
                                      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):  August 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
     August 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:  Aug 26, 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 August 25, 2005.



Impac CMB Trust 2005-1

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

August 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:			August 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			July 29, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							August 24, 2005
							August 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

August 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		448,612,220.87		1,437,054.48		10,994,996.52		12,432,051.00		0.00		0.00		437,617,224.35
1-A-1	STEP. FLT,	$	491,420,000.00		448,612,220.87		1,437,054.48		10,994,996.52		12,432,051.00		0.00		0.00		437,617,224.35
1-A-2	STEP. FLT,	$	54,602,000.00		49,845,599.44		161,818.20		1,221,661.31		1,383,479.51		0.00		0.00		48,623,938.13
2-A-1	STEP. FLT,	$	390,682,000.00		352,726,696.37		1,128,382.50		9,897,647.18		11,026,029.68		0.00		0.00		342,829,049.19
2-A-2	STEP. FLT,	$	97,671,000.00		88,182,125.52		286,273.47		2,474,424.46		2,760,697.93		0.00		0.00		85,707,701.06
CERT	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00





Total			1,034,375,000.00		939,366,642.20		3,013,528.65		24,588,729.47		27,602,258.12		0.00		0.00		914,777,912.73
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	07/25/05		08/24/05		A-Act/360		45254NML8		491,420,000.00		912.889628		2.924290		22.373930		25.298219	890.515698
1-A-2	07/25/05		08/24/05		A-Act/360		45254NMM6		54,602,000.00		912.889627		2.963595		22.373930		25.337524	890.515698
2-A-1	07/25/05		08/24/05		A-Act/360		45254NMN4		390,682,000.00		902.848599		2.888238		25.334280		28.222518	877.514319
2-A-2	07/25/05		08/24/05		A-Act/360		45254NMP9		97,671,000.00		902.848599		2.930998		25.334280		28.265278	877.514319
CERT	07/25/05		08/24/05		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

August 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		8,945,594.39		53,715,248.95		87,526.70		53,802,775.65		62,748,370.04		0.00		0.00		437,617,224.35
1-A-2	54,602,000.00		1,009,243.61		5,968,336.72		9,725.15		5,978,061.87		6,987,305.48		0.00		0.00		48,623,938.13
2-A-1	390,682,000.00		7,105,664.65		47,483,490.39		369,460.42		47,852,950.81		54,958,615.46		0.00		0.00		342,829,049.19
2-A-2	97,671,000.00		1,806,543.69		11,870,933.36		92,365.58		11,963,298.94		13,769,842.63		0.00		0.00		85,707,701.06
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		21,862,417.44		119,038,009.42		559,077.85		119,597,087.27		141,459,504.71		0.00		0.00		914,777,912.73


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	3.72000%		448,612,220.87		1,437,054.48		0.00		0.00		0.00		1,437,054.48		1,437,054.48		0.00
1-A-2	3.77000%		49,845,599.44		161,818.20		0.00		0.00		0.00		161,818.20		161,818.20		0.00
2-A-1	3.71500%		352,726,696.37		1,128,382.50		0.00		0.00		0.00		1,128,382.50		1,128,382.50		0.00
2-A-2	3.77000%		88,182,125.52		286,273.47		0.00		0.00		0.00		286,273.47		286,273.47		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00





Total			939,366,642.20		3,013,528.65		0.00		0.00		0.00		3,013,528.65		3,013,528.65		0.00



Page 3 of 31
Impac CMB Trust 2005-1

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

August 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		70,949,138.84		239,492.76		1,857,155.78		2,096,648.54		0.00		0.00		69,091,983.06
M-1	MEZ, STEP,	$	78,125,000.00		70,949,138.84		239,492.76		1,857,155.78		2,096,648.54		0.00		0.00		69,091,983.06
M-2	MEZ, STEP,	$	55,625,000.00		50,515,788.04		172,258.84		1,322,294.56		1,494,553.40		0.00		0.00		49,193,493.48
M-3	MEZ, STEP,	$	28,750,000.00		26,109,279.87		89,707.13		683,434.28		773,141.41		0.00		0.00		25,425,845.59
M-4	MEZ, STEP,	$	15,625,000.00		14,189,827.76		51,442.07		371,431.15		422,873.22		0.00		0.00		13,818,396.61
M-5	MEZ, STEP,	$	15,625,000.00		14,189,827.76		51,686.44		371,431.15		423,117.59		0.00		0.00		13,818,396.61
M-6	MEZ, STEP,	$	12,500,000.00		11,351,858.16		41,837.91		297,146.12		338,984.03		0.00		0.00		11,054,712.04
B	SUB, STEP,	$	9,375,000.00		8,513,908.76		34,897.56		222,855.14		257,752.70		0.00		0.00		8,291,053.62
A-IO	IO,NTL	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00




Total			215,625,000.00		195,819,629.19		681,322.71		5,125,748.18		5,807,070.89		0.00		0.00		190,693,881.01
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	07/25/05		08/24/05		A-Act/360		45254NMR5		78,125,000.00		908.148977		3.065507		23.771594		26.837101	884.377383
M-2	07/25/05		08/24/05		A-Act/360		45254NMS3		55,625,000.00		908.148998		3.096788		23.771588		26.868376	884.377411
M-3	07/25/05		08/24/05		A-Act/360		45254NMT1		28,750,000.00		908.148865		3.120248		23.771627		26.891875	884.377238
M-4	07/25/05		08/24/05		A-Act/360		45254NMU8		15,625,000.00		908.148977		3.292292		23.771594		27.063886	884.377383
M-5	07/25/05		08/24/05		A-Act/360		45254NMV6		15,625,000.00		908.148977		3.307932		23.771594		27.079526	884.377383
M-6	07/25/05		08/24/05		A-Act/360		45254NMW4		12,500,000.00		908.148653		3.347033		23.771690		27.118722	884.376963
B	07/25/05		08/24/05		A-Act/360		45254NMX2		9,375,000.00		908.150268		3.722406		23.771215		27.493621	884.379053
A-IO	07/01/05		07/30/05		A-30/360		45254NMQ7		1,250,000,000.00		0.000000		0.000000		0.000000		0.000000	0.000000






Page 4 of 31
Impac CMB Trust 2005-1

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

August 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		1,510,169.36		0.00		0.00		9,033,016.94		10,543,186.30		0.00		0.00		69,091,983.06
M-2	55,625,000.00		1,087,709.37		0.00		0.00		6,431,506.52		7,519,215.89		0.00		0.00		49,193,493.48
M-3	28,750,000.00		567,020.27		0.00		0.00		3,324,154.41		3,891,174.68		0.00		0.00		25,425,845.59
M-4	15,625,000.00		327,426.75		0.00		0.00		1,806,603.39		2,134,030.14		0.00		0.00		13,818,396.61
M-5	15,625,000.00		329,177.98		0.00		0.00		1,806,603.39		2,135,781.37		0.00		0.00		13,818,396.61
M-6	12,500,000.00		266,844.89		0.00		0.00		1,445,287.96		1,712,132.85		0.00		0.00		11,054,712.04
B	9,375,000.00		225,351.40		0.00		0.00		1,083,946.38		1,309,297.78		0.00		0.00		8,291,053.62
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		10,715,543.36				24,931,118.99		35,646,662.35		0.00		0.00		190,693,881.01


