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): December 27, 2004 (Date of earliest event reported) Impac CMB Trust Series 2004-7 (as Issuer under the Indenture dated as July 29, 2004, providing for the issuance Trust Certificates, Series 2004-7) (Exact name of Registrant as specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-113187-05 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 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 2931, 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 December 27, 2004.

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

External Parties

Table of Contents

Page

Seller

1. Certificate Payment Report

IMPAC Mortgage Holdings Inc.

2. Collection Account Report

3. Credit Enhancement Report

4. Collateral Report

Certificate Insurer(s)

5. Delinquency Report

6. REO Report

7. Foreclosure Report

8. Prepayment Report

9. Prepayment Detail Report

10. Realized Loss Report

2324

11. Realized Loss Detail Report

2627

Servicer(s)

12. Triggers and Adj. Cert. Report

2728

Impac Funding Corp.

13. Additional Certificate Report

2829

14. Other Related Information

2930

Underwriter(s)

Countrywide Securities

Total Number of Pages

2930

Dates

Contacts

Cut-Off Date:

July 01, 2004

Marion Hogan

Close Date:

July 29, 2004

Administrator

First Distribution Date:

August 25, 2004

(714) 247-6282

marion.c.hogan@db.com

Address:

1761 East St. Andrew Place, Santa Ana, CA 92705

Distribution Date:

~~September~~December 27, 2004

Factor Information:

(800) 735-7777

Record Date:

~~September~~December 24, 2004

Main Phone Number:

(714) 247-6000

https://www.corporatetrust.db.com/invr

https://www.tss.db.com/invr

Page 1 of 29

Page 1 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Certificate Payment Report

Current Period Distribution - Master Remic

Prior

Current

Class

Original

Principal

Total

Realized

Deferred

Principal

Class

Type

Cur

Face Value

Balance

Interest

Principal

Distribution

Loss

Interest

Balance

(1)

(2)

(3)

(4)=(2)+(3)

(5)

(6)

(7)=(1)-(3)-(5)+(6)

1-A-1

FLT, STEP,

1,047,174,000.00

1,~~044~~009,~~537~~302,~~815~~111.7763

12,~~900~~216,~~623~~259.6022

715,~~659~~790,~~322~~495.9713

918,~~559~~006,~~946~~754.5735

0.00

1993,~~036~~511,~~878,492~~616.8050

1-A-2

FLT, STEP,

116,352,000.00

~~116~~112,~~059~~144,~~092~~036.3251

~~220~~254,~~754~~940.0778

~~851~~1,~~031~~754,489.0141

12,~~071~~009,~~785~~430.0819

0.00

~~115~~110,~~208~~389,~~061~~547.3110

2-A

FLT, STEP,

772,477,000.00

~~771~~753,~~739~~869,~~889~~773.6198

1,~~368~~622,~~873~~914.6310

511,~~287~~718,~~979~~342.0141

613,~~656~~341,~~852~~256.6451

0.00

~~766~~742,~~451~~151,~~910~~431.6057

M-1

MEZ, STEP,

38,500,000.00

3837,~~427~~293,~~091~~147.5369

7688,~~966~~312.2624

~~274~~581,~~398~~940.5919

~~351~~670,~~364~~252.8543

0.00

3836,~~152~~711,~~692~~207.9450

M-2

MEZ, STEP,

60,499,000.00

6058,~~384~~602,~~432~~557.5243

~~124~~141,~~266~~801.1391

~~431~~914,~~190~~462.3339

~~555~~1,~~456~~056,264.4630

0.00

5957,~~953~~688,~~242~~095.1904

M-3

MEZ, STEP,

44,000,000.00

4342,~~916~~620,~~676~~747.9312

91104,~~987~~598.1442

~~313~~665,~~598~~074.1256

~~405~~769,~~585~~672.2698

0.00

4341,~~603~~955,~~078~~672.8156

M-4

MEZ, STEP,

60,499,000.00

6058,~~384~~602,~~432~~557.5141

~~155~~170,~~817~~566.00

~~431~~914,~~190~~462.3339

~~587~~1,~~007~~085,028.3339

0.00

5957,~~953~~688,~~242~~095.1802

M-5

MEZ, STEP,

60,499,000.00

6058,~~384~~602,~~432~~557.5247

~~166~~180,~~887~~658.4766

~~431~~914,~~190~~462.3239

~~598~~1,~~077~~095,121.7905

0.00

5957,~~953~~688,~~242~~095.2008

CERT

0.00

2,~~719~~499,~~076~~837.2796

0.00

2,~~719~~499,~~076~~837.2796

0.00

Total

2,200,000,000.00

2,~~195~~131,~~833~~037,~~863~~489.7124

67,~~825~~279,~~251~~889.5729

1533,~~679~~253,~~900~~728.6887

2240,~~505~~533,~~152~~618.2516

0.00

2,~~180~~097,~~153~~783,~~963~~760.0337

Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-

Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-

Orig. Principal

Prior

Current

Period

(with Notional)

Principal

Total

Principal

Class

Starting

Ending

Method

Cusip

Balance

Interest

Principal

Distribution

Balance

(1)

(2)

(3)

(4)=(2)+(3)

(5)

1-A-1

0811/2526/04

0912/26/04

A-Act/360

45254NKF3

1,047,174,000.00

~~997~~963.~~482573~~834197

12.~~815003~~116419

715.~~314279~~079151

917.~~129282~~195571

~~990~~948.~~168294~~755046

1-A-2

0811/2526/04

0912/26/04

A-Act/360

45254NKG1

116,352,000.00

~~997~~963.~~482573~~834197

12.~~897295~~191116

715.~~314279~~079151

917.~~211574~~270268

~~990~~948.~~168294~~755046

2-A

0811/2526/04

0912/26/04

A-Act/360

45254NKJ5

772,477,000.00

~~999~~975.~~045783~~912259

12.~~772057~~100922

615.~~845484~~169827

817.~~617542~~270749

~~992~~960.~~200299~~742432

M-1

0811/2526/04

0912/26/04

A-Act/360

45254NKK2

38,500,000.00

~~998~~968.~~106274~~653187

12.~~999124~~293824

715.~~127236~~115330

917.~~126360~~409154

~~990~~953.~~979037~~537857

M-2

0811/2526/04

0912/26/04

A-Act/360

45254NKL0

60,499,000.00

~~998~~968.~~106291~~653324

2.~~054020~~343872

715.~~127231~~115331

917.~~181250~~459203

~~990~~953.~~979061~~537993

M-3

0811/2526/04

0912/26/04

A-Act/360

45254NKM8

44,000,000.00

~~998~~968.~~106294~~653344

2.~~090617~~377237

715.~~127230~~115331

917.~~217847~~492568

~~990~~953.~~979064~~538013

M-4

0811/2526/04

0912/26/04

A-Act/360

45254NKN6

60,499,000.00

~~998~~968.~~106291~~653323

2.~~575530~~819319

715.~~127231~~115331

917.~~702761~~934650

~~990~~953.~~979060~~537993

M-5

0811/2526/04

0912/26/04

A-Act/360

45254NKP1

60,499,000.00

~~998~~968.~~106291~~653324

2.~~758516~~986143

715.~~127231~~115331

918.~~885747~~101474

~~990~~953.~~979061~~537994

CERT

0811/25/04

0912/24/04

A-30/360

IM0407101

0.00

0.000000

Page 2 of 29

Page 2 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Distribution to Date - Master Remic

Current

Original

Unscheduled

Scheduled

Total

Realized

Deferred

Principal

Class

Face Value

Interest

Principal

Distribution

Loss

Interest

Balance

(1)

(2)

(3)

(4)

(5)=(3)+(4)

(6)=(2)+(5)

(7)

(8)

(9)=(1)-(5)-(7)+(8)

