
                                      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):  June 27, 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
     June 27, 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 30, 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 June 27, 2005.



Impac CMB Trust 2005-1

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

June 27, 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:			June 27, 2005
										Factor Information:			(800) 735-7777
				Record Date:			May 31, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							June 24, 2005
							June 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

June 27, 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		468,670,727.86		1,439,209.69		9,435,446.25		10,874,655.94		0.00		0.00		459,235,281.61
1-A-1	STEP. FLT,	$	491,420,000.00		468,670,727.86		1,439,209.69		9,435,446.25		10,874,655.94		0.00		0.00		459,235,281.61
1-A-2	STEP. FLT,	$	54,602,000.00		52,074,313.37		162,298.28		1,048,378.65		1,210,676.93		0.00		0.00		51,025,934.72
2-A-1	STEP. FLT,	$	390,682,000.00		375,214,106.90		1,150,500.26		10,560,031.02		11,710,531.28		0.00		0.00		364,654,075.88
2-A-2	STEP. FLT,	$	97,671,000.00		93,804,006.93		292,355.82		2,640,021.27		2,932,377.09		0.00		0.00		91,163,985.66
CERT	R	$	0.00		0.00		93,565.40		0.00		93,565.40		0.00		0.00		0.00





Total			1,034,375,000.00		989,763,155.06		3,137,929.45		23,683,877.19		26,821,806.64		0.00		0.00		966,079,277.87
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	05/25/05		06/26/05		A-Act/360		45254NML8		491,420,000.00		953.707069		2.928675		19.200371		22.129046	934.506698
1-A-2	05/25/05		06/26/05		A-Act/360		45254NMM6		54,602,000.00		953.707069		2.972387		19.200371		22.172758	934.506698
2-A-1	05/25/05		06/26/05		A-Act/360		45254NMN4		390,682,000.00		960.407971		2.944851		27.029735		29.974586	933.378236
2-A-2	05/25/05		06/26/05		A-Act/360		45254NMP9		97,671,000.00		960.407971		2.993271		27.029735		30.023007	933.378236
CERT	05/25/05		06/24/05		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

June 27, 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		6,231,832.15		32,119,805.87		64,912.52		32,184,718.39		38,416,550.54		0.00		0.00		459,235,281.61
1-A-2	54,602,000.00		703,585.23		3,568,852.81		7,212.47		3,576,065.28		4,279,650.51		0.00		0.00		51,025,934.72
2-A-1	390,682,000.00		4,964,935.18		25,748,910.03		279,014.09		26,027,924.12		30,992,859.30		0.00		0.00		364,654,075.88
2-A-2	97,671,000.00		1,263,282.39		6,437,260.46		69,753.88		6,507,014.34		7,770,296.73		0.00		0.00		91,163,985.66
CERT	0.00		2,374,717.30		0.00		0.00		0.00		2,374,717.30		0.00		0.00		0.00





Total	1,034,375,000.00		15,538,352.25		67,874,829.17		420,892.96		68,295,722.13		83,834,074.38		0.00		0.00		966,079,277.87


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	3.35000%		468,670,727.86		1,439,209.69		0.00		0.00		0.00		1,439,209.69		1,439,209.69		0.00
1-A-2	3.40000%		52,074,313.37		162,298.28		0.00		0.00		0.00		162,298.28		162,298.28		0.00
2-A-1	3.34500%		375,214,106.90		1,150,500.26		0.00		0.00		0.00		1,150,500.26		1,150,500.26		0.00
2-A-2	3.40000%		93,804,006.93		292,355.82		0.00		0.00		0.00		292,355.82		292,355.82		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		93,565.40		0.00





Total			989,763,155.06		3,044,364.05		0.00		0.00		0.00		3,044,364.05		3,137,929.45		0.00



Page 3 of 31
Impac CMB Trust 2005-1

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

June 27, 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		74,755,527.54		243,266.95		1,788,815.07		2,032,082.02		0.00		0.00		72,966,712.47
M-1	MEZ, STEP,	$	78,125,000.00		74,755,527.54		243,266.95		1,788,815.07		2,032,082.02		0.00		0.00		72,966,712.47
M-2	MEZ, STEP,	$	55,625,000.00		53,225,934.80		175,157.68		1,273,635.40		1,448,793.08		0.00		0.00		51,952,299.40
M-3	MEZ, STEP,	$	28,750,000.00		27,510,036.28		91,287.47		658,286.46		749,573.93		0.00		0.00		26,851,749.82
M-4	MEZ, STEP,	$	15,625,000.00		14,951,105.51		52,627.89		357,763.02		410,390.91		0.00		0.00		14,593,342.49
M-5	MEZ, STEP,	$	15,625,000.00		14,951,105.51		52,901.99		357,763.02		410,665.01		0.00		0.00		14,593,342.49
M-6	MEZ, STEP,	$	12,500,000.00		11,960,887.05		42,869.82		286,213.55		329,083.37		0.00		0.00		11,674,673.50
B	SUB, STEP,	$	9,375,000.00		8,970,655.29		36,099.41		214,648.39		250,747.80		0.00		0.00		8,756,006.90
A-IO	IO,NTL	$	0.00		0.00		1,179,068.49		0.00		1,179,068.49		0.00		0.00		0.00




Total			215,625,000.00		206,325,251.98		1,873,279.70		4,937,124.91		6,810,404.61		0.00		0.00		201,388,127.07
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	05/25/05		06/26/05		A-Act/360		45254NMR5		78,125,000.00		956.870753		3.113817		22.896833		26.010650	933.973920
M-2	05/25/05		06/26/05		A-Act/360		45254NMS3		55,625,000.00		956.870738		3.148902		22.896816		26.045718	933.973922
M-3	05/25/05		06/26/05		A-Act/360		45254NMT1		28,750,000.00		956.870827		3.175216		22.896920		26.072137	933.973907
M-4	05/25/05		06/26/05		A-Act/360		45254NMU8		15,625,000.00		956.870753		3.368185		22.896833		26.265018	933.973919
M-5	05/25/05		06/26/05		A-Act/360		45254NMV6		15,625,000.00		956.870753		3.385727		22.896833		26.282561	933.973919
M-6	05/25/05		06/26/05		A-Act/360		45254NMW4		12,500,000.00		956.870964		3.429586		22.897084		26.326670	933.973880
B	05/25/05		06/26/05		A-Act/360		45254NMX2		9,375,000.00		956.869898		3.850604		22.895828		26.746432	933.974069
A-IO	05/01/05		05/30/05		A-30/360		45254NMQ7		1,250,000,000.00		754.603838		0.943255		0.000000		0.943255	698.980260






