~~UNITED~~SECURITIES ~~STATES~~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): May 25, 2005 (Date of earliest event reported) Impac CMB Trust Series 2005-4 (as Issuer under the Indenture dated as May 6, 2005, providing for the issuance Trust Certificates, Series 2005-4) (Exact name of Registrant as specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-117817 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 May 25, 2005. 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 Indenture Trustee under the Indenture on behalf of Impac Assets Corp., Registrant Date: Jun 28, 2005 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of May 25, 2005.

SECURITIES AND EXCHANGE COMMISSION



Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller									Page
				Seller						1. Certificate Payment Report					2
				Impac Funding Corporation						1. Certificate Payment Report					2
				Impac Funding Corporation						2. Collection Account Report					6
										2. Collection Account Report					6
										3. Credit Enhancement Report					8
										4. Collateral Report					9
				Certificate Insurer(s)						5. Delinquency Report					12
				Certificate Insurer(s)						5. Delinquency Report					12
										6. REO Report					15

										7. Foreclosure Report					16
										8. Prepayment Report					17
										9. Prepayment Detail Report					20
										9. Prepayment Detail Report					20
										10. Realized Loss Report					22
										11. Realized Loss Detail Report					25
				Servicer(s)						11. Realized Loss Detail Report					25
				Servicer(s)						12. Triggers and Adj. Cert. Report					26
				Impac Funding Corp.						12. Triggers and Adj. Cert. Report					26
				Impac Funding Corp.						13. Additional Certificate Report					27
										13. Additional Certificate Report					27
										14. Other Related Information					28


				Underwriter(s)
				UBS Warburg, London
				Countrywide Funding Corporation
				Bear Stearns & Co.

										Total Number of Pages					28
										Total Number of Pages

				Dates						Contacts

				Cut-Off Date:			April 01, 2005			Marion Hogan
				Close Date:			May 06, 2005			Administrator
				First Distribution Date:			May 25, 2005			(714) 247-6282
										marion.c.hogan@db.com
										marion.c.hogan@db.com
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:			May 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			April 29, 2005			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							May 24, 2005
							May 24, 2005

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






Page 1 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution -
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
	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-1A		$	1,047,829,000.00		1,047,829,000.00		1,858,150.09		8,274,846.12		10,132,996.21		0.00		0.00		1,039,554,153.88
1-A-1A		$	1,047,829,000.00		1,047,829,000.00		1,858,150.09		8,274,846.12		10,132,996.21		0.00		0.00		1,039,554,153.88
1-A-1B		$	200,000,000.00		200,000,000.00		344,111.11		1,579,426.82		1,923,537.93		0.00		0.00		198,420,573.18
1-A-2		$	138,648,000.00		138,648,000.00		250,991.39		1,094,921.85		1,345,913.24		0.00		0.00		137,553,078.15
1-A-IO		$	0.00		0.00		1,125,000.00		0.00		1,125,000.00		0.00		0.00		0.00
2-A-1		$	62,027,000.00		62,027,000.00		110,976.64		209,509.00		320,485.64		0.00		0.00		61,817,491.00
2-A-2		$	13,336,000.00		13,336,000.00		24,423.40		45,045.09		69,468.49		0.00		0.00		13,290,954.91
1-M-1		$	162,956,000.00		162,956,000.00		302,736.04		1,286,885.38		1,589,621.42		0.00		0.00		161,669,114.62
1-M-2		$	84,629,000.00		84,629,000.00		158,561.83		668,326.56		826,888.39		0.00		0.00		83,960,673.44
1-M-3		$	45,015,000.00		45,015,000.00		84,815.76		355,489.49		440,305.25		0.00		0.00		44,659,510.51
1-M-4		$	27,009,000.00		27,009,000.00		53,312.77		213,293.69		266,606.46		0.00		0.00		26,795,706.31
1-M-5		$	28,810,000.00		28,810,000.00		57,323.90		227,516.43		284,840.33		0.00		0.00		28,582,483.57
1-M-6		$	22,508,000.00		22,508,000.00		45,616.21		177,748.69		223,364.90		0.00		0.00		22,330,251.31
2-M-1		$	7,443,000.00		7,443,000.00		14,102.42		25,140.27		39,242.69		0.00		0.00		7,417,859.73
2-M-2		$	11,165,000.00		11,165,000.00		22,627.73		37,712.09		60,339.82		0.00		0.00		11,127,287.91
1-B-1		$	25,209,000.00		25,209,000.00		58,407.85		199,078.86		257,486.71		0.00		0.00		25,009,921.14
1-B-2		$	18,006,000.00		18,006,000.00		45,995.33		142,195.80		188,191.13		0.00		0.00		17,863,804.20
2-B-1		$	17,368,000.00		17,368,000.00		43,448.95		58,664.01		102,112.96		0.00		0.00		17,309,335.99
2-B-2		$	10,358,000.00		10,358,000.00		32,745.67		34,986.28		67,731.95		0.00		0.00		10,323,013.72
CERT		$	1,922,316,000.00		0.00		3,522,547.11		0.00		3,522,547.11		0.00		0.00		0.00