1-A-1

1,047,174,000.00

39,~~345~~440,~~723~~226.7226

952,~~894~~422,~~940~~529.1435

~~400~~1,~~567~~239,854.0615

1053,~~295~~662,~~507~~383.2050

1363,~~641~~102,~~230~~609.9276

0.00

1993,~~036~~511,~~878,492~~616.8050

1-A-2

116,352,000.00

~~389~~1,~~173~~092,195.5933

15,~~099~~824,~~431~~692.4912

44137,~~507~~760.2078

15,~~143~~962,~~938~~452.6990

17,~~533~~054,~~112~~648.2823

0.00

~~115~~110,~~208~~389,~~061~~547.3110

2-A

772,477,000.00

26,~~405~~837,~~924~~865.0039

529,~~619~~159,~~198~~351.6448

~~405~~1,~~890~~166,216.7695

630,~~025~~325,~~089~~568.4043

837,~~431~~163,~~013~~433.4082

0.00

~~766~~742,~~451~~151,~~910~~431.6057

M-1

38,500,000.00

~~135~~379,~~871~~646.2636

~~159~~1,~~864~~231,562.3769

~~187~~557,~~442~~229.6981

~~347~~1,~~307~~788,792.0650

~~483~~2,~~178~~168,438.3286

0.00

3836,~~152~~711,~~692~~207.9450

M-2

60,499,000.00

~~219~~611,~~552~~609.0637

~~251~~1,~~210~~935,275.7428

~~294~~875,~~547~~629.0768

~~545~~2,~~757~~810,904.8196

~~765~~3,~~309~~422,514.8733

0.00

5957,~~953~~688,~~242~~095.1904

M-3

44,000,000.00

~~162~~452,~~607~~102.1454

~~182~~1,~~701~~407,495.6961

~~214~~636,~~219~~831.5083

~~396~~2,~~921~~044,327.1944

~~559~~2,~~528~~496,429.3398

0.00

4341,~~603~~955,~~078~~672.8156

M-4

60,499,000.00

~~276~~754,~~966~~413.2566

~~251~~1,~~210~~935,275.7529

~~294~~875,~~547~~629.0769

~~545~~2,~~757~~810,904.8298

~~822~~3,~~724~~565,318.0764

0.00

5957,~~953~~688,~~242~~095.1802

M-5

60,499,000.00

~~297~~804,~~111~~520.5742

~~251~~1,~~210~~935,275.7425

~~294~~875,~~547~~629.0667

~~545~~2,~~757~~810,904.8092

~~842~~3,~~869~~615,425.3734

0.00

5957,~~953~~688,~~242~~095.2008

CERT

0.00

412,~~002~~642,~~097~~524.0552

0.00

412,~~002~~642,~~097~~524.0552

0.00

Total

2,200,000,000.00

1133,~~235~~015,~~026~~103.6485

1795,~~709~~851,~~768~~457.5607

26,~~136~~364,~~268~~782.4156

19102,~~846~~216,~~036~~239.9763

31135,~~081~~231,~~063~~343.6148

0.00

2,~~180~~097,~~153~~783,~~963~~760.0337

Interest Detail - Master Remic

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

Adjustment

Interest

(1)

(2)

(3)

(4)

(5)=(1)-(2)+(3)+(4)

(6)

(7)=(5)-(6)

1-A-1

12.~~98500~~55000%

1,~~044~~009,~~537~~302,~~815~~111.7763

12,~~900~~216,~~623~~259.6022

0.00

12,~~900~~216,~~623~~259.6022

0.00

1-A-2

2.~~07500~~64000%

~~116~~112,~~059~~144,~~092~~036.3251

~~220~~254,~~754~~940.0778

0.00

~~220~~254,~~754~~940.0778

0.00

2-A

12.~~93500~~50000%

~~771~~753,~~739~~869,~~889~~773.6198

1,~~368~~622,~~873~~914.6310

0.00

1,~~368~~622,~~873~~914.6310

0.00

M-1

2.~~18500~~75000%

3837,~~427~~293,~~091~~147.5369

7688,~~966~~312.2625

0.00

7688,~~966~~312.2625

7688,~~966~~312.2624

0.0001

M-2

2.~~24500~~81000%

6058,~~384~~602,~~432~~557.5243

~~124~~141,~~266~~801.1391

0.00

~~124~~141,~~266~~801.1391

0.00

M-3

2.~~28500~~85000%

4342,~~916~~620,~~676~~747.9312

91104,~~987~~598.1442

0.00

91104,~~987~~598.1443

91104,~~987~~598.1442

0.00

M-4

23.~~81500~~38000%

6058,~~384~~602,~~432~~557.5141

~~155~~170,~~817~~566.00

0.00

~~155~~170,~~817~~566.00

0.00

M-5

3.~~01500~~58000%

6058,~~384~~602,~~432~~557.5247

~~166~~180,~~887~~658.4866

0.00

~~166~~180,~~887~~658.4866

~~166~~180,~~887~~658.4766

0.0100

CERT

0.00000%

0.00

2,~~719~~499,~~076~~837.2796

0.00

Total

2,~~195~~131,~~833~~037,~~863~~489.7124

4,~~106~~780,~~175~~051.3134

0.00

4,~~106~~780,~~175~~051.3135

67,~~825~~279,~~251~~889.5729

0.01

Page 3 of 29

Page 3 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Current Period Distribution - Class M-1 Components

Prior

Current

Class

Original

Principal

Total

Realized

Deferred

Principal

Class

Type

Cur

Face Value

Balance

Interest

Principal

Distribution

Loss

Interest

Balance

(1)

(2)

(3)

(4)=(2)+(3)

(5)

(6)

(7)=(1)-(3)-(5)+(6)

M-1-1

MEZ, STEP,

23,139,000.00

2322,~~080~~302,~~749~~159.2548

4652,~~228~~812.8275

~~169~~348,~~245~~916.1148

~~215~~401,~~473~~729.9323

0.00

2221,~~911~~953,~~504~~243.1400

M-2-1

MEZ, STEP,

36,360,000.00

3635,~~268~~045,~~466~~011.3541

7484,~~637~~799.4819

~~265~~548,~~947~~277.1994

~~340~~633,~~584~~077.6713

0.00

3634,~~002~~496,~~519~~733.1647

M-3-1

MEZ, STEP,

26,444,000.00

2625,~~377~~487,~~429~~631.1651

5562,~~249~~550.7290

~~193~~398,~~418~~753.8008

~~248~~461,~~668~~303.5298

0.00

2625,~~184~~088,~~010~~878.3643

M-4-1

MEZ, STEP,

36,360,000.00

3635,~~268~~045,~~466~~011.3540

93102,~~587~~000.7645

~~265~~548,~~947~~277.1994

~~359~~650,~~534~~278.9539

0.00

3634,~~002~~496,~~519~~733.1646

M-1-2

MEZ, STEP,

15,361,000.00

1514,~~346~~990,~~342~~988.2821

3035,~~737~~499.4449

~~105~~233,~~153~~023.4871

~~135~~268,~~890~~523.9220

0.00

1514,~~241~~757,~~188~~964.8050

M-5-1

MEZ, STEP,

36,360,000.00

3635,~~268~~045,~~466~~011.3544

~~100~~108,~~236~~035.9798

~~265~~548,~~947~~277.1893

~~366~~656,~~184~~313.1591

0.00

3634,~~002~~496,~~519~~733.1751

M-2-2

MEZ, STEP,

24,139,000.00

2423,~~115~~557,~~966~~546.1702

4957,~~628~~002.6572

~~165~~366,~~243~~184.1445

~~214~~423,~~871~~187.7917

0.00

23,~~950~~191,~~723~~361.0357

M-3-2

MEZ, STEP,

17,556,000.00

17,~~539~~133,~~247~~115.7761

3642,~~737~~047.4252

~~120~~266,~~179~~321.3248

~~156~~308,~~916~~369.7400

0.00

1716,~~419~~866,~~068~~794.4513

M-4-2

MEZ, STEP,

24,139,000.00

2423,~~115~~557,~~966~~546.1601

6268,~~229~~565.2455

~~165~~366,~~243~~184.1445

~~227~~434,~~472~~750.3800

0.00

23,~~950~~191,~~723~~361.0256

M-5-2

MEZ, STEP,

24,139,000.00

2423,~~115~~557,~~966~~546.1703

6672,~~650~~622.5068

~~165~~366,~~243~~184.1446

~~231~~438,~~893~~807.6414

0.00

23,~~950~~191,~~723~~361.0357

Total

263,997,000.00

~~263~~255,~~497~~721,~~066~~567.0112

~~615~~685,~~924~~937.0023

13,~~881~~990,~~567~~401.6992

24,~~497~~676,~~491~~339.6915

0.00

~~261~~251,~~615~~731,~~498~~165.3220

Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-

Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-

Orig. Principal

Prior

Current

Period

(with Notional)

Principal

Total

Principal

Class

Starting

Ending

Method

Cusip

Balance

Interest

Principal

Distribution

Balance

(1)

(2)

(3)

(4)=(2)+(3)

(5)

M-1-1

0811/2526/04

0912/26/04

A-Act/360

23,139,000.00

~~997~~963.~~482573~~834197

12.~~997875~~282413

715.~~314279~~079151

917.~~312154~~361564

~~990~~948.~~168293~~755046

M-2-1

0811/2526/04

0912/26/04

A-Act/360

36,360,000.00

~~997~~963.~~482573~~834197

2.~~052736~~332211

715.~~314279~~079151

917.~~367015~~411362

~~990~~948.~~168294~~755046

M-3-1

0811/2526/04

0912/26/04

A-Act/360

26,444,000.00

~~997~~963.~~482573~~834197

2.~~089310~~365410

715.~~314279~~079151

917.~~403589~~444561

~~990~~948.~~168294~~755046

M-4-1

0811/2526/04

0912/26/04

A-Act/360

36,360,000.00

~~997~~963.~~482573~~834197

2.~~573921~~805293

715.~~314279~~079151

917.~~888200~~884444

~~990~~948.~~168294~~755046

M-5-1

0811/2526/04

0912/26/04

A-Act/360

36,360,000.00

~~997~~963.~~482573~~834198

2.~~756792~~971287

715.~~314279~~079151

1018.~~071071~~050438

~~990~~948.~~168294~~755047

M-1-2

0811/2526/04

0912/26/04

A-Act/360

15,361,000.00

~~999~~975.~~045783~~912259

2.~~001005~~311014

615.~~845484~~169827

817.~~846489~~480841

~~992~~960.~~200299~~742432

M-2-2

0811/2526/04

0912/26/04

A-Act/360

24,139,000.00

~~999~~975.~~045784~~912259

2.~~055953~~361437

615.~~845484~~169827

817.~~901437~~531264

~~992~~960.~~200300~~742432

M-3-2

0811/2526/04

0912/26/04

A-Act/360

17,556,000.00

~~999~~975.~~045783~~912258

2.~~092585~~395051

615.~~845484~~169827

817.~~938069~~564878

~~992~~960.~~200299~~742432

M-4-2

0811/2526/04

0912/26/04

A-Act/360

24,139,000.00

~~999~~975.~~045783~~912259

2.~~577954~~840447

615.~~845484~~169827

918.~~423438~~010274

~~992~~960.~~200299~~742432

M-5-2

0811/2526/04

0912/26/04

A-Act/360

24,139,000.00

~~999~~975.~~045784~~912259

23.~~761113~~008521

615.~~845484~~169827

918.~~606597~~178348

~~992~~960.~~200300~~742432

Page 4 of 29

Page 4 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Distribution to Date - Class M-1 Components

