
                                      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):  December 27, 2004
                          (Date of earliest event reported)

                  Impac CMB Trust Series 2004-3 (as Issuer under the
                    Indenture dated as March 30, 2004, providing
                   for the issuance Trust Certificates, Series 2004-3)
                 (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-113187-01                          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
     December 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:  Dec 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 December 27, 2004.


	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates


	December 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				6
			4.	Credit Enhancement Report				9
			5.	Collateral Report				10
			6.	Delinquency Report				13
			7.	REO Report				17
			8.	Prepayment Report				18
			9.	Prepayment Detail Report				21
			10.	Realized Loss Report				24
			11.	Realized Loss Detail Report				27
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				28
			13.	Other Related Information				29




				Total Number of Pages				29



			CONTACTS

				Administrator:
				Direct Phone Number:
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:		IMPAC Mortgage Holdings Inc.					Cut-Off Date: March 1, 2004
	Certificate Insurer(s):							Closing Date: March 30, 2004
								First Payment Date: April 25, 2004
	Servicer(s):		Impac Funding Corp. Master Servicer
			Impac Funding Corp. Sub-Servicer
			Countrywide Funding Corporation
								Distribution Date: December 27, 2004
	Underwriter(s):		Countrywide Securities Underwriter					Record Date: December 24, 2004
			Countrywide Securities					November 30, 2004






						Page 1 of 29					© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Certificate Payment Report for December 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)

1-A		845,000,000.00			735,940,662.57	1,539,955.84	23,142,313.73	24,682,269.57	-	-	712,798,348.84
2-A	MEZ, STEP,	253,500,000.00			222,960,564.52	664,979.88	8,464,833.54	9,129,813.42	-	-	214,495,730.98
3-A		37,448,000.00			36,258,587.33	78,056.68	95,723.86	173,780.54	-	-	36,162,863.47
3-M-1		2,926,000.00			2,833,065.22	6,660.06	7,479.39	14,139.45	-	-	2,825,585.83
3-M-2	MEZ, STEP,	5,999,000.00			5,808,461.47	16,655.76	15,334.53	31,990.29	-	-	5,793,126.94
3-B		10,551,000.00			10,215,882.15	35,451.95	26,970.26	62,422.21	-	-	10,188,911.89
M-1		45,500,000.00			39,717,802.30	90,633.82	1,309,171.78	1,399,805.60	-	-	38,408,630.52
M-2	MEZ, STEP,	45,500,000.00			39,717,802.30	92,343.89	1,309,171.78	1,401,515.67	-	-	38,408,630.52
M-3		28,600,000.00			24,965,475.72	59,119.63	822,907.98	882,027.61	-	-	24,142,567.74
M-4		31,200,000.00			27,235,064.43	72,233.44	897,717.79	969,951.23	-	-	26,337,346.64
M-5		27,950,000.00			24,398,078.57	66,810.07	804,205.52	871,015.59	-	-	23,593,873.05
M-6		22,750,000.00			19,858,901.15	58,655.47	654,585.89	713,241.36	-	-	19,204,315.26
Cert		-			-	1,163,907.07	-	1,163,907.07	-	-	-


Total		1,356,924,000.00			1,189,910,347.73	3,945,463.56	37,550,416.05	41,495,879.61	-	-	1,152,359,931.68


	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)

1-A	11/26/04	12/26/04		A-Act/360	45254NHE0	845,000,000.00	870.935695	1.822433	27.387354	29.209786	843.548342
2-A	11/26/04	12/26/04		A-30/360	45254NHF7	253,500,000.00	879.528854	2.623195	33.391848	36.015043	846.137006
3-A	11/26/04	12/26/04		A-Act/360	45254NHN0	37,448,000.00	968.238286	2.084402	2.556181	4.640583	965.682105
3-M-1	11/26/04	12/26/04		A-Act/360	45254NHP5	2,926,000.00	968.238284	2.276165	2.556183	4.832348	965.682102
3-M-2	11/26/04	12/26/04		A-Act/360	45254NHQ3	5,999,000.00	968.238285	2.776423	2.556181	5.332604	965.682104
3-B	11/26/04	12/26/04		A-Act/360	45254NHR1	10,551,000.00	968.238285	3.360056	2.556180	5.916236	965.682105
M-1	11/26/04	12/26/04		A-Act/360	45254NHG5	45,500,000.00	872.918732	1.991952	28.773006	30.764958	844.145726
M-2	11/26/04	12/26/04		A-Act/360	45254NHH3	45,500,000.00	872.918732	2.029536	28.773006	30.802542	844.145726
M-3	11/26/04	12/26/04		A-Act/360	45254NHJ9	28,600,000.00	872.918731	2.067120	28.773006	30.840126	844.145725
M-4	11/26/04	12/26/04		A-Act/360	45254NHK6	31,200,000.00	872.918732	2.315174	28.773006	31.088180	844.145726
M-5	11/26/04	12/26/04		A-Act/360	45254NHL4	27,950,000.00	872.918732	2.390342	28.773006	31.163348	844.145726
M-6	11/26/04	12/26/04		A-Act/360	45254NHM2	22,750,000.00	872.918732	2.578262	28.773006	31.351269	844.145726
Cert	11/26/04	12/26/04		A-Act/360		-	-	-	-	-	-


							Page 2 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Certificate Payment Report for December 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)

1-A	845,000,000.00		10,609,397.55		130,015,105.88	2,186,545.28	132,201,651.16	142,811,048.71	-	-	712,798,348.84
2-A	253,500,000.00		6,449,283.46		37,072,455.67	1,931,813.35	39,004,269.02	45,453,552.48	-	-	214,495,730.98
3-A	37,448,000.00		509,958.15		881,854.31	403,282.22	1,285,136.53	1,795,094.68	-	-	36,162,863.47
3-M-1	2,926,000.00		44,836.71		68,903.71	31,510.46	100,414.17	145,250.88	-	-	2,825,585.83
3-M-2	5,999,000.00		118,620.81		141,269.07	64,603.99	205,873.06	324,493.87	-	-	5,793,126.94
3-B	10,551,000.00		263,405.26		248,463.06	113,625.05	362,088.11	625,493.37	-	-	10,188,911.89
M-1	45,500,000.00		642,896.97		6,920,786.56	170,582.92	7,091,369.48	7,734,266.45	-	-	38,408,630.52
M-2	45,500,000.00		659,186.11		6,920,786.56	170,582.92	7,091,369.48	7,750,555.59	-	-	38,408,630.52
M-3	28,600,000.00		424,584.45		4,350,208.72	107,223.54	4,457,432.26	4,882,016.71	-	-	24,142,567.74
M-4	31,200,000.00		536,903.16		4,745,682.22	116,971.14	4,862,653.36	5,399,556.52	-	-	26,337,346.64
M-5	27,950,000.00		500,988.13		4,251,340.31	104,786.64	4,356,126.95	4,857,115.08	-	-	23,593,873.05
M-6	22,750,000.00		448,503.94		3,460,393.29	85,291.45	3,545,684.74	3,994,188.68	-	-	19,204,315.26
Cert	-		19,045,730.66		-	-	-	19,045,730.66	-	-	-


