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): ~~November~~December 2526, 2003 IMPAC SECURED ASSETS CORP. (as company (the "Company"), Impac Funding Corporation, as Master Servicer (the "Master Servicer"), and Deutsche Bank National Trust Company, as Trustee). IMPAC SECURED ASSETS CORP MOR PASS THRU CERT SER 2003-3 (Exact name of Registrant as specified in its Charter) CALIFORNIA (State or Other Jurisdiction of Incorporation) 333-85310-02 33-071-5871 (Commission File Number) (I.R.S. Employer Identification No.) 1401 DOVE STREET NEWPORT BEACH 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 ~~November~~December 2526, 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, formerly known as Bankers Trust Company of California, N.A., not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of July 1, 2003. Date: ~~Nov~~Jan 2602, ~~2003~~2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~November~~December 2526, 2003.

	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	November 25, 2003 Distribution
	December 26, 2003 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				8
			4.	Credit Enhancement Report				11
			5.	Collateral Report				12
			6.	Delinquency Report				15
			7.	REO Report				16
			8.	Prepayment Report				17
			9.	Prepayment Detail Report				20
			10.	Realized Loss Report				21
			11.	Realized Loss Detail Report				24
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			13.	Additional Certificate Report				26
				Total Number of Pages				26
			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: July 1, 2002
	Certificate Insurer(s):							Closing Date: July 31, 2003
								First Payment Date: August 25, 2003
	Servicer(s):		Impac Funding Corp. Master Servicer
			Wendover Funding, Inc. Sub-Servicer
			GMAC Sub-Servicer
								Distribution Date: November 25, 2003
								Distribution Date: December 26, 2003
	Underwriter(s):		Bear, Stearns & Co. Inc Underwriter					Record Date: ~~October~~November 3128, 2003
						Page 1 of 26					© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for November 25, 2003 Distribution
	Certificate Payment Report for December 26, 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)
LT-1		350,000,137.91			~~345~~342,~~512~~489,~~753~~065.7378	1,~~677~~662,~~309~~534.0196	32,~~023~~536,~~687~~800.9503	4,~~700~~199,~~996~~334.9699	-	-	~~342~~339,~~489~~952,~~065~~265.7875
LT-2		6,000,000.00			6,000,000.00	29,~~127~~125.3063	-	29,~~127~~125.3063	-	-	6,000,000.00
LT-3		12,000,000.00			12,000,000.00	58,~~254~~251.6026	-	58,~~254~~251.6026	-	-	12,000,000.00
LT-4		8,000,000.00			8,000,000.00	38,~~836~~834.4017	-	38,~~836~~834.4017	-	-	8,000,000.00
LT-5		24,000,000.00			24,000,000.00	116,~~509~~502.2052	-	116,~~509~~502.2052	-	-	24,000,000.00
LT-P		100.00			100.00	1318,~~395~~565.4419	-	1318,~~395~~565.4419	-	-	100.00
R-1		-			-	-	-	-	-	-	-
Total		400,000,237.91			~~395~~392,~~512~~489,~~853~~165.7378	1,~~933~~923,~~431~~813.9573	32,~~023~~536,~~687~~800.9503	4,~~957~~460,~~119~~613.9076	-	-	~~392~~389,~~489~~952,~~165~~365.7875
	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)
LT-1				F-30/360		350,000,137.91	~~987~~978.~~178907~~539802	4.~~792310~~750098	87.~~639105~~247997	1311.~~431415~~998095	~~978~~971.~~539802~~291805
LT-2				F-30/360		6,000,000.00	1,000.000000	4.~~854550~~854272	-	4.~~854550~~854272	1,000.000000
LT-3				F-30/360		12,000,000.00	1,000.000000	4.~~854550~~854272	-	4.~~854550~~854272	1,000.000000
LT-4				F-30/360		8,000,000.00	1,000.000000	4.~~854550~~854271	-	4.~~854550~~854271	1,000.000000
LT-5				F-30/360		24,000,000.00	1,000.000000	4.~~854550~~854272	-	4.~~854550~~854272	1,000.000000
