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): ~~September~~October 2527, 2003 IMPAC CMB TRUST SERIES 2003-5. (as Company under a Series 2003-5 Indenture, dated as of April30,2003 providing for, inter alia, the issuance of Collateralized Asset Backed Bonds, Series 2003-5). IMH ASSETS CORP IMPAC CMB TRUST SERIES 2003-5 (Exact name of Registrant as specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-103591-02 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 Item 5. 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 7. Financial Statement and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of ~~September~~October 2527, 2003.. SIGNATURE 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, not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Indenture, dated as of April 30,2003. Date: Oct 0129, 2003 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~September~~October 2527, 2003.

	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	September 25, 2003 Distribution
	October 27, 2003 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				15
			8.	Prepayment Report				16
			9.	Prepayment Detail Report				19
			10.	Realized Loss Report				2021
			11.	Realized Loss Detail Report				2324
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				2425
			13.	Other Related Information				2526
				Total Number of Pages				2526
			CONTACTS
				Administrator: James Noriega
				Direct Phone Number: (714)247-6281
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Impac Funding Corp.					Cut-Off Date: April 1, 2003
	Certificate Insurer(s):							Closing Date: April 30, 2003
								First Payment Date: May 27, 2003
	Servicer(s):		Impac Funding Corp. Master Servicer
			Wendover Funding, Inc. Sub-Servicer
			Countrywide Home Loans, Inc. Sub-Servicer
								Distribution Date: September 25, 2003
								Distribution Date: October 27, 2003
	Underwriter(s):		Countrywide Securities Co-Lead Underwriter					Record Date: ~~September~~October 23, 2003
			Bear, Stearns & Co. Inc Co-Lead Underwriter					~~August~~September 2930, 2003
						Page 1 of 25					© COPYRIGHT 2003 Deutsche Bank
						Page 1 of 26					© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Certificate Payment Report for September 25, 2003 Distribution
	Certificate Payment Report for October 27, 2003 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1	FLT, STEP,	228,900,000.00			~~216~~208,~~037~~235,~~645~~168.6955	~~267~~268,~~886~~392.6800	7,~~802~~018,~~477~~384.1404	87,~~070~~286,~~363~~776.8204	-	-	~~208~~201,~~235~~216,~~168~~784.5551
A-2	FLT, STEP,	14,850,000.00			1413,~~015~~509,~~548~~358.4490	19,~~431~~453.0048	~~506~~455,~~189~~321.5411	~~525~~474,~~620~~774.5459	-	-	13,~~509~~054,~~358~~037.9079
M-1	MEZ, FLT, S	22,500,000.00			2120,~~235~~468,~~679~~725.4661	34,~~012~~023.4857	~~766~~689,~~953~~880.8548	~~800~~723,~~966~~904.3305	-	-	2019,~~468~~778,~~725~~845.6113
M-2	MEZ, FLT, S	17,250,000.00			1615,~~280~~692,~~687~~689.5863	40,~~095~~033.7279	~~587~~528,~~997~~908.9536	~~628~~568,~~093~~942.6715	-	-	15,~~692~~163,~~689~~781.6327
B	SUB, FLT, S	15,000,000.00			1413,~~157~~645,~~119~~817.6408	5049,~~104~~974.4101	~~511~~459,~~302~~920.5632	~~561~~509,~~406~~894.9733	-	-	13,~~645~~185,~~817~~896.0876
Cert	R	-			-	~~745~~677,~~291~~491.6527	-	~~745~~677,~~291~~491.6527	-	-	-
Total		298,500,000.00			~~281~~271,~~726~~551,~~680~~759.8177	1,~~156~~089,~~821~~368.9412	109,~~174~~152,~~921~~414.0431	1110,~~331~~241,~~742~~782.9843	-	-	~~271~~262,~~551~~399,~~759~~345.7746
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1	0809/25/03	0910/2426/03		A-Act/360	45254NEM5	228,900,000.00	~~943~~909.~~807976~~721138	1.~~170322~~172529	3430.~~086838~~661354	3531.~~257160~~833884	~~909~~879.~~721138~~059784
A-2	0809/25/03	0910/2426/03		A-Act/360	45254NEN3	14,850,000.00	~~943~~909.~~807976~~721138	1.~~308485~~309999	3430.~~086838~~661354	3531.~~395322~~971353	~~909~~879.~~721138~~059784
M-1	0809/25/03	0910/2426/03		A-Act/360	45254NEP8	22,500,000.00	~~943~~909.~~807976~~721138	1.~~511666~~512159	3430.~~086838~~661354	3532.~~598503~~173513	~~909~~879.~~721138~~059784
M-2	0809/25/03	0910/2426/03		A-Act/360	45254NEQ6	17,250,000.00	~~943~~909.~~807976~~721138	2.~~324390~~320799	3430.~~086838~~661354	3632.~~411227~~982154	~~909~~879.~~721138~~059784
B	0809/25/03	0910/2426/03		A-Act/360	45254NER4	15,000,000.00	~~943~~909.~~807976~~721139	3.~~340294~~331601	3430.~~086838~~661354	3733.~~427132~~992955	~~909~~879.~~721139~~059784
Cert				-		-	-	-	-	-	-
							Page 2 of 25				© COPYRIGHT 2003 Deutsche Bank
							Page 2 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Certificate Payment Report for September 25, 2003 Distribution
	Certificate Payment Report for October 27, 2003 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	228,900,000.00		1,~~381~~649,~~291~~683.15		1926,~~984~~861,~~166~~801.7284	~~680~~821,~~664~~413.7466	2027,~~664~~683,~~831~~215.4650	2229,~~046~~332,~~122~~898.6165	-	-	~~208~~201,~~235~~216,~~168~~784.5551
A-2	14,850,000.00		99119,~~742~~195.1361		1,~~296~~742,~~482~~672.6460	4453,~~158~~289.4661	1,~~340~~795,~~641~~962.1021	1,~~440~~915,~~383~~157.2382	-	-	13,~~509~~054,~~358~~037.9079
M-1	22,500,000.00		~~173~~207,~~696~~719.1673		12,~~964~~640,~~367~~413.6302	6680,~~906~~741.7684	2,~~031~~721,~~274~~154.3987	2,~~204~~928,~~970~~874.5560	-	-	2019,~~468~~778,~~725~~845.6113