Total	1,356,924,000.00		40,254,295.36		199,077,249.36	5,486,818.96	204,564,068.32	244,818,363.68	-	-	1,152,359,931.68


	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

1-A	2.43000%	735,940,662.57			1,539,955.84	-	-	-	1,539,955.84	1,539,955.84	-
2-A	3.57900%	222,960,564.52			664,979.88	-	-	-	664,979.88	664,979.88	-
3-A	2.50000%	36,258,587.33			78,056.68	-	-	-	78,056.68	78,056.68	-
3-M-1	2.73000%	2,833,065.22			6,660.06	-	-	-	6,660.06	6,660.06	-
3-M-2	3.33000%	5,808,461.47			16,655.76	-	-	-	16,655.76	16,655.76	-
3-B	4.03000%	10,215,882.15			35,451.95	-	-	-	35,451.95	35,451.95	-
M-1	2.65000%	39,717,802.30			90,633.82	-	-	-	90,633.82	90,633.82	-
M-2	2.70000%	39,717,802.30			92,343.89	-	-	-	92,343.89	92,343.89	-
M-3	2.75000%	24,965,475.72			59,119.63	-	-	-	59,119.63	59,119.63	-
M-4	3.08000%	27,235,064.43			72,233.44	-	-	-	72,233.44	72,233.44	-
M-5	3.18000%	24,398,078.57			66,810.07	-	-	-	66,810.07	66,810.07	-
M-6	3.43000%	19,858,901.15			58,655.47	-	-	-	58,655.47	58,655.47	-
Cert		-			-	-	-	-	-	1,163,907.07	-


Total		1,189,910,347.73			2,781,556.49	-	-	-	2,781,556.49	3,945,463.56	-


							Page 3 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Certificate Payment Report for December 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)

M-1-1	STEP. FLT,	35,000,000.00			30,482,749.35	69,559.94	958,557.37	1,028,117.31	-	-	29,524,191.98
M-1-2	STEP. FLT,	10,500,000.00			9,235,052.95	21,073.88	350,614.41	371,688.29	-	-	8,884,438.54
M-2-1	STEP, AFC	35,000,000.00			30,482,749.35	70,872.39	958,557.37	1,029,429.76	-	-	29,524,191.98
M-2-2	R	10,500,000.00			9,235,052.95	21,471.50	350,614.41	372,085.91	-	-	8,884,438.54
M-3-1	MEZ, STEP,	22,000,000.00			19,160,585.29	45,373.33	602,521.78	647,895.11	-	-	18,558,063.51
M-3-2		6,600,000.00			5,804,890.43	13,746.30	220,386.20	234,132.50	-	-	5,584,504.23
M-4-1		24,000,000.00			20,902,456.69	55,437.96	657,296.48	712,734.44	-	-	20,245,160.21
M-4-2	MEZ, STEP,	7,200,000.00			6,332,607.75	16,795.48	240,421.31	257,216.79	-	-	6,092,186.44
M-5-1		21,500,000.00			18,725,117.46	51,275.61	588,828.10	640,103.71	-	-	18,136,289.36
M-5-2		6,450,000.00			5,672,961.11	15,534.46	215,377.42	230,911.88	-	-	5,457,583.69
M-6-1	MEZ, STEP,	17,500,000.00			15,241,374.67	45,017.09	479,278.69	524,295.78	-	-	14,762,095.98
M-6-2		5,250,000.00			4,617,526.48	13,638.38	175,307.20	188,945.58	-	-	4,442,219.28


Total		201,500,000.00			175,893,124.48	439,796.32	5,797,760.74	6,237,557.06	-	-	170,095,363.74


	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)

M-1-1	11/26/04	12/26/04		A-Act/360		35,000,000.00	870.935696	1.987427	27.387353	29.374780	843.548342
M-1-2	11/26/04	12/26/04		A-Act/360		10,500,000.00	879.528852	2.007036	33.391849	35.398885	846.137004
M-2-1	11/26/04	12/26/04		A-Act/360		35,000,000.00	870.935696	2.024925	27.387353	29.412279	843.548342
M-2-2	11/26/04	12/26/04		A-Act/360		10,500,000.00	879.528852	2.044905	33.391849	35.436753	846.137004
M-3-1	11/26/04	12/26/04		A-Act/360		22,000,000.00	870.935695	2.062424	27.387354	29.449778	843.548341
M-3-2	11/26/04	12/26/04		A-Act/360		6,600,000.00	879.528853	2.082773	33.391848	35.474621	846.137005
M-4-1	11/26/04	12/26/04		A-Act/360		24,000,000.00	870.935695	2.309915	27.387353	29.697268	843.548342
M-4-2	11/26/04	12/26/04		A-Act/360		7,200,000.00	879.528854	2.332706	33.391849	35.724554	846.137006
M-5-1	11/26/04	12/26/04		A-Act/360		21,500,000.00	870.935696	2.384912	27.387353	29.772266	843.548342
M-5-2	11/26/04	12/26/04		A-Act/360		6,450,000.00	879.528854	2.408443	33.391848	35.800291	846.137006
M-6-1	11/26/04	12/26/04		A-Act/360		17,500,000.00	870.935695	2.572405	27.387354	29.959759	843.548342
M-6-2	11/26/04	12/26/04		A-Act/360		5,250,000.00	879.528853	2.597787	33.391848	35.989634	846.137006


							Page 4 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Certificate Payment Report for December 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)

M-1-1	35,000,000.00		494,590.80		5,385,241.06	90,566.96	5,475,808.02	5,970,398.82	-	-	29,524,191.98
M-1-2	10,500,000.00		148,306.17		1,535,545.50	80,015.96	1,615,561.46	1,763,867.63	-	-	8,884,438.54
M-2-1	35,000,000.00		507,124.47		5,385,241.06	90,566.96	5,475,808.02	5,982,932.49	-	-	29,524,191.98
M-2-2	10,500,000.00		152,061.64		1,535,545.50	80,015.96	1,615,561.46	1,767,623.10	-	-	8,884,438.54
M-3-1	22,000,000.00		326,642.28		3,385,008.69	56,927.80	3,441,936.49	3,768,578.77	-	-	18,558,063.51
M-3-2	6,600,000.00		97,942.17		965,200.03	50,295.74	1,015,495.77	1,113,437.94	-	-	5,584,504.23
M-4-1	24,000,000.00		413,061.00		3,692,736.73	62,103.06	3,754,839.79	4,167,900.79	-	-	20,245,160.21
M-4-2	7,200,000.00		123,842.16		1,052,945.49	54,868.07	1,107,813.56	1,231,655.72	-	-	6,092,186.44
M-5-1	21,500,000.00		385,432.35		3,308,076.65	55,633.99	3,363,710.64	3,749,142.99	-	-	18,136,289.36
M-5-2	6,450,000.00		115,555.78		943,263.67	49,152.64	992,416.31	1,107,972.09	-	-	5,457,583.69
M-6-1	17,500,000.00		345,058.25		2,692,620.54	45,283.48	2,737,904.02	3,082,962.27	-	-	14,762,095.98
M-6-2	5,250,000.00		103,445.69		767,772.75	40,007.97	807,780.72	911,226.41	-	-	4,442,219.28