LT-P				F-30/360		100.00	1,000.000000	~~133~~185,~~954~~651.~~400000~~900000	-	~~133~~185,~~954~~651.~~400000~~900000	1,000.000000
R-1				F-30/360		-	-	-	-	-	-
							Page 2 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for November 25, 2003 Distribution
	Certificate Payment Report for December 26, 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)
LT-1	350,000,137.91		68,~~760~~423,~~781~~316.8076		57,~~893~~993,~~798~~456.7388	12,~~617~~054,~~273~~415.4028	710,~~511~~047,~~072~~872.1316	1418,~~271~~471,~~853~~188.9392	-	-	~~342~~339,~~489~~952,~~065~~265.7875
LT-2	6,000,000.00		~~116~~145,~~579~~705.6629		-	-	-	~~116~~145,~~579~~705.6629	-	-	6,000,000.00
LT-3	12,000,000.00		~~233~~291,~~159~~410.3056		-	-	-	~~233~~291,~~159~~410.3056	-	-	12,000,000.00
LT-4	8,000,000.00		~~155~~194,~~439~~273.5370		-	-	-	~~155~~194,~~439~~273.5370	-	-	8,000,000.00
LT-5	24,000,000.00		~~466~~582,~~318~~821.6113		-	-	-	~~466~~582,~~318~~821.6113	-	-	24,000,000.00
LT-P	100.00		2139,~~036~~601.3453		-	-	-	2139,~~036~~601.3453	-	-	100.00
R-1	-		-		-	-	-	-	-	-	-
Total	400,000,237.91		79,~~753~~677,~~315~~128.2497		57,~~893~~993,~~798~~456.7388	12,~~617~~054,~~273~~415.4028	710,~~511~~047,~~072~~872.1316	1519,~~264~~725,~~387~~001.3713	-	-	~~392~~389,~~489~~952,~~165~~365.7875
	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)
LT-1	5.~~82546~~82513%	~~345~~342,~~512~~489,~~753~~065.7378			1,~~677~~662,~~309~~534.0196	-	-	-	1,~~677~~662,~~309~~534.0196	1,~~677~~662,~~309~~534.0196	-
LT-2	5.~~82546~~82513%	6,000,000.00			29,~~127~~125.3063	-	-	-	29,~~127~~125.3063	29,~~127~~125.3063	-
LT-3	5.~~82546~~82513%	12,000,000.00			58,~~254~~251.6026	-	-	-	58,~~254~~251.6026	58,~~254~~251.6026	-
LT-4	5.~~82546~~82513%	8,000,000.00			38,~~836~~834.4017	-	-	-	38,~~836~~834.4017	38,~~836~~834.4017	-
LT-5	5.~~82546~~82513%	24,000,000.00			116,~~509~~502.2052	-	-	-	116,~~509~~502.2052	116,~~509~~502.2052	-
LT-P	5.~~82546~~82513%	100.00			0.49	-	-	-	0.49	1318,~~395~~565.4419	-
R-1		-			-	-	-	-	-	-	-
Total		~~395~~392,~~512~~489,~~853~~165.7378			1,~~920~~905,~~037~~249.0003	-	-	-	1,~~920~~905,~~037~~249.0003	1,~~933~~923,~~431~~813.9573	-
							Page 3 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for November 25, 2003 Distribution
	Certificate Payment Report for December 26, 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)
MT-AA		392,000,135.15			~~387~~384,~~602~~639,~~498~~284.6748	1,~~646~~632,~~844~~351.1998	2,~~963~~486,~~214~~064.1903	4,~~610~~118,~~058~~416.3801	-	-	~~384~~382,~~639~~153,~~284~~220.4845
MT-A1		3,450,000.00			3,~~411~~384,~~103~~892.0165	14,~~493~~364.0898	2621,~~210~~989.3685	4036,~~703~~354.4483	-	-	3,~~384~~362,~~892~~902.6580
MT-M1		240,000.00			~~237~~235,~~294~~470.1279	~~1,008~~999.2130	1,~~823~~529.3373	2,~~831~~529.5403	-	-	~~235~~233,~~470~~941.7906
MT-M2		210,000.00			~~207~~206,~~632~~036.3594	~~882~~874.1939	1,~~595~~338.4151	2,~~477~~212.6090	-	-	~~206~~204,~~036~~698.9443
MT-B		80,000.00			7978,~~098~~490.0426	~~336~~333.0710	~~607~~509.7891	~~943~~843.8501	-	-	7877,~~490~~980.2635
MT-ZZ		4,020,002.76			3,~~975~~944,~~127~~890.5466	16,~~889~~741.5153	3025,~~236~~368.8800	4742,~~126~~109.3953	-	-	3,~~944~~919,~~890~~522.66
MT-IO		-			-	239,583.33	-	239,583.33	-	-	-
MT-P		100.00			100.00	1318,~~395~~565.3712	-	1318,~~395~~565.3712	-	-	100.00
R-2		-			-	-	-	-	-	-	-
Total		400,000,237.91			~~395~~392,~~512~~489,~~853~~165.7378	1,~~933~~923,~~431~~813.9573	32,~~023~~536,~~687~~800.9503	4,~~957~~460,~~119~~613.9076	-	-	~~392~~389,~~489~~952,~~165~~365.7875
	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)
MT-AA				F-30/360		392,000,135.15	~~988~~981.~~781543~~222326	4.~~201132~~164162	76.~~559217~~341998	1110.~~760349~~506160	~~981~~974.~~222326~~880328