M-2	17,250,000.00		~~202~~242,~~387~~420.0079		12,~~506~~024,~~015~~316.1965	5161,~~295~~902.1808	12,~~557~~086,~~310~~218.3773	12,~~759~~328,~~697~~639.3752	-	-	15,~~692~~163,~~689~~781.6327
B	15,000,000.00		~~251~~301,~~227~~201.7778		1,~~309~~760,~~578~~275.4235	4453,~~604~~827.5089	1,~~354~~814,~~182~~103.9324	12,~~605~~115,~~410~~305.7002	-	-	13,~~645~~185,~~817~~896.0876
Cert	-		34,~~580~~257,~~402~~893.0431		-	-	-	34,~~580~~257,~~402~~893.0431	-	-	-
Total	298,500,000.00		56,~~688~~778,~~746~~114.2537		2635,~~060~~029,~~610~~479.6046	~~887~~1,~~629~~071,175.6409	2636,~~948~~100,~~240~~654.2455	3242,~~636~~878,~~986~~768.4992	-	-	~~271~~262,~~551~~399,~~759~~345.7746
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	1.~~44000~~45000%	~~216~~208,~~037~~235,~~645~~168.6955			~~267~~268,~~886~~392.6800	-	-	-	~~267~~268,~~886~~392.6800	~~267~~268,~~886~~392.6800	-
A-2	1.~~61000~~62000%	1413,~~015~~509,~~548~~358.4490			19,~~431~~453.0048	-	-	-	19,~~431~~453.0048	19,~~431~~453.0048	-
M-1	1.~~86000~~87000%	2120,~~235~~468,~~679~~725.4661			34,~~012~~023.4857	-	-	-	34,~~012~~023.4857	34,~~012~~023.4857	-
M-2	2.~~86000~~87000%	1615,~~280~~692,~~687~~689.5863			40,~~095~~033.7279	-	-	-	40,~~095~~033.7279	40,~~095~~033.7279	-
B	4.~~11000~~12000%	1413,~~157~~645,~~119~~817.6408			5049,~~104~~974.4101	-	-	-	5049,~~104~~974.4101	5049,~~104~~974.4101	-
Cert		-			-	-	-	-	~~745~~677,~~291~~491.6527	~~745~~677,~~291~~491.6527	-
Total		~~281~~271,~~726~~551,~~680~~759.8177			411,~~530~~876.2985	-	-	-	1,~~156~~089,~~821~~368.9412	1,~~156~~089,~~821~~368.9412	-
							Page 3 of 25				© COPYRIGHT 2003 Deutsche Bank
							Page 3 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report for October 27, 2003 Distribution
	Collection Account Report
SUMMARY					FIXED	FIXED	ADJUSTABLE	TOTAL
	Principal Collections				~~148~~188,~~262~~076.1995	~~266~~291,~~149~~266.8094	98,~~760~~673,~~509~~070.0442	109,~~174~~152,~~921~~414.0331
	Principal Withdrawals				0.00	0.00	0.00	0.00
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL PRINCIPAL				~~148~~188,~~262~~076.1995	~~266~~291,~~149~~266.8094	98,~~760~~673,~~509~~070.0442	109,~~174~~152,~~921~~414.0331
	Interest Collections				3837,~~296~~230.1194	4947,~~183~~307.9613	1,~~281~~174,~~476~~196.7950	1,~~368~~258,~~956~~734.8657
	Interest Withdrawals				0.00	0.00	0.00	0.00
	Interest Other Accounts				0.00	0.00	0.00	(~~103~~112,~~416~~923.0506)
	Interest Fees				(21,~~008~~836.4431)	(~~853~~329.2185)	(~~105~~54,~~857~~277.2123)	(~~108~~56,~~718~~443.8639)
	TOTAL INTEREST				3635,~~287~~394.6763	4846,~~330~~977.7528	1,~~175~~119,~~619~~919.5827	1,~~156~~089,~~821~~368.9512
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS				~~184~~223,~~549~~471.8658	~~314~~338,~~480~~244.5522	109,~~936~~792,~~128~~989.6269	1110,~~331~~241,~~742~~782.9843
PRINCIPAL - COLLECTIONS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Scheduled Principal				5,~~932~~797.1736	6,~~281~~003.1317	~~166~~171,~~765~~744.4692	~~178~~183,~~978~~545.7645
	Curtailments				401,~~416~~215.9426	~~1,666~~559.4806	61138,~~006~~473.9706	~~103~~140,~~090~~247.3938
	Prepayments in Full				~~101~~181,~~913~~064.0833	~~258~~284,~~202~~704.1971	98,~~532~~362,~~736~~852.6144	98,~~892~~828,~~851~~621.8848
	Repurchases/Substitutions				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Other Additional Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(3,~~120~~486.3143)	(35,~~249~~377.2281)	(46133,~~527~~166.1695)	(52142,~~896~~031.6919)
	Realized Losses				0.00	0.00	0.00	0.00
	Substitution Adjustments- Principal				0.00	0.00	0.00	0.00
	Termination Price Amounts- Principal				0.00	0.00	0.00	0.00
	Additional Principal Amts				0.00	0.00	0.00	0.00
	Principal Advanced				3,~~120~~486.3143	35,~~249~~377.2281	46133,~~527~~166.1695	52142,~~896~~031.6919
	TOTAL PRINCIPAL				~~148~~188,~~262~~076.1995	~~266~~291,~~149~~266.8094	98,~~760~~673,~~509~~070.0442	109,~~174~~152,~~921~~414.0331
				Page 4 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 4 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report for October 27, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Scheduled Interest				4038,~~104~~681.6078	5048,~~875~~677.2719	1,~~301~~241,~~158~~600.9034	1,~~392~~328,~~138~~959.7731
	Repurchases/Substitutions				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Additional Interest				0.00	0.00	0.00	0.00
	Prepayment Interest Shortfalls				(~~1,406~~958.4691)	(~~1,580~~772.3955)	(2427,~~870~~633.0312)	(2729,~~856~~364.8858)
	Relief Act Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(1314,~~560~~533.9404)	(2643,~~085~~409.8266)	(~~306~~957,~~375~~626.8040)	(~~346~~1,~~022~~015,569.5610)
	Interest Realized Losses				0.00	0.00	0.00	0.00
	Compensating Interest				~~452~~437.7935	~~634~~606.3764	2427,~~870~~398.0390	2528,~~957~~442.1989
	Substitution Adjustments- Interest				0.00	0.00	0.00	0.00
	Termination Price Amounts- Interest				0.00	0.00	0.00	0.00
	Additional Interest Amts				0.00	0.00	0.00	0.00
	Interest Prepayment Premiums				0.00	0.00	0.00	0.00
	Interest Advanced				1213,~~706~~603.1276	2542,~~340~~205.5351	~~286~~890,~~693~~456.6978	~~324~~946,~~740~~266.3405
	Cap Contract Payment Amt				0.00	0.00	0.00	0.00