Page 4 of 31
Impac CMB Trust 2005-1

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

June 27, 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		1,056,473.41		0.00		0.00		5,158,287.53		6,214,760.94		0.00		0.00		72,966,712.47
M-2	55,625,000.00		761,321.56		0.00		0.00		3,672,700.60		4,434,022.16		0.00		0.00		51,952,299.40
M-3	28,750,000.00		397,024.44		0.00		0.00		1,898,250.18		2,295,274.62		0.00		0.00		26,851,749.82
M-4	15,625,000.00		229,852.44		0.00		0.00		1,031,657.51		1,261,509.95		0.00		0.00		14,593,342.49
M-5	15,625,000.00		231,132.29		0.00		0.00		1,031,657.51		1,262,789.80		0.00		0.00		14,593,342.49
M-6	12,500,000.00		187,465.56		0.00		0.00		825,326.50		1,012,792.06		0.00		0.00		11,674,673.50
B	9,375,000.00		159,028.86		0.00		0.00		618,993.10		778,021.96		0.00		0.00		8,756,006.90
A-IO	0.00		5,309,686.69		0.00		0.00		0.00		5,309,686.69		0.00		0.00		0.00




Total	215,625,000.00		8,331,985.25				14,236,872.93		22,568,858.18		0.00		0.00		201,388,127.07


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	3.55000%		74,755,527.54		243,266.95		0.00		0.00		0.00		243,266.95		243,266.95		0.00
M-2	3.59000%		53,225,934.80		174,387.21		0.00		0.00		0.00		174,387.21		175,157.68		0.00
M-3	3.62000%		27,510,036.28		90,138.23		0.00		0.00		0.00		90,138.23		91,287.47		0.00
M-4	3.84000%		14,951,105.51		48,988.16		0.00		0.00		0.00		48,988.16		52,627.89		0.00
M-5	3.86000%		14,951,105.51		48,988.16		0.00		0.00		0.00		48,988.16		52,901.99		0.00
M-6	3.91000%		11,960,887.05		39,190.55		0.00		0.00		0.00		39,190.55		42,869.82		0.00
B	4.39000%		8,970,655.29		29,392.84		0.00		0.00		0.00		29,392.84		36,099.41		0.00
A-IO	1.50000%		943,254,797.00		1,179,068.50		0.00		0.00		0.00		1,179,068.50		1,179,068.49		0.01




Total			1,149,580,048.98		1,853,420.60		0.00		0.00		0.00		1,853,420.60		1,873,279.70		0.01



Page 5 of 31
Impac CMB Trust 2005-1

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

June 27, 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		39,330,879.53		127,989.24		791,823.29		919,812.53		0.00		0.00		38,539,056.24
M-1-1		$	41,240,000.00		39,330,879.53		127,989.24		791,823.29		919,812.53		0.00		0.00		38,539,056.24
M-2-1		$	29,363,000.00		28,003,700.67		92,155.51		563,780.49		655,936.00		0.00		0.00		27,439,920.18
M-3-1		$	15,176,000.00		14,473,458.48		48,027.76		291,384.83		339,412.59		0.00		0.00		14,182,073.65
M-4-1		$	8,248,000.00		7,866,175.90		27,688.94		158,364.66		186,053.60		0.00		0.00		7,707,811.24
M-5-1		$	8,248,000.00		7,866,175.90		27,833.15		158,364.66		186,197.81		0.00		0.00		7,707,811.24
M-6-1		$	6,598,000.00		6,292,559.23		22,553.59		126,684.05		149,237.64		0.00		0.00		6,165,875.18
M-1-2		$	#######		35,424,648.01		115,277.71		996,991.78		1,112,269.49		0.00		0.00		34,427,656.23
M-2-2		$	26,262,000.00		25,222,234.13		83,002.17		709,854.91		792,857.08		0.00		0.00		24,512,379.22
M-3-2		$	13,574,000.00		13,036,577.80		43,259.71		366,901.63		410,161.34		0.00		0.00		12,669,676.17
M-4-2		$	7,377,000.00		7,084,929.61		24,938.95		199,398.36		224,337.31		0.00		0.00		6,885,531.25
M-5-2		$	7,377,000.00		7,084,929.61		25,068.84		199,398.36		224,467.20		0.00		0.00		6,885,531.25
M-6-2		$	5,902,000.00		5,668,327.82		20,316.23		159,529.50		179,845.73		0.00		0.00		5,508,798.32
B-1		$	4,950,000.00		4,720,850.02		18,997.49		95,041.83		114,039.32		0.00		0.00		4,625,808.19
B-2		$	4,425,000.00		4,249,805.27		17,101.92		119,606.56		136,708.48		0.00		0.00		4,130,198.71
A-IO-1		$	0.00		0.00		619,576.04		0.00		619,576.04		0.00		0.00		0.00
A-IO-2		$	0.00		0.00		559,492.45		0.00		559,492.45		0.00		0.00		0.00


Total			215,625,000.00		206,325,251.98		1,873,279.70		4,937,124.91		6,810,404.61		0.00		0.00		201,388,127.07
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	05/25/05		06/26/05		A-Act/360				41,240,000.00		953.707069		3.103522		19.200371		22.303893	934.506698
M-2-1	05/25/05		06/26/05		A-Act/360				29,363,000.00		953.707069		3.138491		19.200371		22.338862	934.506698
M-3-1	05/25/05		06/26/05		A-Act/360				15,176,000.00		953.707069		3.164718		19.200371		22.365089	934.506698
M-4-1	05/25/05		06/26/05		A-Act/360				8,248,000.00		953.707068		3.357049		19.200371		22.557420	934.506697
M-5-1	05/25/05		06/26/05		A-Act/360				8,248,000.00		953.707068		3.374533		19.200371		22.574904	934.506697
M-6-1	05/25/05		06/26/05		A-Act/360				6,598,000.00		953.707067		3.418246		19.200371		22.618618	934.506696
M-1-2	05/25/05		06/26/05		A-Act/360				36,885,000.00		960.407971		3.125328		27.029735		30.155063	933.378236
M-2-2	05/25/05		06/26/05		A-Act/360				26,262,000.00		960.407971		3.160543		27.029735		30.190278	933.378235
M-3-2	05/25/05		06/26/05		A-Act/360				13,574,000.00		960.407971		3.186954		27.029736		30.216689	933.378236
M-4-2	05/25/05		06/26/05		A-Act/360				7,377,000.00		960.407972		3.380636		27.029736		30.410371	933.378236
M-5-2	05/25/05		06/26/05		A-Act/360				7,377,000.00		960.407972		3.398243		27.029736		30.427979	933.378236
M-6-2	05/25/05		06/26/05		A-Act/360				5,902,000.00		960.407967		3.442262		27.029736		30.471998	933.378231
B-1	05/25/05		06/26/05		A-Act/360				4,950,000.00		953.707075		3.837877		19.200370		23.038246	934.506705
B-2	05/25/05		06/26/05		A-Act/360				4,425,000.00		960.407971		3.864841		27.029731		30.894572	933.378240
A-IO-1	05/01/05		05/30/05		A-30/360				659,845,000.00		751.177677		0.938972		0.000000		0.938972	695.831080
A-IO-2	05/01/05		05/30/05		A-30/360				590,155,000.00		758.434586		0.948043		0.000000		0.948043	702.501319




