
                                      UNITED STATES
                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K /A


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  November 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
     November 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:  Jan 05, 2006               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

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



Impac CMB Trust 2005-1

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

November 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:			November 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			October 31, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							November 23, 2005
							November 23, 2005

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

				Revised Statement




Page 1 of 31
Impac CMB Trust 2005-1

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

November 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		407,084,143.20		1,506,465.76		15,202,238.15		16,708,703.91		0.00		0.00		391,881,905.05
1-A-1	STEP. FLT,	$	491,420,000.00		407,084,143.20		1,506,465.76		15,202,238.15		16,708,703.91		0.00		0.00		391,881,905.05
1-A-2	STEP. FLT,	$	54,602,000.00		45,231,387.37		169,331.87		1,689,130.70		1,858,462.57		0.00		0.00		43,542,256.67
2-A-1	STEP. FLT,	$	390,682,000.00		316,986,723.47		1,171,684.19		11,081,975.16		12,253,659.35		0.00		0.00		305,904,748.31
2-A-2	STEP. FLT,	$	97,671,000.00		79,247,086.55		296,675.78		2,770,507.97		3,067,183.75		0.00		0.00		76,476,578.58
CERT	R	$	0.00		0.00		515,366.62		0.00		515,366.62		0.00		0.00		0.00





Total			1,034,375,000.00		848,549,340.59		3,659,524.22		30,743,851.98		34,403,376.20		0.00		0.00		817,805,488.61
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	10/25/05		11/24/05		A-Act/360		45254NML8		491,420,000.00		828.383345		3.065536		30.935327		34.000863	797.448018
1-A-2	10/25/05		11/24/05		A-Act/360		45254NMM6		54,602,000.00		828.383344		3.101203		30.935327		34.036529	797.448018
2-A-1	10/25/05		11/24/05		A-Act/360		45254NMN4		390,682,000.00		811.367617		2.999074		28.365717		31.364791	783.001900
2-A-2	10/25/05		11/24/05		A-Act/360		45254NMP9		97,671,000.00		811.367617		3.037501		28.365717		31.403218	783.001900
CERT	10/25/05		11/24/05		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

November 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		13,367,568.94		99,420,915.56		117,179.39		99,538,094.95		112,905,663.89		0.00		0.00		391,881,905.05
1-A-2	54,602,000.00		1,506,579.52		11,046,723.45		13,019.88		11,059,743.33		12,566,322.85		0.00		0.00		43,542,256.67
2-A-1	390,682,000.00		10,547,388.87		84,279,880.16		497,371.53		84,777,251.69		95,324,640.56		0.00		0.00		305,904,748.31
2-A-2	97,671,000.00		2,678,566.94		21,070,077.90		124,343.52		21,194,421.42		23,872,988.36		0.00		0.00		76,476,578.58
CERT	0.00		4,032,056.81		0.00		0.00		0.00		4,032,056.81		0.00		0.00		0.00





Total	1,034,375,000.00		32,132,161.08		215,817,597.07		751,914.32		216,569,511.39		248,701,672.47		0.00		0.00		817,805,488.61


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	4.29750%		407,084,143.20		1,506,465.76		0.00		0.00		0.00		1,506,465.76		1,506,465.76		0.00
1-A-2	4.34750%		45,231,387.37		169,331.87		0.00		0.00		0.00		169,331.87		169,331.87		0.00
2-A-1	4.29250%		316,986,723.47		1,171,684.19		0.00		0.00		0.00		1,171,684.19		1,171,684.19		0.00
2-A-2	4.34750%		79,247,086.55		296,675.78		0.00		0.00		0.00		296,675.78		296,675.78		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		515,366.62		0.00





Total			848,549,340.59		3,144,157.60		0.00		0.00		0.00		3,144,157.60		3,659,524.22		0.00



Page 3 of 31
Impac CMB Trust 2005-1

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

November 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		64,089,823.71		248,210.10		2,322,042.35		2,570,252.45		0.00		0.00		61,767,781.36
M-1	MEZ, STEP,	$	78,125,000.00		64,089,823.71		248,210.10		2,322,042.35		2,570,252.45		0.00		0.00		61,767,781.36
M-2	MEZ, STEP,	$	55,625,000.00		45,631,956.50		178,297.36		1,653,294.46		1,831,591.82		0.00		0.00		43,978,662.04
M-3	MEZ, STEP,	$	28,750,000.00		23,585,049.67		92,762.95		854,510.77		947,273.72		0.00		0.00		22,730,538.90
M-4	MEZ, STEP,	$	15,625,000.00		12,817,964.73		52,842.95		464,408.47		517,251.42		0.00		0.00		12,353,556.26
M-5	MEZ, STEP,	$	15,625,000.00		12,817,964.73		53,063.70		464,408.47		517,472.17		0.00		0.00		12,353,556.26
M-6	MEZ, STEP,	$	12,500,000.00		10,254,364.96		42,892.45		371,525.74		414,418.19		0.00		0.00		9,882,839.22
B	SUB, STEP,	$	9,375,000.00		7,690,799.32		35,348.30		278,648.16		313,996.46		0.00		0.00		7,412,151.16
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		176,887,923.62		703,417.81		6,408,838.42		7,112,256.23		0.00		0.00		170,479,085.20
Total




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

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
M-1	10/25/05		11/24/05		A-Act/360		45254NMR5		78,125,000.00		820.349743		3.177089		29.722142		32.899231	790.627601
M-2	10/25/05		11/24/05		A-Act/360		45254NMS3		55,625,000.00		820.349780		3.205346		29.722148		32.927493	790.627632
M-3	10/25/05		11/24/05		A-Act/360		45254NMT1		28,750,000.00		820.349554		3.226537		29.722114		32.948651	790.627440
M-4	10/25/05		11/24/05		A-Act/360		45254NMU8		15,625,000.00		820.349743		3.381949		29.722142		33.104091	790.627601
M-5	10/25/05		11/24/05		A-Act/360		45254NMV6		15,625,000.00		820.349743		3.396077		29.722142		33.118219	790.627601
M-6	10/25/05		11/24/05		A-Act/360		45254NMW4		12,500,000.00		820.349197		3.431396		29.722059		33.153455	790.627138
B	10/25/05		11/24/05		A-Act/360		45254NMX2		9,375,000.00		820.351927		3.770485		29.722470		33.492956	790.629457
A-IO	10/01/05		10/30/05		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

