
                                      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):  May 25, 2005
                           (Date of earliest event reported)

                   Impac CMB Trust Series 2005-1 (as Issuer under the
                    Indenture dated as of January 28, 2005, providing
                   for the issuance Trust Certificates, Series 2005-1)
                  (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-117817-05                         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
     May 25, 2005.

                                    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 Indenture Trustee under
                                  the Indenture on behalf of IMH
                                  Assets Corp., Registrant


          Date:  Jun 02, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of May 25, 2005.



Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				Impac CMB Trust						1. Certificate Payment Report					2
				Impac CMB Trust						2. Collection Account Report					8
										2. Collection Account Report					8
										3. Credit Enhancement Report					10
										4. Collateral Report					11
				Certificate Insurer(s)						5. Delinquency Report					14
				Certificate Insurer(s)						5. Delinquency Report					14
										6. REO Report					17

										7. Foreclosure Report					18
										8. Prepayment Report					19
										9. Prepayment Detail Report					22
										9. Prepayment Detail Report					22
										10. Realized Loss Report					25
										11. Realized Loss Detail Report					28
				Servicer(s)						11. Realized Loss Detail Report					28
				Servicer(s)						12. Triggers and Adj. Cert. Report					29
				Impac Funding Corporation						12. Triggers and Adj. Cert. Report					29
				Impac Funding Corporation						13. Additional Certificate Report					30
										13. Additional Certificate Report					30
										14. Other Related Information					31


				Underwriter(s)
				Countrywide Funding Corporation
				Bear Stearns & Co.
				UBS Securities

										Total Number of Pages					31
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			January 01, 2005			Marion Hogan
				Close Date:			January 28, 2005			Administrator
				First Distribution Date:			February 25, 2005			(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:			May 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			April 29, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							May 24, 2005
							May 24, 2005

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






Page 1 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution - Impac CMB Trust
					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	STEP. FLT,	$	491,420,000.00		476,901,726.76		1,303,531.39		8,230,998.90		9,534,530.29		0.00		0.00		468,670,727.86
1-A-1	STEP. FLT,	$	491,420,000.00		476,901,726.76		1,303,531.39		8,230,998.90		9,534,530.29		0.00		0.00		468,670,727.86
1-A-2	STEP. FLT,	$	54,602,000.00		52,988,865.08		147,044.10		914,551.71		1,061,595.81		0.00		0.00		52,074,313.37
2-A-1	STEP. FLT,	$	390,682,000.00		381,549,589.55		1,041,312.42		6,335,482.65		7,376,795.07		0.00		0.00		375,214,106.90
2-A-2	STEP. FLT,	$	97,671,000.00		95,387,885.70		264,701.38		1,583,878.77		1,848,580.15		0.00		0.00		93,804,006.93
CERT	R	$	0.00		0.00		325,628.37		0.00		325,628.37		0.00		0.00		0.00





Total			1,034,375,000.00		1,006,828,067.09		3,082,217.66		17,064,912.03		20,147,129.69		0.00		0.00		989,763,155.06
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	04/25/05		05/24/05		A-Act/360		45254NML8		491,420,000.00		970.456487		2.652581		16.749418		19.401999	953.707069
1-A-2	04/25/05		05/24/05		A-Act/360		45254NMM6		54,602,000.00		970.456487		2.693017		16.749418		19.442435	953.707069
2-A-1	04/25/05		05/24/05		A-Act/360		45254NMN4		390,682,000.00		976.624440		2.665371		16.216469		18.881840	960.407971
2-A-2	04/25/05		05/24/05		A-Act/360		45254NMP9		97,671,000.00		976.624440		2.710133		16.216469		18.926602	960.407971
CERT	04/25/05		05/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000







Page 2 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

Distribution to Date - Impac CMB Trust
																	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	491,420,000.00		4,792,622.46		22,696,186.49		53,085.65		22,749,272.14		27,541,894.60		0.00		0.00		468,670,727.86
1-A-2	54,602,000.00		541,286.95		2,521,788.25		5,898.38		2,527,686.63		3,068,973.58		0.00		0.00		52,074,313.37
2-A-1	390,682,000.00		3,814,434.92		15,239,152.26		228,740.84		15,467,893.10		19,282,328.02		0.00		0.00		375,214,106.90
2-A-2	97,671,000.00		970,926.57		3,809,807.57		57,185.50		3,866,993.07		4,837,919.64		0.00		0.00		93,804,006.93
CERT	0.00		2,281,151.90		0.00		0.00		0.00		2,281,151.90		0.00		0.00		0.00





Total	1,034,375,000.00		12,400,422.80		44,266,934.57		344,910.37		44,611,844.94		57,012,267.74		0.00		0.00		989,763,155.06


Interest Detail - Impac CMB Trust
	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	3.28000%		476,901,726.76		1,303,531.39		0.00		0.00		0.00		1,303,531.39		1,303,531.39		0.00
1-A-2	3.33000%		52,988,865.08		147,044.10		0.00		0.00		0.00		147,044.10		147,044.10		0.00
2-A-1	3.27500%		381,549,589.55		1,041,312.42		0.00		0.00		0.00		1,041,312.42		1,041,312.42		0.00
2-A-2	3.33000%		95,387,885.70		264,701.38		0.00		0.00		0.00		264,701.38		264,701.38		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		325,628.37		0.00





Total			1,006,828,067.09		2,756,589.29		0.00		0.00		0.00		2,756,589.29		3,082,217.66		0.00



Page 3 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

Current Period Distribution - Impac CMB Grantor Trust
					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	MEZ, STEP,	$	78,125,000.00		76,044,418.00		220,528.81		1,288,890.46		1,509,419.27		0.00		0.00		74,755,527.54
M-1	MEZ, STEP,	$	78,125,000.00		76,044,418.00		220,528.81		1,288,890.46		1,509,419.27		0.00		0.00		74,755,527.54
M-2	MEZ, STEP,	$	55,625,000.00		54,143,624.87		158,821.30		917,690.07		1,076,511.37		0.00		0.00		53,225,934.80
M-3	MEZ, STEP,	$	28,750,000.00		27,984,347.79		82,787.03		474,311.51		557,098.54		0.00		0.00		27,510,036.28
M-4	MEZ, STEP,	$	15,625,000.00		15,208,883.60		47,781.24		257,778.09		305,559.33		0.00		0.00		14,951,105.51
M-5	MEZ, STEP,	$	15,625,000.00		15,208,883.60		48,034.72		257,778.09		305,812.81		0.00		0.00		14,951,105.51
M-6	MEZ, STEP,	$	12,500,000.00		12,167,109.32		38,934.75		206,222.27		245,157.02		0.00		0.00		11,960,887.05
B	SUB, STEP,	$	9,375,000.00		9,125,322.79		32,851.17		154,667.50		187,518.67		0.00		0.00		8,970,655.29
A-IO	IO,NTL	$	0.00		0.00		1,272,895.14		0.00		1,272,895.14		0.00		0.00		0.00