	TOTAL INTEREST				3837,~~296~~230.1194	4947,~~183~~307.9613	1,~~281~~174,~~476~~196.7950	1,~~368~~258,~~956~~734.8657
				Page 5 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 5 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collection Account Report for September 25, 2003 Distribution
	Collection Account Report for October 27, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Prev. Unreimbursed PMI Premiums				0.00	0.00	0.00	0.00
	Prev. Unreimbursed Spec Haz Premiums				0.00	0.00	0.00	0.00
	Prev. Unreimbursed Liq. Expenses				0.00	0.00	0.00	0.00
	Prev. Unreimbursed Master/Sub-Servicing Fees				0.00	0.00	0.00	0.00
	Amt Rvcd Not Due Bondholder /Deposits in Error				0.00	0.00	0.00	0.00
	Prev. Unreimb. P&I Advances/Non Recov Advances				0.00	0.00	0.00	0.00
	Prev. Unreimbursed Servicing Advances				0.00	0.00	0.00	0.00
	Clear and Terminate Collection Account				0.00	0.00	0.00	0.00
	TOTAL INTEREST WITHDRAWALS				0.00	0.00	0.00	0.00
INTEREST - OTHER ACCOUNTS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Cap Contract Payment Amount							0.00
	Floor Contract Payment Amounts							0.00
	Swap Contract Payment Amounts							~~103~~112,~~416~~923.0506
INTEREST - FEES					FIXED	FIXED	ADJUSTABLE	TOTAL
	Owner Trustee Fee				65.1695	8.6326	~~386~~372.4563	~~401~~386.2484
	Indenture Trustee Fee				3130.7061	4442.4147	1,~~989~~917.0992	21,~~065~~991.2000
	CMAC PMI Insurance Premiums				0.00	124.4838	3130,~~097~~383.1585	3130,~~221~~508.6323
	Current Servicing Fees				1,~~970~~799.5875	~~675~~154.6974	7221,~~384~~602.5283	7523,~~030~~557.7932
	TOTAL INTEREST FEES				21,~~008~~836.4431	~~853~~329.2185	~~105~~54,~~857~~277.2123	~~108~~56,~~718~~443.8639
				Page 6 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 6 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Credit Enhancement Report for September 25, 2003 Distribution
	Credit Enhancement Report for October 27, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current Periods Required Overcollateralization Amt							1,500,011.87
	Current Periods Overcollateralization Amt							1,500,011.87
	Current Periods Extra Principal Distribution							0.0100
	Current Periods Net Monthly Excess Cashflow							~~747~~678,~~191~~412.3596
	Current Periods Overcollateralization Release							0.00
	60 Day Rolling Delinquency Amount							1,~~022~~321,~~575~~295.3571
	90 Day Rolling Delinquency Amount							~~475~~862,~~610~~749.8743
	Available Funds Rate							54.~~2026~~9847%
				Page 7 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 7 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collateral Report for September 25, 2003 Distribution
	Collateral Report for October 27, 2003 Distribution
	Collateral Report
COLLATERAL					FIXED	FIXED	ADJUSTABLE	TOTAL
	Loan Count:
	Original				110	91	1239	1440
	Prior				~~102~~99	8481	1,~~165~~133	1,~~351~~313
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(36)	(34)	(3238)	(3848)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				9993	8177	1,~~133~~095	1,~~313~~265
	Principal Balance:
	Original				4,613,824.58	6,683,913.77	288,704,635.19	300,002,373.54
	Prior				4,~~346~~198,~~775~~512.1495	65,~~089~~823,~~928~~778.4969	~~272~~263,~~789~~029,~~989~~480.0400	~~283~~273,~~226~~051,~~692~~771.6764
	Prefunding				-	-	-	-
	Scheduled Principal				(5,~~932~~797.1736)	(6,~~281~~003.1317)	(~~166~~171,~~765~~744.4692)	(~~178~~183,~~978~~545.7645)
	Partial and Full Voluntary Prepayments				(~~142~~182,~~330~~279.0259)	(~~259~~285,~~868~~263.6777)	(98,~~593~~501,~~743~~325.5850)	(98,~~995~~968,~~942~~868.2786)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				4,~~198~~010,~~512~~436.9500	5,~~823~~532,~~778~~511.6975	~~263~~254,~~029~~356,~~480~~409.0058	~~273~~263,~~051~~899,~~771~~357.6433
PREFUNDING					FIXED	FIXED	ADJUSTABLE	TOTAL
	PRE-FUNDING ACCOUNT
	Original Pre-Funded Amount							0.00
	Balance of Subsequent Mortgage Loans added this period							0.00
	Withdrawal remaining amounts							0.00
	Pre-Funding Account Ending Balance							0.00
	Adjustable		Fixed
	Fixed
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 8 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collateral Report for September 25, 2003 Distribution
	Collateral Report for October 27, 2003 Distribution
	Collateral Report
CHARACTERISTICS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Weighted Average Coupon Original				11.175962%	9.557231%	3.917943%	4.155206%
	Weighted Average Coupon Prior				11.~~087114~~071546%	10.~~027484~~024800%	5.~~754286~~723783%	5.~~932956~~898337%
	Weighted Average Coupon Current				11.~~071546~~055852%	10.~~024800~~030023%	5.~~723783~~664462%	5.~~898337~~840472%
	Weighted Average Months to Maturity Original				161	264	349	344
	Weighted Average Months to Maturity Prior				160	~~260~~259	347	342
	Weighted Average Months to Maturity Current				160	~~259~~257	~~347~~346	~~342~~341
	Weighted Avg Remaining Amortization Term Original				286	290	349	346
	Weighted Avg Remaining Amortization Term Prior				~~288~~291	288	~~347~~346	~~345~~344
	Weighted Avg Remaining Amortization Term Current				~~291~~292	~~288~~287	346	344
	Weighted Average Seasoning Original				20.14	44.67	11.35	12.23
	Weighted Average Seasoning Prior				21.2205	4748.3538	13.1280	1314.9865
	Weighted Average Seasoning Current				21.0556	4849.3821	1314.8040	1415.6524
Note: Original information refers to deal issue.