November 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		2,240,661.21		0.00		0.00		16,357,218.64		18,597,879.85		0.00		0.00		61,767,781.36
M-2	55,625,000.00		1,612,670.04		0.00		0.00		11,646,337.96		13,259,008.00		0.00		0.00		43,978,662.04
M-3	28,750,000.00		840,228.41		0.00		0.00		6,019,461.10		6,859,689.51		0.00		0.00		22,730,538.90
M-4	15,625,000.00		483,403.13		0.00		0.00		3,271,443.74		3,754,846.87		0.00		0.00		12,353,556.26
M-5	15,625,000.00		485,835.61		0.00		0.00		3,271,443.74		3,757,279.35		0.00		0.00		12,353,556.26
M-6	12,500,000.00		393,533.42		0.00		0.00		2,617,160.78		3,010,694.20		0.00		0.00		9,882,839.22
B	9,375,000.00		330,178.02		0.00		0.00		1,962,848.84		2,293,026.86		0.00		0.00		7,412,151.16
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		12,788,353.18				45,145,914.80		57,934,267.98		0.00		0.00		170,479,085.20


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	4.49750%		64,089,823.71		248,210.10		0.00		0.00		0.00		248,210.10		248,210.10		0.00
M-2	4.53750%		45,631,956.50		178,297.36		0.00		0.00		0.00		178,297.36		178,297.36		0.00
M-3	4.56750%		23,585,049.67		92,762.95		0.00		0.00		0.00		92,762.95		92,762.95		0.00
M-4	4.78750%		12,817,964.73		52,842.95		0.00		0.00		0.00		52,842.95		52,842.95		0.00
M-5	4.80750%		12,817,964.73		53,063.70		0.00		0.00		0.00		53,063.70		53,063.70		0.00
M-6	4.85750%		10,254,364.96		42,892.44		0.00		0.00		0.00		42,892.44		42,892.45		0.00
B	5.33750%		7,690,799.32		33,921.70		0.00		0.00		0.00		33,921.70		35,348.30		0.00
A-IO	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00




Total			176,887,923.62		701,991.20		0.00		0.00		0.00		701,991.20		703,417.81		0.00



Page 5 of 31
Impac CMB Trust 2005-1

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

November 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		34,162,529.14		132,306.26		1,275,772.87		1,408,079.13		0.00		0.00		32,886,756.27
M-1-1		$	41,240,000.00		34,162,529.14		132,306.26		1,275,772.87		1,408,079.13		0.00		0.00		32,886,756.27
M-2-1		$	29,363,000.00		24,323,820.15		95,040.26		908,353.99		1,003,394.25		0.00		0.00		23,415,466.16
M-3-1		$	15,176,000.00		12,571,545.64		49,445.46		469,474.52		518,919.98		0.00		0.00		12,102,071.12
M-4-1		$	8,248,000.00		6,832,505.81		28,167.48		255,154.57		283,322.05		0.00		0.00		6,577,351.24
M-5-1		$	8,248,000.00		6,832,505.81		28,285.15		255,154.57		283,439.72		0.00		0.00		6,577,351.24
M-6-1		$	6,598,000.00		5,465,673.30		22,862.08		204,111.28		226,973.36		0.00		0.00		#######
M-1-2		$	36,885,000.00		29,927,294.57		115,903.84		1,046,269.48		1,162,173.32		0.00		0.00		28,881,025.09
M-2-2		$	26,262,000.00		21,308,136.35		83,257.10		744,940.47		828,197.57		0.00		0.00		20,563,195.88
M-3-2		$	13,574,000.00		11,013,504.03		43,317.49		385,036.25		428,353.74		0.00		0.00		10,628,467.78
M-4-2		$	7,377,000.00		5,985,458.92		24,675.47		209,253.90		233,929.37		0.00		0.00		5,776,205.02
M-5-2		$	7,377,000.00		5,985,458.92		24,778.55		209,253.90		234,032.45		0.00		0.00		5,776,205.02
M-6-2		$	5,902,000.00		4,788,691.66		20,030.37		167,414.46		187,444.83		0.00		0.00		4,621,277.20
B-1		$	4,950,000.00		4,100,497.59		18,846.63		153,129.87		171,976.50		0.00		0.00		3,947,367.72
B-2		$	4,425,000.00		3,590,301.73		16,501.67		125,518.29		142,019.96		0.00		0.00		3,464,783.44
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		176,887,923.62		703,417.81		6,408,838.42		7,112,256.23		0.00		0.00		170,479,085.20
Total




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

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
M-1-1	10/25/05		11/24/05		A-Act/360				41,240,000.00		828.383345		3.208202		30.935327		34.143529	797.448018
M-2-1	10/25/05		11/24/05		A-Act/360				29,363,000.00		828.383345		3.236735		30.935326		34.172062	797.448018
M-3-1	10/25/05		11/24/05		A-Act/360				15,176,000.00		828.383345		3.258135		30.935327		34.193462	797.448018
M-4-1	10/25/05		11/24/05		A-Act/360				8,248,000.00		828.383343		3.415068		30.935326		34.350394	797.448016
M-5-1	10/25/05		11/24/05		A-Act/360				8,248,000.00		828.383343		3.429334		30.935326		34.364661	797.448016
M-6-1	10/25/05		11/24/05		A-Act/360				6,598,000.00		828.383343		3.465002		30.935326		34.400327	797.448018
M-1-2	10/25/05		11/24/05		A-Act/360				36,885,000.00		811.367617		3.142303		28.365717		31.508020	783.001900
M-2-2	10/25/05		11/24/05		A-Act/360				26,262,000.00		811.367617		3.170250		28.365717		31.535967	783.001899
M-3-2	10/25/05		11/24/05		A-Act/360				13,574,000.00		811.367617		3.191210		28.365718		31.556928	783.001899
M-4-2	10/25/05		11/24/05		A-Act/360				7,377,000.00		811.367618		3.344919		28.365718		31.710637	783.001901
M-5-2	10/25/05		11/24/05		A-Act/360				7,377,000.00		811.367618		3.358893		28.365718		31.724610	783.001901
M-6-2	10/25/05		11/24/05		A-Act/360				5,902,000.00		811.367614		3.393828		28.365717		31.759544	783.001898
B-1	10/25/05		11/24/05		A-Act/360				4,950,000.00		828.383352		3.807400		30.935327		34.742727	797.448024
B-2	10/25/05		11/24/05		A-Act/360				4,425,000.00		811.367623		3.729191		28.365715		32.094906	783.001907
A-IO-1	10/01/05		10/30/05		A-30/360				659,845,000.00		0.000000		0.000000		0.000000		0.000000	0.000000
A-IO-2	10/01/05		10/30/05		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

