UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): ~~September~~December 27, 2004 (Date of earliest event reported) Impac CMB Trust Series 2004-5 (as Issuer under the Indenture dated as May 28, 2004, providing for the issuance Trust Certificates, Series 2004-5) (Exact name of Registrant as specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-113187-03 33-0705301 (Commission File Number) (I.R.S. Employer Identification No.) 1401 DOVE STREET NEWPORT BEACH, CALIFORNIA 92660 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (949) 475-3600 (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 9.01 Financial Statements and Exhibits (c) Exhibits: Exhibit No. Description 99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~September~~December 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~~Dec 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~~December 27, 2004.

	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	September 27, 2004 Distribution
	December 27, 2004 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				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				21
			11.	Realized Loss Detail Report				24
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			13.	Other Related Information				26
				Total Number of Pages				26
			CONTACTS
				Administrator: Alan Sueda
				Administrator:
				Direct Phone Number: (714)247-6315
				Direct Phone Number:
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Web Site: https://www.tss.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
								Distribution Date: December 27, 2004
	Underwriter(s):		Countrywide Securities Underwriter					Record Date: ~~September~~December 24, 2004
			Bear, Stearns & Co. Inc					~~August~~November 3130, 2004
						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Certificate Payment Report for September 27, 2004 Distribution
	Certificate Payment Report for December 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)
1-A-1		877,906,000.00			~~848~~805,~~617~~140,~~599~~662.8211	1,~~536~~760,~~351~~818.4536	1419,~~006~~758,~~964~~006.6950	1521,~~543~~518,~~316~~824.1486	-	-	~~834~~785,~~610~~382,~~635~~655.1361
1-A-2		200,000,000.00			~~193~~183,~~327~~422,~~668~~977.3044	~~348~~399,~~231~~561.4605	34,~~190~~501,~~994~~166.1875	34,~~539~~900,~~225~~727.6480	-	-	~~190~~178,~~136~~921,~~674~~810.1269
1-A-3		22,000,000.00			2120,~~266~~176,~~043~~527.51	4045,~~449~~862.7988	~~351~~495,~~009~~128.3634	~~391~~540,~~459~~991.1522	-	-	2019,~~915~~681,~~034~~399.1517
2-A		59,888,000.00			5958,~~408~~972,~~611~~540.9711	~~110~~132,~~821~~032.8196	~~135~~140,~~052~~394.7724	~~245~~272,~~874~~427.5820	-	-	5958,~~273~~832,~~559~~145.2087
1-M-1		43,069,000.00			4139,~~632~~499,~~146~~221.7307	8192,~~859~~165.2185	~~687~~969,~~164~~303.6475	~~769~~1,~~023~~061,469.8560	-	-	4038,~~944~~529,~~982~~917.0932
1-M-2		46,382,000.00			4442,~~834~~537,~~619~~622.5671	90101,~~210~~087.9902	~~740~~1,~~023~~043,865.4658	~~830~~1,~~234~~144,952.4560	-	-	4441,~~094~~493,~~596~~757.1013
1-M-3		29,817,000.00			2827,~~822~~345,~~255~~614.4359	5966,~~313~~161.8089	~~475~~671,~~729~~056.3745	~~535~~737,~~043~~218.1734	-	-	2826,~~346~~674,~~526~~558.0614
1-M-4		39,756,000.00			3836,~~429~~460,~~673~~819.9045	95102,~~641~~972.8536	~~634~~894,~~305~~741.8293	~~729~~997,~~947~~714.6729	-	-	3735,~~795~~566,~~368~~077.0852
1-M-5		26,504,000.00			2524,~~619~~307,~~782~~212.6096	6872,~~458~~834.1948	~~422~~596,~~870~~494.5562	~~491~~669,~~328~~329.7410	-	-	2523,~~196~~710,~~912~~718.0534
1-M-6		39,753,000.00			3836,~~426~~458,~~774~~068.0012	~~111~~117,~~485~~092.6809	~~634~~894,~~257~~674.9641	~~745~~1,~~743~~011,766.6450	-	-	3735,~~792~~563,~~516~~393.0471
2-M-1		9,214,000.00			9,~~140~~073,~~244~~152.3097	1922,~~396~~501.3642	2021,~~778~~600.3920	4044,~~174~~101.7562	-	-	9,~~119~~051,~~465~~552.9177
2-M-2		10,515,000.00			10,~~430~~354,~~830~~265.1362	2730,~~393~~582.9747	2324,~~712~~650.2610	5155,~~106~~232.2357	-	-	10,~~407~~329,~~117~~615.8752
2-B		18,277,000.00			1817,~~130~~997,~~697~~614.3113	6166,~~742~~331.5821	4142,~~216~~846.2640	~~102~~109,~~958~~177.8461	-	-	1817,~~089~~954,~~481~~767.0573
Cert		-			-	~~2,107,444.84~~-	-	~~2,107,444.84~~-	-	-	-
Total		1,423,081,000.00			1,~~378~~311,~~086~~746,~~947~~298.5679	43,~~758~~010,~~801~~004.9803	2130,~~364~~053,~~079~~929.7127	2633,~~122~~063,~~881~~933.6930	-	-	1,~~356~~281,~~722~~692,~~867~~369.8552
	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)
1-A-1	0811/2526/04	0912/26/04		A-Act/360	45254NJG3	877,906,000.00	~~966~~917.~~638341~~114887	12.~~750018~~005703	1522.~~954971~~505834	1724.~~704989~~511536	~~950~~894.~~683371~~609053
1-A-2	0811/2526/04	0912/26/04		A-Act/360	45254NJH1	200,000,000.00	~~966~~917.~~638342~~114887	1.~~741157~~997805	1522.~~954971~~505834	1724.~~696128~~503639	~~950~~894.~~683371~~609053
1-A-3	0811/2526/04	0912/26/04		A-Act/360	45254NJJ7	22,000,000.00	~~966~~917.~~638341~~114887	12.~~838627~~084676	1522.~~954971~~505834	1724.~~793598~~590510	~~950~~894.~~683370~~609053
2-A	0811/2526/04	0912/26/04		F-30/360	45254NJR9	59,888,000.00	~~991~~984.~~995257~~713801	12.~~850484~~204665	2.~~255089~~344280	4.~~105573~~548945	~~989~~982.~~740168~~369521
1-M-1	0811/2526/04	0912/26/04		A-Act/360	45254NJK4	43,069,000.00	~~966~~917.~~638341~~114887	12.~~900653~~139958	1522.~~954971~~505834	1724.~~855624~~645792	~~950~~894.~~683371~~609053
1-M-2	0811/2526/04	0912/26/04		A-Act/360	45254NJL2	46,382,000.00	~~966~~917.~~638342~~114887	12.~~944957~~179445	1522.~~954971~~505834	1724.~~899928~~685279	~~950~~894.~~683371~~609054
1-M-3	0811/2526/04	0912/26/04		A-Act/360	45254NJM0	29,817,000.00	~~966~~917.~~638342~~114887	12.~~989261~~218932	1522.~~954971~~505834	1724.~~944232~~724766	~~950~~894.~~683371~~609053
1-M-4	0811/2526/04	0912/26/04		A-Act/360	45254NJN8	39,756,000.00	~~966~~917.~~638341~~114887	2.~~405721~~590109	1522.~~954971~~505834	1825.~~360692~~095942	~~950~~894.~~683371~~609053
1-M-5	0811/2526/04	0912/26/04		A-Act/360	45254NJP3	26,504,000.00	~~966~~917.~~638341~~114887	2.~~582938~~748056	1522.~~954971~~505834	1825.~~537909~~253890	~~950~~894.~~683370~~609053
1-M-6	0811/2526/04	0912/26/04		A-Act/360	45254NJQ1	39,753,000.00	~~966~~917.~~638342~~114887	2.~~804460~~945491	1522.~~954971~~505834	1825.~~759430~~451324	~~950~~894.~~683371~~609054
2-M-1	0811/2526/04	0912/26/04		F-30/360	45254NJS7	9,214,000.00	~~991~~984.~~995257~~713802	2.~~105097~~442090	2.~~255089~~344280	4.~~360186~~786371	~~989~~982.~~740168~~369521