Page 6 of 31
Impac CMB Trust 2005-1

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

June 27, 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		556,698.43		2,634,403.05		66,540.71		2,700,943.76		3,257,642.19		0.00		0.00		38,539,056.24
M-2-1	29,363,000.00		401,173.03		1,875,702.64		47,377.18		1,923,079.82		2,324,252.85		0.00		0.00		27,439,920.18
M-3-1	15,176,000.00		209,204.09		969,439.89		24,486.46		993,926.35		1,203,130.44		0.00		0.00		14,182,073.65
M-4-1	8,248,000.00		121,119.26		526,880.62		13,308.14		540,188.76		661,308.02		0.00		0.00		7,707,811.24
M-5-1	8,248,000.00		121,793.70		526,880.62		13,308.14		540,188.76		661,982.46		0.00		0.00		7,707,811.24
M-6-1	6,598,000.00		98,777.89		421,478.95		10,645.87		432,124.82		530,902.71		0.00		0.00		6,165,875.18
M-1-2	36,885,000.00		499,774.98		2,390,801.99		66,541.78		2,457,343.77		2,957,118.75		0.00		0.00		34,427,656.23
M-2-2	26,262,000.00		360,148.53		1,702,243.25		47,377.53		1,749,620.78		2,109,769.31		0.00		0.00		24,512,379.22
M-3-2	13,574,000.00		187,820.35		879,835.88		24,487.95		904,323.83		1,092,144.18		0.00		0.00		12,669,676.17
M-4-2	7,377,000.00		108,733.18		478,160.39		13,308.36		491,468.75		600,201.93		0.00		0.00		6,885,531.25
M-5-2	7,377,000.00		109,338.59		478,160.39		13,308.36		491,468.75		600,807.34		0.00		0.00		6,885,531.25
M-6-2	5,902,000.00		88,687.67		382,554.27		10,647.41		393,201.68		481,889.35		0.00		0.00		5,508,798.32
B-1	4,950,000.00		83,820.36		316,204.99		7,986.82		324,191.81		408,012.17		0.00		0.00		4,625,808.19
B-2	4,425,000.00		75,208.50		286,818.44		7,982.85		294,801.29		370,009.79		0.00		0.00		4,130,198.71
A-IO-1	0.00		2,789,975.29		0.00		0.00		0.00		2,789,975.29		0.00		0.00		0.00
A-IO-2	0.00		2,519,711.40		0.00		0.00		0.00		2,519,711.40		0.00		0.00		0.00


Total	215,625,000.00		8,331,985.25		13,869,565.37		367,307.56		14,236,872.93		22,568,858.18		0.00		0.00		201,388,127.07


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	3.55000%		39,330,879.53		127,989.24		0.00		0.00		0.00		127,989.24		127,989.24		0.00
M-2-1	3.55999%		28,003,700.67		91,385.04		0.00		0.00		0.00		91,385.04		92,155.51		0.00
M-3-1	3.55999%		14,473,458.48		47,231.53		0.00		0.00		0.00		47,231.53		48,027.76		0.00
M-4-1	3.55999%		7,866,175.90		25,669.85		0.00		0.00		0.00		25,669.85		27,688.94		0.00
M-5-1	3.55999%		7,866,175.90		25,669.85		0.00		0.00		0.00		25,669.85		27,833.15		0.00
M-6-1	3.55999%		6,292,559.23		20,534.64		0.00		0.00		0.00		20,534.64		22,553.59		0.00
M-1-2	3.55000%		35,424,648.01		115,277.71		0.00		0.00		0.00		115,277.71		115,277.71		0.00
M-2-2	3.59000%		25,222,234.13		83,002.17		0.00		0.00		0.00		83,002.17		83,002.17		0.00
M-3-2	3.59046%		13,036,577.80		42,906.70		0.00		0.00		0.00		42,906.70		43,259.71		0.00
M-4-2	3.59046%		7,084,929.61		23,318.31		0.00		0.00		0.00		23,318.31		24,938.95		0.00
M-5-2	3.59046%		7,084,929.61		23,318.31		0.00		0.00		0.00		23,318.31		25,068.84		0.00
M-6-2	3.59046%		5,668,327.82		18,655.91		0.00		0.00		0.00		18,655.91		20,316.23		0.00
B-1	3.55999%		4,720,850.02		15,405.65		0.00		0.00		0.00		15,405.65		18,997.49		0.00
B-2	3.59046%		4,249,805.27		13,987.19		0.00		0.00		0.00		13,987.19		17,101.92		0.00
A-IO-1	1.50000%		495,660,834.00		619,576.04		0.00		0.00		0.00		619,576.04		619,576.04		0.00
A-IO-2	1.50000%		447,593,963.00		559,492.45		0.00		0.00		0.00		559,492.45		559,492.45		0.00



Total			1,149,580,048.98		1,853,420.59		0.00		0.00		0.00		1,853,420.59		1,873,279.70		0.00



Page 7 of 31
Impac CMB Trust 2005-1

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

June 27, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										15,951,733.39		12,669,268.71		28,621,002.10
Principal Withdrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										15,951,733.39		12,669,268.71		28,621,002.10
Interest Collections										2,676,290.80		2,928,449.65		5,604,740.46
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Fees										-186,403.13		-182,998.89		-370,598.12
Interest Other Accounts														(222,933.18)
TOTAL NET INTEREST										2,384,246.48		2,628,158.77		5,011,209.16
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														33,632,211.26



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											102,069.91		91,821.89		193,891.80
Curtailments											44,181.67		56,767.58		100,949.25
Prepayments In Full											15,553,506.91		12,520,679.24		28,074,186.15
Repurchased/Substitutions											251,974.90		0.00		251,974.90
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											-32,470.34		-23,043.98		-55,514.32
Realized Losses											-0.00		-0.00		-0.00
Advanced Principal											32,470.34		23,043.98		55,514.32
TOTAL PRINCIPAL COLLECTED											15,951,733.39		12,669,268.71		28,621,002.10


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

June 27, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										2,725,238.27		2,989,534.65		5,714,772.92
Repurchased/Substitution Interest										1,467.75		0.00		1,467.75
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										-28,265.98		-34,166.79		-62,432.77
Delinquent Interest										-763,313.27		-895,617.26		-1,658,930.53
Compensating Interest										28,265.99		34,166.80		62,432.78
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										712,898.05		834,532.26		1,547,430.31
TOTAL INTEREST COLLECTED										2,676,290.80		2,928,449.65		5,604,740.46


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
Deriviative Contract Payments										-105,641.19		-117,291.99		-222,933.18
TOTAL INTEREST OTHER ACCOUNTS														(222,933.18)



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										139,662.04		149,978.25		289,640.29
Owner Trustee Fees										802.95		891.51		1,694.46
Indenture Trustee Fees										566.79		629.30		1,196.09
Radian PMI										45,938.14		32,129.14		78,067.28
TOTAL INTEREST FEES										186,403.13		182,998.89		370,598.12




Page 9 of 31
Impac CMB Trust 2005-1

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

June 27, 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

June 27, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										2,002		1,541		3,543
Prior										2,512		1,679		4,191
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-66		-38		-104
Repurchases										-1		-0		-1
Liquidations										-0		-0		-0
Current										2,445		1,641		4,086
Principal Balance:


Original										452,016,043.34		579,986,805.90		1,032,002,849.24
Prior										566,789,566.08		629,298,840.96		1,196,088,407.04
Prefunding										0.00		0.00		0.00
Scheduled Principal										-102,069.91		-91,821.89		-193,891.80
Partial Prepayments										-44,181.67		-56,767.58		-100,949.25
Full Voluntary Prepayments										-15,553,506.91		-12,520,679.24		-28,074,186.15
Repurchases										-251,974.90		-0.00		-251,974.90
Liquidations										-0.00		-0.00		-0.00
Current										550,837,832.69		616,629,572.25		1,167,467,404.94





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

June 27, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										5.72890%		5.73152%		5.73037%
Weighted Average Coupon Prior										5.76165%		5.69761%		5.72795%
Weighted Average Coupon Current										5.77295%		5.70070%		5.73493%
Weighted Average Months to Maturity Original										356		356		356
Weighted Average Months to Maturity Prior										354		353		354
Weighted Average Months to Maturity Current										353		353		353
Weighted Avg Remaining Amortization Term Original										356		356		356
Weighted Avg Remaining Amortization Term Prior										354		353		354
Weighted Avg Remaining Amortization Term Current										353		353		353
Weighted Average Seasoning Original										3.59		3.45		3.51
Weighted Average Seasoning Prior										5.90		5.86		5.88
Weighted Average Seasoning Current										6.85		6.81		6.83









Page 12 of 31
Impac CMB Trust 2005-1

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

June 27, 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										3.83548%		3.69460%		3.76135%
Weighted Average Margin Current										3.83517%		3.68776%		3.75760%
Weighted Average Max Rate Original										11.59796%		11.57525%		11.58520%
Weighted Average Max Rate Prior										11.65922%		11.57636%		11.61562%
Weighted Average Max Rate Current										11.65441%		11.56958%		11.60977%
Weighted Average Min Rate Original										3.99236%		3.78147%		3.87390%
Weighted Average Min Rate Prior										3.98672%		3.76339%		3.86921%
Weighted Average Min Rate Current										3.98323%		3.75555%		3.86342%
Weighted Average Cap Up Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Up Prior										1.11815%		1.15152%		1.13571%
Weighted Average Cap Up Current										1.11906%		1.15231%		1.13656%
Weighted Average Cap Down Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Down Prior										1.11815%		1.15152%		1.13571%
Weighted Average Cap Down Current										1.11906%		1.15231%		1.13656%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										139,662.04		149,978.25		289,640.29
Delinquent Servicing Fees										50,415.22		61,085.00		111,500.22
TOTAL SERVICING FEES										190,077.24		211,063.23		401,140.47


Total Servicing Fees										190,077.24		211,063.23		401,140.47
Compensating Interest										-28,265.99		-34,166.80		-62,432.78
Delinquent Servicing Fees										-50,415.22		-61,085.00		-111,500.22
COLLECTED SERVICING FEES										139,662.04		149,978.25		227,207.47


Total Advanced Interest										712,898.05		834,532.26		1,547,430.31
Total Advanced Principal										32,470.34		23,043.98		55,514.32
Aggregate Advances with respect to this Distribution										745,368.39		857,576.24		1,602,944.63





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										28,265.98		34,166.79		62,432.77
Compensating Interest										-28,265.99		-34,166.80		-62,432.78
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00


Ending Pool Stated Principal Balance										550,837,832.69		616,629,572.25		1,167,467,404.94
Available Funds Rate										3.590460%		3.559986%




Page 13 of 31
Impac CMB Trust 2005-1

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

June 27, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				14,619,023.24		4,244,830.31		1,284,800.00		20,148,653.55
			% Balance				1.25%		0.36%		0.11%		1.73%
			# Loans				47		14		4		65
			% # Loans				1.15%		0.34%		0.10%		1.59%
	FORECLOSURE		Balance		0.00		0.00		0.00		971,995.91		971,995.91
			% Balance		0.00%		0.00%		0.00%		0.08%		0.08%
			# Loans		0		0		0		5		5
			% # Loans		0.00%		0.00%		0.00%		0.12%		0.12%
	BANKRUPTCY		Balance		483,229.32		75,823.87		71,443.26		0.00		630,496.45
			% Balance		0.04%		0.01%		0.01%		0.00%		0.05%
			# Loans		7		1		1		0		9
			% # Loans		0.17%		0.02%		0.02%		0.00%		0.22%
	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		483,229.32		14,694,847.11		4,316,273.57		2,256,795.91		21,751,145.91
			% Balance		0.04%		1.26%		0.37%		0.19%		1.86%
			# Loans		7		48		15		9		79
			% # Loans		0.17%		1.17%		0.37%		0.22%		1.93%









Page 14 of 31
Impac CMB Trust 2005-1

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

June 27, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				10,087,324.33		2,030,730.51		960,000.00		13,078,054.84
			% Balance				1.64%		0.33%		0.16%		2.12%
			# Loans				25		4		2		31
			% # Loans				1.52%		0.24%		0.12%		1.89%
	FORECLOSURE		Balance		0.00		0.00		0.00		412,300.00		412,300.00
			% Balance		0.00%		0.00%		0.00%		0.07%		0.07%
			# Loans		0		0		0		1		1
			% # Loans		0.00%		0.00%		0.00%		0.06%		0.06%
	BANKRUPTCY		Balance		114,878.18		0.00		0.00		0.00		114,878.18
			% 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		114,878.18		10,087,324.33		2,030,730.51		1,372,300.00		13,605,233.02
			% Balance		0.02%		1.64%		0.33%		0.22%		2.21%
			# Loans		2		25		4		3		34
			% # Loans		0.12%		1.52%		0.24%		0.18%		2.07%










Page 15 of 31
Impac CMB Trust 2005-1

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

June 27, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				4,531,698.91		2,214,099.80		324,800.00		7,070,598.71
			% Balance				0.82%		0.40%		0.06%		1.28%
			# Loans				22		10		2		34
			% # Loans				0.90%		0.41%		0.08%		1.39%
	FORECLOSURE		Balance		0.00		0.00		0.00		559,695.91		559,695.91
			% Balance		0.00%		0.00%		0.00%		0.10%		0.10%
			# Loans		0		0		0		4		4
			% # Loans		0.00%		0.00%		0.00%		0.16%		0.16%
	BANKRUPTCY		Balance		368,351.14		75,823.87		71,443.26		0.00		515,618.27
			% Balance		0.07%		0.01%		0.01%		0.00%		0.09%
			# Loans		5		1		1		0		7
			% # Loans		0.20%		0.04%		0.04%		0.00%		0.29%
	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		368,351.14		4,607,522.78		2,285,543.06		884,495.91		8,145,912.89
			% Balance		0.07%		0.84%		0.41%		0.16%		1.48%
			# Loans		5		23		11		6		45
			% # Loans		0.20%		0.94%		0.45%		0.25%		1.84%









Page 16 of 31
Impac CMB Trust 2005-1

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

June 27, 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

June 27, 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
1103183221 1
1103183221 1			412,300.00		412,300.00		01-Jan-2005		6.500%		CA - 80.00%		360		01-Jan-2005

