

                           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 2005-5 (as Issuer under the
                      Indenture dated as June 30, 2005, providing
                    for the issuance of IMPAC CMB Trust Series 2005-5)
                  (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-117817-09                         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 Impac
                                  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 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				Impac Funding Corporation						1. Certificate Payment Report					2
				Impac Funding Corporation						2. Collection Account Report					4
										2. Collection Account Report					4
										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					10
				Certificate Insurer(s)						5. Delinquency Report					10
										6. REO Report					11

				Ambac						7. Foreclosure Report					12
										8. Prepayment Report					13
										9. Prepayment Detail Report					16
										9. Prepayment Detail Report					16
										10. Realized Loss Report					21
										11. Realized Loss Detail Report					24
				Servicer(s)						11. Realized Loss Detail Report					24
				Servicer(s)						12. Triggers and Adj. Cert. Report					25
				Impac Funding Corporation						12. Triggers and Adj. Cert. Report					25
				Impac Funding Corporation						13. Additional Certificate Report					26
										13. Additional Certificate Report					26
										14. Other Related Information					27


				Underwriter(s)
				Countrywide Funding Corporation


										Total Number of Pages					27
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			June 01, 2005			Marion Hogan
				Close Date:			June 30, 2005			Administrator
				First Distribution Date:			July 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 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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)

A-1	STEP. FLT,	$	926,091,000.00		916,454,243.53		2,983,058.56		25,175,143.23		28,158,201.79		0.00		0.00		891,279,100.30
A-1	STEP. FLT,	$	926,091,000.00		916,454,243.53		2,983,058.56		25,175,143.23		28,158,201.79		0.00		0.00		891,279,100.30
A-2	STEP. FLT,	$	110,000,000.00		108,855,357.40		344,950.53		2,990,273.91		3,335,224.44		0.00		0.00		105,865,083.49
A-3W	STEP. FLT,	$	150,000,000.00		148,439,123.73		474,221.77		4,077,646.24		4,551,868.01		0.00		0.00		144,361,477.49
A-4	STEP. FLT,	$	131,788,000.00		130,416,634.92		431,244.34		3,582,565.62		4,013,809.96		0.00		0.00		126,834,069.30
A-IO	IO,NTL	$	0.00		0.00		1,540,098.25		0.00		1,540,098.25		0.00		0.00		0.00
M-1	MEZ, STEP,	$	114,491,000.00		113,299,624.76		387,327.36		3,112,358.64		3,499,686.00		0.00		0.00		110,187,266.12
M-2	MEZ, STEP,	$	75,778,000.00		74,989,466.12		258,297.05		2,059,972.51		2,318,269.56		0.00		0.00		72,929,493.61
M-3	MEZ, STEP,	$	51,891,000.00		51,351,030.46		178,644.53		1,410,620.94		1,589,265.47		0.00		0.00		49,940,409.52
M-4	MEZ, STEP,	$	20,592,000.00		20,377,722.90		72,997.53		559,779.28		632,776.81		0.00		0.00		19,817,943.62
M-5	MEZ, STEP,	$	21,416,000.00		21,193,148.49		77,378.54		582,179.15		659,557.69		0.00		0.00		20,610,969.34
M-6	MEZ, STEP,	$	18,945,000.00		18,747,861.33		69,257.72		515,006.72		584,264.44		0.00		0.00		18,232,854.61
B	SUB, STEP,	$	26,356,000.00		26,081,743.63		113,643.95		716,469.62		830,113.57		0.00		0.00		25,365,274.01
CERT	R	$	0.00		0.00		288,525.64		0.00		288,525.64		0.00		0.00		0.00


Total			1,647,348,000.00		1,630,205,957.27		7,219,645.77		44,782,015.86		52,001,661.63		0.00		0.00		1,585,423,941.41
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)
A-1	07/25/05		08/24/05		A-Act/360		45254NPU5		926,091,000.00		989.594158		3.221129		27.184308		30.405437	962.409850
A-2	07/25/05		08/24/05		A-Act/360		45254NPV3		110,000,000.00		989.594158		3.135914		27.184308		30.320222	962.409850
A-3W	07/25/05		08/24/05		A-Act/360		45254NPW1		150,000,000.00		989.594158		3.161478		27.184308		30.345787	962.409850
A-4	07/25/05		08/24/05		A-Act/360		45254NQF7		131,788,000.00		989.594158		3.272258		27.184308		30.456566	962.409850
A-IO	07/01/05		07/30/05		A-30/360		45254NPX9		1,647,348,802.00		934.895053		0.934895		0.000000		0.934895	875.104046
M-1	07/25/05		08/24/05		A-Act/360		45254NPY7		114,491,000.00		989.594158		3.383038		27.184308		30.567346	962.409850
M-2	07/25/05		08/24/05		A-Act/360		45254NPZ4		75,778,000.00		989.594158		3.408602		27.184308		30.592910	962.409850
M-3	07/25/05		08/24/05		A-Act/360		45254NQA8		51,891,000.00		989.594158		3.442688		27.184308		30.626996	962.409850
M-4	07/25/05		08/24/05		A-Act/360		45254NQB6		20,592,000.00		989.594158		3.544946		27.184308		30.729255	962.409849
M-5	07/25/05		08/24/05		A-Act/360		45254NQC4		21,416,000.00		989.594158		3.613118		27.184308		30.797427	962.409850
M-6	07/25/05		08/24/05		A-Act/360		45254NQD2		18,945,000.00		989.594158		3.655726		27.184308		30.840034	962.409850
B	07/25/05		08/24/05		A-Act/360		45254NQE0		26,356,000.00		989.594158		4.311882		27.184308		31.496189	962.409850
CERT	07/25/05		08/24/05		A-Act/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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)
A-1	926,091,000.00		5,330,442.00		34,204,633.82		288,469.53		34,811,899.70		40,142,341.70		0.00		0.00		891,279,100.30
A-2	110,000,000.00		616,131.09		4,062,786.18		34,264.07		4,134,916.51		4,751,047.60		0.00		0.00		105,865,083.49
A-3W	150,000,000.00		847,138.44		5,540,162.97		46,723.73		5,638,522.51		6,485,660.95		0.00		0.00		144,361,477.49
A-4	131,788,000.00		770,781.48		4,867,513.32		41,050.85		4,953,930.70		5,724,712.18		0.00		0.00		126,834,069.30
A-IO	0.00		1,883,295.92		0.00		0.00		0.00		1,883,295.92		0.00		0.00		0.00
M-1	114,491,000.00		692,636.69		4,228,658.67		35,662.98		4,303,733.88		4,996,370.57		0.00		0.00		110,187,266.12
M-2	75,778,000.00		461,950.43		2,798,816.46		23,604.21		2,848,506.39		3,310,456.82		0.00		0.00		72,929,493.61
M-3	51,891,000.00		319,543.01		1,916,563.98		16,163.61		1,950,590.48		2,270,133.49		0.00		0.00		49,940,409.52
M-4	20,592,000.00		130,626.53		760,553.58		6,414.23		774,056.38		904,682.91		0.00		0.00		19,817,943.62
M-5	21,416,000.00		138,503.37		790,987.54		6,670.90		805,030.66		943,534.03		0.00		0.00		20,610,969.34
M-6	18,945,000.00		123,987.72		699,722.58		5,901.21		712,145.39		836,133.11		0.00		0.00		18,232,854.61
B	26,356,000.00		203,876.64		973,443.56		8,209.67		990,725.99		1,194,602.63		0.00		0.00		25,365,274.01
CERT	0.00		2,731,857.57		0.00		0.00		0.00		2,731,857.57		0.00		0.00		0.00


