
                                      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):  July 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
     July 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:  Jul 27, 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 July 25, 2005.



Impac CMB Trust 2005-1

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

July 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:			July 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			June 30, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							July 22, 2005
							July 22, 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

July 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		459,235,281.61		1,276,707.76		10,623,060.74		11,899,768.50		0.00		0.00		448,612,220.87
1-A-1	STEP. FLT,	$	491,420,000.00		459,235,281.61		1,276,707.76		10,623,060.74		11,899,768.50		0.00		0.00		448,612,220.87
1-A-2	STEP. FLT,	$	54,602,000.00		51,025,934.72		143,840.18		1,180,335.28		1,324,175.46		0.00		0.00		49,845,599.44
2-A-1	STEP. FLT,	$	390,682,000.00		364,654,075.88		1,012,346.97		11,927,379.51		12,939,726.48		0.00		0.00		352,726,696.37
2-A-2	STEP. FLT,	$	97,671,000.00		91,163,985.66		256,987.83		2,981,860.14		3,238,847.97		0.00		0.00		88,182,125.52
CERT	R	$	0.00		0.00		620,653.80		0.00		620,653.80		0.00		0.00		0.00





Total			1,034,375,000.00		966,079,277.87		3,310,536.54		26,712,635.67		30,023,172.21		0.00		0.00		939,366,642.20
Total




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

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
1-A-1	06/27/05		07/24/05		A-Act/360		45254NML8		491,420,000.00		934.506698		2.597997		21.617070		24.215068	912.889628
1-A-2	06/27/05		07/24/05		A-Act/360		45254NMM6		54,602,000.00		934.506698		2.634339		21.617070		24.251409	912.889627
2-A-1	06/27/05		07/24/05		A-Act/360		45254NMN4		390,682,000.00		933.378236		2.591230		30.529637		33.120867	902.848599
2-A-2	06/27/05		07/24/05		A-Act/360		45254NMP9		97,671,000.00		933.378236		2.631158		30.529637		33.160795	902.848599
CERT	06/25/05		07/24/05		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

July 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		7,508,539.91		42,731,263.86		76,515.27		42,807,779.13		50,316,319.04		0.00		0.00		448,612,220.87
1-A-2	54,602,000.00		847,425.41		4,747,898.90		8,501.66		4,756,400.56		5,603,825.97		0.00		0.00		49,845,599.44
2-A-1	390,682,000.00		5,977,282.15		37,627,070.59		328,233.04		37,955,303.63		43,932,585.78		0.00		0.00		352,726,696.37
2-A-2	97,671,000.00		1,520,270.22		9,406,815.80		82,058.68		9,488,874.48		11,009,144.70		0.00		0.00		88,182,125.52
CERT	0.00		2,995,371.10		0.00		0.00		0.00		2,995,371.10		0.00		0.00		0.00





Total	1,034,375,000.00		18,848,888.79		94,513,049.15		495,308.65		95,008,357.80		113,857,246.59		0.00		0.00		939,366,642.20


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	3.57438%		459,235,281.61		1,276,707.76		0.00		0.00		0.00		1,276,707.76		1,276,707.76		0.00
1-A-2	3.62438%		51,025,934.72		143,840.18		0.00		0.00		0.00		143,840.18		143,840.18		0.00
2-A-1	3.56938%		364,654,075.88		1,012,346.97		0.00		0.00		0.00		1,012,346.97		1,012,346.97		0.00
2-A-2	3.62438%		91,163,985.66		256,987.83		0.00		0.00		0.00		256,987.83		256,987.83		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		620,653.80		0.00





Total			966,079,277.87		2,689,882.74		0.00		0.00		0.00		2,689,882.74		3,310,536.54		0.00



Page 3 of 31
Impac CMB Trust 2005-1

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

July 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		72,966,712.47		214,203.19		2,017,573.63		2,231,776.82		0.00		0.00		70,949,138.84
M-1	MEZ, STEP,	$	78,125,000.00		72,966,712.47		214,203.19		2,017,573.63		2,231,776.82		0.00		0.00		70,949,138.84
M-2	MEZ, STEP,	$	55,625,000.00		51,952,299.40		154,128.97		1,436,511.36		1,590,640.33		0.00		0.00		50,515,788.04
M-3	MEZ, STEP,	$	28,750,000.00		26,851,749.82		80,288.70		742,469.95		822,758.65		0.00		0.00		26,109,279.87
M-4	MEZ, STEP,	$	15,625,000.00		14,593,342.49		46,132.24		403,514.73		449,646.97		0.00		0.00		14,189,827.76
M-5	MEZ, STEP,	$	15,625,000.00		14,593,342.49		46,359.25		403,514.73		449,873.98		0.00		0.00		14,189,827.76
M-6	MEZ, STEP,	$	12,500,000.00		11,674,673.50		37,541.42		322,815.34		360,356.76		0.00		0.00		11,351,858.16
B	SUB, STEP,	$	9,375,000.00		8,756,006.90		31,424.98		242,098.14		273,523.12		0.00		0.00		8,513,908.76
A-IO	IO,NTL	$	0.00		0.00		1,092,156.65		0.00		1,092,156.65		0.00		0.00		0.00




Total			215,625,000.00		201,388,127.07		1,702,235.40		5,568,497.88		7,270,733.28		0.00		0.00		195,819,629.19
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	06/27/05		07/24/05		A-Act/360		45254NMR5		78,125,000.00		933.973920		2.741801		25.824942		28.566743	908.148977
M-2	06/27/05		07/24/05		A-Act/360		45254NMS3		55,625,000.00		933.973922		2.770858		25.824923		28.595781	908.148998
M-3	06/27/05		07/24/05		A-Act/360		45254NMT1		28,750,000.00		933.973907		2.792650		25.825042		28.617692	908.148865
M-4	06/27/05		07/24/05		A-Act/360		45254NMU8		15,625,000.00		933.973919		2.952463		25.824943		28.777406	908.148977
M-5	06/27/05		07/24/05		A-Act/360		45254NMV6		15,625,000.00		933.973919		2.966992		25.824943		28.791935	908.148977
M-6	06/27/05		07/24/05		A-Act/360		45254NMW4		12,500,000.00		933.973880		3.003314		25.825227		28.828541	908.148653
B	06/27/05		07/24/05		A-Act/360		45254NMX2		9,375,000.00		933.974069		3.351998		25.823802		29.175799	908.150268
A-IO	06/01/05		06/30/05		A-30/360		45254NMQ7		1,250,000,000.00		698.980260		0.873725		0.000000		0.873725	0.000000






Page 4 of 31
Impac CMB Trust 2005-1

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

July 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		1,270,676.60		0.00		0.00		7,175,861.16		8,446,537.76		0.00		0.00		70,949,138.84
M-2	55,625,000.00		915,450.53		0.00		0.00		5,109,211.96		6,024,662.49		0.00		0.00		50,515,788.04
M-3	28,750,000.00		477,313.14		0.00		0.00		2,640,720.13		3,118,033.27		0.00		0.00		26,109,279.87
M-4	15,625,000.00		275,984.68		0.00		0.00		1,435,172.24		1,711,156.92		0.00		0.00		14,189,827.76
M-5	15,625,000.00		277,491.54		0.00		0.00		1,435,172.24		1,712,663.78		0.00		0.00		14,189,827.76
M-6	12,500,000.00		225,006.98		0.00		0.00		1,148,141.84		1,373,148.82		0.00		0.00		11,351,858.16
B	9,375,000.00		190,453.84		0.00		0.00		861,091.24		1,051,545.08		0.00		0.00		8,513,908.76
A-IO	0.00		6,401,843.34		0.00		0.00		0.00		6,401,843.34		0.00		0.00		0.00