1103276291 2			129,600.00		128,383.81		01-Dec-2004		7.500%		CO - 86.40%		360		01-Aug-2004
1103341184 2			172,000.00		172,000.00		01-Jan-2005		6.375%		FL - 64.41%		360		01-Jan-2005
3900009921 2			125,900.00		119,969.46		01-Jan-2005		9.625%		WA - 90.00%		360		01-Sep-1999
3900009980 2			148,000.00		139,342.64		01-Nov-2004		9.125%		NM - 80.00%		360		01-Nov-1999


TOTAL			987,800.00		971,995.91



Page 18 of 31
Impac CMB Trust 2005-1

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

June 27, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										66		38		104
Number of Repurchased Loans										1		0		1
Total Number of Loans Prepaid in Full										67		38		105
Curtailments Amount										44,181.67		56,767.58		100,949.25
Paid in Full Balance										15,553,506.91		12,520,679.24		28,074,186.15
Repurchased Loans Balance										251,974.90		0.00		251,974.90
Total Prepayment Amount										15,849,663.48		12,577,446.82		28,427,110.30

Cumulative


Number of Paid in Full Loans										181		135		316
Number of Repurchased Loans										4		1		5
Total Number of Loans Prepaid in Full										185		136		321
Paid in Full Balance										37,625,170.07		41,991,164.56		79,616,334.63
Repurchased Loans Balance										1,191,566.33		510,400.00		1,701,966.33
Curtailments Amount										-73,400.98		205,987.39		132,586.41
Total Prepayment Amount										38,743,335.42		42,707,551.95		81,450,887.37










Page 19 of 31
Impac CMB Trust 2005-1

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

June 27, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										2.80%		2.00%		2.38%
3 Months Avg SMM										2.01%		1.90%		1.95%
12 Months Avg SMM										1.36%		1.34%		1.35%
Avg SMM Since Cut-off										1.36%		1.34%		1.35%


CPR										28.85%		21.52%		25.08%
3 Months Avg CPR										21.60%		20.60%		21.07%
12 Months Avg CPR										15.13%		14.94%		15.05%
Avg CPR Since Cut-off										15.13%		14.94%		15.05%


PSA										2,104.49%		1,579.36%		1,835.06%
3 Months Avg PSA Approximation										1,834.52%		1,756.61%		1,793.60%
12 Months Avg PSA Approximation										1,501.31%		1,490.60%		1,497.42%
Avg PSA Since Cut-off Approximation										1,501.31%		1,490.60%		1,497.42%










Page 20 of 31
Impac CMB Trust 2005-1

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

June 27, 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

June 27, 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

1103170364 2			220,550.00		218,592.55			25-May-2005		6.250%		CA - 90.00%		Paid Off - 360		01-Sep-2004
			220,550.00

1103211691 2			234,000.00		234,000.00			16-May-2005		6.375%		CA - 79.99%		Paid Off - 360		01-Feb-2005
1103211691 2					234,000.00			16-May-2005		6.375%		CA - 79.99%		Paid Off - 360		01-Feb-2005
1103230207 2			175,100.00		175,100.00			17-May-2005		4.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103230207 2					175,100.00			17-May-2005		4.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103241967 1			450,000.00		447,278.31			13-May-2005		6.000%		CA - 75.64%		Paid Off - 360		01-Dec-2004
1103241967 1					447,278.31			13-May-2005		6.000%		CA - 75.64%		Paid Off - 360		01-Dec-2004
1103258494 2			251,350.00		251,350.00			10-May-2005		5.000%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103258494 2					251,350.00			10-May-2005		5.000%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103271199 2			213,000.00		211,585.04			10-May-2005		5.500%		IL - 57.57%		Paid Off - 360		01-Dec-2004
1103271199 2					211,585.04			10-May-2005		5.500%		IL - 57.57%		Paid Off - 360		01-Dec-2004
1103271645 1			436,000.00		435,863.75			24-May-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103271645 1					435,863.75			24-May-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103281514 1			501,900.00		501,900.00			16-May-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103281514 1					501,900.00			16-May-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103282483 2			85,500.00		85,497.41			16-May-2005		6.375%		WA - 90.00%		Paid Off - 360		01-Dec-2004
1103282483 2					85,497.41			16-May-2005		6.375%		WA - 90.00%		Paid Off - 360		01-Dec-2004
1103286168 1			376,000.00		376,000.00			02-May-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103286168 1					376,000.00			02-May-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103293831 2			203,500.00		203,500.00			03-May-2005		4.500%		CA - 64.61%		Paid Off - 360		01-Dec-2004
1103293831 2					203,500.00			03-May-2005		4.500%		CA - 64.61%		Paid Off - 360		01-Dec-2004
1103295363 2			595,000.00		595,000.00			27-May-2005		4.875%		CA - 68.79%		Paid Off - 360		01-Jan-2005
1103295363 2					595,000.00			27-May-2005		4.875%		CA - 68.79%		Paid Off - 360		01-Jan-2005
1103297188 2			332,000.00		331,999.94			25-May-2005		6.875%		VA - 80.00%		Paid Off - 360		01-Dec-2004