Total	1,647,348,000.00		14,250,770.89		60,843,842.66		513,134.99		61,924,058.59		76,174,829.48		0.00		0.00		1,585,423,941.41


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)
A-1	3.78000%		916,454,243.53		2,983,058.56		0.00		0.00		0.00		2,983,058.56		2,983,058.56		0.00
A-2	3.68000%		108,855,357.40		344,950.53		0.00		0.00		0.00		344,950.53		344,950.53		0.00
A-3W	3.71000%		148,439,123.73		474,221.77		0.00		0.00		0.00		474,221.77		474,221.77		0.00
A-4	3.84000%		130,416,634.92		431,244.34		0.00		0.00		0.00		431,244.34		431,244.34		0.00
A-IO	1.20000%		1,540,098,246.00		1,540,098.25		0.00		0.00		0.00		1,540,098.25		1,540,098.25		0.00
M-1	3.97000%		113,299,624.76		387,327.36		0.00		0.00		0.00		387,327.36		387,327.36		0.00
M-2	4.00000%		74,989,466.12		258,297.05		0.00		0.00		0.00		258,297.05		258,297.05		0.00
M-3	4.04000%		51,351,030.46		178,644.53		0.00		0.00		0.00		178,644.53		178,644.53		0.00
M-4	4.16000%		20,377,722.90		72,997.53		0.00		0.00		0.00		72,997.53		72,997.53		0.00
M-5	4.24000%		21,193,148.49		77,378.54		0.00		0.00		0.00		77,378.54		77,378.54		0.00
M-6	4.29000%		18,747,861.33		69,257.72		0.00		0.00		0.00		69,257.72		69,257.72		0.00
B	5.01679%		26,081,743.63		112,673.57		0.00		0.00		0.00		112,673.57		113,643.95		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		288,525.64		0.00


Total			3,170,304,203.27		6,930,149.75		0.00		0.00		0.00		6,930,149.75		7,219,645.77		0.00



Page 3 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
														Total
Principal Collections														44,782,015.86
Principal Withrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														44,782,015.86
Interest Collections														8,010,132.87
Interest Withdrawals														-0.00
Interest Other Accounts														(306,845.01)
Interest Fees														-483,642.09
TOTAL NET INTEREST														7,219,645.77
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														52,001,661.63



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															513,134.99
Curtailments															519,819.07
Prepayments In Full															43,749,061.80
Repurchased/Substitutions															0.00
Liquidations															0.00
Insurance Principal															0.00
Other Additional Principal															0.00
Delinquent Principal															-91,906.13
Realized Losses															-0.00
Advanced Principal															91,906.13
TOTAL PRINCIPAL COLLECTED															44,782,015.86


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
														Total
Closing Deposit
TOTAL PRINCIPAL OTHER ACCOUNTS														0.00





Page 4 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
														Total
Scheduled Interest														8,092,615.99
Repurchased/Substitution Interest														0.00
Liquidation Interest														0.00
Insurance Interest														0.00
Other Additional Interest														0.00
Prepayment Interest Shortfalls														-81,389.87
Delinquent Interest														-1,262,917.94
Compensating Interest														81,389.87
Civil Relief Act Shortfalls														-0.00
Interest Advanced														1,180,434.82
TOTAL INTEREST COLLECTED														8,010,132.87


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
														Total
TOTAL INTEREST WITHDRAWALS														0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														184,550.74
Deriviative Contract Payments														491,395.75

TOTAL INTEREST OTHER ACCOUNTS														-306,845.01



INTEREST - FEES
INTEREST - FEES
														Total
Current Servicing Fees														467,678.57
Owner Trustee Fees														2,309.46
Indenture Trustee Fees														0.00
PMI														6,232.10
A-3W Certificate Insurance Fees														7,421.96
TOTAL INTEREST FEES														483,642.09



Page 5 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
														Total
Overcollateralized Amount/(Undercollateralized Amount)														0.00
Overcollateralization Release Amount														0.00
Overcollateralization Deficiency Amount														0.00
Overcollateralization Target Amount														0.00



Page 6 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Collateral Report


COLLATERAL



															Total



Loan Count:


Original														5,950
Prior														5,888
Prefunding														0
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-154
Repurchases														-0
Liquidations														-0
Current														5,734
Principal Balance:


Original														1,647,348,913.29
Prior														1,630,205,957.27
Prefunding														0.00
Scheduled Principal														-513,134.99
Partial Prepayments														-519,819.07
Full Voluntary Prepayments														-43,749,061.80
Repurchases														-0.00
Liquidations														-0.00
Current														1,585,423,941.41





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
														Total
Weighted Average Coupon Original														5.93727%
Weighted Average Coupon Prior														5.93727%
Weighted Average Coupon Current														5.95700%
Weighted Average Months to Maturity Original														350
Weighted Average Months to Maturity Prior														350
Weighted Average Months to Maturity Current														349
Weighted Avg Remaining Amortization Term Original														350
Weighted Avg Remaining Amortization Term Prior														350
Weighted Avg Remaining Amortization Term Current														349
Weighted Average Seasoning Original														9.71
Weighted Average Seasoning Prior														9.71
Weighted Average Seasoning Current														10.41









Page 8 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														3.30005%
Weighted Average Margin Prior														3.30005%
Weighted Average Margin Current														3.30215%
Weighted Average Max Rate Original														11.91024%
Weighted Average Max Rate Prior														11.91024%
Weighted Average Max Rate Current														11.90789%
Weighted Average Min Rate Original														3.45523%
Weighted Average Min Rate Prior														3.45523%
Weighted Average Min Rate Current														3.45863%
Weighted Average Cap Up Original														1.24854%
Weighted Average Cap Up Prior														1.24854%
Weighted Average Cap Up Current														1.24981%
Weighted Average Cap Down Original														1.24854%
Weighted Average Cap Down Prior														1.24854%
Weighted Average Cap Down Current														1.24981%




SERVICING FEES & ADVANCES

															Total




Current Servicing Fees														467,678.57
Delinquent Servicing Fees														82,483.12
TOTAL SERVICING FEES														550,161.72


Total Servicing Fees														550,161.72
Compensating Interest														-81,389.87
Delinquent Servicing Fees														-82,483.12
COLLECTED SERVICING FEES														386,288.74


Total Advaced Interest														1,180,434.82
Total Advaced Principal														91,906.13
Aggregate Advances with respect to this Distribution														1,272,340.95





ADDITIONAL COLLATERAL INFORMATION
														Total
Prepayment Interest Shortfall (PPIS)														81,389.87
Compensating Interest														-81,389.87
Net Prepayment Interest Shortfall (PPIS)														0.00






