~~California~~SECURITIES ~~333-85310-04~~AND ~~33-071-5871~~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 27, 2004 (Date of earliest event reported) Impac Secured Asset Corporation (as Depositor under the Pooling and Servicing Agreement, dated as May 1, 2004, providing for the issuance of Mortgage Pass-~~----------------------~~Through Certificates, Series 2004-~~-----------------------------~~2) (~~STATE~~Exact ORname ~~OTHER~~of ~~JURISDICTION~~registrant as specified in charter) California (~~COMMISSION~~State or Other Jurisdiction of Incorporation) 333-85310-04 33-0715871 (Commission File Number) (I.R.S. ~~EMPLOYER~~Employer OFIdentification ~~INCORPORATION~~No.) ~~FILE~~1401 ~~NUMBER~~DOVE STREET NEWPORT BEACH, CALIFORNIA 92660 (Address of principal executive offices) ~~IDENTIFICATION~~(Zip ~~NO.~~Code) ~~1401~~Registrant's ~~Dove~~Telephone ~~Street~~Number, ~~Newport~~Including ~~Beach~~Area Code: (949) 475-3600 (Former name or former address, ~~California~~if ~~92660~~changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-~~-------------------------------------~~2(b)) [ ] Pre-~~-----------------------------~~commencement communications pursuant to Rule 13e-4(~~ADDRESS~~c) OFunder ~~PRINCIPAL~~the Exchange Act (~~ZIP~~17 ~~CODE~~CFR 240.13e-4(c)) ~~EXECUTIVE~~Item ~~OFFICES~~8.01 Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 9.01 Financial Statements and Exhibits (c) Exhibits: Exhibit No. Description 99.1 Monthly Remittance Statement to the Certificateholders dated as of September 27, 2004. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Deutsche Bank National Trust Company, in its capacity as Trustee under the Indenture Agreement on behalf of Impac Assets Corporation Inc., Registrant Date: Sep 27, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of September 27, 2004.

EXHIBIT NO. DESCRIPTION ----------- ----------- 4.1 Subsequent Transfer Instrument, dated as of June 14, 2004 between Impac Secured Assets Corp. as Company and Deutsche Bank National Trust Company, as Trustee. (In accordance with Rule 202 of Regulation S-T, Exhibit 1, the mortgage loan schedule, is being filed in paper pursuant to a continuing hardship exemption.)


	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates


	September 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				6
			4.	Credit Enhancement Report				9
			5.	Collateral Report				10
			6.	Delinquency Report				13
			7.	REO Report				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				19
			11.	Realized Loss Detail Report				22
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				23
			13.	Additional Certificate Report				24




				Total Number of Pages				24



			CONTACTS

				Administrator: Alan Sueda
				Direct Phone Number: (714)247-6315
				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 Mortgage Holdings Inc.					Cut-Off Date: May 1, 2004
	Certificate Insurer(s):							Closing Date: May 28, 2004
								First Payment Date: June 25, 2004
	Servicer(s):		Impac Funding Corp. Master Servicer
			Countrywide Home Loans Serv Sub-Servicer
			GMAC Sub-Servicer
								Distribution Date: September 27, 2004
	Underwriter(s):		Countrywide Securities Underwriter					Record Date: September 24, 2004
								August 31, 2004






						Page 1 of 24					© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for September 27, 2004 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,AS	57,124,000.00			54,520,266.67	90,208.32	2,749,414.70	2,839,623.02	-	-	51,770,851.97
A-2	AFC,SEQ,AS	13,944,000.00			13,944,000.00	46,933.18	-	46,933.18	-	-	13,944,000.00
A-3	AFC,SEQ,AS	40,997,000.00			40,997,000.00	170,650.01	-	170,650.01	-	-	40,997,000.00
A-4	AFC,SEQ,AS	26,259,000.00			26,259,000.00	127,246.74	-	127,246.74	-	-	26,259,000.00
A-5	STEP,AFC,SE	31,326,000.00			31,326,000.00	154,019.50	-	154,019.50	-	-	31,326,000.00
A-6	STEP,AFC,SE	18,850,000.00			18,850,000.00	90,165.83	-	90,165.83	-	-	18,850,000.00

M-1	MEZ,STEP,AF	5,000,000.00			5,000,000.00	24,583.33	-	24,583.33	-	-	5,000,000.00
M-2	MEZ,STEP,AF	4,000,000.00			4,000,000.00	11,238.33	-	11,238.33	-	-	4,000,000.00
M-3	MEZ,STEP,AF	2,500,000.00			2,500,000.00	9,201.04	-	9,201.04	-	-	2,500,000.00
C	SUB	-			-	-	-	-	-	-	-
P	SUB	100.00			100.00	5,337.14	-	5,337.14	-	-	100.00
R	R	-			-	-	-	-	-	-	-