MT-A1				F-30/360		3,450,000.00	~~988~~981.~~725510~~128304	4.~~200893~~163762	76.~~597206~~373870	1110.~~798099~~537632	~~981~~974.~~128304~~754435
MT-M1				F-30/360		240,000.00	~~988~~981.~~725500~~128292	4.~~200875~~163750	76.~~597208~~373875	1110.~~798083~~537625	~~981~~974.~~128292~~754417
MT-M2				F-30/360		210,000.00	~~988~~981.~~725476~~128286	4.~~200905~~163762	76.~~597190~~373857	1110.~~798095~~537619	~~981~~974.~~128286~~754429
MT-B				F-30/360		80,000.00	~~988~~981.~~725500~~128250	4.~~200875~~163750	76.~~597250~~373875	1110.~~798125~~537625	~~981~~974.~~128250~~754375
MT-ZZ				F-30/360		4,020,002.76	~~988~~981.~~837018~~315411	4.~~201368~~164557	76.~~521607~~310443	1110.~~722975~~475000	~~981~~975.~~315411~~004967
MT-IO				F-30/360		50,000,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
MT-P				F-30/360		100.00	1,000.000000	~~133~~185,~~953~~651.~~700000~~200000	-	~~133~~185,~~953~~651.~~700000~~200000	1,000.000000
R-2				F-30/360		-	-	-	-	-	-
							Page 4 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for November 25, 2003 Distribution
	Certificate Payment Report for December 26, 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)
MT-AA	392,000,135.15		68,~~638~~270,~~466~~818.9088		57,~~775~~833,~~922~~587.7473	12,~~584~~013,~~927~~326.9397	79,~~360~~846,~~850~~914.6770	1318,~~999~~117,~~317~~733.5758	-	-	~~384~~382,~~639~~153,~~284~~220.4845
MT-A1	3,450,000.00		5872,~~423~~788.7775		5169,~~088~~289.6924	1417,~~018~~807.6696	6587,~~107~~097.3520	~~123~~159,~~531~~885.1295	-	-	3,~~384~~362,~~892~~902.6580
MT-M1	240,000.00		45,~~064~~063.2757		34,~~554~~820.0013	~~975~~1,238.2181	46,~~529~~058.2194	811,~~593~~122.4851	-	-	~~235~~233,~~470~~941.7906
MT-M2	210,000.00		34,~~556~~430.2362		34,~~109~~217.7561	~~853~~1,083.3196	35,~~963~~301.0657	79,~~519~~732.2919	-	-	~~206~~204,~~036~~698.9443
MT-B	80,000.00		1,~~354~~687.7686		1,~~184~~606.6771	~~325~~412.0794	12,~~509~~019.7465	23,~~864~~707.5051	-	-	7877,~~490~~980.2635
MT-ZZ	4,020,002.76		6884,~~079~~821.9043		5879,~~938~~935.8846	1620,~~173~~544.2264	75100,~~112~~480.10	~~143~~185,~~192~~301.0053	-	-	3,~~944~~919,~~890~~522.66
MT-IO	-		~~958~~1,~~333~~197,916.3265		-	-	-	~~958~~1,~~333~~197,916.3265	-	-	-
MT-P	100.00		2139,~~036~~601.0921		-	-	-	2139,~~036~~601.0921	-	-	100.00
R-2	-		-		-	-	-	-	-	-	-
Total	400,000,237.91		79,~~753~~677,~~315~~128.2497		57,~~893~~993,~~798~~456.7388	12,~~617~~054,~~273~~415.4028	710,~~511~~047,~~072~~872.1316	1519,~~264~~725,~~387~~001.3713	-	-	~~392~~389,~~489~~952,~~165~~365.7875
	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)
MT-AA	5.~~09856~~09262%	~~387~~384,~~602~~639,~~498~~284.6748			1,~~646~~632,~~844~~351.1998	-	-	-	1,~~646~~632,~~844~~351.1998	1,~~646~~632,~~844~~351.1998	-
MT-A1	5.~~09856~~09262%	3,~~411~~384,~~103~~892.0165			14,~~493~~364.0898	-	-	-	14,~~493~~364.0898	14,~~493~~364.0898	-
MT-M1	5.~~09856~~09262%	~~237~~235,~~294~~470.1279			~~1,008~~999.2130	-	-	-	~~1,008~~999.2130	~~1,008~~999.2130	-
MT-M2	5.~~09856~~09262%	~~207~~206,~~632~~036.3594			~~882~~874.1939	-	-	-	~~882~~874.1939	~~882~~874.1939	-
MT-B	5.~~09856~~09262%	7978,~~098~~490.0426			~~336~~333.0710	-	-	-	~~336~~333.0710	~~336~~333.0710	-
MT-ZZ	5.~~09856~~09262%	3,~~975~~944,~~127~~890.5466			16,~~889~~741.5153	-	-	-	16,~~889~~741.5153	16,~~889~~741.5153	-
MT-IO	5.75000%	50,000,000.00			239,583.33	-	-	-	239,583.33	239,583.33	-
MT-P	5.~~09856~~09262%	100.00			0.42	-	-	-	0.42	1318,~~395~~565.3712	-
R-2		-			-	-	-	-	-	-	-
Total		~~445~~442,~~512~~489,~~853~~165.7378			1,~~920~~905,~~037~~249.0003	-	-	-	1,~~920~~905,~~037~~249.0003	1,~~933~~923,~~431~~813.9573	-
							Page 5 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for November 25, 2003 Distribution