2-M-2	0811/2526/04	0912/26/04		A-Act/360	45254NJT5	10,515,000.00	~~991~~984.~~995257~~713801	2.~~605228~~908461	2.~~255089~~344280	45.~~860317~~252741	~~989~~982.~~740168~~369522
2-B	0811/2526/04	0912/26/04		A-Act/360	45254NJU2	18,277,000.00	~~991~~984.~~995257~~713800	3.~~378157~~629218	2.~~255089~~344280	5.~~633246~~973497	~~989~~982.~~740168~~369521
Cert	0811/2526/04	0912/26/04		-		-	-	-	-	-	-
							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Certificate Payment Report for September 27, 2004 Distribution
	Certificate Payment Report for December 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)
1-A-1	877,906,000.00		59,~~082~~942,~~109~~115.6941		4189,~~655~~677,~~758~~510.8744	12,~~639~~845,~~606~~833.0095	4392,~~295~~523,~~364~~344.8739	48102,~~377~~465,~~474~~459.5680	-	-	~~834~~785,~~610~~382,~~635~~655.1361
1-A-2	200,000,000.00		12,~~151~~253,~~102~~564.2162		920,~~489~~429,~~799~~866.3317	~~373~~648,~~526~~323.5514	921,~~863~~078,~~325~~189.8831	1123,~~014~~331,~~428~~753.0993	-	-	~~190~~178,~~136~~921,~~674~~810.1269
1-A-3	22,000,000.00		~~134~~261,~~701~~682.2704		12,~~043~~247,~~877~~285.9328	4171,~~087~~315.9255	12,~~084~~318,~~965~~600.8583	12,~~219~~580,~~667~~282.1287	-	-	2019,~~915~~681,~~034~~399.1517
2-A	59,888,000.00		~~362~~722,~~902~~727.8357		~~350~~580,~~488~~392.8845	~~263~~475,~~951~~461.9268	~~614~~1,~~440~~055,854.8013	~~977~~1,~~343~~778,581.6370	-	-	5958,~~273~~832,~~559~~145.2087
1-M-1	43,069,000.00		~~273~~529,~~768~~469.3265		24,~~043~~399,~~580~~469.8453	80139,~~437~~613.0715	24,~~124~~539,~~017~~082.9168	25,~~397~~068,~~786~~552.2333	-	-	4038,~~944~~529,~~982~~917.0932
1-M-2	46,382,000.00		~~302~~583,~~570~~413.5506		24,~~200~~737,~~779~~890.3626	86150,~~624~~352.5461	24,~~287~~888,~~403~~242.9087	25,~~589~~471,~~974~~655.4593	-	-	4441,~~094~~493,~~596~~757.1013
1-M-3	29,817,000.00		~~199~~383,~~487~~546.3860		13,~~414~~045,786.7360	5596,~~687~~655.2126	13,~~470~~142,~~473~~441.9486	13,~~669~~525,~~961~~988.3246	-	-	2826,~~346~~674,~~526~~558.0614
1-M-4	39,756,000.00		~~328~~617,~~370~~870.7541		14,~~886~~061,~~382~~048.3180	74128,~~249~~873.6168	14,~~960~~189,~~631~~922.9248	24,~~289~~807,~~002~~792.6789	-	-	3735,~~795~~566,~~368~~077.0852
1-M-5	26,504,000.00		~~236~~442,~~612~~119.4427		12,~~257~~707,~~588~~365.2186	4985,~~499~~915.7480	12,~~307~~793,~~087~~281.9566	13,~~543~~235,~~700~~400.3993	-	-	2523,~~196~~710,~~912~~718.0534
1-M-6	39,753,000.00		~~388~~719,~~074~~760.2721		14,~~886~~060,~~239~~742.9635	74128,~~244~~863.0094	14,~~960~~189,~~483~~606.9629	24,~~348~~909,~~558~~366.2350	-	-	3735,~~792~~563,~~516~~393.0471
2-M-1	9,214,000.00		64126,~~540~~337.4594		5389,~~924~~295.0762	4073,~~610~~151.0261	94162,~~534~~447.0923	~~159~~288,~~074~~785.5417	-	-	9,~~119~~051,~~465~~552.9177
2-M-2	10,515,000.00		93178,~~170~~122.1791		61101,~~538~~904.0500	4683,~~344~~480.0848	~~107~~185,~~882~~384.1348	~~201~~363,~~052~~507.3039	-	-	10,~~407~~329,~~117~~615.8752
2-B	18,277,000.00		~~214~~400,~~374~~799.3068		~~106~~177,~~964~~127.4285	80145,~~554~~104.5342	~~187~~322,~~518~~232.9527	~~401~~723,~~893~~031.2595	-	-	1817,~~089~~954,~~481~~767.0573
Cert	-		914,~~902~~131,~~213~~178.0824		-	-	-	914,~~902~~131,~~213~~178.0824	-	-	-
Total	1,423,081,000.00		1831,~~733~~292,~~997~~707.7160		63136,~~451~~315,~~708~~685.9721	25,~~906~~072,~~423~~945.1827	66141,~~358~~388,~~132~~630.1548	85172,~~092~~681,~~129~~338.8608	-	-	1,~~356~~281,~~722~~692,~~867~~369.8552
	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)
1-A-1	12.~~97500~~54000%	~~848~~805,~~617~~140,~~599~~662.8211			1,~~536~~761,~~351~~021.4555	-	-	-	1,~~536~~760,~~351~~818.4536	1,~~536~~760,~~351~~818.4536	-
1-A-2	12.~~96500~~53000%	~~193~~183,~~327~~422,~~668~~977.3044			~~348~~399,~~231~~607.4634	-	-	-	~~348~~399,~~231~~561.4605	~~348~~399,~~231~~561.4605	-
1-A-3	2.~~07500~~64000%	2120,~~266~~176,~~043~~527.51			4045,~~449~~867.7997	-	-	-	4045,~~449~~862.7988	4045,~~449~~862.7988	-
2-A	2.~~03500~~60000%	5958,~~408~~972,~~611~~540.9711			~~110~~132,~~821~~032.8196	-	-	-	8192,~~859~~165.2185	~~110~~132,~~821~~032.8196	-
1-M-1	2.~~14500~~71000%	4139,~~632~~499,~~146~~221.7307			8192,~~859~~175.2182	-	-	-	90101,~~210~~087.9902	8192,~~859~~165.2185	-
1-M-2	2.~~19500~~76000%	4442,~~834~~537,~~619~~622.5671			90101,~~210~~097.9975	-	-	-	5966,~~313~~161.8089	90101,~~210~~087.9902	-
1-M-3	2.~~24500~~81000%	2827,~~822~~345,~~255~~614.4359			5966,~~313~~168.8079	-	-	-	95102,~~641~~972.8536	5966,~~313~~161.8089	-
1-M-4	23.~~71500~~28000%	3836,~~429~~460,~~673~~819.9045			95102,~~641~~981.8556	-	-	-	6872,~~458~~834.1948	95102,~~641~~972.8536	-
1-M-5	23.~~91500~~48000%	2524,~~619~~307,~~782~~212.6096			6872,~~458~~840.1961	-	-	-	~~111~~117,~~485~~092.6809	6872,~~458~~834.1948	-
1-M-6	3.~~16500~~73000%	3836,~~426~~458,~~774~~068.0012			~~111~~117,~~485~~101.6829	-	-	-	~~110~~132,~~821~~032.8196	~~111~~117,~~485~~092.6809	-
2-M-1	2.~~31500~~88000%	9,~~140~~073,~~244~~152.3097			1922,~~396~~501.3642	-	-	-	1922,~~396~~501.3642	1922,~~396~~501.3642	-
2-M-2	23.~~86500~~43000%	10,~~430~~354,~~830~~265.1362			2730,~~393~~582.9747	-	-	-	2730,~~393~~582.9747	2730,~~393~~582.9747	-
2-B	34.~~71500~~28000%	1817,~~130~~997,~~697~~614.3113			6166,~~742~~331.5821	-	-	-	6166,~~742~~331.5821	6166,~~742~~331.5821	-
Cert		-			-	-	-	-	-	~~2,107,444.84~~-	-
Total		1,~~378~~311,~~086~~746,~~947~~298.5679			23,~~651~~010,~~357~~310.1474	-	-	-	23,~~651~~010,~~357~~004.1403	43,~~758~~010,~~801~~004.9803	-
							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					~~104~~120,~~892~~752.7689	2127,~~143~~945,~~320~~755.0455	2128,~~248~~066,~~212~~508.8044
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL PRINCIPAL					~~104~~120,~~892~~752.7689	2127,~~143~~945,~~320~~755.0455	2128,~~248~~066,~~212~~508.8044
	Interest Collections					~~414~~413,~~005~~907.1065	5,~~339~~276,469.5209	5,~~753~~690,~~474~~376.6274
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					(7853,~~516~~455.9188)	(~~582~~244,~~678~~856.1758)	(~~661~~298,~~195~~312.0846)
	Interest Fees					(~~266~~265.5466)	(~~217~~394,~~344~~373.0976)	(~~217~~394,~~610~~639.6342)
	Interest Earnings					0.00	0.00	0.00
	TOTAL INTEREST					~~335~~360,~~221~~186.6511	4,~~539~~637,~~447~~238.2675	4,~~874~~997,~~668~~424.9186
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					~~440~~480,~~114~~939.4100	2532,~~682~~582,~~767~~994.30	2633,~~122~~063,~~881~~933.7130
