

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


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-113187-05                          33-0705301
          (Commission File Number)        (I.R.S. Employer Identification No.)


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


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


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

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

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

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

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

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


     Item 8.01  Other Events

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


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     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 31, 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 2004-7

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

December 27, 2004 Distribution

				External Parties						Table of Contents

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

										7. Foreclosure Report					17
										8. Prepayment Report					18
										9. Prepayment Detail Report					21
										9. Prepayment Detail Report					21
										10. Realized Loss Report					24
										11. Realized Loss Detail Report					27
				Servicer(s)						11. Realized Loss Detail Report					27
				Servicer(s)						12. Triggers and Adj. Cert. Report					28
				Impac Funding Corp.						12. Triggers and Adj. Cert. Report					28
				Impac Funding Corp.						13. Additional Certificate Report					29
										13. Additional Certificate Report					29
										14. Other Related Information					30


				Underwriter(s)
				Countrywide Securities


										Total Number of Pages					30
										Total Number of Pages

				Dates						Contacts

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

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






Page 1 of 30
IMPAC CMB Trust 2004-7

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

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


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

1-A-1	FLT, STEP,	$	1,047,174,000.00		1,009,302,111.63		2,216,259.22		15,790,495.13		18,006,754.35		0.00		0.00		993,511,616.50
1-A-1	FLT, STEP,	$	1,047,174,000.00		1,009,302,111.63		2,216,259.22		15,790,495.13		18,006,754.35		0.00		0.00		993,511,616.50
1-A-2	FLT, STEP,	$	116,352,000.00		112,144,036.51		254,940.78		1,754,489.41		2,009,430.19		0.00		0.00		110,389,547.10
2-A	FLT, STEP,	$	772,477,000.00		753,869,773.98		1,622,914.10		11,718,342.41		13,341,256.51		0.00		0.00		742,151,431.57
M-1	MEZ, STEP,	$	38,500,000.00		37,293,147.69		88,312.24		581,940.19		670,252.43		0.00		0.00		36,711,207.50
M-2	MEZ, STEP,	$	60,499,000.00		58,602,557.43		141,801.91		914,462.39		1,056,264.30		0.00		0.00		57,688,095.04
M-3	MEZ, STEP,	$	44,000,000.00		42,620,747.12		104,598.42		665,074.56		769,672.98		0.00		0.00		41,955,672.56
M-4	MEZ, STEP,	$	60,499,000.00		58,602,557.41		170,566.00		914,462.39		1,085,028.39		0.00		0.00		57,688,095.02
M-5	MEZ, STEP,	$	60,499,000.00		58,602,557.47		180,658.66		914,462.39		1,095,121.05		0.00		0.00		57,688,095.08
CERT	R	$	0.00		0.00		2,499,837.96		0.00		2,499,837.96		0.00		0.00		0.00




Total			2,200,000,000.00		2,131,037,489.24		7,279,889.29		33,253,728.87		40,533,618.16		0.00		0.00		2,097,783,760.37
Total




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

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
1-A-1	11/26/04		12/26/04		A-Act/360		45254NKF3		1,047,174,000.00		963.834197		2.116419		15.079151		17.195571	948.755046
1-A-2	11/26/04		12/26/04		A-Act/360		45254NKG1		116,352,000.00		963.834197		2.191116		15.079151		17.270268	948.755046
2-A	11/26/04		12/26/04		A-Act/360		45254NKJ5		772,477,000.00		975.912259		2.100922		15.169827		17.270749	960.742432
M-1	11/26/04		12/26/04		A-Act/360		45254NKK2		38,500,000.00		968.653187		2.293824		15.115330		17.409154	953.537857
M-2	11/26/04		12/26/04		A-Act/360		45254NKL0		60,499,000.00		968.653324		2.343872		15.115331		17.459203	953.537993
M-3	11/26/04		12/26/04		A-Act/360		45254NKM8		44,000,000.00		968.653344		2.377237		15.115331		17.492568	953.538013
M-4	11/26/04		12/26/04		A-Act/360		45254NKN6		60,499,000.00		968.653323		2.819319		15.115331		17.934650	953.537993
M-5	11/26/04		12/26/04		A-Act/360		45254NKP1		60,499,000.00		968.653324		2.986143		15.115331		18.101474	953.537994
CERT	11/25/04		12/24/04		A-30/360		IM0407101		0.00		0.000000		0.000000		0.000000		0.000000	0.000000






Page 2 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

Distribution to Date - Master Remic
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
1-A-1	1,047,174,000.00		9,440,226.26		52,422,529.35		1,239,854.15		53,662,383.50		63,102,609.76		0.00		0.00		993,511,616.50
1-A-2	116,352,000.00		1,092,195.33		5,824,692.12		137,760.78		5,962,452.90		7,054,648.23		0.00		0.00		110,389,547.10
2-A	772,477,000.00		6,837,865.39		29,159,351.48		1,166,216.95		30,325,568.43		37,163,433.82		0.00		0.00		742,151,431.57
M-1	38,500,000.00		379,646.36		1,231,562.69		557,229.81		1,788,792.50		2,168,438.86		0.00		0.00		36,711,207.50
M-2	60,499,000.00		611,609.37		1,935,275.28		875,629.68		2,810,904.96		3,422,514.33		0.00		0.00		57,688,095.04
M-3	44,000,000.00		452,102.54		1,407,495.61		636,831.83		2,044,327.44		2,496,429.98		0.00		0.00		41,955,672.56
M-4	60,499,000.00		754,413.66		1,935,275.29		875,629.69		2,810,904.98		3,565,318.64		0.00		0.00		57,688,095.02
M-5	60,499,000.00		804,520.42		1,935,275.25		875,629.67		2,810,904.92		3,615,425.34		0.00		0.00		57,688,095.08
CERT	0.00		12,642,524.52		0.00		0.00		0.00		12,642,524.52		0.00		0.00		0.00