	Certificate Payment Report for December 26, 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	CSTR, AFC,	345,000,000.00			~~341~~338,~~110~~489,~~300~~264.5652	1,~~193~~184,~~886~~712.0543	2,~~621~~198,~~036~~984.0494	3,~~814~~383,~~922~~697.0937	-	-	~~338~~336,~~489~~290,~~264~~279.5258
A-IO	IO, NTL, AF	-			-	239,583.33	-	239,583.33	-	-	-
M-1	MEZ, CSTR,	24,000,000.00			23,~~729~~547,~~412~~079.2127	9695,~~736~~993.9059	~~182~~152,~~332~~972.9487	~~279~~248,~~069~~966.8446	-	-	23,~~547~~394,~~079~~106.2740
M-2	MEZ, CSTR,	21,000,000.00			20,~~763~~603,~~235~~694.6836	8887,~~218~~439.7602	~~159~~133,~~541~~851.3226	~~247~~221,~~760~~290.0828	-	-	20,~~603~~469,~~694~~843.3610
B	SUB, CSTR,	8,000,000.00			7,~~909~~849,~~804~~026.0944	33,~~607~~310.1510	6050,~~777~~990.6596	9484,~~384~~301.8006	-	-	7,~~849~~798,~~026~~035.4448
C	SUB	2,000,137.91			2,000,001.19	~~268~~264,~~004~~210.8157	-	~~268~~264,~~004~~210.8157	-	-	2,000,001.19
P	SUB	100.00			100.00	1318,~~394~~564.9570	-	1318,~~394~~564.9570	-	-	100.00
R-3	R	-			-	-	-	-	-	-	-
Total		400,000,237.91			~~395~~392,~~512~~489,~~853~~165.7378	1,~~933~~923,~~431~~813.9574	32,~~023~~536,~~687~~800.9503	4,~~957~~460,~~119~~613.9077	-	-	~~392~~389,~~489~~952,~~165~~365.7875
	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				F-30/360	45254TNG5	345,000,000.00	~~988~~981.~~725509~~128303	3.~~460539~~433949	76.~~597206~~373869	119.~~057745~~807818	~~981~~974.~~128303~~754434
A-IO				F-30/360	45254TNH3	50,000,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
M-1				F-30/360	45254TNJ9	24,000,000.00	~~988~~981.~~725509~~128303	43.~~030704~~999733	76.~~597206~~373870	1110.~~627910~~373603	~~981~~974.~~128303~~754433
M-2				F-30/360	45254TNK6	21,000,000.00	~~988~~981.~~725509~~128303	4.~~200893~~163763	76.~~597206~~373870	1110.~~798099~~537632	~~981~~974.~~128303~~754433
B				F-30/360	45254TNL4	8,000,000.00	~~988~~981.~~725511~~128305	4.~~200894~~163763	76.~~597206~~373870	1110.~~798100~~537633	~~981~~974.~~128305~~754435
C				F-30/360	45254TNN0	402,000,275.82	~~988~~981.~~837020~~315414	0.~~666678~~657240	-	0.~~666678~~657240	~~981~~975.~~315414~~004970
P				F-30/360	45254TNM2	100.00	1,000.000000	~~133~~185,~~949~~647.~~500000~~000000	-	~~133~~185,~~949~~647.~~500000~~000000	1,000.000000
R-3				F-30/360	45254TNP5	-	-	-	-	-	-
							Page 6 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for November 25, 2003 Distribution
	Certificate Payment Report for December 26, 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	345,000,000.00		45,~~805~~989,~~195~~907.3780		56,~~108~~928,~~827~~883.6204	1,~~401~~780,~~907~~837.8638	68,~~510~~709,~~735~~720.4842	1114,~~315~~699,~~930~~628.8522	-	-	~~338~~336,~~489~~290,~~264~~279.5258
A-IO	-		~~958~~1,~~333~~197,916.3265		-	-	-	~~958~~1,~~333~~197,916.3265	-	-	-
M-1	24,000,000.00		~~389~~485,~~350~~343.1574		~~355~~482,~~396~~009.7025	97123,~~524~~884.0335	~~452~~605,~~920~~893.7360	~~842~~1,~~270~~091,237.8834	-	-	23,~~547~~394,~~079~~106.2740
M-2	21,000,000.00		~~355~~443,~~622~~061.9597		~~310~~421,~~972~~758.1210	85108,~~333~~398.5280	~~396~~530,~~305~~156.6490	~~751~~973,~~928~~218.5987	-	-	20,~~603~~469,~~694~~843.3610
B	8,000,000.00		~~135~~168,~~475~~785.4252		~~118~~160,~~465~~669.5574	3241,~~508~~294.0178	~~150~~201,~~973~~964.5652	~~286~~370,~~448~~750.9804	-	-	7,~~849~~798,~~026~~035.4448
C	2,000,137.91		1,~~088~~352,~~303~~514.6522		136.72	-	136.72	1,~~088~~352,~~440~~650.3794	-	-	2,000,001.19
P	100.00		2139,~~034~~599.3808		-	-	-	2139,~~034~~599.3808	-	-	100.00
R-3	-		-		-	-	-	-	-	-	-