Page 9 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				4,237,661.82		0.00		0.00		4,237,661.82
			% Balance				0.27%		0.00%		0.00%		0.27%
			# Loans				16		0		0		16
			% # Loans				0.28%		0.00%		0.00%		0.28%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		1,162,443.34		0.00		0.00		0.00		1,162,443.34
			% Balance		0.07%		0.00%		0.00%		0.00%		0.07%
			# Loans		6		0		0		0		6
			% # Loans		0.10%		0.00%		0.00%		0.00%		0.10%
	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		1,162,443.34		4,237,661.82		0.00		0.00		5,400,105.16
			% Balance		0.07%		0.27%		0.00%		0.00%		0.34%
			# Loans		6		16		0		0		22
			% # Loans		0.10%		0.28%		0.00%		0.00%		0.38%









Page 10 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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




TOTAL


Page 11 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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




TOTAL


Page 12 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

															Total




Current


Number of Paid in Full Loans														154
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														154
Curtailments Amount														519,819.07
Paid in Full Balance														43,749,061.80
Repurchased Loans Balance														0.00
Total Prepayment Amount														44,268,880.87

Cumulative


Number of Paid in Full Loans														216
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														216
Paid in Full Balance														59,827,040.06
Repurchased Loans Balance														0.00
Curtailments Amount														1,017,715.91
Total Prepayment Amount														60,844,755.97










Page 13 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

															Total



SMM														2.72%
3 Months Avg SMM														1.87%
12 Months Avg SMM														1.87%
Avg SMM Since Cut-off														1.87%


CPR														28.14%
3 Months Avg CPR														20.22%
12 Months Avg CPR														20.22%
Avg CPR Since Cut-off														20.22%


PSA														1,352.19%
3 Months Avg PSA Approximation														1,005.14%
12 Months Avg PSA Approximation														1,005.14%
Avg PSA Since Cut-off Approximation														1,005.14%










Page 14 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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 15 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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

1103385087 1			544,000.00		543,999.99			28-Jul-2005		5.875%		OH - 80.00%		Paid Off - 360		01-Mar-2005
			544,000.00

1103385111 1			568,000.00		567,523.79			05-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103385111 1					567,523.79			05-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103387527 1			216,900.00		216,900.00			13-Jul-2005		5.875%		FL - 70.00%		Paid Off - 360		01-May-2005
1103387527 1					216,900.00			13-Jul-2005		5.875%		FL - 70.00%		Paid Off - 360		01-May-2005
1103395059 1			388,000.00		388,000.00			01-Jul-2005		6.750%		AZ - 80.00%		Paid Off - 360		01-Apr-2005
1103395059 1					388,000.00			01-Jul-2005		6.750%		AZ - 80.00%		Paid Off - 360		01-Apr-2005
1103398733 1			371,000.00		371,000.00			01-Jul-2005		5.625%		FL - 70.00%		Paid Off - 360		01-Jul-2005
1103398733 1					371,000.00			01-Jul-2005		5.625%		FL - 70.00%		Paid Off - 360		01-Jul-2005
1103401226 1			210,000.00		210,000.00			28-Jul-2005		6.375%		DC - 56.76%		Paid Off - 360		01-Jun-2005
1103401226 1					210,000.00			28-Jul-2005		6.375%		DC - 56.76%		Paid Off - 360		01-Jun-2005
1103405987 1			700,000.00		700,000.00			26-Jul-2005		5.500%		IL - 66.67%		Paid Off - 360		01-Apr-2005
1103405987 1					700,000.00			26-Jul-2005		5.500%		IL - 66.67%		Paid Off - 360		01-Apr-2005
1103409340 1			308,000.00		303,597.02			18-Jul-2005		5.625%		IL - 80.00%		Paid Off - 360		01-Jul-2004
1103409340 1					303,597.02			18-Jul-2005		5.625%		IL - 80.00%		Paid Off - 360		01-Jul-2004
1103409348 1			466,500.00		466,500.00			21-Jul-2005		6.750%		MA - 75.00%		Paid Off - 360		01-Feb-2005
1103409348 1					466,500.00			21-Jul-2005		6.750%		MA - 75.00%		Paid Off - 360		01-Feb-2005
1103409351 1			365,000.00		365,000.00			27-Jul-2005		6.375%		CA - 74.94%		Paid Off - 360		01-Feb-2005
1103409351 1					365,000.00			27-Jul-2005		6.375%		CA - 74.94%		Paid Off - 360		01-Feb-2005
1103409365 1			249,000.00		247,144.24			27-Jul-2005		4.875%		CA - 77.57%		Paid Off - 360		01-Feb-2005
1103409365 1					247,144.24			27-Jul-2005		4.875%		CA - 77.57%		Paid Off - 360		01-Feb-2005
1103409403 1			355,500.00		352,508.28			25-Jul-2005		7.000%		NJ - 90.00%		Paid Off - 360		01-Dec-2004
1103409403 1					352,508.28			25-Jul-2005		7.000%		NJ - 90.00%		Paid Off - 360		01-Dec-2004
1103409452 1			640,000.00		640,000.00			29-Jul-2005		6.400%		CA - 80.00%		Paid Off - 360		01-Aug-2004