Total	2,200,000,000.00		33,015,103.85		95,851,457.07		6,364,782.56		102,216,239.63		135,231,343.48		0.00		0.00		2,097,783,760.37


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

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

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
1-A-1	2.55000%		1,009,302,111.63		2,216,259.22		0.00		0.00		0.00		2,216,259.22		2,216,259.22		0.00
1-A-2	2.64000%		112,144,036.51		254,940.78		0.00		0.00		0.00		254,940.78		254,940.78		0.00
2-A	2.50000%		753,869,773.98		1,622,914.10		0.00		0.00		0.00		1,622,914.10		1,622,914.10		0.00
M-1	2.75000%		37,293,147.69		88,312.25		0.00		0.00		0.00		88,312.25		88,312.24		0.01
M-2	2.81000%		58,602,557.43		141,801.91		0.00		0.00		0.00		141,801.91		141,801.91		0.00
M-3	2.85000%		42,620,747.12		104,598.42		0.00		0.00		0.00		104,598.43		104,598.42		0.00
M-4	3.38000%		58,602,557.41		170,566.00		0.00		0.00		0.00		170,566.00		170,566.00		0.00
M-5	3.58000%		58,602,557.47		180,658.66		0.00		0.00		0.00		180,658.66		180,658.66		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		2,499,837.96		0.00




Total			2,131,037,489.24		4,780,051.34		0.00		0.00		0.00		4,780,051.35		7,279,889.29		0.01



Page 3 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

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


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

M-1-1	MEZ, STEP,	$	23,139,000.00		22,302,159.48		52,812.75		348,916.48		401,729.23		0.00		0.00		21,953,243.00
M-1-1	MEZ, STEP,	$	23,139,000.00		22,302,159.48		52,812.75		348,916.48		401,729.23		0.00		0.00		21,953,243.00
M-2-1	MEZ, STEP,	$	36,360,000.00		35,045,011.41		84,799.19		548,277.94		633,077.13		0.00		0.00		34,496,733.47
M-3-1	MEZ, STEP,	$	26,444,000.00		25,487,631.51		62,550.90		398,753.08		461,303.98		0.00		0.00		25,088,878.43
M-4-1	MEZ, STEP,	$	36,360,000.00		35,045,011.40		102,000.45		548,277.94		650,278.39		0.00		0.00		34,496,733.46
M-1-2	MEZ, STEP,	$	15,361,000.00		14,990,988.21		35,499.49		233,023.71		268,523.20		0.00		0.00		14,757,964.50
M-5-1	MEZ, STEP,	$	36,360,000.00		35,045,011.44		108,035.98		548,277.93		656,313.91		0.00		0.00		34,496,733.51
M-2-2	MEZ, STEP,	$	24,139,000.00		23,557,546.02		57,002.72		366,184.45		423,187.17		0.00		0.00		23,191,361.57
M-3-2	MEZ, STEP,	$	17,556,000.00		17,133,115.61		42,047.52		266,321.48		308,369.00		0.00		0.00		16,866,794.13
M-4-2	MEZ, STEP,	$	24,139,000.00		23,557,546.01		68,565.55		366,184.45		434,750.00		0.00		0.00		23,191,361.56
M-5-2	MEZ, STEP,	$	24,139,000.00		23,557,546.03		72,622.68		366,184.46		438,807.14		0.00		0.00		23,191,361.57



Total			263,997,000.00		255,721,567.12		685,937.23		3,990,401.92		4,676,339.15		0.00		0.00		251,731,165.20
Total




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

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
M-1-1	11/26/04		12/26/04		A-Act/360				23,139,000.00		963.834197		2.282413		15.079151		17.361564	948.755046
M-2-1	11/26/04		12/26/04		A-Act/360				36,360,000.00		963.834197		2.332211		15.079151		17.411362	948.755046
M-3-1	11/26/04		12/26/04		A-Act/360				26,444,000.00		963.834197		2.365410		15.079151		17.444561	948.755046
M-4-1	11/26/04		12/26/04		A-Act/360				36,360,000.00		963.834197		2.805293		15.079151		17.884444	948.755046
M-5-1	11/26/04		12/26/04		A-Act/360				36,360,000.00		963.834198		2.971287		15.079151		18.050438	948.755047
M-1-2	11/26/04		12/26/04		A-Act/360				15,361,000.00		975.912259		2.311014		15.169827		17.480841	960.742432
M-2-2	11/26/04		12/26/04		A-Act/360				24,139,000.00		975.912259		2.361437		15.169827		17.531264	960.742432
M-3-2	11/26/04		12/26/04		A-Act/360				17,556,000.00		975.912258		2.395051		15.169827		17.564878	960.742432
M-4-2	11/26/04		12/26/04		A-Act/360				24,139,000.00		975.912259		2.840447		15.169827		18.010274	960.742432
M-5-2	11/26/04		12/26/04		A-Act/360				24,139,000.00		975.912259		3.008521		15.169827		18.178348	960.742432