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal					~~104~~120,~~780~~516.6851	~~649~~573,~~385~~546.1631	~~754~~694,~~165~~062.8482
	Curtailments					~~112~~236.0838	~~915~~196,~~125~~246.6941	~~915~~196,~~237~~482.7779
	Prepayments in Full					0.00	1927,~~526~~053,~~920~~418.9860	1927,~~526~~053,~~920~~418.9860
	Repurchases/Substitutions					0.00	51122,~~888~~544.2123	51122,~~888~~544.2123
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(~~104~~120,~~780~~516.6851)	(~~423~~193,~~794~~362.0283)	(~~528~~313,~~574~~879.7034)
	Realized Losses					0.00	0.00	0.00
	Substitution Adjustments- Principal					0.00	0.00	0.00
	Termination Price Amounts- Principal					0.00	0.00	0.00
	Additional Principal Amts					0.00	0.00	0.00
	Principal Advanced					~~104~~120,~~780~~516.6851	~~423~~193,~~794~~362.0283	~~528~~313,~~574~~879.7034
	TOTAL PRINCIPAL					~~104~~120,~~892~~752.7689	2127,~~143~~945,~~320~~755.0455	2128,~~248~~066,~~212~~508.8044
				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Interest					430,~~663~~511.6400	5,~~642~~371,~~921~~948.8893	65,~~073~~802,~~585~~459.5293
	Repurchases/Substitutions					0.00	~~464~~689.8331	~~464~~689.8331
	Liquidations					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Prepayment Interest Shortfalls					0.00	(4670,~~883~~786.2817)	(4670,~~883~~786.2817)
	Relief Act Interest Shortfalls					0.00	0(306.0071)	0(306.0071)
	Delinquent Interest					(430,~~663~~511.6400)	(31,~~941~~329,~~321~~034.6606)	(41,~~371~~759,~~985~~545.3006)
	Interest Realized Losses					0.00	0.00	0.00
	Compensating Interest					0.00	4670,~~883~~786.2817	4670,~~883~~786.2817
	Substitution Adjustments- Interest					0.00	0.00	0.00
	Termination Price Amounts- Interest					0.00	0.00	0.00
	Additional Interest Amts					0.00	0.00	0.00
	Interest Prepayment Premiums					0.00	0.00	0.00
	Interest Advanced					~~414~~413,~~005~~907.1065	31,~~637~~233,~~404~~171.4762	41,~~051~~647,~~409~~079.5727
	Cap Contract Payment Amt					0.00	0.00	0.00
	TOTAL INTEREST					~~414~~413,~~005~~907.1065	5,~~339~~276,469.5209	5,~~753~~690,~~474~~376.6274
				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
	Prev. Unreimbursed PMI Premiums					0.00	0.00	0.00
	Prev. Unreimbursed Spec Haz Premiums					0.00	0.00	0.00
	Prev. Unreimbursed Liq. Expenses					0.00	0.00	0.00
	Prev. Unreimbursed Master/Sub-Servicing Fees					0.00	0.00	0.00
	Amt Rvcd Not Due Bondholder /Deposits in Error					0.00	0.00	0.00
	Prev. Unreimb. P&I Advances/Non Recov Advances					0.00	0.00	0.00
	Prev. Unreimbursed Servicing Advances					0.00	0.00	0.00
	Clear and Terminate Collection Account					0.00	0.00	0.00
	TOTAL INTEREST WITHDRAWALS					0.00	0.00	0.00
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Cap Contract Payment Amounts					0.00	0.00	0.00
	Floor Contract Payment Amounts					0.00	0.00	0.00
	Swap Contract Payment Amounts					7853,~~516~~455.9188	~~582~~244,~~678~~856.1758	~~661~~298,~~195~~312.0846
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Owner Trustee Fee					141.6013	1,~~843~~750.9295	1,~~985~~892.5208
	Indenture Trustee Fee					124.9453	1,~~626~~544.9995	1,~~751~~669.9348
	Bond Insurance Premium Amount					0.00	0.00	0.00
	Radian PMI Insurance Premiums					0.00	8174,~~178~~792.4254	8174,~~178~~792.4254
	Current Servicing Fees					0.00	~~132~~316,~~694~~285.7632	~~132~~316,~~694~~285.7632
	TOTAL INTEREST FEES					~~266~~265.5466	~~217~~394,~~344~~373.0976	~~217~~394,~~610~~639.6342
				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Credit Enhancement Report for September 27, 2004 Distribution
	Credit Enhancement Report for December 27, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Current Periods Required Overcollateralization Amt					4,261,908.86	06,614,003.0096	410,~~261~~875,~~908~~912.8682
	Current Periods Overcollateralization Amt					23,~~956~~331,~~681~~273.2735	0.00	23,~~956~~331,~~681~~273.2735
	Current Periods Net Monthly Excess Cashflow					~~115~~108,~~866~~738.9305	21,~~107~~878,~~444~~682.8478	21,~~223~~987,~~311~~420.7783
	Current Periods Overcollateralization Release					0.00	0.00	0.00
	Current Periods Principal Available Funds Shortfall						0.00	0.00
	60 Day Rolling Delinquency Amount					0.00	16,~~495~~518,~~791~~024.2217	16,~~495~~518,~~791~~024.2217
	90 Day Rolling Delinquency Amount					0.00	25,~~710~~688,~~505~~597.7584	25,~~710~~688,~~505~~597.7584
	Available Funds Rate					34.~~7658~~3391%	34.~~9282~~5065%	34.~~9282~~5065%
	90 Day Delinquency Percentage							0.0000%
				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					91	5614	5705
	Prior					91	5,~~451~~074	5,~~542~~165
	Prefunding					-	-	-
	Scheduled Paid Offs					-	~~(2)~~-	~~(2)~~-
	Full Voluntary Prepayments					-	(~~127~~130)	(~~127~~130)
	Repurchases					-	(1)	(1)
	Liquidations					-	-	-
	Current					91	54,~~321~~943	5,~~412~~034
	Principal Balance:
	Original					100,280,208.50	1,302,187,895.84	1,402,468,104.34
	Prior					99,~~951~~620,~~198~~108.0613	1,~~280~~215,~~976~~348,~~563~~725.8493	1,~~380~~314,~~927~~968,~~761~~834.9006
	Prefunding					-	-	-
	Scheduled Principal					(~~104~~120,~~780~~516.6851)	(~~649~~573,~~385~~546.1631)	(~~754~~694,~~165~~062.8482)
	Partial and Full Voluntary Prepayments					(~~112~~236.0838)	(2027,~~442~~249,~~046~~665.6701)	(2027,~~442~~249,~~158~~901.7539)
	Repurchases					-	(51122,~~888~~544.2123)	(51122,~~888~~544.2123)
	Liquidations					-	-	-
	Current					99,~~846~~499,~~305~~355.3024	1,~~259~~187,~~833~~402,~~243~~970.8038	1,~~359~~286,~~679~~902,~~549~~325.1062
PREFUNDING						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					5.166732%	5.294115%	5.285007%
	Weighted Average Coupon Prior					5.~~170435~~185801%	5.~~285551~~273165%	5.~~277337~~266651%
	Weighted Average Coupon Current					5.~~170487~~185833%	5.~~286642~~304787%	5.~~278234~~295775%
	Weighted Average Months to Maturity Original					358	349	350
	Weighted Average Months to Maturity Prior					~~356~~353	~~348~~346	~~349~~347
	Weighted Average Months to Maturity Current					~~355~~352	~~347~~345	~~348~~346
	Weighted Avg Remaining Amortization Term Original					358	351	351
	Weighted Avg Remaining Amortization Term Prior					~~356~~353	~~349~~347	~~350~~347
	Weighted Avg Remaining Amortization Term Current					~~355~~352	~~349~~346	~~349~~346
	Weighted Average Seasoning Original					2.16	5.10	4.89
	Weighted Average Seasoning Prior					47.13	1719.2162	1618.2668
	Weighted Average Seasoning Current					58.13	1820.1750	1719.2254
Note: Original information refers to deal issue.