1103409452 1					640,000.00			29-Jul-2005		6.400%		CA - 80.00%		Paid Off - 360		01-Aug-2004
1103409504 1			294,000.00		290,821.55			19-Jul-2005		5.100%		CA - 79.45%		Paid Off - 360		01-Nov-2004
1103409504 1					290,821.55			19-Jul-2005		5.100%		CA - 79.45%		Paid Off - 360		01-Nov-2004
1103409535 1			253,000.00		250,723.59			22-Jul-2005		5.440%		MA - 85.77%		Paid Off - 360		01-Dec-2004
1103409535 1					250,723.59			22-Jul-2005		5.440%		MA - 85.77%		Paid Off - 360		01-Dec-2004
1103409654 1			228,000.00		228,000.00			13-Jul-2005		5.390%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103409654 1					228,000.00			13-Jul-2005		5.390%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103410053 1			185,000.00		182,873.32			05-Jul-2005		5.400%		NY - 81.49%		Paid Off - 360		01-Oct-2004
1103410053 1					182,873.32			05-Jul-2005		5.400%		NY - 81.49%		Paid Off - 360		01-Oct-2004
1103410116 1			93,600.00		92,534.60			08-Jul-2005		5.400%		NM - 79.32%		Paid Off - 360		01-Oct-2004
1103410116 1					92,534.60			08-Jul-2005		5.400%		NM - 79.32%		Paid Off - 360		01-Oct-2004
1103410141 1			163,200.00		162,098.97			29-Jul-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103410141 1					162,098.97			29-Jul-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103410193 1			650,000.00		650,000.00			28-Jul-2005		6.875%		CA - 74.71%		Paid Off - 360		01-Nov-2004
1103410193 1					650,000.00			28-Jul-2005		6.875%		CA - 74.71%		Paid Off - 360		01-Nov-2004
1103410341 1			231,300.00		231,300.00			19-Jul-2005		6.875%		VA - 90.00%		Paid Off - 360		01-Dec-2004
1103410341 1					231,300.00			19-Jul-2005		6.875%		VA - 90.00%		Paid Off - 360		01-Dec-2004
1103414558 1			478,400.00		477,157.36			27-Jul-2005		6.750%		CA - 80.00%		Paid Off - 360		01-May-2005
1103414558 1					477,157.36			27-Jul-2005		6.750%		CA - 80.00%		Paid Off - 360		01-May-2005
1103414620 1			149,600.00		149,600.00			05-Jul-2005		5.000%		AZ - 80.00%		Paid Off - 360		01-May-2005
1103414620 1					149,600.00			05-Jul-2005		5.000%		AZ - 80.00%		Paid Off - 360		01-May-2005
1103415280 1			149,860.00		149,860.00			25-Jul-2005		6.125%		FL - 70.00%		Paid Off - 360		01-Jun-2005
1103415280 1					149,860.00			25-Jul-2005		6.125%		FL - 70.00%		Paid Off - 360		01-Jun-2005
1103415516 1			109,600.00		109,600.00			15-Jul-2005		6.125%		WA - 80.00%		Paid Off - 360		01-May-2005
1103415516 1					109,600.00			15-Jul-2005		6.125%		WA - 80.00%		Paid Off - 360		01-May-2005
1103415600 1			1,000,000.00		1,000,000.00			28-Jul-2005		5.990%		CA - 62.53%		Paid Off - 360		01-May-2005
1103415600 1					1,000,000.00			28-Jul-2005		5.990%		CA - 62.53%		Paid Off - 360		01-May-2005
1103415627 1			267,750.00		267,750.00			27-Jul-2005		7.050%		CA - 85.00%		Paid Off - 360		01-Mar-2005
1103415627 1					267,750.00			27-Jul-2005		7.050%		CA - 85.00%		Paid Off - 360		01-Mar-2005
1103415640 1			1,495,000.00		1,495,000.00			11-Jul-2005		4.500%		AZ - 64.44%		Paid Off - 360		01-May-2005
1103415640 1					1,495,000.00			11-Jul-2005		4.500%		AZ - 64.44%		Paid Off - 360		01-May-2005
1103415677 1			124,800.00		124,800.00			25-Jul-2005		5.125%		CA - 65.00%		Paid Off - 360		01-May-2005
1103415677 1					124,800.00			25-Jul-2005		5.125%		CA - 65.00%		Paid Off - 360		01-May-2005
1103415710 1			359,650.00		358,491.12			20-Jul-2005		5.625%		CA - 74.16%		Paid Off - 360		01-May-2005
1103415710 1					358,491.12			20-Jul-2005		5.625%		CA - 74.16%		Paid Off - 360		01-May-2005
1103417968 1			280,000.00		280,000.00			08-Jul-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Jun-2005
1103417968 1					280,000.00			08-Jul-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Jun-2005
1103417969 1			156,000.00		156,000.00			13-Jul-2005		6.500%		VA - 80.00%		Paid Off - 360		01-Jun-2005
1103417969 1					156,000.00			13-Jul-2005		6.500%		VA - 80.00%		Paid Off - 360		01-Jun-2005
1103417975 1			130,320.00		130,320.00			19-Jul-2005		6.375%		AZ - 80.00%		Paid Off - 360		01-Jun-2005
1103417975 1					130,320.00			19-Jul-2005		6.375%		AZ - 80.00%		Paid Off - 360		01-Jun-2005
1103417997 1			352,800.00		352,800.00			27-Jul-2005		5.125%		VA - 80.00%		Paid Off - 360		01-Jun-2005
1103417997 1					352,800.00			27-Jul-2005		5.125%		VA - 80.00%		Paid Off - 360		01-Jun-2005
1103418537 1			343,200.00		343,197.94			11-Jul-2005		5.625%		NV - 80.00%		Paid Off - 360		01-May-2005
1103418537 1					343,197.94			11-Jul-2005		5.625%		NV - 80.00%		Paid Off - 360		01-May-2005
1103418591 1			353,600.00		353,600.00			15-Jul-2005		5.250%		GA - 80.00%		Paid Off - 360		01-May-2005
1103418591 1					353,600.00			15-Jul-2005		5.250%		GA - 80.00%		Paid Off - 360		01-May-2005
1103418794 1			318,500.00		318,500.00			22-Jul-2005		5.250%		MS - 70.00%		Paid Off - 360		01-Jul-2005
1103418794 1					318,500.00					5.250%		MS - 70.00%		Paid Off - 360


