
                                      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 2004-5 (as Issuer under the
                    Indenture dated as May 28, 2004, providing
                   for the issuance Trust Certificates, Series 2004-5)
                  (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-113187-03                          33-0705301
          (Commission File Number)        (I.R.S. Employer Identification No.)


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


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


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

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

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

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

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

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


     Item 8.01  Other Events

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


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     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 2004-5
	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				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				21
			11.	Realized Loss Detail Report				24
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			13.	Other Related Information				26




				Total Number of Pages				26



			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: May 1, 2004
	Certificate Insurer(s):							Closing Date: May 28, 2004
								First Payment Date: June 25, 2004
	Servicer(s):		Impac Funding Corp. Master Servicer
			Countrywide Home Loans Serv Sub-Servicer
			GMAC Sub-Servicer
								Distribution Date: December 27, 2004
	Underwriter(s):		Countrywide Securities Underwriter					Record Date: December 24, 2004
			Bear, Stearns & Co. Inc					November 30, 2004






						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	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-1		877,906,000.00			805,140,662.11	1,760,818.36	19,758,006.50	21,518,824.86	-	-	785,382,655.61
1-A-2		200,000,000.00			183,422,977.44	399,561.05	4,501,166.75	4,900,727.80	-	-	178,921,810.69
1-A-3		22,000,000.00			20,176,527.51	45,862.88	495,128.34	540,991.22	-	-	19,681,399.17
2-A		59,888,000.00			58,972,540.11	132,032.96	140,394.24	272,427.20	-	-	58,832,145.87
1-M-1		43,069,000.00			39,499,221.07	92,165.85	969,303.75	1,061,469.60	-	-	38,529,917.32
1-M-2		46,382,000.00			42,537,622.71	101,087.02	1,043,865.58	1,144,952.60	-	-	41,493,757.13
1-M-3		29,817,000.00			27,345,614.59	66,161.89	671,056.45	737,218.34	-	-	26,674,558.14
1-M-4		39,756,000.00			36,460,819.45	102,972.36	894,741.93	997,714.29	-	-	35,566,077.52
1-M-5		26,504,000.00			24,307,212.96	72,834.48	596,494.62	669,329.10	-	-	23,710,718.34
1-M-6		39,753,000.00			36,458,068.12	117,092.09	894,674.41	1,011,766.50	-	-	35,563,393.71
2-M-1		9,214,000.00			9,073,152.97	22,501.42	21,600.20	44,101.62	-	-	9,051,552.77
2-M-2		10,515,000.00			10,354,265.62	30,582.47	24,650.10	55,232.57	-	-	10,329,615.52
2-B		18,277,000.00			17,997,614.13	66,331.21	42,846.40	109,177.61	-	-	17,954,767.73
Cert		-			-	-	-	-	-	-	-


Total		1,423,081,000.00			1,311,746,298.79	3,010,004.03	30,053,929.27	33,063,933.30	-	-	1,281,692,369.52


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

1-A-1	11/26/04	12/26/04		A-Act/360	45254NJG3	877,906,000.00	917.114887	2.005703	22.505834	24.511536	894.609053
1-A-2	11/26/04	12/26/04		A-Act/360	45254NJH1	200,000,000.00	917.114887	1.997805	22.505834	24.503639	894.609053
1-A-3	11/26/04	12/26/04		A-Act/360	45254NJJ7	22,000,000.00	917.114887	2.084676	22.505834	24.590510	894.609053
2-A	11/26/04	12/26/04		F-30/360	45254NJR9	59,888,000.00	984.713801	2.204665	2.344280	4.548945	982.369521
1-M-1	11/26/04	12/26/04		A-Act/360	45254NJK4	43,069,000.00	917.114887	2.139958	22.505834	24.645792	894.609053
1-M-2	11/26/04	12/26/04		A-Act/360	45254NJL2	46,382,000.00	917.114887	2.179445	22.505834	24.685279	894.609054
1-M-3	11/26/04	12/26/04		A-Act/360	45254NJM0	29,817,000.00	917.114887	2.218932	22.505834	24.724766	894.609053
1-M-4	11/26/04	12/26/04		A-Act/360	45254NJN8	39,756,000.00	917.114887	2.590109	22.505834	25.095942	894.609053
1-M-5	11/26/04	12/26/04		A-Act/360	45254NJP3	26,504,000.00	917.114887	2.748056	22.505834	25.253890	894.609053
1-M-6	11/26/04	12/26/04		A-Act/360	45254NJQ1	39,753,000.00	917.114887	2.945491	22.505834	25.451324	894.609054
2-M-1	11/26/04	12/26/04		F-30/360	45254NJS7	9,214,000.00	984.713802	2.442090	2.344280	4.786371	982.369521
2-M-2	11/26/04	12/26/04		A-Act/360	45254NJT5	10,515,000.00	984.713801	2.908461	2.344280	5.252741	982.369522
2-B	11/26/04	12/26/04		A-Act/360	45254NJU2	18,277,000.00	984.713800	3.629218	2.344280	5.973497	982.369521
Cert	11/26/04	12/26/04		-		-	-	-	-	-	-