Total			215,625,000.00		209,882,589.97		1,902,634.16		3,557,337.99		5,459,972.15		0.00		0.00		206,325,251.98
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	04/25/05		05/24/05		A-Act/360		45254NMR5		78,125,000.00		973.368550		2.822769		16.497798		19.320567	956.870753
M-2	04/25/05		05/24/05		A-Act/360		45254NMS3		55,625,000.00		973.368537		2.855214		16.497799		19.353013	956.870738
M-3	04/25/05		05/24/05		A-Act/360		45254NMT1		28,750,000.00		973.368619		2.879549		16.497792		19.377341	956.870827
M-4	04/25/05		05/24/05		A-Act/360		45254NMU8		15,625,000.00		973.368550		3.057999		16.497798		19.555797	956.870753
M-5	04/25/05		05/24/05		A-Act/360		45254NMV6		15,625,000.00		973.368550		3.074222		16.497798		19.572020	956.870753
M-6	04/25/05		05/24/05		A-Act/360		45254NMW4		12,500,000.00		973.368746		3.114780		16.497782		19.612562	956.870964
B	04/25/05		05/24/05		A-Act/360		45254NMX2		9,375,000.00		973.367764		3.504125		16.497867		20.001991	956.869898
A-IO	04/01/05		04/30/05		A-30/360		45254NMQ7		1,250,000,000.00		814.652888		1.018316		0.000000		1.018316	754.603838






Page 4 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

Distribution to Date - Impac CMB Grantor Trust
																	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	78,125,000.00		813,206.46		0.00		0.00		3,369,472.46		4,182,678.92		0.00		0.00		74,755,527.54
M-2	55,625,000.00		586,163.88		0.00		0.00		2,399,065.20		2,985,229.08		0.00		0.00		53,225,934.80
M-3	28,750,000.00		305,736.97		0.00		0.00		1,239,963.72		1,545,700.69		0.00		0.00		27,510,036.28
M-4	15,625,000.00		177,224.55		0.00		0.00		673,894.49		851,119.04		0.00		0.00		14,951,105.51
M-5	15,625,000.00		178,230.30		0.00		0.00		673,894.49		852,124.79		0.00		0.00		14,951,105.51
M-6	12,500,000.00		144,595.74		0.00		0.00		539,112.95		683,708.69		0.00		0.00		11,960,887.05
B	9,375,000.00		122,929.45		0.00		0.00		404,344.71		527,274.16		0.00		0.00		8,970,655.29
A-IO	0.00		4,130,618.20		0.00		0.00		0.00		4,130,618.20		0.00		0.00		0.00




Total	215,625,000.00		6,458,705.55				9,299,748.02		15,758,453.57		0.00		0.00		206,325,251.98


Interest Detail - Impac CMB Grantor Trust
	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	3.48000%		76,044,418.00		220,528.81		0.00		0.00		0.00		220,528.81		220,528.81		0.00
M-2	3.52000%		54,143,624.87		158,821.30		0.00		0.00		0.00		158,821.31		158,821.30		0.00
M-3	3.55000%		27,984,347.79		82,787.03		0.00		0.00		0.00		82,787.03		82,787.03		0.00
M-4	3.77000%		15,208,883.60		47,572.29		0.00		0.00		0.00		47,572.29		47,781.24		0.00
M-5	3.79000%		15,208,883.60		47,572.29		0.00		0.00		0.00		47,572.29		48,034.72		0.00
M-6	3.84000%		12,167,109.32		38,057.85		0.00		0.00		0.00		38,057.85		38,934.75		0.00
B	4.32000%		9,125,322.79		28,543.33		0.00		0.00		0.00		28,543.33		32,851.17		0.00
A-IO	1.50000%		1,018,316,110.00		1,272,895.14		0.00		0.00		0.00		1,272,895.14		1,272,895.14		0.00




Total			1,228,198,699.97		1,896,778.04		0.00		0.00		0.00		1,896,778.05		1,902,634.16		0.00



Page 5 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

Current Period Distribution - Component Classes
					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		$	41,240,000.00		40,021,625.52		116,062.71		690,745.99		806,808.70		0.00		0.00		39,330,879.53
M-1-1		$	41,240,000.00		40,021,625.52		116,062.71		690,745.99		806,808.70		0.00		0.00		39,330,879.53
M-2-1		$	29,363,000.00		28,495,513.82		83,586.84		491,813.15		575,399.99		0.00		0.00		28,003,700.67
M-3-1		$	15,176,000.00		14,727,647.64		43,569.29		254,189.16		297,758.45		0.00		0.00		14,473,458.48
M-4-1		$	8,248,000.00		8,004,325.10		25,146.92		138,149.20		163,296.12		0.00		0.00		7,866,175.90
M-5-1		$	8,248,000.00		8,004,325.10		25,280.32		138,149.20		163,429.52		0.00		0.00		7,866,175.90
M-6-1		$	6,598,000.00		6,403,071.89		20,489.83		110,512.66		131,002.49		0.00		0.00		6,292,559.23
M-1-2		$	#######		36,022,792.48		104,466.10		598,144.47		702,610.57		0.00		0.00		35,424,648.01
M-2-2		$	26,262,000.00		25,648,111.05		75,234.46		425,876.92		501,111.38		0.00		0.00		25,222,234.13
M-3-2		$	13,574,000.00		13,256,700.15		39,217.74		220,122.35		259,340.09		0.00		0.00		13,036,577.80
M-4-2		$	7,377,000.00		7,204,558.50		22,634.32		119,628.89		142,263.21		0.00		0.00		7,084,929.61
M-5-2		$	7,377,000.00		7,204,558.50		22,754.40		119,628.89		142,383.29		0.00		0.00		7,084,929.61
M-6-2		$	5,902,000.00		5,764,037.43		18,444.92		95,709.61		114,154.53		0.00		0.00		5,668,327.82
B-1		$	4,950,000.00		4,803,759.64		17,293.54		82,909.62		100,203.16		0.00		0.00		4,720,850.02
B-2		$	4,425,000.00		4,321,563.15		15,557.63		71,757.88		87,315.51		0.00		0.00		4,249,805.27
A-IO-1		$	0.00		0.00		668,856.65		0.00		668,856.65		0.00		0.00		0.00
A-IO-2		$	0.00		0.00		604,038.49		0.00		604,038.49		0.00		0.00		0.00