Total	201,500,000.00		3,213,062.76		30,649,197.67	755,438.59	31,404,636.26	34,617,699.02	-	-	170,095,363.74


	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)

M-1-1	2.65000%	30,482,749.35			69,559.94	-	-	-	69,559.94	69,559.94	-
M-1-2	2.65000%	9,235,052.95			21,073.88	-	-	-	21,073.88	21,073.88	-
M-2-1	2.70000%	30,482,749.35			70,872.39	-	-	-	70,872.39	70,872.39	-
M-2-2	2.70000%	9,235,052.95			21,471.50	-	-	-	21,471.50	21,471.50	-
M-3-1	2.75000%	19,160,585.29			45,373.33	-	-	-	45,373.33	45,373.33	-
M-3-2	2.75000%	5,804,890.43			13,746.30	-	-	-	13,746.30	13,746.30	-
M-4-1	3.08000%	20,902,456.69			55,437.96	-	-	-	55,437.96	55,437.96	-
M-4-2	3.08000%	6,332,607.75			16,795.48	-	-	-	16,795.48	16,795.48	-
M-5-1	3.18000%	18,725,117.46			51,275.61	-	-	-	51,275.61	51,275.61	-
M-5-2	3.18000%	5,672,961.11			15,534.46	-	-	-	15,534.46	15,534.46	-
M-6-1	3.43000%	15,241,374.67			45,017.09	-	-	-	45,017.09	45,017.09	-
M-6-2	3.43000%	4,617,526.48			13,638.38	-	-	-	13,638.38	13,638.38	-


Total		175,893,124.48			439,796.32	-	-	-	439,796.32	439,796.32	-


							Page 5 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Principal Collections				75,137.14	9,785,021.25	26,386,403.43	36,246,561.82
	Principal Withdrawals				0.00	0.00	0.00	0.00
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL PRINCIPAL				75,137.14	9,785,021.25	26,386,403.43	36,246,561.82

	Interest Collections				248,337.10	1,498,003.37	3,926,256.59	5,672,597.06
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				(40,967.67)	(30,662.62)	(2,010.95)	(73,641.24)
	Interest Fees				(174.09)	(57,854.55)	(291,609.36)	(349,638.00)
	Interest Earnings				0.00	0.00	0.00	0.00
	TOTAL INTEREST				207,195.34	1,409,486.20	3,632,636.28	5,249,317.82

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS				282,332.48	11,194,507.45	30,019,039.71	41,495,879.64


PRINCIPAL - COLLECTIONS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Scheduled Principal				69,434.27	245,538.56	267,381.63	582,354.46
	Curtailments				5,702.87	44,809.29	81,487.98	132,000.14
	Prepayments in Full				0.00	8,997,299.92	25,474,286.77	34,471,586.69
	Repurchases/Substitutions				0.00	497,373.48	0.00	497,373.48
	Liquidations				0.00	0.00	600,346.04	600,346.04
	Insurance Principal				0.00	0.00	0.00	0.00
	Other Additional Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(69,434.27)	(74,138.21)	(63,241.70)	(206,814.18)
	Realized Losses				0.00	0.00	(37,098.99)	(37,098.99)
	Substitution Adjustments- Principal				0.00	0.00	0.00	0.00
	Termination Price Amounts- Principal				0.00	0.00	0.00	0.00
	Additional Principal Amts				0.00	0.00	0.00	0.00
	Principal Advanced				69,434.27	74,138.21	63,241.70	206,814.18

	TOTAL PRINCIPAL				75,137.14	9,785,021.25	26,386,403.43	36,246,561.82


				Page 6 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Scheduled Interest				258,008.90	1,514,638.15	3,985,468.82	5,758,115.87
	Repurchases/Substitutions				0.00	3,315.82	0.00	3,315.82
	Liquidations				0.00	0.00	2,992.29	2,992.29
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Additional Interest				0.00	0.00	0.00	0.00
	Prepayment Interest Shortfalls				0.00	(25,690.54)	(60,767.19)	(86,457.73)
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(258,008.90)	(509,662.29)	(877,967.38)	(1,645,638.57)
	Interest Realized Losses				0.00	0.00	0.00	0.00
	Compensating Interest				0.00	25,690.54	60,767.19	86,457.73
	Substitution Adjustments- Interest				0.00	0.00	0.00	0.00
	Termination Price Amounts- Interest				0.00	0.00	0.00	0.00
	Additional Interest Amts				0.00	0.00	0.00	0.00
	Interest Prepayment Premiums				0.00	0.00	0.00	0.00
	Interest Advanced				248,337.10	489,711.69	815,762.86	1,553,811.65
	Cap Contract Payment Amt				0.00	0.00	0.00	0.00

	TOTAL INTEREST				248,337.10	1,498,003.37	3,926,256.59	5,672,597.06


				Page 7 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

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

	TOTAL INTEREST WITHDRAWALS				0.00	0.00	0.00	0.00

INTEREST - OTHER ACCOUNTS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Cap Contract Payment Amounts				0.00	0.00	0.00	0.00
	Floor Contract Payment Amounts				0.00	0.00	0.00	0.00
	Swap Contract Payment Amounts				40,967.67	30,662.62	2,010.95	73,641.24


INTEREST - FEES					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Owner Trustee Fee				82.21	375.65	1,239.54	1,697.40
	Indenture Trustee Fee				91.88	419.84	1,385.37	1,897.09

	Radian PMI Insurance Premiums				0.00	15,138.24	55,885.96	71,024.20
	Current Servicing Fees				0.00	41,920.82	233,098.49	275,019.31

	TOTAL INTEREST FEES				174.09	57,854.55	291,609.36	349,638.00


				Page 8 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Current Periods Required Overcollateralization Amt				3,664,265.67	1,500,001.97	5,000,000.48	10,164,268.12
	Current Periods Overcollateralization Amt				2,985,187.91	1,500,001.94	5,000,000.47	9,485,190.32
	Current Periods Net Monthly Excess Cashflow				70,370.89	642,246.32	1,755,144.12	2,397,390.44
	Current Periods Overcollateralization Release				0.00	0.00	0.00	0.00
	Current Periods Principal Available Funds Shortfall							0.00


	Available Funds Rate				6.2034%	6.2034%	4.8437%	4.8437%


				Page 9 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL
	Loan Count:
	*Original*				54	1307	3372	4733
	Prior				53	1,397	3,444	4,894
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				-	(37)	(97)	(134)
	Repurchases				-	(1)	-	(1)
	Liquidations				-	-	(2)	(2)
	Current				53	1,359	3,345	4,757