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	3.92000%		70,949,138.84		239,492.76		0.00		0.00		0.00		239,492.76		239,492.76		0.00
M-2	3.96000%		50,515,788.04		172,258.84		0.00		0.00		0.00		172,258.84		172,258.84		0.00
M-3	3.99000%		26,109,279.87		89,707.13		0.00		0.00		0.00		89,707.13		89,707.13		0.00
M-4	4.21000%		14,189,827.76		51,442.07		0.00		0.00		0.00		51,442.08		51,442.07		0.00
M-5	4.23000%		14,189,827.76		51,686.45		0.00		0.00		0.00		51,686.45		51,686.44		0.01
M-6	4.28000%		11,351,858.16		41,837.90		0.00		0.00		0.00		41,837.90		41,837.91		0.00
B	4.76000%		8,513,908.76		34,897.57		0.00		0.00		0.00		34,897.57		34,897.56		0.01
A-IO	0.00000%		0.00		0.00		0.00		0.00		0.00		0.01		0.00		0.00




Total			195,819,629.19		681,322.72		0.00		0.00		0.00		681,322.74		681,322.71		0.02



Page 5 of 31
Impac CMB Trust 2005-1

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

August 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		37,647,568.26		127,081.46		922,700.86		1,049,782.32		0.00		0.00		36,724,867.40
M-1-1		$	41,240,000.00		37,647,568.26		127,081.46		922,700.86		1,049,782.32		0.00		0.00		36,724,867.40
M-2-1		$	29,363,000.00		26,805,178.14		91,405.66		656,965.70		748,371.36		0.00		0.00		26,148,212.44
M-3-1		$	15,176,000.00		13,854,012.99		47,600.08		339,546.76		387,146.84		0.00		0.00		13,514,466.23
M-4-1		$	8,248,000.00		7,529,513.64		27,296.58		184,540.17		211,836.75		0.00		0.00		7,344,973.47
M-5-1		$	8,248,000.00		7,529,513.64		27,426.25		184,540.17		211,966.42		0.00		0.00		7,344,973.47
M-6-1		$	6,598,000.00		6,023,245.75		22,199.01		147,623.19		169,822.20		0.00		0.00		5,875,622.56
M-1-2		$	#######		33,301,570.58		112,411.30		934,454.92		1,046,866.22		0.00		0.00		32,367,115.66
M-2-2		$	26,262,000.00		23,710,609.90		80,853.18		665,328.86		746,182.04		0.00		0.00		23,045,281.04
M-3-2		$	13,574,000.00		12,255,266.88		42,107.05		343,887.52		385,994.57		0.00		0.00		11,911,379.36
M-4-2		$	7,377,000.00		6,660,314.12		24,145.49		186,890.98		211,036.47		0.00		0.00		6,473,423.14
M-5-2		$	7,377,000.00		6,660,314.12		24,260.19		186,890.98		211,151.17		0.00		0.00		6,473,423.14
M-6-2		$	5,902,000.00		5,328,612.41		19,638.90		149,522.93		169,161.83		0.00		0.00		5,179,089.48
B-1		$	4,950,000.00		4,518,803.69		18,522.07		110,750.95		129,273.02		0.00		0.00		4,408,052.74
B-2		$	4,425,000.00		3,995,105.07		16,375.49		112,104.19		128,479.68		0.00		0.00		3,883,000.88
A-IO-1		$	0.00		0.00		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		0.00		0.00


Total			215,625,000.00		195,819,629.19		681,322.71		5,125,748.18		5,807,070.89		0.00		0.00		190,693,881.01
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	07/25/05		08/24/05		A-Act/360				41,240,000.00		912.889628		3.081510		22.373930		25.455439	890.515698
M-2-1	07/25/05		08/24/05		A-Act/360				29,363,000.00		912.889628		3.112954		22.373930		25.486883	890.515698
M-3-1	07/25/05		08/24/05		A-Act/360				15,176,000.00		912.889628		3.136537		22.373930		25.510467	890.515698
M-4-1	07/25/05		08/24/05		A-Act/360				8,248,000.00		912.889627		3.309479		22.373929		25.683408	890.515697
M-5-1	07/25/05		08/24/05		A-Act/360				8,248,000.00		912.889627		3.325200		22.373929		25.699129	890.515697
M-6-1	07/25/05		08/24/05		A-Act/360				6,598,000.00		912.889626		3.364506		22.373930		25.738436	890.515696
M-1-2	07/25/05		08/24/05		A-Act/360				36,885,000.00		902.848599		3.047616		25.334280		28.381896	877.514319
M-2-2	07/25/05		08/24/05		A-Act/360				26,262,000.00		902.848599		3.078714		25.334280		28.412994	877.514319
M-3-2	07/25/05		08/24/05		A-Act/360				13,574,000.00		902.848599		3.102037		25.334280		28.436317	877.514319
M-4-2	07/25/05		08/24/05		A-Act/360				7,377,000.00		902.848600		3.273077		25.334280		28.607357	877.514320
M-5-2	07/25/05		08/24/05		A-Act/360				7,377,000.00		902.848600		3.288625		25.334280		28.622905	877.514320
M-6-2	07/25/05		08/24/05		A-Act/360				5,902,000.00		902.848595		3.327499		25.334282		28.661781	877.514314
B-1	07/25/05		08/24/05		A-Act/360				4,950,000.00		912.889634		3.741832		22.373929		26.115762	890.515705
B-2	07/25/05		08/24/05		A-Act/360				4,425,000.00		902.848603		3.700676		25.334280		29.034956	877.514323
A-IO-1	07/01/05		07/30/05		A-30/360				659,845,000.00		0.000000		0.000000		0.000000		0.000000	0.000000
A-IO-2	07/01/05		07/30/05		A-30/360				590,155,000.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 6 of 31
Impac CMB Trust 2005-1

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

August 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		796,916.26		4,426,630.46		88,502.14		4,515,132.60		5,312,048.86		0.00		0.00		36,724,867.40
M-2-1	29,363,000.00		573,985.80		3,151,773.78		63,013.78		3,214,787.56		3,788,773.36		0.00		0.00		26,148,212.44
M-3-1	15,176,000.00		299,209.61		1,628,965.67		32,568.10		1,661,533.77		1,960,743.38		0.00		0.00		13,514,466.23
M-4-1	8,248,000.00		172,781.65		885,326.10		17,700.43		903,026.53		1,075,808.18		0.00		0.00		7,344,973.47
M-5-1	8,248,000.00		173,705.66		885,326.10		17,700.43		903,026.53		1,076,732.19		0.00		0.00		7,344,973.47
M-6-1	6,598,000.00		140,804.07		708,217.95		14,159.49		722,377.44		863,181.51		0.00		0.00		5,875,622.56
M-1-2	36,885,000.00		713,253.10		4,429,380.78		88,503.56		4,517,884.34		5,231,137.44		0.00		0.00		32,367,115.66
M-2-2	26,262,000.00		513,723.57		3,153,704.71		63,014.25		3,216,718.96		3,730,442.53		0.00		0.00		23,045,281.04
M-3-2	13,574,000.00		267,810.66		1,630,050.56		32,570.08		1,662,620.64		1,930,431.30		0.00		0.00		11,911,379.36
M-4-2	7,377,000.00		154,645.10		885,876.15		17,700.71		903,576.86		1,058,221.96		0.00		0.00		6,473,423.14
M-5-2	7,377,000.00		155,472.32		885,876.15		17,700.71		903,576.86		1,059,049.18		0.00		0.00		6,473,423.14
M-6-2	5,902,000.00		126,040.82		708,748.99		14,161.53		722,910.52		848,951.34		0.00		0.00		5,179,089.48
B-1	4,950,000.00		118,944.28		531,324.43		10,622.83		541,947.26		660,891.54		0.00		0.00		4,408,052.74
B-2	4,425,000.00		106,407.12		531,381.57		10,617.55		541,999.12		648,406.24		0.00		0.00		3,883,000.88
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		10,715,543.36		24,442,583.40		488,535.59		24,931,118.99		35,646,662.35		0.00		0.00		190,693,881.01