Current

Original

Unscheduled

Scheduled

Total

Realized

Deferred

Principal

Class

Face Value

Interest

Principal

Distribution

Loss

Interest

Balance

(1)

(2)

(3)

(4)

(5)=(3)+(4)

(6)=(2)+(5)

(7)

(8)

(9)=(1)-(5)-(7)+(8)

M-1-1

23,139,000.00

81227,~~631~~727.4920

~~103~~814,~~393~~771.3316

~~124~~370,~~102~~985.5384

~~227~~1,~~495~~185,757.8600

~~309~~1,~~127~~413,484.3520

0.00

2221,~~911~~953,~~504~~243.1400

M-2-1

36,360,000.00

~~131~~366,~~904~~862.4857

~~162~~1,~~469~~280,309.4840

~~195~~582,~~011~~957.3613

~~357~~1,~~480~~863,266.8453

~~489~~2,~~385~~230,129.3210

0.00

3634,~~002~~496,~~519~~733.1647

M-3-1

26,444,000.00

97271,~~692~~185.3433

~~118~~931,~~161~~146.2492

~~141~~423,~~828~~974.4065

~~259~~1,~~989~~355,121.6457

~~357~~1,~~681~~626,306.9890

0.00

2625,~~184~~088,~~010~~878.3643

M-4-1

36,360,000.00

~~166~~452,~~398~~535.6637

~~162~~1,~~469~~280,309.4840

~~195~~582,~~011~~957.3614

~~357~~1,~~480~~863,266.8454

~~523~~2,~~879~~315,801.5091

0.00

3634,~~002~~496,~~519~~733.1646

M-5-1

36,360,000.00

~~178~~482,~~501~~595.8799

~~162~~1,~~469~~280,309.4737

~~195~~582,~~011~~957.3612

~~357~~1,~~480~~863,266.8349

~~535~~2,~~982~~345,862.7048

0.00

3634,~~002~~496,~~519~~733.1751

M-1-2

15,361,000.00

54151,~~239~~919.7716

56416,~~471~~791.0553

63186,~~340~~243.1597

~~119~~603,~~811~~035.2050

~~174~~754,~~050~~954.9766

0.00

1514,~~241~~757,~~188~~964.8050

M-2-2

24,139,000.00

87244,~~647~~746.5880

88654,~~741~~965.2788

99292,~~535~~672.7055

~~188~~947,~~276~~638.9743

~~275~~1,~~924~~192,385.5523

0.00

23,~~950~~191,~~723~~361.0357

M-3-2

17,556,000.00

64180,~~914~~917.8021

64476,~~540~~348.4469

72212,~~391~~857.1118

~~136~~689,~~931~~205.5587

~~201~~870,~~846~~123.3508

0.00

1716,~~419~~866,~~068~~794.4513

M-4-2

24,139,000.00

~~110~~301,~~567~~878.5929

88654,~~741~~965.2788

99292,~~535~~672.7156

~~188~~947,~~276~~638.9844

~~298~~1,~~844~~249,516.5773

0.00

23,~~950~~191,~~723~~361.0256

M-5-2

24,139,000.00

~~118~~321,~~609~~924.7043

88654,~~741~~965.2788

99292,~~535~~672.7055

~~188~~947,~~276~~638.9743

~~306~~1,~~886~~269,562.6786

0.00

23,~~950~~191,~~723~~361.0357

Total

263,997,000.00

13,~~092~~002,~~108~~292.2835

18,~~096~~444,~~198~~884.3011

13,~~285~~820,~~303~~950.3869

212,~~381~~265,~~501~~834.6880

315,~~473~~268,~~609~~127.9615

0.00

~~261~~251,~~615~~731,~~498~~165.3220

Interest Detail - Class M-1 Components

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

Adjustment

Interest

(1)

(2)

(3)

(4)

(5)=(1)-(2)+(3)+(4)

(6)

(7)=(5)-(6)

M-1-1

2.~~18500~~75000%

2322,~~080~~302,~~749~~159.2548

4652,~~228~~812.8275

0.00

4652,~~228~~812.8275

0.00

M-2-1

2.~~24500~~81000%

3635,~~268~~045,~~466~~011.3541

7484,~~637~~799.4819

0.00

7484,~~637~~799.4819

0.00

M-3-1

2.~~28500~~85000%

2625,~~377~~487,~~429~~631.1651

5562,~~249~~550.7290

0.00

5562,~~249~~550.7290

0.00

M-4-1

23.~~81500~~38000%

3635,~~268~~045,~~466~~011.3540

93102,~~587~~000.7645

0.00

93102,~~587~~000.7645

0.00

M-5-1

3.~~01500~~58000%

3635,~~268~~045,~~466~~011.3544

~~100~~108,~~236~~035.9798

0.00

~~100~~108,~~236~~035.9798

0.00

M-1-2

2.~~18500~~75000%

1514,~~346~~990,~~342~~988.2821

3035,~~737~~499.4449

0.00

3035,~~737~~499.4449

0.00

M-2-2

2.~~24500~~81000%

2423,~~115~~557,~~966~~546.1702

4957,~~628~~002.6572

0.00

4957,~~628~~002.6572

0.00

M-3-2

2.~~28500~~85000%

17,~~539~~133,~~247~~115.7761

3642,~~737~~047.4252

0.00

3642,~~737~~047.4252

0.00

M-4-2

23.~~81500~~38000%

2423,~~115~~557,~~966~~546.1601

6268,~~229~~565.2455

0.00

6268,~~229~~565.2455

0.00

M-5-2

3.~~01500~~58000%

2423,~~115~~557,~~966~~546.1703

6672,~~650~~622.5068

0.00

6672,~~650~~622.5068

0.00

Total

~~263~~255,~~497~~721,~~066~~567.0112

~~615~~685,~~924~~937.0023

0.00

~~615~~685,~~924~~937.0023

0.00

Page 5 of 29

Page 5 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Collection Account Report