Total			215,625,000.00		209,882,589.97		1,902,634.16		3,557,337.99		5,459,972.15		0.00		0.00		206,325,251.98
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	04/25/05		05/24/05		A-Act/360				41,240,000.00		970.456487		2.814324		16.749418		19.563742	953.707069
M-2-1	04/25/05		05/24/05		A-Act/360				29,363,000.00		970.456487		2.846672		16.749418		19.596090	953.707069
M-3-1	04/25/05		05/24/05		A-Act/360				15,176,000.00		970.456487		2.870934		16.749418		19.620351	953.707069
M-4-1	04/25/05		05/24/05		A-Act/360				8,248,000.00		970.456486		3.048851		16.749418		19.798269	953.707068
M-5-1	04/25/05		05/24/05		A-Act/360				8,248,000.00		970.456486		3.065024		16.749418		19.814442	953.707068
M-6-1	04/25/05		05/24/05		A-Act/360				6,598,000.00		970.456485		3.105461		16.749418		19.854879	953.707067
M-1-2	04/25/05		05/24/05		A-Act/360				36,885,000.00		976.624440		2.832211		16.216469		19.048680	960.407971
M-2-2	04/25/05		05/24/05		A-Act/360				26,262,000.00		976.624440		2.864765		16.216469		19.081234	960.407971
M-3-2	04/25/05		05/24/05		A-Act/360				13,574,000.00		976.624440		2.889181		16.216469		19.105650	960.407971
M-4-2	04/25/05		05/24/05		A-Act/360				7,377,000.00		976.624441		3.068228		16.216469		19.284697	960.407972
M-5-2	04/25/05		05/24/05		A-Act/360				7,377,000.00		976.624441		3.084506		16.216469		19.300975	960.407972
M-6-2	04/25/05		05/24/05		A-Act/360				5,902,000.00		976.624437		3.125198		16.216471		19.341669	960.407967
B-1	04/25/05		05/24/05		A-Act/360				4,950,000.00		970.456493		3.493644		16.749418		20.243063	953.707075
B-2	04/25/05		05/24/05		A-Act/360				4,425,000.00		976.624441		3.515849		16.216470		19.732319	960.407971
A-IO-1	04/01/05		04/30/05		A-30/360				659,845,000.00		810.925775		1.013657		0.000000		1.013657	751.177677
A-IO-2	04/01/05		04/30/05		A-30/360				590,155,000.00		818.820127		1.023525		0.000000		1.023525	758.434586




Page 6 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

Distribution to Date - Component Classes
																	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	41,240,000.00		428,709.19		1,854,697.91		54,422.56		1,909,120.47		2,337,829.66		0.00		0.00		39,330,879.53
M-2-1	29,363,000.00		309,017.52		1,320,550.31		38,749.02		1,359,299.33		1,668,316.85		0.00		0.00		28,003,700.67
M-3-1	15,176,000.00		161,176.33		682,514.44		20,027.08		702,541.52		863,717.85		0.00		0.00		14,473,458.48
M-4-1	8,248,000.00		93,430.32		370,939.59		10,884.51		381,824.10		475,254.42		0.00		0.00		7,866,175.90
M-5-1	8,248,000.00		93,960.55		370,939.59		10,884.51		381,824.10		475,784.65		0.00		0.00		7,866,175.90
M-6-1	6,598,000.00		76,224.30		296,733.69		8,707.08		305,440.77		381,665.07		0.00		0.00		6,292,559.23
M-1-2	36,885,000.00		384,497.27		1,405,928.55		54,423.44		1,460,351.99		1,844,849.26		0.00		0.00		35,424,648.01
M-2-2	26,262,000.00		277,146.36		1,001,016.56		38,749.31		1,039,765.87		1,316,912.23		0.00		0.00		25,222,234.13
M-3-2	13,574,000.00		144,560.64		517,393.90		20,028.30		537,422.20		681,982.84		0.00		0.00		13,036,577.80
M-4-2	7,377,000.00		83,794.23		281,185.70		10,884.69		292,070.39		375,864.62		0.00		0.00		7,084,929.61
M-5-2	7,377,000.00		84,269.75		281,185.70		10,884.69		292,070.39		376,340.14		0.00		0.00		7,084,929.61
M-6-2	5,902,000.00		68,371.44		224,963.84		8,708.34		233,672.18		302,043.62		0.00		0.00		5,668,327.82
B-1	4,950,000.00		64,822.87		222,617.69		6,532.29		229,149.98		293,972.85		0.00		0.00		4,720,850.02
B-2	4,425,000.00		58,106.58		168,665.69		6,529.04		175,194.73		233,301.31		0.00		0.00		4,249,805.27
A-IO-1	0.00		2,170,399.25		0.00		0.00		0.00		2,170,399.25		0.00		0.00		0.00
A-IO-2	0.00		1,960,218.95		0.00		0.00		0.00		1,960,218.95		0.00		0.00		0.00


Total	215,625,000.00		6,458,705.55		8,999,333.16		300,414.86		9,299,748.02		15,758,453.57		0.00		0.00		206,325,251.98


Interest Detail - Component Classes
	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	3.48000%		40,021,625.52		116,062.71		0.00		0.00		0.00		116,062.71		116,062.71		0.00
M-2-1	3.52000%		28,495,513.82		83,586.84		0.00		0.00		0.00		83,586.84		83,586.84		0.00
M-3-1	3.55000%		14,727,647.64		43,569.29		0.00		0.00		0.00		43,569.29		43,569.29		0.00
M-4-1	3.73965%		8,004,325.10		24,944.46		0.00		0.00		0.00		24,944.46		25,146.92		0.00
M-5-1	3.73965%		8,004,325.10		24,944.46		0.00		0.00		0.00		24,944.46		25,280.32		0.00
M-6-1	3.73965%		6,403,071.89		19,954.36		0.00		0.00		0.00		19,954.36		20,489.83		0.00
M-1-2	3.48000%		36,022,792.48		104,466.10		0.00		0.00		0.00		104,466.10		104,466.10		0.00
M-2-2	3.52000%		25,648,111.05		75,234.46		0.00		0.00		0.00		75,234.46		75,234.46		0.00
M-3-2	3.55000%		13,256,700.15		39,217.74		0.00		0.00		0.00		39,217.74		39,217.74		0.00
M-4-2	3.76892%		7,204,558.50		22,627.83		0.00		0.00		0.00		22,627.83		22,634.32		0.00
M-5-2	3.76892%		7,204,558.50		22,627.83		0.00		0.00		0.00		22,627.83		22,754.40		0.00
M-6-2	3.76892%		5,764,037.43		18,103.49		0.00		0.00		0.00		18,103.49		18,444.92		0.00
B-1	3.73965%		4,803,759.64		14,970.31		0.00		0.00		0.00		14,970.31		17,293.54		0.00
B-2	3.76892%		4,321,563.15		13,573.02		0.00		0.00		0.00		13,573.02		15,557.63		0.00
A-IO-1	1.50000%		535,085,318.00		668,856.65		0.00		0.00		0.00		668,856.65		668,856.65		0.00
A-IO-2	1.50000%		483,230,792.00		604,038.49		0.00		0.00		0.00		604,038.49		604,038.49		0.00