	*Principal Balance:*
	Original				59,101,059.24	250,001,811.05	870,001,635.79	1,179,104,506.08
	Prior				58,030,831.50	265,163,223.89	874,971,844.75	1,198,165,900.14
	Prefunding				-	-	-	-
	Scheduled Principal				(69,434.27)	(245,538.56)	(267,381.63)	(582,354.46)
	Partial and Full Voluntary Prepayments				(5,702.87)	(9,042,109.21)	(25,555,774.75)	(34,603,586.83)
	Repurchases				-	(497,373.48)	-	(497,373.48)
	Liquidations				-	-	(600,346.04)	(600,346.04)
	Current				57,955,694.36	255,378,202.64	848,548,342.33	1,161,882,239.33

PREFUNDING					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Group 1 - Adj		Group 3 - Adj
	Group 2 - Fix
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 10 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Weighted Average Coupon Original				5.298887%	6.899800%	5.525782%	5.805738%
	Weighted Average Coupon Prior				5.335228%	6.874031%	5.471403%	5.775300%
	Weighted Average Coupon Current				5.335279%	6.869523%	5.470066%	5.773248%
	Weighted Average Months to Maturity Original				357	348	359	357
	Weighted Average Months to Maturity Prior				350	341	352	349
	Weighted Average Months to Maturity Current				349	340	351	348
	Weighted Avg Remaining Amortization Term Original				369	349	370	366
	Weighted Avg Remaining Amortization Term Prior				350	341	352	349
	Weighted Avg Remaining Amortization Term Current				349	340	351	348
	Weighted Average Seasoning Original				(8.89)	(9.83)	(10.49)	(10.27)
	Weighted Average Seasoning Prior				8.00	7.98	7.97	7.97
	Weighted Average Seasoning Current				9.00	8.98	8.97	8.97

Note: Original information refers to deal issue.


	Group 1 - Adj		Group 3 - Adj
	Group 2 - Fix
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 11 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Weighted Average Margin Original				3.003%		3.377%
	Weighted Average Margin Prior				3.006%		3.448%
	Weighted Average Margin Current				3.006%		3.446%
	Weighted Average Max Rate Original				10.457%		11.556%
	Weighted Average Max Rate Prior				10.460%		11.524%
	Weighted Average Max Rate Current				10.460%		11.522%
	Weighted Average Min Rate Original				5.299%		3.450%
	Weighted Average Min Rate Prior				5.301%		3.518%
	Weighted Average Min Rate Current				5.301%		3.516%
	Weighted Average Cap Up Original				1.000%		1.067%
	Weighted Average Cap Up Prior				1.000%		1.060%
	Weighted Average Cap Up Current				1.000%		1.059%
	Weighted Average Cap Down Original				0.848%		0.888%
	Weighted Average Cap Down Prior				0.847%		0.880%
	Weighted Average Cap Down Current				0.847%		0.880%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Current Servicing Fees				0.00	41,920.82	233,098.49	275,019.31
	Delinquent Servicing Fees				9,671.81	19,950.60	62,204.51	91,826.92
	TOTAL SERVICING FEES				9,671.81	61,871.42	295,303.00	366,846.23

	Total Servicing Fees				9,671.81	61,871.42	295,303.00	366,846.23
	Compensating Interest				0.00	25,690.54	60,767.19	86,457.73
	Delinquent Servicing Fees				(9,671.81)	(19,950.60)	(62,204.51)	(91,826.92)
	COLLECTED SERVICING FEES				0.00	67,611.36	293,865.68	361,477.04

	Current PPIS				0.00	25,690.54	60,767.19	86,457.73
	Current Net PPIS				0.00	0.00	0.00	0.00

	Total Advanced Principal For Current Payment Date				69,434.27	74,138.21	63,241.70	206,814.18
	Total Advanced Interest For Current Payment Date				248,337.10	489,711.69	815,762.86	1,553,811.65
	TOTAL ADVANCES FOR CURRENT PERIOD				317,771.37	563,849.90	879,004.56	1,760,625.83


ADDITIONAL COLLATERAL INFORMATION					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 12 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			5,264,524.99	3,439,179.64	1,612,614.40	10,316,319.03
		% Balance			0.45%	0.30%	0.14%	0.89%
		# Loans			26	18	11	55
		% # Loans			0.55%	0.38%	0.23%	1.16%
FORECLOSURE		Balance		-	-	-	7,133,924.29	7,133,924.29
		% Balance		0.00%	0.00%	0.00%	0.61%	0.61%
		# Loans		-	-	-	27	27
		% # Loans		0.00%	0.00%	0.00%	0.57%	0.57%
BANKRUPTCY		Balance		378,675.07	146,724.11	-	797,499.62	1,322,898.80
		% Balance		0.03%	0.01%	0.00%	0.07%	0.11%
		# Loans		3	1	-	3	7
		% # Loans		0.06%	0.02%	0.00%	0.06%	0.15%
REO		Balance		-	-	-	609,353.10	609,353.10
		% Balance		0.00%	0.00%	0.00%	0.05%	0.05%
		# Loans		-	-	-	4	4
		% # Loans		0.00%	0.00%	0.00%	0.08%	0.08%

TOTAL		Balance		378,675.07	5,411,249.10	3,439,179.64	10,153,391.41	19,382,495.22
		% Balance		0.03%	0.47%	0.30%	0.87%	1.67%
		# Loans		3	27	18	45	93
		% # Loans		0.06%	0.57%	0.38%	0.95%	1.96%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 13 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 1 - Adj Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			4,120,211.29	2,410,920.07	1,181,829.91	7,712,961.27
		% Balance			0.49%	0.28%	0.14%	0.91%
		# Loans			19	9	8	36
		% # Loans			0.57%	0.27%	0.24%	1.08%
FORECLOSURE		Balance		-	-	-	2,069,413.55	2,069,413.55
		% Balance		0.00%	0.00%	0.00%	0.24%	0.24%
		# Loans		-	-	-	8	8
		% # Loans		0.00%	0.00%	0.00%	0.24%	0.24%
BANKRUPTCY		Balance		128,794.97	-	-	797,499.62	926,294.59
		% Balance		0.02%	0.00%	0.00%	0.09%	0.11%
		# Loans		1	-	-	3	4
		% # Loans		0.03%	0.00%	0.00%	0.09%	0.12%
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		128,794.97	4,120,211.29	2,410,920.07	4,048,743.08	10,708,669.41
		% Balance		0.02%	0.49%	0.28%	0.48%	1.26%
		# Loans		1	19	9	19	48
		% # Loans		0.03%	0.57%	0.27%	0.57%	1.43%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 14 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 2 - Fix Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,144,313.70	1,028,259.57	430,784.49	2,603,357.76
		% Balance			0.45%	0.40%	0.17%	1.02%
		# Loans			7	9	3	19
		% # Loans			0.52%	0.66%	0.22%	1.40%
FORECLOSURE		Balance		-	-	-	5,064,510.74	5,064,510.74
		% Balance		0.00%	0.00%	0.00%	1.98%	1.98%
		# Loans		-	-	-	19	19
		% # Loans		0.00%	0.00%	0.00%	1.40%	1.40%
BANKRUPTCY		Balance		249,880.10	146,724.11	-	-	396,604.21
		% Balance		0.10%	0.06%	0.00%	0.00%	0.16%
		# Loans		2	1	-	-	3
		% # Loans		0.15%	0.07%	0.00%	0.00%	0.22%
REO		Balance		-	-	-	609,353.10	609,353.10
		% Balance		0.00%	0.00%	0.00%	0.24%	0.24%
		# Loans		-	-	-	4	4
		% # Loans		0.00%	0.00%	0.00%	0.29%	0.29%