Total	215,625,000.00		10,034,220.65				19,805,370.81		29,839,591.46		0.00		0.00		195,819,629.19


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	3.77438%		72,966,712.47		214,203.19		0.00		0.00		0.00		214,203.19		214,203.19		0.00
M-2	3.81438%		51,952,299.40		154,128.96		0.00		0.00		0.00		154,128.96		154,128.97		0.00
M-3	3.84438%		26,851,749.82		80,288.70		0.00		0.00		0.00		80,288.70		80,288.70		0.00
M-4	4.06438%		14,593,342.49		46,132.25		0.00		0.00		0.00		46,132.25		46,132.24		0.01
M-5	4.08438%		14,593,342.49		46,359.25		0.00		0.00		0.00		46,359.25		46,359.25		0.00
M-6	4.13438%		11,674,673.50		37,541.42		0.00		0.00		0.00		37,541.42		37,541.42		0.00
B	4.61438%		8,756,006.90		31,424.98		0.00		0.00		0.00		31,424.98		31,424.98		0.00
A-IO	1.50000%		873,725,325.00		1,092,156.66		0.00		0.00		0.00		1,092,156.66		1,092,156.65		0.01




Total			1,075,113,452.07		1,702,235.41		0.00		0.00		0.00		1,702,235.41		1,702,235.40		0.02



Page 5 of 31
Impac CMB Trust 2005-1

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

July 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		38,539,056.24		113,136.37		891,487.98		1,004,624.35		0.00		0.00		37,647,568.26
M-1-1		$	41,240,000.00		38,539,056.24		113,136.37		891,487.98		1,004,624.35		0.00		0.00		37,647,568.26
M-2-1		$	29,363,000.00		27,439,920.18		81,407.11		634,742.04		716,149.15		0.00		0.00		26,805,178.14
M-3-1		$	15,176,000.00		14,182,073.65		42,405.44		328,060.66		370,466.10		0.00		0.00		13,854,012.99
M-4-1		$	8,248,000.00		7,707,811.24		24,365.81		178,297.60		202,663.41		0.00		0.00		7,529,513.64
M-5-1		$	8,248,000.00		7,707,811.24		24,485.71		178,297.60		202,783.31		0.00		0.00		7,529,513.64
M-6-1		$	6,598,000.00		6,165,875.18		19,827.17		142,629.43		162,456.60		0.00		0.00		6,023,245.75
M-1-2		$	#######		34,427,656.23		101,066.82		1,126,085.65		1,227,152.47		0.00		0.00		33,301,570.58
M-2-2		$	26,262,000.00		24,512,379.22		72,721.86		801,769.32		874,491.18		0.00		0.00		23,710,609.90
M-3-2		$	13,574,000.00		12,669,676.17		37,883.26		414,409.29		452,292.55		0.00		0.00		12,255,266.88
M-4-2		$	7,377,000.00		6,885,531.25		21,766.43		225,217.13		246,983.56		0.00		0.00		6,660,314.12
M-5-2		$	7,377,000.00		6,885,531.25		21,873.54		225,217.13		247,090.67		0.00		0.00		6,660,314.12
M-6-2		$	5,902,000.00		5,508,798.32		17,714.25		180,185.91		197,900.16		0.00		0.00		5,328,612.41
B-1		$	4,950,000.00		4,625,808.19		16,601.85		107,004.50		123,606.35		0.00		0.00		4,518,803.69
B-2		$	4,425,000.00		4,130,198.71		14,823.13		135,093.64		149,916.77		0.00		0.00		3,995,105.07
A-IO-1		$	0.00		0.00		573,925.82		0.00		573,925.82		0.00		0.00		0.00
A-IO-2		$	0.00		0.00		518,230.83		0.00		518,230.83		0.00		0.00		0.00


Total			215,625,000.00		201,388,127.07		1,702,235.40		5,568,497.88		7,270,733.28		0.00		0.00		195,819,629.19
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	06/27/05		07/24/05		A-Act/360				41,240,000.00		934.506698		2.743365		21.617070		24.360435	912.889628
M-2-1	06/27/05		07/24/05		A-Act/360				29,363,000.00		934.506698		2.772438		21.617070		24.389509	912.889628
M-3-1	06/27/05		07/24/05		A-Act/360				15,176,000.00		934.506698		2.794244		21.617070		24.411314	912.889628
M-4-1	06/27/05		07/24/05		A-Act/360				8,248,000.00		934.506697		2.954148		21.617071		24.571218	912.889627
M-5-1	06/27/05		07/24/05		A-Act/360				8,248,000.00		934.506697		2.968685		21.617071		24.585755	912.889627
M-6-1	06/27/05		07/24/05		A-Act/360				6,598,000.00		934.506696		3.005027		21.617070		24.622098	912.889626
M-1-2	06/27/05		07/24/05		A-Act/360				36,885,000.00		933.378236		2.740052		30.529637		33.269689	902.848599
M-2-2	06/27/05		07/24/05		A-Act/360				26,262,000.00		933.378235		2.769091		30.529637		33.298727	902.848599
M-3-2	06/27/05		07/24/05		A-Act/360				13,574,000.00		933.378236		2.790869		30.529637		33.320506	902.848599
M-4-2	06/27/05		07/24/05		A-Act/360				7,377,000.00		933.378236		2.950580		30.529637		33.480217	902.848600
M-5-2	06/27/05		07/24/05		A-Act/360				7,377,000.00		933.378236		2.965100		30.529637		33.494736	902.848600
M-6-2	06/27/05		07/24/05		A-Act/360				5,902,000.00		933.378231		3.001398		30.529636		33.531034	902.848595
B-1	06/27/05		07/24/05		A-Act/360				4,950,000.00		934.506705		3.353909		21.617071		24.970980	912.889634
B-2	06/27/05		07/24/05		A-Act/360				4,425,000.00		933.378240		3.349860		30.529636		33.879496	902.848603
A-IO-1	06/01/05		06/30/05		A-30/360				659,845,000.00		695.831080		0.869789		0.000000		0.869789	0.000000
A-IO-2	06/01/05		06/30/05		A-30/360				590,155,000.00		702.501319		0.878127		0.000000		0.878127	0.000000