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	3.92000%		37,647,568.26		127,081.46		0.00		0.00		0.00		127,081.46		127,081.46		0.00
M-2-1	3.96000%		26,805,178.14		91,405.66		0.00		0.00		0.00		91,405.66		91,405.66		0.00
M-3-1	3.99000%		13,854,012.99		47,600.08		0.00		0.00		0.00		47,600.08		47,600.08		0.00
M-4-1	4.21000%		7,529,513.64		27,296.58		0.00		0.00		0.00		27,296.58		27,296.58		0.00
M-5-1	4.23000%		7,529,513.64		27,426.25		0.00		0.00		0.00		27,426.25		27,426.25		0.00
M-6-1	4.28000%		6,023,245.75		22,199.01		0.00		0.00		0.00		22,199.01		22,199.01		0.00
M-1-2	3.92000%		33,301,570.58		112,411.30		0.00		0.00		0.00		112,411.30		112,411.30		0.00
M-2-2	3.96000%		23,710,609.90		80,853.18		0.00		0.00		0.00		80,853.18		80,853.18		0.00
M-3-2	3.99000%		12,255,266.88		42,107.05		0.00		0.00		0.00		42,107.05		42,107.05		0.00
M-4-2	4.21000%		6,660,314.12		24,145.49		0.00		0.00		0.00		24,145.49		24,145.49		0.00
M-5-2	4.23000%		6,660,314.12		24,260.19		0.00		0.00		0.00		24,260.19		24,260.19		0.00
M-6-2	4.28000%		5,328,612.41		19,638.90		0.00		0.00		0.00		19,638.90		19,638.90		0.00
B-1	4.76000%		4,518,803.69		18,522.07		0.00		0.00		0.00		18,522.07		18,522.07		0.00
B-2	4.76000%		3,995,105.07		16,375.49		0.00		0.00		0.00		16,375.49		16,375.49		0.00
A-IO-1	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A-IO-2	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00



Total			195,819,629.19		681,322.71		0.00		0.00		0.00		681,322.71		681,322.71		0.00



Page 7 of 31
Impac CMB Trust 2005-1

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

August 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										14,298,153.07		14,045,514.37		28,343,667.44
Principal Withdrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										14,298,153.07		14,045,514.37		28,343,667.44
Interest Collections										2,526,284.67		2,810,493.21		5,336,777.88
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Fees										-172,832.21		-170,709.21		-344,676.61
Interest Other Accounts														73,560.30
TOTAL NET INTEREST										2,387,979.34		2,678,817.42		5,065,661.57
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														33,409,329.01



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											86,678.45		77,062.50		163,740.95
Curtailments											28,091.12		48,762.51		76,853.63
Prepayments In Full											14,183,383.50		13,919,689.36		28,103,072.86
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											-26,791.70		-18,802.42		-45,594.12
Realized Losses											-0.00		-0.00		-0.00
Advanced Principal											26,791.70		18,802.42		45,594.12
TOTAL PRINCIPAL COLLECTED											14,298,153.07		14,045,514.37		28,343,667.44


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

August 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										2,573,562.46		2,872,187.94		5,445,750.40
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										-30,076.61		-34,191.93		-64,268.54
Delinquent Interest										-708,162.25		-913,051.62		-1,621,213.87
Compensating Interest										30,076.62		34,191.93		64,268.55
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										660,884.46		851,356.88		1,512,241.34
TOTAL INTEREST COLLECTED										2,526,284.67		2,810,493.21		5,336,777.88


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 Receipts (Payments)										(34,526.88)		(39,033.42)		(73,560.30)
TOTAL INTEREST OTHER ACCOUNTS														73,560.30



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										131,432.58		140,420.39		271,852.97
Owner Trustee Fees										754.83		853.35		1,608.18
Indenture Trustee Fees										532.82		602.37		1,135.19
Radian PMI										40,644.80		29,435.47		70,080.27
TOTAL INTEREST FEES										172,832.21		170,709.21		344,676.61




Page 9 of 31
Impac CMB Trust 2005-1

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

August 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										549,042.33		600,285.96		1,370,810.21
Overcollateralization Reduction Amount										0.00		0.00		0.00
Overcollateralization Deficiency Amount										1,582,240.13		1,809,176.67		3,169,934.88
Overcollateralization Target Amount										2,131,282.46		2,409,462.63		4,540,745.09




Page 10 of 31
Impac CMB Trust 2005-1

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

August 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										2,002		1,541		3,543
Prior										2,369		1,605		3,974
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-64		-40		-104
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										2,305		1,565		3,870
Principal Balance:


Original										452,016,043.34		579,986,805.90		1,032,002,849.24
Prior										532,820,614.97		602,365,656.42		1,135,186,271.39
Prefunding										0.00		0.00		0.00
Scheduled Principal										-86,678.45		-77,062.50		-163,740.95
Partial Prepayments										-28,091.12		-48,762.51		-76,853.63
Full Voluntary Prepayments										-14,183,383.50		-13,919,689.36		-28,103,072.86
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										518,522,461.90		588,320,142.05		1,106,842,603.95





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

August 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										5.72890%		5.73152%		5.73037%
Weighted Average Coupon Prior										5.78631%		5.70728%		5.74457%
Weighted Average Coupon Current										5.79609%		5.72182%		5.75668%
Weighted Average Months to Maturity Original										356		356		356
Weighted Average Months to Maturity Prior										352		352		352
Weighted Average Months to Maturity Current										351		351		351
Weighted Avg Remaining Amortization Term Original										356		356		356
Weighted Avg Remaining Amortization Term Prior										352		352		352
Weighted Avg Remaining Amortization Term Current										351		351		351
Weighted Average Seasoning Original										3.59		3.45		3.51
Weighted Average Seasoning Prior										7.86		7.77		7.81
Weighted Average Seasoning Current										8.79		8.73		8.76









Page 12 of 31
Impac CMB Trust 2005-1

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

August 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										3.83392%		3.68702%		3.75631%
Weighted Average Margin Current										3.82728%		3.68171%		3.74999%
Weighted Average Max Rate Original										11.59796%		11.57525%		11.58520%
Weighted Average Max Rate Prior										11.64992%		11.55888%		11.60183%
Weighted Average Max Rate Current										11.63766%		11.55987%		11.59636%
Weighted Average Min Rate Original										3.99236%		3.78147%		3.87390%
Weighted Average Min Rate Prior										3.98277%		3.75433%		3.86209%
Weighted Average Min Rate Current										3.97239%		3.75014%		3.85439%
Weighted Average Cap Up Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Up Prior										1.11956%		1.15451%		1.13802%
Weighted Average Cap Up Current										1.11878%		1.15619%		1.13865%
Weighted Average Cap Down Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Down Prior										1.11956%		1.15451%		1.13802%
Weighted Average Cap Down Current										1.11878%		1.15619%		1.13865%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										131,432.58		140,420.39		271,852.97
Delinquent Servicing Fees										47,277.79		61,694.73		108,972.52
TOTAL SERVICING FEES										178,710.36		202,115.11		380,825.47