							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	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-1	877,906,000.00		9,942,115.41		89,677,510.44	2,845,833.95	92,523,344.39	102,465,459.80	-	-	785,382,655.61
1-A-2	200,000,000.00		2,253,564.62		20,429,866.17	648,323.14	21,078,189.31	23,331,753.93	-	-	178,921,810.69
1-A-3	22,000,000.00		261,682.04		2,247,285.28	71,315.55	2,318,600.83	2,580,282.87	-	-	19,681,399.17
2-A	59,888,000.00		722,727.57		580,392.45	475,461.68	1,055,854.13	1,778,581.70	-	-	58,832,145.87
1-M-1	43,069,000.00		529,469.65		4,399,469.53	139,613.15	4,539,082.68	5,068,552.33	-	-	38,529,917.32
1-M-2	46,382,000.00		583,413.06		4,737,890.26	150,352.61	4,888,242.87	5,471,655.93	-	-	41,493,757.13
1-M-3	29,817,000.00		383,546.60		3,045,786.60	96,655.26	3,142,441.86	3,525,988.46	-	-	26,674,558.14
1-M-4	39,756,000.00		617,870.41		4,061,048.80	128,873.68	4,189,922.48	4,807,792.89	-	-	35,566,077.52
1-M-5	26,504,000.00		442,119.27		2,707,365.86	85,915.80	2,793,281.66	3,235,400.93	-	-	23,710,718.34
1-M-6	39,753,000.00		719,760.21		4,060,742.35	128,863.94	4,189,606.29	4,909,366.50	-	-	35,563,393.71
2-M-1	9,214,000.00		126,337.94		89,295.62	73,151.61	162,447.23	288,785.17	-	-	9,051,552.77
2-M-2	10,515,000.00		178,122.91		101,904.00	83,480.48	185,384.48	363,507.39	-	-	10,329,615.52
2-B	18,277,000.00		400,799.68		177,127.85	145,104.42	322,232.27	723,031.95	-	-	17,954,767.73
Cert	-		14,131,178.24		-	-	-	14,131,178.24	-	-	-


Total	1,423,081,000.00		31,292,707.60		136,315,685.21	5,072,945.27	141,388,630.48	172,681,338.08	-	-	1,281,692,369.52


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

1-A-1	2.54000%	805,140,662.11			1,761,021.55	-	-	-	1,760,818.36	1,760,818.36	-
1-A-2	2.53000%	183,422,977.44			399,607.34	-	-	-	399,561.05	399,561.05	-
1-A-3	2.64000%	20,176,527.51			45,867.97	-	-	-	45,862.88	45,862.88	-
2-A	2.60000%	58,972,540.11			132,032.96	-	-	-	92,165.85	132,032.96	-
1-M-1	2.71000%	39,499,221.07			92,175.82	-	-	-	101,087.02	92,165.85	-
1-M-2	2.76000%	42,537,622.71			101,097.75	-	-	-	66,161.89	101,087.02	-
1-M-3	2.81000%	27,345,614.59			66,168.79	-	-	-	102,972.36	66,161.89	-
1-M-4	3.28000%	36,460,819.45			102,981.56	-	-	-	72,834.48	102,972.36	-
1-M-5	3.48000%	24,307,212.96			72,840.61	-	-	-	117,092.09	72,834.48	-
1-M-6	3.73000%	36,458,068.12			117,101.29	-	-	-	132,032.96	117,092.09	-
2-M-1	2.88000%	9,073,152.97			22,501.42	-	-	-	22,501.42	22,501.42	-
2-M-2	3.43000%	10,354,265.62			30,582.47	-	-	-	30,582.47	30,582.47	-
2-B	4.28000%	17,997,614.13			66,331.21	-	-	-	66,331.21	66,331.21	-
Cert		-			-	-	-	-	-	-	-


Total		1,311,746,298.79			3,010,310.74	-	-	-	3,010,004.03	3,010,004.03	-


							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					120,752.89	27,945,755.55	28,066,508.44
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL PRINCIPAL					120,752.89	27,945,755.55	28,066,508.44

	Interest Collections					413,907.65	5,276,469.09	5,690,376.74
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					(53,455.88)	(244,856.58)	(298,312.46)
	Interest Fees					(265.66)	(394,373.76)	(394,639.42)
	Interest Earnings					0.00	0.00	0.00
	TOTAL INTEREST					360,186.11	4,637,238.75	4,997,424.86

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					480,939.00	32,582,994.30	33,063,933.30


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal					120,516.51	573,546.31	694,062.82
	Curtailments					236.38	196,246.41	196,482.79
	Prepayments in Full					0.00	27,053,418.60	27,053,418.60
	Repurchases/Substitutions					0.00	122,544.23	122,544.23
	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					(120,516.51)	(193,362.83)	(313,879.34)
	Realized Losses					0.00	0.00	0.00
	Substitution Adjustments- Principal					0.00	0.00	0.00
	Termination Price Amounts- Principal					0.00	0.00	0.00
	Additional Principal Amts					0.00	0.00	0.00
	Principal Advanced					120,516.51	193,362.83	313,879.34