Total			1,228,198,699.97		1,896,778.04		0.00		0.00		0.00		1,896,778.04		1,902,634.16		0.00



Page 7 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										9,570,230.43		11,052,019.59		20,622,250.02
Principal Withdrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										9,570,230.43		11,052,019.59		20,622,250.02
Interest Collections										2,691,934.45		2,955,067.56		5,647,002.01
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Fees										-321,654.44		-339,279.04		-662,150.19
Interest Other Accounts														0.00
TOTAL NET INTEREST										2,370,280.01		2,615,788.52		4,984,851.82
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														25,607,101.84



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											109,911.21		95,209.15		205,120.36
Curtailments											-246,515.05		32,554.00		-213,961.05
Prepayments In Full											9,648,242.84		10,924,256.44		20,572,499.28
Repurchased/Substitutions											58,591.43		0.00		58,591.43
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											-42,889.10		-34,754.80		-77,643.90
Realized Losses											-0.00		-0.00		-0.00
Advanced Principal											42,889.10		34,754.80		77,643.90
TOTAL PRINCIPAL COLLECTED											9,570,230.43		11,052,019.59		20,622,250.02


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 8 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										2,768,059.09		3,040,390.78		5,808,449.87
Repurchased/Substitution Interest										324.69		0.00		324.69
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										-20,201.25		-25,365.58		-45,566.83
Delinquent Interest										-1,143,470.48		-1,252,047.85		-2,395,518.33
Compensating Interest										20,201.25		25,365.58		45,566.83
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										1,067,021.14		1,166,724.62		2,233,745.76
TOTAL INTEREST COLLECTED										2,691,934.45		2,955,067.56		5,647,002.01


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
										Group 2		Group 1		Total
Non-Recoverable Advances										0.00		0.00		0.00
Reimbursements to Master Servicer										0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS										0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
										Group 2		Group 1		Total
Prepayment Charges														0.00
Interest Earnings on Prefunding Account										0.00		0.00		0.00
TOTAL INTEREST OTHER ACCOUNTS														0.00



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										116,821.58		129,373.34		246,194.92
Owner Trustee Fees										816.51		907.16		1,723.67
Indenture Trustee Fees										576.36		640.35		1,216.71
Radian PMI										45,952.76		33,385.74		79,338.50
Deriviative Contract Payments										158,063.59		175,612.80		333,676.39
TOTAL INTEREST FEES										321,654.44		339,279.04		662,150.19



Page 9 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
										Group 2		Group 1		Total
Overcollateralized/(Undercollateralized) Amount														0.00
Overcollateralization Reduction Amount														0.00
Overcollateralization Deficiency Amount														0.00
Overcollateralization Target Amount														0.00




Page 10 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										2,002		1,541		3,543
Prior										2,560		1,709		4,269
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-47		-30		-77
Repurchases										-1		-0		-1
Liquidations										-0		-0		-0
Current										2,512		1,679		4,191
Principal Balance:


Original										452,016,043.34		579,986,805.90		1,032,002,849.24
Prior										576,359,796.51		640,350,860.55		1,216,710,657.06
Prefunding										0.00		0.00		0.00
Scheduled Principal										-109,911.21		-95,209.15		-205,120.36
Partial Prepayments										(246,515.05)		-32,554.00		(213,961.05)
Full Voluntary Prepayments										-9,648,242.84		-10,924,256.44		-20,572,499.28
Repurchases										-58,591.43		-0.00		-58,591.43
Liquidations										-0.00		-0.00		-0.00
Current										566,789,566.08		629,298,840.96		1,196,088,407.04





PREFUNDING
PREFUNDING
										Group 2		Group 1		Total
Prefunding Account Original Balance										138,138,956.66		79,858,194.10		217,997,150.76
Prefunding Account Beginning Balance										0.00		0.00		0.00
Subsequent Loans Added to the Pool										0.00		0.00		0.00
Prefund Release to Certificate Holders										0.00		0.00		0.00
Prefunding Account Ending Balance										0.00		0.00		0.00





Page 11 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										5.72890%		5.73152%		5.73037%
Weighted Average Coupon Prior										5.76917%		5.70096%		5.73320%
Weighted Average Coupon Current										5.76165%		5.69761%		5.72795%
Weighted Average Months to Maturity Original										356		356		356
Weighted Average Months to Maturity Prior										355		354		355
Weighted Average Months to Maturity Current										354		353		354
Weighted Avg Remaining Amortization Term Original										356		356		356
Weighted Avg Remaining Amortization Term Prior										355		354		355
Weighted Avg Remaining Amortization Term Current										354		353		354
Weighted Average Seasoning Original										3.59		3.45		3.51
Weighted Average Seasoning Prior										4.91		4.92		4.92
Weighted Average Seasoning Current										5.90		5.86		5.88









Page 12 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										3.86276%		3.71843%		3.78169%
Weighted Average Margin Prior										3.83790%		3.69734%		3.76383%
Weighted Average Margin Current										3.83548%		3.69460%		3.76135%
Weighted Average Max Rate Original										11.59796%		11.57525%		11.58520%
Weighted Average Max Rate Prior										11.66754%		11.57469%		11.61861%
Weighted Average Max Rate Current										11.65922%		11.57636%		11.61562%
Weighted Average Min Rate Original										3.99236%		3.78147%		3.87390%
Weighted Average Min Rate Prior										3.99076%		3.76779%		3.87326%
Weighted Average Min Rate Current										3.98672%		3.76339%		3.86921%
Weighted Average Cap Up Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Up Prior										1.11712%		1.15019%		1.13455%
Weighted Average Cap Up Current										1.11815%		1.15152%		1.13571%
Weighted Average Cap Down Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Down Prior										1.11712%		1.15019%		1.13455%
Weighted Average Cap Down Current										1.11815%		1.15152%		1.13571%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										116,821.58		129,373.34		246,194.92
Delinquent Servicing Fees										76,449.34		85,323.21		161,772.55
TOTAL SERVICING FEES										193,270.90		214,696.55		407,967.45


Total Servicing Fees										193,270.90		214,696.55		407,967.45
Compensating Interest										-20,201.25		-25,365.58		-45,566.83
Delinquent Servicing Fees										-76,449.34		-85,323.21		-161,772.55
COLLECTED SERVICING FEES										116,821.58		129,373.34		200,628.06