Total Servicing Fees										178,710.36		202,115.11		380,825.47
Compensating Interest										-30,076.62		-34,191.93		-64,268.55
Delinquent Servicing Fees										-47,277.79		-61,694.73		-108,972.52
COLLECTED SERVICING FEES										131,432.58		140,420.39		207,584.39


Total Advanced Interest										660,884.46		851,356.88		1,512,241.34
Total Advanced Principal										26,791.70		18,802.42		45,594.12
Aggregate Advances with respect to this Distribution										687,676.16		870,159.30		1,557,835.47





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										30,076.61		34,191.93		64,268.54
Compensating Interest										-30,076.62		-34,191.93		-64,268.55
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00


Ending Pool Stated Principal Balance										518,522,461.90		588,320,142.05		1,106,842,603.95
Available Funds Rate										5.090187%		5.049997%




Page 13 of 31
Impac CMB Trust 2005-1

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

August 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				9,209,405.40		5,330,034.06		3,302,762.49		17,842,201.95
			% Balance				0.83%		0.48%		0.30%		1.61%
			# Loans				29		18		13		60
			% # Loans				0.75%		0.47%		0.34%		1.55%
	FORECLOSURE		Balance		0.00		0.00		216,057.34		4,901,997.46		5,118,054.80
			% Balance		0.00%		0.00%		0.02%		0.44%		0.46%
			# Loans		0		0		1		12		13
			% # Loans		0.00%		0.00%		0.03%		0.31%		0.34%
	BANKRUPTCY		Balance		1,625,945.11		0.00		0.00		636,713.47		2,262,658.58
			% Balance		0.15%		0.00%		0.00%		0.06%		0.20%
			# Loans		13		0		0		2		15
			% # Loans		0.34%		0.00%		0.00%		0.05%		0.39%
	REO		Balance		0.00		0.00		0.00		592,000.00		592,000.00
			% Balance		0.00%		0.00%		0.00%		0.05%		0.05%
			# Loans		0		0		0		1		1
			% # Loans		0.00%		0.00%		0.00%		0.03%		0.03%
	TOTAL		Balance		1,625,945.11		9,209,405.40		5,546,091.40		9,433,473.42		25,814,915.33
			% Balance		0.15%		0.83%		0.50%		0.85%		2.33%
			# Loans		13		29		19		28		89
			% # Loans		0.34%		0.75%		0.49%		0.72%		2.30%









Page 14 of 31
Impac CMB Trust 2005-1

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

August 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,749,378.95		3,163,615.39		1,285,671.19		10,198,665.53
			% Balance				0.98%		0.54%		0.22%		1.73%
			# Loans				12		7		3		22
			% # Loans				0.77%		0.45%		0.19%		1.41%
	FORECLOSURE		Balance		0.00		0.00		0.00		4,465,169.51		4,465,169.51
			% Balance		0.00%		0.00%		0.00%		0.76%		0.76%
			# Loans		0		0		0		9		9
			% # Loans		0.00%		0.00%		0.00%		0.58%		0.58%
	BANKRUPTCY		Balance		431,773.09		0.00		0.00		565,412.04		997,185.13
			% Balance		0.07%		0.00%		0.00%		0.10%		0.17%
			# Loans		4		0		0		1		5
			% # Loans		0.26%		0.00%		0.00%		0.06%		0.32%
	REO		Balance		0.00		0.00		0.00		592,000.00		592,000.00
			% Balance		0.00%		0.00%		0.00%		0.10%		0.10%
			# Loans		0		0		0		1		1
			% # Loans		0.00%		0.00%		0.00%		0.06%		0.06%
	TOTAL		Balance		431,773.09		5,749,378.95		3,163,615.39		6,908,252.74		16,253,020.17
			% Balance		0.07%		0.98%		0.54%		1.17%		2.76%
			# Loans		4		12		7		14		37
			% # Loans		0.26%		0.77%		0.45%		0.89%		2.36%










Page 15 of 31
Impac CMB Trust 2005-1

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

August 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				3,460,026.45		2,166,418.67		2,017,091.30		7,643,536.42
			% Balance				0.67%		0.42%		0.39%		1.47%
			# Loans				17		11		10		38
			% # Loans				0.74%		0.48%		0.43%		1.65%
	FORECLOSURE		Balance		0.00		0.00		216,057.34		436,827.95		652,885.29
			% Balance		0.00%		0.00%		0.04%		0.08%		0.13%
			# Loans		0		0		1		3		4
			% # Loans		0.00%		0.00%		0.04%		0.13%		0.17%
	BANKRUPTCY		Balance		1,194,172.02		0.00		0.00		71,301.43		1,265,473.45
			% Balance		0.23%		0.00%		0.00%		0.01%		0.24%
			# Loans		9		0		0		1		10
			% # Loans		0.39%		0.00%		0.00%		0.04%		0.43%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,194,172.02		3,460,026.45		2,382,476.01		2,525,220.68		9,561,895.16
			% Balance		0.23%		0.67%		0.46%		0.49%		1.84%
			# Loans		9		17		12		14		52
			% # Loans		0.39%		0.74%		0.52%		0.61%		2.26%









Page 16 of 31
Impac CMB Trust 2005-1

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

August 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
1103350772 1
1103350772 1			592,000.00		592,000.00		01-Feb-2005		6.625%		GA - 80.00%		360		01-Dec-2004



TOTAL			592,000.00		592,000.00


Page 17 of 31
Impac CMB Trust 2005-1

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

August 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

1103282462 1			252,000.00		250,580.34		01-Mar-2005		7.875%		IL - 90.00%		360		01-Jan-2005
1103317619 1			1,130,500.00		1,130,500.00		01-Mar-2005		5.990%		FL - 70.00%		360		01-Dec-2004
1103339251 1			384,000.00		380,057.29		01-Mar-2005		5.375%		CA - 80.00%		360		01-Dec-2004
1103342862 1			480,000.00		480,000.00		01-Jan-2005		5.915%		CA - 80.00%		360		01-Jan-2005
1103348712 1			384,300.00		384,300.00		01-Mar-2005		4.125%		CA - 70.00%		360		01-Feb-2005
1103350184 1			597,800.00		597,800.00		01-Mar-2005		4.875%		CA - 70.00%		360		01-Dec-2004
2503089435 1			717,500.00		717,500.00		01-Mar-2005		5.750%		CA - 70.00%		360		01-Mar-2005
3900010222 1			116,999.00		112,131.88		01-Mar-2005		9.500%		GA - 90.00%		360		01-Apr-2000
1103276291 2			129,600.00		128,175.60		01-Dec-2004		7.500%		CO - 86.40%		360		01-Aug-2004
1103341749 2			217,000.00		216,057.34		01-Apr-2005		8.500%		CA - 55.08%		360		01-Feb-2005
1103342387 2			169,600.00		169,600.00		01-Jan-2005		6.890%		CO - 80.00%		360		01-Jan-2005
3900009980 2			148,000.00		139,052.35		01-Nov-2004		9.125%		NM - 80.00%		360		01-Nov-1999