November 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		1,186,157.83		8,234,171.54		119,072.19		8,353,243.73		9,539,401.56		0.00		0.00		32,886,756.27
M-2-1	29,363,000.00		853,711.38		5,862,754.09		84,779.75		5,947,533.84		6,801,245.22		0.00		0.00		23,415,466.16
M-3-1	15,176,000.00		444,785.05		3,030,111.24		43,817.64		3,073,928.88		3,518,713.93		0.00		0.00		12,102,071.12
M-4-1	8,248,000.00		255,893.21		1,646,834.32		23,814.44		1,670,648.76		1,926,541.97		0.00		0.00		6,577,351.24
M-5-1	8,248,000.00		257,180.21		1,646,834.32		23,814.44		1,670,648.76		1,927,828.97		0.00		0.00		6,577,351.24
M-6-1	6,598,000.00		208,305.59		1,317,387.58		19,050.40		1,336,437.98		1,544,743.57		0.00		0.00		5,261,562.02
M-1-2	36,885,000.00		1,054,503.38		7,884,900.80		119,074.11		8,003,974.91		9,058,478.29		0.00		0.00		28,881,025.09
M-2-2	26,262,000.00		758,958.66		5,614,023.74		84,780.38		5,698,804.12		6,457,762.78		0.00		0.00		20,563,195.88
M-3-2	13,574,000.00		395,443.36		2,901,711.92		43,820.30		2,945,532.22		3,340,975.58		0.00		0.00		10,628,467.78
M-4-2	7,377,000.00		227,509.92		1,576,980.16		23,814.82		1,600,794.98		1,828,304.90		0.00		0.00		5,776,205.02
M-5-2	7,377,000.00		228,655.40		1,576,980.16		23,814.82		1,600,794.98		1,829,450.38		0.00		0.00		5,776,205.02
M-6-2	5,902,000.00		185,227.83		1,261,669.65		19,053.15		1,280,722.80		1,465,950.63		0.00		0.00		4,621,277.20
B-1	4,950,000.00		174,814.00		988,340.15		14,292.13		1,002,632.28		1,177,446.28		0.00		0.00		3,947,367.72
B-2	4,425,000.00		155,364.02		945,931.54		14,285.02		960,216.56		1,115,580.58		0.00		0.00		3,464,783.44
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		12,788,353.18		44,488,631.21		657,283.59		45,145,914.80		57,934,267.98		0.00		0.00		170,479,085.20


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	4.49750%		34,162,529.14		132,306.26		0.00		0.00		0.00		132,306.26		132,306.26		0.00
M-2-1	4.53750%		24,323,820.15		95,040.26		0.00		0.00		0.00		95,040.26		95,040.26		0.00
M-3-1	4.56750%		12,571,545.64		49,445.46		0.00		0.00		0.00		49,445.46		49,445.46		0.00
M-4-1	4.78750%		6,832,505.81		28,167.48		0.00		0.00		0.00		28,167.48		28,167.48		0.00
M-5-1	4.80750%		6,832,505.81		28,285.15		0.00		0.00		0.00		28,285.15		28,285.15		0.00
M-6-1	4.85750%		5,465,673.30		22,862.08		0.00		0.00		0.00		22,862.08		22,862.08		0.00
M-1-2	4.49750%		29,927,294.57		115,903.84		0.00		0.00		0.00		115,903.84		115,903.84		0.00
M-2-2	4.53750%		21,308,136.35		83,257.10		0.00		0.00		0.00		83,257.10		83,257.10		0.00
M-3-2	4.56750%		11,013,504.03		43,317.49		0.00		0.00		0.00		43,317.49		43,317.49		0.00
M-4-2	4.78750%		5,985,458.92		24,675.47		0.00		0.00		0.00		24,675.47		24,675.47		0.00
M-5-2	4.80750%		5,985,458.92		24,778.55		0.00		0.00		0.00		24,778.55		24,778.55		0.00
M-6-2	4.85750%		4,788,691.66		20,030.37		0.00		0.00		0.00		20,030.37		20,030.37		0.00
B-1	5.09586%		4,100,497.59		17,993.39		0.00		0.00		0.00		17,993.39		18,846.63		0.00
B-2	5.15204%		3,590,301.73		15,928.31		0.00		0.00		0.00		15,928.31		16,501.67		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			176,887,923.62		701,991.21		0.00		0.00		0.00		701,991.21		703,417.81		0.00



Page 7 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										16,453,136.26		20,063,863.48		36,516,999.74
Principal Withdrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										16,453,136.26		20,063,863.48		36,516,999.74
Interest Collections										2,283,789.80		2,556,660.56		4,840,450.36
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Fees										-158,976.49		-157,557.44		-317,562.77
Interest Other Accounts														475,745.10
TOTAL NET INTEREST										2,346,964.68		2,652,696.85		4,998,632.69
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														41,515,632.43



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											85,540.30		76,009.24		161,549.54
Curtailments											43,246.12		32,509.50		75,755.62
Prepayments In Full											16,324,349.84		19,459,144.74		35,783,494.58
Repurchased/Substitutions											0.00		496,200.00		496,200.00
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											-25,540.35		-19,554.08		-45,094.43
Realized Losses											-0.00		-0.00		-0.00
Advanced Principal											25,540.35		19,554.08		45,094.43
TOTAL PRINCIPAL COLLECTED											16,453,136.26		20,063,863.48		36,516,999.74


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

November 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										2,321,390.81		2,604,619.58		4,926,010.39
Repurchased/Substitution Interest										0.00		2,946.19		2,946.19
Liquidation Interest										0.00		0.00		0.00
Insurance Interest										0.00		0.00		0.00
Other Additional Interest										0.00		0.00		0.00
Prepayment Interest Shortfalls										-38,761.65		-35,101.49		-73,863.14
Delinquent Interest										-574,283.64		-750,119.48		-1,324,403.12
Compensating Interest										38,761.66		35,101.50		73,863.15
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										536,682.63		699,214.28		1,235,896.91
TOTAL INTEREST COLLECTED										2,283,789.80		2,556,660.56		4,840,450.36