Total		200,000,100.00			197,396,366.67	729,583.42	2,749,414.70	3,478,998.12	-	-	194,646,951.97


	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	05/28/04	09/26/04		A-Act/360	45254TPG3	57,124,000.00	954.419625	1.579167	48.130640	49.709807	906.288985
A-2	05/28/04	09/26/04		A-30/360	45254TPH1	13,944,000.00	1,000.000000	3.365833	-	3.365833	1,000.000000
A-3	05/28/04	09/26/04		A-30/360	45254TPJ7	40,997,000.00	1,000.000000	4.162500	-	4.162500	1,000.000000
A-4	05/28/04	09/26/04		A-30/360	45254TPK4	26,259,000.00	1,000.000000	4.845833	-	4.845833	1,000.000000
A-5	05/28/04	09/26/04		A-30/360	45254TPL2	31,326,000.00	1,000.000000	4.916667	-	4.916667	1,000.000000
A-6	05/28/04	09/26/04		A-30/360	45254TPM0	18,850,000.00	1,000.000000	4.783333	-	4.783333	1,000.000000

M-1	05/28/04	09/26/04		A-30/360	45254TPN8	5,000,000.00	1,000.000000	4.916666	-	4.916666	1,000.000000
M-2	05/28/04	09/26/04		A-30/360	45254TPP3	4,000,000.00	1,000.000000	2.809583	-	2.809583	1,000.000000
M-3	05/28/04	09/26/04		A-30/360	45254TPQ1	2,500,000.00	1,000.000000	3.680416	-	3.680416	1,000.000000
C	05/28/04	09/26/04		A-30/360	45254TPR9	-	-	-	-	-	-
P	05/28/04	09/26/04		A-30/360	45254TPS7	100.00	1,000.000000	53,371.400000	-	53,371.400000	1,000.000000
R	05/28/04	09/26/04		A-30/360	45254TPT5	-	-	-	-	-	-


							Page 2 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC 2
	Certificate Payment Report for September 27, 2004 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	57,124,000.00		298,393.26		4,784,871.40	568,276.63	5,353,148.03	5,651,541.29	-	-	51,770,851.97
A-2	13,944,000.00		187,732.72		-	-	-	187,732.72	-	-	13,944,000.00
A-3	40,997,000.00		682,600.04		-	-	-	682,600.04	-	-	40,997,000.00
A-4	26,259,000.00		508,986.96		-	-	-	508,986.96	-	-	26,259,000.00
A-5	31,326,000.00		616,078.00		-	-	-	616,078.00	-	-	31,326,000.00
A-6	18,850,000.00		360,663.32		-	-	-	360,663.32	-	-	18,850,000.00

M-1	5,000,000.00		98,333.32		-	-	-	98,333.32	-	-	5,000,000.00
M-2	4,000,000.00		38,310.55		-	-	-	38,310.55	-	-	4,000,000.00
M-3	2,500,000.00		31,992.71		-	-	-	31,992.71	-	-	2,500,000.00
C	-		500,052.98		-	-	-	500,052.98	-	-	-
P	100.00		22,537.85		-	-	-	22,537.85	-	-	100.00
R	-		-		-	-	-	-	-	-	-


Total	200,000,100.00		3,345,681.71		4,784,871.40	568,276.63	5,353,148.03	8,698,829.74	-	-	194,646,951.97


	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	1.80500%	54,520,266.67			90,208.32	-	-	-	90,208.32	90,208.32	-
A-2	4.03900%	13,944,000.00			46,933.18	-	-	-	46,933.18	46,933.18	-
A-3	4.99500%	40,997,000.00			170,650.01	-	-	-	170,650.01	170,650.01	-
A-4	5.81500%	26,259,000.00			127,246.74	-	-	-	127,246.74	127,246.74	-
A-5	5.90000%	31,326,000.00			154,019.50	-	-	-	154,019.50	154,019.50	-
A-6	5.74000%	18,850,000.00			90,165.83	-	-	-	90,165.83	90,165.83	-

M-1	5.90000%	5,000,000.00			24,583.33	-	-	-	24,583.33	24,583.33	-
M-2	3.06500%	4,000,000.00			11,238.33	-	-	-	11,238.33	11,238.33	-
M-3	4.01500%	2,500,000.00			9,201.04	-	-	-	9,201.04	9,201.04	-
C	1.93914%	-			319,544.57	-	-	-	319,544.57	-	319,544.57
P		100.00			-	-	-	-	5,337.14	5,337.14	-
R		-			-	-	-	-	-	-	-


Total		197,396,366.67			1,043,790.85	-	-	-	1,049,127.99	729,583.42	319,544.57


							Page 3 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for September 27, 2004 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)