	TOTAL PRINCIPAL					120,752.89	27,945,755.55	28,066,508.44


				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


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


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


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					430,511.00	5,371,948.93	5,802,459.93
	Repurchases/Substitutions					0.00	689.31	689.31
	Liquidations					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Prepayment Interest Shortfalls					0.00	(70,786.17)	(70,786.17)
	Relief Act Interest Shortfalls					0.00	(306.71)	(306.71)
	Delinquent Interest					(430,511.00)	(1,329,034.06)	(1,759,545.06)
	Interest Realized Losses					0.00	0.00	0.00
	Compensating Interest					0.00	70,786.17	70,786.17
	Substitution Adjustments- Interest					0.00	0.00	0.00
	Termination Price Amounts- Interest					0.00	0.00	0.00
	Additional Interest Amts					0.00	0.00	0.00
	Interest Prepayment Premiums					0.00	0.00	0.00
	Interest Advanced					413,907.65	1,233,171.62	1,647,079.27
	Cap Contract Payment Amt					0.00	0.00	0.00

	TOTAL INTEREST					413,907.65	5,276,469.09	5,690,376.74


				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL

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

	TOTAL INTEREST WITHDRAWALS					0.00	0.00	0.00

INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Cap Contract Payment Amounts					0.00	0.00	0.00
	Floor Contract Payment Amounts					0.00	0.00	0.00
	Swap Contract Payment Amounts					53,455.88	244,856.58	298,312.46


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Owner Trustee Fee					141.13	1,750.95	1,892.08
	Indenture Trustee Fee					124.53	1,544.95	1,669.48
	Bond Insurance Premium Amount					0.00	0.00	0.00
	Radian PMI Insurance Premiums					0.00	74,792.54	74,792.54
	Current Servicing Fees					0.00	316,285.32	316,285.32

	TOTAL INTEREST FEES					265.66	394,373.76	394,639.42


				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL

	Current Periods Required Overcollateralization Amt					4,261,908.86	6,614,003.96	10,875,912.82
	Current Periods Overcollateralization Amt					3,331,273.35	0.00	3,331,273.35
	Current Periods Net Monthly Excess Cashflow					108,738.05	1,878,682.78	1,987,420.83
	Current Periods Overcollateralization Release					0.00	0.00	0.00
	Current Periods Principal Available Funds Shortfall						0.00	0.00

	60 Day Rolling Delinquency Amount					0.00	6,518,024.17	6,518,024.17
	90 Day Rolling Delinquency Amount					0.00	5,688,597.84	5,688,597.84

	Available Funds Rate					4.3391%	4.5065%	4.5065%
	90 Day Delinquency Percentage							0.0000%


				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					91	5614	5705
	Prior					91	5,074	5,165
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					-	(130)	(130)
	Repurchases					-	(1)	(1)
	Liquidations					-	-	-
	Current					91	4,943	5,034

	*Principal Balance:*
	Original					100,280,208.50	1,302,187,895.84	1,402,468,104.34
	Prior					99,620,108.13	1,215,348,725.93	1,314,968,834.06
	Prefunding					-	-	-
	Scheduled Principal					(120,516.51)	(573,546.31)	(694,062.82)
	Partial and Full Voluntary Prepayments					(236.38)	(27,249,665.01)	(27,249,901.39)
	Repurchases					-	(122,544.23)	(122,544.23)
	Liquidations					-	-	-
	Current					99,499,355.24	1,187,402,970.38	1,286,902,325.62

PREFUNDING						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


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


				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					5.166732%	5.294115%	5.285007%
	Weighted Average Coupon Prior					5.185801%	5.273165%	5.266651%
	Weighted Average Coupon Current					5.185833%	5.304787%	5.295775%
	Weighted Average Months to Maturity Original					358	349	350
	Weighted Average Months to Maturity Prior					353	346	347
	Weighted Average Months to Maturity Current					352	345	346
	Weighted Avg Remaining Amortization Term Original					358	351	351
	Weighted Avg Remaining Amortization Term Prior					353	347	347
	Weighted Avg Remaining Amortization Term Current					352	346	346
	Weighted Average Seasoning Original					2.16	5.10	4.89
	Weighted Average Seasoning Prior					7.13	19.62	18.68
	Weighted Average Seasoning Current					8.13	20.50	19.54

Note: Original information refers to deal issue.


	Group 1
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					2.917%	3.069%
	Weighted Average Margin Prior					2.917%	3.065%
	Weighted Average Margin Current					2.917%	3.061%
	Weighted Average Max Rate Original					10.226%	10.837%
	Weighted Average Max Rate Prior					10.226%	10.760%
	Weighted Average Max Rate Current					10.226%	10.746%
	Weighted Average Min Rate Original					5.161%	3.775%
	Weighted Average Min Rate Prior					5.161%	3.749%
	Weighted Average Min Rate Current					5.161%	3.737%
	Weighted Average Cap Up Original					1.000%	1.142%
	Weighted Average Cap Up Prior					1.000%	1.139%
	Weighted Average Cap Up Current					1.000%	1.140%
	Weighted Average Cap Down Original					0.955%	0.707%
	Weighted Average Cap Down Prior					1.000%	1.139%
	Weighted Average Cap Down Current					1.000%	1.139%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					0.00	316,285.32	316,285.32
	Delinquent Servicing Fees					16,603.35	95,862.44	112,465.79
	TOTAL SERVICING FEES					16,603.35	412,147.76	428,751.11