Page 16 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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

1103420271 1			114,800.00		114,800.00			21-Jul-2005		5.500%		AZ - 70.00%		Paid Off - 360		01-May-2005
			114,800.00

1103420287 1			350,000.00		350,000.00			18-Jul-2005		6.875%		CA - 70.00%		Paid Off - 360		01-Jun-2005
1103420287 1					350,000.00			18-Jul-2005		6.875%		CA - 70.00%		Paid Off - 360		01-Jun-2005
1103422729 1			142,795.00		142,795.00			26-Jul-2005		7.500%		AZ - 80.00%		Paid Off - 360		01-Jul-2005
1103422729 1					142,795.00			26-Jul-2005		7.500%		AZ - 80.00%		Paid Off - 360		01-Jul-2005
1103423254 1			216,720.00		216,720.00			01-Jul-2005		6.875%		WA - 80.00%		Paid Off - 360		01-May-2005
1103423254 1					216,720.00			01-Jul-2005		6.875%		WA - 80.00%		Paid Off - 360		01-May-2005
1103423388 1			245,000.00		245,000.00			29-Jul-2005		4.875%		AZ - 70.00%		Paid Off - 360		01-Jun-2005
1103423388 1					245,000.00			29-Jul-2005		4.875%		AZ - 70.00%		Paid Off - 360		01-Jun-2005
1103423393 1			472,000.00		471,800.00			28-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Jun-2005
1103423393 1					471,800.00			28-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Jun-2005
1103423403 1			300,000.00		299,400.07			22-Jul-2005		5.990%		CA - 38.71%		Paid Off - 360		01-Jun-2005
1103423403 1					299,400.07			22-Jul-2005		5.990%		CA - 38.71%		Paid Off - 360		01-Jun-2005
1103423448 1			231,000.00		231,000.00			11-Jul-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Jun-2005
1103423448 1					231,000.00			11-Jul-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Jun-2005
1103423476 1			305,000.00		304,330.79			27-Jul-2005		5.500%		CA - 78.20%		Paid Off - 360		01-Jun-2005
1103423476 1					304,330.79			27-Jul-2005		5.500%		CA - 78.20%		Paid Off - 360		01-Jun-2005
1103423491 1			363,200.00		363,200.00			25-Jul-2005		6.375%		HI - 80.00%		Paid Off - 360		01-Jun-2005
1103423491 1					363,200.00			25-Jul-2005		6.375%		HI - 80.00%		Paid Off - 360		01-Jun-2005
1103423542 1			288,800.00		288,800.00			28-Jul-2005		7.250%		VA - 95.00%		Paid Off - 360		01-Jun-2005
1103423542 1					288,800.00			28-Jul-2005		7.250%		VA - 95.00%		Paid Off - 360		01-Jun-2005
1103423567 1			94,125.00		94,125.00			26-Jul-2005		7.125%		MO - 75.00%		Paid Off - 360		01-Jun-2005
1103423567 1					94,125.00			26-Jul-2005		7.125%		MO - 75.00%		Paid Off - 360		01-Jun-2005
1103423587 1			195,900.00		195,470.17			01-Jul-2005		5.500%		FL - 78.39%		Paid Off - 360		01-Jun-2005
1103423587 1					195,470.17			01-Jul-2005		5.500%		FL - 78.39%		Paid Off - 360		01-Jun-2005
1103423615 1			445,500.00		259,517.19			29-Jul-2005		6.375%		FL - 90.00%		Paid Off - 360		01-Jun-2005
1103423615 1					259,517.19			29-Jul-2005		6.375%		FL - 90.00%		Paid Off - 360		01-Jun-2005
1103423623 1			126,343.00		126,343.00			01-Jul-2005		7.875%		FL - 95.00%		Paid Off - 360		01-Jun-2005
1103423623 1					126,343.00			01-Jul-2005		7.875%		FL - 95.00%		Paid Off - 360		01-Jun-2005
1103423654 1			253,607.00		253,607.00			07-Jul-2005		7.375%		FL - 95.00%		Paid Off - 360		01-Jun-2005
1103423654 1					253,607.00			07-Jul-2005		7.375%		FL - 95.00%		Paid Off - 360		01-Jun-2005
1103426493 1			168,000.00		168,000.00			28-Jul-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Jul-2005
1103426493 1					168,000.00			28-Jul-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Jul-2005
1103427592 1			168,000.00		168,000.00			29-Jul-2005		6.625%		VA - 80.00%		Paid Off - 360		01-Jul-2005
1103427592 1					168,000.00			29-Jul-2005		6.625%		VA - 80.00%		Paid Off - 360		01-Jul-2005
1103427761 1			342,000.00		341,249.60			20-Jul-2005		5.500%		CA - 74.34%		Paid Off - 360		01-Jun-2005
1103427761 1					341,249.60			20-Jul-2005		5.500%		CA - 74.34%		Paid Off - 360		01-Jun-2005
1103429084 1			462,000.00		462,000.00			27-Jul-2005		5.625%		CA - 70.00%		Paid Off - 360		01-Jun-2005
1103429084 1					462,000.00			27-Jul-2005		5.625%		CA - 70.00%		Paid Off - 360		01-Jun-2005
1103429149 1			364,000.00		364,000.00			25-Jul-2005		7.500%		VA - 80.00%		Paid Off - 360		01-May-2005
1103429149 1					364,000.00			25-Jul-2005		7.500%		VA - 80.00%		Paid Off - 360		01-May-2005
1103429211 1			100,000.00		100,000.00			26-Jul-2005		6.250%		HI - 54.05%		Paid Off - 360		01-Jun-2005
1103429211 1					100,000.00			26-Jul-2005		6.250%		HI - 54.05%		Paid Off - 360		01-Jun-2005
1103429834 1			320,000.00		320,000.00			15-Jul-2005		7.875%		CA - 80.00%		Paid Off - 360		01-Jul-2005
1103429834 1					320,000.00			15-Jul-2005		7.875%		CA - 80.00%		Paid Off - 360		01-Jul-2005
1103429852 1			200,000.00		199,810.24			29-Jul-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jul-2005
1103429852 1					199,810.24			29-Jul-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jul-2005
1103430080 1			225,000.00		224,561.52			22-Jul-2005		6.125%		MA - 80.00%		Paid Off - 360		01-Jun-2005
1103430080 1					224,561.52			22-Jul-2005		6.125%		MA - 80.00%		Paid Off - 360		01-Jun-2005
1103430085 1			176,000.00		175,696.09			25-Jul-2005		6.750%		NH - 80.00%		Paid Off - 360		01-Jun-2005
1103430085 1					175,696.09			25-Jul-2005		6.750%		NH - 80.00%		Paid Off - 360		01-Jun-2005
1103430089 1			96,000.00		95,930.52			29-Jul-2005		7.625%		NJ - 80.00%		Paid Off - 360		01-Jul-2005
1103430089 1					95,930.52			29-Jul-2005		7.625%		NJ - 80.00%		Paid Off - 360		01-Jul-2005
1103430142 1			294,050.00		294,050.00			28-Jul-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Jul-2005
1103430142 1					294,050.00			28-Jul-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Jul-2005
1103430390 1			132,993.00		132,993.00			25-Jul-2005		6.000%		FL - 70.00%		Paid Off - 360		01-Jun-2005
1103430390 1					132,993.00			25-Jul-2005		6.000%		FL - 70.00%		Paid Off - 360		01-Jun-2005
1103431088 1			322,000.00		322,000.00			29-Jul-2005		6.500%		MS - 69.87%		Paid Off - 360		01-Jul-2005
1103431088 1					322,000.00			29-Jul-2005		6.500%		MS - 69.87%		Paid Off - 360		01-Jul-2005
2503104060 1			124,000.00		124,000.00			19-Jul-2005		6.000%		OR - 80.00%		Paid Off - 360		01-Aug-2005
2503104060 1					124,000.00			19-Jul-2005		6.000%		OR - 80.00%		Paid Off - 360		01-Aug-2005
2503109395 1			166,000.00		166,000.00			29-Jul-2005		7.125%		FL - 79.96%		Paid Off - 360		01-Aug-2005
2503109395 1					166,000.00			29-Jul-2005		7.125%		FL - 79.96%		Paid Off - 360		01-Aug-2005
3900011792 1			204,700.00		193,600.12			05-Jul-2005		5.000%		CA - 80.00%		Paid Off - 360		01-Sep-2002
3900011792 1					193,600.12			05-Jul-2005		5.000%		CA - 80.00%		Paid Off - 360		01-Sep-2002
3900011822 1			123,000.00		117,050.82			26-Jul-2005		6.750%		NJ - 64.74%		Paid Off - 360		01-Mar-2002
3900011822 1					117,050.82			26-Jul-2005		6.750%		NJ - 64.74%		Paid Off - 360		01-Mar-2002
3900011853 1			368,600.00		350,805.22			13-Jul-2005		5.500%		CA - 95.00%		Paid Off - 360		01-May-2002
3900011853 1					350,805.22			13-Jul-2005		5.500%		CA - 95.00%		Paid Off - 360		01-May-2002
3900011855 1			102,000.00		96,134.61			18-Jul-2005		6.250%		CA - 85.00%		Paid Off - 360		01-Feb-2002
3900011855 1					96,134.61			18-Jul-2005		6.250%		CA - 85.00%		Paid Off - 360		01-Feb-2002
3900011892 1			544,000.00		506,811.99			14-Jul-2005		5.500%		CA - 79.88%		Paid Off - 360		01-Apr-2002
3900011892 1					506,811.99			14-Jul-2005		5.500%		CA - 79.88%		Paid Off - 360		01-Apr-2002
3900011898 1			203,250.00		192,767.41			28-Jul-2005		5.750%		OR - 89.94%		Paid Off - 360		01-May-2002
3900011898 1					192,767.41					5.750%		OR - 89.94%		Paid Off - 360