	Adjustable		Fixed
	Fixed
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 9 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Collateral Report for September 25, 2003 Distribution
	Collateral Report for October 27, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Weighted Average Margin Original						3.353%
	Weighted Average Margin Prior						3.~~332~~330%
	Weighted Average Margin Current						3.~~330~~323%
	Weighted Average Max Rate Original						12.208%
	Weighted Average Max Rate Prior						12.~~140~~120%
	Weighted Average Max Rate Current						12.~~120~~109%
	Weighted Average Min Rate Original						3.599%
	Weighted Average Min Rate Prior						3.~~572~~567%
	Weighted Average Min Rate Current						3.~~567~~554%
	Weighted Average Cap Up Original						1.059%
	Weighted Average Cap Up Prior						1.~~060~~056%
	Weighted Average Cap Up Current						1.~~056~~052%
	Weighted Average Cap Down Original						1.048%
	Weighted Average Cap Down Prior						1.~~048~~044%
	Weighted Average Cap Down Current						1.~~044~~040%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current Servicing Fees				1,~~970~~799.5875	~~675~~154.6974	7221,~~384~~602.5283	7523,~~030~~557.7932
	Delinquent Servicing Fees				~~854~~929.8328	~~745~~1,204.2914	1967,~~682~~169.1162	2169,~~282~~303.2304
	TOTAL SERVICING FEES				2,~~825~~729.4103	1,~~420~~358.9888	9288,~~066~~772.6345	9692,~~313~~860.0236
	Total Servicing Fees				2,~~825~~729.4103	1,~~420~~358.9888	9288,~~066~~772.6345	9692,~~313~~860.0236
	Compensating Interest				~~452~~437.7935	(~~634~~606.3764)	(2427,~~870~~398.0390)	(2527,~~051~~568.6120)
	Delinquent Servicing Fees				(~~854~~929.8328)	(~~745~~1,204.2914)	(1967,~~682~~169.1162)	(2169,~~282~~303.2304)
	COLLECTED SERVICING FEES				2,~~423~~237.3710	41(451.3290)	47(5,~~514~~796.4907)	49(4,~~979~~010.1887)
	Current PPIS				~~1,406~~958.4691	~~1,580~~772.3955	2427,~~870~~633.0312	2729,~~856~~364.8858
	Current Net PPIS				1,~~859~~396.2526	~~946~~165.0291	0234.0022	21,~~805~~796.2738
	Total Advanced Principal For Current Payment Date				3,~~120~~486.3143	35,~~249~~377.2281	46133,~~527~~166.1695	52142,~~896~~031.6919
	Total Advanced Interest For Current Payment Date				1213,~~706~~603.1276	2542,~~340~~205.5351	~~286~~890,~~693~~456.6978	~~324~~946,~~740~~266.3405
	TOTAL ADVANCES FOR CURRENT PERIOD				1517,~~826~~090.4319	2847,~~589~~583.7532	~~333~~1,~~220~~023,623.8573	~~377~~1,~~637~~088,297.0324
ADDITIONAL COLLATERAL INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 10 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 10 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Delinquency Report for September 25, 2003 Distribution
	Delinquency Report for October 27, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			12,~~905~~594,~~457~~572.3035	~~655~~147,~~751~~129.0342	~~381~~989,~~584~~802.8197	23,~~942~~731,~~793~~504.1474
		% Balance			0.7098%	0.2406%	0.1438%	1.0841%
		# Loans			1017	42	26	1625
		% # Loans			01.7634%	0.3016%	0.1547%	1.2298%
FORECLOSURE		Balance		-	-	68379,~~770~~568.1328	~~216,541.51~~-	~~285~~379,~~311~~568.6428
		% Balance		0.00%	0.00%	0.0314%	0.0800%	0.1014%
		# Loans		-	-	12	3-	42
		% # Loans		0.00%	0.00%	0.0816%	0.2300%	0.3016%
BANKRUPTCY		Balance		~~552~~680,~~057~~884.8734	-	-	2868,~~139~~733.7651	~~580~~749,~~197~~617.6385
		% Balance		0.2026%	0.00%	0.00%	0.0103%	0.2128%
		# Loans		56	-	-	1	67
		% # Loans		0.3847%	0.00%	0.00%	0.08%	0.4655%
REO		Balance		-	-	-	-93,084.86	-93,084.86
		% Balance		0.00%	0.00%	0.00%	0.0004%	0.0004%
		# Loans		-	-	-	-2	-2
		% # Loans		0.00%	0.00%	0.00%	0.0016%	0.0016%
TOTAL		Balance		~~552~~680,~~057~~884.8734	12,~~905~~594,~~457~~572.3035	~~724~~526,~~521~~697.1670	~~626~~1,~~266~~151,621.0834	34,~~808~~953,~~302~~775.4173
		% Balance		0.2026%	0.7098%	0.2720%	0.2344%	1.3988%
		# Loans		56	1017	54	69	2636
		% # Loans		0.3847%	01.7634%	0.3832%	0.4671%	12.9885%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 11 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Delinquency Report for September 25, 2003 Distribution
	Delinquency Report for October 27, 2003 Distribution
	Delinquency Report - Adjustable Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,~~752~~769,~~299~~315.5945	~~655~~132,~~751~~333.0384	~~367~~961,~~000~~712.5614	2,~~775~~863,~~051~~361.1843
		% Balance			0.6770%	0.2505%	0.1438%	1.0613%
		# Loans			79	41	15	1215
		% # Loans			0.6282%	0.3509%	0.0946%	1.0637%
FORECLOSURE		Balance		-	-	-334,028.84	~~175,623.10~~-	~~175~~334,~~623~~028.1084
		% Balance		0.00%	0.00%	0.0013%	0.0700%	0.0713%
		# Loans		-	-	-1	2-	21
		% # Loans		0.00%	0.00%	0.0009%	0.1800%	0.1809%
BANKRUPTCY		Balance		~~451~~580,~~197~~311.4912	-	-	-	~~451~~580,~~197~~311.4912
		% Balance		0.1723%	0.00%	0.00%	0.00%	0.1723%
		# Loans		34	-	-	-	34
		% # Loans		0.2637%	0.00%	0.00%	0.00%	0.2637%
REO		Balance		-	-	-	-52,191.48	-52,191.48
		% Balance		0.00%	0.00%	0.00%	0.0002%	0.0002%