Page 6 of 31
Impac CMB Trust 2005-1

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

July 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		669,834.80		3,514,163.33		78,268.41		3,592,431.74		4,262,266.54		0.00		0.00		37,647,568.26
M-2-1	29,363,000.00		482,580.14		2,502,094.52		55,727.34		2,557,821.86		3,040,402.00		0.00		0.00		26,805,178.14
M-3-1	15,176,000.00		251,609.53		1,293,184.84		28,802.17		1,321,987.01		1,573,596.54		0.00		0.00		13,854,012.99
M-4-1	8,248,000.00		145,485.07		702,832.68		15,653.68		718,486.36		863,971.43		0.00		0.00		7,529,513.64
M-5-1	8,248,000.00		146,279.41		702,832.68		15,653.68		718,486.36		864,765.77		0.00		0.00		7,529,513.64
M-6-1	6,598,000.00		118,605.06		562,232.06		12,522.19		574,754.25		693,359.31		0.00		0.00		6,023,245.75
M-1-2	36,885,000.00		600,841.80		3,505,159.75		78,269.67		3,583,429.42		4,184,271.22		0.00		0.00		33,301,570.58
M-2-2	26,262,000.00		432,870.39		2,495,662.35		55,727.75		2,551,390.10		2,984,260.49		0.00		0.00		23,710,609.90
M-3-2	13,574,000.00		225,703.61		1,289,929.20		28,803.92		1,318,733.12		1,544,436.73		0.00		0.00		12,255,266.88
M-4-2	7,377,000.00		130,499.61		701,031.95		15,653.93		716,685.88		847,185.49		0.00		0.00		6,660,314.12
M-5-2	7,377,000.00		131,212.13		701,031.95		15,653.93		716,685.88		847,898.01		0.00		0.00		6,660,314.12
M-6-2	5,902,000.00		106,401.92		560,863.59		12,524.00		573,387.59		679,789.51		0.00		0.00		5,328,612.41
B-1	4,950,000.00		100,422.21		421,801.82		9,394.49		431,196.31		531,618.52		0.00		0.00		4,518,803.69
B-2	4,425,000.00		90,031.63		420,505.12		9,389.81		429,894.93		519,926.56		0.00		0.00		3,995,105.07
A-IO-1	0.00		3,363,901.11		0.00		0.00		0.00		3,363,901.11		0.00		0.00		0.00
A-IO-2	0.00		3,037,942.23		0.00		0.00		0.00		3,037,942.23		0.00		0.00		0.00


Total	215,625,000.00		10,034,220.65		19,373,325.84		432,044.97		19,805,370.81		29,839,591.46		0.00		0.00		195,819,629.19


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	3.77438%		38,539,056.24		113,136.37		0.00		0.00		0.00		113,136.37		113,136.37		0.00
M-2-1	3.81438%		27,439,920.18		81,407.11		0.00		0.00		0.00		81,407.11		81,407.11		0.00
M-3-1	3.84438%		14,182,073.65		42,405.44		0.00		0.00		0.00		42,405.44		42,405.44		0.00
M-4-1	4.06438%		7,707,811.24		24,365.81		0.00		0.00		0.00		24,365.81		24,365.81		0.00
M-5-1	4.08438%		7,707,811.24		24,485.71		0.00		0.00		0.00		24,485.71		24,485.71		0.00
M-6-1	4.13438%		6,165,875.18		19,827.17		0.00		0.00		0.00		19,827.17		19,827.17		0.00
M-1-2	3.77438%		34,427,656.23		101,066.82		0.00		0.00		0.00		101,066.82		101,066.82		0.00
M-2-2	3.81438%		24,512,379.22		72,721.86		0.00		0.00		0.00		72,721.86		72,721.86		0.00
M-3-2	3.84438%		12,669,676.17		37,883.26		0.00		0.00		0.00		37,883.26		37,883.26		0.00
M-4-2	4.06438%		6,885,531.25		21,766.43		0.00		0.00		0.00		21,766.43		21,766.43		0.00
M-5-2	4.08438%		6,885,531.25		21,873.54		0.00		0.00		0.00		21,873.54		21,873.54		0.00
M-6-2	4.13438%		5,508,798.32		17,714.25		0.00		0.00		0.00		17,714.25		17,714.25		0.00
B-1	4.61438%		4,625,808.19		16,601.85		0.00		0.00		0.00		16,601.85		16,601.85		0.00
B-2	4.61438%		4,130,198.71		14,823.13		0.00		0.00		0.00		14,823.13		14,823.13		0.00
A-IO-1	1.50000%		459,140,659.00		573,925.82		0.00		0.00		0.00		573,925.82		573,925.82		0.00
A-IO-2	1.50000%		414,584,666.00		518,230.83		0.00		0.00		0.00		518,230.83		518,230.83		0.00



Total			1,075,113,452.07		1,702,235.40		0.00		0.00		0.00		1,702,235.40		1,702,235.40		0.00



Page 7 of 31
Impac CMB Trust 2005-1

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

July 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										18,017,217.72		14,263,915.83		32,281,133.55
Principal Withdrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										18,017,217.72		14,263,915.83		32,281,133.55
Interest Collections										2,613,586.63		2,877,908.48		5,491,495.11
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Fees										-186,867.69		-183,967.12		-372,002.28
Interest Other Accounts														(106,720.89)
TOTAL NET INTEREST										2,376,365.58		2,637,573.83		5,012,771.94
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														37,293,905.49



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											97,716.31		89,928.36		187,644.67
Curtailments											24,943.83		200,536.79		225,480.62
Prepayments In Full											17,894,557.58		13,973,450.68		31,868,008.26
Repurchased/Substitutions											0.00		0.00		0.00
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											-29,505.02		-23,514.53		-53,019.55
Realized Losses											-0.00		-0.00		-0.00
Advanced Principal											29,505.02		23,514.53		53,019.55
TOTAL PRINCIPAL COLLECTED											18,017,217.72		14,263,915.83		32,281,133.55


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

July 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										2,656,100.27		2,932,730.40		5,588,830.67
Repurchased/Substitution Interest										0.00		0.00		0.00
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										-38,440.21		-34,071.38		-72,511.59
Delinquent Interest										-645,600.45		-817,268.97		-1,462,869.42
Compensating Interest										38,440.20		34,071.38		72,511.58
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										603,086.80		762,447.04		1,365,533.84
TOTAL INTEREST COLLECTED										2,613,586.63		2,877,908.48		5,491,495.11


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										-50,353.36		-56,367.53		-106,720.89
TOTAL INTEREST OTHER ACCOUNTS														(106,720.89)



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										142,249.80		152,039.18		294,288.98
Owner Trustee Fees										780.35		873.56		1,653.91
Indenture Trustee Fees										550.84		616.63		1,167.47
Radian PMI										43,837.53		31,054.39		74,891.92
TOTAL INTEREST FEES										186,867.69		183,967.12		372,002.28




Page 9 of 31
Impac CMB Trust 2005-1

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

July 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

July 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										2,002		1,541		3,543
Prior										2,445		1,641		4,086
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-76		-36		-112
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										2,369		1,605		3,974
Principal Balance:


Original										452,016,043.34		579,986,805.90		1,032,002,849.24
Prior										550,837,832.69		616,629,572.25		1,167,467,404.94
Prefunding										0.00		0.00		0.00
Scheduled Principal										-97,716.31		-89,928.36		-187,644.67
Partial Prepayments										-24,943.83		-200,536.79		-225,480.62
Full Voluntary Prepayments										-17,894,557.58		-13,973,450.68		-31,868,008.26
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										532,820,614.97		602,365,656.42		1,135,186,271.39