1103297188 2					331,999.94			25-May-2005		6.875%		VA - 80.00%		Paid Off - 360		01-Dec-2004
1103298439 2			147,000.00		147,000.00			17-May-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103298439 2					147,000.00			17-May-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103301088 2			238,000.00		238,000.00			16-May-2005		4.750%		NV - 70.00%		Paid Off - 360		01-Dec-2004
1103301088 2					238,000.00			16-May-2005		4.750%		NV - 70.00%		Paid Off - 360		01-Dec-2004
1103303389 1			245,450.00		245,450.00			11-May-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103303389 1					245,450.00			11-May-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103303525 2			175,000.00		175,000.00			23-May-2005		4.875%		FL - 70.00%		Paid Off - 360		01-Dec-2004
1103303525 2					175,000.00			23-May-2005		4.875%		FL - 70.00%		Paid Off - 360		01-Dec-2004
1103306307 2			319,500.00		319,500.00			26-May-2005		7.625%		NJ - 90.00%		Paid Off - 360		01-Jan-2005
1103306307 2					319,500.00			26-May-2005		7.625%		NJ - 90.00%		Paid Off - 360		01-Jan-2005
1103312575 2			206,500.00		205,849.60			02-May-2005		5.750%		CO - 70.00%		Paid Off - 360		01-Dec-2004
1103312575 2					205,849.60			02-May-2005		5.750%		CO - 70.00%		Paid Off - 360		01-Dec-2004
1103314967 2			308,000.00		308,000.00			06-May-2005		3.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103314967 2					308,000.00			06-May-2005		3.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103315074 2			125,800.00		125,800.00			06-May-2005		8.375%		FL - 89.97%		Paid Off - 360		01-Jan-2005
1103315074 2					125,800.00			06-May-2005		8.375%		FL - 89.97%		Paid Off - 360		01-Jan-2005
1103317038 2			84,000.00		84,000.00			20-May-2005		4.750%		OR - 70.00%		Paid Off - 360		01-Dec-2004
1103317038 2					84,000.00			20-May-2005		4.750%		OR - 70.00%		Paid Off - 360		01-Dec-2004
1103319065 2			633,500.00		633,500.00			04-May-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103319065 2					633,500.00			04-May-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103320144 2			268,400.00		268,384.13			25-May-2005		5.625%		FL - 69.99%		Paid Off - 360		01-Feb-2005
1103320144 2					268,384.13			25-May-2005		5.625%		FL - 69.99%		Paid Off - 360		01-Feb-2005
1103321953 2			157,500.00		156,955.65			23-May-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103321953 2					156,955.65			23-May-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103323572 2			295,000.00		295,000.00			12-May-2005		4.875%		VA - 93.36%		Paid Off - 360		01-Dec-2004
1103323572 2					295,000.00			12-May-2005		4.875%		VA - 93.36%		Paid Off - 360		01-Dec-2004
1103325028 1			380,000.00		379,939.04			26-May-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103325028 1					379,939.04			26-May-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103325446 2			348,600.00		348,600.00			04-May-2005		4.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103325446 2					348,600.00			04-May-2005		4.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103325782 2			109,700.00		109,700.00			10-May-2005		8.375%		FL - 90.00%		Paid Off - 360		01-Feb-2005
1103325782 2					109,700.00			10-May-2005		8.375%		FL - 90.00%		Paid Off - 360		01-Feb-2005
1103326476 1			176,000.00		175,572.92			20-May-2005		5.625%		NV - 67.70%		Paid Off - 360		01-Feb-2005
1103326476 1					175,572.92			20-May-2005		5.625%		NV - 67.70%		Paid Off - 360		01-Feb-2005
1103327649 2			272,000.00		272,000.00			11-May-2005		6.875%		CA - 76.62%		Paid Off - 360		01-Feb-2005
1103327649 2					272,000.00			11-May-2005		6.875%		CA - 76.62%		Paid Off - 360		01-Feb-2005
1103329222 1			483,000.00		483,000.00			12-May-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103329222 1					483,000.00			12-May-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103329977 1			650,000.00		650,000.00			03-May-2005		6.875%		NV - 77.72%		Paid Off - 360		01-Jan-2005
1103329977 1					650,000.00			03-May-2005		6.875%		NV - 77.72%		Paid Off - 360		01-Jan-2005
1103330237 2			234,500.00		234,500.00			24-May-2005		3.625%		NY - 70.00%		Paid Off - 360		01-Jan-2005
1103330237 2					234,500.00			24-May-2005		3.625%		NY - 70.00%		Paid Off - 360		01-Jan-2005
1103330238 2			240,800.00		240,800.00			12-May-2005		5.125%		AZ - 70.00%		Paid Off - 360		01-Dec-2004
1103330238 2					240,800.00			12-May-2005		5.125%		AZ - 70.00%		Paid Off - 360		01-Dec-2004
1103331615 2			455,000.00		455,000.00			20-May-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103331615 2					455,000.00			20-May-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103331698 2			247,500.00		246,924.17			26-May-2005		8.750%		NJ - 90.00%		Paid Off - 360		01-Feb-2005
1103331698 2					246,924.17					8.750%		NJ - 90.00%		Paid Off - 360