Total	400,000,237.91		79,~~753~~677,~~315~~128.2498		57,~~893~~993,~~798~~456.7185	12,~~617~~054,~~273~~415.4231	710,~~511~~047,~~072~~872.1316	1519,~~264~~725,~~387~~001.3714	-	-	~~392~~389,~~489~~952,~~165~~365.7875
	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	4.20000%	~~341~~338,~~110~~489,~~300~~264.5652			1,~~193~~184,~~886~~712.0543	-	-	-	1,~~193~~184,~~886~~712.0543	1,~~193~~184,~~886~~712.0543	-
A-IO	5.75000%	50,000,000.00			239,583.33	-	-	-	239,583.33	239,583.33	-
M-1	4.89200%	23,~~729~~547,~~412~~079.2127			9695,~~736~~993.9059	-	-	-	9695,~~736~~993.9059	9695,~~736~~993.9059	-
M-2	5.~~09856~~09262%	20,~~763~~603,~~235~~694.6836			8887,~~218~~439.7602	-	-	-	8887,~~218~~439.7602	8887,~~218~~439.7602	-
B	5.~~09856~~09262%	7,~~909~~849,~~804~~026.0944			33,~~607~~310.1510	-	-	-	33,~~607~~310.1510	33,~~607~~310.1510	-
C	0.~~81314~~80780%	~~397~~394,~~512~~489,~~754~~066.9297			~~268~~264,~~004~~210.8157	-	-	-	~~268~~264,~~004~~210.8157	~~268~~264,~~004~~210.8157	-
P		100.00			-	-	-	-	-	1318,~~394~~564.9570	-
R-3		-			-	-	-	-	-	-	-
Total		~~841~~834,~~025~~978,~~607~~231.4656			1,~~920~~905,~~037~~249.0004	-	-	-	1,~~920~~905,~~037~~249.0004	1,~~933~~923,~~431~~813.9574	-
							Page 7 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Collection Account Report for November 25, 2003 Distribution
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							32,~~023~~536,~~687~~800.9502
	Other Principal Deposits							0.00
	TOTAL NET PRINCIPAL							32,~~023~~536,~~687~~800.9502
	Interest Collections							1,~~963~~944,~~576~~230.8630
	Interest Withdrawals							0.00
	Interest Fees							(3020,~~144~~416.9157)
	TOTAL NET INTEREST							1,~~933~~923,~~431~~813.9573
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							4,~~957~~460,~~119~~613.9075
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							437,~~061~~141.3888
	Curtailments							5364,~~458~~767.0951
	Prepayments In Full							2,~~533~~034,~~168~~890.4863
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Principal							0.00
	Delinquent Principal							(~~329~~373,~~176~~497.3225)
	Total Realized Loss Of Principal							0.00
	Principal Advanced							~~329~~373,~~176~~497.3225
	TOTAL PRINCIPAL COLLECTED							32,~~023~~536,~~687~~800.9502
				Page 8 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Collection Account Report for November 25, 2003 Distribution
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							2,~~020~~005,~~795~~280.5248
	Repurchases/Substitutions							0.00
	Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls							(46,~~889~~507.3083)
	Delinquent Interest							(1,~~554~~748,~~692~~554.9654)
	Interest Realized Losses							0.00
	Compensating Interest							46,~~889~~507.3083
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums							1318,~~394~~564.9570
	Interest Advanced							1,~~484~~668,~~079~~939.3566
	TOTAL INTEREST COLLECTED							1,~~963~~944,~~576~~230.8630
				Page 9 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Collection Account Report for November 25, 2003 Distribution
	Collection Account Report for December 26, 2003 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
	Undistributed Receipts on Repurchased Loans							0.00
	Reimburse Advances from Late Collections							0.00
	Reimbursement for Expenses							0.00
	Reimbursements to Sub-Servicer							0.00
	Reimburse Fees and Advances from Late Collections							0.00
	Interest Earnings on the Custodial Account							0.00
	Prev. Unreimbursed P&I Advances							0.00
	Prev. Unreimbursed Servicing Advances							0.00
	TOTAL INTEREST WITHDRAWALS							0.00
INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - FEES								TOTAL
	Radian PMI Fee							6,~~329~~324.8366
	Trustee Fee Amount							2,~~142~~125.3698