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

July 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										5.72890%		5.73152%		5.73037%
Weighted Average Coupon Prior										5.77295%		5.70070%		5.73493%
Weighted Average Coupon Current										5.78631%		5.70728%		5.74457%
Weighted Average Months to Maturity Original										356		356		356
Weighted Average Months to Maturity Prior										353		353		353
Weighted Average Months to Maturity Current										352		352		352
Weighted Avg Remaining Amortization Term Original										356		356		356
Weighted Avg Remaining Amortization Term Prior										353		353		353
Weighted Avg Remaining Amortization Term Current										352		352		352
Weighted Average Seasoning Original										3.59		3.45		3.51
Weighted Average Seasoning Prior										6.85		6.81		6.83
Weighted Average Seasoning Current										7.86		7.77		7.81









Page 12 of 31
Impac CMB Trust 2005-1

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

July 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										3.83517%		3.68776%		3.75760%
Weighted Average Margin Current										3.83392%		3.68702%		3.75631%
Weighted Average Max Rate Original										11.59796%		11.57525%		11.58520%
Weighted Average Max Rate Prior										11.65441%		11.56958%		11.60977%
Weighted Average Max Rate Current										11.64992%		11.55888%		11.60183%
Weighted Average Min Rate Original										3.99236%		3.78147%		3.87390%
Weighted Average Min Rate Prior										3.98323%		3.75555%		3.86342%
Weighted Average Min Rate Current										3.98277%		3.75433%		3.86209%
Weighted Average Cap Up Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Up Prior										1.11906%		1.15231%		1.13656%
Weighted Average Cap Up Current										1.11956%		1.15451%		1.13802%
Weighted Average Cap Down Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Down Prior										1.11906%		1.15231%		1.13656%
Weighted Average Cap Down Current										1.11956%		1.15451%		1.13802%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										142,249.80		152,039.18		294,288.98
Delinquent Servicing Fees										42,513.64		54,821.93		97,335.57
TOTAL SERVICING FEES										184,763.43		206,861.09		391,624.52


Total Servicing Fees										184,763.43		206,861.09		391,624.52
Compensating Interest										-38,440.20		-34,071.38		-72,511.58
Delinquent Servicing Fees										-42,513.64		-54,821.93		-97,335.57
COLLECTED SERVICING FEES										142,249.80		152,039.18		221,777.37


Total Advanced Interest										603,086.80		762,447.04		1,365,533.84
Total Advanced Principal										29,505.02		23,514.53		53,019.55
Aggregate Advances with respect to this Distribution										632,591.82		785,961.57		1,418,553.40





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										38,440.21		34,071.38		72,511.59
Compensating Interest										-38,440.20		-34,071.38		-72,511.58
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00


Ending Pool Stated Principal Balance										532,820,614.97		602,365,656.42		1,135,186,271.39
Available Funds Rate										5.545405%		5.498234%




Page 13 of 31
Impac CMB Trust 2005-1

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

July 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				14,388,594.57		7,203,752.68		2,374,972.73		23,967,319.98
			% Balance				1.27%		0.63%		0.21%		2.11%
			# Loans				51		20		6		77
			% # Loans				1.28%		0.50%		0.15%		1.94%
	FORECLOSURE		Balance		0.00		0.00		0.00		1,067,983.62		1,067,983.62
			% Balance		0.00%		0.00%		0.00%		0.09%		0.09%
			# Loans		0		0		0		6		6
			% # Loans		0.00%		0.00%		0.00%		0.15%		0.15%
	BANKRUPTCY		Balance		876,268.07		76,718.34		0.00		287,372.60		1,240,359.01
			% Balance		0.08%		0.01%		0.00%		0.03%		0.11%
			# Loans		10		1		0		2		13
			% # Loans		0.25%		0.03%		0.00%		0.05%		0.33%
	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		876,268.07		14,465,312.91		7,203,752.68		3,730,328.95		26,275,662.61
			% Balance		0.08%		1.27%		0.63%		0.33%		2.31%
			# Loans		10		52		20		14		96
			% # Loans		0.25%		1.31%		0.50%		0.35%		2.42%









Page 14 of 31
Impac CMB Trust 2005-1

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

July 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				7,231,561.24		5,379,292.54		2,050,172.73		14,661,026.51
			% Balance				1.20%		0.89%		0.34%		2.43%
			# Loans				18		12		4		34
			% # Loans				1.12%		0.75%		0.25%		2.12%
	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		432,457.98		0.00		0.00		0.00		432,457.98
			% Balance		0.07%		0.00%		0.00%		0.00%		0.07%
			# Loans		4		0		0		0		4
			% # Loans		0.25%		0.00%		0.00%		0.00%		0.25%
	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		432,457.98		7,231,561.24		5,379,292.54		2,462,472.73		15,505,784.49
			% Balance		0.07%		1.20%		0.89%		0.41%		2.57%
			# Loans		4		18		12		5		39
			% # Loans		0.25%		1.12%		0.75%		0.31%		2.43%










Page 15 of 31
Impac CMB Trust 2005-1

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

July 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				7,157,033.33		1,824,460.14		324,800.00		9,306,293.47
			% Balance				1.34%		0.34%		0.06%		1.75%
			# Loans				33		8		2		43
			% # Loans				1.39%		0.34%		0.08%		1.82%
	FORECLOSURE		Balance		0.00		0.00		0.00		655,683.62		655,683.62
			% Balance		0.00%		0.00%		0.00%		0.12%		0.12%
			# Loans		0		0		0		5		5
			% # Loans		0.00%		0.00%		0.00%		0.21%		0.21%
	BANKRUPTCY		Balance		443,810.09		76,718.34		0.00		287,372.60		807,901.03
			% Balance		0.08%		0.01%		0.00%		0.05%		0.15%
			# Loans		6		1		0		2		9
			% # Loans		0.25%		0.04%		0.00%		0.08%		0.38%
	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		443,810.09		7,233,751.67		1,824,460.14		1,267,856.22		10,769,878.12
			% Balance		0.08%		1.36%		0.34%		0.24%		2.02%
			# Loans		6		34		8		9		57
			% # Loans		0.25%		1.44%		0.34%		0.38%		2.41%









Page 16 of 31
Impac CMB Trust 2005-1

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

July 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

July 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
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		128,280.03		01-Dec-2004		7.500%		CO - 86.40%		360		01-Aug-2004
1103343163 2			116,900.00		116,900.00		01-Feb-2005		6.000%		GA - 70.00%		360		01-Jan-2005
1103343696 2			152,400.00		151,443.97		01-Feb-2005		6.630%		GA - 80.00%		360		01-Jan-2005
3900009921 2			125,900.00		119,861.58		01-Jan-2005		9.625%		WA - 90.00%		360		01-Sep-1999
3900009980 2			148,000.00		139,198.04		01-Nov-2004		9.125%		NM - 80.00%		360		01-Nov-1999