TOTAL		Balance		249,880.10	1,291,037.81	1,028,259.57	6,104,648.33	8,673,825.81
		% Balance		0.10%	0.51%	0.40%	2.39%	3.40%
		# Loans		2	8	9	26	45
		% # Loans		0.15%	0.59%	0.66%	1.91%	3.31%
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 15 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 3 - Adj Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
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		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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 16 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	REO Report for December 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1 - Adj; REO Book Value = Not Available
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2 - Fix; REO Book Value = Not Available
Total Current Balance = 000.00				Loan Group 3 = Group 3 - Adj; REO Book Value = Not Available
REO Book Value = Not Available

REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 17 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	*Current*
	Number of Paid in Full Loans				-	37	97	134
	Number of Repurchased Loans				-	1	-	1
	Total Number of Loans Prepaid in Full				-	38	97	135

	Paid in Full Balance				-	8,997,299.92	25,474,286.77	34,471,586.69
	Repurchased Loans Balance				-	497,373.48	-	497,373.48
	Curtailments Amount				5,702.87	44,809.29	81,487.98	132,000.14
	Total Prepayment Amount				5,702.87	9,539,482.69	25,555,774.75	35,100,960.31

	*Cumulative*
	Number of Paid in Full Loans				1	193	546	740
	Number of Repurchased Loans				-	4	7	11
	Total Number of Loans Prepaid in Full				1	197	553	751

	Paid in Full Balance				559,153.51	40,594,291.89	144,824,787.96	185,978,233.36
	Repurchased Loans Balance				-	1,304,711.51	1,774,717.85	3,079,429.36
	Curtailments Amount				(26,810.35)	436,497.93	1,664,274.70	2,073,962.28
	Total Prepayment Amount				532,343.16	42,335,501.33	148,263,780.51	191,131,625.00


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


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


				Page 18 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	SMM				0.01%	3.60%	2.92%	2.93%
	3 Months Avg SMM				0.00%	2.35%	2.74%	2.53%
	12 Months Avg SMM
	Avg SMM Since Cut-off				0.11%	1.70%	1.77%	1.68%

	CPR				0.12%	35.60%	29.94%	30.02%
	3 Months Avg CPR				0.05%	24.84%	28.35%	26.43%
	12 Months Avg CPR
	Avg CPR Since Cut-off				1.26%	18.59%	19.34%	18.40%

	PSA				6.56%	1982.11%	1668.70%	1672.54%
	3 Months Avg PSA Approximation				3.32%	1556.91%	1778.68%	1657.40%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				161.87%	2460.51%	2614.46%	2469.82%



	Group 1 - Adj		Group 3 - Adj
	Group 2 - Fix


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 19 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1 - Adj		Group 3 - Adj
	Group 2 - Fix

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 20 of 29				© COPYRIGHT 2004 Deutsche Bank


	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 135						Loan Group 1 = Group 1 - Adj
Total Original Principal Balance = 35,168,052.00						Loan Group 2 = Group 2 - Fix
Total Prepayment Amount = 34,968,960.17						Loan Group 3 = Group 3 - Adj