Page 4 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

Distribution to Date - Class M-1 Components
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
M-1-1	23,139,000.00		227,727.20		814,771.16		370,985.84		1,185,757.00		1,413,484.20		0.00		0.00		21,953,243.00
M-2-1	36,360,000.00		366,862.57		1,280,309.40		582,957.13		1,863,266.53		2,230,129.10		0.00		0.00		34,496,733.47
M-3-1	26,444,000.00		271,185.33		931,146.92		423,974.65		1,355,121.57		1,626,306.90		0.00		0.00		25,088,878.43
M-4-1	36,360,000.00		452,535.37		1,280,309.40		582,957.14		1,863,266.54		2,315,801.91		0.00		0.00		34,496,733.46
M-5-1	36,360,000.00		482,595.99		1,280,309.37		582,957.12		1,863,266.49		2,345,862.48		0.00		0.00		34,496,733.51
M-1-2	15,361,000.00		151,919.16		416,791.53		186,243.97		603,035.50		754,954.66		0.00		0.00		14,757,964.50
M-2-2	24,139,000.00		244,746.80		654,965.88		292,672.55		947,638.43		1,192,385.23		0.00		0.00		23,191,361.57
M-3-2	17,556,000.00		180,917.21		476,348.69		212,857.18		689,205.87		870,123.08		0.00		0.00		16,866,794.13
M-4-2	24,139,000.00		301,878.29		654,965.88		292,672.56		947,638.44		1,249,516.73		0.00		0.00		23,191,361.56
M-5-2	24,139,000.00		321,924.43		654,965.88		292,672.55		947,638.43		1,269,562.86		0.00		0.00		23,191,361.57



Total	263,997,000.00		3,002,292.35		8,444,884.11		3,820,950.69		12,265,834.80		15,268,127.15		0.00		0.00		251,731,165.20


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

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

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
				(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
M-1-1	2.75000%		22,302,159.48		52,812.75		0.00		0.00		0.00		52,812.75		52,812.75		0.00
M-2-1	2.81000%		35,045,011.41		84,799.19		0.00		0.00		0.00		84,799.19		84,799.19		0.00
M-3-1	2.85000%		25,487,631.51		62,550.90		0.00		0.00		0.00		62,550.90		62,550.90		0.00
M-4-1	3.38000%		35,045,011.40		102,000.45		0.00		0.00		0.00		102,000.45		102,000.45		0.00
M-5-1	3.58000%		35,045,011.44		108,035.98		0.00		0.00		0.00		108,035.98		108,035.98		0.00
M-1-2	2.75000%		14,990,988.21		35,499.49		0.00		0.00		0.00		35,499.49		35,499.49		0.00
M-2-2	2.81000%		23,557,546.02		57,002.72		0.00		0.00		0.00		57,002.72		57,002.72		0.00
M-3-2	2.85000%		17,133,115.61		42,047.52		0.00		0.00		0.00		42,047.52		42,047.52		0.00
M-4-2	3.38000%		23,557,546.01		68,565.55		0.00		0.00		0.00		68,565.55		68,565.55		0.00
M-5-2	3.58000%		23,557,546.03		72,622.68		0.00		0.00		0.00		72,622.68		72,622.68		0.00



Total			255,721,567.12		685,937.23		0.00		0.00		0.00		685,937.23		685,937.23		0.00



Page 5 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										13,316,240.96		19,937,487.91		33,253,728.87
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										13,316,240.96		19,937,487.91		33,253,728.87
Interest Collections										3,611,255.87		5,354,373.09		8,965,628.96
Interest Withdrawals										-43,975.74		-0.00		-43,975.74
Interest Other Accounts										-567,673.74		-844,381.01		-1,412,054.75
Interest Fees										-101,220.44		-128,488.75		-229,709.19
TOTAL NET INTEREST										2,898,385.96		4,381,503.33		7,279,889.29
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										16,214,626.92		24,318,991.24		40,533,618.16



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											248,743.26		307,282.75		556,026.01
Curtailments											78,460.07		1,001,289.84		1,079,749.91
Prepayments In Full											12,207,175.31		18,315,677.72		30,522,853.03
Repurchased/Substitutions											781,862.32		313,237.60		1,095,099.92
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											-188,203.67		-236,437.80		-424,641.47
Realized Losses											-0.00		-0.00		-0.00
Principal Recoveries
Advanced Principal											188,203.67		236,437.80		424,641.47
TOTAL PRINCIPAL COLLECTED											13,316,240.96		19,937,487.91		33,253,728.87


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



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





Page 6 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										3,834,111.61		5,699,263.21		9,533,374.82
Repurchased/Substitution Interest										4,125.00		1,856.64		5,981.64
Liquidation Interest										0.00		0.00		0.00
Insurance Interest										0.00		0.00		0.00
Other Additional Interest										0.00		0.00		0.00
Prepayment Interest Shortfalls										-28,108.56		-40,842.06		-68,950.62
Delinquent Interest										-3,011,463.96		-4,582,446.32		-7,593,910.28
Compensating Interest										28,108.56		40,842.06		68,950.62
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										2,784,483.22		4,235,699.56		7,020,182.78
TOTAL INTEREST COLLECTED										3,611,255.87		5,354,373.09		8,965,628.96


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
										Group 2		Group 1		Total
Trust Fund Expenses										0.00		0.00		0.00
Non-Recoverable Advances										0.00		0.00		0.00
Reimbursements to Master Servicer										0.00		0.00		0.00
Class 2-A Bond Insurance										43,975.74		0.00		43,975.74

TOTAL INTEREST WITHDRAWALS										43,975.74		0.00		43,975.74


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

Deriviative Contract Payments										-567,673.74		-844,381.01		-1,412,054.75
Interest Coverage Amount										0.00		0.00		0.00
TOTAL INTEREST OTHER ACCOUNTS										-567,673.74		-844,381.01		-1,412,054.75
Additional Swap funds for August Distribution														0.00



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Master Servicing Fee										21,416.66		31,859.27		53,275.94
Sub Servicing Fee										40,727.55		51,494.17		92,221.71
Indenture Trustee Fee										499.72		743.38		1,243.11
OwnerTrustee Fee										1,213.61		1,805.36		3,018.97
Primary Mortgage Insurance										37,362.90		42,586.56		79,949.46

