UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 30, 2007

Impac Secured Assets Trust 2007-3

(Exact name of issuing entity as specified in its charter)

Impac Secured Assets Corp.

(Exact name of depositor as specified in its charter)

Impac Funding Corporation

(Exact name of sponsor as specified in its charter)

CALIFORNIA	333-139462-02	33-0715871
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

19500 Jamboree Road Irvine, California		92612
(Address of Principal Executive Offices)		(Zip Code)

~~Registrants~~Registrant’s telephone number, including area code, is (949) 475-3600

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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

2Item 6.02. Change of Servicer or Trustee.

~~Item~~As 2of June 1, 2007, Impac Funding Corp.01 ~~Acquisition~~had orcompleted ~~Disposition~~the transfer to Countrywide Home Loans Servicing LP of the servicing rights with respect to the mortgage loans serviced by Impac Funding Corp. backing the Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-3 pursuant to an Amended and Restated Servicing Rights Purchase and Sale Agreement, between Impac Funding Corp. as seller and Countrywide Home Loans Servicing LP as purchaser, dated March 1, 2002, a Trade Confirmation, between Impac Funding Corp. as seller and Countrywide Home Loans Servicing LP as purchaser, dated April 18, 2007 and those certain Pricing Letters, between Impac Funding Corp. as seller and Countrywide Home Loans Servicing LP as purchaser, dated April 30, 2007 and May 18, 2007.

OnThe ~~April 30,~~principal ~~2007,~~executive aoffices ~~single series~~ of ~~certificates,~~Countrywide ~~entitled~~Home ~~Impac~~Loans ~~Secured~~Servicing ~~Assets~~LP ~~Corp.,~~(“Countrywide ~~Mortgage~~Servicing”) ~~Pass-Through~~are ~~Certificates,~~located ~~Series~~at ~~2007-3~~7105 ~~(the~~Corporate ~~"Certificates")~~Drive, ~~were~~Plano, Texas 75024. Countrywide ~~issued~~Servicing ~~pursuant~~is to a ~~pooling~~Texas ~~and~~limited ~~servicing~~partnership ~~agreement,~~directly ~~dated~~owned asby ofCountrywide ~~April 1~~GP, ~~2007~~Inc. ~~(the~~and ~~"Agreement")~~Countrywide LP, ~~among~~Inc., ~~Impac~~each ~~Secured~~a ~~Assets~~Nevada ~~Corp.,~~corporation asand ~~depositor~~a ~~(the~~direct wholly owned ~~"Depositor"),~~subsidiary ~~Impac~~of ~~Funding~~Countrywide ~~Corporation~~Home asLoans. ~~master~~Countrywide ~~servicer~~GP, ~~(the~~Inc. ~~"Master~~owns a 0.1% interest ~~Servicer")~~in Countrywide Servicing and ~~Deutsche~~is ~~Bank~~the ~~National~~general ~~Trust~~partner. ~~Company~~Countrywide asLP, ~~trustee~~Inc. ~~(the~~owns ~~"Trustee")~~a 99.9% interest in Countrywide Servicing and is a limited partner.