TOTAL			1,085,100.00		1,067,983.62


Page 18 of 31
Impac CMB Trust 2005-1

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

July 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										76		36		112
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										76		36		112
Curtailments Amount										24,943.83		200,536.79		225,480.62
Paid in Full Balance										17,894,557.58		13,973,450.68		31,868,008.26
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										17,919,501.41		14,173,987.47		32,093,488.88

Cumulative


Number of Paid in Full Loans										257		171		428
Number of Repurchased Loans										4		1		5
Total Number of Loans Prepaid in Full										261		172		433
Paid in Full Balance										55,519,727.65		55,964,615.24		111,484,342.89
Repurchased Loans Balance										1,191,566.33		510,400.00		1,701,966.33
Curtailments Amount										-48,457.15		406,524.18		358,067.03
Total Prepayment Amount										56,662,836.83		56,881,539.42		113,544,376.25










Page 19 of 31
Impac CMB Trust 2005-1

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

July 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										3.25%		2.30%		2.75%
3 Months Avg SMM										2.57%		2.00%		2.27%
12 Months Avg SMM										1.68%		1.50%		1.58%
Avg SMM Since Cut-off										1.68%		1.50%		1.58%


CPR										32.76%		24.35%		28.43%
3 Months Avg CPR										26.80%		21.56%		24.08%
12 Months Avg CPR										18.36%		16.59%		17.44%
Avg CPR Since Cut-off										18.36%		16.59%		17.44%


PSA										2,084.01%		1,566.71%		1,819.54%
3 Months Avg PSA Approximation										1,950.51%		1,582.11%		1,759.89%
12 Months Avg PSA Approximation										1,666.36%		1,515.71%		1,588.63%
Avg PSA Since Cut-off Approximation										1,666.36%		1,515.71%		1,588.63%










Page 20 of 31
Impac CMB Trust 2005-1

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

July 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

July 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

1103138820 2			340,200.00		340,200.00			06-Jun-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Feb-2005
			340,200.00

1103245280 2			228,607.00		227,587.31			17-Jun-2005		6.625%		NV - 80.00%		Paid Off - 360		01-Feb-2005
1103245280 2					227,587.31			17-Jun-2005		6.625%		NV - 80.00%		Paid Off - 360		01-Feb-2005
1103254389 2			345,000.00		342,806.20			17-Jun-2005		7.875%		CA - 69.00%		Paid Off - 360		01-Oct-2004
1103254389 2					342,806.20			17-Jun-2005		7.875%		CA - 69.00%		Paid Off - 360		01-Oct-2004
1103263661 2			108,150.00		108,150.00			23-Jun-2005		6.375%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103263661 2					108,150.00			23-Jun-2005		6.375%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103281837 2			151,000.00		151,000.00			24-Jun-2005		4.450%		NV - 67.12%		Paid Off - 360		01-Jan-2005
1103281837 2					151,000.00			24-Jun-2005		4.450%		NV - 67.12%		Paid Off - 360		01-Jan-2005
1103281919 2			150,500.00		149,618.96			22-Jun-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103281919 2					149,618.96			22-Jun-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103290482 2			115,650.00		115,650.00			08-Jun-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Jan-2005
1103290482 2					115,650.00			08-Jun-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Jan-2005
1103293100 1			406,000.00		405,988.26			21-Jun-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103293100 1					405,988.26			21-Jun-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103296710 2			196,000.00		196,000.00			30-Jun-2005		6.000%		MD - 70.00%		Paid Off - 360		01-Jan-2005
1103296710 2					196,000.00			30-Jun-2005		6.000%		MD - 70.00%		Paid Off - 360		01-Jan-2005
1103302645 2			242,000.00		241,897.44			01-Jun-2005		6.140%		CA - 83.44%		Paid Off - 360		01-Nov-2004
1103302645 2					241,897.44			01-Jun-2005		6.140%		CA - 83.44%		Paid Off - 360		01-Nov-2004
1103308059 2			239,850.00		239,216.93			01-Jun-2005		10.125%		NJ - 90.00%		Paid Off - 360		01-Jan-2005
1103308059 2					239,216.93			01-Jun-2005		10.125%		NJ - 90.00%		Paid Off - 360		01-Jan-2005
1103310795 1			480,000.00		480,000.00			01-Jun-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103310795 1					480,000.00			01-Jun-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103311595 2			232,000.00		231,899.59			14-Jun-2005		6.000%		FL - 80.00%		Paid Off - 360		01-Dec-2004
1103311595 2					231,899.59			14-Jun-2005		6.000%		FL - 80.00%		Paid Off - 360		01-Dec-2004
1103313141 2			300,000.00		300,000.00			22-Jun-2005		4.375%		HI - 38.71%		Paid Off - 360		01-Jan-2005