	Group 1
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					2.917%	3.069%
	Weighted Average Margin Prior					2.917%	3.~~061~~065%
	Weighted Average Margin Current					2.917%	3.~~063~~061%
	Weighted Average Max Rate Original					10.226%	10.837%
	Weighted Average Max Rate Prior					10.226%	10.~~809~~760%
	Weighted Average Max Rate Current					10.226%	10.~~794~~746%
	Weighted Average Min Rate Original					5.161%	3.775%
	Weighted Average Min Rate Prior					5.161%	3.~~783~~749%
	Weighted Average Min Rate Current					5.161%	3.~~775~~737%
	Weighted Average Cap Up Original					1.000%	1.142%
	Weighted Average Cap Up Prior					1.000%	1.~~134~~139%
	Weighted Average Cap Up Current					1.000%	1.~~135~~140%
	Weighted Average Cap Down Original					0.955%	0.707%
	Weighted Average Cap Down Prior					1.000%	1.~~134~~139%
	Weighted Average Cap Down Current					1.000%	1.~~135~~139%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					0.00	~~132~~316,~~694~~285.7632	~~132~~316,~~694~~285.7632
	Delinquent Servicing Fees					16,~~658~~603.5335	~~303~~95,~~917~~862.0344	~~320~~112,~~575~~465.5679
	TOTAL SERVICING FEES					16,~~658~~603.5335	~~436~~412,~~611~~147.7976	~~453~~428,~~270~~751.3211
	Total Servicing Fees					16,~~658~~603.5335	~~436~~412,~~611~~147.7976	~~453~~428,~~270~~751.3211
	Compensating Interest					0.00	4670,~~883~~786.2817	4670,~~883~~786.2817
	Delinquent Servicing Fees					(16,~~658~~603.5335)	(~~303~~95,~~917~~862.0344)	(~~320~~112,~~575~~465.5679)
	COLLECTED SERVICING FEES					0.00	~~179~~387,~~578~~071.0449	~~179~~387,~~578~~071.0449
	Current PPIS					0.00	(4670,~~883~~786.2817)	(4670,~~883~~786.2817)
	Current Net PPIS					0.00	0.00	0.00
	Total Advanced Principal For Current Payment Date					~~104~~120,~~780~~516.6851	~~423~~193,~~794~~362.0283	~~528~~313,~~574~~879.7034
	Total Advanced Interest For Current Payment Date					~~414~~413,~~005~~907.1065	31,~~637~~233,~~404~~171.4762	41,~~051~~647,~~409~~079.5727
	TOTAL ADVANCES FOR CURRENT PERIOD					~~518~~534,~~785~~424.7816	41,~~061~~426,~~198~~534.4945	41,~~579~~960,~~984~~958.2761
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			79,~~855~~658,~~989~~707.8198	12,~~779~~703,~~310~~460.9323	-1,639,122.00	914,~~635~~001,~~300~~290.7421
		% Balance			0.5875%	0.1321%	0.0013%	01.7109%
		# Loans			6769	2218	-11	8998
		% # Loans			1.2437%	0.4136%	0.0022%	1.6495%
FORECLOSURE		Balance		37364,~~970~~720.30	-	~~49,482.85~~-	~~288~~2,~~086~~035,791.6776	~~375~~2,~~539~~400,512.8206
		% Balance		0.0003%	0.00%	0.00%	0.0216%	0.0319%
		# Loans		1	-	2-	117	418
		% # Loans		0.02%	0.00%	0.0400%	0.0234%	0.0736%
BANKRUPTCY		Balance		21,~~206~~820,~~737~~100.8091	~~209~~191,~~044~~130.1304	5848,~~649~~701.0179	-	2,~~474~~059,~~430~~932.9474
		% Balance		0.1614%	0.0201%	0.00%	0.00%	0.1816%
		# Loans		4340	76	21	-	5247
		% # Loans		0.79%	0.1312%	0.0402%	0.00%	0.9693%
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		2,~~244~~184,~~708~~821.1021	89,~~065~~849,~~033~~838.9402	12,~~887~~752,~~442~~162.7902	~~288~~3,~~086~~674,913.6776	1218,~~485~~461,~~271~~735.5001
		% Balance		0.17%	0.5977%	0.1421%	0.0229%	01.9243%
		# Loans		4441	7475	2619	128	~~145~~163
		% # Loans		0.81%	1.3749%	0.4838%	0.0256%	23.6824%
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 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			79,~~855~~658,~~989~~707.8198	12,~~779~~703,~~310~~460.9323	-1,639,122.00	914,~~635~~001,~~300~~290.7421
		% Balance			0.6281%	0.1423%	0.0014%	01.7618%
		# Loans			6769	2218	-11	8998
		% # Loans			1.2640%	0.4136%	0.0022%	1.6798%
FORECLOSURE		Balance		37364,~~970~~720.30	-	~~49,482.85~~-	~~288~~2,~~086~~035,791.6776	~~375~~2,~~539~~400,512.8206
		% Balance		0.0003%	0.00%	0.00%	0.0217%	0.0320%
		# Loans		1	-	2-	117	418
		% # Loans		0.02%	0.00%	0.0400%	0.0234%	0.0836%
BANKRUPTCY		Balance		21,~~206~~820,~~737~~100.8091	~~209~~191,~~044~~130.1304	5848,~~649~~701.0179	-	2,~~474~~059,~~430~~932.9474
		% Balance		0.1815%	0.02%	0.00%	0.00%	0.2017%
		# Loans		4340	76	21	-	5247
		% # Loans		0.81%	0.1312%	0.0402%	0.00%	0.9895%
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		2,~~244~~184,~~708~~821.1021	89,~~065~~849,~~033~~838.9402	12,~~887~~752,~~442~~162.7902	~~288~~3,~~086~~674,913.6776	1218,~~485~~461,~~271~~735.5001
		% Balance		0.18%	0.6483%	0.1523%	0.0231%	01.9955%
		# Loans		4441	7475	2619	128	~~145~~163
		% # Loans		0.83%	1.3952%	0.4938%	0.0257%	23.7330%
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 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			-	-	-	-
		% Balance			0.00%	0.00%	0.00%	0.00%
		# Loans			-	-	-	-
		% # Loans			0.00%	0.00%	0.00%	0.00%
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		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
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 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	REO Report for September 27, 2004 Distribution
	REO Report for December 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				Loan Group 2 = Group 2; REO Book Value = 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 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					-	~~127~~130	~~127~~130
	Number of Repurchased Loans					-	1	1
	Total Number of Loans Prepaid in Full					-	~~128~~131	~~128~~131
	Paid in Full Balance					-	1927,~~526~~053,~~920~~418.9860	1927,~~526~~053,~~920~~418.9860
	Repurchased Loans Balance					-	51122,~~888~~544.2123	51122,~~888~~544.2123
	Curtailments Amount					~~112~~236.0838	~~915~~196,~~125~~246.6941	~~915~~196,~~237~~482.7779
	Total Prepayment Amount					~~112~~236.0838	2027,~~493~~372,~~934~~209.8824	2027,~~494~~372,~~046~~445.9662
	Cumulative
	Number of Paid in Full Loans					-	~~397~~769	~~397~~769
	Number of Repurchased Loans					-	24	24
	Total Number of Loans Prepaid in Full					-	~~399~~773	~~399~~773
	Paid in Full Balance					-	60129,~~217~~905,~~988~~203.2945	60129,~~217~~905,~~988~~203.2945
	Repurchased Loans Balance					-	~~515~~821,~~388~~090.2114	~~515~~821,~~388~~090.2114
	Curtailments Amount					23,~~442~~655.6304	2,~~146~~649,~~144~~114.1437	2,~~148~~652,~~586~~769.7741
	Total Prepayment Amount					23,~~442~~655.6304	62133,~~879~~375,~~520~~407.6496	62133,~~881~~379,~~963~~063.2700
	Current Prin Balance of Repurchases Per Sec 3.18					0.00	0.00	0.00
	Cumulative Prin Balance of Repurchases Per Sec 3.18					0.00	0.00	0.00
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 15 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					0.00%	12.6025%	12.4808%
	3 Months Avg SMM					0.00%	1.4390%	1.3376%
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.00%	1.2151%	1.1340%
	CPR					0.00%	1723.6093%	1622.4332%
	3 Months Avg CPR					0.0200%	1520.8659%	1419.8120%
	12 Months Avg CPR
	Avg CPR Since Cut-off					0.01%	1316.6168%	1215.7055%
	PSA					0.1318%	~~484~~583.3564%	~~477~~571.2905%