Page 17 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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

3900011912 1			290,400.00		272,552.93			19-Jul-2005		5.000%		CA - 80.00%		Paid Off - 360		01-May-2002
			290,400.00

3900011967 1			328,600.00		310,660.44			19-Jul-2005		5.500%		MD - 95.00%		Paid Off - 360		01-Mar-2002
3900011967 1					310,660.44			19-Jul-2005		5.500%		MD - 95.00%		Paid Off - 360		01-Mar-2002
3900011972 1			216,000.00		204,594.68			15-Jul-2005		6.125%		CA - 87.81%		Paid Off - 360		01-Apr-2002
3900011972 1					204,594.68			15-Jul-2005		6.125%		CA - 87.81%		Paid Off - 360		01-Apr-2002
3900011982 1			188,000.00		175,615.92			28-Jul-2005		5.625%		CA - 80.00%		Paid Off - 360		01-May-2002
3900011982 1					175,615.92			28-Jul-2005		5.625%		CA - 80.00%		Paid Off - 360		01-May-2002
3900011986 1			381,450.00		360,858.61			08-Jul-2005		5.250%		VA - 80.00%		Paid Off - 360		01-May-2002
3900011986 1					360,858.61			08-Jul-2005		5.250%		VA - 80.00%		Paid Off - 360		01-May-2002
3900012001 1			111,340.00		106,247.85			13-Jul-2005		6.000%		CA - 95.00%		Paid Off - 360		01-Jul-2002
3900012001 1					106,247.85			13-Jul-2005		6.000%		CA - 95.00%		Paid Off - 360		01-Jul-2002
3900012019 1			252,400.00		238,811.57			29-Jul-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012019 1					238,811.57			29-Jul-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012055 1			210,000.00		197,219.93			22-Jul-2005		5.500%		CA - 50.61%		Paid Off - 360		01-May-2002
3900012055 1					197,219.93			22-Jul-2005		5.500%		CA - 50.61%		Paid Off - 360		01-May-2002
3900012062 1			343,800.00		261,468.40			28-Jul-2005		5.500%		NV - 90.00%		Paid Off - 360		01-May-2002
3900012062 1					261,468.40			28-Jul-2005		5.500%		NV - 90.00%		Paid Off - 360		01-May-2002
3900012082 1			341,050.00		322,522.76			21-Jul-2005		5.625%		CA - 89.75%		Paid Off - 360		01-Jun-2002
3900012082 1					322,522.76			21-Jul-2005		5.625%		CA - 89.75%		Paid Off - 360		01-Jun-2002
3900012107 1			292,000.00		278,936.79			11-Jul-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012107 1					278,936.79			11-Jul-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012120 1			405,000.00		404,944.24			28-Jul-2005		6.375%		CA - 90.00%		Paid Off - 360		01-Jul-2002
3900012120 1					404,944.24			28-Jul-2005		6.375%		CA - 90.00%		Paid Off - 360		01-Jul-2002
3900012125 1			280,000.00		280,000.00			26-Jul-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012125 1					280,000.00			26-Jul-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012130 1			102,400.00		97,768.54			12-Jul-2005		6.250%		MD - 89.05%		Paid Off - 360		01-Jun-2002
3900012130 1					97,768.54			12-Jul-2005		6.250%		MD - 89.05%		Paid Off - 360		01-Jun-2002
3900012131 1			148,000.00		140,828.40			29-Jul-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012131 1					140,828.40			29-Jul-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012162 1			134,400.00		126,402.68			01-Jul-2005		5.375%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012162 1					126,402.68			01-Jul-2005		5.375%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012176 1			240,000.00		227,497.58			21-Jul-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012176 1					227,497.58			21-Jul-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012206 1			137,700.00		131,520.53			27-Jul-2005		5.750%		FL - 90.00%		Paid Off - 360		01-Jul-2002
3900012206 1					131,520.53			27-Jul-2005		5.750%		FL - 90.00%		Paid Off - 360		01-Jul-2002
3900012210 1			158,400.00		151,679.28			25-Jul-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012210 1					151,679.28			25-Jul-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012211 1			240,000.00		228,943.29			12-Jul-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012211 1					228,943.29			12-Jul-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012215 1			495,000.00		467,841.09			01-Jul-2005		5.750%		CA - 61.12%		Paid Off - 360		01-Jul-2002
3900012215 1					467,841.09			01-Jul-2005		5.750%		CA - 61.12%		Paid Off - 360		01-Jul-2002
3900012217 1			277,500.00		267,178.49			01-Jul-2005		6.750%		CA - 75.00%		Paid Off - 360		01-Jul-2002
3900012217 1					267,178.49			01-Jul-2005		6.750%		CA - 75.00%		Paid Off - 360		01-Jul-2002
3900012224 1			300,000.00		283,979.71			27-Jul-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012224 1					283,979.71			27-Jul-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012227 1			143,500.00		135,688.16			08-Jul-2005		5.750%		CA - 71.75%		Paid Off - 360		01-Jul-2002
3900012227 1					135,688.16			08-Jul-2005		5.750%		CA - 71.75%		Paid Off - 360		01-Jul-2002
3900012236 1			298,000.00		276,030.90			01-Jul-2005		5.125%		NY - 66.23%		Paid Off - 360		01-Jun-2002
3900012236 1					276,030.90			01-Jul-2005		5.125%		NY - 66.23%		Paid Off - 360		01-Jun-2002
3900012238 1			119,000.00		112,606.84			18-Jul-2005		5.750%		TX - 79.34%		Paid Off - 360		01-Jul-2002
3900012238 1					112,606.84			18-Jul-2005		5.750%		TX - 79.34%		Paid Off - 360		01-Jul-2002
3900012274 1			198,850.00		169,356.88			01-Jul-2005		5.500%		UT - 89.98%		Paid Off - 360		01-Jul-2002
3900012274 1					169,356.88			01-Jul-2005		5.500%		UT - 89.98%		Paid Off - 360		01-Jul-2002
3900012293 1			400,000.00		378,467.27			22-Jul-2005		5.750%		CA - 71.05%		Paid Off - 360		01-Jul-2002
3900012293 1					378,467.27			22-Jul-2005		5.750%		CA - 71.05%		Paid Off - 360		01-Jul-2002
3900012298 1			462,000.00		442,000.00			05-Jul-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Jul-2002
3900012298 1					442,000.00			05-Jul-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Jul-2002
3900012314 1			589,700.00		556,963.81			29-Jul-2005		5.750%		CA - 74.65%		Paid Off - 360		01-Aug-2002
3900012314 1					556,963.81			29-Jul-2005		5.750%		CA - 74.65%		Paid Off - 360		01-Aug-2002
3900012317 1			510,000.00		510,000.01			22-Jul-2005		5.250%		CA - 79.69%		Paid Off - 360		01-Sep-2002
3900012317 1					510,000.01			22-Jul-2005		5.250%		CA - 79.69%		Paid Off - 360		01-Sep-2002
3900012321 1			297,300.00		283,225.34			06-Jul-2005		6.000%		CA - 95.00%		Paid Off - 360		01-Aug-2002
3900012321 1					283,225.34			06-Jul-2005		6.000%		CA - 95.00%		Paid Off - 360		01-Aug-2002
3900012323 1			496,000.00		496,000.00			27-Jul-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012323 1					496,000.00			27-Jul-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012326 1			280,000.00		265,751.59			18-Jul-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012326 1					265,751.59			18-Jul-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Jul-2002
3900012329 1			225,000.00		213,889.33			26-Jul-2005		6.000%		CA - 90.00%		Paid Off - 360		01-Jul-2002
3900012329 1					213,889.33			26-Jul-2005		6.000%		CA - 90.00%		Paid Off - 360		01-Jul-2002
3900012345 1			365,000.00		345,737.93			05-Jul-2005		5.750%		CA - 65.77%		Paid Off - 360		01-Jul-2002
3900012345 1					345,737.93			05-Jul-2005		5.750%		CA - 65.77%		Paid Off - 360		01-Jul-2002
3900012356 1			194,750.00		185,726.00			29-Jul-2005		6.250%		CA - 95.00%		Paid Off - 360		01-Jul-2002
3900012356 1					185,726.00			29-Jul-2005		6.250%		CA - 95.00%		Paid Off - 360		01-Jul-2002
3900012372 1			131,850.00		124,484.87			28-Jul-2005		5.750%		NV - 90.00%		Paid Off - 360		01-Jul-2002
3900012372 1					124,484.87					5.750%		NV - 90.00%		Paid Off - 360


