA - 80.00%		Paid Off - 360		01-Jul-2004
1103222967 1			617,500.00		617,500.00			30-Aug-2004		4.750%		CA - 65.00%		Paid Off - 360		01-Aug-2004
1103224455 1			73,000.00		72,901.51			26-Aug-2004		7.990%		AZ - 100.00%		Paid Off - 360		01-Jul-2004
1103224731 1			145,600.00		145,600.00			13-Aug-2004		6.375%		NV - 80.00%		Paid Off - 360		01-Jul-2004
1103226557 1			350,000.00		348,875.70			10-Aug-2004		5.625%		CA - 31.00%		Paid Off - 360		01-Jul-2004
1103227809 2			194,400.00		194,400.00			06-Aug-2004		7.330%		CO - 80.00%		Paid Off - 360		01-Aug-2004
2503061094 1			615,900.00		615,900.00			06-Aug-2004		4.375%		CA - 70.00%		Paid Off - 360		01-Sep-2004
2503065497 1			442,800.00		442,800.00			31-Aug-2004		5.875%		CA - 90.00%		Paid Off - 360		01-Aug-2004


TOTAL			14,378,868.00		14,369,019.06
TOTAL


Page 22 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


*Current*
*Current*



Number of Loans Liquidated										0		0		0
Collateral Principal Realized Loss/(Gain) Amount										0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00

*Cumulative*
*Cumulative*



Number of Loans Liquidated										0		0		0
Collateral Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00










Page 23 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



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


Loss Severity Approximation for Current Period										0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation										0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation										0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off										0.00%		0.00%		0.00%












Page 24 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution





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 25 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Original		Prior				Current		State &

														First
&			Principal		Principal		Realized		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Loss/(Gain)		Rate		Origination		Term		Date

SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 26 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
										Group 2		Group 1		Total
Has Step_up Condition Occurred (0=No,1=Yes)														0



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Current LIBOR														0.016150%
Next LIBOR														0.018400%




Page 27 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

															Basis Risk Shortfall
CLASS

			1-A-1												0.00
															0.00
			1-A-2												0.00
															0.00
			M-3-1												0.00
															0.00
			M-4-1												0.00
															0.00
			M-5-1												0.03
															0.03
			M-2-2												0.03
															0.03
			M-3-2												0.03
															0.03
			M-4-2												0.05
															0.05




Page 28 of 29
IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
REMIC 2004-7

September 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 29 of 29

IMH ASSETS CORP IMPAC CMB TRUST SERIES 2004-7 8-K