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

1100386802 1			272,250.00	267,329.28	Nov-01-04	4.750%	CA - 79.99%	Paid Off - 360	Feb-26-04
1103104848 1			234,100.00	231,282.66	Nov-24-04	4.500%	CA - 79.98%	Paid Off - 360	Mar-12-04
1103106913 1			217,900.00	215,626.51	Nov-01-04	5.375%	CA - 80.00%	Paid Off - 360	Feb-26-04
1103114736 1			264,000.00	264,000.00	Nov-18-04	5.375%	CA - 80.00%	Paid Off - 360	Feb-25-04
1103116815 1			247,850.00	244,801.06	Nov-03-04	4.375%	CA - 79.49%	Paid Off - 360	Mar-03-04
1103118845 1			140,000.00	139,778.57	Nov-30-04	4.875%	CA - 70.00%	Paid Off - 360	Feb-19-04
1103120090 1			210,000.00	208,253.95	Nov-24-04	6.500%	CA - 76.37%	Paid Off - 360	Mar-04-04
1103120305 1			300,000.00	300,000.00	Nov-01-04	5.000%	CA - 80.00%	Paid Off - 360	Feb-20-04
1103120584 1			227,500.00	227,500.00	Nov-04-04	6.375%	CA - 70.00%	Paid Off - 360	Feb-18-04
1103122864 1			128,000.00	126,745.10	Nov-17-04	5.625%	VA - 80.00%	Paid Off - 360	Mar-30-04
1103122871 1			259,920.00	257,312.07	Nov-04-04	5.500%	CA - 80.00%	Paid Off - 360	Mar-02-04
1103123314 1			182,250.00	180,869.62	Nov-24-04	5.625%	CA - 90.00%	Paid Off - 360	Mar-05-04
1103124559 1			213,100.00	210,756.74	Nov-30-04	5.000%	CA - 69.87%	Paid Off - 360	Feb-25-04
1103124867 1			316,000.00	315,741.42	Nov-22-04	5.000%	CA - 80.00%	Paid Off - 360	Mar-10-04
1103124870 1			253,600.00	250,569.44	Nov-16-04	6.750%	CA - 80.00%	Paid Off - 360	Mar-08-04
1103124901 1			412,000.00	407,501.43	Nov-23-04	5.625%	NV - 80.00%	Paid Off - 360	Feb-26-04
1103125450 1			275,000.00	272,442.60	Nov-26-04	5.500%	CA - 71.43%	Paid Off - 360	Feb-27-04
1103125942 1			368,000.00	367,997.99	Nov-16-04	4.400%	CA - 80.00%	Paid Off - 360	Mar-29-04
1103127949 1			254,900.00	252,193.74	Nov-12-04	5.250%	CA - 79.99%	Paid Off - 360	Feb-27-04
1103130661 1			342,400.00	342,400.00	Nov-18-04	5.625%	CA - 80.00%	Paid Off - 360	Mar-17-04
1103130756 1			358,750.00	354,981.03	Nov-03-04	5.250%	CA - 80.00%	Paid Off - 360	Mar-25-04
1103130827 1			423,600.00	423,600.00	Nov-18-04	5.875%	CA - 80.00%	Paid Off - 360	Jan-26-04
1103131305 1			185,600.00	183,636.24	Nov-05-04	5.250%	CA - 80.00%	Paid Off - 360	Mar-05-04
1103131499 1			223,920.00	223,920.00	Nov-30-04	5.000%	CA - 80.00%	Paid Off - 360	Feb-26-04
1103131738 1			360,000.00	359,991.77	Nov-23-04	5.375%	CA - 77.08%	Paid Off - 360	Mar-12-04
1103131882 1			176,500.00	174,697.82	Nov-04-04	5.125%	MN - 78.10%	Paid Off - 360	Mar-24-04
1103131941 1			175,920.00	175,920.00	Nov-01-04	5.000%	CA - 80.00%	Paid Off - 360	Mar-08-04
1103131990 1			135,000.00	134,439.47	Nov-02-04	9.375%	FL - 6.14%	Paid Off - 360	Mar-10-04
1103132016 1			187,500.00	187,500.00	Nov-24-04	5.375%	CA - 64.55%	Paid Off - 360	Feb-23-04
1103132388 1			125,100.00	124,038.74	Nov-01-04	5.750%	MN - 90.00%	Paid Off - 360	Mar-09-04
1103132475 1			355,000.00	355,000.00	Nov-30-04	5.000%	CA - 78.89%	Paid Off - 360	Mar-08-04
1103132510 1			202,400.00	202,400.00	Nov-22-04	5.000%	CA - 80.00%	Paid Off - 360	Feb-26-04
1103132531 1			333,700.00	333,700.00	Nov-09-04	5.000%	CA - 77.61%	Paid Off - 360	Mar-01-04
1103132895 1			69,300.00	68,879.41	Nov-24-04	7.500%	IL - 90.00%	Paid Off - 360	Mar-08-04
1103133084 1			236,000.00	235,996.15	Nov-04-04	5.000%	CA - 80.00%	Paid Off - 360	Feb-27-04
1103133231 1			224,150.00	221,652.69	Nov-05-04	5.000%	CA - 80.00%	Paid Off - 360	Feb-27-04
1103133800 1			70,000.00	70,000.00	Nov-17-04	5.000%	AZ - 72.92%	Paid Off - 360	Mar-05-04
1103133973 1			400,000.00	400,000.00	Nov-04-04	5.000%	CA - 79.88%	Paid Off - 360	Mar-18-04
1103134032 1			228,600.00	226,093.70	Nov-19-04	6.000%	FL - 90.00%	Paid Off - 360	Mar-29-04
1103134407 1			268,000.00	268,000.00	Nov-23-04	5.625%	CA - 80.00%	Paid Off - 360	Mar-15-04
1103134879 1			283,500.00	283,499.98	Nov-04-04	5.125%	CA - 70.00%	Paid Off - 360	Mar-18-04
1103136029 1			132,000.00	130,548.59	Nov-02-04	5.000%	CA - 80.00%	Paid Off - 360	Feb-27-04
1103136365 1			222,800.00	220,459.30	Nov-02-04	5.250%	CA - 79.99%	Paid Off - 360	Feb-27-04
1103136590 1			272,200.00	272,200.00	Nov-30-04	5.000%	CA - 79.99%	Paid Off - 360	Mar-10-04

					Page 21 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Detail Report for December 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