Total Advanced Interest										1,067,021.14		1,166,724.62		2,233,745.76
Total Advanced Principal										42,889.10		34,754.80		77,643.90
Aggregate Advances with respect to this Distribution										1,109,910.24		1,201,479.43		2,311,389.66





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										20,201.25		25,365.58		45,566.83
Compensating Interest										-20,201.25		-25,365.58		-45,566.83
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00


Ending Pool Stated Principal Balance										566,789,566.08		629,298,840.96		1,196,088,407.04
Available Funds Rate										3.768919%		3.739648%




Page 13 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				13,847,555.79		2,081,074.90		804,305.56		16,732,936.25
			% Balance				1.16%		0.17%		0.07%		1.40%
			# Loans				44		7		3		54
			% # Loans				1.05%		0.17%		0.07%		1.29%
	FORECLOSURE		Balance		0.00		139,486.14		0.00		0.00		139,486.14
			% Balance		0.00%		0.01%		0.00%		0.00%		0.01%
			# Loans		0		1		0		0		1
			% # Loans		0.00%		0.02%		0.00%		0.00%		0.02%
	BANKRUPTCY		Balance		483,848.49		147,397.83		0.00		0.00		631,246.32
			% Balance		0.04%		0.01%		0.00%		0.00%		0.05%
			# Loans		7		2		0		0		9
			% # Loans		0.17%		0.05%		0.00%		0.00%		0.21%
	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		483,848.49		14,134,439.76		2,081,074.90		804,305.56		17,503,668.71
			% Balance		0.04%		1.18%		0.17%		0.07%		1.46%
			# Loans		7		47		7		3		64
			% # Loans		0.17%		1.12%		0.17%		0.07%		1.53%









Page 14 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				8,615,779.77		1,332,300.00		480,000.00		10,428,079.77
			% Balance				1.37%		0.21%		0.08%		1.66%
			# Loans				19		3		1		23
			% # Loans				1.13%		0.18%		0.06%		1.37%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		115,196.00		0.00		0.00		0.00		115,196.00
			% Balance		0.02%		0.00%		0.00%		0.00%		0.02%
			# Loans		2		0		0		0		2
			% # Loans		0.12%		0.00%		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		115,196.00		8,615,779.77		1,332,300.00		480,000.00		10,543,275.77
			% Balance		0.02%		1.37%		0.21%		0.08%		1.68%
			# Loans		2		19		3		1		25
			% # Loans		0.12%		1.13%		0.18%		0.06%		1.49%










Page 15 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,231,776.02		748,774.90		324,305.56		6,304,856.48
			% Balance				0.92%		0.13%		0.06%		1.11%
			# Loans				25		4		2		31
			% # Loans				1.00%		0.16%		0.08%		1.23%
	FORECLOSURE		Balance		0.00		139,486.14		0.00		0.00		139,486.14
			% Balance		0.00%		0.02%		0.00%		0.00%		0.02%
			# Loans		0		1		0		0		1
			% # Loans		0.00%		0.04%		0.00%		0.00%		0.04%
	BANKRUPTCY		Balance		368,652.49		147,397.83		0.00		0.00		516,050.32
			% Balance		0.07%		0.03%		0.00%		0.00%		0.09%
			# Loans		5		2		0		0		7
			% # Loans		0.20%		0.08%		0.00%		0.00%		0.28%
	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		368,652.49		5,518,659.99		748,774.90		324,305.56		6,960,392.94
			% Balance		0.07%		0.97%		0.13%		0.06%		1.23%
			# Loans		5		28		4		2		39
			% # Loans		0.20%		1.11%		0.16%		0.08%		1.55%









Page 16 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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




TOTAL



Page 17 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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
3900009980 2
3900009980 2			148,000.00		139,486.14		01-Feb-2005		9.125%		NM - 80.00%		360		01-Nov-1999



TOTAL			148,000.00		139,486.14



Page 18 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										47		30		77
Number of Repurchased Loans										1		0		1
Total Number of Loans Prepaid in Full										48		30		78
Curtailments Amount										-246,515.05		32,554.00		-213,961.05
Paid in Full Balance										9,648,242.84		10,924,256.44		20,572,499.28
Repurchased Loans Balance										58,591.43		0.00		58,591.43
Total Prepayment Amount										9,460,319.22		10,956,810.44		20,417,129.66

Cumulative


Number of Paid in Full Loans										115		97		212
Number of Repurchased Loans										3		1		4
Total Number of Loans Prepaid in Full										118		98		216
Paid in Full Balance										22,071,663.16		29,470,485.32		51,542,148.48
Repurchased Loans Balance										939,591.43		510,400.00		1,449,991.43
Curtailments Amount										-117,582.65		149,219.81		31,637.16
Total Prepayment Amount										22,893,671.94		30,130,105.13		53,023,777.07










Page 19 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										1.64%		1.71%		1.68%
3 Months Avg SMM										1.27%		1.43%		1.35%
12 Months Avg SMM										1.00%		1.17%		1.09%
Avg SMM Since Cut-off										1.00%		1.17%		1.09%


CPR										18.02%		18.71%		18.38%
3 Months Avg CPR										14.18%		15.91%		15.10%
12 Months Avg CPR										11.31%		13.21%		12.34%
Avg CPR Since Cut-off										11.31%		13.21%		12.34%


PSA										1,527.82%		1,597.07%		1,564.21%
3 Months Avg PSA Approximation										1,440.79%		1,612.71%		1,531.90%
12 Months Avg PSA Approximation										1,232.91%		1,448.21%		1,349.08%
Avg PSA Since Cut-off Approximation										1,232.90%		1,448.22%		1,349.07%










Page 20 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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/(0.002min(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) Conditional Prepayment Rate (CPR): 1-((1-SMM)^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) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.













Page 21 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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

1103157818 2			321,600.00		321,600.00			08-Apr-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Feb-2005
			321,600.00