SUMMARY

Group 2

Group 1

Total

Principal Collections

613,~~009~~316,~~041~~240.2396

919,~~671~~937,~~029~~487.7591

1533,~~680~~253,~~070~~728.9887

Principal Withrawals

0.00

Principal Other Accounts

0.00

TOTAL NET PRINCIPAL

613,~~009~~316,~~041~~240.2396

919,~~671~~937,~~029~~487.7591

1533,~~680~~253,~~070~~728.9887

Interest Collections

3,~~717~~611,~~280~~255.5087

5,~~566~~354,~~805~~373.6409

98,~~284~~965,~~086~~628.1496

Interest Withdrawals

-4543,~~018~~975.1674

-0.00

-4543,~~018~~975.1674

Interest Other Accounts

-~~855~~567,~~587~~673.3674

-1844,~~286,075~~381.7501

-21,~~141~~412,~~663~~054.1175

Interest Fees

-~~122~~101,~~722~~220.0244

-~~149~~128,~~601~~488.5675

-~~272~~229,~~323~~709.5819

TOTAL NET INTEREST

2,~~693~~898,~~952~~385.96

4,~~131~~381,~~128~~503.3233

67,~~825~~279,~~081~~889.29

TOTAL AVAILABLE FUNDS FOR DISTRIBUTION

816,~~702~~214,~~994~~626.1992

1324,~~802~~318,~~158~~991.0724

2240,~~505~~533,~~152~~618.2716

PRINCIPAL - COLLECTIONS

Group 2

Group 1

Total

Scheduled Principal Received

~~271~~248,~~812~~743.26

~~323~~307,~~817~~282.3275

~~595~~556,~~629~~026.5901

Curtailments

~~398~~78,~~860~~460.2307

~~316~~1,~~562~~001,289.1184

~~715~~1,~~422~~079,749.3491

Prepayments In Full

512,~~338~~207,~~368~~175.7431

918,~~030~~315,~~650~~677.3272

1430,~~369~~522,~~019~~853.0603

Repurchased/Substitutions

0781,862.0032

0313,237.0060

01,095,099.0092

Liquidations

0.00

Insurance Principal

0.00

Other Additional Principal

0.00

Delinquent Principal

-~~186~~188,~~535~~203.2067

-~~239~~236,~~313~~437.7080

-~~425~~424,~~848~~641.9047

Realized Losses

-0.00

Principal Recoveries

Advanced Principal

~~186~~188,~~535~~203.2067

~~239~~236,~~313~~437.7080

~~425~~424,~~848~~641.9047

TOTAL PRINCIPAL COLLECTED

613,~~009~~316,~~041~~240.2396

919,~~671~~937,~~029~~487.7591

1533,~~680~~253,~~070~~728.9887

PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK

PRINCIPAL - OTHER ACCOUNTS

Group 2

Group 1

Total

TOTAL PRINCIPAL OTHER ACCOUNTS

0.00

Page 6 of 29

Page 6 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

INTEREST - COLLECTIONS

Group 2

Group 1

Total

Scheduled Interest

3,~~931~~834,~~270~~111.7161

5,~~908~~699,~~409~~263.21

9,~~839~~533,~~679~~374.9282

Repurchased/Substitution Interest

04,125.00

01,856.0064

05,981.0064

Liquidation Interest

0.00

Insurance Interest

0.00

Other Additional Interest

0.00

Prepayment Interest Shortfalls

-1028,~~401~~108.3356

-940,~~823~~842.5806

-2068,~~224~~950.9062

Delinquent Interest

-23,~~847~~011,~~617~~463.3096

-4,~~529~~582,~~484~~446.3032

-7,~~377~~593,~~101~~910.6028

Compensating Interest

1028,~~401~~108.3356

940,~~823~~842.5806

2068,~~224~~950.9062

Civil Relief Act Shortfalls

-0.00

Interest Advanced

2,~~633~~784,~~627~~483.0922

4,~~187~~235,~~880~~699.7256

67,~~821~~020,~~507~~182.8278

TOTAL INTEREST COLLECTED

3,~~717~~611,~~280~~255.5087

5,~~566~~354,~~805~~373.6409

98,~~284~~965,~~086~~628.1496

INTEREST - WITHDRAWALS

Group 2

Group 1

Total

Trust Fund Expenses

0.00

Non-Recoverable Advances

0.00

Reimbursements to Master Servicer

0.00

Class 2-A Bond Insurance

4543,~~018~~975.1674

0.00

4543,~~018~~975.1674

TOTAL INTEREST WITHDRAWALS

4543,~~018~~975.1674

0.00

4543,~~018~~975.1674

INTEREST - OTHER ACCOUNTS

Group 2

Group 1

Total

Prepayment Charges

0.00

Deriviative Contract Payments

-~~855~~567,~~587~~673.3674

-1844,~~286,075~~381.7501

-21,~~141~~412,~~663~~054.1175

Interest Coverage Amount

0.00

TOTAL INTEREST OTHER ACCOUNTS

-~~855~~567,~~587~~673.3674

-1844,~~286,075~~381.7501

-21,~~141~~412,~~663~~054.1175

Additional Swap funds for August Distribution

0.00

INTEREST - FEES

Group 2

Group 1

Total

Master Servicing Fee

21,~~924~~416.3366

3231,~~971~~859.5227

5453,~~895~~275.8594

Sub Servicing Fee

6040,~~063~~727.9755

7051,~~540~~494.3817

~~130~~92,~~604~~221.3571

Indenture Trustee Fee

~~511~~499.5772

~~769~~743.3438

1,~~280~~243.9011

OwnerTrustee Fee

1,~~242~~213.3861

1,~~868~~805.3936

3,~~110~~018.7697

Primary Mortgage Insurance

3837,~~979~~362.7790

4342,~~451~~586.9556

8279,~~431~~949.7146

TOTAL INTEREST FEES

~~122~~101,~~722~~220.0244

~~149~~128,~~601~~488.5675

~~272~~229,~~323~~709.5819

Page 7 of 29

Page 7 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Credit Enhancement Report

ACCOUNTS

SPACE INTENTIONALLY LEFT BLANK

INSURANCE

SPACE INTENTIONALLY LEFT BLANK

STRUCTURAL FEATURES

Group 2

Group 1

Total

Overcollateralized Amount

0.00

~~170~~0.3000

Overcollateralization Release Amount

0.00

~~170~~0.3000

Overcollateralization Deficiency Amount

0.00

Overcollateralization Target Amount

0.00

Page 8 of 29

Page 8 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Collateral Report

COLLATERAL

Group 2

Group 1

Total

Loan Count:

Original

3,736

4,326

8,062

Prior

3,~~733~~654

4,~~315~~195

87,~~048~~849

Prefunding

~~1,036~~0

~~941~~0

~~1,977~~0

Scheduled Paid Offs

-0

Full Voluntary Prepayments

-2351

-2451

-47102

Repurchases

-04

-02

-06

Liquidations

-0

Current

3,~~710~~599

4,~~291~~142

87,~~001~~741

Principal Balance:

Original

877,810,988.39

1,322,189,170.30

2,200,000,158.69

Prior

~~876~~856,~~973~~666,~~366~~504.5525

1,~~318~~274,~~860~~370,~~655~~973.8538

2,~~195~~131,~~834~~037,~~022~~477.4063

Prefunding

~~279,582,029~~0.9600

~~260,418,249~~0.00

~~540,000,279~~0.1400

Scheduled Principal

-~~271~~248,~~812~~743.26

-~~323~~307,~~817~~282.3275

-~~595~~556,~~629~~026.5901

Partial Prepayments

-~~398~~78,~~860~~460.2307

-~~316~~1,~~562~~001,289.1184

-~~715~~1,~~422~~079,749.3491

Full Voluntary Prepayments

-512,~~338~~207,~~368~~175.7431

-918,~~030~~315,~~650~~677.3272

-1430,~~369~~522,~~019~~853.0603

Repurchases

-0781,862.0032

-0313,237.0060

-01,095,099.0092

Liquidations

-0.00

Current

~~870~~843,~~964~~350,~~325~~263.3229

1,~~309~~254,~~189~~433,~~626~~485.1047

2,~~180~~097,~~153~~783,~~951~~748.4276

PREFUNDING

Group 2

Group 1

Total

Prefund Amount Deposited

~~279,582,029~~0.9600

~~260,418,249~~0.1800

~~540,000,279~~0.1400

Prefunded Transfered

~~279,582,029~~0.9600

~~260,418,249~~0.00

~~540,000,279~~0.1400

UnPrefunded Amount Remaining

~~279,582,029~~0.9600

~~260,418,249~~0.1800

~~540,000,279~~0.1400

Page 9 of 29

Page 9 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

CHARACTERISTICS

Group 2

Group 1

Total

Weighted Average Coupon Original

5.38002%

5.37652%

5.37791%

Weighted Average Coupon Prior

5.~~38002~~37452%

5.~~37652~~37016%

5.~~37791~~37191%

Weighted Average Coupon Current

5.~~37933~~37652%

5.~~37592~~36841%

5.~~37728~~37167%

Weighted Average Months to Maturity Original

358

Weighted Average Months to Maturity Prior

~~358~~355

Weighted Average Months to Maturity Current

~~357~~354

Weighted Avg Remaining Amortization Term Original

358

Weighted Avg Remaining Amortization Term Prior

~~358~~355

Weighted Avg Remaining Amortization Term Current

~~357~~354

Weighted Average Seasoning Original

1.57

1.68

1.64

Weighted Average Seasoning Prior

14.5745

14.6858

14.6453

Weighted Average Seasoning Current

25.45

25.58

25.53

Page 10 of 29

Page 10 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

ARM CHARACTERISTICS

Group 2

Group 1

Total

Weighted Average Margin Original

3.91114%

3.50084%

3.66455%

Weighted Average Margin Prior

3.~~91114~~91044%

3.~~50084~~50746%

3.~~66455~~66881%

Weighted Average Margin Current

3.~~91163~~91355%

3.~~50291~~51223%

3.~~66614~~67356%

Weighted Average Max Rate Original

11.38112%

11.29792%

11.33111%

Weighted Average Max Rate Prior

11.~~38112~~37457%

11.~~29792~~29451%

11.~~33111~~32657%

Weighted Average Max Rate Current

11.~~38094~~37295%

11.~~29858~~29159%

11.~~33147~~32430%

Weighted Average Min Rate Original

4.00289%

3.54885%

3.73001%

Weighted Average Min Rate Prior

4.~~00289~~00172%

3.~~54885~~55574%

3.~~73001~~73431%

Weighted Average Min Rate Current

4.~~00346~~00493%

3.~~55103~~56022%

3.~~73172~~73899%

Weighted Average Cap Up Original

1.03190%

1.08752%

1.06532%

Weighted Average Cap Up Prior

1.~~03190~~03125%

1.~~08752~~08645%

1.~~06532~~06435%

Weighted Average Cap Up Current

1.~~03192~~03147%

1.~~08773~~08635%

1.~~06544~~06429%

Weighted Average Cap Down Original

1.03190%

1.08752%

1.06532%

Weighted Average Cap Down Prior

1.~~03190~~03125%

1.~~08752~~08645%

1.~~06532~~06435%

Weighted Average Cap Down Current

1.~~03192~~03147%

1.~~08773~~08635%

1.~~06544~~06429%

SERVICING FEES & ADVANCES

Group 2

Group 1

Total

Current Servicing Fees

8363,~~230~~357.6882

~~105~~85,~~380~~158.2880

~~188~~148,~~610~~516.9762

Delinquent Servicing Fees

~~213~~226,~~990~~980.2174

~~341~~346,~~603~~746.5776

~~555~~573,~~593~~727.7850

TOTAL SERVICING FEES

~~297~~290,~~220~~338.9056

~~446~~431,~~983~~905.8657

~~744~~722,~~204~~244.7613

Total Servicing Fees

~~297~~290,~~220~~338.9056

~~446~~431,~~983~~905.8657

~~744~~722,~~204~~244.7613

Compensating Interest

-1028,~~401~~108.3356

-940,~~823~~842.5806

-2068,~~224~~950.9062

Delinquent Servicing Fees

-~~213~~226,~~990~~980.2174

-~~341~~346,~~603~~746.5776

-~~555~~573,~~593~~727.7850

COLLECTED SERVICING FEES

6040,~~063~~727.9755

7051,~~540~~494.3817

~~168~~79,~~386~~566.0801

Total Advaced Interest

2,~~633~~784,~~627~~483.0922

4,~~187~~235,~~880~~699.7256

67,~~821~~020,~~507~~182.8278

Total Advaced Principal

~~186~~188,~~535~~203.2067

~~239~~236,~~313~~437.7080

~~425~~424,~~848~~641.9047

Aggregate Advances with respect to this Distribution

2,~~820~~972,~~162~~686.2989

4,~~427~~472,~~194~~137.4236

7,~~247~~444,~~356~~824.7125

Page 11 of 29

Page 11 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

ADDITIONAL COLLATERAL INFORMATION

Group 2

Group 1

Total

Prepayment Interest Shortfall (PPIS)

1028,~~401~~108.3356

940,~~823~~842.5806

2068,~~224~~950.9062

Compensating Interest

-1028,~~401~~108.3356

-940,~~823~~842.5806

-2068,~~224~~950.9062

Net Prepayment Interest Shortfall (PPIS)