	3 Months Avg PSA Approximation					20.4134%	~~455~~520.3286%	~~449~~510.9543%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					21.0604%	~~474~~500.6933%	~~468~~491.0862%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1
	Group 2
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 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 128						Loan Group 1 = Group 1
Total Loan Count = 131						Loan Group 1 = Group 1
Total Original Principal Balance = 20,740,629.00						Loan Group 2 = Group 2
Total Original Principal Balance = 27,466,754.00						Loan Group 2 = Group 2
Total Prepayment Amount = 19,578,809.19
Total Prepayment Amount = 27,175,962.83
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
1100377029 1			84,000.00	83,343.48	Aug-16-04	8.750%	CA - 10.00%	Paid Off - 180	Jun-27-03
1100373624 1			60,000.00	59,521.71	Nov-30-04	10.750%	CA - 20.00%	Paid Off - 180	May-21-03
1100377850 1			92,100.00	91,360.26	Aug-18-04	9.000%	VA - 14.98%	Paid Off - 180	Jun-30-03
1100378485 1			65,800.00	65,379.14	Nov-17-04	11.625%	CA - 20.00%	Paid Off - 180	Jun-09-03
1100378801 1			69,000.00	68,537.20	Aug-16-04	9.500%	CA - 20.00%	Paid Off - 180	Jul-15-03
1100379004 1			79,800.00	79,197.22	Nov-23-04	9.990%	MD - 20.00%	Paid Off - 180	Aug-15-03
1100378855 1			43,400.00	42,959.26	Aug-23-04	8.750%	CA - 20.00%	Paid Off - 180	Jun-09-03
1100380302 1			67,650.00	67,106.65	Nov-04-04	9.000%	CA - 19.88%	Paid Off - 180	Dec-31-03
1100380657 1			94,500.00	94,049.76	Aug-26-04	11.500%	CA - 15.00%	Paid Off - 180	Jun-26-03
1103071994 1			93,400.00	92,926.09	Nov-26-04	10.000%	CA - 20.00%	Paid Off - 180	Dec-23-03
1100384937 1			52,950.00	52,666.98	Aug-26-04	9.750%	CA - 19.99%	Paid Off - 180	Nov-25-03
1103074756 1			28,150.00	27,945.86	Nov-23-04	9.500%	MD - 14.99%	Paid Off - 180	Nov-18-03
1103050903 1			53,000.00	52,625.79	Aug-24-04	9.250%	CA - 17.67%	Paid Off - 180	Jun-26-03
1103076425 1			43,200.00	42,893.67	Nov-04-04	9.250%	VA - 20.00%	Paid Off - 180	Nov-21-03
1103055166 1			64,000.00	63,632.72	Aug-16-04	10.250%	CA - 20.00%	Paid Off - 180	Jul-28-03
1103084163 1			90,000.00	89,486.55	Nov-08-04	9.875%	CA - 30.00%	Paid Off - 180	Nov-19-03
1103063055 1			77,390.00	76,956.30	Aug-27-04	10.500%	CA - 20.00%	Paid Off - 180	Aug-08-03
1103090465 1			93,600.00	93,033.93	Nov-01-04	10.000%	CA - 30.00%	Paid Off - 180	Dec-12-03
1103084845 1			28,800.00	28,681.45	Aug-03-04	10.000%	NV - 20.00%	Paid Off - 180	Nov-12-03
1103094136 1			34,000.00	33,806.00	Nov-26-04	9.875%	NV - 20.00%	Paid Off - 180	Dec-30-03
1103091255 1			75,000.00	74,625.42	Aug-23-04	9.625%	CA - 20.00%	Paid Off - 180	Dec-12-03
1103096987 1			28,000.00	27,844.35	Nov-12-04	10.000%	FL - 20.00%	Paid Off - 180	Dec-15-03
1103092248 1			43,500.00	43,338.89	Aug-06-04	10.500%	CA - 15.00%	Paid Off - 180	Nov-26-03
1103098846 1			75,000.00	74,648.20	Nov-30-04	10.375%	CA - 19.54%	Paid Off - 180	Dec-31-03
1103093206 1			50,000.00	45,990.05	Aug-05-04	9.250%	CA - 9.53%	Paid Off - 180	Nov-26-03
1103098853 1			100,000.00	99,472.46	Nov-02-04	10.250%	CA - 19.61%	Paid Off - 180	Dec-24-03
1103093455 1			75,000.00	74,674.61	Aug-09-04	9.750%	CA - 13.62%	Paid Off - 180	Nov-24-03
1103099437 1			61,000.00	60,656.58	Nov-23-04	9.500%	CA - 20.00%	Paid Off - 180	Jan-21-04
1103099149 1			77,800.00	77,267.59	Aug-20-04	9.750%	CA - 20.00%	Paid Off - 180	Dec-11-03
1103101904 1			38,282.00	38,081.55	Nov-02-04	10.375%	CA - 20.00%	Paid Off - 180	Nov-25-03
1103099166 1			93,950.00	93,537.36	Aug-11-04	9.750%	CA - 20.00%	Paid Off - 180	Dec-24-03
1103102051 1			40,300.00	39,890.02	Nov-19-04	9.250%	CA - 20.00%	Paid Off - 180	Jan-12-04
1103102820 1			85,980.00	85,701.33	Aug-09-04	11.125%	CA - 20.00%	Paid Off - 180	Dec-15-03
1103103560 1			123,000.00	122,423.16	Nov-26-04	10.375%	HI - 20.00%	Paid Off - 180	Dec-22-03
1103102895 1			87,000.00	86,659.26	Aug-23-04	10.250%	CA - 20.00%	Paid Off - 180	Dec-10-03
1103106566 1			42,200.00	41,985.82	Nov-16-04	10.000%	CA - 20.00%	Paid Off - 180	Jan-09-04
1103103614 1			57,000.00	56,836.57	Aug-30-04	11.125%	CA - 20.00%	Paid Off - 180	Jan-27-04
1103113167 1			35,500.00	35,244.80	Nov-02-04	8.750%	MA - 10.00%	Paid Off - 180	Dec-12-03
1103113148 1			45,000.00	44,827.66	Aug-12-04	11.750%	CA - 20.00%	Paid Off - 360	Dec-12-03
1103113172 1			84,000.00	81,168.91	Nov-09-04	9.750%	FL - 18.92%	Paid Off - 180	Dec-12-03
1103131141 1			522,950.00	522,950.00	Aug-25-04	5.750%	CA - 80.00%	Paid Off - 360	May-25-04
1103124453 1			160,800.00	159,550.92	Nov-24-04	5.500%	CA - 80.00%	Paid Off - 360	Apr-30-04
1103148203 1			595,000.00	595,000.00	Aug-17-04	4.000%	CA - 70.00%	Paid Off - 360	Apr-28-04
1103130331 1			170,650.00	169,839.12	Nov-02-04	7.250%	NV - 90.00%	Paid Off - 360	May-07-04
1103150737 1			233,600.00	232,488.22	Aug-02-04	5.250%	CA - 80.00%	Paid Off - 360	May-06-04
1103137406 1			166,400.00	163,700.65	Nov-29-04	5.500%	CA - 80.00%	Paid Off - 360	May-07-04
1103154686 1			303,017.00	303,017.00	Aug-26-04	8.000%	CA - 95.00%	Paid Off - 360	May-05-04
1103138169 1			670,000.00	669,606.20	Nov-16-04	4.875%	CA - 67.00%	Paid Off - 360	Apr-30-04
1103156326 1			283,500.00	283,500.00	Aug-06-04	3.875%	NV - 69.15%	Paid Off - 360	May-25-04
1103138378 1			228,800.00	226,500.08	Nov-26-04	6.250%	CA - 80.00%	Paid Off - 360	May-14-04
1103156548 1			213,600.00	213,600.00	Aug-24-04	5.375%	CA - 80.00%	Paid Off - 360	Apr-28-04
1103139467 1			285,000.00	283,518.15	Nov-03-04	6.750%	MA - 75.00%	Paid Off - 360	Apr-30-04
1103157843 1			588,000.00	588,000.00	Aug-27-04	4.750%	CA - 80.00%	Paid Off - 360	Apr-30-04
1103139901 1			153,750.00	152,589.38	Nov-16-04	6.375%	CA - 75.00%	Paid Off - 360	May-05-04
1103157961 1			81,000.00	80,731.58	Aug-30-04	6.990%	GA - 90.00%	Paid Off - 360	Apr-28-04
1103141034 1			333,000.00	328,853.96	Nov-18-04	5.375%	CA - 90.00%	Paid Off - 360	May-06-04
1103158283 1			431,200.00	431,200.00	Aug-31-04	4.125%	AZ - 80.00%	Paid Off - 360	May-24-04
1103141888 1			129,500.00	128,207.93	Nov-23-04	4.875%	CA - 71.16%	Paid Off - 360	Apr-30-04
1103158293 1			180,032.00	180,032.00	Aug-10-04	4.875%	CA - 80.00%	Paid Off - 360	May-04-04
1103142984 1			140,000.00	139,155.92	Nov-12-04	7.375%	CA - 80.00%	Paid Off - 360	May-14-04
1103159107 1			343,000.00	343,000.00	Aug-23-04	3.875%	CA - 70.00%	Paid Off - 360	Apr-30-04
1103143795 1			211,500.00	210,356.51	Nov-26-04	7.500%	VA - 75.00%	Paid Off - 360	May-22-04
1103159127 1			169,200.00	169,200.00	Aug-18-04	4.500%	CA - 80.00%	Paid Off - 360	Apr-30-04
1103143869 1			162,000.00	161,099.17	Nov-15-04	7.250%	CA - 90.00%	Paid Off - 360	May-14-04
1103159713 1			292,000.00	292,000.00	Aug-03-04	4.375%	NV - 80.00%	Paid Off - 360	May-18-04
1103148425 1			507,500.00	503,256.47	Nov-17-04	4.250%	CA - 70.00%	Paid Off - 360	May-14-04
1103159860 1			105,800.00	105,408.14	Aug-17-04	4.875%	FL - 69.61%	Paid Off - 360	May-05-04
1103151399 1			200,850.00	200,649.04	Nov-29-04	5.625%	NJ - 88.87%	Paid Off - 360	May-24-04
1103159909 1			252,000.00	251,391.84	Aug-10-04	7.125%	CA - 90.00%	Paid Off - 360	May-07-04
1103151446 1			164,500.00	164,500.00	Nov-05-04	4.375%	CA - 70.00%	Paid Off - 360	Apr-28-04