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)										(222,151.37)		(253,593.73)		(475,745.10)
TOTAL INTEREST OTHER ACCOUNTS														475,745.10



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										123,591.48		133,208.34		256,799.82
Owner Trustee Fees										680.66		776.88		1,457.54
Indenture Trustee Fees										480.47		548.38		1,028.85
Radian PMI										34,704.35		23,572.21		58,276.56
TOTAL INTEREST FEES										158,976.49		157,557.44		317,562.77




Page 9 of 31
Impac CMB Trust 2005-1

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

November 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										1,921,869.97		2,128,958.49		4,050,828.46
Overcollateralization Reduction Amount										0.00		0.00		0.00
Overcollateralization Deficiency Amount										0.00		64,581.15		64,581.15
Overcollateralization Target Amount										1,921,869.97		2,193,539.64		4,115,409.61




Page 10 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										2,002		1,541		3,543
Prior										2,140		1,462		3,602
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-70		-42		-112
Repurchases										-0		-1		-1
Liquidations										-0		-0		-0
Current										2,070		1,419		3,489
Principal Balance:


Original										452,016,043.34		579,986,805.90		1,032,002,849.24
Prior										480,467,492.55		548,384,909.46		1,028,852,402.01
Prefunding										0.00		0.00		0.00
Scheduled Principal										-85,540.30		-76,009.24		-161,549.54
Partial Prepayments										-43,246.12		-32,509.50		-75,755.62
Full Voluntary Prepayments										-16,324,349.84		-19,459,144.74		-35,783,494.58
Repurchases										-0.00		-496,200.00		-496,200.00
Liquidations										-0.00		-0.00		-0.00
Current										464,014,356.29		528,321,045.98		992,335,402.27





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

November 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										5.72890%		5.73152%		5.73037%
Weighted Average Coupon Prior										5.80376%		5.70822%		5.75274%
Weighted Average Coupon Current										5.79783%		5.70599%		5.74888%
Weighted Average Months to Maturity Original										356		356		356
Weighted Average Months to Maturity Prior										349		349		349
Weighted Average Months to Maturity Current										348		348		348
Weighted Avg Remaining Amortization Term Original										356		356		356
Weighted Avg Remaining Amortization Term Prior										349		349		349
Weighted Avg Remaining Amortization Term Current										348		348		348
Weighted Average Seasoning Original										3.59		3.45		3.51
Weighted Average Seasoning Prior										10.79		10.61		10.70
Weighted Average Seasoning Current										11.78		11.63		11.70









Page 12 of 31
Impac CMB Trust 2005-1

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

November 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										3.82343%		3.65358%		3.73265%
Weighted Average Margin Current										3.82009%		3.65533%		3.73217%
Weighted Average Max Rate Original										11.59796%		11.57525%		11.58520%
Weighted Average Max Rate Prior										11.63519%		11.53323%		11.58069%
Weighted Average Max Rate Current										11.62654%		11.53572%		11.57808%
Weighted Average Min Rate Original										3.99236%		3.78147%		3.87390%
Weighted Average Min Rate Prior										3.96557%		3.71962%		3.83411%
Weighted Average Min Rate Current										3.96039%		3.72290%		3.83367%
Weighted Average Cap Up Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Up Prior										1.11551%		1.15956%		1.13905%
Weighted Average Cap Up Current										1.11651%		1.15552%		1.13733%
Weighted Average Cap Down Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Down Prior										1.11551%		1.15956%		1.13905%
Weighted Average Cap Down Current										1.11651%		1.15552%		1.13733%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										123,591.48		133,208.34		256,799.82
Delinquent Servicing Fees										37,601.00		50,905.20		88,506.20
TOTAL SERVICING FEES										161,192.47		184,113.53		345,306.00


Total Servicing Fees										161,192.47		184,113.53		345,306.00
Compensating Interest										-38,761.66		-35,101.50		-73,863.15
Delinquent Servicing Fees										-37,601.00		-50,905.20		-88,506.20
COLLECTED SERVICING FEES										123,591.48		133,208.34		182,936.65


Total Advanced Interest										536,682.63		699,214.28		1,235,896.91
Total Advanced Principal										25,540.35		19,554.08		45,094.43
Aggregate Advances with respect to this Distribution										562,222.98		718,768.36		1,280,991.35





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										38,761.65		35,101.49		73,863.14
Compensating Interest										-38,761.66		-35,101.50		-73,863.15
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00


Ending Pool Stated Principal Balance										464,014,356.29		528,321,045.98		992,335,402.27
Available Funds Rate										5.152045%		5.095856%		5.123950%




Page 13 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				9,584,424.46		6,072,897.97		1,568,411.99		17,225,734.42
			% Balance				0.97%		0.61%		0.16%		1.74%
			# Loans				35		20		3		58
			% # Loans				1.00%		0.57%		0.09%		1.66%
	FORECLOSURE		Balance		636,000.03		0.00		0.00		6,543,061.25		7,179,061.28
			% Balance		0.06%		0.00%		0.00%		0.66%		0.72%
			# Loans		2		0		0		19		21
			% # Loans		0.06%		0.00%		0.00%		0.54%		0.60%
	BANKRUPTCY		Balance		1,168,113.12		0.00		676,219.65		767,400.00		2,611,732.77
			% Balance		0.12%		0.00%		0.07%		0.08%		0.26%
			# Loans		9		0		3		2		14
			% # Loans		0.26%		0.00%		0.09%		0.06%		0.40%
	REO		Balance		0.00		0.00		0.00		1,460,201.22		1,460,201.22
			% Balance		0.00%		0.00%		0.00%		0.15%		0.15%
			# Loans		0		0		0		7		7
			% # Loans		0.00%		0.00%		0.00%		0.20%		0.20%
	TOTAL		Balance		1,804,113.15		9,584,424.46		6,749,117.62		10,339,074.46		28,476,729.69
			% Balance		0.18%		0.97%		0.68%		1.04%		2.87%
			# Loans		11		35		23		31		100
			% # Loans		0.32%		1.00%		0.66%		0.89%		2.87%