	Total Servicing Fees					16,603.35	412,147.76	428,751.11
	Compensating Interest					0.00	70,786.17	70,786.17
	Delinquent Servicing Fees					(16,603.35)	(95,862.44)	(112,465.79)
	COLLECTED SERVICING FEES					0.00	387,071.49	387,071.49

	Current PPIS					0.00	(70,786.17)	(70,786.17)
	Current Net PPIS					0.00	0.00	0.00

	Total Advanced Principal For Current Payment Date					120,516.51	193,362.83	313,879.34
	Total Advanced Interest For Current Payment Date					413,907.65	1,233,171.62	1,647,079.27
	TOTAL ADVANCES FOR CURRENT PERIOD					534,424.16	1,426,534.45	1,960,958.61


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


				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			9,658,707.98	2,703,460.23	1,639,122.00	14,001,290.21
		% Balance			0.75%	0.21%	0.13%	1.09%
		# Loans			69	18	11	98
		% # Loans			1.37%	0.36%	0.22%	1.95%
FORECLOSURE		Balance		364,720.30	-	-	2,035,791.76	2,400,512.06
		% Balance		0.03%	0.00%	0.00%	0.16%	0.19%
		# Loans		1	-	-	17	18
		% # Loans		0.02%	0.00%	0.00%	0.34%	0.36%
BANKRUPTCY		Balance		1,820,100.91	191,130.04	48,701.79	-	2,059,932.74
		% Balance		0.14%	0.01%	0.00%	0.00%	0.16%
		# Loans		40	6	1	-	47
		% # Loans		0.79%	0.12%	0.02%	0.00%	0.93%
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		2,184,821.21	9,849,838.02	2,752,162.02	3,674,913.76	18,461,735.01
		% Balance		0.17%	0.77%	0.21%	0.29%	1.43%
		# Loans		41	75	19	28	163
		% # Loans		0.81%	1.49%	0.38%	0.56%	3.24%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			9,658,707.98	2,703,460.23	1,639,122.00	14,001,290.21
		% Balance			0.81%	0.23%	0.14%	1.18%
		# Loans			69	18	11	98
		% # Loans			1.40%	0.36%	0.22%	1.98%
FORECLOSURE		Balance		364,720.30	-	-	2,035,791.76	2,400,512.06
		% Balance		0.03%	0.00%	0.00%	0.17%	0.20%
		# Loans		1	-	-	17	18
		% # Loans		0.02%	0.00%	0.00%	0.34%	0.36%
BANKRUPTCY		Balance		1,820,100.91	191,130.04	48,701.79	-	2,059,932.74
		% Balance		0.15%	0.02%	0.00%	0.00%	0.17%
		# Loans		40	6	1	-	47
		% # Loans		0.81%	0.12%	0.02%	0.00%	0.95%
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		2,184,821.21	9,849,838.02	2,752,162.02	3,674,913.76	18,461,735.01
		% Balance		0.18%	0.83%	0.23%	0.31%	1.55%
		# Loans		41	75	19	28	163
		% # Loans		0.83%	1.52%	0.38%	0.57%	3.30%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 2 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 13 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	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; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00

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

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


				Page 14 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					-	130	130
	Number of Repurchased Loans					-	1	1
	Total Number of Loans Prepaid in Full					-	131	131

	Paid in Full Balance					-	27,053,418.60	27,053,418.60
	Repurchased Loans Balance					-	122,544.23	122,544.23
	Curtailments Amount					236.38	196,246.41	196,482.79
	Total Prepayment Amount					236.38	27,372,209.24	27,372,445.62

	*Cumulative*
	Number of Paid in Full Loans					-	769	769
	Number of Repurchased Loans					-	4	4
	Total Number of Loans Prepaid in Full					-	773	773

	Paid in Full Balance					-	129,905,203.45	129,905,203.45
	Repurchased Loans Balance					-	821,090.14	821,090.14
	Curtailments Amount					3,655.04	2,649,114.37	2,652,769.41
	Total Prepayment Amount					3,655.04	133,375,407.96	133,379,063.00


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


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


				Page 15 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					0.00%	2.25%	2.08%
	3 Months Avg SMM					0.00%	1.90%	1.76%
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.00%	1.51%	1.40%

	CPR					0.00%	23.93%	22.32%
	3 Months Avg CPR					0.00%	20.59%	19.20%
	12 Months Avg CPR
	Avg CPR Since Cut-off					0.01%	16.68%	15.55%

	PSA					0.18%	583.64%	571.05%
	3 Months Avg PSA Approximation					0.34%	520.86%	510.43%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1.04%	500.33%	491.62%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1
	Group 2

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 17 of 26				© COPYRIGHT 2004 Deutsche Bank


	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 131						Loan Group 1 = Group 1
Total Original Principal Balance = 27,466,754.00						Loan Group 2 = Group 2
Total Prepayment Amount = 27,175,962.83