Page 18 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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

3900012432 1			230,400.00		228,864.11			07-Jul-2005		5.250%		CO - 80.00%		Paid Off - 360		01-Oct-2002
			230,400.00

3900012484 1			232,850.00		222,717.20			08-Jul-2005		5.500%		VA - 95.00%		Paid Off - 360		01-Nov-2002
3900012484 1					222,717.20			08-Jul-2005		5.500%		VA - 95.00%		Paid Off - 360		01-Nov-2002
3900012497 1			273,000.00		258,501.91			28-Jul-2005		5.500%		CA - 79.99%		Paid Off - 360		01-Oct-2002
3900012497 1					258,501.91			28-Jul-2005		5.500%		CA - 79.99%		Paid Off - 360		01-Oct-2002
3900012524 1			226,100.00		216,910.13			11-Jul-2005		5.500%		VA - 95.00%		Paid Off - 360		01-Sep-2002
3900012524 1					216,910.13			11-Jul-2005		5.500%		VA - 95.00%		Paid Off - 360		01-Sep-2002
3900012546 1			545,000.00		514,669.23			21-Jul-2005		4.750%		CA - 64.50%		Paid Off - 360		01-Sep-2002
3900012546 1					514,669.23			21-Jul-2005		4.750%		CA - 64.50%		Paid Off - 360		01-Sep-2002
3900012561 1			400,000.00		353,459.31			18-Jul-2005		5.750%		NV - 80.00%		Paid Off - 360		01-Oct-2002
3900012561 1					353,459.31			18-Jul-2005		5.750%		NV - 80.00%		Paid Off - 360		01-Oct-2002
3900012576 1			310,000.00		296,306.66			27-Jul-2005		5.750%		CA - 82.67%		Paid Off - 360		01-Oct-2002
3900012576 1					296,306.66			27-Jul-2005		5.750%		CA - 82.67%		Paid Off - 360		01-Oct-2002
3900012587 1			135,700.00		129,676.33			21-Jul-2005		5.250%		DC - 89.87%		Paid Off - 360		01-Sep-2002
3900012587 1					129,676.33			21-Jul-2005		5.250%		DC - 89.87%		Paid Off - 360		01-Sep-2002
3900012590 1			219,000.00		208,559.11			25-Jul-2005		6.000%		OR - 68.66%		Paid Off - 360		01-Oct-2002
3900012590 1					208,559.11			25-Jul-2005		6.000%		OR - 68.66%		Paid Off - 360		01-Oct-2002
3900012651 1			124,200.00		121,136.26			25-Jul-2005		8.200%		CA - 90.00%		Paid Off - 360		01-Oct-2002
3900012651 1					121,136.26			25-Jul-2005		8.200%		CA - 90.00%		Paid Off - 360		01-Oct-2002
3900012656 1			131,200.00		131,200.00			13-Jul-2005		5.500%		FL - 80.00%		Paid Off - 360		01-Oct-2002
3900012656 1					131,200.00			13-Jul-2005		5.500%		FL - 80.00%		Paid Off - 360		01-Oct-2002
3900012662 1			86,070.00		84,090.16			06-Jul-2005		9.875%		TN - 95.00%		Paid Off - 360		01-Jul-2002
3900012662 1					84,090.16			06-Jul-2005		9.875%		TN - 95.00%		Paid Off - 360		01-Jul-2002
3900012683 1			586,300.00		554,413.16			06-Jul-2005		5.750%		GA - 74.22%		Paid Off - 360		01-Jul-2002
3900012683 1					554,413.16			06-Jul-2005		5.750%		GA - 74.22%		Paid Off - 360		01-Jul-2002
3900012710 1			499,850.00		499,766.44			29-Jul-2005		5.250%		CA - 74.61%		Paid Off - 360		01-Oct-2002
3900012710 1					499,766.44			29-Jul-2005		5.250%		CA - 74.61%		Paid Off - 360		01-Oct-2002
3900012712 1			256,000.00		243,500.00			22-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Nov-2002
3900012712 1					243,500.00			22-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Nov-2002
3900012738 1			438,750.00		435,998.57			14-Jul-2005		5.000%		CA - 75.00%		Paid Off - 360		01-Oct-2002
3900012738 1					435,998.57			14-Jul-2005		5.000%		CA - 75.00%		Paid Off - 360		01-Oct-2002
3900012751 1			258,560.00		249,182.54			13-Jul-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Oct-2002
3900012751 1					249,182.54			13-Jul-2005		6.625%		CA - 80.00%		Paid Off - 360		01-Oct-2002
3900012805 1			184,000.00		183,933.88			14-Jul-2005		5.625%		OH - 80.00%		Paid Off - 360		01-Nov-2002
3900012805 1					183,933.88			14-Jul-2005		5.625%		OH - 80.00%		Paid Off - 360		01-Nov-2002
3900012815 1			214,400.00		203,710.58			28-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Oct-2002
3900012815 1					203,710.58			28-Jul-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Oct-2002
3900012867 1			393,600.00		378,593.85			19-Jul-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012867 1					378,593.85			19-Jul-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jun-2002
3900012870 1			241,300.00		227,367.21			11-Jul-2005		5.625%		CA - 95.00%		Paid Off - 360		01-Jun-2002
3900012870 1					227,367.21			11-Jul-2005		5.625%		CA - 95.00%		Paid Off - 360		01-Jun-2002
3900012885 1			130,500.00		123,658.10			11-Jul-2005		5.500%		SC - 90.00%		Paid Off - 360		01-May-2002
3900012885 1					123,658.10			11-Jul-2005		5.500%		SC - 90.00%		Paid Off - 360		01-May-2002
3900012889 1			332,500.00		319,693.33			14-Jul-2005		6.250%		MI - 95.00%		Paid Off - 360		01-Dec-2001
3900012889 1					319,693.33			14-Jul-2005		6.250%		MI - 95.00%		Paid Off - 360		01-Dec-2001
3900012926 1			151,050.00		135,331.72			25-Jul-2005		5.500%		MD - 95.00%		Paid Off - 360		01-Apr-2002
3900012926 1					135,331.72			25-Jul-2005		5.500%		MD - 95.00%		Paid Off - 360		01-Apr-2002
3900012987 1			400,000.00		382,034.16			25-Jul-2005		5.750%		CA - 69.57%		Paid Off - 360		01-Oct-2002
3900012987 1					382,034.16			25-Jul-2005		5.750%		CA - 69.57%		Paid Off - 360		01-Oct-2002
3900013131 1			368,000.00		347,999.79			14-Jul-2005		5.625%		CT - 80.00%		Paid Off - 360		01-Jun-2002
3900013131 1					347,999.79			14-Jul-2005		5.625%		CT - 80.00%		Paid Off - 360		01-Jun-2002
3900013165 1			184,300.00		178,005.78			05-Jul-2005		6.250%		CO - 95.00%		Paid Off - 360		01-Jul-2002
3900013165 1					178,005.78			05-Jul-2005		6.250%		CO - 95.00%		Paid Off - 360		01-Jul-2002
3900013171 1			400,000.00		381,191.07			25-Jul-2005		6.250%		CA - 78.44%		Paid Off - 360		01-Jul-2002
3900013171 1					381,191.07			25-Jul-2005		6.250%		CA - 78.44%		Paid Off - 360		01-Jul-2002
3900013180 1			136,800.00		131,717.59			25-Jul-2005		6.250%		CT - 94.35%		Paid Off - 360		01-Jul-2002
3900013180 1					131,717.59			25-Jul-2005		6.250%		CT - 94.35%		Paid Off - 360		01-Jul-2002
3900013235 1			440,000.00		412,583.63			26-Jul-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Aug-2002
3900013235 1					412,583.63			26-Jul-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Aug-2002
3900013243 1			209,950.00		196,310.46			14-Jul-2005		7.500%		WA - 95.00%		Paid Off - 360		01-Aug-2002
3900013243 1					196,310.46			14-Jul-2005		7.500%		WA - 95.00%		Paid Off - 360		01-Aug-2002
3900013256 1			267,750.00		254,938.30			15-Jul-2005		6.500%		CA - 85.00%		Paid Off - 360		01-Aug-2002
3900013256 1					254,938.30			15-Jul-2005		6.500%		CA - 85.00%		Paid Off - 360		01-Aug-2002
3900013279 1			481,500.00		481,499.50			11-Jul-2005		7.250%		FL - 90.00%		Paid Off - 360		01-Aug-2002
3900013279 1					481,499.50			11-Jul-2005		7.250%		FL - 90.00%		Paid Off - 360		01-Aug-2002
3900013294 1			222,000.00		179,660.30			01-Jul-2005		5.250%		WA - 69.38%		Paid Off - 360		01-Oct-2002
3900013294 1					179,660.30			01-Jul-2005		5.250%		WA - 69.38%		Paid Off - 360		01-Oct-2002
3900013298 1			186,300.00		179,479.26			18-Jul-2005		6.000%		CA - 90.00%		Paid Off - 360		01-Oct-2002
3900013298 1					179,479.26			18-Jul-2005		6.000%		CA - 90.00%		Paid Off - 360		01-Oct-2002
3900013347 1			525,000.00		498,289.06			12-Jul-2005		5.250%		CA - 65.63%		Paid Off - 360		01-Nov-2002
3900013347 1					498,289.06			12-Jul-2005		5.250%		CA - 65.63%		Paid Off - 360		01-Nov-2002
3900013356 1			194,750.00		186,662.46			05-Jul-2005		5.750%		GA - 95.00%		Paid Off - 360		01-Oct-2002
3900013356 1					186,662.46			05-Jul-2005		5.750%		GA - 95.00%		Paid Off - 360		01-Oct-2002
3900013387 1			342,000.00		342,000.01			01-Jul-2005		6.000%		CA - 50.67%		Paid Off - 360		01-Dec-2002
3900013387 1					342,000.01					6.000%		CA - 50.67%		Paid Off - 360