Page 14 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,670,112.88		3,100,597.15		1,568,411.99		10,339,122.02
			% Balance				1.07%		0.59%		0.30%		1.96%
			# Loans				16		6		3		25
			% # Loans				1.13%		0.42%		0.21%		1.76%
	FORECLOSURE		Balance		520,000.03		0.00		0.00		4,710,764.45		5,230,764.48
			% Balance		0.10%		0.00%		0.00%		0.89%		0.99%
			# Loans		1		0		0		9		10
			% # Loans		0.07%		0.00%		0.00%		0.63%		0.70%
	BANKRUPTCY		Balance		68,390.53		0.00		601,255.82		597,800.00		1,267,446.35
			% Balance		0.01%		0.00%		0.11%		0.11%		0.24%
			# Loans		1		0		2		1		4
			% # Loans		0.07%		0.00%		0.14%		0.07%		0.28%
	REO		Balance		0.00		0.00		0.00		828,014.47		828,014.47
			% Balance		0.00%		0.00%		0.00%		0.16%		0.16%
			# Loans		0		0		0		2		2
			% # Loans		0.00%		0.00%		0.00%		0.14%		0.14%
	TOTAL		Balance		588,390.56		5,670,112.88		3,701,852.97		7,704,990.91		17,665,347.32
			% Balance		0.11%		1.07%		0.70%		1.46%		3.34%
			# Loans		2		16		8		15		41
			% # Loans		0.14%		1.13%		0.56%		1.06%		2.89%










Page 15 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				3,914,311.58		2,972,300.82		0.00		6,886,612.40
			% Balance				0.84%		0.64%		0.00%		1.48%
			# Loans				19		14		0		33
			% # Loans				0.92%		0.68%		0.00%		1.59%
	FORECLOSURE		Balance		116,000.00		0.00		0.00		1,832,296.80		1,948,296.80
			% Balance		0.02%		0.00%		0.00%		0.39%		0.42%
			# Loans		1		0		0		10		11
			% # Loans		0.05%		0.00%		0.00%		0.48%		0.53%
	BANKRUPTCY		Balance		1,099,722.59		0.00		74,963.83		169,600.00		1,344,286.42
			% Balance		0.24%		0.00%		0.02%		0.04%		0.29%
			# Loans		8		0		1		1		10
			% # Loans		0.39%		0.00%		0.05%		0.05%		0.48%
	REO		Balance		0.00		0.00		0.00		632,186.75		632,186.75
			% Balance		0.00%		0.00%		0.00%		0.14%		0.14%
			# Loans		0		0		0		5		5
			% # Loans		0.00%		0.00%		0.00%		0.24%		0.24%
	TOTAL		Balance		1,215,722.59		3,914,311.58		3,047,264.65		2,634,083.55		10,811,382.37
			% Balance		0.26%		0.84%		0.66%		0.57%		2.33%
			# Loans		9		19		15		16		59
			% # Loans		0.43%		0.92%		0.72%		0.77%		2.85%









Page 16 of 31
Impac CMB Trust 2005-1

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

November 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
1103323794 1
1103323794 1			237,500.00		236,014.47		01-Mar-2005		8.500%		MO - 95.00%		360		01-Feb-2005

1103350772 1			592,000.00		592,000.00		01-Feb-2005		6.625%		GA - 80.00%		360		01-Dec-2004
1103276291 2			129,600.00		127,858.38		01-Dec-2004		7.500%		CO - 86.40%		360		01-Aug-2004
1103339944 2			102,400.00		101,428.61		01-May-2005		6.375%		TX - 79.08%		360		01-Feb-2005
1103342357 2			148,000.00		148,000.00		01-Mar-2005		6.440%		CO - 80.00%		360		01-Jan-2005
1103346066 2			146,400.00		146,400.00		01-Mar-2005		6.125%		CO - 80.00%		360		01-Mar-2005
2503088621 2			108,500.00		108,499.76		01-Apr-2005		5.000%		GA - 70.00%		360		01-Mar-2005


TOTAL			1,464,400.00		1,460,201.22


Page 17 of 31
Impac CMB Trust 2005-1

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

November 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
1103282462 1
1103282462 1			252,000.00		250,028.52		01-Mar-2005		7.875%		IL - 90.00%		360		01-Jan-2005

1103317458 1			360,000.00		360,000.00		01-Jun-2005		6.500%		FL - 80.00%		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
1103327139 1			422,100.00		422,100.00		01-May-2005		5.375%		CA - 70.00%		360		01-Jan-2005
1103335570 1			493,600.00		488,675.19		01-Jun-2005		6.625%		CA - 80.00%		360		01-Jan-2005
1103338821 1			624,280.00		624,097.12		01-Jun-2005		5.990%		CA - 80.00%		360		01-Feb-2005
1103339676 1			540,800.00		540,653.54		01-Jun-2005		6.500%		CA - 80.00%		360		01-Jan-2005
1103342837 1			460,000.00		460,000.00		01-Mar-2005		7.255%		TX - 80.00%		360		01-Jan-2005
1103342901 1			520,000.00		520,000.03		01-Oct-2005		5.750%		CA - 80.00%		360		01-Jan-2005
1103344421 1			440,000.00		434,710.08		01-Apr-2005		6.490%		NV - 80.00%		360		01-Jan-2005
1103312654 2			216,000.00		216,000.00		01-Feb-2005		6.250%		UT - 80.00%		360		01-Dec-2004
1103317162 2			253,600.00		253,600.00		01-May-2005		4.575%		CA - 80.00%		360		01-Dec-2004
1103327994 2			202,000.00		200,458.03		01-Mar-2005		7.500%		PA - 80.00%		360		01-Feb-2005
1103331158 2			116,000.00		116,000.00		01-Oct-2005		5.990%		CA - 80.00%		360		01-Jan-2005
1103340852 2			182,000.00		180,058.33		01-Apr-2005		5.750%		FL - 70.00%		360		01-Feb-2005
1103342327 2			132,000.00		132,000.00		01-Apr-2005		6.500%		AZ - 80.00%		360		01-Jan-2005
1103342337 2			137,600.00		137,600.00		01-May-2005		6.615%		AZ - 80.00%		360		01-Jan-2005
1103342689 2			350,000.00		350,000.00		01-Jun-2005		6.990%		OH - 85.37%		360		01-Jan-2005
1103344608 2			150,675.00		148,818.67		01-Mar-2005		5.500%		IL - 70.00%		360		01-Jan-2005
3900009980 2			148,000.00		138,608.59		01-Nov-2004		9.125%		NM - 80.00%		360		01-Nov-1999
3900010170 2			80,750.00		75,153.18		01-May-2005		9.500%		TX - 95.00%		360		01-Dec-1999