TOTAL INTEREST FEES										101,220.44		128,488.75		229,709.19



Page 7 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



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



Page 8 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



*Loan Count:*


Original										3,736		4,326		8,062
Prior										3,654		4,195		7,849
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-51		-51		-102
Repurchases										-4		-2		-6
Liquidations										-0		-0		-0
Current										3,599		4,142		7,741
*Principal Balance:*


Original										877,810,988.39		1,322,189,170.30		2,200,000,158.69
Prior										856,666,504.25		1,274,370,973.38		2,131,037,477.63
Prefunding										0.00		0.00		0.00
Scheduled Principal										-248,743.26		-307,282.75		-556,026.01
Partial Prepayments										-78,460.07		-1,001,289.84		-1,079,749.91
Full Voluntary Prepayments										-12,207,175.31		-18,315,677.72		-30,522,853.03
Repurchases										-781,862.32		-313,237.60		-1,095,099.92
Liquidations										-0.00		-0.00		-0.00
Current										843,350,263.29		1,254,433,485.47		2,097,783,748.76





PREFUNDING
PREFUNDING
										Group 2		Group 1		Total
Prefund Amount Deposited										0.00		0.00		0.00
Prefunded Transfered										0.00		0.00		0.00
UnPrefunded Amount Remaining										0.00		0.00		0.00






Page 9 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										5.38002%		5.37652%		5.37791%
Weighted Average Coupon Prior										5.37452%		5.37016%		5.37191%
Weighted Average Coupon Current										5.37652%		5.36841%		5.37167%
Weighted Average Months to Maturity Original										358		358		358
Weighted Average Months to Maturity Prior										355		355		355
Weighted Average Months to Maturity Current										354		354		354
Weighted Avg Remaining Amortization Term Original										358		358		358
Weighted Avg Remaining Amortization Term Prior										355		355		355
Weighted Avg Remaining Amortization Term Current										354		354		354
Weighted Average Seasoning Original										1.57		1.68		1.64
Weighted Average Seasoning Prior										4.45		4.58		4.53
Weighted Average Seasoning Current										5.45		5.58		5.53









Page 10 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										3.91114%		3.50084%		3.66455%
Weighted Average Margin Prior										3.91044%		3.50746%		3.66881%
Weighted Average Margin Current										3.91355%		3.51223%		3.67356%
Weighted Average Max Rate Original										11.38112%		11.29792%		11.33111%
Weighted Average Max Rate Prior										11.37457%		11.29451%		11.32657%
Weighted Average Max Rate Current										11.37295%		11.29159%		11.32430%
Weighted Average Min Rate Original										4.00289%		3.54885%		3.73001%
Weighted Average Min Rate Prior										4.00172%		3.55574%		3.73431%
Weighted Average Min Rate Current										4.00493%		3.56022%		3.73899%
Weighted Average Cap Up Original										1.03190%		1.08752%		1.06532%
Weighted Average Cap Up Prior										1.03125%		1.08645%		1.06435%
Weighted Average Cap Up Current										1.03147%		1.08635%		1.06429%
Weighted Average Cap Down Original										1.03190%		1.08752%		1.06532%
Weighted Average Cap Down Prior										1.03125%		1.08645%		1.06435%
Weighted Average Cap Down Current										1.03147%		1.08635%		1.06429%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										63,357.82		85,158.80		148,516.62
Delinquent Servicing Fees										226,980.74		346,746.76		573,727.50
TOTAL SERVICING FEES										290,338.56		431,905.57		722,244.13


Total Servicing Fees										290,338.56		431,905.57		722,244.13
Compensating Interest										-28,108.56		-40,842.06		-68,950.62
Delinquent Servicing Fees										-226,980.74		-346,746.76		-573,727.50
COLLECTED SERVICING FEES										40,727.55		51,494.17		79,566.01


Total Advaced Interest										2,784,483.22		4,235,699.56		7,020,182.78
Total Advaced Principal										188,203.67		236,437.80		424,641.47
Aggregate Advances with respect to this Distribution										2,972,686.89		4,472,137.36		7,444,824.25







Page 11 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										28,108.56		40,842.06		68,950.62
Compensating Interest										-28,108.56		-40,842.06		-68,950.62
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00

Reference 3623484 Internal13167034														163,814.65
Reference 3623485 Internal 13167033														167,031.27
Reference 3623486 Internal 13167032														6,266.10
Reference 3623487 Internal 13167031														436,767.67
Reference 3623488 Internal 13167030														211,863.52
Reference 3623489 Internal 13167029														58,336.73
Reference 3623490 Internal 13167028														271,504.61
Reference 3623491 Internal 13167026														96,470.19

Total Derivatives Outflow/(Inflow) Net Amount														1,412,054.75



Page 12 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				12,029,041.54		4,913,901.13		0.00		16,942,942.67
			% Balance				0.57%		0.23%		0.00%		0.81%
			# Loans				45		18		0		63
			% # Loans				0.58%		0.23%		0.00%		0.81%
	FORECLOSURE		Balance		0.00		3,254,467.87		6,193,959.44		2,615,002.06		12,063,429.37
			% Balance		0.00%		0.16%		0.30%		0.12%		0.58%
			# Loans		0		10		22		11		43
			% # Loans		0.00%		0.13%		0.28%		0.14%		0.56%
	BANKRUPTCY		Balance		2,066,392.06		119,520.47		0.00		0.00		2,185,912.53
			% Balance		0.10%		0.01%		0.00%		0.00%		0.10%
			# Loans		5		1		0		0		6
			% # Loans		0.06%		0.01%		0.00%		0.00%		0.08%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		2,066,392.06		15,403,029.88		11,107,860.57		2,615,002.06		31,192,284.57
			% Balance		0.10%		0.73%		0.53%		0.12%		1.49%
			# Loans		5		56		40		11		112
			% # Loans		0.06%		0.72%		0.52%		0.14%		1.45%