1103162490 1			161,910.00	161,909.94	Aug-12-04	7.500%	CA - 90.00%	Paid Off - 360	May-18-04
1103151579 1			172,650.00	171,091.15	Nov-17-04	4.750%	CA - 80.00%	Paid Off - 360	May-11-04
1103163218 1			153,900.00	153,378.37	Aug-11-04	6.875%	UT - 90.00%	Paid Off - 360	May-07-04
1103156321 1			268,000.00	268,000.00	Nov-12-04	5.125%	CA - 80.00%	Paid Off - 360	May-04-04
1103163333 1			339,500.00	339,500.00	Aug-06-04	4.875%	CA - 70.00%	Paid Off - 360	May-25-04
1103157094 1			231,200.00	231,200.00	Nov-12-04	5.375%	CA - 80.00%	Paid Off - 360	May-25-04
1103164843 1			225,900.00	223,843.33	Aug-24-04	5.000%	IL - 90.00%	Paid Off - 360	May-24-04
1103157292 1			483,000.00	482,999.31	Nov-16-04	4.125%	CA - 70.00%	Paid Off - 360	Apr-30-04
1103164948 1			150,000.00	150,000.00	Aug-20-04	4.750%	CA - 39.48%	Paid Off - 360	May-24-04
1103157926 1			348,000.00	348,000.00	Nov-24-04	5.625%	CA - 80.00%	Paid Off - 360	Apr-28-04
1103165654 1			321,500.00	320,511.84	Aug-27-04	5.875%	CA - 79.39%	Paid Off - 360	May-21-04
1103157974 1			210,000.00	209,180.62	Nov-01-04	4.625%	CA - 70.00%	Paid Off - 360	May-05-04
1103166096 1			208,000.00	207,137.26	Aug-25-04	4.250%	IL - 80.00%	Paid Off - 360	May-19-04
1103158223 1			279,000.00	279,000.00	Nov-01-04	5.625%	CA - 79.95%	Paid Off - 360	Apr-29-04
1103167318 1			155,900.00	155,900.00	Aug-26-04	4.875%	UT - 79.99%	Paid Off - 360	May-05-04
1103158547 1			495,000.00	495,000.00	Nov-18-04	4.875%	CA - 83.20%	Paid Off - 360	May-25-04
1103170066 1			244,150.00	244,150.00	Aug-12-04	5.500%	VA - 94.98%	Paid Off - 360	Apr-22-04
1103158769 1			227,500.00	227,499.57	Nov-18-04	4.875%	CA - 75.34%	Paid Off - 360	May-19-04
					Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 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
1103171207 1			398,650.00	398,650.00	Aug-16-04	6.375%	FL - 85.00%	Paid Off - 360	Apr-28-04
1103159257 1			160,000.00	158,536.22	Nov-26-04	5.350%	CA - 80.00%	Paid Off - 360	Apr-12-04
1103171374 1			316,800.00	315,672.68	Aug-26-04	6.625%	NY - 90.00%	Paid Off - 360	May-06-04
1103159520 1			157,500.00	156,732.98	Nov-16-04	7.125%	CA - 90.00%	Paid Off - 360	May-11-04
1103171866 1			134,900.00	134,291.28	Aug-03-04	5.375%	FL - 95.00%	Paid Off - 360	Apr-30-04
1103159583 1			215,600.00	215,549.58	Nov-09-04	5.125%	CA - 70.00%	Paid Off - 360	Apr-30-04
1103173850 1			640,000.00	640,000.00	Aug-11-04	4.250%	CA - 67.36%	Paid Off - 360	May-24-04
1103161188 1			462,000.00	462,000.00	Nov-18-04	7.375%	CA - 89.71%	Paid Off - 360	May-18-04
1103173962 1			90,900.00	90,900.00	Aug-02-04	5.990%	AZ - 90.00%	Paid Off - 360	Apr-30-04
1103161268 1			608,000.00	608,000.00	Nov-19-04	4.875%	CA - 80.00%	Paid Off - 360	May-06-04
1103174429 1			337,250.00	337,250.00	Aug-31-04	5.755%	CA - 95.00%	Paid Off - 360	Apr-30-04
1103162021 1			157,200.00	157,144.07	Nov-26-04	5.875%	WA - 80.00%	Paid Off - 360	May-10-04
1103175877 1			619,500.00	1,013.78	Aug-02-04	5.250%	NJ - 70.00%	Paid Off - 360	Apr-29-04
1103162504 1			243,700.00	242,190.85	Nov-09-04	5.875%	CA - 74.99%	Paid Off - 360	May-25-04
1103176062 1			236,000.00	236,000.00	Aug-13-04	7.000%	VA - 80.00%	Paid Off - 360	May-06-04
1103162814 1			422,950.00	420,510.52	Nov-24-04	6.250%	CA - 84.59%	Paid Off - 360	May-19-04
1103177706 1			170,000.00	169,079.02	Aug-12-04	4.375%	GA - 88.55%	Paid Off - 360	Apr-28-04
1103164421 1			148,500.00	148,498.91	Nov-08-04	6.375%	VA - 84.86%	Paid Off - 360	May-06-04
1103179151 1			538,000.00	538,000.00	Aug-30-04	5.625%	CA - 76.85%	Paid Off - 360	May-21-04
1103164878 1			426,400.00	426,400.00	Nov-17-04	3.750%	CA - 80.00%	Paid Off - 360	May-24-04
1103179414 1			600,000.00	597,973.96	Aug-25-04	5.375%	NJ - 75.00%	Paid Off - 360	May-24-04
1103164933 1			464,200.00	458,545.20	Nov-08-04	3.750%	CA - 74.99%	Paid Off - 360	May-24-04
1103179422 1			483,750.00	481,617.42	Aug-12-04	5.500%	NY - 75.00%	Paid Off - 360	May-24-04
1103165197 1			210,872.00	210,872.00	Nov-29-04	5.625%	CA - 80.00%	Paid Off - 360	May-11-04
1103179759 1			470,000.00	470,000.00	Aug-04-04	4.125%	FL - 71.21%	Paid Off - 360	May-05-04
1103165523 1			170,500.00	169,482.64	Nov-26-04	7.500%	OR - 94.99%	Paid Off - 360	May-22-04
1103182768 1			200,000.00	200,000.00	Aug-26-04	5.500%	NJ - 33.12%	Paid Off - 360	May-24-04
1103166222 1			266,600.00	266,600.00	Nov-09-04	4.750%	CA - 79.99%	Paid Off - 360	May-14-04
1103186475 1			229,500.00	229,500.00	Aug-30-04	4.250%	FL - 79.99%	Paid Off - 360	May-21-04
1103167449 1			280,000.00	280,000.00	Nov-19-04	5.250%	CA - 80.00%	Paid Off - 360	May-20-04
1900001064 1			30,000.00	28,678.72	Aug-11-04	11.000%	CA - 20.00%	Paid Off - 180	Jan-28-04
1103167707 1			207,000.00	207,000.00	Nov-22-04	6.250%	AZ - 90.00%	Paid Off - 360	May-06-04
2500024660 1			57,200.00	56,717.22	Aug-16-04	10.375%	CA - 20.00%	Paid Off - 180	Feb-28-03
1103169342 1			125,000.00	124,434.61	Nov-01-04	7.500%	WY - 92.60%	Paid Off - 360	Apr-30-04
2500026691 1			49,200.00	48,825.04	Aug-30-04	8.875%	CA - 20.01%	Paid Off - 180	Jun-10-03
1103170163 1			290,600.00	290,600.00	Nov-18-04	5.000%	CA - 89.97%	Paid Off - 360	May-12-04
2500029979 1			37,100.00	36,852.88	Aug-24-04	9.125%	RI - 20.03%	Paid Off - 180	Jul-29-03
1103170254 1			81,000.00	80,399.46	Nov-04-04	5.750%	FL - 90.00%	Paid Off - 360	Apr-28-04
2500030675 1			69,800.00	69,463.92	Aug-20-04	10.250%	CA - 20.00%	Paid Off - 180	Aug-07-03
1103170578 1			301,500.00	299,864.14	Nov-10-04	7.375%	FL - 90.00%	Paid Off - 360	May-10-04
2503031424 1			62,750.00	62,405.73	Aug-09-04	9.625%	WA - 19.99%	Paid Off - 180	Aug-21-03
1103170708 1			152,990.00	152,918.96	Nov-22-04	5.625%	FL - 90.00%	Paid Off - 360	May-12-04
2503037458 1			31,500.00	31,386.00	Aug-09-04	9.375%	FL - 10.00%	Paid Off - 180	Dec-31-03
1103170750 1			174,400.00	174,325.11	Nov-16-04	5.250%	AZ - 80.00%	Paid Off - 360	May-17-04
2503041737 1			70,200.00	70,004.77	Aug-05-04	10.625%	CA - 20.00%	Paid Off - 180	Dec-29-03
1103171206 1			365,000.00	365,000.00	Nov-30-04	5.375%	CA - 100.00%	Paid Off - 360	Apr-28-04
2503042059 1			38,200.00	37,968.02	Aug-12-04	9.750%	CA - 14.99%	Paid Off - 180	Dec-22-03
1103171212 1			312,000.00	312,000.00	Nov-03-04	5.750%	CA - 79.49%	Paid Off - 360	Apr-28-04
2503055918 1			162,000.00	162,000.00	Aug-11-04	6.875%	FL - 90.00%	Paid Off - 360	May-11-04
1103171229 1			84,000.00	84,000.00	Nov-26-04	4.250%	FL - 69.25%	Paid Off - 360	May-18-04
2503057490 1			220,000.00	220,000.00	Aug-24-04	4.000%	CA - 80.00%	Paid Off - 360	Apr-30-04
1103171469 1			183,400.00	183,251.74	Nov-23-04	4.950%	CA - 70.00%	Paid Off - 360	May-21-04
2503058458 1			133,000.00	133,000.00	Aug-30-04	7.875%	FL - 95.00%	Paid Off - 360	May-24-04
1103171858 1			178,000.00	176,268.10	Nov-04-04	5.125%	MN - 80.00%	Paid Off - 360	Apr-30-04
2503058741 1			323,100.00	323,100.00	Aug-26-04	5.125%	CA - 90.00%	Paid Off - 360	Apr-29-04
1103172034 1			235,200.00	235,199.00	Nov-16-04	5.500%	CA - 80.00%	Paid Off - 360	May-18-04
2503061032 1			280,000.00	279,528.19	Aug-13-04	6.875%	CA - 84.85%	Paid Off - 360	May-19-04