	Retained Spread							0.00
	Current Servicing Fees							9291,~~286~~580.3381
	Delinquent Servicing Fees							(7079,~~613~~614.6188)
	TOTAL INTEREST OTHER FEES							3020,~~144~~416.9157
				Page 10 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for November 25, 2003 Distribution
	Credit Enhancement Report for December 26, 2003 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES								TOTAL
	Overcollateralization Amount							2,000,001.1920
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount							0.00
	Overcollateralization Deficiency Amount							0.00
	Overcollateralization Target Amount							2,000,001.19
				Page 11 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Collateral Report for November 25, 2003 Distribution
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							1635
	Prior							1,~~622~~613
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(9)
	Repurchases							-
	Liquidations							-
	Current							1,~~613~~604
	Principal Balance:
	Original							400,000,237.91
	Prior							~~395~~392,~~512~~489,~~853~~165.7378
	Prefunding							-
	Scheduled Principal							(437,~~061~~141.3888)
	Partial and Full Voluntary Prepayments							(2,~~586~~099,~~626~~658.5714)
	Repurchases							-
	Liquidations							-
	Current							~~392~~389,~~489~~952,~~165~~365.7876
PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 12 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Collateral Report for November 25, 2003 Distribution
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							6.137962%
	Weighted Average Coupon Prior							6.~~133049~~131165%
	Weighted Average Coupon Current							6.~~131165~~130963%
	Weighted Average Months to Maturity Original							341
	Weighted Average Months to Maturity Prior							~~339~~338
	Weighted Average Months to Maturity Current							~~338~~337
	Weighted Avg Remaining Amortization Term Original							341
	Weighted Avg Remaining Amortization Term Prior							~~339~~338
	Weighted Avg Remaining Amortization Term Current							~~338~~337
	Weighted Average Seasoning Original							1.61
	Weighted Average Seasoning Prior							34.60
	Weighted Average Seasoning Current							45.6059
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 13 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Collateral Report for November 25, 2003 Distribution
	Collateral Report for December 26, 2003 Distribution
	Collateral Report
ARM CHARACTERISTICS								TOTAL
	Weighted Average Margin Original							0.000%
	Weighted Average Margin Prior							0.000%
	Weighted Average Margin Current							0.000%
	Weighted Average Max Rate Original							0.000%
	Weighted Average Max Rate Prior							0.000%
	Weighted Average Max Rate Current							0.000%
	Weighted Average Min Rate Original							0.000%
	Weighted Average Min Rate Prior							0.000%
	Weighted Average Min Rate Current							0.000%
	Weighted Average Cap Up Original							0.000%
	Weighted Average Cap Up Prior							0.000%
	Weighted Average Cap Up Current							0.000%
	Weighted Average Cap Down Original							0.000%
	Weighted Average Cap Down Prior							0.000%
	Weighted Average Cap Down Current							0.000%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							2111,~~672~~965.7292
	Delinquent Servicing Fees							7079,~~613~~614.6188
	TOTAL SERVICING FEES							9291,~~286~~580.3380
	Total Servicing Fees							9291,~~286~~580.3380
	Compensating Interest							46,~~889~~507.3083
	Delinquent Servicing Fees							(7079,~~613~~614.6188)
	COLLECTED SERVICING FEES							2618,~~562~~473.0275
	Current PPIS							(46,~~889~~507.3083)
	Current Net PPIS							0.00
	Total Advanced Principal For Current Payment Date							~~329~~373,~~176~~497.3225