1103136781 1			338,400.00	338,397.90	Nov-29-04	4.990%	CA - 80.00%	Paid Off - 360	Mar-11-04
1103138743 1			476,900.00	472,697.92	Nov-04-04	5.000%	CA - 95.00%	Paid Off - 360	Mar-15-04
1103139158 1			686,000.00	686,000.00	Nov-23-04	4.750%	CA - 70.00%	Paid Off - 360	Mar-05-04
1103139684 1			208,000.00	206,913.07	Nov-09-04	8.250%	AZ - 80.00%	Paid Off - 360	Mar-09-04
1103139908 1			215,000.00	215,000.00	Nov-18-04	4.500%	CA - 69.36%	Paid Off - 360	Mar-25-04
1103140214 1			540,000.00	540,000.00	Nov-11-04	5.000%	NV - 80.00%	Paid Off - 360	Mar-10-04
1103140882 1			231,550.00	231,550.00	Nov-19-04	5.250%	CA - 80.00%	Paid Off - 360	Mar-25-04
1103141127 1			247,250.00	244,946.14	Nov-24-04	5.250%	CA - 80.00%	Paid Off - 360	Mar-25-04
1103141864 1			326,400.00	326,400.00	Nov-17-04	6.125%	CA - 80.00%	Paid Off - 360	Mar-17-04
1103142190 1			182,400.00	182,400.00	Nov-22-04	5.625%	NV - 80.00%	Paid Off - 360	Mar-22-04
1103142357 1			342,000.00	339,418.26	Nov-05-04	6.375%	CA - 95.00%	Paid Off - 360	Mar-26-04
1103142878 1			175,000.00	173,912.02	Nov-24-04	7.990%	FL - 100.00%	Paid Off - 360	Feb-27-04
1103142900 1			208,500.00	207,138.15	Nov-02-04	7.740%	CA - 100.00%	Paid Off - 360	Feb-27-04
1103142924 1			255,000.00	253,187.54	Nov-30-04	7.865%	NJ - 100.00%	Paid Off - 360	Feb-27-04
1103142938 1			279,000.00	276,114.05	Nov-26-04	7.365%	NJ - 99.64%	Paid Off - 360	Feb-27-04
1103142976 1			202,300.00	202,223.22	Nov-16-04	4.625%	CA - 70.00%	Paid Off - 360	Mar-16-04
1103143042 1			328,000.00	325,053.33	Nov-17-04	4.875%	CA - 80.00%	Paid Off - 360	Mar-30-04
1103143150 1			153,000.00	100,774.18	Nov-29-04	5.990%	MI - 100.00%	Paid Off - 360	Feb-27-04
1103143467 1			600,000.00	600,000.00	Nov-05-04	5.125%	CA - 77.93%	Paid Off - 360	Mar-30-04
1103143898 1			106,650.00	106,650.01	Nov-10-04	5.000%	FL - 72.90%	Paid Off - 360	Mar-24-04
1103144888 1			584,000.00	584,000.00	Nov-30-04	5.500%	CA - 80.00%	Paid Off - 360	Mar-24-04
1103145112 1			580,000.00	580,000.00	Nov-30-04	4.625%	CA - 80.00%	Paid Off - 360	Mar-10-04
1103145402 1			217,500.00	215,558.15	Nov-24-04	6.125%	NJ - 75.00%	Paid Off - 360	Mar-15-04
1103145407 1			296,000.00	293,357.24	Nov-04-04	6.125%	MD - 80.00%	Paid Off - 360	Mar-17-04
1103145668 1			393,750.00	393,648.99	Nov-03-04	5.990%	CA - 75.00%	Paid Off - 360	Mar-22-04
1103146167 1			148,000.00	146,882.74	Nov-16-04	6.375%	CA - 80.00%	Paid Off - 360	Mar-08-04
1103147658 1			243,000.00	241,025.19	Nov-12-04	5.990%	CA - 79.81%	Paid Off - 360	Mar-23-04
1103147665 1			204,250.00	204,250.00	Nov-18-04	6.000%	NV - 95.00%	Paid Off - 360	Mar-23-04
1103150041 1			326,000.00	326,000.00	Nov-26-04	5.875%	CA - 80.00%	Paid Off - 360	Mar-30-04
1103150377 1			260,000.00	260,000.00	Nov-08-04	5.000%	CA - 69.34%	Paid Off - 360	Mar-23-04
1103151947 1			213,722.00	213,576.98	Nov-04-04	6.125%	FL - 99.41%	Paid Off - 360	Mar-23-04
1103151948 1			200,000.00	199,793.84	Nov-24-04	6.125%	FL - 100.00%	Paid Off - 360	Mar-23-04
1103152452 1			368,000.00	367,770.00	Nov-24-04	5.250%	CA - 80.00%	Paid Off - 360	Mar-29-04
1103154022 1			130,500.00	129,715.80	Nov-08-04	7.550%	FL - 90.00%	Paid Off - 360	Mar-29-04
1103154905 1			148,000.00	146,713.27	Nov-24-04	5.625%	CA - 80.00%	Paid Off - 360	Mar-23-04
1103155744 1			207,900.00	205,472.17	Nov-24-04	4.750%	CA - 69.94%	Paid Off - 360	Mar-23-04
1103155989 1			146,600.00	146,600.00	Nov-03-04	6.490%	CA - 80.00%	Paid Off - 360	Mar-30-04
1103156032 1			268,000.00	268,000.00	Nov-04-04	6.420%	CA - 76.57%	Paid Off - 360	Mar-30-04
1103156073 1			428,000.00	427,941.48	Nov-23-04	6.005%	CA - 80.00%	Paid Off - 360	Mar-30-04
1103158012 1			351,000.00	349,022.61	Nov-04-04	7.875%	NJ - 78.00%	Paid Off - 360	Mar-29-04
2503042033 1			162,450.00	161,194.19	Nov-16-04	6.250%	CA - 90.25%	Paid Off - 360	Feb-27-04
2503046009 1			317,850.00	317,850.01	Nov-23-04	5.000%	CA - 80.00%	Paid Off - 360	Feb-23-04
2503047964 1			92,000.00	91,274.23	Nov-19-04	6.125%	GA - 80.00%	Paid Off - 360	Feb-27-04
2503048106 1			374,500.00	374,069.18	Nov-05-04	5.000%	CA - 70.00%	Paid Off - 360	Feb-24-04
2503049449 1			90,250.00	89,535.58	Nov-15-04	6.125%	FL - 95.00%	Paid Off - 360	Feb-26-04
2503049649 1			384,000.00	384,000.00	Nov-08-04	5.125%	CA - 80.00%	Paid Off - 360	Mar-08-04
2503050387 1			435,500.00	435,500.00	Nov-18-04	5.000%	FL - 65.00%	Paid Off - 360	Feb-23-04
2503051628 1			94,400.00	93,747.86	Nov-08-04	6.125%	IL - 90.00%	Paid Off - 360	Mar-10-04
2503052656 1			460,000.00	460,000.00	Nov-23-04	5.750%	CA - 80.00%	Paid Off - 360	Mar-24-04
2503052736 1			112,000.00	112,000.00	Nov-02-04	5.000%	UT - 80.00%	Paid Off - 360	Mar-18-04
2503052835 1			111,600.00	111,550.55	Nov-26-04	6.625%	FL - 90.00%	Paid Off - 360	Mar-16-04
2503054096 1			202,300.00	200,053.85	Nov-10-04	3.625%	CA - 70.00%	Paid Off - 360	Mar-26-04

					Page 22 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Prepayment Detail Report for December 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