Page 22 of 31
Impac CMB Trust 2005-1

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

June 27, 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

1103331794 1			465,500.00		465,500.00			26-May-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Feb-2005
			465,500.00

1103332857 1			602,500.00		602,500.00			12-May-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103332857 1					602,500.00			12-May-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103334568 2			309,750.00		308,556.94			31-May-2005		7.375%		MA - 75.00%		Paid Off - 360		01-Jan-2005
1103334568 2					308,556.94			31-May-2005		7.375%		MA - 75.00%		Paid Off - 360		01-Jan-2005
1103337287 2			346,500.00		346,500.00			03-May-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103337287 2					346,500.00			03-May-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103339242 2			415,000.00		415,000.00			31-May-2005		6.375%		CA - 62.88%		Paid Off - 360		01-Nov-2004
1103339242 2					415,000.00			31-May-2005		6.375%		CA - 62.88%		Paid Off - 360		01-Nov-2004
1103339607 2			295,000.00		295,000.00			31-May-2005		5.500%		CA - 51.76%		Paid Off - 360		01-Mar-2005
1103339607 2					295,000.00			31-May-2005		5.500%		CA - 51.76%		Paid Off - 360		01-Mar-2005
1103339686 1			532,000.00		532,000.00			31-May-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103339686 1					532,000.00			31-May-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103339693 2			244,000.00		244,000.00			27-May-2005		4.750%		CA - 69.99%		Paid Off - 360		01-Jan-2005
1103339693 2					244,000.00			27-May-2005		4.750%		CA - 69.99%		Paid Off - 360		01-Jan-2005
1103340392 2			328,000.00		327,275.26			31-May-2005		9.000%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
1103340392 2					327,275.26			31-May-2005		9.000%		AZ - 80.00%		Paid Off - 360		01-Feb-2005
1103340806 2			169,400.00		169,400.00			19-May-2005		4.875%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103340806 2					169,400.00			19-May-2005		4.875%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103341111 2			222,205.00		222,205.00			09-May-2005		6.250%		FL - 95.00%		Paid Off - 360		01-Nov-2004
1103341111 2					222,205.00			09-May-2005		6.250%		FL - 95.00%		Paid Off - 360		01-Nov-2004
1103341163 2			198,400.00		198,400.00			10-May-2005		6.000%		FL - 94.99%		Paid Off - 360		01-Jan-2005
1103341163 2					198,400.00			10-May-2005		6.000%		FL - 94.99%		Paid Off - 360		01-Jan-2005
1103341274 2			320,000.00		320,000.00			12-May-2005		5.625%		CA - 56.64%		Paid Off - 360		01-Feb-2005
1103341274 2					320,000.00			12-May-2005		5.625%		CA - 56.64%		Paid Off - 360		01-Feb-2005
1103341770 2			248,430.00		248,430.00			03-May-2005		5.375%		WA - 70.00%		Paid Off - 360		01-Feb-2005
1103341770 2					248,430.00			03-May-2005		5.375%		WA - 70.00%		Paid Off - 360		01-Feb-2005
1103342493 2			234,000.00		234,000.00			25-May-2005		7.750%		IL - 90.00%		Paid Off - 360		01-Jan-2005
1103342493 2					234,000.00			25-May-2005		7.750%		IL - 90.00%		Paid Off - 360		01-Jan-2005
1103342825 1			440,000.00		440,000.00			25-May-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342825 1					440,000.00			25-May-2005		6.990%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103343080 1			77,000.00		77,000.00			31-May-2005		6.250%		SC - 70.00%		Paid Off - 360		01-Jan-2005
1103343080 1					77,000.00			31-May-2005		6.250%		SC - 70.00%		Paid Off - 360		01-Jan-2005
1103343168 2			182,388.00		181,544.78			25-May-2005		8.750%		SC - 85.23%		Paid Off - 360		01-Jan-2005
1103343168 2					181,544.78			25-May-2005		8.750%		SC - 85.23%		Paid Off - 360		01-Jan-2005
1103344340 2			348,000.00		346,148.51			23-May-2005		5.700%		CA - 89.23%		Paid Off - 360		01-Jan-2005
1103344340 2					346,148.51			23-May-2005		5.700%		CA - 89.23%		Paid Off - 360		01-Jan-2005
1103344409 1			468,000.00		468,000.00			19-May-2005		6.875%		IL - 80.69%		Paid Off - 360		01-Jan-2005
1103344409 1					468,000.00			19-May-2005		6.875%		IL - 80.69%		Paid Off - 360		01-Jan-2005
1103344441 2			289,000.00		288,868.02			25-May-2005		6.190%		CA - 89.76%		Paid Off - 360		01-Jan-2005
1103344441 2					288,868.02			25-May-2005		6.190%		CA - 89.76%		Paid Off - 360		01-Jan-2005
1103345259 1			360,500.00		360,500.00			10-May-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103345259 1					360,500.00			10-May-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103346239 2			220,800.00		220,800.00			05-May-2005		5.250%		CA - 60.00%		Paid Off - 360		01-Jan-2005
1103346239 2					220,800.00			05-May-2005		5.250%		CA - 60.00%		Paid Off - 360		01-Jan-2005
1103346241 1			487,200.00		487,200.00			10-May-2005		5.990%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103346241 1					487,200.00			10-May-2005		5.990%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103347076 1			384,000.00		384,000.00			27-May-2005		5.990%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103347076 1					384,000.00			27-May-2005		5.990%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103348278 1			500,000.00		500,000.00			02-May-2005		7.125%		CA - 86.21%		Paid Off - 360		01-Mar-2005
1103348278 1					500,000.00			02-May-2005		7.125%		CA - 86.21%		Paid Off - 360		01-Mar-2005
1103348654 2			75,000.00		74,763.96			24-May-2005		5.750%		AZ - 41.90%		Paid Off - 360		01-Mar-2005
1103348654 2					74,763.96			24-May-2005		5.750%		AZ - 41.90%		Paid Off - 360		01-Mar-2005
1103349984 1			146,900.00		146,900.00			31-May-2005		5.750%		FL - 69.99%		Paid Off - 360		01-Mar-2005
1103349984 1					146,900.00			31-May-2005		5.750%		FL - 69.99%		Paid Off - 360		01-Mar-2005
1103350500 2			392,000.00		392,000.00			27-May-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103350500 2					392,000.00			27-May-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103350543 2			292,000.00		291,693.68			24-May-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103350543 2					291,693.68			24-May-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103350654 2			103,500.00		103,500.00			06-May-2005		5.750%		AZ - 69.98%		Paid Off - 360		01-Nov-2004
1103350654 2					103,500.00			06-May-2005		5.750%		AZ - 69.98%		Paid Off - 360		01-Nov-2004
1103350790 1			620,000.00		617,983.40			19-May-2005		6.500%		NV - 80.00%		Paid Off - 360		01-Nov-2004
1103350790 1					617,983.40			19-May-2005		6.500%		NV - 80.00%		Paid Off - 360		01-Nov-2004
1103351248 1			283,500.00		283,500.00			06-May-2005		6.000%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103351248 1					283,500.00			06-May-2005		6.000%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103352676 1			328,000.00		328,000.00			09-May-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103352676 1					328,000.00			09-May-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103353916 1			628,000.00		626,557.60			24-May-2005		7.375%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103353916 1					626,557.60			24-May-2005		7.375%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103354738 2			204,250.00		204,250.00			17-May-2005		9.125%		SC - 95.00%		Paid Off - 360		01-Mar-2005
1103354738 2					204,250.00			17-May-2005		9.125%		SC - 95.00%		Paid Off - 360		01-Mar-2005
1103355027 2			315,000.00		315,000.01			16-May-2005		5.750%		CA - 48.46%		Paid Off - 360		01-Feb-2005
1103355027 2					315,000.01			16-May-2005		5.750%		CA - 48.46%		Paid Off - 360		01-Feb-2005
1103356219 1			424,000.00		424,000.00			17-May-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103356219 1					424,000.00					6.000%		CA - 80.00%		Paid Off - 360



Page 23 of 31
Impac CMB Trust 2005-1

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

June 27, 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

1103356383 2			213,500.00		213,500.00			31-May-2005		4.875%		VA - 70.00%		Paid Off - 360		01-Jan-2005
			213,500.00