		# Loans		-	-	-	-1	-1
		% # Loans		0.00%	0.00%	0.00%	0.0009%	0.0009%
TOTAL		Balance		~~451~~580,~~197~~311.4912	1,~~752~~769,~~299~~315.5945	~~655~~466,~~751~~362.0368	~~542~~1,~~623~~013,903.6662	3,~~401~~829,~~871~~892.7787
		% Balance		0.1723%	0.6770%	0.2518%	0.2140%	1.2951%
		# Loans		34	79	42	36	1721
		% # Loans		0.2637%	0.6282%	0.3518%	0.2655%	1.5092%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 12 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Delinquency Report for September 25, 2003 Distribution
	Delinquency Report for October 27, 2003 Distribution
	Delinquency Report - Fixed Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			~~138~~773,~~248~~554.3893	-	-28,090.83	~~138~~801,~~248~~645.3876
		% Balance			213.3798%	0.00%	0.0051%	214.3749%
		# Loans			26	-	-1	27
		% # Loans			27.4779%	0.00%	01.0030%	29.4709%
FORECLOSURE		Balance		-	-	6845,~~770~~539.1344	~~40,918.41~~-	~~109~~45,~~688~~539.5444
		% Balance		0.00%	0.00%	10.1882%	0.7000%	10.8882%
		# Loans		-	-	1	1-	21
		% # Loans		0.00%	0.00%	1.2330%	10.2300%	21.4730%
BANKRUPTCY		Balance		49,~~783~~756.7110	-	-	2868,~~139~~733.7651	77118,~~923~~489.4761
		% Balance		0.8590%	0.00%	0.00%	01.4824%	12.3414%
		# Loans		1	-	-	1	2
		% # Loans		1.2330%	0.00%	0.00%	1.2330%	2.4760%
REO		Balance		-	-	-	-40,893.38	-40,893.38
		% Balance		0.00%	0.00%	0.00%	0.0074%	0.0074%
		# Loans		-	-	-	-1	-1
		% # Loans		0.00%	0.00%	0.00%	01.0030%	01.0030%
TOTAL		Balance		49,~~783~~756.7110	~~138~~773,~~248~~554.3893	6845,~~770~~539.1344	69137,~~058~~717.1772	~~325~~1,~~860~~006,568.3919
		% Balance		0.8590%	213.3798%	10.1882%	12.1949%	518.6019%
		# Loans		1	26	1	23	611
		% # Loans		1.2330%	27.4779%	1.2330%	23.4790%	714.4129%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 13 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Delinquency Report for September 25, 2003 Distribution
	Delinquency Report for October 27, 2003 Distribution
	Delinquency Report - Fixed Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1451,~~909~~701.3397	-14,795.58	~~14,584.25~~-	2966,~~493~~497.5855
		% Balance			01.3629%	0.0037%	0.3500%	01.7066%
		# Loans			12	-1	1-	23
		% # Loans			12.0115%	01.0008%	10.0100%	23.0223%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		5150,~~076~~817.6712	-	-	-	5150,~~076~~817.6712
		% Balance		1.2227%	0.00%	0.00%	0.00%	1.2227%
		# Loans		1	-	-	-	1
		% # Loans		1.0108%	0.00%	0.00%	0.00%	1.0108%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		5150,~~076~~817.6712	1451,~~909~~701.3397	-14,795.58	~~14,584.25~~-	80117,~~570~~314.2567
		% Balance		1.2227%	01.3629%	0.0037%	0.3500%	12.9293%
		# Loans		1	12	-1	1-	34
		% # Loans		1.0108%	12.0115%	01.0008%	10.0100%	34.0330%
Note: <1 Payment = 0-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 14 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 14 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	REO Report for September 25, 2003 Distribution
	REO Report for October 27, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Adjustable Group; REO Book Value = 000.00
Total Loan Count = 2				Loan Group 1 = Adjustable Group; REO Book Value = Not Available
Total Original Principal Balance = 000.00				Loan Group 2 = Fixed Group; REO Book Value = 000.00
Total Original Principal Balance = 96,825.00				Loan Group 2 = Fixed Group; REO Book Value = Not Available
Total Current Balance = 000.00				Loan Group 3 = Fixed Group; REO Book Value = 000.00
Total Current Balance = 93,084.86				Loan Group 3 = Fixed Group; REO Book Value = Not Available
REO Book Value = 000.00
REO Book Value = Not Available
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
3900003772 1		54,825.00	52,191.48	Mar-01-03	5.125%	SC - 85.00%	360	Feb-26-99
				Page 15 of 25				© COPYRIGHT 2003 Deutsche Bank
3900004255 2		42,000.00	40,893.38	Mar-01-03	10.940%	TN - 75.00%	360	Dec-15-99
				Page 15 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Prepayment Report for September 25, 2003 Distribution
	Prepayment Report for October 27, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current
	Number of Paid in Full Loans				36	34	3238	3848
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				36	34	3238	3848
	Paid in Full Balance				~~101~~181,~~913~~064.0833	~~258~~284,~~202~~704.1971	98,~~532~~362,~~736~~852.6144	98,~~892~~828,~~851~~621.8848
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				401,~~416~~215.9426	~~1,666~~559.4806	61138,~~006~~473.9706	~~103~~140,~~090~~247.3938
	Total Prepayment Amount				~~142~~182,~~330~~279.0259	~~259~~285,~~868~~263.6777	98,~~593~~501,~~743~~325.5850	98,~~995~~968,~~942~~868.2786
	Cumulative
	Number of Paid in Full Loans				1117	1014	~~106~~144	~~127~~175
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				1117	1014	~~106~~144	~~127~~175
	Paid in Full Balance				~~316~~497,~~660~~724.4275	~~820~~1,~~805~~105,510.6536	2433,~~667~~030,~~384~~237.7519	2534,~~804~~633,~~850~~472.8230