0.00

Reference 3623484 Internal13167034

~~219~~163,~~152~~814.4865

Reference 3623485 Internal 13167033

~~227~~167,~~134~~031.5327

Reference 3623486 Internal 13167032

86,~~841~~266.3210

Reference 3623487 Internal 13167031

~~643~~436,~~324~~767.9967

Reference 3623488 Internal 13167030

~~321~~211,~~623~~863.6152

Reference 3623489 Internal 13167029

9258,~~880~~336.4173

Reference 3623490 Internal 13167028

~~457~~271,~~158~~504.0761

Reference 3623491 Internal 13167026

~~171~~96,~~547~~470.7119

Total Derivatives Outflow/(Inflow) Net Amount

21,~~141~~412,~~663~~054.1175

Page 12 of 29

Page 12 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Delinquency Report

TOTAL

< 1 PAYMENT

1 PAYMENT

2 PAYMENTS

3+ PAYMENTS

TOTAL

DELINQUENT

Balance

112,~~610~~029,~~095~~041.3454

04,913,901.0013

0.00

116,~~610~~942,~~095~~942.3467

% Balance

0.0757%

0.0023%

0.00%

0.0781%

# Loans

845

018

863

% # Loans

0.1058%

0.0023%

0.00%

0.1081%

FORECLOSURE

Balance

0.00

03,254,467.0087

06,193,959.0044

02,615,002.0006

012,063,429.0037

% Balance

0.00%

0.0016%

0.0030%

0.0012%

0.0058%

# Loans

010

022

011

043

% # Loans

0.00%

0.0013%

0.0028%

0.0014%

0.0056%

BANKRUPTCY

Balance

02,066,392.0006

0119,520.0047

0.00

02,185,912.0053

% Balance

0.0010%

0.0001%

0.00%

0.0010%

# Loans

% # Loans

0.0006%

0.0001%

0.00%

0.0008%

REO

Balance

0.00

% Balance

0.00%

# Loans

% # Loans

0.00%

TOTAL

Balance

02,066,392.0006

115,~~610~~403,~~095~~029.3488

011,107,860.0057

02,615,002.0006

131,~~610~~192,~~095~~284.3457

% Balance

0.0010%

0.0773%

0.0053%

0.0012%

01.0749%

# Loans

856

040

011

8112

% # Loans

0.0006%

0.1072%

0.0052%

0.0014%

01.1045%

Page 13 of 29

Page 13 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

GROUP 1

< 1 PAYMENT

1 PAYMENT

2 PAYMENTS

3+ PAYMENTS

TOTAL

DELINQUENT

Balance

~~920~~8,~~635~~729,737.3409

03,091,897.0009

0.00

~~920~~11,~~635~~821,634.3418

% Balance

0.0770%

0.0025%

0.00%

0.0794%

# Loans

528

537

% # Loans

0.1268%

0.0022%

0.00%

0.1289%

FORECLOSURE

Balance

0.00

02,174,129.0040

04,858,051.0089

01,203,253.0099

08,235,435.0028

% Balance

0.00%

0.0017%

0.0039%

0.0010%

0.0066%

# Loans

015

026

% # Loans

0.00%

0.0014%

0.0036%

0.0012%

0.0063%

BANKRUPTCY

Balance

01,874,392.0006

0119,520.0047

0.00

01,993,912.0053

% Balance

0.0015%

0.0001%

0.00%

0.0016%

# Loans

% # Loans

0.0010%

0.0002%

0.00%

0.0012%

REO

Balance

0.00

% Balance

0.00%

# Loans

% # Loans

0.00%

TOTAL

Balance

01,874,392.0006

~~920~~11,~~635~~023,386.3496

07,949,948.0098

01,203,253.0099

~~920~~22,~~635~~050,981.3499

% Balance

0.0015%

0.0788%

0.0063%

0.0010%

01.0776%

# Loans

535

024

568

% # Loans

0.0010%

0.1285%

0.0058%

0.0012%

01.1264%

Page 14 of 29

Page 14 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

GROUP 2

< 1 PAYMENT

1 PAYMENT

2 PAYMENTS

3+ PAYMENTS

TOTAL

DELINQUENT

Balance

~~689~~3,~~460~~299,304.0045

01,822,004.0004

0.00

~~689~~5,~~460~~121,308.0049

% Balance

0.0839%

0.0022%

0.00%

0.0861%

# Loans

317

326

% # Loans

0.0847%

0.0025%

0.00%

0.0872%

FORECLOSURE

Balance

0.00

01,080,338.0047

01,335,907.0055

01,411,748.0007

03,827,994.0009

% Balance

0.00%

0.0013%

0.0016%

0.0017%

0.0045%

# Loans

017

% # Loans

0.00%

0.0011%

0.0019%

0.0017%

0.0047%

BANKRUPTCY

Balance

0192,000.00

0.00

0192,000.00

% Balance

0.0002%

0.00%

0.0002%

# Loans

% # Loans

0.0003%

0.00%

0.0003%

REO

Balance

0.00

% Balance

0.00%

# Loans

% # Loans

0.00%

TOTAL

Balance

0192,000.00

~~689~~4,~~460~~379,642.0092

03,157,911.0059

01,411,748.0007

~~689~~9,~~460~~141,302.0058

% Balance

0.0002%

0.0852%

0.0037%

0.0017%

01.08%

# Loans

321

016

344

% # Loans

0.0003%

0.0858%

0.0044%

0.0017%

01.0822%

Page 15 of 29

Page 15 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

REO Report

Loan Number

Original

Stated

Current

State &

First

Principal

Paid to

Note

LTV at

Original

Payment

Loan Group

Balance

Date

Rate

Origination

Term

Date

SPACE INTENTIONALLY LEFT BLANK

TOTAL

Page 16 of 29

Page 16 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Foreclosure Report

Loan Number

Original

Stated

Current

State &

First

Principal

Paid to

Note

LTV at

Original

Payment

Loan Group

Balance

Date

Rate

Origination

Term

Date

TOTAL

1103195531 1

Page 17 of 29

123,500.00

122,883.67

01-Jul-2004

7.000%

FL - 95.00%

360

01-Jul-2004

1103208746 1

136,000.00

135,088.11

01-Jul-2004

5.450%

WA - 80.00%

360

01-Jul-2004

1103215068 1

441,000.00

01-Jul-2004

5.500%

CA - 65.33%

360

01-Jul-2004

1103217411 1

420,000.00

01-Jul-2004

7.205%

CA - 80.00%

360

01-Jul-2004

1103161095 2

284,000.00

281,112.05

01-Jul-2004

4.875%

VA - 80.00%

360

01-Jun-2004

1103197724 2

169,600.00

01-Jul-2004

6.375%

NC - 80.00%

360

01-Jul-2004

1103205410 2

300,000.00

298,347.41

01-Jul-2004

6.490%

CA - 100.00%

360

01-Jul-2004

1103209112 2

240,000.00

238,449.64

01-Jun-2004

5.650%

IL - 80.00%

360

01-Jul-2004

1103212544 2

237,500.00

236,093.86

01-Jul-2004

7.625%

IL - 95.00%

360

01-May-2004

TOTAL

2,351,600.00

2,342,574.74

Page 17 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Prepayment Report

VOLUNTARY PREPAYMENTS

Group 2

Group 1

Total

Current

Number of Paid in Full Loans

2351

2451

47102

Number of Repurchased Loans

Total Number of Loans Prepaid in Full

2355

2453

47108

Curtailments Amount

~~398~~78,~~860~~460.2307

~~316~~1,~~562~~001,289.1184

~~715~~1,~~422~~079,749.3491

Paid in Full Balance

512,~~338~~207,~~368~~175.7431

918,~~030~~315,~~650~~677.3272

1430,~~369~~522,~~019~~853.0603

Repurchased Loans Balance

0781,862.0032

0313,237.0060

01,095,099.0092

Total Prepayment Amount

513,~~737~~067,~~228~~497.9770

919,~~347~~630,~~212~~205.4316

1532,~~084~~697,~~441~~702.4086

Cumulative

Number of Paid in Full Loans

26131

35181

61312

Number of Repurchased Loans

Total Number of Loans Prepaid in Full

26137

35184

61321

Paid in Full Balance

631,~~014~~037,~~039~~369.5474

1163,~~636~~278,~~167~~563.9687

1794,~~650~~315,~~207~~933.5061

Repurchased Loans Balance

01,259,322.0032

0705,237.0060

01,964,559.0092

Curtailments Amount

~~426~~997,~~732~~816.7709

~~918~~2,~~301~~394,268.9943

13,~~345~~392,~~034~~084.7652

Total Prepayment Amount

633,~~440~~294,~~772~~508.3115

1266,~~554~~378,~~469~~069.9590

1899,~~995~~672,~~242~~578.2605

Page 18 of 29

Page 18 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES

Group 2

Group 1

Total

SMM

01.6553%

01.7154%

01.6953%

3 Months Avg SMM

131.4704%

131.5839%

131.5425%

12 Months Avg SMM

136.4721%

136.5846%

136.5436%

Avg SMM Since Cut-off

136.4721%

136.5846%

136.5436%

CPR

716.5885%

817.1800%

716.94%

3 Months Avg CPR

8211.3978%

8215.6547%

8214.5501%

12 Months Avg CPR

8253.3969%

8255.6513%

8254.5556%

Avg CPR Since Cut-off

8253.3969%

8255.6513%

8254.5556%

PSA

1,~~543~~545.8768%

1,~~587~~523.0964%

1,~~570~~532.4438%

3 Months Avg PSA Approximation

201,~~477~~322.8799%

191,~~409~~688.76%

191,~~822~~546.1674%

12 Months Avg PSA Approximation

207,~~477~~723.8707%

197,~~409~~659.7610%

197,~~822~~685.1601%

Avg PSA Since Cut-off Approximation

207,~~477~~723.8706%

197,~~409~~659.7609%

197,~~822~~685.1602%

Page 19 of 29

Page 19 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)

PSA Standard Prepayment Model: CPR/(0.002*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, liquidations, and repurchases.

Dates correspond to distribution dates.

Page 20 of 29

Page 20 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Prepayment Detail Report