TOTAL			5,139,599.00		5,118,054.80


Page 18 of 31
Impac CMB Trust 2005-1

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

August 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										64		40		104
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										64		40		104
Curtailments Amount										28,091.12		48,762.51		76,853.63
Paid in Full Balance										14,183,383.50		13,919,689.36		28,103,072.86
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										14,211,474.62		13,968,451.87		28,179,926.49

Cumulative


Number of Paid in Full Loans										321		211		532
Number of Repurchased Loans										4		1		5
Total Number of Loans Prepaid in Full										325		212		537
Paid in Full Balance										69,703,111.15		69,884,304.60		139,587,415.75
Repurchased Loans Balance										1,191,566.33		510,400.00		1,701,966.33
Curtailments Amount										-20,366.03		455,286.69		434,920.66
Total Prepayment Amount										70,874,311.45		70,849,991.29		141,724,302.74










Page 19 of 31
Impac CMB Trust 2005-1

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

August 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										2.67%		2.32%		2.48%
3 Months Avg SMM										2.91%		2.21%		2.54%
12 Months Avg SMM										1.82%		1.62%		1.71%
Avg SMM Since Cut-off										1.82%		1.62%		1.71%


CPR										27.71%		24.54%		26.04%
3 Months Avg CPR										29.81%		23.48%		26.53%
12 Months Avg CPR										19.77%		17.77%		18.73%
Avg CPR Since Cut-off										19.77%		17.77%		18.73%


PSA										1,575.37%		1,406.27%		1,486.86%
3 Months Avg PSA Approximation										1,901.87%		1,511.15%		1,700.45%
12 Months Avg PSA Approximation										1,653.14%		1,496.89%		1,572.18%
Avg PSA Since Cut-off Approximation										1,653.14%		1,496.89%		1,572.18%










Page 20 of 31
Impac CMB Trust 2005-1

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

August 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

August 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

1103291228 2			110,600.00		110,600.00			27-Jul-2005		5.750%		NV - 70.00%		Paid Off - 360		01-Dec-2004
			110,600.00

1103292061 1			141,400.00		141,400.00			20-Jul-2005		4.750%		OR - 70.00%		Paid Off - 360		01-Jan-2005
1103292061 1					141,400.00			20-Jul-2005		4.750%		OR - 70.00%		Paid Off - 360		01-Jan-2005
1103297487 2			290,000.00		290,000.01			18-Jul-2005		4.125%		CA - 67.45%		Paid Off - 360		01-Dec-2004
1103297487 2					290,000.01			18-Jul-2005		4.125%		CA - 67.45%		Paid Off - 360		01-Dec-2004
1103303753 2			223,650.00		223,650.00			25-Jul-2005		5.000%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103303753 2					223,650.00			25-Jul-2005		5.000%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103305611 2			147,000.00		146,141.66			08-Jul-2005		7.000%		NJ - 70.00%		Paid Off - 360		01-Jan-2005
1103305611 2					146,141.66			08-Jul-2005		7.000%		NJ - 70.00%		Paid Off - 360		01-Jan-2005
1103307833 2			98,700.00		98,700.00			13-Jul-2005		5.875%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103307833 2					98,700.00			13-Jul-2005		5.875%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103308423 1			367,500.00		367,500.00			25-Jul-2005		6.000%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103308423 1					367,500.00			25-Jul-2005		6.000%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103308583 1			107,000.00		106,999.00			21-Jul-2005		5.625%		CA - 29.73%		Paid Off - 360		01-Jan-2005
1103308583 1					106,999.00			21-Jul-2005		5.625%		CA - 29.73%		Paid Off - 360		01-Jan-2005
1103311564 2			136,000.00		136,000.00			20-Jul-2005		4.700%		MD - 80.00%		Paid Off - 360		01-Sep-2004
1103311564 2					136,000.00			20-Jul-2005		4.700%		MD - 80.00%		Paid Off - 360		01-Sep-2004
1103311607 2			244,304.00		244,234.50			25-Jul-2005		4.200%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103311607 2					244,234.50			25-Jul-2005		4.200%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103316085 2			243,180.00		243,158.50			14-Jul-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
					243,158.50			14-Jul-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103317161 2			292,000.00		292,000.00			21-Jul-2005		4.200%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103317161 2					292,000.00			21-Jul-2005		4.200%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103317712 1			975,000.00		975,000.00			15-Jul-2005		5.875%		CA - 60.00%		Paid Off - 360		01-Sep-2004
1103317712 1					975,000.00			15-Jul-2005		5.875%		CA - 60.00%		Paid Off - 360		01-Sep-2004
1103317743 2			210,000.00		210,000.00			29-Jul-2005		5.875%		HI - 60.00%		Paid Off - 360		01-Dec-2004