REMIC1		200,000,100.00			197,396,366.67	729,583.42	2,749,414.70	3,478,998.12	-	-	194,646,951.97


Total		200,000,100.00			197,396,366.67	729,583.42	2,749,414.70	3,478,998.12	-	-	194,646,951.97


	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)

REMIC1	05/28/04	09/26/04		A-30/360		200,000,100.00	986.981340	3.647915	13.747067	17.394982	973.234273


							Page 4 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for September 27, 2004 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)

REMIC1	200,000,100.00		3,345,681.71		-	5,353,148.03	5,353,148.03	8,698,829.74	-	-	194,646,951.97


Total	200,000,100.00		3,345,681.71		-	5,353,148.03	5,353,148.03	8,698,829.74	-	-	194,646,951.97


	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)

REMIC1	6.33420%	197,396,366.67			-	-	-	-	-	729,583.42	-


Total		197,396,366.67			-	-	-	-	-	729,583.42	-


							Page 5 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							2,429,870.14
	Other Principal Deposits							0.00

	TOTAL NET PRINCIPAL							2,429,870.14

	Interest Collections							1,079,523.08
	Interest Withdrawals							0.00
	Interest Fees							(30,395.10)

	TOTAL NET INTEREST							1,049,127.98


	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							3,478,998.12


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							174,393.26
	Curtailments							10,018.36
	Prepayments In Full							2,245,458.52
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Principal							0.00
	Delinquent Principal							(74,408.22)
	Total Realized Loss Of Principal							0.00
	Principal Advanced							74,408.22


	TOTAL PRINCIPAL COLLECTED							2,429,870.14


				Page 6 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							1,094,449.08
	Repurchases/Substitutions							0.00
	Liquidation Interest							0.00
	Insurance Interest							0.00
	Other Interest							0.00
	Prepayment Interest Shortfalls							(5,634.71)
	Delinquent Interest							(493,768.65)
	Interest Realized Losses							0.00
	Compensating Interest							5,634.71
	Civil Relief Act Shortfalls							0.00
	Prepayment Premiums							5,337.14
	Interest Advanced							473,505.51


	TOTAL INTEREST COLLECTED							1,079,523.08


				Page 7 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL

	Credit Risk Manager Fees							0.00

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - FEES								TOTAL

	Radian PMI Fee							2,375.80
	Trustee Fee Amount							2,142.21
	Retained Spread							0.00
	Current Servicing Fees							46,140.23
	Delinquent Servicing Fees							(20,263.14)

	TOTAL INTEREST OTHER FEES							30,395.10


				Page 8 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for September 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES								TOTAL

	Overcollateralization Amount							665,388.59
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount							0.00
	Overcollateralization Deficiency Amount							954,156.62
	Overcollateralization Target Amount							1,300,000.65


				Page 9 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							778
	Prior							983
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(11)
	Repurchases							-
	Liquidations							-
	Current							972

	*Principal Balance:*
	Original							159,954,948.80
	Prior							197,743,816.99
	Prefunding							-
	Scheduled Principal							(174,393.26)
	Partial and Full Voluntary Prepayments							(2,255,476.88)
	Repurchases							-
	Liquidations							-
	Current							195,313,946.85

PREFUNDING								TOTAL


	Prefund Amount Deposited							(1,606.29)
	Amount of Funds Transferred							0.00
	Prefund Amount Remaining							(1,606.29)




Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 10 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							6.570520%
	Weighted Average Coupon Prior							6.645676%
	Weighted Average Coupon Current							6.641618%
	Weighted Average Months to Maturity Original							352
	Weighted Average Months to Maturity Prior							350
	Weighted Average Months to Maturity Current							349
	Weighted Avg Remaining Amortization Term Original							352
	Weighted Avg Remaining Amortization Term Prior							350
	Weighted Avg Remaining Amortization Term Current							349
	Weighted Average Seasoning Original							1.38
	Weighted Average Seasoning Prior							3.28
	Weighted Average Seasoning Current							4.28

Note: Original information refers to deal issue.




WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 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							25,877.09
	Delinquent Servicing Fees							20,263.14
	TOTAL SERVICING FEES							46,140.23

	Total Servicing Fees							46,140.23
	Compensating Interest							5,634.71
	Delinquent Servicing Fees							(20,263.14)
	COLLECTED SERVICING FEES							31,511.80

	Current PPIS							(5,634.71)
	Current Net PPIS							0.00

	Total Advanced Principal For Current Payment Date							74,408.22
	Total Advanced Interest For Current Payment Date							473,505.51
	TOTAL ADVANCES FOR CURRENT PERIOD							547,913.73


ADDITIONAL COLLATERAL INFORMATION								TOTAL

	Weighted Average Mortgage Rate							6.6416%
	Weighted Average Net Mortgage Rate							6.3342%


				Page 12 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			19,458,966.66	2,463,652.77	356,896.42	22,279,515.85
		% Balance			9.96%	1.26%	0.18%	11.41%
		# Loans			99	17	1	117
		% # Loans			10.19%	1.75%	0.10%	12.04%
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		-	19,458,966.66	2,463,652.77	356,896.42	22,279,515.85
		% Balance		0.00%	9.96%	1.26%	0.18%	11.41%
		# Loans		-	99	17	1	117
		% # Loans		0.00%	10.19%	1.75%	0.10%	12.04%
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 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	REO Report for September 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1; 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 14 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							11
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							11

	Paid in Full Balance							2,245,458.52
	Repurchased Loans Balance							-
	Curtailments Amount							10,018.36
	Total Prepayment Amount							2,255,476.88

	*Cumulative*
	Number of Paid in Full Loans							24
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							24

	Paid in Full Balance							4,180,523.04
	Repurchased Loans Balance							-
	Curtailments Amount							(61,040.23)
	Total Prepayment Amount							4,119,482.81

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 15 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							1.14%
	3 Months Avg SMM							0.69%
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.52%

	CPR							12.87%
	3 Months Avg CPR							8.00%
	12 Months Avg CPR
	Avg CPR Since Cut-off							6.07%

	PSA							1504.43%
	3 Months Avg PSA Approximation							1219.68%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1081.86%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 16 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 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/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.

				Page 17 of 24				© COPYRIGHT 2004 Deutsche Bank


	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 11						Loan Group 1 = Group 1
Total Original Principal Balance = 2,254,380.00
Total Prepayment Amount = 2,245,458.52


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

1103153262 1			87,200.00	86,672.59	Aug-23-04	6.000%	VT - 80.00%	Paid Off - 360	Mar-31-04
1103155427 1			134,800.00	134,271.90	Aug-12-04	6.125%	TX - 80.00%	Paid Off - 360	May-07-04
1103165165 1			260,000.00	259,181.72	Aug-13-04	5.750%	CA - 64.20%	Paid Off - 360	May-10-04
1103176077 1			184,400.00	183,819.37	Aug-25-04	7.250%	DE - 80.00%	Paid Off - 360	May-06-04
1103176555 1			253,650.00	253,109.46	Aug-17-04	7.750%	NY - 95.00%	Paid Off - 360	May-07-04
1103182887 1			297,000.00	296,041.50	Aug-18-04	7.125%	WA - 90.00%	Paid Off - 360	May-24-04
1103182897 1			91,080.00	90,747.95	Aug-20-04	6.500%	VA - 94.99%	Paid Off - 360	May-24-04
1103183076 1			207,200.00	204,315.26	Aug-12-04	7.250%	NY - 80.00%	Paid Off - 360	May-20-04
1103186499 1			284,000.00	283,280.10	Aug-23-04	6.875%	FL - 80.00%	Paid Off - 360	May-21-04
1103197020 1			236,550.00	236,141.52	Aug-23-04	6.750%	NJ - 95.00%	Paid Off - 360	Jun-04-04
1103197024 1			218,500.00	217,877.15	Aug-13-04	7.750%	FL - 95.00%	Paid Off - 360	Jun-04-04


					Page 18 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 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 19 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 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 20 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 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 21 of 24				© COPYRIGHT 2004 Deutsche Bank


	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for September 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 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			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK


					Page 22 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL

	Optional Termination Date Reached							No

	Trigger Event Occured							No

	Step Down Date Reached							No


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 23 of 24				© COPYRIGHT 2004 Deutsche Bank
	Impac Secured Assets Corp. 2004-2
	Mortgage Pass-Through Certificates

	Additional Certificate Report for September 27, 2004 Distribution


	Additional Certificate Report


	CLASS							Net PPIS & Other Int. Shortfalls

	A-1							0.00
	A-2							0.00
	A-3							0.00
	A-4							0.00
	A-5							0.00
	A-6							0.00

	M-1							0.00
	M-2							0.00
	M-3							0.00
	C							0.00
	P							0.00


				Page 24 of 24				© COPYRIGHT 2004 Deutsche Bank

Exhibit Number Description -------------- ----------- 4.1 Subsequent Transfer Instrument, dated as of June 14, 2004 between Impac Secured Assets Corp. as Company and Deutsche Bank National Trust Company, as Trustee. (In accordance with Rule 202 of Regulation S-T, Exhibit 1, the mortgage loan schedule, is being filed in paper pursuant to a continuing hardship exemption.)

Filing Compare · IMPAC SECURED ASSETS CORP MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2004-2