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution

Loan Number

Original

Current

State &

Type Prepayment

First

Loan

Principal

Prepayment

Note

LTV at

Payment

Loan Group

Status

Balance

Amount

Date

Rate

Origination

Original Term

Date

1103145882 1

489,000.00

27-Aug-2004

3.875%

CA - 69.87%

Paid Off - 360

01-May-2004

1103159084 2

170,000.00

169,422.01

10-Nov-2004

8.000%

MD - 50.00%

Paid Off - 360

7/1/2004

1103176182 2

143,150.00

23-Aug-2004

4.375%

NV - 79.99%

Paid Off - 360

01-Jul-2004

1103160908 2

250,000.00

249,943.62

29-Nov-2004

5.625%

CA - 62.60%

Paid Off - 360

8/1/2004

1103176751 2

244,625.00

12-Aug-2004

7.250%

NJ - 95.00%

Paid Off - 360

01-Jul-2004

1103166102 2

225,000.00

05-Nov-2004

7.375%

CO - 90.00%

Paid Off - 360

7/1/2004

1103176854 1

370,000.00

17-Aug-2004

4.125%

CA - 55.64%

Paid Off - 360

01-Jun-2004

1103167882 2

216,550.00

215,629.88

24-Nov-2004

6.875%

CA - 89.98%

Paid Off - 360

7/1/2004

1103180661 1

160,000.00

17-Aug-2004

4.875%

NV - 80.00%

Paid Off - 360

01-Jul-2004

1103171655 2

300,000.00

297,833.54

04-Nov-2004

5.125%

CA - 80.00%

Paid Off - 360

7/1/2004

1103183476 2

271,920.00

271,294.84

23-Aug-2004

5.250%

VA - 80.00%

Paid Off - 360

01-Jul-2004

1103173506 2

314,200.00

05-Nov-2004

4.500%

CA - 79.96%

Paid Off - 360

8/1/2004

1103183624 2

194,800.00

194,420.37

19-Aug-2004

6.125%

CA - 80.00%

Paid Off - 360

01-Jul-2004

1103176101 1

340,600.00

340,520.59

09-Nov-2004

4.750%

CA - 80.00%

Paid Off - 360

7/1/2004

1103184148 2

306,000.00

305,640.75

13-Aug-2004

5.125%

MA - 80.00%

Paid Off - 360

01-Aug-2004

1103176995 1

156,750.00

23-Nov-2004

7.750%

FL - 95.00%

Paid Off - 360

8/1/2004

1103184459 2

193,410.00

193,050.77

30-Aug-2004

6.375%

MA - 90.00%

Paid Off - 360

01-Jul-2004

1103178155 1

750,000.00

746,573.03

09-Nov-2004

6.500%

CA - 62.50%

Paid Off - 360

7/1/2004

1103184611 2

188,000.00

12-Aug-2004

5.750%

NV - 80.00%

Paid Off - 360

01-Jul-2004

1103178554 1

495,000.00

01-Nov-2004

6.000%

CA - 90.00%

Paid Off - 360

7/1/2004

1103185668 1

134,750.00

25-Aug-2004

5.625%

MD - 70.00%

Paid Off - 360

01-Aug-2004

1103180315 2

312,000.00

10-Nov-2004

5.375%

CA - 80.00%

Paid Off - 360

7/1/2004

1103187579 1

438,750.00

19-Aug-2004

6.500%

CA - 75.00%

Paid Off - 360

01-Jul-2004

1103181058 1

109,250.00

03-Nov-2004

6.500%

CA - 95.00%

Paid Off - 360

8/1/2004

1103187677 2

328,400.00

327,728.72

02-Aug-2004

5.875%

CA - 80.00%

Paid Off - 360

01-Jul-2004

1103183216 2

218,400.00

05-Nov-2004

5.250%

CA - 70.00%

Paid Off - 360

7/1/2004

1103187687 1

112,000.00

13-Aug-2004

4.750%

CA - 70.00%

Paid Off - 360

01-Aug-2004

1103183815 1

150,350.00

149,774.89

24-Nov-2004

6.250%

CA - 79.99%

Paid Off - 360

8/1/2004

1103191067 1

700,000.00

699,035.60

25-Aug-2004

4.250%

NJ - 58.34%

Paid Off - 360

01-Aug-2004

1103183816 1

130,000.00

129,490.73

10-Nov-2004

6.125%

MA - 65.99%

Paid Off - 360

8/1/2004

1103192409 1

445,850.00

445,001.71

31-Aug-2004

6.250%

MA - 90.00%

Paid Off - 360

01-Jul-2004

1103184673 2

320,800.00

19-Nov-2004

5.375%

CA - 80.00%

Paid Off - 360

8/1/2004

1103192430 1

340,000.00

339,619.02

26-Aug-2004

5.375%

UT - 87.18%

Paid Off - 360

01-Aug-2004

1103186316 2

140,000.00

139,902.99

23-Nov-2004

5.000%

GA - 80.00%

Paid Off - 360

8/1/2004

1103195878 2

241,500.00

18-Aug-2004

3.500%

CA - 70.00%

Paid Off - 360

01-Jul-2004

1103187355 2

304,000.00

303,999.99

17-Nov-2004

5.500%

MA - 80.00%

Paid Off - 360

8/1/2004

1103196328 2

211,300.00

16-Aug-2004

5.125%

CA - 69.99%

Paid Off - 360

01-Aug-2004

1103187710 2

206,250.00

205,402.67

23-Nov-2004

5.875%

VA - 73.14%

Paid Off - 360

8/1/2004

1103196604 2

283,100.00

282,867.95

06-Aug-2004

7.000%

MA - 95.00%

Paid Off - 360

01-Aug-2004

1103187865 1

396,000.00

17-Nov-2004

5.500%

CA - 90.00%

Paid Off - 360

7/1/2004

1103198966 2

177,650.00

177,552.97

16-Aug-2004

9.000%

NV - 95.00%

Paid Off - 360

01-Aug-2004

1103188063 2

195,000.00

194,198.89

16-Nov-2004

5.875%

NV - 62.31%

Paid Off - 360

8/1/2004

1103200590 2

320,000.00

20-Aug-2004

5.125%

CA - 80.00%

Paid Off - 360

01-Jun-2004

1103188521 2

196,000.00

18-Nov-2004

5.500%

CA - 70.00%

Paid Off - 360

8/1/2004

1103200788 1

159,920.00

19-Aug-2004

7.990%

FL - 80.00%

Paid Off - 360

01-Jun-2004

1103189259 2

310,400.00

309,746.38

01-Nov-2004

5.000%

CA - 80.00%

Paid Off - 360

6/1/2004

1103204554 1

377,300.00

31-Aug-2004

4.750%

VA - 80.00%

Paid Off - 360

01-May-2004

1103190548 2

250,000.00

249,720.80

16-Nov-2004

5.750%

CA - 79.12%

Paid Off - 360

7/1/2004

1103204924 1

287,900.00

287,746.80

27-Aug-2004

9.125%

FL - 90.00%

Paid Off - 360

01-Aug-2004

1103190802 2

165,900.00

164,774.49

30-Nov-2004

4.375%

CA - 70.00%

Paid Off - 360

7/1/2004

1103206710 2

166,643.00

166,503.00

26-Aug-2004

6.875%

NV - 90.00%

Paid Off - 360

01-Aug-2004

1103191109 2

310,400.00

16-Nov-2004

5.125%

CA - 80.00%

Paid Off - 360

7/1/2004

1103208220 1

374,300.00

20-Aug-2004

4.875%

CA - 80.00%

Paid Off - 360

01-Aug-2004

1103191232 1

350,000.00

05-Nov-2004

4.250%

CA - 70.00%

Paid Off - 360

8/1/2004

1103208553 2

211,650.00

27-Aug-2004

4.950%

CA - 79.13%

Paid Off - 360

01-Jul-2004

1103191284 1

538,100.00

04-Nov-2004

3.750%

CA - 70.00%

Paid Off - 360

8/1/2004

1103209236 2

308,000.00

307,291.87

18-Aug-2004

5.250%

CA - 80.00%

Paid Off - 360

01-Jul-2004

1103193910 2

244,100.00

19-Nov-2004

5.125%

CA - 80.00%

Paid Off - 360

8/1/2004

1103209671 1

159,600.00

31-Aug-2004

5.875%

FL - 89.66%

Paid Off - 360

01-Jul-2004

1103193931 1

355,110.00

18-Nov-2004

7.000%

CA - 89.00%

Paid Off - 360

7/1/2004

1103212498 1

1,030,000.00

1,029,999.98

25-Aug-2004

6.500%

CA - 72.53%

Paid Off - 360

01-Jul-2004

1103194114 2

318,000.00

12-Nov-2004

7.000%

NY - 84.80%

Paid Off - 360

7/1/2004

1103212501 1

544,000.00

23-Aug-2004

7.375%

CA - 80.00%

Paid Off - 360

01-Jul-2004

1103194788 2

255,500.00

255,486.80

03-Nov-2004

3.750%

CA - 70.00%

Paid Off - 360

8/1/2004

1103212574 2

200,000.00

31-Aug-2004

7.375%

CA - 80.00%

Paid Off - 360

01-Jul-2004

1103194905 1

462,000.00

461,892.21

24-Nov-2004

5.250%

CA - 70.00%

Paid Off - 360

7/1/2004

1103213243 2

263,000.00

261,591.69

14-Aug-2004

4.440%

CA - 63.22%

Paid Off - 360

01-May-2004

1103195261 2

201,150.00

199,986.22

24-Nov-2004

5.250%

CA - 80.00%

Paid Off - 360

7/1/2004

1103215810 1

135,000.00

30-Aug-2004

5.250%

MA - 30.34%

Paid Off - 360

01-Jul-2004

1103195291 1

171,000.00

170,280.72

09-Nov-2004

5.750%

FL - 90.00%

Paid Off - 360

8/1/2004

1103216058 2

219,100.00

30-Aug-2004

6.500%

VA - 79.99%

Paid Off - 360

01-Jun-2004

1103195904 2

164,350.00

17-Nov-2004

8.375%

AZ - 95.00%

Paid Off - 360

8/1/2004

1103216368 2

108,000.00

107,779.20

08-Aug-2004

5.875%

FL - 80.00%

Paid Off - 360

01-Jul-2004

1103196190 2

282,000.00

280,756.85

08-Nov-2004

5.500%

CA - 80.00%

Paid Off - 360

8/1/2004

Page 21 of 29

Page 21 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution

Loan Number

Original

Current

State &

Type Prepayment

First

Loan

Principal

Prepayment

Note

LTV at

Payment

Loan Group

Status

Balance

Amount

Date

Rate

Origination

Original Term

Date

1103217437 1

531,050.00

26-Aug-2004

6.410%

FL - 95.00%

Paid Off - 360

01-Jul-2004

1103196214 2

320,000.00

19-Nov-2004

5.000%

NV - 80.00%

Paid Off - 360

8/1/2004

1103217558 2

330,000.00

329,469.61

31-Aug-2004

7.115%

IL - 100.00%

Paid Off - 360

01-Jul-2004

1103196895 1

144,000.00

04-Nov-2004

5.000%

IL - 80.00%

Paid Off - 360

7/1/2004

1103221530 2

240,000.00

239,452.00

23-Aug-2004

5.750%

CA - 80.00%

Paid Off - 360

01-Jul-2004

1103197738 2

97,110.00

96,729.56

30-Nov-2004

6.125%

FL - 90.00%

Paid Off - 360

8/1/2004

1103222967 1

617,500.00

30-Aug-2004

4.750%

CA - 65.00%

Paid Off - 360

01-Aug-2004

1103197952 1

94,500.00

08-Nov-2004

7.000%

FL - 90.00%

Paid Off - 360

8/1/2004

1103224455 1

73,000.00

72,901.51

26-Aug-2004

7.990%

AZ - 100.00%

Paid Off - 360

01-Jul-2004

1103198487 2

315,000.00

10-Nov-2004

3.750%

CA - 70.00%

Paid Off - 360

8/1/2004

1103224731 1

145,600.00

13-Aug-2004

6.375%

NV - 80.00%

Paid Off - 360

01-Jul-2004

1103198817 2

265,600.00

11-Nov-2004

5.625%

CA - 80.00%

Paid Off - 360

8/1/2004

1103226557 1

350,000.00

348,875.70

10-Aug-2004

5.625%

CA - 31.00%

Paid Off - 360

01-Jul-2004

1103199660 1

128,800.00

30-Nov-2004

3.875%

CA - 70.00%

Paid Off - 360

8/1/2004

1103227809 2

194,400.00

06-Aug-2004

7.330%

CO - 80.00%

Paid Off - 360

01-Aug-2004

1103199926 2

184,000.00

183,984.00

24-Nov-2004

6.500%

CA - 80.00%

Paid Off - 360

7/1/2004

2503061094 1