1103172452 1			310,500.00	310,500.00	Nov-08-04	7.000%	FL - 90.00%	Paid Off - 360	May-25-04
3900006989 1			50,400.00	37,698.51	Aug-25-04	13.750%	WA - 46.03%	Paid Off - 180	Sep-23-97
1103173459 1			93,000.00	92,906.79	Nov-16-04	6.125%	NJ - 62.84%	Paid Off - 360	Apr-28-04
3900006995 1			65,000.00	48,069.72	Aug-03-04	14.250%	CA - 40.63%	Paid Off - 180	Oct-21-97
1103173764 1			311,200.00	308,974.69	Nov-22-04	5.125%	CA - 80.00%	Paid Off - 360	May-20-04
3900006997 1			57,000.00	50,556.77	Aug-26-04	14.375%	OR - 50.90%	Paid Off - 240	Oct-21-97
1103174031 1			270,750.00	270,750.00	Nov-18-04	4.990%	CA - 95.00%	Paid Off - 360	Apr-30-04
3900006999 1			31,600.00	24,304.00	Aug-04-04	15.250%	CA - 37.18%	Paid Off - 180	Oct-29-97
1103174056 1			389,500.00	389,500.00	Nov-22-04	6.155%	CA - 95.00%	Paid Off - 360	Apr-30-04
3900007006 1			40,000.00	30,617.50	Aug-27-04	14.750%	CA - 21.06%	Paid Off - 180	Oct-24-97
1103174435 1			356,000.00	356,000.00	Nov-09-04	5.125%	AZ - 79.46%	Paid Off - 360	Apr-30-04
3900007028 1			10,000.00	8,681.28	Aug-23-04	12.990%	CA - 7.94%	Paid Off - 240	Oct-29-97
1103175378 1			885,500.00	885,500.00	Nov-02-04	5.375%	CA - 70.00%	Paid Off - 360	Apr-28-04
3900007035 1			42,300.00	31,132.24	Aug-04-04	13.500%	SC - 32.54%	Paid Off - 180	Oct-21-97
1103175875 1			336,000.00	332,117.74	Nov-30-04	5.250%	CA - 80.00%	Paid Off - 360	Apr-29-04
3900007044 1			38,200.00	29,360.56	Aug-27-04	14.990%	ID - 44.95%	Paid Off - 180	Oct-21-97
1103175880 1			650,000.00	644,528.54	Nov-02-04	5.250%	MD - 79.75%	Paid Off - 360	Apr-29-04
3900007056 1			55,000.00	38,194.03	Aug-04-04	12.990%	AK - 34.38%	Paid Off - 180	Oct-21-97
1103175884 1			268,800.00	266,796.89	Nov-09-04	5.750%	GA - 80.00%	Paid Off - 360	Apr-29-04
3900007085 1			45,000.00	33,742.43	Aug-26-04	13.990%	FL - 57.70%	Paid Off - 180	Sep-25-97
1103175887 1			360,600.00	357,733.21	Nov-30-04	5.375%	FL - 66.17%	Paid Off - 360	Apr-29-04
3900007086 1			35,000.00	24,314.86	Aug-24-04	13.990%	GA - 33.02%	Paid Off - 180	Oct-02-97
1103176608 1			505,000.00	505,000.00	Nov-18-04	4.375%	CA - 71.12%	Paid Off - 360	Apr-30-04
3900007100 1			37,000.00	27,289.91	Aug-04-04	13.990%	IA - 54.42%	Paid Off - 180	Oct-29-97
1103176642 1			319,800.00	319,800.00	Nov-12-04	4.875%	CA - 71.06%	Paid Off - 360	Apr-30-04
3900007267 1			54,000.00	46,671.94	Aug-04-04	12.500%	CA - 43.20%	Paid Off - 240	Sep-08-97
1103177940 1			311,200.00	311,200.00	Nov-18-04	4.375%	CA - 80.00%	Paid Off - 360	May-10-04
3900007269 1			44,000.00	30,389.90	Aug-02-04	14.490%	FL - 52.39%	Paid Off - 180	Sep-23-97
1103178190 1			140,400.00	139,509.85	Nov-04-04	5.875%	OR - 90.00%	Paid Off - 360	May-21-04
3900007360 1			46,000.00	39,550.23	Aug-10-04	14.490%	AK - 43.00%	Paid Off - 240	Sep-08-97
1103178337 1			633,750.00	629,916.98	Nov-17-04	6.000%	CA - 75.00%	Paid Off - 360	May-25-04
3900007367 1			21,000.00	13,410.63	Aug-11-04	15.990%	WA - 21.43%	Paid Off - 240	Sep-08-97
1103179164 1			316,000.00	316,000.00	Nov-30-04	5.875%	CA - 76.15%	Paid Off - 360	May-21-04
3900007384 1			50,000.00	37,727.23	Aug-03-04	13.125%	MT - 43.11%	Paid Off - 180	Sep-12-97
1103179395 1			47,500.00	47,274.32	Nov-19-04	7.250%	IN - 95.00%	Paid Off - 360	May-24-04
3900007408 1			75,000.00	63,945.92	Aug-02-04	11.990%	SD - 63.56%	Paid Off - 240	Sep-25-97
1103180860 1			283,500.00	283,500.00	Nov-10-04	7.250%	MN - 90.00%	Paid Off - 360	May-25-04
3900007426 1			32,500.00	28,683.60	Aug-02-04	13.750%	GA - 40.63%	Paid Off - 240	Sep-25-97
2500028243 1			95,000.00	94,026.30	Nov-24-04	9.000%	CA - 20.00%	Paid Off - 180	Jun-19-03
3900007512 1			55,000.00	41,800.82	Aug-13-04	12.990%	WY - 50.00%	Paid Off - 180	Oct-02-97
2503040431 1			38,000.00	37,801.94	Nov-26-04	9.875%	CA - 20.00%	Paid Off - 180	Dec-03-03
3900007518 1			50,000.00	38,753.78	Aug-10-04	13.990%	FL - 52.64%	Paid Off - 180	Oct-02-97
2503056128 1			173,500.00	173,500.00	Nov-23-04	5.750%	FL - 89.99%	Paid Off - 360	Apr-30-04
3900007546 1			70,000.00	52,719.58	Aug-03-04	12.990%	MT - 53.04%	Paid Off - 180	Oct-08-97
2503056235 1			421,600.00	421,600.00	Nov-01-04	5.625%	VA - 80.00%	Paid Off - 360	May-06-04
3900007697 1			50,000.00	45,016.94	Aug-03-04	14.500%	CA - 32.06%	Paid Off - 240	Oct-24-97
2503056330 1			260,000.00	260,000.00	Nov-09-04	4.750%	CA - 69.34%	Paid Off - 360	Apr-29-04
					Page 19 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 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
3900007699 1			34,500.00	21,982.52	Aug-06-04	15.250%	AK - 28.52%	Paid Off - 240	Oct-24-97
2503056600 1			72,000.00	72,000.00	Nov-04-04	7.000%	CA - 90.00%	Paid Off - 360	Apr-28-04
3900007701 1			35,000.00	31,428.69	Aug-25-04	14.250%	NY - 35.00%	Paid Off - 240	Oct-24-97
2503056791 1			372,000.00	372,000.00	Nov-24-04	4.750%	CA - 80.00%	Paid Off - 360	Apr-30-04
3900007763 1			25,000.00	20,482.79	Aug-31-04	13.250%	NE - 83.34%	Paid Off - 240	Oct-31-97
2503057156 1			215,650.00	215,650.00	Nov-03-04	5.500%	AZ - 83.59%	Paid Off - 360	Apr-30-04
3900008571 1			120,150.00	56,113.99	Aug-10-04	5.375%	NC - 90.00%	Paid Off - 360	Jan-01-00
2503057303 1			160,000.00	159,077.16	Nov-18-04	6.250%	CA - 80.00%	Paid Off - 360	Apr-30-04
3900008636 1			84,000.00	82,146.69	Aug-02-04	10.125%	NM - 70.00%	Paid Off - 360	May-25-01
2503057359 1			623,900.00	621,049.22	Nov-29-04	6.500%	CA - 80.00%	Paid Off - 360	May-20-04
3900008639 1			301,500.00	291,002.06	Aug-03-04	4.625%	CA - 90.00%	Paid Off - 360	May-18-01
2503057666 1			256,000.00	256,000.00	Nov-19-04	4.500%	CA - 80.00%	Paid Off - 360	May-07-04
3900008653 1			141,200.00	134,921.85	Aug-16-04	4.625%	CA - 80.00%	Paid Off - 360	Jun-27-01
2503058792 1			180,900.00	180,900.00	Nov-01-04	5.500%	FL - 90.00%	Paid Off - 360	May-18-04
3900008658 1			188,950.00	180,610.90	Aug-16-04	3.875%	CA - 89.98%	Paid Off - 360	May-21-01
2503058820 1			194,400.00	194,400.00	Nov-29-04	6.875%	CA - 90.00%	Paid Off - 360	May-12-04
3900008663 1			180,000.00	172,701.04	Aug-17-04	4.375%	CA - 80.00%	Paid Off - 360	Jun-13-01
2503061177 1			387,000.00	386,999.20	Nov-03-04	8.000%	FL - 90.00%	Paid Off - 360	May-19-04
3900008674 1			79,000.00	75,548.63	Aug-25-04	4.125%	CA - 77.45%	Paid Off - 360	Jun-06-01
2503061505 1			423,000.00	423,000.00	Nov-12-04	5.875%	CA - 90.00%	Paid Off - 360	May-14-04
3900008678 1			234,400.00	225,844.44	Aug-06-04	4.625%	CA - 80.00%	Paid Off - 360	Jun-07-01
3900006032 1			82,000.00	77,704.74	Nov-26-04	13.750%	CA - 20.00%	Paid Off - 300	Jun-04-98
3900008691 1			104,800.00	100,256.82	Aug-16-04	4.125%	MD - 83.84%	Paid Off - 360	Jun-11-01
3900007009 1			42,600.00	31,697.77	Nov-12-04	13.990%	HI - 18.94%	Paid Off - 180	Sep-23-97
3900008703 1			230,300.00	219,054.60	Aug-13-04	4.625%	CA - 89.98%	Paid Off - 360	Jul-06-01
3900007030 1			45,000.00	30,192.05	Nov-01-04	14.250%	MN - 60.00%	Paid Off - 180	Oct-29-97
3900008732 1			204,000.00	195,402.87	Aug-24-04	4.125%	CA - 80.00%	Paid Off - 360	Jun-29-01
3900007112 1			35,000.00	26,044.09	Nov-18-04	13.990%	AR - 33.02%	Paid Off - 180	Oct-21-97