	Total Advanced Interest For Current Payment Date							1,~~484~~668,~~079~~939.3566
	TOTAL ADVANCES FOR CURRENT PERIOD							12,~~813~~042,~~255~~436.6791
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Mortgage Rate							6.~~1312~~1310%
	Weighted Average Net Mortgage Rate							5.~~8255~~8251%
				Page 14 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Delinquency Report for November 25, 2003 Distribution
	Delinquency Report for December 26, 2003 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			21,~~772~~224,~~654~~454.5349	~~134~~1,~~851~~095,476.5904	~~399~~534,~~447~~096.5462	32,~~306~~854,~~953~~027.6615
		% Balance			0.7131%	0.0328%	0.1014%	0.8473%
		# Loans			119	15	12	1316
		% # Loans			0.6856%	0.0631%	0.0612%	01.8100%
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		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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		-	21,~~772~~224,~~654~~454.5349	~~134~~1,~~851~~095,476.5904	~~399~~534,~~447~~096.5462	32,~~306~~854,~~953~~027.6615
		% Balance		0.00%	0.7131%	0.0328%	0.1014%	0.8473%
		# Loans		-	119	15	12	1316
		% # Loans		0.00%	0.6856%	0.0631%	0.0612%	01.8100%
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 15 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	REO Report for November 25, 2003 Distribution
	REO Report for December 26, 2003 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
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
				Page 16 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Prepayment Report for November 25, 2003 Distribution
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							9
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							9
	Paid in Full Balance							2,~~533~~034,~~168~~890.4863
	Repurchased Loans Balance							-
	Curtailments Amount							5364,~~458~~767.0951
	Total Prepayment Amount							2,~~586~~099,~~626~~658.5714
	Cumulative
	Number of Paid in Full Loans							2130
	Number of Repurchased Loans							1
	Total Number of Loans Prepaid in Full							2231
	Paid in Full Balance							57,~~154~~189,~~672~~562.2992
	Repurchased Loans Balance							431,816.65
	Curtailments Amount							~~307~~372,~~309~~077.7930
	Total Prepayment Amount							57,~~893~~993,~~798~~456.7387
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 17 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Prepayment Report for November 25, 2003 Distribution
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							0.6554%
	3 Months Avg SMM							0.4550%
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.3740%
	CPR							76.5824%
	3 Months Avg CPR							5.2781%
	12 Months Avg CPR
	Avg CPR Since Cut-off							4.3775%
	PSA							~~824~~557.1099%
	3 Months Avg PSA Approximation							~~731~~632.7545%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							~~703~~658.7489%
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 18 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Prepayment Report for November 25, 2003 Distribution
	Prepayment Report for December 26, 2003 Distribution
	Prepayment Report - Voluntary Prepayments
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 19 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for November 25, 2003 Distribution
	Prepayment Detail Report for December 26, 2003 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 9						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 2,549,500.00
Total Original Principal Balance = 2,047,450.00
Total Prepayment Amount = 2,533,168.48
Total Prepayment Amount = 2,034,890.63
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
1100374933 1			96,000.00	95,691.38	Oct-09-03	7.750%	IL - 100.00%	Paid Off - 360	Jun-16-03