Page 13 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				8,729,737.09		3,091,897.09		0.00		11,821,634.18
			% Balance				0.70%		0.25%		0.00%		0.94%
			# Loans				28		9		0		37
			% # Loans				0.68%		0.22%		0.00%		0.89%
	FORECLOSURE		Balance		0.00		2,174,129.40		4,858,051.89		1,203,253.99		8,235,435.28
			% Balance		0.00%		0.17%		0.39%		0.10%		0.66%
			# Loans		0		6		15		5		26
			% # Loans		0.00%		0.14%		0.36%		0.12%		0.63%
	BANKRUPTCY		Balance		1,874,392.06		119,520.47		0.00		0.00		1,993,912.53
			% Balance		0.15%		0.01%		0.00%		0.00%		0.16%
			# Loans		4		1		0		0		5
			% # Loans		0.10%		0.02%		0.00%		0.00%		0.12%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,874,392.06		11,023,386.96		7,949,948.98		1,203,253.99		22,050,981.99
			% Balance		0.15%		0.88%		0.63%		0.10%		1.76%
			# Loans		4		35		24		5		68
			% # Loans		0.10%		0.85%		0.58%		0.12%		1.64%










Page 14 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				3,299,304.45		1,822,004.04		0.00		5,121,308.49
			% Balance				0.39%		0.22%		0.00%		0.61%
			# Loans				17		9		0		26
			% # Loans				0.47%		0.25%		0.00%		0.72%
	FORECLOSURE		Balance		0.00		1,080,338.47		1,335,907.55		1,411,748.07		3,827,994.09
			% Balance		0.00%		0.13%		0.16%		0.17%		0.45%
			# Loans		0		4		7		6		17
			% # Loans		0.00%		0.11%		0.19%		0.17%		0.47%
	BANKRUPTCY		Balance		192,000.00		0.00		0.00		0.00		192,000.00
			% Balance		0.02%		0.00%		0.00%		0.00%		0.02%
			# Loans		1		0		0		0		1
			% # Loans		0.03%		0.00%		0.00%		0.00%		0.03%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		192,000.00		4,379,642.92		3,157,911.59		1,411,748.07		9,141,302.58
			% Balance		0.02%		0.52%		0.37%		0.17%		1.08%
			# Loans		1		21		16		6		44
			% # Loans		0.03%		0.58%		0.44%		0.17%		1.22%









Page 15 of 30
IMPAC CMB Trust 2004-7

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

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

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

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



TOTAL



Page 16 of 30
IMPAC CMB Trust 2004-7

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

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

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
1103195531 1
1103195531 1			123,500.00		122,883.67		01-Jul-2004		7.000%		FL - 95.00%		360		01-Jul-2004

1103208746 1			136,000.00		135,088.11		01-Jul-2004		5.450%		WA - 80.00%		360		01-Jul-2004
1103215068 1			441,000.00		441,000.00		01-Jul-2004		5.500%		CA - 65.33%		360		01-Jul-2004
1103217411 1			420,000.00		420,000.00		01-Jul-2004		7.205%		CA - 80.00%		360		01-Jul-2004
1103161095 2			284,000.00		281,112.05		01-Jul-2004		4.875%		VA - 80.00%		360		01-Jun-2004
1103197724 2			169,600.00		169,600.00		01-Jul-2004		6.375%		NC - 80.00%		360		01-Jul-2004
1103205410 2			300,000.00		298,347.41		01-Jul-2004		6.490%		CA - 100.00%		360		01-Jul-2004
1103209112 2			240,000.00		238,449.64		01-Jun-2004		5.650%		IL - 80.00%		360		01-Jul-2004
1103212544 2			237,500.00		236,093.86		01-Jul-2004		7.625%		IL - 95.00%		360		01-May-2004


TOTAL			2,351,600.00		2,342,574.74



Page 17 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans										51		51		102
Number of Repurchased Loans										4		2		6
Total Number of Loans Prepaid in Full										55		53		108
Curtailments Amount										78,460.07		1,001,289.84		1,079,749.91
Paid in Full Balance										12,207,175.31		18,315,677.72		30,522,853.03
Repurchased Loans Balance										781,862.32		313,237.60		1,095,099.92
Total Prepayment Amount										13,067,497.70		19,630,205.16		32,697,702.86

*Cumulative*


Number of Paid in Full Loans										131		181		312
Number of Repurchased Loans										6		3		9
Total Number of Loans Prepaid in Full										137		184		321
Paid in Full Balance										31,037,369.74		63,278,563.87		94,315,933.61
Repurchased Loans Balance										1,259,322.32		705,237.60		1,964,559.92
Curtailments Amount										997,816.09		2,394,268.43		3,392,084.52
Total Prepayment Amount										33,294,508.15		66,378,069.90		99,672,578.05










Page 18 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										1.53%		1.54%		1.53%
3 Months Avg SMM										1.04%		1.39%		1.25%
12 Months Avg SMM										6.21%		6.46%		6.36%
Avg SMM Since Cut-off										6.21%		6.46%		6.36%


CPR										16.85%		17.00%		16.94%
3 Months Avg CPR										11.78%		15.47%		14.01%
12 Months Avg CPR										53.69%		55.13%		54.56%
Avg CPR Since Cut-off										53.69%		55.13%		54.56%


PSA										1,545.68%		1,523.64%		1,532.38%
3 Months Avg PSA Approximation										1,322.99%		1,688.76%		1,546.74%
12 Months Avg PSA Approximation										7,723.07%		7,659.10%		7,685.01%
Avg PSA Since Cut-off Approximation										7,723.06%		7,659.09%		7,685.02%










Page 19 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

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

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)

	Weighted Average Seasoning (WAS)

	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
	Dates correspond to distribution dates.