1103313141 2					300,000.00			22-Jun-2005		4.375%		HI - 38.71%		Paid Off - 360		01-Jan-2005
1103314344 2			79,450.00		79,449.28			15-Jun-2005		4.750%		GA - 70.00%		Paid Off - 360		01-Jan-2005
1103314344 2					79,449.28			15-Jun-2005		4.750%		GA - 70.00%		Paid Off - 360		01-Jan-2005
1103315977 1			650,000.00		649,799.44			28-Jun-2005		5.000%		CA - 79.76%		Paid Off - 360		01-Dec-2004
1103315977 1					649,799.44			28-Jun-2005		5.000%		CA - 79.76%		Paid Off - 360		01-Dec-2004
1103317834 1			660,000.00		660,000.00			14-Jun-2005		4.750%		CA - 60.00%		Paid Off - 360		01-Nov-2004
1103317834 1					660,000.00			14-Jun-2005		4.750%		CA - 60.00%		Paid Off - 360		01-Nov-2004
1103319053 2			232,500.00		#######			08-Jun-2005		5.750%		WA - 79.94%		Paid Off - 360		01-Jan-2005
1103319053 2								08-Jun-2005		5.750%		WA - 79.94%		Paid Off - 360		01-Jan-2005
1103322066 1			432,000.00		432,000.00			30-Jun-2005		5.990%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103322066 1					432,000.00			30-Jun-2005		5.990%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103326708 2			225,000.00		224,999.81			28-Jun-2005		6.755%		NJ - 90.00%		Paid Off - 360		01-Nov-2004
1103326708 2					224,999.81			28-Jun-2005		6.755%		NJ - 90.00%		Paid Off - 360		01-Nov-2004
1103327026 2			345,385.00		345,383.50			20-Jun-2005		6.500%		CO - 80.00%		Paid Off - 360		01-Jan-2005
1103327026 2					345,383.50			20-Jun-2005		6.500%		CO - 80.00%		Paid Off - 360		01-Jan-2005
1103328401 2			604,100.00		604,100.00			27-Jun-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103328401 2					604,100.00			27-Jun-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103329226 2			224,200.00		224,200.00			02-Jun-2005		5.375%		WA - 69.99%		Paid Off - 360		01-Feb-2005
1103329226 2					224,200.00			02-Jun-2005		5.375%		WA - 69.99%		Paid Off - 360		01-Feb-2005
1103330244 2			297,500.00		297,500.00			30-Jun-2005		4.750%		AZ - 70.00%		Paid Off - 360		01-Dec-2004
1103330244 2					297,500.00			30-Jun-2005		4.750%		AZ - 70.00%		Paid Off - 360		01-Dec-2004
1103331181 2			300,300.00		300,300.00			22-Jun-2005		5.750%		CA - 65.29%		Paid Off - 360		01-Feb-2005
1103331181 2					300,300.00			22-Jun-2005		5.750%		CA - 65.29%		Paid Off - 360		01-Feb-2005
1103331640 2			222,600.00		222,600.00			17-Jun-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103331640 2					222,600.00			17-Jun-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103331773 2			455,000.00		452,544.95			01-Jun-2005		5.625%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103331773 2					452,544.95			01-Jun-2005		5.625%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103334457 2			211,900.00		210,208.02			02-Jun-2005		5.375%		WA - 69.99%		Paid Off - 360		01-Feb-2005
1103334457 2					210,208.02			02-Jun-2005		5.375%		WA - 69.99%		Paid Off - 360		01-Feb-2005
1103335054 2			336,000.00		336,000.00			15-Jun-2005		6.040%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103335054 2					336,000.00			15-Jun-2005		6.040%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103336659 1			263,250.00		261,957.58			09-Jun-2005		6.125%		VA - 65.00%		Paid Off - 360		01-Feb-2005
1103336659 1					261,957.58			09-Jun-2005		6.125%		VA - 65.00%		Paid Off - 360		01-Feb-2005
1103337853 2			295,000.00		293,494.03			28-Jun-2005		6.250%		NJ - 71.09%		Paid Off - 360		01-Feb-2005
1103337853 2					293,494.03			28-Jun-2005		6.250%		NJ - 71.09%		Paid Off - 360		01-Feb-2005
1103337883 1			360,000.00		360,000.00			24-Jun-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103337883 1					360,000.00			24-Jun-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103338135 1			101,391.00		100,869.03			22-Jun-2005		5.875%		AZ - 62.83%		Paid Off - 360		01-Feb-2005
1103338135 1					100,869.03			22-Jun-2005		5.875%		AZ - 62.83%		Paid Off - 360		01-Feb-2005
1103340325 2			264,000.00		264,000.00			21-Jun-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103340325 2					264,000.00			21-Jun-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103341550 2			304,500.00		304,500.00			24-Jun-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103341550 2					304,500.00			24-Jun-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103342067 1			295,400.00		295,400.00			07-Jun-2005		5.875%		CO - 70.00%		Paid Off - 360		01-Feb-2005
1103342067 1					295,400.00			07-Jun-2005		5.875%		CO - 70.00%		Paid Off - 360		01-Feb-2005
1103342183 2			451,200.00		451,200.00			21-Jun-2005		9.000%		MA - 80.00%		Paid Off - 360		01-Jan-2005
1103342183 2					451,200.00					9.000%		MA - 80.00%		Paid Off - 360