TOTAL			7,211,905.00		7,179,061.28


Page 18 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										70		42		112
Number of Repurchased Loans										0		1		1
Total Number of Loans Prepaid in Full										70		43		113
Curtailments Amount										43,246.12		32,509.50		75,755.62
Paid in Full Balance										16,324,349.84		19,459,144.74		35,783,494.58
Repurchased Loans Balance										0.00		496,200.00		496,200.00
Total Prepayment Amount										16,367,595.96		19,987,854.24		36,355,450.20

Cumulative


Number of Paid in Full Loans										556		355		911
Number of Repurchased Loans										4		2		6
Total Number of Loans Prepaid in Full										560		357		917
Paid in Full Balance										123,484,913.98		128,922,770.58		252,407,684.56
Repurchased Loans Balance										1,191,566.33		1,006,600.00		2,198,166.33
Curtailments Amount										449,847.33		574,645.88		1,024,493.21
Total Prepayment Amount										125,126,327.64		130,504,016.46		255,630,344.10










Page 19 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										3.41%		3.65%		3.53%
3 Months Avg SMM										3.62%		3.51%		3.56%
12 Months Avg SMM										2.36%		2.19%		2.27%
Avg SMM Since Cut-off										2.36%		2.19%		2.27%


CPR										34.03%		35.96%		35.06%
3 Months Avg CPR										35.74%		34.86%		35.27%
12 Months Avg CPR										24.94%		23.32%		24.09%
Avg CPR Since Cut-off										24.94%		23.32%		24.09%


PSA										1,444.73%		1,546.05%		1,498.68%
3 Months Avg PSA Approximation										1,656.60%		1,638.02%		1,646.87%
12 Months Avg PSA Approximation										1,680.07%		1,587.06%		1,631.85%
Avg PSA Since Cut-off Approximation										1,680.07%		1,587.05%		1,631.85%










Page 20 of 31
Impac CMB Trust 2005-1

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

November 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

November 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

1103251551 2			247,200.00		247,200.00			18-Oct-2005		4.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103251551 2			247,200.00		247,200.00			18-Oct-2005		4.500%		CA - 80.00%		Paid Off - 360		01-Nov-2004
1103273321 1			547,150.00		547,150.00			06-Oct-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103284771 2			192,500.00		192,500.00			05-Oct-2005		4.875%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103288603 2			304,000.00		304,000.00			13-Oct-2005		5.375%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103293724 2			320,050.00		320,050.00			21-Oct-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103296357 2			217,000.00		216,898.65			03-Oct-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103298528 2			108,500.00		108,157.80			31-Oct-2005		5.375%		IL - 70.00%		Paid Off - 360		01-Dec-2004
1103299891 2			193,600.00		193,600.00			13-Oct-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103305648 2			198,000.00		198,000.00			04-Oct-2005		7.500%		CA - 90.00%		Paid Off - 360		01-Feb-2005
1103305727 2			392,000.00		391,990.12			04-Oct-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Dec-2004
1103308784 1			340,000.00		338,583.33			24-Oct-2005		5.000%		CA - 53.13%		Paid Off - 360		01-Jan-2005
1103309099 2			252,000.00		251,384.95			14-Oct-2005		4.750%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103311123 1			255,000.00		251,858.45			07-Oct-2005		5.500%		CA - 68.92%		Paid Off - 360		01-Dec-2004
1103311433 2			320,000.00		316,564.22			03-Oct-2005		6.375%		NJ - 80.00%		Paid Off - 360		01-Dec-2004
1103311559 2			175,200.00		175,198.37			12-Oct-2005		6.450%		CA - 80.00%		Paid Off - 360		01-Sep-2004
1103311898 1			400,000.00		399,663.95			03-Oct-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103317704 2			327,500.00		325,756.91			18-Oct-2005		6.500%		CA - 68.95%		Paid Off - 360		01-Nov-2004
1103318782 1			750,000.00		750,000.00			28-Oct-2005		4.875%		PA - 57.04%		Paid Off - 360		01-Feb-2005
1103326355 2			297,500.00		297,500.00			19-Oct-2005		6.750%		CA - 88.80%		Paid Off - 360		01-Dec-2004
1103326366 2			332,400.00		332,397.49			14-Oct-2005		6.365%		MD - 94.99%		Paid Off - 360		01-Jan-2005
1103326557 2			209,300.00		207,139.81			05-Oct-2005		6.375%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103326838 1			396,000.00		396,000.00			13-Oct-2005		6.115%		CA - 91.03%		Paid Off - 360		01-Nov-2004
1103328085 1			632,000.00		632,000.00			31-Oct-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103329592 2			339,500.00		339,500.00			05-Oct-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103329850 1			528,500.00		527,808.18			03-Oct-2005		6.250%		MO - 70.00%		Paid Off - 360		01-Feb-2005
1103331779 1			737,750.00		737,750.00			05-Oct-2005		5.500%		SC - 65.00%		Paid Off - 360		01-Feb-2005
1103332757 1			143,500.00		143,500.00			14-Oct-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103334969 2			332,500.00		332,483.71			31-Oct-2005		5.000%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103335749 2			252,000.00		249,904.73			31-Oct-2005		6.500%		IL - 80.00%		Paid Off - 360		01-Feb-2005
1103336060 1			400,000.00		396,114.44			31-Oct-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103336871 2			322,000.00		322,000.00			11-Oct-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103337182 1			456,000.00		456,000.00			27-Oct-2005		7.125%		CA - 95.00%		Paid Off - 360		01-Feb-2005
1103337491 1			686,000.00		686,000.00			20-Oct-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103337606 2			178,500.00		178,500.00			19-Oct-2005		5.625%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103338500 2			231,000.00		231,000.00			14-Oct-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103339113 1			329,000.00		328,990.16			31-Oct-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103339231 2			216,000.00		215,999.85			26-Oct-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103339695 1			511,000.00		510,531.87			13-Oct-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Jan-2005
1103340020 1			800,000.00		800,000.00			10-Oct-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103340353 1			550,000.00		548,794.10			27-Oct-2005		5.500%		CA - 68.75%		Paid Off - 360		01-Feb-2005
1103340402 2			328,300.00		328,300.00			07-Oct-2005		5.375%		FL - 70.00%		Paid Off - 360		01-Feb-2005