OnCountrywide ~~May~~Home Loans established Countrywide Servicing in February 2000 to service 18mortgage loans originated by Countrywide Home Loans that would otherwise have been serviced by Countrywide Home Loans. In January and February, ~~2007~~2001, Countrywide ~~following~~Home ~~the~~Loans ~~closing~~transferred to Countrywide Servicing all of ~~the~~its ~~initial~~rights and ~~issuance~~obligations relating to mortgage loans serviced on behalf of ~~the~~Freddie ~~Certificates,~~Mac ~~the~~and ~~Trustee~~Fannie ~~purchased~~Mae, ~~from~~respectively. ~~the~~In ~~Depositor~~October ~~certain~~2001, ~~Subsequent~~Countrywide ~~Mortgage~~Home Loans, astransferred ~~defined~~to Countrywide inServicing ~~the~~all ~~Agreement,~~of ~~with~~its anrights ~~aggregate~~and ~~principal~~obligations ~~balance~~relating ~~equal~~ to the bulk ~~approximately~~of its ~~$76,110,581.89~~non-agency ~~with~~loan ~~funds~~servicing onportfolio ~~deposit~~(other inthan the ~~pre-funding~~servicing ~~account~~of home equity ~~(the~~lines ~~"Pre-Funding~~of ~~Account"~~credit), ~~established~~including ~~pursuant~~with respect to ~~the~~those ~~Agreement~~mortgage atloans a(other ~~purchase~~than ~~price~~home ~~equal~~equity tolines ~~the~~of ~~principal~~credit) ~~balance~~formerly ~~thereof,~~serviced ~~which~~by ~~Subsequent~~Countrywide ~~Mortgage~~Home Loans and ~~were~~securitized ~~conveyed~~by tocertain ~~the~~of ~~Trustee~~its ~~pursuant~~affiliates. While Countrywide Home Loans expects to continue to directly service a ~~Subsequent~~portion ~~Transfer~~of ~~Instrument~~its loan portfolio, it is expected ~~dated~~that the servicing rights for most newly originated Countrywide Home Loans ~~May~~mortgage ~~18,~~loans ~~2007,~~will ~~between~~be ~~the~~transferred ~~Depositor~~to ~~and~~Countrywide ~~the~~Servicing ~~Trustee~~upon (sale or securitization of the ~~"Instrument")~~related mortgage loans. ~~Attached~~Countrywide Servicing is engaged toin the ~~Instrument~~business isof ~~the~~servicing ~~Mortgage~~mortgage ~~Loan~~loans ~~Schedule~~and ~~listing~~will ~~the~~not ~~Subsequent~~originate ~~Mortgage~~or acquire loans, an activity that will continue to be performed by Countrywide Home Loans. In addition to acquiring mortgage servicing rights from Countrywide Home Loans, it is expected that ~~are~~Countrywide ~~the~~Servicing ~~subject~~will service mortgage loans for non-Countrywide Home Loans affiliated parties as well as subservice mortgage loans on behalf of ~~such~~other ~~Instrument~~master servicers.

3In connection with the establishment of Countrywide Servicing, certain employees of Countrywide Home Loans became employees of Countrywide Servicing. Countrywide Servicing has engaged Countrywide Home Loans as a subservicer to perform certain loan servicing activities on its behalf.

~~Item~~Countrywide Servicing 8is an approved mortgage loan servicer for Fannie Mae, Freddie Mac, Ginnie Mae, HUD and VA and is licensed to service mortgage loans in each state where a license is required.~~01.~~ ~~Other~~Its ~~Events~~loan servicing activities are guaranteed by Countrywide Financial and/or Countrywide Home Loans when required by the owner of the mortgage loans.

~~Description~~Countrywide Servicing is an affiliate of ~~the~~Countrywide ~~Mortgage~~Securities ~~Pool~~Corporation.

The Certificates, issued pursuant to the Agreement, evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of adjustable-rate and fixed-rate, first and second lien, one- to four- family residential mortgage loans having original terms to maturity of not greater than 30 years (the "Subsequent Mortgage Loans"). As of the Closing Date, the Trust Fund primarily consisted of (i) the Mortgage Pool, which consisted of Mortgage Loans having an aggregate principal balance of approximately $ 795,601,639.09 as of April 1, 2007 and (ii) the Pre-Funding Account, which contained approximately $76,114,326.34.

As more fully described above, on May 18, 2007, the Depositor purchased the Subsequent Mortgage Loans with the funds on deposit in the Pre-Funding Account.

The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of April 1, 2007, with respect to the Subsequent Mortgage Loans.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

(d) Exhibits:

Exhibit No. Description

4.2 Subsequent Transfer Instrument, dated as of May 18, 2007 between Impac Secured Assets Corp. as Depositor and Deutsche Bank National Trust Company, as Trustee.

99.1 Characteristics of the Mortgage Pool as of April 1, 2007, relating to Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-3.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly authorized.

IMPAC SECURED ASSETS CORP.

By:

/s/ Ronald Morrison

Name:

Ronald Morrison

Title:

General Counsel & Secretary

Dated: June 46, 2007

EXHIBIT INDEX

Exhibit Number Description

4.2 Subsequent Transfer Instrument, dated as of May 18, 2007 between Impac Secured Assets Corp. as Depositor and Deutsche Bank National Trust Company, as Trustee.

99.1 Characteristics of the Mortgage Pool as of April 1, 2007, relating to Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2007-3.

Filing Compare · Impac Secured Assets Trust 2007-3