1103317743 2					210,000.00			29-Jul-2005		5.875%		HI - 60.00%		Paid Off - 360		01-Dec-2004
1103319778 2			217,000.00		214,921.22			29-Jul-2005		4.500%		CA - 55.21%		Paid Off - 360		01-Jan-2005
1103319778 2					214,921.22			29-Jul-2005		4.500%		CA - 55.21%		Paid Off - 360		01-Jan-2005
1103319811 2			320,000.00		320,000.00			12-Jul-2005		5.875%		GA - 75.65%		Paid Off - 360		01-Dec-2004
1103319811 2					320,000.00			12-Jul-2005		5.875%		GA - 75.65%		Paid Off - 360		01-Dec-2004
1103321795 2			170,250.00		170,250.00			12-Jul-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103321795 2					170,250.00			12-Jul-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103323305 1			514,500.00		514,499.98			06-Jul-2005		6.940%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103323305 1					514,499.98			06-Jul-2005		6.940%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103323441 2			229,500.00		228,101.69			28-Jul-2005		7.480%		RI - 85.00%		Paid Off - 360		01-Dec-2004
1103323441 2					228,101.69			28-Jul-2005		7.480%		RI - 85.00%		Paid Off - 360		01-Dec-2004
1103325118 1			328,000.00		328,000.00			08-Jul-2005		4.750%		OH - 80.00%		Paid Off - 360		01-Nov-2004
1103325118 1					328,000.00			08-Jul-2005		4.750%		OH - 80.00%		Paid Off - 360		01-Nov-2004
1103325138 2			332,000.00		332,000.00			27-Jul-2005		4.125%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103325138 2					332,000.00			27-Jul-2005		4.125%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103325876 1			70,000.00		70,000.00			18-Jul-2005		5.125%		TX - 70.00%		Paid Off - 360		01-Feb-2005
1103325876 1					70,000.00			18-Jul-2005		5.125%		TX - 70.00%		Paid Off - 360		01-Feb-2005
1103326105 2			176,400.00		176,400.00			29-Jul-2005		6.375%		MD - 70.00%		Paid Off - 360		01-Jan-2005
1103326105 2					176,400.00			29-Jul-2005		6.375%		MD - 70.00%		Paid Off - 360		01-Jan-2005
1103326530 2			210,000.00		210,000.00			05-Jul-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103326530 2					210,000.00			05-Jul-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103327880 1			600,000.00		597,062.50			21-Jul-2005		6.125%		CA - 50.00%		Paid Off - 360		01-Jan-2005
1103327880 1					597,062.50			21-Jul-2005		6.125%		CA - 50.00%		Paid Off - 360		01-Jan-2005
1103331647 2			144,800.00		144,800.00			12-Jul-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103331647 2					144,800.00			12-Jul-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103331859 2			241,500.00		241,500.00			26-Jul-2005		5.625%		CA - 63.89%		Paid Off - 360		01-Feb-2005
1103331859 2					241,500.00			26-Jul-2005		5.625%		CA - 63.89%		Paid Off - 360		01-Feb-2005
1103334189 1			567,000.00		567,000.00			08-Jul-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103334189 1					567,000.00			08-Jul-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103334863 1			418,500.00		416,911.81			29-Jul-2005		8.375%		CA - 90.00%		Paid Off - 360		01-Feb-2005
1103334863 1					416,911.81			29-Jul-2005		8.375%		CA - 90.00%		Paid Off - 360		01-Feb-2005
1103335289 2			350,000.00		349,845.44			12-Jul-2005		6.250%		CA - 69.31%		Paid Off - 360		01-Feb-2005
1103335289 2					349,845.44			12-Jul-2005		6.250%		CA - 69.31%		Paid Off - 360		01-Feb-2005
1103336196 2			328,000.00		328,000.00			14-Jul-2005		4.575%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103336196 2					328,000.00			14-Jul-2005		4.575%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103336771 2			178,150.00		178,150.00			29-Jul-2005		5.990%		CA - 69.49%		Paid Off - 360		01-Feb-2005
1103336771 2					178,150.00			29-Jul-2005		5.990%		CA - 69.49%		Paid Off - 360		01-Feb-2005
1103337997 2			322,000.00		322,000.00			25-Jul-2005		6.250%		NJ - 70.00%		Paid Off - 360		01-Mar-2005
1103337997 2					322,000.00			25-Jul-2005		6.250%		NJ - 70.00%		Paid Off - 360		01-Mar-2005
1103338379 2			166,250.00		165,775.04			18-Jul-2005		9.750%		CA - 95.00%		Paid Off - 360		01-Feb-2005
1103338379 2					165,775.04			18-Jul-2005		9.750%		CA - 95.00%		Paid Off - 360		01-Feb-2005
1103338471 1			393,900.00		393,900.00			29-Jul-2005		5.875%		FL - 65.11%		Paid Off - 360		01-Feb-2005
1103338471 1					393,900.00			29-Jul-2005		5.875%		FL - 65.11%		Paid Off - 360		01-Feb-2005
1103339515 2			198,500.00		198,500.00			20-Jul-2005		4.990%		CA - 62.04%		Paid Off - 360		01-Feb-2005
1103339515 2					198,500.00			20-Jul-2005		4.990%		CA - 62.04%		Paid Off - 360		01-Feb-2005
1103339687 2			186,000.00		184,226.67			26-Jul-2005		5.125%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103339687 2					184,226.67					5.125%		CA - 80.00%		Paid Off - 360