Page 22 of 31
Impac CMB Trust 2005-1

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

November 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

1103340812 2			336,000.00		335,993.97			18-Oct-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103340812 2			336,000.00		335,993.97			18-Oct-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103341139 2			180,500.00		180,500.00			19-Oct-2005		6.375%		FL - 95.00%		Paid Off - 360		01-Jan-2005
1103341441 1			135,100.00		133,893.81			04-Oct-2005		6.125%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103341576 1			416,000.00		416,000.00			24-Oct-2005		6.875%		CA - 74.29%		Paid Off - 360		01-Feb-2005
1103341908 2			324,000.00		324,000.00			12-Oct-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103342190 2			119,920.00		118,536.24			31-Oct-2005		5.325%		CT - 80.00%		Paid Off - 360		01-Jan-2005
1103342269 2			337,600.00		337,517.65			17-Oct-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103342329 2			156,000.00		156,000.00			26-Oct-2005		6.500%		OR - 80.00%		Paid Off - 360		01-Jan-2005
1103342349 2			144,000.00		143,959.91			12-Oct-2005		5.990%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342418 2			180,000.00		179,666.82			26-Oct-2005		6.875%		IL - 75.94%		Paid Off - 360		01-Jan-2005
1103342476 2			216,000.00		216,000.00			13-Oct-2005		5.915%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342619 2			280,000.00		279,927.20			20-Oct-2005		6.240%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342679 2			176,000.00		174,925.87			18-Oct-2005		5.625%		NV - 80.00%		Paid Off - 360		01-Jan-2005
1103342801 1			488,000.00		488,000.00			27-Oct-2005		6.740%		AZ - 80.00%		Paid Off - 360		01-Jan-2005
1103342913 1			588,000.00		588,000.00			12-Oct-2005		5.910%		CA - 80.00%		Paid Off - 360		01-Jan-2005
1103342930 1			750,000.00		750,000.00			21-Oct-2005		6.250%		CA - 84.36%		Paid Off - 360		01-Jan-2005
1103343083 1			546,000.00		546,000.00			19-Oct-2005		5.375%		NC - 70.00%		Paid Off - 360		01-Jan-2005
1103343214 2			211,400.00		211,400.00			18-Oct-2005		5.875%		AZ - 70.00%		Paid Off - 360		01-Jan-2005
1103343437 1			403,200.00		403,200.00			28-Oct-2005		7.125%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103343607 2			294,000.00		294,000.00			04-Oct-2005		6.000%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103343632 2			277,600.00		277,600.00			27-Oct-2005		6.875%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103343682 2			270,000.00		267,887.78			18-Oct-2005		7.375%		NJ - 90.00%		Paid Off - 360		01-Jan-2005
1103344046 2			109,200.00		109,200.00			27-Oct-2005		5.625%		AZ - 70.00%		Paid Off - 360		01-Feb-2005
1103344302 1			423,000.00		418,725.16			27-Oct-2005		6.040%		CA - 90.00%		Paid Off - 360		01-Jan-2005
1103344305 2			233,300.00		233,299.79			31-Oct-2005		5.590%		CA - 84.83%		Paid Off - 360		01-Jan-2005
1103344344 2			342,300.00		339,413.74			27-Oct-2005		6.990%		NV - 89.61%		Paid Off - 360		01-Jan-2005
1103344861 2			225,996.00		224,289.31			20-Oct-2005		7.000%		IL - 80.00%		Paid Off - 360		01-Feb-2005
1103345595 2			248,000.00		248,000.00			24-Oct-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103346312 1			396,000.00		396,000.00			20-Oct-2005		4.875%		CA - 80.00%		Paid Off - 360		01-Dec-2004
1103347049 2			203,000.00		203,000.00			13-Oct-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005
1103348148 2			149,800.00		148,332.02			24-Oct-2005		6.000%		FL - 70.00%		Paid Off - 360		01-Feb-2005
1103349063 2			150,500.00		149,251.27			24-Oct-2005		5.875%		VA - 70.00%		Paid Off - 360		01-Mar-2005
1103349187 2			316,000.00		316,000.00			28-Oct-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103350085 2			285,600.00		285,600.00			12-Oct-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103350174 2			148,750.00		148,750.00			11-Oct-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Nov-2004
1103350335 2			285,500.00		285,500.00			04-Oct-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103350492 2			355,900.00		352,258.13			04-Oct-2005		5.990%		AZ - 79.99%		Paid Off - 360		01-Jan-2005
1103350787 1			396,000.00		396,000.00			26-Oct-2005		5.625%		VA - 80.00%		Paid Off - 360		01-Nov-2004
1103350789 1			1,000,000.00		1,000,000.00			27-Oct-2005		6.250%		CA - 79.30%		Paid Off - 360		01-Jan-2005
1103350792 2			182,000.00		182,000.00			14-Oct-2005		5.625%		AZ - 80.00%		Paid Off - 360		01-Dec-2004
1103350909 2			153,300.00		153,300.00			07-Oct-2005		4.375%		CA - 70.00%		Paid Off - 360		01-Feb-2005
1103352401 2			191,200.00		191,200.00			13-Oct-2005		5.625%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103352792 2			340,000.00		340,000.00			31-Oct-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Feb-2005