1103271509 2			178,500.00		178,500.00			25-Apr-2005		4.875%		CA - 68.66%		Paid Off - 360		01-Dec-2004
1103271509 2					178,500.00			25-Apr-2005		4.875%		CA - 68.66%		Paid Off - 360		01-Dec-2004
1103284163 2			158,900.00		158,900.00			29-Apr-2005		5.750%		WA - 70.00%		Paid Off - 360		01-Dec-2004
1103284163 2					158,900.00			29-Apr-2005		5.750%		WA - 70.00%		Paid Off - 360		01-Dec-2004
1103288122 1			630,000.00		630,000.00			19-Apr-2005		4.250%		MD - 70.00%		Paid Off - 360		01-Jan-2005
1103288122 1					630,000.00			19-Apr-2005		4.250%		MD - 70.00%		Paid Off - 360		01-Jan-2005
1103296184 2			171,500.00		171,500.00			18-Apr-2005		5.500%		MD - 70.00%		Paid Off - 360		01-Feb-2005
1103296184 2					171,500.00			18-Apr-2005		5.500%		MD - 70.00%		Paid Off - 360		01-Feb-2005
1103308220 2			303,200.00		303,200.00			08-Apr-2005		4.375%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103308220 2					303,200.00			08-Apr-2005		4.375%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103308286 2			255,950.00		255,950.00			18-Apr-2005		6.250%		CA - 79.99%		Paid Off - 360		01-Jan-2005
1103308286 2					255,950.00			18-Apr-2005		6.250%		CA - 79.99%		Paid Off - 360		01-Jan-2005
1103309247 2			170,422.00		170,422.00			28-Apr-2005		6.500%		CA - 90.00%		Paid Off - 360		01-Oct-2004
1103309247 2					170,422.00			28-Apr-2005		6.500%		CA - 90.00%		Paid Off - 360		01-Oct-2004
1103314227 2			318,600.00		318,600.00			11-Apr-2005		5.875%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103314227 2					318,600.00			11-Apr-2005		5.875%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103315218 1			468,221.00		468,221.00			28-Apr-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103315218 1					468,221.00			28-Apr-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103315925 2			185,500.00		185,500.00			25-Apr-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103315925 2					185,500.00			25-Apr-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103317938 2			216,000.00		215,399.51			27-Apr-2005		7.875%		NJ - 80.00%		Paid Off - 360		01-Jan-2005
1103317938 2					215,399.51			27-Apr-2005		7.875%		NJ - 80.00%		Paid Off - 360		01-Jan-2005
1103322636 2			115,000.00		114,781.21			29-Apr-2005		6.250%		MD - 63.89%		Paid Off - 360		01-Mar-2005
1103322636 2					114,781.21			29-Apr-2005		6.250%		MD - 63.89%		Paid Off - 360		01-Mar-2005
1103329088 2			320,000.00		320,000.00			01-Apr-2005		6.375%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103329088 2					320,000.00			01-Apr-2005		6.375%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103329821 1			363,000.00		361,802.57			04-Apr-2005		5.500%		CA - 74.85%		Paid Off - 360		01-Feb-2005
1103329821 1					361,802.57			04-Apr-2005		5.500%		CA - 74.85%		Paid Off - 360		01-Feb-2005
1103330274 2			217,000.00		217,000.00			21-Apr-2005		4.625%		AZ - 70.00%		Paid Off - 360		01-Dec-2004
1103330274 2					217,000.00			21-Apr-2005		4.625%		AZ - 70.00%		Paid Off - 360		01-Dec-2004
1103331121 1			678,750.00		678,749.09			29-Apr-2005		5.875%		VA - 75.00%		Paid Off - 360		01-Feb-2005
1103331121 1					678,749.09			29-Apr-2005		5.875%		VA - 75.00%		Paid Off - 360		01-Feb-2005
1103331565 1			644,000.00		642,652.92			06-Apr-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103331565 1					642,652.92			06-Apr-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103332841 2			242,000.00		241,471.21			13-Apr-2005		7.625%		MA - 80.00%		Paid Off - 360		01-Feb-2005
1103332841 2					241,471.21			13-Apr-2005		7.625%		MA - 80.00%		Paid Off - 360		01-Feb-2005
1103334924 1			151,200.00		151,200.00			21-Apr-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Jan-2005
1103334924 1					151,200.00			21-Apr-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Jan-2005
1103336387 2			70,600.00		70,600.00			21-Apr-2005		6.250%		IL - 72.05%		Paid Off - 360		01-Feb-2005
1103336387 2					70,600.00			21-Apr-2005		6.250%		IL - 72.05%		Paid Off - 360		01-Feb-2005
1103337715 2			#######		208,620.63			28-Apr-2005		6.500%		MD - 73.34%		Paid Off - 360		01-Mar-2005
1103337715 2					208,620.63			28-Apr-2005		6.500%		MD - 73.34%		Paid Off - 360		01-Mar-2005
1103338554 2			146,250.00		145,800.50			21-Apr-2005		5.875%		CA - 65.00%		Paid Off - 360		01-Feb-2005
1103338554 2					145,800.50			21-Apr-2005		5.875%		CA - 65.00%		Paid Off - 360		01-Feb-2005
1103339050 2			72,625.00		72,625.00			01-Apr-2005		7.875%		GA - 74.49%		Paid Off - 360		01-Feb-2005
1103339050 2					72,625.00			01-Apr-2005		7.875%		GA - 74.49%		Paid Off - 360		01-Feb-2005
1103339185 2			202,500.00		202,500.00			22-Apr-2005		6.750%		CA - 90.00%		Paid Off - 360		01-Feb-2005
1103339185 2					202,500.00			22-Apr-2005		6.750%		CA - 90.00%		Paid Off - 360		01-Feb-2005
1103339971 2			273,000.00		273,000.00			22-Apr-2005		6.750%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103339971 2					273,000.00			22-Apr-2005		6.750%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103342253 2			345,060.00		345,060.00			21-Apr-2005		6.325%		NV - 80.00%		Paid Off - 360		01-Jan-2005
1103342253 2					345,060.00			21-Apr-2005		6.325%		NV - 80.00%		Paid Off - 360		01-Jan-2005
1103342427 2			186,400.00		186,400.00			25-Apr-2005		6.630%		AZ - 80.00%		Paid Off - 360		01-Jan-2005
1103342427 2					186,400.00			25-Apr-2005		6.630%		AZ - 80.00%		Paid Off - 360		01-Jan-2005
1103342531 2			252,800.00		252,800.00			22-Apr-2005		6.630%		CO - 80.00%		Paid Off - 360		01-Jan-2005
1103342531 2					252,800.00			22-Apr-2005		6.630%		CO - 80.00%		Paid Off - 360		01-Jan-2005
1103342584 2			240,000.00		239,655.98			18-Apr-2005		7.625%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342584 2					239,655.98			18-Apr-2005		7.625%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342614 2			300,000.00		299,992.66			05-Apr-2005		4.125%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342614 2					299,992.66			05-Apr-2005		4.125%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342652 2			156,000.00		155,930.66			20-Apr-2005		4.375%		CA - 58.42%		Paid Off - 360		01-Jan-2005
1103342652 2					155,930.66			20-Apr-2005		4.375%		CA - 58.42%		Paid Off - 360		01-Jan-2005
1103342726 2			180,000.00		179,284.68			06-Apr-2005		6.125%		NV - 80.00%		Paid Off - 360		01-Jan-2005
1103342726 2					179,284.68			06-Apr-2005		6.125%		NV - 80.00%		Paid Off - 360		01-Jan-2005
1103342824 1			440,000.00		440,000.00			07-Apr-2005		6.615%		IL - 87.12%		Paid Off - 360		01-Jan-2005
1103342824 1					440,000.00			07-Apr-2005		6.615%		IL - 87.12%		Paid Off - 360		01-Jan-2005
1103342920 1			600,000.00		600,000.00			01-Apr-2005		6.255%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342920 1					600,000.00			01-Apr-2005		6.255%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342922 1			625,500.00		625,500.00			29-Apr-2005		5.990%		CA - 79.98%		Paid Off - 360		01-Jan-2005
1103342922 1					625,500.00			29-Apr-2005		5.990%		CA - 79.98%		Paid Off - 360		01-Jan-2005
1103343692 1			465,000.00		463,089.68			28-Apr-2005		5.875%		NJ - 75.00%		Paid Off - 360		01-Jan-2005
1103343692 1					463,089.68					5.875%		NJ - 75.00%		Paid Off - 360