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				6365,~~854~~069.4773	56,~~478~~037.3743	~~188~~327,~~788~~261.6066	~~258~~398,~~121~~368.4482
	Total Prepayment Amount				~~380~~562,~~514~~794.8948	~~826~~1,~~284~~111,547.0279	2433,~~856~~357,~~173~~498.3585	2635,~~062~~031,~~972~~841.2612
	Current Prin Balance of Repurchases Per Sec 3.18				0.00	0.00	0.00	0.00
	Cumulative Prin Balance of Repurchases Per Sec 3.18				0.00	0.00	0.00	0.00
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 16 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Prepayment Report for September 25, 2003 Distribution
	Prepayment Report for October 27, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES					FIXED	FIXED	ADJUSTABLE	TOTAL
	SMM				34.2835%	4.2790%	3.5223%	3.5329%
	3 Months Avg SMM				23.0829%	45.3132%	2.4090%	2.4495%
	12 Months Avg SMM
	Avg SMM Since Cut-off				12.7216%	23.6200%	12.7903%	12.8105%
	CPR				3241.9734%	4045.7830%	3432.9460%	3533.04%
	3 Months Avg CPR				2233.3207%	4148.0913%	2529.3371%	2530.6723%
	12 Months Avg CPR
	Avg CPR Since Cut-off				1823.7706%	2730.2563%	1921.4782%	1922.6404%
	PSA				~~783~~958.0964%	~~679~~755.6201%	~~1265~~1131.6768%	~~1195~~1083.7984%
	3 Months Avg PSA Approximation				~~532~~777.9611%	~~684~~802.7522%	~~962~~1078.7923%	~~915~~1033.4327%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				~~455~~555.4325%	~~454~~510.2047%	~~775~~848.1106%	~~730~~802.9249%
	Adjustable		Fixed
	Fixed
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 17 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Prepayment Report for September 25, 2003 Distribution
	Prepayment Report for October 27, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
	Adjustable		Fixed
	Fixed
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(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)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*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)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 18 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 18 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Prepayment Detail Report for September 25, 2003 Distribution
	Prepayment Detail Report for October 27, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 38						Loan Group 1 = Adjustable Group
Total Loan Count = 48						Loan Group 1 = Adjustable Group
Total Original Principal Balance = 10,200,828.00						Loan Group 2 = Fixed Group
Total Original Principal Balance = 9,089,150.00						Loan Group 2 = Fixed Group
Total Prepayment Amount = 9,892,851.88						Loan Group 3 = Fixed Group
Total Prepayment Amount = 8,828,621.48						Loan Group 3 = Fixed Group
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
1100365827 1			220,000.00	220,000.00	Aug-21-03	5.375%	CA - 69.85%	Paid Off - 360	Apr-14-03
1100357455 1			328,700.00	324,713.97	Sep-05-03	5.250%	MA - 95.00%	Paid Off - 360	Apr-23-03
1100371150 1			368,800.00	366,401.42	Aug-25-03	5.625%	CA - 80.00%	Paid Off - 360	Apr-16-03
1100364298 1			270,200.00	268,525.29	Sep-10-03	4.875%	CA - 69.27%	Paid Off - 360	Apr-09-03
1100372779 1			175,000.00	174,691.26	Aug-01-03	5.375%	CA - 70.00%	Paid Off - 360	Apr-08-03
1100370302 1			331,200.00	329,100.25	Sep-26-03	5.750%	AZ - 90.00%	Paid Off - 360	Apr-08-03
1100373430 1			487,900.00	487,900.00	Aug-04-03	4.625%	CA - 70.00%	Paid Off - 360	Mar-26-03
1100370324 1			73,500.00	73,500.00	Sep-23-03	3.625%	OH - 77.37%	Paid Off - 360	Mar-13-03
1100373757 1			945,000.00	944,739.14	Aug-18-03	6.625%	NY - 70.00%	Paid Off - 360	Mar-27-03
1100374282 1			423,000.00	420,760.86	Sep-02-03	7.500%	MD - 90.00%	Paid Off - 360	Apr-07-03
1100374152 1			138,521.00	137,769.92	Aug-01-03	5.630%	CA - 55.41%	Paid Off - 360	Apr-10-03
1100374283 1			101,250.00	100,702.07	Sep-17-03	7.500%	MD - 75.00%	Paid Off - 360	Apr-10-03
1100374203 1			400,000.00	397,747.37	Aug-07-03	6.375%	NY - 69.57%	Paid Off - 360	Apr-07-03
1100374326 1			75,050.00	74,836.51	Sep-09-03	8.875%	CT - 95.00%	Paid Off - 360	Apr-16-03
1100374296 1			483,900.00	482,254.76	Aug-28-03	8.000%	MD - 80.00%	Paid Off - 360	Apr-21-03
1100375019 1			135,200.00	135,200.00	Sep-05-03	6.500%	CA - 79.53%	Paid Off - 360	Apr-18-03
1103030024 1			260,000.00	259,974.36	Aug-13-03	5.625%	SC - 86.67%	Paid Off - 360	Apr-04-03
1100376528 1			163,750.00	162,993.76	Sep-11-03	5.250%	FL - 89.98%	Paid Off - 360	Apr-21-03
1103055998 1			280,000.00	279,160.97	Aug-06-03	7.500%	WA - 80.00%	Paid Off - 360	Apr-21-03
1103029270 1			259,500.00	259,440.40	Sep-02-03	4.500%	CA - 87.97%	Paid Off - 360	Apr-03-03
2500024066 1			595,000.00	595,000.00	Aug-13-03	4.250%	FL - 70.00%	Paid Off - 360	Mar-06-03
1103030101 1			405,000.00	403,279.15	Sep-12-03	6.875%	CA - 90.00%	Paid Off - 360	Apr-24-03
2500025412 1			258,000.00	258,000.00	Aug-11-03	2.375%	CA - 52.66%	Paid Off - 360	Apr-16-03
1103037777 1			117,000.00	116,514.87	Sep-17-03	7.000%	OR - 90.00%	Paid Off - 360	Apr-17-03