Page 22 of 31
Impac CMB Trust 2005-1

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

July 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

1103342293 2			106,400.00		106,395.87			27-Jun-2005		6.240%		VA - 80.00%		Paid Off - 360		01-Jan-2005
			106,400.00

1103342504 2			242,400.00		242,400.00			01-Jun-2005		6.300%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342504 2					242,400.00			01-Jun-2005		6.300%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342524 2			311,600.00		311,600.00			22-Jun-2005		6.490%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342524 2					311,600.00			22-Jun-2005		6.490%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342562 2			235,000.00		234,923.88			20-Jun-2005		6.250%		CA - 77.04%		Paid Off - 360		01-Jan-2005
1103342562 2					234,923.88			20-Jun-2005		6.250%		CA - 77.04%		Paid Off - 360		01-Jan-2005
1103342641 2			324,000.00		323,987.10			30-Jun-2005		8.255%		WI - 90.00%		Paid Off - 360		01-Jan-2005
1103342641 2					323,987.10			30-Jun-2005		8.255%		WI - 90.00%		Paid Off - 360		01-Jan-2005
1103342712 2			284,000.00		284,000.00			23-Jun-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342712 2					284,000.00			23-Jun-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342806 1			498,750.00		498,750.00			02-Jun-2005		7.865%		DC - 95.00%		Paid Off - 360		01-Jan-2005
1103342806 1					498,750.00			02-Jun-2005		7.865%		DC - 95.00%		Paid Off - 360		01-Jan-2005
1103342807 1			500,000.00		500,000.00			29-Jun-2005		5.270%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103342807 1					500,000.00			29-Jun-2005		5.270%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103342864 1			480,000.00		480,000.00			10-Jun-2005		5.415%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342864 1					480,000.00			10-Jun-2005		5.415%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342891 1			511,200.00		511,200.00			27-Jun-2005		5.365%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342891 1					511,200.00			27-Jun-2005		5.365%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342986 2			209,000.00		208,908.85			29-Jun-2005		8.667%		NJ - 95.00%		Paid Off - 360		01-Jan-2005
1103342986 2					208,908.85			29-Jun-2005		8.667%		NJ - 95.00%		Paid Off - 360		01-Jan-2005
1103343190 2			98,000.00		98,000.00			06-Jun-2005		5.125%		AZ - 70.00%		Paid Off - 360		01-Jan-2005
1103343190 2					98,000.00			06-Jun-2005		5.125%		AZ - 70.00%		Paid Off - 360		01-Jan-2005
1103344067 1			495,300.00		495,300.00			20-Jun-2005		5.625%		MD - 80.00%		Paid Off - 360		01-Feb-2005
1103344067 1					495,300.00			20-Jun-2005		5.625%		MD - 80.00%		Paid Off - 360		01-Feb-2005
1103344095 1			427,000.00		427,000.00			20-Jun-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103344095 1					427,000.00			20-Jun-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103344269 2			335,000.00		334,999.99			30-Jun-2005		5.890%		CA - 86.11%		Paid Off - 360		01-Jan-2005
1103344269 2					334,999.99			30-Jun-2005		5.890%		CA - 86.11%		Paid Off - 360		01-Jan-2005
1103344295 2			273,750.00		273,749.98			01-Jun-2005		5.540%		CA - 83.20%		Paid Off - 360		01-Jan-2005
1103344295 2					273,749.98			01-Jun-2005		5.540%		CA - 83.20%		Paid Off - 360		01-Jan-2005
1103344296 1			487,500.00		487,500.00			29-Jun-2005		6.990%		CA - 75.00%		Paid Off - 360		01-Jan-2005
1103344296 1					487,500.00			29-Jun-2005		6.990%		CA - 75.00%		Paid Off - 360		01-Jan-2005
1103344327 2			173,000.00		171,869.83			16-Jun-2005		5.590%		IL - 81.60%		Paid Off - 360		01-Jan-2005
1103344327 2					171,869.83			16-Jun-2005		5.590%		IL - 81.60%		Paid Off - 360		01-Jan-2005
1103344328 2			218,500.00		216,991.25			24-Jun-2005		5.540%		IL - 95.00%		Paid Off - 360		01-Jan-2005
1103344328 2					216,991.25			24-Jun-2005		5.540%		IL - 95.00%		Paid Off - 360		01-Jan-2005
1103344423 1			459,000.00		458,827.55			02-Jun-2005		6.125%		CA - 85.00%		Paid Off - 360		01-Jan-2005
1103344423 1					458,827.55			02-Jun-2005		6.125%		CA - 85.00%		Paid Off - 360		01-Jan-2005
1103344435 2			305,100.00		303,250.44			30-Jun-2005		5.990%		IL - 90.00%		Paid Off - 360		01-Jan-2005
1103344435 2					303,250.44			30-Jun-2005		5.990%		IL - 90.00%		Paid Off - 360		01-Jan-2005
1103344453 2			234,400.00		234,400.00			23-Jun-2005		5.875%		VA - 70.00%		Paid Off - 360		01-Feb-2005
1103344453 2					234,400.00			23-Jun-2005		5.875%		VA - 70.00%		Paid Off - 360		01-Feb-2005
1103344519 2			344,000.00		344,000.00			24-Jun-2005		5.500%		CA - 64.91%		Paid Off - 360		01-Feb-2005
1103344519 2					344,000.00			24-Jun-2005		5.500%		CA - 64.91%		Paid Off - 360		01-Feb-2005
1103345419 2			180,000.00		179,277.84			16-Jun-2005		6.000%		CA - 72.00%		Paid Off - 360		01-Mar-2005
1103345419 2					179,277.84			16-Jun-2005		6.000%		CA - 72.00%		Paid Off - 360		01-Mar-2005
1103345633 2			210,420.00		210,420.00			30-Jun-2005		9.875%		FL - 90.00%		Paid Off - 360		01-Mar-2005
1103345633 2					210,420.00			30-Jun-2005		9.875%		FL - 90.00%		Paid Off - 360		01-Mar-2005
1103346128 1			408,000.00		408,000.00			27-Jun-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103346128 1					408,000.00			27-Jun-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103346145 1			513,100.00		512,971.51			16-Jun-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103346145 1					512,971.51			16-Jun-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103346203 1			600,000.00		600,000.00			01-Jun-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103346203 1					600,000.00			01-Jun-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103346221 2			117,000.00		117,000.00			27-Jun-2005		5.500%		CA - 66.66%		Paid Off - 360		01-Jan-2005
1103346221 2					117,000.00			27-Jun-2005		5.500%		CA - 66.66%		Paid Off - 360		01-Jan-2005
1103346222 2			122,000.00		122,000.00			27-Jun-2005		5.500%		CA - 67.77%		Paid Off - 360		01-Jan-2005
1103346222 2					122,000.00			27-Jun-2005		5.500%		CA - 67.77%		Paid Off - 360		01-Jan-2005
1103346240 2			282,900.00		280,851.09			16-Jun-2005		5.875%		CA - 79.97%		Paid Off - 360		01-Dec-2004
1103346240 2					280,851.09			16-Jun-2005		5.875%		CA - 79.97%		Paid Off - 360		01-Dec-2004
1103346258 1			1,260,000.00		1,259,354.25			01-Jun-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103346258 1					1,259,354.25			01-Jun-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103346628 2			320,000.00		320,000.00			15-Jun-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103346628 2					320,000.00			15-Jun-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103347865 2			280,000.00		280,000.00			20-Jun-2005		5.375%		CA - 62.93%		Paid Off - 360		01-Feb-2005
1103347865 2					280,000.00			20-Jun-2005		5.375%		CA - 62.93%		Paid Off - 360		01-Feb-2005
1103348479 2			94,000.00		94,000.00			29-Jun-2005		6.750%		AZ - 78.34%		Paid Off - 360		01-Feb-2005
1103348479 2					94,000.00			29-Jun-2005		6.750%		AZ - 78.34%		Paid Off - 360		01-Feb-2005
1103348826 2			172,550.00		171,618.94			03-Jun-2005		5.625%		NV - 70.00%		Paid Off - 360		01-Feb-2005
1103348826 2					171,618.94			03-Jun-2005		5.625%		NV - 70.00%		Paid Off - 360		01-Feb-2005
1103349748 2			219,450.00		219,449.98			29-Jun-2005		5.625%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103349748 2					219,449.98			29-Jun-2005		5.625%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103350257 2			330,000.00		329,998.33			20-Jun-2005		5.750%		CA - 63.47%		Paid Off - 360		01-Mar-2005
1103350257 2					329,998.33					5.750%		CA - 63.47%		Paid Off - 360


Page 23 of 31
Impac CMB Trust 2005-1

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

July 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

1103350501 2			225,050.00		224,422.25			09-Jun-2005		4.875%		IL - 95.00%		Paid Off - 360		01-Dec-2004
			225,050.00