1100361294 1			238,500.00	236,627.37	Nov-13-03	8.875%	CA - 90.00%	Paid Off - 360	Mar-17-03
1100376781 1			387,000.00	383,195.24	Oct-22-03	6.625%	FL - 90.00%	Paid Off - 180	Jul-14-03
1100375118 1			75,000.00	74,718.20	Nov-11-03	7.500%	SC - 55.98%	Paid Off - 360	Jun-04-03
1100377425 1			418,900.00	417,480.16	Oct-15-03	6.875%	CA - 79.81%	Paid Off - 360	Jun-19-03
1100376007 1			140,400.00	137,703.23	Nov-12-03	7.000%	VA - 90.00%	Paid Off - 180	Jun-20-03
1100378641 1			398,000.00	392,128.89	Oct-29-03	5.250%	CA - 42.35%	Paid Off - 180	Jun-13-03
1100377707 1			227,500.00	227,424.46	Nov-26-03	5.375%	CA - 60.67%	Paid Off - 360	Jun-18-03
1100379094 1			94,900.00	94,673.47	Oct-03-03	8.625%	TX - 95.00%	Paid Off - 360	Jun-25-03
1100379220 1			455,000.00	452,427.81	Nov-21-03	5.375%	CA - 72.22%	Paid Off - 360	Jun-18-03
1100379141 1			201,000.00	200,193.57	Oct-30-03	6.000%	CA - 57.27%	Paid Off - 360	Jun-26-03
1100379361 1			340,000.00	338,208.00	Nov-17-03	5.750%	CA - 46.26%	Paid Off - 360	Jun-25-03
1103045720 1			365,000.00	363,324.60	Oct-20-03	6.000%	CA - 61.87%	Paid Off - 360	Jun-19-03
1103039360 1			137,500.00	136,813.82	Nov-04-03	7.000%	CA - 62.22%	Paid Off - 360	May-07-03
1103045996 1			200,000.00	199,118.91	Oct-27-03	5.875%	CA - 60.25%	Paid Off - 360	Jun-19-03
1103040679 1			304,000.00	303,157.20	Nov-04-03	9.000%	CA - 80.00%	Paid Off - 360	Jun-13-03
2500028797 1			388,700.00	387,362.26	Oct-15-03	5.500%	VA - 58.28%	Paid Off - 360	Jul-07-03
2500028201 1			129,550.00	127,810.54	Nov-19-03	6.375%	FL - 64.46%	Paid Off - 180	Jun-24-03
					Page 20 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Realized Loss Report for November 25, 2003 Distribution
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								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.
SPACE INTENTIONALLY LEFT BLANK
							3 Months Moving Average
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Realized Loss Report for November 25, 2003 Distribution
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%
	CDR							0.00%
	3 Months Avg CDR							0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%
	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							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
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 22 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Realized Loss Report for November 25, 2003 Distribution
	Realized Loss Report for December 26, 2003 Distribution
	Realized Loss Report - Collateral
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 23 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for November 25, 2003 Distribution
	Realized Loss Detail Report for December 26, 2003 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 0						Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
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 24 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for November 25, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 26, 2003 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
	Optional Termination Date Reached							No
	After the 36th Distribution							No
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 25 of 26				© COPYRIGHT 2003 Deutsche Bank
	Impac Secured Assets Corp. 2003-3
	Mortgage Pass-Through Certificates
	Additional Certificate Report for November 25, 2003 Distribution
	Additional Certificate Report for December 26, 2003 Distribution
	Additional Certificate Report
	CLASS							Net PPIS & Other Int. Shortfalls
	A-1							0.00
	A-IO							0.00
	M-1							0.00
	M-2							0.00
	B							0.00
				Page 26 of 26				© COPYRIGHT 2003 Deutsche Bank

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