Page 23 of 31
Impac CMB Trust 2005-1

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

November 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

1103352962 2			258,400.00		258,400.00			06-Oct-2005		6.375%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103352962 2			258,400.00		258,400.00			06-Oct-2005		6.375%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103354909 1			570,500.00		564,281.89			20-Oct-2005		6.250%		UT - 70.00%		Paid Off - 360		01-Jan-2005
1103354987 1			440,000.00		440,000.00			31-Oct-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103355020 1			496,000.00		496,000.00			31-Oct-2005		5.750%		CA - 78.48%		Paid Off - 360		01-Feb-2005
1103356376 2			161,000.00		161,000.00			28-Oct-2005		6.625%		NC - 70.00%		Paid Off - 360		01-Feb-2005
1103356713 2			146,400.00		146,291.93			20-Oct-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Feb-2005
1103357315 1			400,000.00		400,000.00			25-Oct-2005		6.000%		MD - 71.42%		Paid Off - 360		01-Feb-2005
1103359088 2			350,000.00		350,000.00			11-Oct-2005		6.000%		CA - 68.63%		Paid Off - 360		01-Feb-2005
1103364809 2			148,000.00		146,036.37			05-Oct-2005		7.500%		CA - 80.00%		Paid Off - 360		01-Jun-2004
1103367752 1			137,900.00		137,667.45			07-Oct-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005
2503086407 1			168,600.00		168,600.00			06-Oct-2005		5.625%		FL - 69.99%		Paid Off - 360		01-Mar-2005
2503091421 2			532,000.00		532,000.00			05-Oct-2005		4.625%		CA - 70.00%		Paid Off - 360		01-Feb-2005
2503092356 2			79,800.00		79,800.00			06-Oct-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Mar-2005
2503092370 2			107,450.00		107,440.16			31-Oct-2005		4.625%		FL - 70.00%		Paid Off - 360		01-Mar-2005
2503092577 2			301,700.00		301,581.52			05-Oct-2005		6.000%		CA - 79.98%		Paid Off - 360		01-Mar-2005
2503092828 1			528,500.00		528,500.00			25-Oct-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Feb-2005
2503093240 1			427,000.00		427,000.00			11-Oct-2005		5.125%		CA - 70.00%		Paid Off - 360		01-Mar-2005
2503093937 1			624,000.00		620,553.06			04-Oct-2005		6.750%		CA - 80.00%		Paid Off - 360		01-Mar-2005
2503094555 2			149,600.00		149,600.00			07-Oct-2005		7.000%		CA - 80.00%		Paid Off - 360		01-Mar-2005
2503094904 1			259,600.00		259,600.00			13-Oct-2005		6.500%		FL - 72.19%		Paid Off - 360		01-Mar-2005
2503096169 1			1,237,000.00		1,228,517.53			24-Oct-2005		6.875%		NY - 74.97%		Paid Off - 360		01-Mar-2005
3900009979 2			179,910.00		160,584.37			20-Oct-2005		11.875%		AZ - 90.00%		Paid Off - 360		01-Oct-1999
3900009989 2			88,000.00		66,330.99			13-Oct-2005		9.250%		NY - 80.00%		Paid Off - 180		01-Dec-1999
3900010092 1			25,000.00		19,916.29			20-Oct-2005		12.750%		TN - 54.35%		Paid Off - 180		01-Nov-1999
3900010094 1			135,900.00		130,689.67			25-Oct-2005		10.750%		NJ - 90.00%		Paid Off - 180		01-Nov-1999
3900010214 2			89,600.00		85,482.47			13-Oct-2005		9.375%		CA - 80.00%		Paid Off - 360		01-Feb-2000
3900010219 2			100,350.00		96,465.72			20-Oct-2005		10.250%		NC - 90.00%		Paid Off - 360		01-Mar-2000
3900010236 1			56,905.00		51,255.40			03-Oct-2005		10.875%		TX - 95.00%		Paid Off - 360		01-Apr-2000
1103327243 1			496,200.00		496,200.00				7.125%		NV - 80.00%		Repur/Subs - 360		01-Feb-2005


TOTAL			36,408,431.00		36,279,694.58
TOTAL


Page 24 of 31
Impac CMB Trust 2005-1

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

November 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		1		1
Collateral Realized Loss/(Gain) Amount										0.00		1,936.00		1,936.00
Net Liquidation Proceeds										0.00		110,099.80		110,099.80










Page 25 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



MDR										0.00%		0.00%		0.00%
3 Months Avg MDR										0.00%		0.01%		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%		0.08%		0.04%
12 Months Avg CDR										0.00%		0.02%		0.01%
Avg CDR Since Cut-off										0.00%		0.02%		0.01%


SDA										0.00%		0.00%		0.00%
3 Months Avg SDA Approximation										0.00%		0.37%		0.20%
12 Months Avg SDA Approximation										0.00%		0.16%		0.09%
Avg SDA Since Cut-off Approximation										0.00%		0.16%		0.08%


Loss Severity Approximation for Current Period										0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation										0.00%		0.58%		0.58%
12 Months Avg Loss Severity Approximation										0.00%		0.17%		0.17%
Avg Loss Severity Approximation Since Cut-off										0.00%		0.17%		0.17%












Page 26 of 31
Impac CMB Trust 2005-1

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

November 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

November 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

November 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														4.037500%
Next LIBOR Rate														4.193750%



Page 29 of 31
Impac CMB Trust 2005-1

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

November 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							8.795%			$0.00		$0.00
										8.795%			$0.00		$0.00
			1-A-2							8.885%			$0.00		$0.00
										8.885%			$0.00		$0.00
			2-A-1							8.860%			$0.00		$0.00
										8.860%			$0.00		$0.00
			2-A-2							9.135%			$0.00		$0.00
										9.135%			$0.00		$0.00
			M-5-1							4.808%			$0.00		$0.00
										4.808%			$0.00		$0.00
			M-6-1							4.858%			$0.00		$0.00
										4.858%			$0.00		$0.00
			M-1-2							5.338%			$0.00		$0.00
										5.338%			$0.00		$0.00
			M-2-2							4.498%			$0.00		$0.00
										4.498%			$0.00		$0.00
			M-3-2							4.538%			$0.00		$0.00
										4.538%			$0.00		$0.00
			M-4-2							4.568%			$0.00		$0.00
										4.568%			$0.00		$0.00
			M-5-2							4.788%			$0.00		$0.00
										4.788%			$0.00		$0.00
			M-6-2							4.808%			$0.00		$0.00
										4.808%			$0.00		$0.00
			B-1							4.858%			$0.00		$853.24
										4.858%			$0.00		$853.24
			B-2							5.338%			$0.00		$853.24
										5.338%			$0.00		$853.24
			A-IO-1							0.000%			$0.00		$0.00
										0.000%			$0.00		$0.00
			A-IO-2							0.000%			$0.00		$0.00
										0.000%			$0.00		$0.00




Page 30 of 31
Impac CMB Trust 2005-1

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

November 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
BEAR STERNS REFERENCE NUMBER FXIMP05A1														(316,839.43)
BEAR STERNS REFERENCE NUMBER FXIMP05B1														(75,145.42)
BEAR STERNS REFERENCE NUMBER FXIMP05C1														(61,787.23)
BEAR STERNS REFERENCE NUMBER FXIMP05D1														(5,229.69)
BEAR STERNS REFERENCE NUMBER FXIMP05E1														(16,743.33)
BEAR STERNS REFERENCE NUMBER FXNCC6713														0.00







Page 31 of 31

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