Page 22 of 31
Impac CMB Trust 2005-1

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

August 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

1103339980 2			275,000.00		275,000.00			14-Jul-2005		6.250%		CA - 67.08%		Paid Off - 360		01-Feb-2005
			275,000.00

1103340826 1			76,900.00		76,900.00			11-Jul-2005		6.875%		FL - 69.98%		Paid Off - 360		01-Feb-2005
1103340826 1					76,900.00			11-Jul-2005		6.875%		FL - 69.98%		Paid Off - 360		01-Feb-2005
1103341200 2			224,390.00		224,390.00			19-Jul-2005		6.375%		FL - 94.99%		Paid Off - 360		01-Jan-2005
1103341200 2					224,390.00			19-Jul-2005		6.375%		FL - 94.99%		Paid Off - 360		01-Jan-2005
1103342264 2			288,000.00		285,135.13			01-Jul-2005		5.000%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342264 2					285,135.13			01-Jul-2005		5.000%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342355 2			148,000.00		147,981.80			08-Jul-2005		6.615%		AZ - 80.00%		Paid Off - 360		01-Jan-2005
1103342355 2					147,981.80			08-Jul-2005		6.615%		AZ - 80.00%		Paid Off - 360		01-Jan-2005
1103342397 2			174,800.00		174,503.15			29-Jul-2005		7.250%		MD - 95.00%		Paid Off - 360		01-Jan-2005
1103342397 2					174,503.15			29-Jul-2005		7.250%		MD - 95.00%		Paid Off - 360		01-Jan-2005
1103342460 2			308,000.00		308,000.00			11-Jul-2005		6.240%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342460 2					308,000.00			11-Jul-2005		6.240%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342489 2			227,979.00		227,978.99			28-Jul-2005		5.999%		FL - 94.99%		Paid Off - 360		01-Jan-2005
1103342489 2					227,978.99			28-Jul-2005		5.999%		FL - 94.99%		Paid Off - 360		01-Jan-2005
1103342525 2			312,000.00		312,000.00			29-Jul-2005		6.790%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103342525 2					312,000.00			29-Jul-2005		6.790%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103342533 2			253,600.00		253,600.01			08-Jul-2005		6.590%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342533 2					253,600.01			08-Jul-2005		6.590%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342554 2			256,500.00		256,064.53			19-Jul-2005		6.740%		MA - 95.00%		Paid Off - 360		01-Jan-2005
1103342554 2					256,064.53			19-Jul-2005		6.740%		MA - 95.00%		Paid Off - 360		01-Jan-2005
1103342743 1			387,000.00		387,000.00			13-Jul-2005		6.865%		AZ - 90.00%		Paid Off - 360		01-Jan-2005
1103342743 1					387,000.00			13-Jul-2005		6.865%		AZ - 90.00%		Paid Off - 360		01-Jan-2005
1103342776 1			412,200.00		412,200.00			06-Jul-2005		7.865%		FL - 90.00%		Paid Off - 360		01-Jan-2005
1103342776 1					412,200.00			06-Jul-2005		7.865%		FL - 90.00%		Paid Off - 360		01-Jan-2005
1103342858 1			476,000.00		473,711.46			21-Jul-2005		5.827%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342858 1					473,711.46			21-Jul-2005		5.827%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342945 1			615,600.00		615,600.00			18-Jul-2005		7.370%		IL - 95.00%		Paid Off - 360		01-Jan-2005
1103342945 1					615,600.00			18-Jul-2005		7.370%		IL - 95.00%		Paid Off - 360		01-Jan-2005
1103343054 1			378,000.00		374,636.48			28-Jul-2005		5.500%		IL - 70.00%		Paid Off - 360		01-Jan-2005
1103343054 1					374,636.48			28-Jul-2005		5.500%		IL - 70.00%		Paid Off - 360		01-Jan-2005
1103343661 2			291,000.00		291,000.00			08-Jul-2005		5.375%		CA - 78.87%		Paid Off - 360		01-Jan-2005
1103343661 2					291,000.00			08-Jul-2005		5.375%		CA - 78.87%		Paid Off - 360		01-Jan-2005
1103343676 1			165,000.00		163,776.61			07-Jul-2005		5.750%		FL - 89.67%		Paid Off - 360		01-Jan-2005
1103343676 1					163,776.61			07-Jul-2005		5.750%		FL - 89.67%		Paid Off - 360		01-Jan-2005
1103343820 1			387,500.00		387,500.00			18-Jul-2005		6.125%		NY - 68.59%		Paid Off - 360		01-Feb-2005
1103343820 1					387,500.00			18-Jul-2005		6.125%		NY - 68.59%		Paid Off - 360		01-Feb-2005
1103344322 2			245,100.00		243,105.13			22-Jul-2005		7.290%		CA - 95.00%		Paid Off - 360		01-Jan-2005
1103344322 2					243,105.13			22-Jul-2005		7.290%		CA - 95.00%		Paid Off - 360		01-Jan-2005
1103344366 1			408,000.00		408,000.00			21-Jul-2005		6.650%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103344366 1					408,000.00			21-Jul-2005		6.650%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103344393 2			235,000.00		231,994.89			01-Jul-2005		6.450%		IL - 100.00%		Paid Off - 360		01-Jan-2005
1103344393 2					231,994.89			01-Jul-2005		6.450%		IL - 100.00%		Paid Off - 360		01-Jan-2005
1103345650 2			248,500.00		248,500.00			19-Jul-2005		6.750%		OR - 70.00%		Paid Off - 360		01-Mar-2005
1103345650 2					248,500.00			19-Jul-2005		6.750%		OR - 70.00%		Paid Off - 360		01-Mar-2005
1103345723 2			335,300.00		333,867.99			12-Jul-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103345723 2					333,867.99			12-Jul-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103345775 1			416,000.00		416,000.00			11-Jul-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103345775 1					416,000.00			11-Jul-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103346129 2			194,000.00		193,998.75			28-Jul-2005		4.990%		CA - 79.50%		Paid Off - 360		01-Jan-2005
1103346129 2					193,998.75			28-Jul-2005		4.990%		CA - 79.50%		Paid Off - 360		01-Jan-2005
1103346198 1			877,500.00		866,971.55			01-Jul-2005		6.990%		CA - 65.00%		Paid Off - 360		01-Jan-2005
1103346198 1					866,971.55			01-Jul-2005		6.990%		CA - 65.00%		Paid Off - 360		01-Jan-2005
1103346631 1			173,600.00		173,600.00			20-Jul-2005		6.375%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103346631 1					173,600.00			20-Jul-2005		6.375%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103346698 1			566,200.00		566,200.00			14-Jul-2005		5.000%		CA - 69.15%		Paid Off - 360		01-Feb-2005
1103346698 1					566,200.00			14-Jul-2005		5.000%		CA - 69.15%		Paid Off - 360		01-Feb-2005
1103348035 1			388,500.00		388,500.00			13-Jul-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103348035 1					388,500.00			13-Jul-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103348080 2			140,250.00		139,743.18			18-Jul-2005		8.625%		MN - 85.00%		Paid Off - 360		01-Feb-2005
1103348080 2					139,743.18			18-Jul-2005		8.625%		MN - 85.00%		Paid Off - 360		01-Feb-2005
1103349097 2			163,879.00		162,973.84			06-Jul-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103349097 2					162,973.84			06-Jul-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103349995 2			281,200.00		279,783.52			12-Jul-2005		7.750%		NJ - 95.00%		Paid Off - 360		01-Jan-2005
1103349995 2					279,783.52			12-Jul-2005		7.750%		NJ - 95.00%		Paid Off - 360		01-Jan-2005
1103350183 2			152,000.00		151,895.18			21-Jul-2005		6.120%		CA - 79.16%		Paid Off - 360		01-Jan-2005
1103350183 2					151,895.18			21-Jul-2005		6.120%		CA - 79.16%		Paid Off - 360		01-Jan-2005
1103350197 2			210,750.00		210,750.00			28-Jul-2005		5.750%		CA - 75.00%		Paid Off - 360		01-Jan-2005
1103350197 2					210,750.00			28-Jul-2005		5.750%		CA - 75.00%		Paid Off - 360		01-Jan-2005
1103350475 2			272,000.00		269,689.64			28-Jul-2005		5.750%		IL - 80.00%		Paid Off - 360		01-Dec-2004
1103350475 2					269,689.64			28-Jul-2005		5.750%		IL - 80.00%		Paid Off - 360		01-Dec-2004
1103350491 1			375,000.00		374,913.12			29-Jul-2005		5.500%		CA - 75.00%		Paid Off - 360		01-Jan-2005
1103350491 1					374,913.12			29-Jul-2005		5.500%		CA - 75.00%		Paid Off - 360		01-Jan-2005
1103350580 2			296,000.00		296,000.00			01-Jul-2005		5.750%		VA - 80.00%		Paid Off - 360		01-Nov-2004
1103350580 2					296,000.00					5.750%		VA - 80.00%		Paid Off - 360


Page 23 of 31
Impac CMB Trust 2005-1

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

August 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

1103350582 2			260,000.00		259,719.43			19-Jul-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Nov-2004
			260,000.00