1103356794 2			315,700.00		315,700.00			27-May-2005		5.000%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103356794 2					315,700.00			27-May-2005		5.000%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103357316 2			140,000.00		140,000.00			05-May-2005		6.500%		NY - 80.00%		Paid Off - 360		01-Feb-2005
1103357316 2					140,000.00			05-May-2005		6.500%		NY - 80.00%		Paid Off - 360		01-Feb-2005
1103358818 2			106,400.00		106,400.00			10-May-2005		5.500%		AZ - 70.00%		Paid Off - 360		01-Mar-2005
1103358818 2					106,400.00			10-May-2005		5.500%		AZ - 70.00%		Paid Off - 360		01-Mar-2005
2503086829 2			111,250.00		110,478.21			24-May-2005		4.250%		FL - 79.98%		Paid Off - 360		01-Jan-2005
2503086829 2					110,478.21			24-May-2005		4.250%		FL - 79.98%		Paid Off - 360		01-Jan-2005
2503087040 1			164,300.00		164,300.00			16-May-2005		9.875%		FL - 94.98%		Paid Off - 360		01-Mar-2005
2503087040 1					164,300.00			16-May-2005		9.875%		FL - 94.98%		Paid Off - 360		01-Mar-2005
2503089598 2			295,000.00		294,739.19			31-May-2005		4.625%		CA - 64.14%		Paid Off - 360		01-Feb-2005
2503089598 2					294,739.19			31-May-2005		4.625%		CA - 64.14%		Paid Off - 360		01-Feb-2005
2503090261 1			151,200.00		151,200.00			12-May-2005		7.750%		FL - 90.00%		Paid Off - 360		01-Feb-2005
2503090261 1					151,200.00			12-May-2005		7.750%		FL - 90.00%		Paid Off - 360		01-Feb-2005
2503092243 1			378,000.00		378,000.00			05-May-2005		6.375%		FL - 90.00%		Paid Off - 360		01-Mar-2005
2503092243 1					378,000.00			05-May-2005		6.375%		FL - 90.00%		Paid Off - 360		01-Mar-2005
2503093038 2			260,000.00		260,000.00			23-May-2005		7.250%		MS - 80.00%		Paid Off - 360		01-Mar-2005
2503093038 2					260,000.00			23-May-2005		7.250%		MS - 80.00%		Paid Off - 360		01-Mar-2005
2503093081 1			175,000.00		174,073.01			27-May-2005		4.500%		FL - 70.00%		Paid Off - 360		01-Feb-2005
2503093081 1					174,073.01			27-May-2005		4.500%		FL - 70.00%		Paid Off - 360		01-Feb-2005
2503093177 1			536,000.00		536,000.00			05-May-2005		8.625%		FL - 80.00%		Paid Off - 360		01-Mar-2005
2503093177 1					536,000.00			05-May-2005		8.625%		FL - 80.00%		Paid Off - 360		01-Mar-2005
2503093281 2			238,500.00		237,718.31			20-May-2005		6.625%		NJ - 90.00%		Paid Off - 360		01-Mar-2005
2503093281 2					237,718.31			20-May-2005		6.625%		NJ - 90.00%		Paid Off - 360		01-Mar-2005
2503095154 2			301,200.00		300,583.76			27-May-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Mar-2005
2503095154 2					300,583.76			27-May-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Mar-2005
3900009924 2			76,500.00		71,546.16			16-May-2005		10.375%		TX - 90.00%		Paid Off - 360		01-Aug-1999
3900009924 2					71,546.16			16-May-2005		10.375%		TX - 90.00%		Paid Off - 360		01-Aug-1999
3900009968 2			159,200.00		120,784.01			26-May-2005		8.750%		NY - 80.00%		Paid Off - 180		01-Sep-1999
3900009968 2					120,784.01			26-May-2005		8.750%		NY - 80.00%		Paid Off - 180		01-Sep-1999
3900010009 2			60,000.00		43,771.73			25-May-2005		9.750%		NY - 60.00%		Paid Off - 180		01-Feb-2000
3900010009 2					43,771.73			25-May-2005		9.750%		NY - 60.00%		Paid Off - 180		01-Feb-2000
3900010010 1			60,000.00		57,434.27			02-May-2005		9.250%		FL - 80.00%		Paid Off - 360		01-Feb-2000
3900010010 1					57,434.27			02-May-2005		9.250%		FL - 80.00%		Paid Off - 360		01-Feb-2000
3900010030 1			60,300.00		57,539.37			25-May-2005		9.625%		FL - 90.00%		Paid Off - 360		01-Nov-1999
3900010030 1					57,539.37			25-May-2005		9.625%		FL - 90.00%		Paid Off - 360		01-Nov-1999
3900010046 1			75,600.00		73,036.62			10-May-2005		10.500%		TX - 93.34%		Paid Off - 360		01-Feb-2000
3900010046 1					73,036.62			10-May-2005		10.500%		TX - 93.34%		Paid Off - 360		01-Feb-2000
3900010052 2			205,000.00		195,818.61			23-May-2005		8.875%		NY - 42.71%		Paid Off - 360		01-Mar-2000
3900010052 2					195,818.61			23-May-2005		8.875%		NY - 42.71%		Paid Off - 360		01-Mar-2000
3900010073 2			40,650.00		35,829.82			25-May-2005		10.125%		GA - 89.94%		Paid Off - 360		01-Jan-2000
3900010073 2					35,829.82			25-May-2005		10.125%		GA - 89.94%		Paid Off - 360		01-Jan-2000
3900010096 1			62,100.00		59,565.95			10-May-2005		10.625%		TX - 89.36%		Paid Off - 360		01-Nov-1999
3900010096 1					59,565.95			10-May-2005		10.625%		TX - 89.36%		Paid Off - 360		01-Nov-1999
3900010116 1			136,800.00		129,970.97			02-May-2005		9.500%		FL - 90.00%		Paid Off - 360		01-Dec-1999
3900010116 1					129,970.97			02-May-2005		9.500%		FL - 90.00%		Paid Off - 360		01-Dec-1999
3900010181 1			46,710.00		45,030.78			16-May-2005		10.625%		TX - 90.00%		Paid Off - 360		01-Jan-2000
3900010181 1					45,030.78			16-May-2005		10.625%		TX - 90.00%		Paid Off - 360		01-Jan-2000
3900010185 1			149,400.00		143,711.30			20-May-2005		9.875%		FL - 90.00%		Paid Off - 360		01-Feb-2000
3900010185 1					143,711.30			20-May-2005		9.875%		FL - 90.00%		Paid Off - 360		01-Feb-2000
3900010205 2			83,100.00		79,726.37			12-May-2005		9.750%		TX - 94.98%		Paid Off - 360		01-Feb-2000
3900010205 2					79,726.37			12-May-2005		9.750%		TX - 94.98%		Paid Off - 360		01-Feb-2000
3900010291 1			117,600.00		112,171.95			02-May-2005		8.875%		FL - 80.00%		Paid Off - 360		01-Feb-2000
3900010291 1					112,171.95			02-May-2005		8.875%		FL - 80.00%		Paid Off - 360		01-Feb-2000
3900010293 2			113,050.00		108,436.09			27-May-2005		9.500%		AZ - 95.00%		Paid Off - 360		01-Mar-2000
3900010293 2					108,436.09			27-May-2005		9.500%		AZ - 95.00%		Paid Off - 360		01-Mar-2000
1103342529 2			252,000.00		251,974.90				6.990%		CA - 80.00%		Repur/Subs - 360		01-Jan-2005
1103342529 2					251,974.90				6.990%		CA - 80.00%		Repur/Subs - 360		01-Jan-2005


TOTAL			28,458,433.00		28,326,161.05
TOTAL


Page 24 of 31
Impac CMB Trust 2005-1

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

June 27, 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

June 27, 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

June 27, 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

June 27, 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

June 27, 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														3.090000%
Next LIBOR Rate														3.314380%




Page 29 of 31
Impac CMB Trust 2005-1

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

June 27, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

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

			1-A-1							6.90%			$0.00		$0.00
										6.90%			$0.00		$0.00
			1-A-2							6.99%			$0.00		$770.47
										6.99%			$0.00		$770.47
			2-A-1							6.97%			$0.00		$796.23
										6.97%			$0.00		$796.23
			2-A-2							7.24%			$0.00		#######
										7.24%			$0.00		#######
			M-5-1							3.86%			$0.00		#######
										3.86%			$0.00		#######
			M-6-1							3.91%			$0.00		#######
										3.91%			$0.00		#######
			M-1-2							4.39%			$0.00		$0.00
										4.39%			$0.00		$0.00
			M-2-2							3.55%			$0.00		$770.47
										3.55%			$0.00		$770.47
			M-3-2							3.59%			$0.00		$796.23
										3.59%			$0.00		$796.23
			M-4-2							3.62%			$0.00		#######
										3.62%			$0.00		#######
			M-5-2							3.84%			$0.00		#######
										3.84%			$0.00		#######
			M-6-2							3.86%			$0.00		#######
										3.86%			$0.00		#######
			B-1							3.91%			$0.00		#######
										3.91%			$0.00		#######
			B-2							4.39%			$0.00		#######
										4.39%			$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

June 27, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
BEAR STERNS REFERENCE NUMBER FXIMP05A1														(75,814.32)
BEAR STERNS REFERENCE NUMBER FXIMP05B1														(24,023.41)
BEAR STERNS REFERENCE NUMBER FXIMP05C1														(109,902.29)
BEAR STERNS REFERENCE NUMBER FXIMP05D1														(6,857.52)
BEAR STERNS REFERENCE NUMBER FXIMP05E1														(6,335.64)
BEAR STERNS REFERENCE NUMBER FXNCC6713														0.00







Page 31 of 31

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