Page 20 of 30
IMPAC CMB Trust 2004-7

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

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

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103159084 2			170,000.00		169,422.01			10-Nov-2004		8.000%		MD - 50.00%		Paid Off - 360		7/1/2004
1103159084 2			170,000.00		169,422.01			10-Nov-2004		8.000%		MD - 50.00%		Paid Off - 360		7/1/2004
1103160908 2			250,000.00		249,943.62			29-Nov-2004		5.625%		CA - 62.60%		Paid Off - 360		8/1/2004
1103166102 2			225,000.00		225,000.00			05-Nov-2004		7.375%		CO - 90.00%		Paid Off - 360		7/1/2004
1103167882 2			216,550.00		215,629.88			24-Nov-2004		6.875%		CA - 89.98%		Paid Off - 360		7/1/2004
1103171655 2			300,000.00		297,833.54			04-Nov-2004		5.125%		CA - 80.00%		Paid Off - 360		7/1/2004
1103173506 2			314,200.00		314,200.00			05-Nov-2004		4.500%		CA - 79.96%		Paid Off - 360		8/1/2004
1103176101 1			340,600.00		340,520.59			09-Nov-2004		4.750%		CA - 80.00%		Paid Off - 360		7/1/2004
1103176995 1			156,750.00		156,750.00			23-Nov-2004		7.750%		FL - 95.00%		Paid Off - 360		8/1/2004
1103178155 1			750,000.00		746,573.03			09-Nov-2004		6.500%		CA - 62.50%		Paid Off - 360		7/1/2004
1103178554 1			495,000.00		495,000.00			01-Nov-2004		6.000%		CA - 90.00%		Paid Off - 360		7/1/2004
1103180315 2			312,000.00		312,000.00			10-Nov-2004		5.375%		CA - 80.00%		Paid Off - 360		7/1/2004
1103181058 1			109,250.00		109,250.00			03-Nov-2004		6.500%		CA - 95.00%		Paid Off - 360		8/1/2004
1103183216 2			218,400.00		218,400.00			05-Nov-2004		5.250%		CA - 70.00%		Paid Off - 360		7/1/2004
1103183815 1			150,350.00		149,774.89			24-Nov-2004		6.250%		CA - 79.99%		Paid Off - 360		8/1/2004
1103183816 1			130,000.00		129,490.73			10-Nov-2004		6.125%		MA - 65.99%		Paid Off - 360		8/1/2004
1103184673 2			320,800.00		320,800.00			19-Nov-2004		5.375%		CA - 80.00%		Paid Off - 360		8/1/2004
1103186316 2			140,000.00		139,902.99			23-Nov-2004		5.000%		GA - 80.00%		Paid Off - 360		8/1/2004
1103187355 2			304,000.00		303,999.99			17-Nov-2004		5.500%		MA - 80.00%		Paid Off - 360		8/1/2004
1103187710 2			206,250.00		205,402.67			23-Nov-2004		5.875%		VA - 73.14%		Paid Off - 360		8/1/2004
1103187865 1			396,000.00		396,000.00			17-Nov-2004		5.500%		CA - 90.00%		Paid Off - 360		7/1/2004
1103188063 2			195,000.00		194,198.89			16-Nov-2004		5.875%		NV - 62.31%		Paid Off - 360		8/1/2004
1103188521 2			196,000.00		196,000.00			18-Nov-2004		5.500%		CA - 70.00%		Paid Off - 360		8/1/2004
1103189259 2			310,400.00		309,746.38			01-Nov-2004		5.000%		CA - 80.00%		Paid Off - 360		6/1/2004
1103190548 2			250,000.00		249,720.80			16-Nov-2004		5.750%		CA - 79.12%		Paid Off - 360		7/1/2004
1103190802 2			165,900.00		164,774.49			30-Nov-2004		4.375%		CA - 70.00%		Paid Off - 360		7/1/2004
1103191109 2			310,400.00		310,400.00			16-Nov-2004		5.125%		CA - 80.00%		Paid Off - 360		7/1/2004
1103191232 1			350,000.00		350,000.00			05-Nov-2004		4.250%		CA - 70.00%		Paid Off - 360		8/1/2004
1103191284 1			538,100.00		538,100.00			04-Nov-2004		3.750%		CA - 70.00%		Paid Off - 360		8/1/2004
1103193910 2			244,100.00		244,100.00			19-Nov-2004		5.125%		CA - 80.00%		Paid Off - 360		8/1/2004
1103193931 1			355,110.00		355,110.00			18-Nov-2004		7.000%		CA - 89.00%		Paid Off - 360		7/1/2004
1103194114 2			318,000.00		318,000.00			12-Nov-2004		7.000%		NY - 84.80%		Paid Off - 360		7/1/2004
1103194788 2			255,500.00		255,486.80			03-Nov-2004		3.750%		CA - 70.00%		Paid Off - 360		8/1/2004
1103194905 1			462,000.00		461,892.21			24-Nov-2004		5.250%		CA - 70.00%		Paid Off - 360		7/1/2004
1103195261 2			201,150.00		199,986.22			24-Nov-2004		5.250%		CA - 80.00%		Paid Off - 360		7/1/2004
1103195291 1			171,000.00		170,280.72			09-Nov-2004		5.750%		FL - 90.00%		Paid Off - 360		8/1/2004
1103195904 2			164,350.00		164,350.00			17-Nov-2004		8.375%		AZ - 95.00%		Paid Off - 360		8/1/2004
1103196190 2			282,000.00		280,756.85			08-Nov-2004		5.500%		CA - 80.00%		Paid Off - 360		8/1/2004
1103196190 2			282,000.00		280,756.85					5.500%		CA - 80.00%		Paid Off - 360