1103350679 2			291,000.00		290,616.80			27-Jul-2005		5.500%		CA - 55.42%		Paid Off - 360		01-Feb-2005
1103350679 2					290,616.80			27-Jul-2005		5.500%		CA - 55.42%		Paid Off - 360		01-Feb-2005
1103350782 1			125,900.00		125,773.80			15-Jul-2005		5.990%		AZ - 69.76%		Paid Off - 360		01-Feb-2005
1103350782 1					125,773.80			15-Jul-2005		5.990%		AZ - 69.76%		Paid Off - 360		01-Feb-2005
1103350803 2			175,000.00		174,509.31			05-Jul-2005		4.875%		VA - 64.82%		Paid Off - 360		01-Dec-2004
1103350803 2					174,509.31			05-Jul-2005		4.875%		VA - 64.82%		Paid Off - 360		01-Dec-2004
1103350855 2			131,150.00		131,150.00			01-Jul-2005		5.750%		MD - 69.99%		Paid Off - 360		01-Feb-2005
1103350855 2					131,150.00			01-Jul-2005		5.750%		MD - 69.99%		Paid Off - 360		01-Feb-2005
1103354809 2			350,000.00		349,910.68			04-Jul-2005		6.125%		CA - 60.87%		Paid Off - 360		01-Mar-2005
1103354809 2					349,910.68			04-Jul-2005		6.125%		CA - 60.87%		Paid Off - 360		01-Mar-2005
1103354863 1			394,400.00		394,400.00			25-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103354863 1					394,400.00			25-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103354907 1			457,449.07		454,692.27			18-Jul-2005		6.375%		FL - 90.00%		Paid Off - 360		01-Feb-2005
1103354907 1					454,692.27			18-Jul-2005		6.375%		FL - 90.00%		Paid Off - 360		01-Feb-2005
1103354992 1			750,000.00		750,000.00			29-Jul-2005		5.875%		CA - 75.00%		Paid Off - 360		01-Feb-2005
1103354992 1					750,000.00			29-Jul-2005		5.875%		CA - 75.00%		Paid Off - 360		01-Feb-2005
1103355005 2			210,000.00		209,948.59			05-Jul-2005		5.875%		CA - 75.00%		Paid Off - 360		01-Feb-2005
1103355005 2					209,948.59			05-Jul-2005		5.875%		CA - 75.00%		Paid Off - 360		01-Feb-2005
1103356349 1			436,000.00		434,479.93			20-Jul-2005		7.875%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103356349 1					434,479.93			20-Jul-2005		7.875%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103356716 2			195,000.00		193,513.35			05-Jul-2005		4.750%		CA - 75.00%		Paid Off - 360		01-Feb-2005
1103356716 2					193,513.35			05-Jul-2005		4.750%		CA - 75.00%		Paid Off - 360		01-Feb-2005
1103359355 1			168,000.00		2,160.34			07-Jul-2005		5.375%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103359355 1					2,160.34			07-Jul-2005		5.375%		FL - 70.00%		Paid Off - 360		01-Feb-2005
2503090564 1			136,500.00		136,500.00			18-Jul-2005		5.750%		FL - 70.00%		Paid Off - 360		01-Feb-2005
2503090564 1					136,500.00			18-Jul-2005		5.750%		FL - 70.00%		Paid Off - 360		01-Feb-2005
2503092869 2			330,000.00		329,235.97			11-Jul-2005		5.250%		CA - 68.35%		Paid Off - 360		01-Feb-2005
2503092869 2					329,235.97			11-Jul-2005		5.250%		CA - 68.35%		Paid Off - 360		01-Feb-2005
2503094214 1			210,000.00		210,000.00			20-Jul-2005		6.500%		FL - 69.77%		Paid Off - 360		01-Mar-2005
2503094214 1					210,000.00			20-Jul-2005		6.500%		FL - 69.77%		Paid Off - 360		01-Mar-2005
2503094341 2			201,500.00		201,500.00			27-Jul-2005		4.375%		CA - 61.25%		Paid Off - 360		01-Mar-2005
2503094341 2					201,500.00			27-Jul-2005		4.375%		CA - 61.25%		Paid Off - 360		01-Mar-2005
2503094519 1			176,000.00		176,000.00			19-Jul-2005		6.000%		FL - 80.00%		Paid Off - 360		01-Mar-2005
2503094519 1					176,000.00			19-Jul-2005		6.000%		FL - 80.00%		Paid Off - 360		01-Mar-2005
3900009921 2			125,900.00		119,861.58			13-Jul-2005		9.625%		WA - 90.00%		Paid Off - 360		01-Sep-1999
3900009921 2					119,861.58			13-Jul-2005		9.625%		WA - 90.00%		Paid Off - 360		01-Sep-1999
3900009943 2			252,000.00		241,151.86			26-Jul-2005		9.875%		NY - 80.00%		Paid Off - 360		01-Dec-1999
3900009943 2					241,151.86			26-Jul-2005		9.875%		NY - 80.00%		Paid Off - 360		01-Dec-1999
3900010032 1			51,950.00		39,665.92			22-Jul-2005		8.625%		FL - 79.99%		Paid Off - 360		01-Dec-1999
3900010032 1					39,665.92			22-Jul-2005		8.625%		FL - 79.99%		Paid Off - 360		01-Dec-1999
3900010076 2			100,800.00		97,050.80			19-Jul-2005		10.750%		NY - 90.00%		Paid Off - 360		01-Jan-2000
3900010076 2					97,050.80			19-Jul-2005		10.750%		NY - 90.00%		Paid Off - 360		01-Jan-2000
3900010109 1			89,550.00		85,959.33			08-Jul-2005		10.250%		PA - 90.00%		Paid Off - 180		01-Dec-1999
3900010109 1					85,959.33			08-Jul-2005		10.250%		PA - 90.00%		Paid Off - 180		01-Dec-1999
3900010124 2			83,700.00		79,422.28			21-Jul-2005		9.500%		FL - 90.00%		Paid Off - 360		01-Dec-1999
3900010124 2					79,422.28			21-Jul-2005		9.500%		FL - 90.00%		Paid Off - 360		01-Dec-1999
3900010163 2			140,100.00		134,361.95			20-Jul-2005		10.125%		NY - 94.99%		Paid Off - 360		01-Dec-1999
3900010163 2					134,361.95			20-Jul-2005		10.125%		NY - 94.99%		Paid Off - 360		01-Dec-1999
3900010182 2			99,000.00		94,520.44			26-Jul-2005		9.250%		PA - 90.00%		Paid Off - 360		01-Jan-2000
3900010182 2					94,520.44			26-Jul-2005		9.250%		PA - 90.00%		Paid Off - 360		01-Jan-2000
3900010232 1			116,000.00		92,251.23			19-Jul-2005		9.875%		NY - 63.74%		Paid Off - 180		01-Apr-2000
3900010232 1					92,251.23			19-Jul-2005		9.875%		NY - 63.74%		Paid Off - 180		01-Apr-2000
3900010239 1			135,500.00		129,846.17			21-Jul-2005		9.375%		FL - 89.98%		Paid Off - 360		01-Apr-2000
3900010239 1					129,846.17			21-Jul-2005		9.375%		FL - 89.98%		Paid Off - 360		01-Apr-2000
3900010292 1			335,250.00		324,177.86			01-Jul-2005		10.750%		CA - 90.00%		Paid Off - 360		01-Mar-2000
3900010292 1					324,177.86			01-Jul-2005		10.750%		CA - 90.00%		Paid Off - 360		01-Mar-2000


TOTAL			28,412,481.07		28,103,072.86
TOTAL


Page 24 of 31
Impac CMB Trust 2005-1

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

August 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

August 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

August 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

August 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

August 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														3.460000%
Next LIBOR Rate														3.641250%




Page 29 of 31
Impac CMB Trust 2005-1

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

August 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							7.64%			$0.00		$0.00
										7.64%			$0.00		$0.00
			1-A-2							7.73%			$0.00		$0.00
										7.73%			$0.00		$0.00
			2-A-1							7.71%			$0.00		$0.00
										7.71%			$0.00		$0.00
			2-A-2							7.98%			$0.00		$0.00
										7.98%			$0.00		$0.00
			M-5-1							4.23%			$0.00		$0.00
										4.23%			$0.00		$0.00
			M-6-1							4.28%			$0.00		$0.00
										4.28%			$0.00		$0.00
			M-1-2							4.76%			$0.00		$0.00
										4.76%			$0.00		$0.00
			M-2-2							3.92%			$0.00		$0.00
										3.92%			$0.00		$0.00
			M-3-2							3.96%			$0.00		$0.00
										3.96%			$0.00		$0.00
			M-4-2							3.99%			$0.00		$0.00
										3.99%			$0.00		$0.00
			M-5-2							4.21%			$0.00		$0.00
										4.21%			$0.00		$0.00
			M-6-2							4.23%			$0.00		$0.00
										4.23%			$0.00		$0.00
			B-1							4.28%			$0.00		$0.00
										4.28%			$0.00		$0.00
			B-2							4.76%			$0.00		$0.00
										4.76%			$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

August 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
BEAR STERNS REFERENCE NUMBER FXIMP05A1														(89,422.72)
BEAR STERNS REFERENCE NUMBER FXIMP05B1														(17,878.38)
BEAR STERNS REFERENCE NUMBER FXIMP05C1														35,541.34
BEAR STERNS REFERENCE NUMBER FXIMP05D1														1,639.32
BEAR STERNS REFERENCE NUMBER FXIMP05E1														(3,439.86)
BEAR STERNS REFERENCE NUMBER FXNCC6713														0.00







Page 31 of 31

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