Page 22 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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

1103344281 1			589,500.00		587,130.41			26-Apr-2005		5.990%		NY - 90.00%		Paid Off - 360		01-Jan-2005
			589,500.00

1103344422 1			430,000.00		430,000.00			25-Apr-2005		6.750%		CA - 78.89%		Paid Off - 360		01-Jan-2005
1103344422 1					430,000.00			25-Apr-2005		6.750%		CA - 78.89%		Paid Off - 360		01-Jan-2005
1103344709 2			332,500.00		332,500.00			04-Apr-2005		5.875%		MD - 70.00%		Paid Off - 360		01-Jan-2005
1103344709 2					332,500.00			04-Apr-2005		5.875%		MD - 70.00%		Paid Off - 360		01-Jan-2005
1103346135 2			300,000.00		298,481.24			26-Apr-2005		4.750%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103346135 2					298,481.24			26-Apr-2005		4.750%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103346170 1			743,700.00		743,700.00			15-Apr-2005		5.750%		FL - 67.36%		Paid Off - 360		01-Jan-2005
1103346170 1					743,700.00			15-Apr-2005		5.750%		FL - 67.36%		Paid Off - 360		01-Jan-2005
1103346304 2			132,600.00		132,600.00			19-Apr-2005		4.990%		CA - 60.00%		Paid Off - 360		01-Jan-2005
1103346304 2					132,600.00			19-Apr-2005		4.990%		CA - 60.00%		Paid Off - 360		01-Jan-2005
1103346644 1			65,600.00		65,303.99			22-Apr-2005		5.375%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103346644 1					65,303.99			22-Apr-2005		5.375%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103347159 2			260,342.00		259,560.59			29-Apr-2005		6.000%		FL - 80.00%		Paid Off - 360		01-Feb-2005
1103347159 2					259,560.59			29-Apr-2005		6.000%		FL - 80.00%		Paid Off - 360		01-Feb-2005
1103347910 1			1,000,000.00		1,000,000.00			13-Apr-2005		5.000%		CA - 55.55%		Paid Off - 360		01-Feb-2005
1103347910 1					1,000,000.00			13-Apr-2005		5.000%		CA - 55.55%		Paid Off - 360		01-Feb-2005
1103349986 2			199,950.00		199,950.00			25-Apr-2005		5.875%		VA - 80.00%		Paid Off - 360		01-Jan-2005
1103349986 2					199,950.00			25-Apr-2005		5.875%		VA - 80.00%		Paid Off - 360		01-Jan-2005
1103349999 1			396,000.00		394,657.76			26-Apr-2005		6.875%		NY - 80.00%		Paid Off - 360		01-Jan-2005
1103349999 1					394,657.76			26-Apr-2005		6.875%		NY - 80.00%		Paid Off - 360		01-Jan-2005
1103350170 2			122,500.00		122,500.00			20-Apr-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103350170 2					122,500.00			20-Apr-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103350222 2			209,300.00		209,300.00			01-Apr-2005		5.750%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103350222 2					209,300.00			01-Apr-2005		5.750%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103350525 2			200,900.00		200,092.45			07-Apr-2005		5.990%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103350525 2					200,092.45			07-Apr-2005		5.990%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103350557 2			99,150.00		99,150.00			25-Apr-2005		5.250%		CO - 60.00%		Paid Off - 360		01-Jan-2005
1103350557 2					99,150.00			25-Apr-2005		5.250%		CO - 60.00%		Paid Off - 360		01-Jan-2005
1103350558 2			98,700.00		98,700.00			25-Apr-2005		5.250%		CO - 59.99%		Paid Off - 360		01-Jan-2005
1103350558 2					98,700.00			25-Apr-2005		5.250%		CO - 59.99%		Paid Off - 360		01-Jan-2005
1103350735 1			395,500.00		395,500.00			15-Apr-2005		6.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103350735 1					395,500.00			15-Apr-2005		6.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103353281 2			225,400.00		224,275.00			19-Apr-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103353281 2					224,275.00			19-Apr-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103354314 2			433,300.00		433,300.00			27-Apr-2005		4.375%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103354314 2					433,300.00			27-Apr-2005		4.375%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103354579 2			238,000.00		237,524.96			26-Apr-2005		6.000%		NJ - 70.00%		Paid Off - 360		01-Mar-2005
1103354579 2					237,524.96			26-Apr-2005		6.000%		NJ - 70.00%		Paid Off - 360		01-Mar-2005
1103354916 1			405,000.00		403,627.26			29-Apr-2005		6.875%		CT - 66.40%		Paid Off - 360		01-Jan-2005
1103354916 1					403,627.26			29-Apr-2005		6.875%		CT - 66.40%		Paid Off - 360		01-Jan-2005
1103356983 2			227,000.00		226,130.82			27-Apr-2005		6.250%		MD - 57.62%		Paid Off - 360		01-Jan-2005
1103356983 2					226,130.82			27-Apr-2005		6.250%		MD - 57.62%		Paid Off - 360		01-Jan-2005
1103358494 2			200,000.00		199,591.18			04-Apr-2005		5.875%		CA - 38.84%		Paid Off - 360		01-Mar-2005
1103358494 2					199,591.18			04-Apr-2005		5.875%		CA - 38.84%		Paid Off - 360		01-Mar-2005
1103364863 2			239,000.00		237,910.91			22-Apr-2005		8.250%		CA - 82.41%		Paid Off - 360		01-Oct-2004
1103364863 2					237,910.91			22-Apr-2005		8.250%		CA - 82.41%		Paid Off - 360		01-Oct-2004
2503094721 1			284,000.00		284,000.00			26-Apr-2005		5.750%		FL - 80.00%		Paid Off - 360		01-Mar-2005
2503094721 1					284,000.00			26-Apr-2005		5.750%		FL - 80.00%		Paid Off - 360		01-Mar-2005
2503094909 1			650,000.00		650,000.00			01-Apr-2005		8.750%		FL - 78.32%		Paid Off - 360		01-Mar-2005
2503094909 1					650,000.00			01-Apr-2005		8.750%		FL - 78.32%		Paid Off - 360		01-Mar-2005
3900009938 2			171,000.00		164,724.01			14-Apr-2005		10.500%		GA - 90.00%		Paid Off - 360		01-Oct-1999
3900009938 2					164,724.01			14-Apr-2005		10.500%		GA - 90.00%		Paid Off - 360		01-Oct-1999
3900010029 1			70,100.00		66,620.47			20-Apr-2005		8.625%		FL - 84.97%		Paid Off - 360		01-Nov-1999
3900010029 1					66,620.47			20-Apr-2005		8.625%		FL - 84.97%		Paid Off - 360		01-Nov-1999
3900010058 1			63,000.00		60,760.26			12-Apr-2005		10.125%		TX - 90.00%		Paid Off - 360		01-Apr-2000
3900010058 1					60,760.26			12-Apr-2005		10.125%		TX - 90.00%		Paid Off - 360		01-Apr-2000
3900010095 1			94,500.00		90,490.95			14-Apr-2005		9.500%		FL - 90.00%		Paid Off - 360		01-Nov-1999
3900010095 1					90,490.95			14-Apr-2005		9.500%		FL - 90.00%		Paid Off - 360		01-Nov-1999
3900010121 1			126,000.00		119,164.66			13-Apr-2005		8.875%		FL - 90.00%		Paid Off - 360		01-Jan-2000
3900010121 1					119,164.66			13-Apr-2005		8.875%		FL - 90.00%		Paid Off - 360		01-Jan-2000
3900010122 2			36,100.00		34,847.46			11-Apr-2005		10.375%		WV - 95.00%		Paid Off - 360		01-Jan-2000
3900010122 2					34,847.46			11-Apr-2005		10.375%		WV - 95.00%		Paid Off - 360		01-Jan-2000
3900010154 1			86,000.00		81,169.63			26-Apr-2005		8.250%		HI - 79.63%		Paid Off - 360		01-Sep-1999
3900010154 1					81,169.63			26-Apr-2005		8.250%		HI - 79.63%		Paid Off - 360		01-Sep-1999
3900010216 2			35,175.00		33,739.14			15-Apr-2005		9.750%		FL - 75.00%		Paid Off - 360		01-Mar-2000
3900010216 2					33,739.14			15-Apr-2005		9.750%		FL - 75.00%		Paid Off - 360		01-Mar-2000
3900010231 2			102,400.00		98,271.04			01-Apr-2005		9.500%		PA - 80.00%		Paid Off - 360		01-Apr-2000
3900010231 2					98,271.04			01-Apr-2005		9.500%		PA - 80.00%		Paid Off - 360		01-Apr-2000
3900010234 1			89,550.00		86,409.63			27-Apr-2005		9.875%		OH - 90.00%		Paid Off - 360		01-May-2000
3900010234 1					86,409.63			27-Apr-2005		9.875%		OH - 90.00%		Paid Off - 360		01-May-2000
3900010247 1			76,500.00		73,282.57			11-Apr-2005		9.000%		FL - 90.00%		Paid Off - 360		01-Apr-2000
3900010247 1					73,282.57			11-Apr-2005		9.000%		FL - 90.00%		Paid Off - 360		01-Apr-2000
3900010255 1			82,500.00		79,619.79			22-Apr-2005		10.250%		FL - 75.00%		Paid Off - 360		01-Feb-2000
3900010255 1					79,619.79					10.250%		FL - 75.00%		Paid Off - 360