Page 21 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

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

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103196214 2			320,000.00		320,000.00			19-Nov-2004		5.000%		NV - 80.00%		Paid Off - 360		8/1/2004
1103196214 2			320,000.00		320,000.00			19-Nov-2004		5.000%		NV - 80.00%		Paid Off - 360		8/1/2004
1103196895 1			144,000.00		144,000.00			04-Nov-2004		5.000%		IL - 80.00%		Paid Off - 360		7/1/2004
1103197738 2			97,110.00		96,729.56			30-Nov-2004		6.125%		FL - 90.00%		Paid Off - 360		8/1/2004
1103197952 1			94,500.00		94,500.00			08-Nov-2004		7.000%		FL - 90.00%		Paid Off - 360		8/1/2004
1103198487 2			315,000.00		315,000.00			10-Nov-2004		3.750%		CA - 70.00%		Paid Off - 360		8/1/2004
1103198817 2			265,600.00		265,600.00			11-Nov-2004		5.625%		CA - 80.00%		Paid Off - 360		8/1/2004
1103199660 1			128,800.00		128,800.00			30-Nov-2004		3.875%		CA - 70.00%		Paid Off - 360		8/1/2004
1103199926 2			184,000.00		183,984.00			24-Nov-2004		6.500%		CA - 80.00%		Paid Off - 360		7/1/2004
1103200479 2			210,600.00		209,953.08			22-Nov-2004		7.375%		FL - 90.00%		Paid Off - 360		8/1/2004
1103200507 2			238,000.00		238,000.00			04-Nov-2004		4.375%		CA - 70.00%		Paid Off - 360		8/1/2004
1103200570 1			544,000.00		543,943.05			16-Nov-2004		6.500%		CA - 80.00%		Paid Off - 360		7/1/2004
1103201060 1			471,200.00		467,670.59			02-Nov-2004		4.875%		CA - 80.00%		Paid Off - 360		4/1/2004
1103201222 1			109,250.00		108,025.19			08-Nov-2004		5.760%		FL - 95.00%		Paid Off - 360		3/1/2004
1103201822 2			212,000.00		211,149.44			30-Nov-2004		6.000%		NV - 80.00%		Paid Off - 360		8/1/2004
1103203532 1			437,500.00		437,500.00			17-Nov-2004		3.750%		CA - 70.00%		Paid Off - 360		8/1/2004
1103204693 2			196,000.00		191,580.26			05-Nov-2004		4.875%		CA - 70.00%		Paid Off - 360		1/1/2004
1103205394 1			109,000.00		79,186.45			05-Nov-2004		6.490%		OH - 100.00%		Paid Off - 360		7/1/2004
1103205408 2			302,100.00		301,055.97			30-Nov-2004		7.920%		IL - 95.00%		Paid Off - 360		7/1/2004
1103206109 2			211,500.00		211,500.00			04-Nov-2004		5.875%		CA - 90.00%		Paid Off - 360		8/1/2004
1103207065 2			340,000.00		340,000.00			17-Nov-2004		5.500%		CA - 80.00%		Paid Off - 360		5/1/2004
1103208562 2			252,000.00		251,949.80			17-Nov-2004		4.850%		GA - 80.00%		Paid Off - 360		7/1/2004
1103208712 1			152,800.00		151,782.17			30-Nov-2004		4.500%		CA - 80.00%		Paid Off - 360		7/1/2004
1103208966 1			441,000.00		437,980.92			19-Nov-2004		5.200%		MI - 70.00%		Paid Off - 360		6/6/2004
1103209003 1			151,200.00		150,144.60			05-Nov-2004		5.100%		ND - 80.00%		Paid Off - 360		6/7/2004
1103209032 1			147,200.00		146,416.84			18-Nov-2004		5.700%		CA - 80.00%		Paid Off - 360		7/1/2004
1103209352 1			157,500.00		156,483.07			19-Nov-2004		4.650%		OH - 90.00%		Paid Off - 360		7/1/2004
1103209906 2			333,600.00		333,600.00			05-Nov-2004		5.500%		CO - 80.00%		Paid Off - 360		8/1/2004
1103210660 1			560,000.00		560,000.00			10-Nov-2004		5.250%		CA - 80.00%		Paid Off - 360		8/1/2004
1103211698 1			304,000.00		303,397.61			22-Nov-2004		4.750%		CA - 80.00%		Paid Off - 360		5/1/2004
1103212364 1			580,000.00		580,000.00			29-Nov-2004		5.750%		NJ - 80.00%		Paid Off - 360		6/1/2004
1103212512 1			130,000.00		129,391.55			04-Nov-2004		6.375%		CA - 24.76%		Paid Off - 360		7/1/2004
1103213182 2			220,000.00		217,537.40			19-Nov-2004		5.640%		CA - 66.66%		Paid Off - 360		7/1/2004
1103213185 1			393,000.00		391,020.41			18-Nov-2004		5.990%		CA - 93.13%		Paid Off - 360		7/1/2004
1103214145 1			548,000.00		548,000.00			22-Nov-2004		5.375%		CA - 80.00%		Paid Off - 360		7/1/2004
1103214154 2			235,900.00		235,900.00			22-Nov-2004		7.125%		CA - 65.52%		Paid Off - 360		7/1/2004
1103214194 1			544,000.00		544,000.00			23-Nov-2004		5.875%		CA - 80.00%		Paid Off - 360		7/1/2004
1103214263 1			237,050.00		237,050.00			22-Nov-2004		6.250%		NV - 79.99%		Paid Off - 360		8/1/2004
1103214911 1			323,000.00		323,000.00			18-Nov-2004		6.375%		CA - 79.98%		Paid Off - 360		8/1/2004
1103214911 1			323,000.00		323,000.00					6.375%		CA - 79.98%		Paid Off - 360