1103350519 2			240,000.00		239,755.31			30-Jun-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103350519 2					239,755.31			30-Jun-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103350593 2			215,600.00		215,600.00			08-Jun-2005		6.125%		CO - 70.00%		Paid Off - 360		01-Jan-2005
1103350593 2					215,600.00			08-Jun-2005		6.125%		CO - 70.00%		Paid Off - 360		01-Jan-2005
1103350610 2			268,100.00		267,999.63			16-Jun-2005		5.875%		FL - 70.00%		Paid Off - 360		01-Jan-2005
1103350610 2					267,999.63			16-Jun-2005		5.875%		FL - 70.00%		Paid Off - 360		01-Jan-2005
1103350781 1			138,600.00		138,461.06			29-Jun-2005		5.990%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103350781 1					138,461.06			29-Jun-2005		5.990%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103350794 2			303,200.00		303,200.00			21-Jun-2005		5.750%		VA - 80.00%		Paid Off - 360		01-Nov-2004
1103350794 2					303,200.00			21-Jun-2005		5.750%		VA - 80.00%		Paid Off - 360		01-Nov-2004
1103352767 2			272,965.00		272,871.76			22-Jun-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103352767 2					272,871.76			22-Jun-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103354903 2			221,000.00		219,426.49			02-Jun-2005		6.875%		NJ - 69.94%		Paid Off - 360		01-Jan-2005
1103354903 2					219,426.49			02-Jun-2005		6.875%		NJ - 69.94%		Paid Off - 360		01-Jan-2005
1103354986 2			348,000.00		348,000.00			10-Jun-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103354986 2					348,000.00			10-Jun-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103355026 2			245,000.00		245,000.00			09-Jun-2005		4.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103355026 2					245,000.00			09-Jun-2005		4.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103359096 2			128,800.00		128,088.55			14-Jun-2005		5.500%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103359096 2					128,088.55			14-Jun-2005		5.500%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103374641 2			227,500.00		227,486.91			03-Jun-2005		8.500%		CA - 89.92%		Paid Off - 360		01-Oct-2004
1103374641 2					227,486.91			03-Jun-2005		8.500%		CA - 89.92%		Paid Off - 360		01-Oct-2004
2503084472 1			350,050.00		350,050.00			17-Jun-2005		8.375%		CA - 95.00%		Paid Off - 360		01-Mar-2005
2503084472 1					350,050.00			17-Jun-2005		8.375%		CA - 95.00%		Paid Off - 360		01-Mar-2005
2503085532 1			560,000.00		559,900.00			17-Jun-2005		6.500%		OH - 80.00%		Paid Off - 360		01-Feb-2005
2503085532 1					559,900.00			17-Jun-2005		6.500%		OH - 80.00%		Paid Off - 360		01-Feb-2005
2503089447 2			269,500.00		269,500.00			22-Jun-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
2503089447 2					269,500.00			22-Jun-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
2503091228 1			234,800.00		234,800.00			15-Jun-2005		7.375%		FL - 90.00%		Paid Off - 360		01-Feb-2005
2503091228 1					234,800.00			15-Jun-2005		7.375%		FL - 90.00%		Paid Off - 360		01-Feb-2005
2503092054 2			177,800.00		177,800.00			01-Jun-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503092054 2					177,800.00			01-Jun-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503093329 1			455,000.00		455,000.00			01-Jun-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503093329 1					455,000.00			01-Jun-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503093460 1			480,000.00		480,000.00			14-Jun-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Feb-2005
2503093460 1					480,000.00			14-Jun-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Feb-2005
2503093503 2			239,750.00		239,750.00			14-Jun-2005		5.500%		PA - 70.00%		Paid Off - 360		01-Feb-2005
2503093503 2					239,750.00			14-Jun-2005		5.500%		PA - 70.00%		Paid Off - 360		01-Feb-2005
2503093584 1			412,300.00		412,300.00			27-Jun-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503093584 1					412,300.00			27-Jun-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503093966 2			98,000.00		98,000.00			01-Jun-2005		4.500%		FL - 70.00%		Paid Off - 360		01-Mar-2005
2503093966 2					98,000.00			01-Jun-2005		4.500%		FL - 70.00%		Paid Off - 360		01-Mar-2005
2503094016 1			237,300.00		237,300.00			30-Jun-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Mar-2005
2503094016 1					237,300.00			30-Jun-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Mar-2005
2503094025 2			280,000.00		280,000.00			01-Jun-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503094025 2					280,000.00			01-Jun-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503094186 2			129,500.00		129,500.00			15-Jun-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503094186 2					129,500.00			15-Jun-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503094189 1			192,500.00		192,500.00			30-Jun-2005		5.625%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503094189 1					192,500.00			30-Jun-2005		5.625%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503095288 2			108,500.00		108,500.00			23-Jun-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503095288 2					108,500.00			23-Jun-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503095515 2			148,000.00		147,447.29			09-Jun-2005		6.375%		FL - 80.00%		Paid Off - 360		01-Mar-2005
2503095515 2					147,447.29			09-Jun-2005		6.375%		FL - 80.00%		Paid Off - 360		01-Mar-2005
3900009916 2			54,900.00		51,551.98			21-Jun-2005		8.375%		FL - 90.00%		Paid Off - 360		01-Apr-1999
3900009916 2					51,551.98			21-Jun-2005		8.375%		FL - 90.00%		Paid Off - 360		01-Apr-1999
3900009922 2			102,000.00		96,270.20			13-Jun-2005		8.625%		MI - 85.00%		Paid Off - 180		01-Aug-1999
3900009922 2					96,270.20			13-Jun-2005		8.625%		MI - 85.00%		Paid Off - 180		01-Aug-1999
3900009990 2			108,775.00		104,761.85			30-Jun-2005		10.750%		IN - 95.00%		Paid Off - 360		01-Nov-1999
3900009990 2					104,761.85			30-Jun-2005		10.750%		IN - 95.00%		Paid Off - 360		01-Nov-1999
3900010025 1			55,600.00		52,878.91			02-Jun-2005		8.875%		FL - 80.00%		Paid Off - 360		01-Dec-1999
3900010025 1					52,878.91			02-Jun-2005		8.875%		FL - 80.00%		Paid Off - 360		01-Dec-1999
3900010097 1			90,400.00		86,112.01			23-Jun-2005		9.125%		MD - 80.00%		Paid Off - 360		01-Nov-1999
3900010097 1					86,112.01			23-Jun-2005		9.125%		MD - 80.00%		Paid Off - 360		01-Nov-1999
3900010113 1			256,500.00		246,075.25			28-Jun-2005		10.125%		GA - 90.00%		Paid Off - 360		01-Dec-1999
3900010113 1					246,075.25			28-Jun-2005		10.125%		GA - 90.00%		Paid Off - 360		01-Dec-1999
3900010193 1			107,100.00		101,289.66			21-Jun-2005		10.375%		NJ - 90.00%		Paid Off - 180		01-Feb-2000
3900010193 1					101,289.66			21-Jun-2005		10.375%		NJ - 90.00%		Paid Off - 180		01-Feb-2000
3900010195 1			50,310.00		48,215.34			02-Jun-2005		9.500%		CA - 90.00%		Paid Off - 360		01-Feb-2000
3900010195 1					48,215.34			02-Jun-2005		9.500%		CA - 90.00%		Paid Off - 360		01-Feb-2000
3900010288 1			97,750.00		93,650.83			14-Jun-2005		10.000%		GA - 95.00%		Paid Off - 360		01-Jan-2000
3900010288 1					93,650.83			14-Jun-2005		10.000%		GA - 95.00%		Paid Off - 360		01-Jan-2000


TOTAL			31,938,103.00		31,868,008.26
TOTAL


Page 24 of 31
Impac CMB Trust 2005-1

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

July 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

July 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

July 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

July 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

July 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														3.314380%
Next LIBOR Rate														0.000000%




Page 29 of 31
Impac CMB Trust 2005-1

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

July 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							7.35%			$0.00		$0.00
										7.35%			$0.00		$0.00
			1-A-2							7.44%			$0.00		$0.00
										7.44%			$0.00		$0.00
			2-A-1							7.41%			$0.00		$0.00
										7.41%			$0.00		$0.00
			2-A-2							7.69%			$0.00		$0.00
										7.69%			$0.00		$0.00
			M-5-1							4.08%			$0.00		$0.00
										4.08%			$0.00		$0.00
			M-6-1							4.13%			$0.00		$0.00
										4.13%			$0.00		$0.00
			M-1-2							4.61%			$0.00		$0.00
										4.61%			$0.00		$0.00
			M-2-2							3.77%			$0.00		$0.00
										3.77%			$0.00		$0.00
			M-3-2							3.81%			$0.00		$0.00
										3.81%			$0.00		$0.00
			M-4-2							3.84%			$0.00		$0.00
										3.84%			$0.00		$0.00
			M-5-2							4.06%			$0.00		$0.00
										4.06%			$0.00		$0.00
			M-6-2							4.08%			$0.00		$0.00
										4.08%			$0.00		$0.00
			B-1							4.13%			$0.00		$0.00
										4.13%			$0.00		$0.00
			B-2							4.61%			$0.00		$0.00
										4.61%			$0.00		$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

July 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
BEAR STERNS REFERENCE NUMBER FXIMP05A1														(16,257.59)
BEAR STERNS REFERENCE NUMBER FXIMP05B1														(8,391.00)
BEAR STERNS REFERENCE NUMBER FXIMP05C1														(74,964.93)
BEAR STERNS REFERENCE NUMBER FXIMP05D1														(4,495.59)
BEAR STERNS REFERENCE NUMBER FXIMP05E1														(2,611.78)
BEAR STERNS REFERENCE NUMBER FXNCC6713														0.00







Page 31 of 31

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