3900008795 1			420,000.00	395,632.19	Aug-03-04	3.625%	CA - 80.00%	Paid Off - 360	Jun-27-01
3900007141 1			35,000.00	25,051.81	Nov-18-04	13.990%	OH - 51.48%	Paid Off - 180	Oct-21-97
3900008796 1			168,000.00	161,817.11	Aug-18-04	5.000%	CA - 80.00%	Paid Off - 360	Aug-13-01
3900007393 1			25,000.00	1,749.04	Nov-05-04	14.490%	GA - 36.77%	Paid Off - 180	Sep-16-97
3900008814 1			226,100.00	214,730.87	Aug-16-04	4.500%	CA - 95.00%	Paid Off - 360	Aug-15-01
3900007398 1			27,200.00	15,142.22	Nov-02-04	15.990%	NY - 29.90%	Paid Off - 240	Sep-16-97
3900008907 1			139,300.00	131,820.03	Aug-30-04	4.500%	OR - 70.00%	Paid Off - 360	Aug-08-01
3900007450 1			22,000.00	16,340.02	Nov-16-04	12.750%	OR - 29.34%	Paid Off - 180	Oct-02-97
3900008954 1			136,600.00	131,468.92	Aug-31-04	4.875%	CA - 89.93%	Paid Off - 360	Jun-19-01
3900007463 1			35,000.00	27,143.18	Nov-17-04	14.990%	CT - 23.34%	Paid Off - 180	Oct-02-97
3900008970 1			223,850.00	212,307.57	Aug-13-04	4.500%	WA - 89.90%	Paid Off - 360	Aug-16-01
3900007469 1			44,000.00	38,476.21	Nov-08-04	12.990%	FL - 40.00%	Paid Off - 240	Oct-02-97
3900008971 1			110,400.00	106,683.52	Aug-02-04	5.250%	CA - 80.00%	Paid Off - 360	Aug-07-01
3900007482 1			41,000.00	36,121.75	Nov-05-04	13.500%	NV - 36.61%	Paid Off - 240	Oct-02-97
3900008972 1			27,600.00	27,105.56	Aug-16-04	13.750%	CA - 20.00%	Paid Off - 180	Aug-07-01
3900007636 1			35,000.00	25,342.69	Nov-01-04	13.750%	OR - 34.32%	Paid Off - 180	Sep-22-97
3900008979 1			222,200.00	212,037.19	Aug-02-04	4.125%	WA - 72.86%	Paid Off - 360	Jun-01-01
3900007696 1			35,000.00	30,588.22	Nov-17-04	12.500%	CA - 24.14%	Paid Off - 240	Oct-24-97
3900008997 1			346,000.00	330,791.22	Aug-11-04	4.125%	CA - 35.86%	Paid Off - 360	Jun-05-01
3900007717 1			31,600.00	22,560.29	Nov-23-04	13.750%	NV - 31.60%	Paid Off - 180	Oct-24-97
3900009030 1			103,550.00	100,530.93	Aug-05-04	4.625%	NJ - 95.00%	Paid Off - 360	Jun-28-01
3900007719 1			75,000.00	65,423.61	Nov-12-04	12.990%	WA - 60.00%	Paid Off - 240	Oct-24-97
3900009050 1			305,000.00	292,591.29	Aug-02-04	5.625%	CA - 71.77%	Paid Off - 360	Jul-30-01
3900007765 1			27,550.00	24,853.64	Nov-16-04	15.750%	VA - 26.50%	Paid Off - 240	Oct-31-97
3900009051 1			33,000.00	29,531.73	Aug-31-04	9.500%	CA - 20.00%	Paid Off - 180	Jul-25-01
3900008590 1			153,000.00	142,608.10	Nov-17-04	5.750%	CA - 85.00%	Paid Off - 360	Jan-01-00
3900009053 1			115,850.00	111,669.07	Aug-11-04	5.000%	FL - 94.97%	Paid Off - 360	Jul-23-01
3900008628 1			195,000.00	182,993.95	Nov-01-04	6.125%	CO - 94.99%	Paid Off - 360	Jan-01-00
3900009068 1			115,200.00	110,771.17	Aug-17-04	4.750%	TX - 80.00%	Paid Off - 360	Jul-25-01
3900008633 1			131,960.00	125,051.25	Nov-18-04	5.250%	WA - 80.00%	Paid Off - 360	Jun-25-01
3900009069 1			28,800.00	28,444.62	Aug-17-04	12.000%	TX - 20.00%	Paid Off - 180	Jul-25-01
3900008815 1			86,450.00	82,027.34	Nov-17-04	4.875%	KY - 95.00%	Paid Off - 360	Jun-26-01
3900009124 1			17,000.00	12,857.63	Aug-06-04	13.990%	CA - 13.39%	Paid Off - 180	Oct-21-97
3900008874 1			85,000.00	80,024.81	Nov-02-04	4.000%	FL - 89.48%	Paid Off - 360	Aug-02-01
1103105732 1			52,050.00	51,888.21	Sep-01-04	10.750%	CA - 20.00%	Repur/Subs - 180	Jan-20-04
3900008891 1			395,350.00	374,383.88	Nov-01-04	4.750%	CA - 94.99%	Paid Off - 360	Jul-27-01
3900008960 1			156,200.00	150,489.08	Nov-05-04	5.125%	CA - 89.80%	Paid Off - 360	Jun-27-01
3900009010 1			75,000.00	73,505.12	Nov-16-04	10.750%	CT - 21.43%	Paid Off - 180	Jun-29-01
1103150476 1			123,300.00	122,544.23	Dec-01-04	6.750%	CO - 90.00%	Repur/Subs - 360	Apr-23-04
					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	-4	-4
	Collateral Realized Loss/(Gain) Amount					-	-104,990.26	-104,990.26
	Net Liquidation Proceeds					-	-8,611.38	-8,611.38
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Cumulative Loss Percentage For Related Payment Date					0.0000%	0.~~0000~~0081%	0.~~0000~~0081%
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL
	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%
	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.00%	0.0004%	0.0003%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.0002%	0.0001%
	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.0009%	0.0009%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.0005%	0.0005%
	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
	Group 1
	Group 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
	Group 1
	Group 2
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 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Realized Loss Detail Report for September 27, 2004 Distribution
	Realized Loss Detail Report for December 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						Loan Group 2 = Group 2
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 24 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
	Current Periods LIBOR Rate							12.~~6150~~1800%
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Current Periods Net Mortgage Rate					4.~~9673~~9826%	4.~~7984~~8208%	4.~~8106~~8331%
				Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank
	Impac CMB Trust 2004-5
	Mortgage Pass-Through Certificates
	Series 2004-05
	Other Related Information for September 27, 2004 Distribution
	Other Related Information for December 27, 2004 Distribution
	Other Related Information
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Total Swap Contract Payments							~~661~~298,~~195~~312.0846
	Total Derivative Contract Payments GR I							~~582~~244,~~678~~856.1758
	RISK ID:702975D - EFFORT ID:N451767 / GLOBAL DEAL ID: 512995							5313,~~371~~264.3963
	RISK ID: 702987D - EFFORT ID:N451830 / GLOBAL DEAL ID: 512985							202,~~980~~916.6296
	RISK ID: 703005D - EFFORT ID:N451828 / GLOBAL DEAL ID: 513035							~~106~~70,~~187~~876.9759
	RISK ID: 702981D - EFFORT ID:N451833 / GLOBAL DEAL ID: 512978							47(13,~~482~~778.5678)
	RISK ID: 702993D - EFFORT ID:N451831 / GLOBAL DEAL ID: 512996							6733,~~577~~150.8040
	RISK ID: 702971D - EFFORT ID:N451999 / GLOBAL DEAL ID: 512971							16(29,~~164~~455.9412)
	RISK ID: 703003D - EFFORT ID:N451838 / GLOBAL DEAL ID: 513034							9663,~~728~~610.5157
	RISK ID: 702999D - EFFORT ID:N451836 / GLOBAL DEAL ID: 513030							7149,~~075~~065.5343
	RISK ID: 703001D - EFFORT ID:N4451837 / GLOBAL DEAL ID: 513032							2816,~~947~~940.6856
	RISK ID: 702995D - EFFORT ID:N451835 / GLOBAL DEAL ID: 512974							7438,~~161~~265.1734
	Total Derivative Contract Payments GR 2							7853,~~516~~455.9188
	RISK ID: 702967D - EFFORT ID:N451754 / GLOBAL DEAL ID: 512964							83,~~650~~797.0181
	RISK ID: 702979D - EFFORT ID:N451768 / GLOBAL DEAL ID: 512972							85,~~782~~691.8836
	RISK ID: 702983D - EFFORT ID:N451829 / GLOBAL DEAL ID: 512984							75,~~933~~800.3664
	RISK ID: 702985D - EFFORT ID:N451832 / GLOBAL DEAL ID: 512979							5338,~~150~~166.6607
				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · Impac CMP Trust Series 2004-5