Page 22 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution

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

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103215610 2			180,000.00		178,858.64			12-Nov-2004		4.750%		NV - 80.00%		Paid Off - 360		7/1/2004
1103215610 2			180,000.00		178,858.64			12-Nov-2004		4.750%		NV - 80.00%		Paid Off - 360		7/1/2004
1103215756 2			196,000.00		195,399.13			05-Nov-2004		5.250%		MA - 80.00%		Paid Off - 360		7/1/2004
1103215889 2			192,000.00		192,000.00			29-Nov-2004		5.875%		CA - 80.00%		Paid Off - 360		9/1/2004
1103216042 2			305,600.00		305,600.00			23-Nov-2004		7.250%		VA - 80.00%		Paid Off - 360		6/1/2004
1103216062 2			299,050.00		299,050.00			05-Nov-2004		6.500%		VA - 79.99%		Paid Off - 360		6/1/2004
1103216070 1			480,000.00		480,000.00			03-Nov-2004		5.750%		MD - 80.00%		Paid Off - 360		7/1/2004
1103216245 1			749,000.00		749,000.00			19-Nov-2004		5.875%		CA - 69.94%		Paid Off - 360		8/1/2004
1103217096 1			546,000.00		546,000.00			22-Nov-2004		5.625%		CA - 70.00%		Paid Off - 360		8/1/2004
1103217423 1			480,000.00		480,000.00			22-Nov-2004		6.540%		CA - 80.00%		Paid Off - 360		7/1/2004
1103218165 2			117,850.00		117,850.00			24-Nov-2004		6.000%		FL - 69.98%		Paid Off - 360		9/1/2004
1103219092 2			181,450.00		181,450.00			01-Nov-2004		8.875%		CA - 95.00%		Paid Off - 360		8/1/2004
1103221543 1			354,400.00		352,671.92			19-Nov-2004		5.625%		CA - 80.00%		Paid Off - 360		8/1/2004
1103222972 1			500,000.00		500,000.00			15-Nov-2004		3.750%		CA - 60.24%		Paid Off - 360		8/1/2004
1103222986 1			376,000.00		376,000.00			16-Nov-2004		5.250%		CA - 80.00%		Paid Off - 360		8/1/2004
1103223625 2			210,000.00		208,510.37			30-Nov-2004		4.125%		NY - 64.61%		Paid Off - 360		7/1/2004
1103224781 2			288,915.00		288,915.00			18-Nov-2004		6.250%		CA - 85.00%		Paid Off - 360		7/1/2004
1103224840 2			194,000.00		191,960.90			22-Nov-2004		6.500%		CA - 76.68%		Paid Off - 360		8/1/2004
1103225719 1			600,000.00		600,000.00			30-Nov-2004		5.750%		CA - 80.00%		Paid Off - 360		8/1/2004
1103227020 1			227,200.00		226,678.17			24-Nov-2004		7.375%		CA - 80.00%		Paid Off - 360		9/1/2004
1103227850 2			264,000.00		263,986.63			16-Nov-2004		6.105%		CA - 80.00%		Paid Off - 360		7/1/2004
1103228928 1			543,000.00		543,000.00			02-Nov-2004		5.990%		CA - 79.85%		Paid Off - 360		8/1/2004
1103234697 1			332,000.00		332,000.00			18-Nov-2004		5.990%		CA - 80.00%		Paid Off - 360		8/1/2004
2503063488 1			528,700.00		526,143.02			02-Nov-2004		5.000%		CA - 80.00%		Paid Off - 360		8/1/2004
2503063527 1			352,500.00		352,500.00			09-Nov-2004		5.875%		CA - 74.22%		Paid Off - 360		8/1/2004
2503065886 1			388,100.00		388,099.99			11-Nov-2004		5.250%		CA - 80.00%		Paid Off - 360		8/1/2004
2503067849 1			449,500.00		449,500.00			04-Nov-2004		5.500%		CA - 89.90%		Paid Off - 360		9/1/2004
2503068515 1			353,050.00		353,050.00			18-Nov-2004		5.000%		CA - 80.00%		Paid Off - 360		9/1/2004
1103217266 2			185,600.00		185,600.00				6.380%		IL - 80.00%		Repur/Subs - 360		8/1/2004
1103224463 1			154,000.00		153,537.60				7.490%		CO - 100.00%		Repur/Subs - 360		8/1/2004
1103224466 2			189,000.00		188,342.32				6.740%		FL - 100.00%		Repur/Subs - 360		8/1/2004
1103227796 1			159,700.00		159,700.00				6.750%		NV - 61.67%		Repur/Subs - 360		8/1/2004
1103227813 2			200,000.00		200,000.00				6.255%		CA - 80.00%		Repur/Subs - 360		8/1/2004
1103234660 2			207,920.00		207,920.00				5.990%		AZ - 80.00%		Repur/Subs - 360		8/1/2004


TOTAL			31,699,105.00		31,617,952.95
TOTAL


Page 23 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


*Current*
*Current*



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

*Cumulative*
*Cumulative*



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










Page 24 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



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


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


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


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












Page 25 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution





COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)



	Conditional Default Rate (CDR): 1-((1-MDR)^12)

	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))

	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))

	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.




Page 26 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
															Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)




TOTAL



Page 27 of 30
IMPAC CMB Trust 2004-7

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

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



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Current LIBOR														0.021800%
Next LIBOR														0.024170%




Page 28 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

															Basis Risk Shortfall
CLASS

			1-A-1												0.00
															0.00
			1-A-2												0.00
															0.00
			M-3-1												0.00
															0.00
			M-4-1												0.00
															0.00
			M-5-1												0.02
															0.02
			M-2-2												0.02
															0.02
			M-3-2												0.02
															0.02
			M-4-2												0.04
															0.04




Page 29 of 30
IMPAC CMB Trust 2004-7

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

December 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 30 of 30

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