Page 19 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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

3900013388 1			151,200.00		147,821.57			20-Jul-2005		6.375%		CA - 80.00%		Paid Off - 360		01-Nov-2002
			151,200.00

3900013414 1			365,000.00		349,458.64			19-Jul-2005		6.125%		IL - 64.61%		Paid Off - 360		01-Nov-2002
3900013414 1					349,458.64			19-Jul-2005		6.125%		IL - 64.61%		Paid Off - 360		01-Nov-2002
3900013428 1			144,850.00		144,596.66			07-Jul-2005		5.500%		AZ - 70.32%		Paid Off - 360		01-Dec-2002
3900013428 1					144,596.66			07-Jul-2005		5.500%		AZ - 70.32%		Paid Off - 360		01-Dec-2002


TOTAL			45,103,583.00		43,749,061.80
TOTAL


Page 20 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



															Total


Current
Current



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

Cumulative
Cumulative



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










Page 21 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution


DEFAULT SPEEDS



															Total



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


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


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


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












Page 22 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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 23 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

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 24 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
														Total
						Has Step_down Condition Occurred (0=No,1=Yes)



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total
Current LIBOR														3.460000%
Next LIBOR														0.000000%




Page 25 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

													Next Pass Through Rate
CLASS

			A-1										0.00%
													0.00%
			A-2										0.00%
													0.00%
			A-3W										0.00%
													0.00%
			A-4										0.00%
													0.00%
			A-IO										0.01%
													0.01%
			M-1										0.01%
													0.01%
			M-2										0.01%
													0.01%
			M-3										0.01%
													0.01%
			M-4										0.01%
													0.01%
			M-5										0.01%
													0.01%
			M-6										0.01%
													0.01%
			B										0.02%
													0.02%
			CERT										0.00%
													0.00%




Page 26 of 27
IMPAC CMB Trust 2005-5

Collateralized Asset-Backed Bonds
Collateralized Asset-Backed Bonds
2005-5

August 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
														Total
BEAR STERNS REFERENCE NUMBER CXIMP055B1														10,311.02
LEHMAN BROTHERS RISK ID 975359L														6,927.78
LEHMAN BROTHERS RISK ID 975363L														85,716.07
LEHMAN BROTHERS RISK ID 975373L														154,487.36
LEHMAN BROTHERS RISK ID 975369L														217,267.89
LEHMAN BROTHERS RISK ID 975363L														9,099.64
LEHMAN BROTHERS RISK ID 975379L														7,585.99







Page 27 of 27

IMPAC CMB Trust Series 2005-5 8-K