2500025676 1			294,000.00	294,000.00	Aug-11-03	6.750%	FL - 80.00%	Paid Off - 360	Mar-31-03
1103040606 1			400,000.00	398,277.42	Sep-11-03	5.625%	CO - 87.92%	Paid Off - 360	Apr-24-03
2500025960 1			589,000.00	587,647.17	Aug-26-03	7.375%	CA - 77.71%	Paid Off - 360	Apr-16-03
2500025015 1			128,000.00	127,553.72	Sep-24-03	7.875%	MA - 80.00%	Paid Off - 360	Apr-02-03
2500026239 1			157,450.00	157,097.25	Aug-13-03	7.500%	MD - 89.98%	Paid Off - 360	Apr-11-03
2500025470 1			280,000.00	279,331.60	Sep-02-03	8.625%	CA - 100.00%	Paid Off - 360	Apr-04-03
2500026324 1			99,000.00	98,673.42	Aug-21-03	5.500%	FL - 90.00%	Paid Off - 360	Apr-10-03
2500026018 1			384,300.00	382,992.63	Sep-12-03	7.000%	CA - 90.00%	Paid Off - 360	Apr-14-03
3900003777 1			296,400.00	285,151.51	Aug-25-03	8.375%	CA - 90.00%	Paid Off - 360	Mar-03-99
2500026250 1			269,800.00	268,707.38	Sep-24-03	6.375%	FL - 89.96%	Paid Off - 360	Apr-04-03
3900003827 1			140,000.00	133,609.43	Aug-07-03	5.625%	CA - 80.00%	Paid Off - 360	Sep-21-99
2500026411 1			350,000.00	348,661.21	Sep-04-03	6.250%	MA - 87.53%	Paid Off - 360	Apr-17-03
3900003910 1			420,000.00	406,603.92	Aug-12-03	5.500%	CA - 84.85%	Paid Off - 360	Jan-07-00
3900003805 1			164,600.00	157,576.04	Sep-03-03	5.625%	WA - 90.00%	Paid Off - 360	Oct-14-99
3900003975 1			318,400.00	306,856.63	Aug-08-03	8.375%	CA - 80.00%	Paid Off - 360	Nov-05-99
3900003817 1			176,000.00	163,992.02	Sep-19-03	5.500%	CA - 80.00%	Paid Off - 360	Oct-28-99
3900003983 1			166,500.00	157,821.78	Aug-06-03	5.375%	CA - 90.00%	Paid Off - 360	Nov-30-99
3900003828 1			233,800.00	224,318.04	Sep-05-03	5.250%	CA - 94.99%	Paid Off - 360	Sep-20-99
3900003992 1			80,000.00	77,206.07	Aug-14-03	8.250%	CO - 74.77%	Paid Off - 360	Nov-19-99
3900003837 1			110,700.00	97,714.36	Sep-30-03	5.500%	UT - 90.00%	Paid Off - 360	Oct-08-99
3900004001 1			272,000.00	260,468.94	Aug-12-03	5.375%	CA - 80.00%	Paid Off - 360	Dec-03-99
3900003839 1			254,400.00	243,366.20	Sep-18-03	5.875%	CA - 80.00%	Paid Off - 360	Oct-12-99
3900004003 1			113,850.00	107,337.73	Aug-04-03	5.500%	CA - 90.00%	Paid Off - 360	Oct-14-99
3900003854 1			272,000.00	259,886.52	Sep-16-03	5.375%	CA - 80.00%	Paid Off - 360	Dec-07-99
3900004008 1			81,900.00	77,221.28	Aug-04-03	5.500%	CA - 86.21%	Paid Off - 360	Sep-29-99
3900003866 1			223,250.00	214,234.68	Sep-23-03	5.375%	CA - 95.00%	Paid Off - 360	Nov-16-99
3900004037 1			204,972.00	192,837.63	Aug-20-03	5.500%	CA - 89.90%	Paid Off - 360	Nov-10-99
3900003885 1			320,000.00	306,770.78	Sep-02-03	5.500%	CA - 80.00%	Paid Off - 360	Dec-21-99
3900004050 1			158,500.00	151,734.80	Aug-01-03	7.625%	CA - 55.62%	Paid Off - 360	Nov-24-99
3900003926 1			164,200.00	156,737.88	Sep-02-03	7.500%	CA - 88.76%	Paid Off - 360	Dec-29-99
3900004060 1			205,735.00	199,886.34	Aug-06-03	9.125%	CA - 90.00%	Paid Off - 360	Nov-30-99
3900003948 1			268,000.00	256,156.27	Sep-26-03	5.625%	CA - 80.00%	Paid Off - 360	Oct-15-99
3900004125 1			550,000.00	520,325.87	Aug-18-03	3.750%	NY - 52.13%	Paid Off - 360	Jan-26-00
3900004029 1			139,500.00	132,215.50	Sep-23-03	5.375%	CA - 90.00%	Paid Off - 360	Oct-26-99
3900004128 1			282,000.00	265,512.50	Aug-25-03	3.875%	MA - 60.77%	Paid Off - 360	Jan-26-00
3900004054 1			232,700.00	224,886.40	Sep-17-03	8.375%	CA - 94.98%	Paid Off - 360	Nov-24-99
3900004144 1			650,000.00	614,265.09	Aug-18-03	4.125%	PA - 78.78%	Paid Off - 360	Jan-26-00
3900004067 1			81,900.00	78,547.34	Sep-23-03	5.375%	CA - 90.00%	Paid Off - 360	Dec-07-99
3900004261 1			50,000.00	34,840.05	Aug-05-03	4.500%	FL - 35.71%	Paid Off - 174	Jan-26-00
3900004091 1			112,410.00	106,812.33	Sep-04-03	5.375%	NV - 90.00%	Paid Off - 360	Jan-05-00
3900003881 2			49,500.00	43,615.83	Aug-05-03	10.750%	CT - 79.84%	Paid Off - 180	Dec-31-99
3900004093 1			130,150.00	124,677.60	Sep-02-03	5.375%	CA - 95.00%	Paid Off - 360	Dec-29-99
3900004152 2			185,000.00	179,988.75	Aug-12-03	9.650%	CA - 72.55%	Paid Off - 360	Nov-02-99
3900004136 1			300,000.00	283,932.41	Sep-25-03	3.875%	CA - 68.96%	Paid Off - 360	Jan-26-00
3900004182 2			37,500.00	34,597.61	Aug-22-03	10.250%	FL - 79.79%	Paid Off - 240	Oct-08-99
3900004252 1			600,000.00	560,358.95	Sep-04-03	4.250%	CA - 80.00%	Paid Off - 360	Dec-21-99
3900003773 3			110,000.00	44,964.83	Aug-07-03	11.950%	NY - 46.81%	Paid Off - 180	Sep-22-98
3900004264 1			85,500.00	82,527.73	Sep-08-03	9.250%	IL - 87.25%	Paid Off - 360	Jan-26-00
3900004282 3			45,000.00	35,863.12	Aug-13-03	13.000%	CA - 30.00%	Paid Off - 180	Jan-28-00
3900004285 1			68,250.00	66,063.90	Sep-17-03	10.375%	MD - 65.00%	Paid Off - 360	Jun-30-99
3900004329 3			32,000.00	21,085.13	Aug-07-03	14.500%	NJ - 24.62%	Paid Off - 180	Dec-05-95
3900004317 1			157,950.00	146,986.40	Sep-03-03	9.500%	NC - 90.00%	Paid Off - 360	Mar-06-96
					Page 19 of 25				© COPYRIGHT 2003 Deutsche Bank
3900003779 2			49,500.00	47,358.49	Sep-25-03	8.250%	NJ - 90.00%	Paid Off - 360	Mar-05-99