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

1100373624 1			60,000.00	59,521.71	Nov-30-04	10.750%	CA - 20.00%	Paid Off - 180	May-21-03
1100378485 1			65,800.00	65,379.14	Nov-17-04	11.625%	CA - 20.00%	Paid Off - 180	Jun-09-03
1100379004 1			79,800.00	79,197.22	Nov-23-04	9.990%	MD - 20.00%	Paid Off - 180	Aug-15-03
1100380302 1			67,650.00	67,106.65	Nov-04-04	9.000%	CA - 19.88%	Paid Off - 180	Dec-31-03
1103071994 1			93,400.00	92,926.09	Nov-26-04	10.000%	CA - 20.00%	Paid Off - 180	Dec-23-03
1103074756 1			28,150.00	27,945.86	Nov-23-04	9.500%	MD - 14.99%	Paid Off - 180	Nov-18-03
1103076425 1			43,200.00	42,893.67	Nov-04-04	9.250%	VA - 20.00%	Paid Off - 180	Nov-21-03
1103084163 1			90,000.00	89,486.55	Nov-08-04	9.875%	CA - 30.00%	Paid Off - 180	Nov-19-03
1103090465 1			93,600.00	93,033.93	Nov-01-04	10.000%	CA - 30.00%	Paid Off - 180	Dec-12-03
1103094136 1			34,000.00	33,806.00	Nov-26-04	9.875%	NV - 20.00%	Paid Off - 180	Dec-30-03
1103096987 1			28,000.00	27,844.35	Nov-12-04	10.000%	FL - 20.00%	Paid Off - 180	Dec-15-03
1103098846 1			75,000.00	74,648.20	Nov-30-04	10.375%	CA - 19.54%	Paid Off - 180	Dec-31-03
1103098853 1			100,000.00	99,472.46	Nov-02-04	10.250%	CA - 19.61%	Paid Off - 180	Dec-24-03
1103099437 1			61,000.00	60,656.58	Nov-23-04	9.500%	CA - 20.00%	Paid Off - 180	Jan-21-04
1103101904 1			38,282.00	38,081.55	Nov-02-04	10.375%	CA - 20.00%	Paid Off - 180	Nov-25-03
1103102051 1			40,300.00	39,890.02	Nov-19-04	9.250%	CA - 20.00%	Paid Off - 180	Jan-12-04
1103103560 1			123,000.00	122,423.16	Nov-26-04	10.375%	HI - 20.00%	Paid Off - 180	Dec-22-03
1103106566 1			42,200.00	41,985.82	Nov-16-04	10.000%	CA - 20.00%	Paid Off - 180	Jan-09-04
1103113167 1			35,500.00	35,244.80	Nov-02-04	8.750%	MA - 10.00%	Paid Off - 180	Dec-12-03
1103113172 1			84,000.00	81,168.91	Nov-09-04	9.750%	FL - 18.92%	Paid Off - 180	Dec-12-03
1103124453 1			160,800.00	159,550.92	Nov-24-04	5.500%	CA - 80.00%	Paid Off - 360	Apr-30-04
1103130331 1			170,650.00	169,839.12	Nov-02-04	7.250%	NV - 90.00%	Paid Off - 360	May-07-04
1103137406 1			166,400.00	163,700.65	Nov-29-04	5.500%	CA - 80.00%	Paid Off - 360	May-07-04
1103138169 1			670,000.00	669,606.20	Nov-16-04	4.875%	CA - 67.00%	Paid Off - 360	Apr-30-04
1103138378 1			228,800.00	226,500.08	Nov-26-04	6.250%	CA - 80.00%	Paid Off - 360	May-14-04
1103139467 1			285,000.00	283,518.15	Nov-03-04	6.750%	MA - 75.00%	Paid Off - 360	Apr-30-04
1103139901 1			153,750.00	152,589.38	Nov-16-04	6.375%	CA - 75.00%	Paid Off - 360	May-05-04
1103141034 1			333,000.00	328,853.96	Nov-18-04	5.375%	CA - 90.00%	Paid Off - 360	May-06-04
1103141888 1			129,500.00	128,207.93	Nov-23-04	4.875%	CA - 71.16%	Paid Off - 360	Apr-30-04
1103142984 1			140,000.00	139,155.92	Nov-12-04	7.375%	CA - 80.00%	Paid Off - 360	May-14-04
1103143795 1			211,500.00	210,356.51	Nov-26-04	7.500%	VA - 75.00%	Paid Off - 360	May-22-04
1103143869 1			162,000.00	161,099.17	Nov-15-04	7.250%	CA - 90.00%	Paid Off - 360	May-14-04
1103148425 1			507,500.00	503,256.47	Nov-17-04	4.250%	CA - 70.00%	Paid Off - 360	May-14-04
1103151399 1			200,850.00	200,649.04	Nov-29-04	5.625%	NJ - 88.87%	Paid Off - 360	May-24-04
1103151446 1			164,500.00	164,500.00	Nov-05-04	4.375%	CA - 70.00%	Paid Off - 360	Apr-28-04
1103151579 1			172,650.00	171,091.15	Nov-17-04	4.750%	CA - 80.00%	Paid Off - 360	May-11-04
1103156321 1			268,000.00	268,000.00	Nov-12-04	5.125%	CA - 80.00%	Paid Off - 360	May-04-04
1103157094 1			231,200.00	231,200.00	Nov-12-04	5.375%	CA - 80.00%	Paid Off - 360	May-25-04
1103157292 1			483,000.00	482,999.31	Nov-16-04	4.125%	CA - 70.00%	Paid Off - 360	Apr-30-04
1103157926 1			348,000.00	348,000.00	Nov-24-04	5.625%	CA - 80.00%	Paid Off - 360	Apr-28-04
1103157974 1			210,000.00	209,180.62	Nov-01-04	4.625%	CA - 70.00%	Paid Off - 360	May-05-04
1103158223 1			279,000.00	279,000.00	Nov-01-04	5.625%	CA - 79.95%	Paid Off - 360	Apr-29-04
1103158547 1			495,000.00	495,000.00	Nov-18-04	4.875%	CA - 83.20%	Paid Off - 360	May-25-04
1103158769 1			227,500.00	227,499.57	Nov-18-04	4.875%	CA - 75.34%	Paid Off - 360	May-19-04

					Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	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

1103159257 1			160,000.00	158,536.22	Nov-26-04	5.350%	CA - 80.00%	Paid Off - 360	Apr-12-04
1103159520 1			157,500.00	156,732.98	Nov-16-04	7.125%	CA - 90.00%	Paid Off - 360	May-11-04
1103159583 1			215,600.00	215,549.58	Nov-09-04	5.125%	CA - 70.00%	Paid Off - 360	Apr-30-04
1103161188 1			462,000.00	462,000.00	Nov-18-04	7.375%	CA - 89.71%	Paid Off - 360	May-18-04
1103161268 1			608,000.00	608,000.00	Nov-19-04	4.875%	CA - 80.00%	Paid Off - 360	May-06-04
1103162021 1			157,200.00	157,144.07	Nov-26-04	5.875%	WA - 80.00%	Paid Off - 360	May-10-04
1103162504 1			243,700.00	242,190.85	Nov-09-04	5.875%	CA - 74.99%	Paid Off - 360	May-25-04
1103162814 1			422,950.00	420,510.52	Nov-24-04	6.250%	CA - 84.59%	Paid Off - 360	May-19-04
1103164421 1			148,500.00	148,498.91	Nov-08-04	6.375%	VA - 84.86%	Paid Off - 360	May-06-04
1103164878 1			426,400.00	426,400.00	Nov-17-04	3.750%	CA - 80.00%	Paid Off - 360	May-24-04
1103164933 1			464,200.00	458,545.20	Nov-08-04	3.750%	CA - 74.99%	Paid Off - 360	May-24-04
1103165197 1			210,872.00	210,872.00	Nov-29-04	5.625%	CA - 80.00%	Paid Off - 360	May-11-04
1103165523 1			170,500.00	169,482.64	Nov-26-04	7.500%	OR - 94.99%	Paid Off - 360	May-22-04
1103166222 1			266,600.00	266,600.00	Nov-09-04	4.750%	CA - 79.99%	Paid Off - 360	May-14-04
1103167449 1			280,000.00	280,000.00	Nov-19-04	5.250%	CA - 80.00%	Paid Off - 360	May-20-04
1103167707 1			207,000.00	207,000.00	Nov-22-04	6.250%	AZ - 90.00%	Paid Off - 360	May-06-04
1103169342 1			125,000.00	124,434.61	Nov-01-04	7.500%	WY - 92.60%	Paid Off - 360	Apr-30-04
1103170163 1			290,600.00	290,600.00	Nov-18-04	5.000%	CA - 89.97%	Paid Off - 360	May-12-04
1103170254 1			81,000.00	80,399.46	Nov-04-04	5.750%	FL - 90.00%	Paid Off - 360	Apr-28-04
1103170578 1			301,500.00	299,864.14	Nov-10-04	7.375%	FL - 90.00%	Paid Off - 360	May-10-04
1103170708 1			152,990.00	152,918.96	Nov-22-04	5.625%	FL - 90.00%	Paid Off - 360	May-12-04
1103170750 1			174,400.00	174,325.11	Nov-16-04	5.250%	AZ - 80.00%	Paid Off - 360	May-17-04
1103171206 1			365,000.00	365,000.00	Nov-30-04	5.375%	CA - 100.00%	Paid Off - 360	Apr-28-04
1103171212 1			312,000.00	312,000.00	Nov-03-04	5.750%	CA - 79.49%	Paid Off - 360	Apr-28-04
1103171229 1			84,000.00	84,000.00	Nov-26-04	4.250%	FL - 69.25%	Paid Off - 360	May-18-04
1103171469 1			183,400.00	183,251.74	Nov-23-04	4.950%	CA - 70.00%	Paid Off - 360	May-21-04
1103171858 1			178,000.00	176,268.10	Nov-04-04	5.125%	MN - 80.00%	Paid Off - 360	Apr-30-04
1103172034 1			235,200.00	235,199.00	Nov-16-04	5.500%	CA - 80.00%	Paid Off - 360	May-18-04
1103172452 1			310,500.00	310,500.00	Nov-08-04	7.000%	FL - 90.00%	Paid Off - 360	May-25-04
1103173459 1			93,000.00	92,906.79	Nov-16-04	6.125%	NJ - 62.84%	Paid Off - 360	Apr-28-04
1103173764 1			311,200.00	308,974.69	Nov-22-04	5.125%	CA - 80.00%	Paid Off - 360	May-20-04
1103174031 1			270,750.00	270,750.00	Nov-18-04	4.990%	CA - 95.00%	Paid Off - 360	Apr-30-04
1103174056 1			389,500.00	389,500.00	Nov-22-04	6.155%	CA - 95.00%	Paid Off - 360	Apr-30-04
1103174435 1			356,000.00	356,000.00	Nov-09-04	5.125%	AZ - 79.46%	Paid Off - 360	Apr-30-04
1103175378 1			885,500.00	885,500.00	Nov-02-04	5.375%	CA - 70.00%	Paid Off - 360	Apr-28-04
1103175875 1			336,000.00	332,117.74	Nov-30-04	5.250%	CA - 80.00%	Paid Off - 360	Apr-29-04
1103175880 1			650,000.00	644,528.54	Nov-02-04	5.250%	MD - 79.75%	Paid Off - 360	Apr-29-04
1103175884 1			268,800.00	266,796.89	Nov-09-04	5.750%	GA - 80.00%	Paid Off - 360	Apr-29-04
1103175887 1			360,600.00	357,733.21	Nov-30-04	5.375%	FL - 66.17%	Paid Off - 360	Apr-29-04
1103176608 1			505,000.00	505,000.00	Nov-18-04	4.375%	CA - 71.12%	Paid Off - 360	Apr-30-04
1103176642 1			319,800.00	319,800.00	Nov-12-04	4.875%	CA - 71.06%	Paid Off - 360	Apr-30-04
1103177940 1			311,200.00	311,200.00	Nov-18-04	4.375%	CA - 80.00%	Paid Off - 360	May-10-04
1103178190 1			140,400.00	139,509.85	Nov-04-04	5.875%	OR - 90.00%	Paid Off - 360	May-21-04
1103178337 1			633,750.00	629,916.98	Nov-17-04	6.000%	CA - 75.00%	Paid Off - 360	May-25-04
1103179164 1			316,000.00	316,000.00	Nov-30-04	5.875%	CA - 76.15%	Paid Off - 360	May-21-04
1103179395 1			47,500.00	47,274.32	Nov-19-04	7.250%	IN - 95.00%	Paid Off - 360	May-24-04
1103180860 1			283,500.00	283,500.00	Nov-10-04	7.250%	MN - 90.00%	Paid Off - 360	May-25-04
2500028243 1			95,000.00	94,026.30	Nov-24-04	9.000%	CA - 20.00%	Paid Off - 180	Jun-19-03
2503040431 1			38,000.00	37,801.94	Nov-26-04	9.875%	CA - 20.00%	Paid Off - 180	Dec-03-03
2503056128 1			173,500.00	173,500.00	Nov-23-04	5.750%	FL - 89.99%	Paid Off - 360	Apr-30-04
2503056235 1			421,600.00	421,600.00	Nov-01-04	5.625%	VA - 80.00%	Paid Off - 360	May-06-04
2503056330 1			260,000.00	260,000.00	Nov-09-04	4.750%	CA - 69.34%	Paid Off - 360	Apr-29-04