615,900.00

06-Aug-2004

4.375%

CA - 70.00%

Paid Off - 360

01-Sep-2004

1103200479 2

210,600.00

209,953.08

22-Nov-2004

7.375%

FL - 90.00%

Paid Off - 360

8/1/2004

2503065497 1

442,800.00

31-Aug-2004

5.875%

CA - 90.00%

Paid Off - 360

01-Aug-2004

1103200507 2

238,000.00

04-Nov-2004

4.375%

CA - 70.00%

Paid Off - 360

8/1/2004

TOTAL

14,378,868.00

14,369,019.06

1103200570 1

544,000.00

543,943.05

16-Nov-2004

6.500%

CA - 80.00%

Paid Off - 360

7/1/2004

Page 22 of 29

1103201060 1

471,200.00

467,670.59

02-Nov-2004

4.875%

CA - 80.00%

Paid Off - 360

4/1/2004

1103201222 1

109,250.00

108,025.19

08-Nov-2004

5.760%

FL - 95.00%

Paid Off - 360

3/1/2004

1103201822 2

212,000.00

211,149.44

30-Nov-2004

6.000%

NV - 80.00%

Paid Off - 360

8/1/2004

1103203532 1

437,500.00

17-Nov-2004

3.750%

CA - 70.00%

Paid Off - 360

8/1/2004

1103204693 2

196,000.00

191,580.26

05-Nov-2004

4.875%

CA - 70.00%

Paid Off - 360

1/1/2004

1103205394 1

109,000.00

79,186.45

05-Nov-2004

6.490%

OH - 100.00%

Paid Off - 360

7/1/2004

1103205408 2

302,100.00

301,055.97

30-Nov-2004

7.920%

IL - 95.00%

Paid Off - 360

7/1/2004

1103206109 2

211,500.00

04-Nov-2004

5.875%

CA - 90.00%

Paid Off - 360

8/1/2004

1103207065 2

340,000.00

17-Nov-2004

5.500%

CA - 80.00%

Paid Off - 360

5/1/2004

1103208562 2

252,000.00

251,949.80

17-Nov-2004

4.850%

GA - 80.00%

Paid Off - 360

7/1/2004

1103208712 1

152,800.00

151,782.17

30-Nov-2004

4.500%

CA - 80.00%

Paid Off - 360

7/1/2004

1103208966 1

441,000.00

437,980.92

19-Nov-2004

5.200%

MI - 70.00%

Paid Off - 360

6/6/2004

1103209003 1

151,200.00

150,144.60

05-Nov-2004

5.100%

ND - 80.00%

Paid Off - 360

6/7/2004

1103209032 1

147,200.00

146,416.84

18-Nov-2004

5.700%

CA - 80.00%

Paid Off - 360

7/1/2004

1103209352 1

157,500.00

156,483.07

19-Nov-2004

4.650%

OH - 90.00%

Paid Off - 360

7/1/2004

1103209906 2

333,600.00

05-Nov-2004

5.500%

CO - 80.00%

Paid Off - 360

8/1/2004

1103210660 1

560,000.00

10-Nov-2004

5.250%

CA - 80.00%

Paid Off - 360

8/1/2004

1103211698 1

304,000.00

303,397.61

22-Nov-2004

4.750%

CA - 80.00%

Paid Off - 360

5/1/2004

1103212364 1

580,000.00

29-Nov-2004

5.750%

NJ - 80.00%

Paid Off - 360

6/1/2004

1103212512 1

130,000.00

129,391.55

04-Nov-2004

6.375%

CA - 24.76%

Paid Off - 360

7/1/2004

1103213182 2

220,000.00

217,537.40

19-Nov-2004

5.640%

CA - 66.66%

Paid Off - 360

7/1/2004

1103213185 1

393,000.00

391,020.41

18-Nov-2004

5.990%

CA - 93.13%

Paid Off - 360

7/1/2004

1103214145 1

548,000.00

22-Nov-2004

5.375%

CA - 80.00%

Paid Off - 360

7/1/2004

1103214154 2

235,900.00

22-Nov-2004

7.125%

CA - 65.52%

Paid Off - 360

7/1/2004

1103214194 1

544,000.00

23-Nov-2004

5.875%

CA - 80.00%

Paid Off - 360

7/1/2004

1103214263 1

237,050.00

22-Nov-2004

6.250%

NV - 79.99%

Paid Off - 360

8/1/2004

1103214911 1

323,000.00

18-Nov-2004

6.375%

CA - 79.98%

Paid Off - 360

8/1/2004

Page 22 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution

Loan Number

Original

Current

State &

Type Prepayment

First

Loan

Principal

Prepayment

Note

LTV at

Payment

Loan Group

Status

Balance

Amount

Date

Rate

Origination

Original Term

Date

1103215610 2

180,000.00

178,858.64

12-Nov-2004

4.750%

NV - 80.00%

Paid Off - 360

7/1/2004

1103215756 2

196,000.00

195,399.13

05-Nov-2004

5.250%

MA - 80.00%

Paid Off - 360

7/1/2004

1103215889 2

192,000.00

29-Nov-2004

5.875%

CA - 80.00%

Paid Off - 360

9/1/2004

1103216042 2

305,600.00

23-Nov-2004

7.250%

VA - 80.00%

Paid Off - 360

6/1/2004

1103216062 2

299,050.00

05-Nov-2004

6.500%

VA - 79.99%

Paid Off - 360

6/1/2004

1103216070 1

480,000.00

03-Nov-2004

5.750%

MD - 80.00%

Paid Off - 360

7/1/2004

1103216245 1

749,000.00

19-Nov-2004

5.875%

CA - 69.94%

Paid Off - 360

8/1/2004

1103217096 1

546,000.00

22-Nov-2004

5.625%

CA - 70.00%

Paid Off - 360

8/1/2004

1103217423 1

480,000.00

22-Nov-2004

6.540%

CA - 80.00%

Paid Off - 360

7/1/2004

1103218165 2

117,850.00

24-Nov-2004

6.000%

FL - 69.98%

Paid Off - 360

9/1/2004

1103219092 2

181,450.00

01-Nov-2004

8.875%

CA - 95.00%

Paid Off - 360

8/1/2004

1103221543 1

354,400.00

352,671.92

19-Nov-2004

5.625%

CA - 80.00%

Paid Off - 360

8/1/2004

1103222972 1

500,000.00

15-Nov-2004

3.750%

CA - 60.24%

Paid Off - 360

8/1/2004

1103222986 1

376,000.00

16-Nov-2004

5.250%

CA - 80.00%

Paid Off - 360

8/1/2004

1103223625 2

210,000.00

208,510.37

30-Nov-2004

4.125%

NY - 64.61%

Paid Off - 360

7/1/2004

1103224781 2

288,915.00

18-Nov-2004

6.250%

CA - 85.00%

Paid Off - 360

7/1/2004

1103224840 2

194,000.00

191,960.90

22-Nov-2004

6.500%

CA - 76.68%

Paid Off - 360

8/1/2004

1103225719 1

600,000.00

30-Nov-2004

5.750%

CA - 80.00%

Paid Off - 360

8/1/2004

1103227020 1

227,200.00

226,678.17

24-Nov-2004

7.375%

CA - 80.00%

Paid Off - 360

9/1/2004

1103227850 2

264,000.00

263,986.63

16-Nov-2004

6.105%

CA - 80.00%

Paid Off - 360

7/1/2004

1103228928 1

543,000.00

02-Nov-2004

5.990%

CA - 79.85%

Paid Off - 360

8/1/2004

1103234697 1

332,000.00

18-Nov-2004

5.990%

CA - 80.00%

Paid Off - 360

8/1/2004

2503063488 1

528,700.00

526,143.02

02-Nov-2004

5.000%

CA - 80.00%

Paid Off - 360

8/1/2004

2503063527 1

352,500.00

09-Nov-2004

5.875%

CA - 74.22%

Paid Off - 360

8/1/2004

2503065886 1

388,100.00

388,099.99

11-Nov-2004

5.250%

CA - 80.00%

Paid Off - 360

8/1/2004

2503067849 1

449,500.00

04-Nov-2004

5.500%

CA - 89.90%

Paid Off - 360

9/1/2004

2503068515 1

353,050.00

18-Nov-2004

5.000%

CA - 80.00%

Paid Off - 360

9/1/2004

1103217266 2

185,600.00

6.380%

IL - 80.00%

Repur/Subs - 360

8/1/2004

1103224463 1

154,000.00

153,537.60

7.490%

CO - 100.00%

Repur/Subs - 360

8/1/2004

1103224466 2

189,000.00

188,342.32

6.740%

FL - 100.00%

Repur/Subs - 360

8/1/2004

1103227796 1

159,700.00

6.750%

NV - 61.67%

Repur/Subs - 360

8/1/2004

1103227813 2

200,000.00

6.255%

CA - 80.00%

Repur/Subs - 360

8/1/2004

1103234660 2

207,920.00

5.990%

AZ - 80.00%

Repur/Subs - 360

8/1/2004

TOTAL

31,699,105.00

31,617,952.95

Page 23 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

2004-7

December 27, 2004 Distribution

Realized Loss Report

COLLATERAL REALIZED LOSSES

Group 2

Group 1

Total

Current

Number of Loans Liquidated

Collateral Principal Realized Loss/(Gain) Amount

0.00

Collateral Interest Realized Loss/(Gain) Amount

0.00

Net Liquidation Proceeds

0.00

Cumulative

Number of Loans Liquidated

Collateral Realized Loss/(Gain) Amount

0.00

Net Liquidation Proceeds

0.00

Page 23 of 29

Page 24 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

DEFAULT SPEEDS

Group 2

Group 1

Total

MDR

0.00%

3 Months Avg MDR

0.00%

12 Months Avg MDR

0.00%

Avg MDR Since Cut-off

0.00%

CDR

0.00%

3 Months Avg CDR

0.00%

12 Months Avg CDR

0.00%

Avg CDR Since Cut-off

0.00%

SDA

0.00%

3 Months Avg SDA Approximation

0.00%

12 Months Avg SDA Approximation

0.00%

Avg SDA Since Cut-off Approximation

0.00%

Loss Severity Approximation for Current Period

0.00%

3 Months Avg Loss Severity Approximation

0.00%

12 Months Avg Loss Severity Approximation

0.00%

Avg Loss Severity Approximation Since Cut-off

0.00%

Page 24 of 29

Page 25 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

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 25 of 29

Page 26 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Realized Loss Detail Report

Loan Number

~~Original~~Current

~~Prior~~State &

~~Current~~Prior

~~State &~~Realized

Cumulative

First

Loan

Note

LTV at

Original

Principal

Loss/(Gain)

Realized

Principal

Realized

Note

LTV at

Original

Payment

Loan Group

Status

Rate

Origination

Term

Balance

Revision

Loss/(Gain)

Loan Group

Balance

Loss/(Gain)

Rate

Origination

Term

Date

SPACE INTENTIONALLY LEFT BLANK

TOTAL

Page 26 of 29

Page 27 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Triggers and Adj. Cert. Report

TRIGGER EVENTS

Group 2

Group 1

Total

Has Step_up Condition Occurred (0=No,1=Yes)

ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK

ADDITIONAL INFORMATION

Group 2

Group 1

Total

Current LIBOR

0.~~016150~~021800%

Next LIBOR

0.~~018400~~024170%

Page 27 of 29

Page 28 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

Basis Risk Shortfall

CLASS

1-A-1

0.00

1-A-2

0.00

M-3-1

0.00

M-4-1

0.00

M-5-1

0.0302

M-2-2

0.0302

M-3-2

0.0302

M-4-2

0.0504

Page 28 of 29

Page 29 of 30

IMPAC CMB Trust 2004-7

Collateralized Asset-Backed Bonds

REMIC 2004-7

2004-7

September 27, 2004 Distribution

December 27, 2004 Distribution

Other Related Information

ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK

Page 29 of 29

Page 30 of 30

Filing Compare · IMH ASSETS CORP IMPAC CMB TRUST SERIES 2004-7