3900004153 2			53,600.00	51,911.65	Sep-25-03	8.990%	CA - 80.00%	Paid Off - 360	Nov-02-99
3900004162 2			114,400.00	111,119.14	Sep-29-03	9.870%	HI - 65.00%	Paid Off - 360	Nov-02-99
3900004188 2			81,900.00	74,315.43	Sep-02-03	9.500%	MS - 90.00%	Paid Off - 240	Oct-08-99
1100355476 3			43,240.00	41,782.61	Sep-29-03	9.750%	CA - 20.00%	Paid Off - 180	Aug-21-02
2500023736 3			43,300.00	43,166.13	Sep-10-03	10.125%	WA - 20.00%	Paid Off - 180	Jan-14-03
					Page 19 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Report for September 25, 2003 Distribution
	Prepayment Detail Report for October 27, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
2500024599 3			36,750.00	36,669.54	Sep-23-03	11.000%	CA - 15.00%	Paid Off - 180	Feb-27-03
3900002990 3			35,000.00	28,780.87	Sep-24-03	14.750%	MI - 62.50%	Paid Off - 180	Oct-24-97
3900004278 3			20,000.00	16,080.93	Sep-11-03	13.990%	MO - 50.00%	Paid Off - 180	Jan-28-00
3900004316 3			20,700.00	14,584.25	Sep-22-03	14.000%	UT - 10.95%	Paid Off - 180	Mar-19-96
					Page 20 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Report for October 27, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current
	Number of Loans Liquidated				-	-	-	-
	Collateral Realized Loss/(Gain) Amount				-	-	-	-
	Net Liquidation Proceeds				-	-	-	-
	Cumulative
	Number of Loans Liquidated				-	-	-	-
	Collateral Realized Loss/(Gain) Amount				-	-	-	-
	Net Liquidation Proceeds				-	-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage For Related Payment Date							0.0000%
	Adjustable		Fixed				3 Months Moving Average
	Fixed
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 20 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 21 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Report for September 25, 2003 Distribution
	Realized Loss Report for October 27, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS					FIXED	FIXED	ADJUSTABLE	TOTAL
	MDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg MDR				0.00%	0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off				0.00%	0.00%	0.00%	0.00%
	CDR				0.00%	0.00%	0.00%	0.00%
	3 Months Avg CDR				0.00%	0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off				0.00%	0.00%	0.00%	0.00%
	SDA				0.00%	0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation				0.00%	0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	0.00%	0.00%	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
	Adjustable		Fixed
	Fixed
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 21 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 22 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Report for September 25, 2003 Distribution
	Realized Loss Report for October 27, 2003 Distribution
	Realized Loss Report - Collateral
	Adjustable		Fixed
	Fixed
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
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 22 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 23 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Realized Loss Detail Report for September 25, 2003 Distribution
	Realized Loss Detail Report for October 27, 2003 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Adjustable Group
Total Original Principal Balance = 0.00						Loan Group 2 = Fixed Group
Total Prior Principal Balance = 0.00						Loan Group 3 = Fixed Group
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Original	Prior		Current	State &
&		Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
					Page 23 of 25				© COPYRIGHT 2003 Deutsche Bank
					Page 24 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for October 27, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS					FIXED	FIXED	ADJUSTABLE	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADJUSTABLE RATE CERTIFICATE INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current Periods Basis Risk Shortfall Carry Forward Amt							0.00
	Cumulative Basis Risk Shortfall Carry Forward Amt							0.00
	Current Periods LIBOR Rate							1.~~1100~~1200%
ADDITIONAL INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL
	Current Net Mortgage Rate							5.~~3475~~2878%
				Page 24 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 25 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac CMB Trust 2003-5
	Mortgage Pass-Through Certificates
	Series 2003-5
	Other Related Information for September 25, 2003 Distribution
	Other Related Information for October 27, 2003 Distribution
	Other Related Information
ADDITIONAL INFORMATION					FIXED	FIXED	ADJUSTABLE	TOTAL
	Total Derivative Payments							~~103~~112,~~416~~923.1011
	BXNC114462							0.00
	FXIMP035A1							3134,~~159~~450.0347
	FXIMP035B1							3033,~~547~~452.9837
	FXIMP035C1							1415,~~714~~946.6387
	FXIMP035E1							78,~~492~~044.3073
	FXIMP035D1							1921,~~502~~028.1162
				Page 25 of 25				© COPYRIGHT 2003 Deutsche Bank
				Page 26 of 26				© COPYRIGHT 2003 Deutsche Bank

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