Page 23 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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

3900010272 1			57,150.00		54,758.59			11-Apr-2005		9.250%		FL - 90.00%		Paid Off - 360		01-Feb-2000
			57,150.00

3900010280 1			208,500.00		196,845.21			04-Apr-2005		8.250%		CA - 74.20%		Paid Off - 360		01-Dec-1999
3900010280 1					196,845.21			04-Apr-2005		8.250%		CA - 74.20%		Paid Off - 360		01-Dec-1999
1103333276 2			59,200.00		58,591.43				6.650%		NM - 80.00%		Repur/Subs - 360		01-Dec-2004
1103333276 2					58,591.43				6.650%		NM - 80.00%		Repur/Subs - 360		01-Dec-2004


TOTAL			20,709,695.00		20,631,090.71
TOTAL


Page 24 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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 25 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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 26 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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 27 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 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 28 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS

SPACE INTENTIONALLY LEFT BLANK



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Current LIBOR Rate														3.020000%
Next LIBOR Rate														0.000000%




Page 29 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

										Next Pass Through Rate			NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			1-A-1							6.76%			$0.00		$0.00
										6.76%			$0.00		$0.00
			1-A-2							6.85%			$0.00		$0.00
										6.85%			$0.00		$0.00
			2-A-1							6.83%			$0.00		$0.00
										6.83%			$0.00		$0.00
			2-A-2							7.10%			$0.00		$202.46
										7.10%			$0.00		$202.46
			M-5-1							3.79%			$0.00		$335.86
										3.79%			$0.00		$335.86
			M-6-1							3.84%			$0.00		$535.47
										3.84%			$0.00		$535.47
			M-1-2							4.32%			$0.00		$0.00
										4.32%			$0.00		$0.00
			M-2-2							3.48%			$0.00		$0.00
										3.48%			$0.00		$0.00
			M-3-2							3.52%			$0.00		$0.00
										3.52%			$0.00		$0.00
			M-4-2							3.55%			$0.00		$202.46
										3.55%			$0.00		$202.46
			M-5-2							3.77%			$0.00		$335.87
										3.77%			$0.00		$335.87
			M-6-2							3.79%			$0.00		$535.47
										3.79%			$0.00		$535.47
			B-1							3.84%			$0.00		#######
										3.84%			$0.00		#######
			B-2							4.32%			$0.00		#######
										4.32%			$0.00		#######
			A-IO-1							0.00%			$0.00		$0.00
										0.00%			$0.00		$0.00
			A-IO-2							0.00%			$0.00		$0.00
										0.00%			$0.00		$0.00




Page 30 of 31
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-1

May 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
BEAR STERNS REFERENCE NUMBER FXIMP05A1														142,006.01
BEAR STERNS REFERENCE NUMBER FXIMP05B1														40,409.52
BEAR STERNS REFERENCE NUMBER FXIMP05C1														132,641.04
BEAR STERNS REFERENCE NUMBER FXIMP05D1														8,536.04
BEAR STERNS REFERENCE NUMBER FXIMP05E1														10,083.78
BEAR STERNS REFERENCE NUMBER FXNCC6713														0.00







Page 31 of 31

IMH ASSETS CORP IMPAC CMB TRUST SERIES 2005-1 8-K