					Page 19 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	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

2503056600 1			72,000.00	72,000.00	Nov-04-04	7.000%	CA - 90.00%	Paid Off - 360	Apr-28-04
2503056791 1			372,000.00	372,000.00	Nov-24-04	4.750%	CA - 80.00%	Paid Off - 360	Apr-30-04
2503057156 1			215,650.00	215,650.00	Nov-03-04	5.500%	AZ - 83.59%	Paid Off - 360	Apr-30-04
2503057303 1			160,000.00	159,077.16	Nov-18-04	6.250%	CA - 80.00%	Paid Off - 360	Apr-30-04
2503057359 1			623,900.00	621,049.22	Nov-29-04	6.500%	CA - 80.00%	Paid Off - 360	May-20-04
2503057666 1			256,000.00	256,000.00	Nov-19-04	4.500%	CA - 80.00%	Paid Off - 360	May-07-04
2503058792 1			180,900.00	180,900.00	Nov-01-04	5.500%	FL - 90.00%	Paid Off - 360	May-18-04
2503058820 1			194,400.00	194,400.00	Nov-29-04	6.875%	CA - 90.00%	Paid Off - 360	May-12-04
2503061177 1			387,000.00	386,999.20	Nov-03-04	8.000%	FL - 90.00%	Paid Off - 360	May-19-04
2503061505 1			423,000.00	423,000.00	Nov-12-04	5.875%	CA - 90.00%	Paid Off - 360	May-14-04
3900006032 1			82,000.00	77,704.74	Nov-26-04	13.750%	CA - 20.00%	Paid Off - 300	Jun-04-98
3900007009 1			42,600.00	31,697.77	Nov-12-04	13.990%	HI - 18.94%	Paid Off - 180	Sep-23-97
3900007030 1			45,000.00	30,192.05	Nov-01-04	14.250%	MN - 60.00%	Paid Off - 180	Oct-29-97
3900007112 1			35,000.00	26,044.09	Nov-18-04	13.990%	AR - 33.02%	Paid Off - 180	Oct-21-97
3900007141 1			35,000.00	25,051.81	Nov-18-04	13.990%	OH - 51.48%	Paid Off - 180	Oct-21-97
3900007393 1			25,000.00	1,749.04	Nov-05-04	14.490%	GA - 36.77%	Paid Off - 180	Sep-16-97
3900007398 1			27,200.00	15,142.22	Nov-02-04	15.990%	NY - 29.90%	Paid Off - 240	Sep-16-97
3900007450 1			22,000.00	16,340.02	Nov-16-04	12.750%	OR - 29.34%	Paid Off - 180	Oct-02-97
3900007463 1			35,000.00	27,143.18	Nov-17-04	14.990%	CT - 23.34%	Paid Off - 180	Oct-02-97
3900007469 1			44,000.00	38,476.21	Nov-08-04	12.990%	FL - 40.00%	Paid Off - 240	Oct-02-97
3900007482 1			41,000.00	36,121.75	Nov-05-04	13.500%	NV - 36.61%	Paid Off - 240	Oct-02-97
3900007636 1			35,000.00	25,342.69	Nov-01-04	13.750%	OR - 34.32%	Paid Off - 180	Sep-22-97
3900007696 1			35,000.00	30,588.22	Nov-17-04	12.500%	CA - 24.14%	Paid Off - 240	Oct-24-97
3900007717 1			31,600.00	22,560.29	Nov-23-04	13.750%	NV - 31.60%	Paid Off - 180	Oct-24-97
3900007719 1			75,000.00	65,423.61	Nov-12-04	12.990%	WA - 60.00%	Paid Off - 240	Oct-24-97
3900007765 1			27,550.00	24,853.64	Nov-16-04	15.750%	VA - 26.50%	Paid Off - 240	Oct-31-97
3900008590 1			153,000.00	142,608.10	Nov-17-04	5.750%	CA - 85.00%	Paid Off - 360	Jan-01-00
3900008628 1			195,000.00	182,993.95	Nov-01-04	6.125%	CO - 94.99%	Paid Off - 360	Jan-01-00
3900008633 1			131,960.00	125,051.25	Nov-18-04	5.250%	WA - 80.00%	Paid Off - 360	Jun-25-01
3900008815 1			86,450.00	82,027.34	Nov-17-04	4.875%	KY - 95.00%	Paid Off - 360	Jun-26-01
3900008874 1			85,000.00	80,024.81	Nov-02-04	4.000%	FL - 89.48%	Paid Off - 360	Aug-02-01
3900008891 1			395,350.00	374,383.88	Nov-01-04	4.750%	CA - 94.99%	Paid Off - 360	Jul-27-01
3900008960 1			156,200.00	150,489.08	Nov-05-04	5.125%	CA - 89.80%	Paid Off - 360	Jun-27-01
3900009010 1			75,000.00	73,505.12	Nov-16-04	10.750%	CT - 21.43%	Paid Off - 180	Jun-29-01
1103150476 1			123,300.00	122,544.23	Dec-01-04	6.750%	CO - 90.00%	Repur/Subs - 360	Apr-23-04