2503055123 1			201,150.00	201,150.00	Nov-30-04	5.375%	CA - 90.00%	Paid Off - 360	Mar-26-04
1103078015 2			96,000.00	95,198.09	Nov-11-04	8.000%	IL - 80.00%	Paid Off - 360	Feb-26-04
1103093325 2			180,000.00	178,340.63	Nov-12-04	7.500%	MD - 80.00%	Paid Off - 360	Feb-26-04
1103094308 2			103,500.00	102,626.79	Nov-03-04	7.950%	FL - 90.00%	Paid Off - 360	Nov-07-03
1103098890 2			209,400.00	207,928.98	Nov-19-04	6.750%	CA - 80.00%	Paid Off - 360	Mar-16-04
1103100177 2			178,500.00	176,371.88	Nov-02-04	6.250%	CA - 85.00%	Paid Off - 360	Jan-08-04
1103116608 2			152,000.00	151,212.54	Nov-15-04	7.625%	CA - 89.42%	Paid Off - 360	Mar-30-04
1103118873 2			154,000.00	152,880.98	Nov-16-04	7.750%	ME - 70.00%	Paid Off - 360	Jan-20-04
1103121238 2			290,400.00	288,920.22	Nov-12-04	8.375%	NY - 80.00%	Paid Off - 360	Mar-10-04
1103121648 2			140,000.00	138,756.88	Nov-17-04	6.375%	MA - 37.84%	Paid Off - 360	Feb-13-04
1103125459 2			382,000.00	382,000.00	Nov-15-04	6.875%	CA - 69.71%	Paid Off - 360	Feb-19-04
1103125736 2			178,400.00	176,934.65	Nov-02-04	7.125%	NJ - 78.94%	Paid Off - 360	Jan-22-04
1103126922 2			450,000.00	447,131.58	Nov-01-04	7.250%	MA - 84.91%	Paid Off - 360	Mar-03-04
1103128544 2			134,000.00	132,988.03	Nov-04-04	7.000%	CA - 41.24%	Paid Off - 360	Mar-04-04
1103129507 2			161,700.00	161,700.00	Nov-03-04	6.375%	VA - 70.00%	Paid Off - 360	Feb-26-04
1103130684 2			705,000.00	705,000.00	Nov-30-04	6.125%	CA - 23.50%	Paid Off - 360	Mar-08-04
1103132966 2			140,000.00	138,831.18	Nov-15-04	6.500%	CA - 80.00%	Paid Off - 360	Mar-03-04
1103135948 2			287,550.00	284,735.06	Nov-05-04	5.875%	CA - 60.00%	Paid Off - 360	Feb-13-04
1103137318 2			78,570.00	78,116.16	Nov-03-04	7.750%	FL - 90.00%	Paid Off - 360	Mar-08-04
1103139647 2			154,800.00	154,050.19	Nov-26-04	8.625%	FL - 90.00%	Paid Off - 360	Mar-17-04
1103139693 2			169,100.00	168,450.62	Nov-30-04	9.750%	IL - 93.95%	Paid Off - 360	Mar-17-04
1103140256 2			236,250.00	235,134.26	Nov-10-04	8.750%	NJ - 90.00%	Paid Off - 360	Mar-23-04
1103142092 2			114,750.00	113,840.51	Nov-23-04	6.750%	MD - 85.00%	Paid Off - 360	Feb-26-04
1103142651 2			137,500.00	136,772.17	Nov-17-04	7.500%	FL - 89.87%	Paid Off - 360	Mar-30-04
1103142780 2			192,100.00	190,646.82	Nov-23-04	7.240%	CA - 85.00%	Paid Off - 360	Feb-27-04
1103143671 2			235,000.00	233,309.70	Nov-08-04	7.250%	NJ - 79.67%	Paid Off - 360	Mar-08-04
1103144332 2			490,000.00	486,028.62	Nov-23-04	6.000%	FL - 74.24%	Paid Off - 360	Feb-24-04
1103144341 2			284,400.00	282,353.48	Nov-03-04	6.625%	FL - 90.00%	Paid Off - 360	Feb-24-04
1103150238 2			445,000.00	441,557.21	Nov-30-04	6.875%	NJ - 69.54%	Paid Off - 360	Mar-31-04
1103150636 2			402,500.00	402,322.98	Nov-24-04	6.250%	CA - 69.40%	Paid Off - 360	Mar-31-04
1103153325 2			200,600.00	199,352.33	Nov-09-04	7.375%	MD - 85.00%	Paid Off - 360	Mar-31-04
1103153365 2			306,000.00	304,096.67	Nov-18-04	7.375%	MD - 84.00%	Paid Off - 360	Mar-31-04
1103154652 2			558,000.00	558,000.00	Nov-30-04	5.750%	CA - 54.17%	Paid Off - 360	Mar-17-04
1103155864 2			300,000.00	297,451.81	Nov-30-04	5.750%	CA - 65.21%	Paid Off - 360	Mar-22-04
1103155883 2			236,000.00	234,423.09	Nov-04-04	7.625%	CA - 80.00%	Paid Off - 360	Mar-22-04
2503046707 2			130,000.00	129,173.35	Nov-01-04	7.875%	FL - 100.00%	Paid Off - 360	Jan-21-04
2503050384 2			171,000.00	169,900.12	Nov-04-04	6.500%	CA - 90.00%	Paid Off - 360	Mar-29-04
2503051625 2			262,150.00	260,762.34	Nov-23-04	7.500%	MN - 90.00%	Paid Off - 360	Mar-31-04
1103151682 2			500,000.00	497,373.48	Dec-01-04	8.000%	FL - 92.60%	Repur/Subs - 360	Apr-01-04


					Page 23 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	*Current*
	Number of Loans Liquidated				-	-	2	2
	Collateral Realized Loss/(Gain) Amount				-	-	37,098.99	37,098.99
	Net Liquidation Proceeds				-	-	563,247.05	563,247.05

	*Cumulative*
	Number of Loans Liquidated				-	-	2	2
	Collateral Realized Loss/(Gain) Amount				-	-	37,098.99	37,098.99
	Net Liquidation Proceeds				-	-	563,247.05	563,247.05

	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.

SPACE INTENTIONALLY LEFT BLANK


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

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 24 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	MDR				0.00%	0.00%	0.07%	0.05%
	3 Months Avg MDR				0.00%	0.00%	0.02%	0.02%
	12 Months Avg MDR
	Avg MDR Since Cut-off				0.00%	0.00%	0.01%	0.01%

	CDR				0.00%	0.00%	0.82%	0.60%
	3 Months Avg CDR				0.00%	0.00%	0.27%	0.20%
	12 Months Avg CDR
	Avg CDR Since Cut-off				0.00%	0.00%	0.09%	0.07%

	SDA				0.00%	0.00%	4.57%	3.34%
	3 Months Avg SDA Approximation				0.00%	0.00%	1.72%	1.26%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	0.00%	1.24%	0.90%

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

	Group 1 - Adj		Group 3 - Adj
	Group 2 - Fix
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 25 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group 1 - Adj		Group 3 - Adj
	Group 2 - Fix

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 26 of 29				© COPYRIGHT 2004 Deutsche Bank


	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Realized Loss Detail Report for December 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 2
Total Loan Count Revisions = 0						Loan Group 1 = Group 1 - Adj
Total Prior Principal Balance = 600,346.04						Loan Group 2 = Group 2 - Fix
Total Current Realized Loss Amount = 37,098.99						Loan Group 3 = Group 3 - Adj
Total Revisions Amount = 0.00
Total Realized Loss Amount = 37,098.99
Total Net Liquidation Proceeds = 563,247.05
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 27 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADJUSTABLE RATE CERTIFICATE INFORMATION					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Current Periods Basis Risk Shortfall Carry Forward Amt				0.00	0.00	0.00	0.00
	Cumulative Basis Risk Shortfall Carry Forward Amt				0.00	0.00	0.00	0.00

	Current Periods LIBOR Rate							2.1800%


ADDITIONAL INFORMATION					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	Total Derivative Payments				40,967.67	30,662.62	2,010.95	73,641.24

	FXIMP043A1				0.00	0.00	(29,825.10)	(29,825.10)
	FXIMP043A2				0.00	0.00	(17,281.16)	(17,281.16)
	FXIMP043A4				0.00	0.00	11,973.05	11,973.05
	FXIMP043A5				0.00	0.00	7,660.22	7,660.22
	FXIMP043A6				0.00	0.00	9,503.81	9,503.81
	FXIMP043A7				0.00	0.00	19,980.13	19,980.13
	FXIMP043A3				0.00	(1,909.92)	0.00	(1,909.92)
	FXIMP043A8				0.00	32,572.54	0.00	32,572.54
	FXIMP043M1				60.32	0.00	0.00	60.32
	FXIMP043M2				16,459.86	0.00	0.00	16,459.86
	FXIMP043M3				8,543.41	0.00	0.00	8,543.41
	FXIMP043M4				15,904.08	0.00	0.00	15,904.08

				Page 28 of 29				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-3
	Mortgage Pass-Through Certificates
	Series 2004-3
	Other Related Information for December 27, 2004 Distribution


	Other Related Information


ADDITIONAL INFORMATION					GROUP 3 - ADJ	GROUP 2 - FIX	GROUP 1 - ADJ	TOTAL

	FXNCC5801				0.00	0.00	0.00	0.00


				Page 29 of 29				© COPYRIGHT 2004 Deutsche Bank

IMH ASSETS CORP COLLATERALIZED ASSET BACKED BONDS SER 2004 3 8-K