					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	*Cumulative*
	Number of Loans Liquidated					-	4	4
	Collateral Realized Loss/(Gain) Amount					-	104,990.26	104,990.26
	Net Liquidation Proceeds					-	8,611.38	8,611.38

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


	Cumulative Loss Percentage For Related Payment Date					0.0000%	0.0081%	0.0081%


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


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
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%

	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.00%	0.04%	0.03%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.02%	0.01%

	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.09%	0.09%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.05%	0.05%

	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
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group 1
	Group 2

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 23 of 26				© COPYRIGHT 2004 Deutsche Bank


	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	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 = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK


					Page 24 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL


	Current Periods LIBOR Rate							2.1800%


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL


	Current Periods Net Mortgage Rate					4.9826%	4.8208%	4.8331%


				Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Other Related Information for December 27, 2004 Distribution


	Other Related Information


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Total Swap Contract Payments							298,312.46

	Total Derivative Contract Payments GR I							244,856.58

	RISK ID:702975D - EFFORT ID:N451767 / GLOBAL DEAL ID: 512995							13,264.63
	RISK ID: 702987D - EFFORT ID:N451830 / GLOBAL DEAL ID: 512985							2,916.96
	RISK ID: 703005D - EFFORT ID:N451828 / GLOBAL DEAL ID: 513035							70,876.59
	RISK ID: 702981D - EFFORT ID:N451833 / GLOBAL DEAL ID: 512978							(13,778.78)
	RISK ID: 702993D - EFFORT ID:N451831 / GLOBAL DEAL ID: 512996							33,150.40
	RISK ID: 702971D - EFFORT ID:N451999 / GLOBAL DEAL ID: 512971							(29,455.12)
	RISK ID: 703003D - EFFORT ID:N451838 / GLOBAL DEAL ID: 513034							63,610.57
	RISK ID: 702999D - EFFORT ID:N451836 / GLOBAL DEAL ID: 513030							49,065.43
	RISK ID: 703001D - EFFORT ID:N4451837 / GLOBAL DEAL ID: 513032							16,940.56
	RISK ID: 702995D - EFFORT ID:N451835 / GLOBAL DEAL ID: 512974							38,265.34

	Total Derivative Contract Payments GR 2							53,455.88

	RISK ID: 702967D - EFFORT ID:N451754 / GLOBAL DEAL ID: 512964							3,797.81
	RISK ID: 702979D - EFFORT ID:N451768 / GLOBAL DEAL ID: 512972							5,691.36
	RISK ID: 702983D - EFFORT ID:N451829 / GLOBAL DEAL ID: 512984							5,800.64
	RISK ID: 702985D - EFFORT ID:N451832 / GLOBAL DEAL ID: 512979							38,166.07


				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank

Impac CMP Trust Series 2004-5 8-K