Total			3,844,632,000.00		1,922,316,000.00		8,155,894.20		14,630,786.43		22,786,680.63		0.00		0.00		1,907,685,213.57
Total





Page 2 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
									Orig. Principal		Prior							Current
									Orig. Principal		Prior							Current
	Period		Period						(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
1-A-1A	05/06/05		05/24/05		A-Act/360		45254NPA9		1,047,829,000.00		1,000.000000		1.773333		7.897134		9.670467	992.102866
1-A-1B	05/06/05		05/24/05		A-Act/360		45254NPB7		200,000,000.00		1,000.000000		1.720556		7.897134		9.617690	992.102866
1-A-2	05/06/05		05/24/05		A-Act/360		45254NPC5		138,648,000.00		1,000.000000		1.810278		7.897134		9.707412	992.102866
1-A-IO	04/01/05		04/30/05		F-30/360		45254NPD3		1,800,000,000.00		1,000.000000		0.625000		0.000000		0.625000	850.000000
2-A-1	05/06/05		05/24/05		A-Act/360		45254NPE1		62,027,000.00		1,000.000000		1.789167		3.377706		5.166873	996.622294
2-A-2	05/06/05		05/24/05		A-Act/360		45254NPF8		13,336,000.00		1,000.000000		1.831389		3.377706		5.209095	996.622294
1-M-1	05/06/05		05/24/05		A-Act/360		45254NPG6		162,956,000.00		1,000.000000		1.857778		7.897134		9.754912	992.102866
1-M-2	05/06/05		05/24/05		A-Act/360		45254NPH4		84,629,000.00		1,000.000000		1.873611		7.897134		9.770745	992.102866
1-M-3	05/06/05		05/24/05		A-Act/360		45254NPJ0		45,015,000.00		1,000.000000		1.884167		7.897134		9.781301	992.102866
1-M-4	05/06/05		05/24/05		A-Act/360		45254NPK7		27,009,000.00		1,000.000000		1.973889		7.897134		9.871023	992.102866
1-M-5	05/06/05		05/24/05		A-Act/360		45254NPL5		28,810,000.00		1,000.000000		1.989722		7.897134		9.886856	992.102866
1-M-6	05/06/05		05/24/05		A-Act/360		45254NPM3		22,508,000.00		1,000.000000		2.026667		7.897134		9.923800	992.102866
2-M-1	05/06/05		05/24/05		A-Act/360		45254NPN1		7,443,000.00		1,000.000000		1.894723		3.377707		5.272429	996.622293
2-M-2	05/06/05		05/24/05		A-Act/360		45254NPP6		11,165,000.00		1,000.000000		2.026666		3.377706		5.404373	996.622294
1-B-1	05/06/05		05/24/05		A-Act/360		45254NPQ4		25,209,000.00		1,000.000000		2.316944		7.897134		10.214079	992.102866
1-B-2	05/06/05		05/24/05		A-Act/360		45254NPR2		18,006,000.00		1,000.000000		2.554445		7.897134		10.451579	992.102866
2-B-1	05/06/05		05/24/05		A-Act/360		45254NPS0		17,368,000.00		1,000.000000		2.501667		3.377707		5.879374	996.622293
2-B-2	05/06/05		05/24/05		A-Act/360		45254NPT8		10,358,000.00		1,000.000000		3.161389		3.377706		6.539095	996.622294
CERT	04/01/05		04/30/05		A-30/360				1,922,316,000.00		0.000000		1.832450		0.000000		1.832450	0.000000




Page 3 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

Distribution to Date -
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
1-A-1A	1,047,829,000.00		1,858,150.09		7,731,233.89		543,612.23		8,274,846.12		10,132,996.21		0.00		0.00		1,039,554,153.88
1-A-1B	200,000,000.00		344,111.11		1,475,667.10		103,759.72		1,579,426.82		1,923,537.93		0.00		0.00		198,420,573.18
1-A-2	138,648,000.00		250,991.39		1,022,991.46		71,930.39		1,094,921.85		1,345,913.24		0.00		0.00		137,553,078.15
1-A-IO	0.00		1,125,000.00		0.00		0.00		0.00		1,125,000.00		0.00		0.00		0.00
2-A-1	62,027,000.00		110,976.64		195,745.40		13,763.60		209,509.00		320,485.64		0.00		0.00		61,817,491.00
2-A-2	13,336,000.00		24,423.40		42,085.87		2,959.22		45,045.09		69,468.49		0.00		0.00		13,290,954.91
1-M-1	162,956,000.00		302,736.04		1,202,344.03		84,541.35		1,286,885.38		1,589,621.42		0.00		0.00		161,669,114.62
1-M-2	84,629,000.00		158,561.83		624,421.15		43,905.41		668,326.56		826,888.39		0.00		0.00		83,960,673.44
1-M-3	45,015,000.00		84,815.76		332,135.77		23,353.72		355,489.49		440,305.25		0.00		0.00		44,659,510.51
1-M-4	27,009,000.00		53,312.77		199,281.46		14,012.23		213,293.69		266,606.46		0.00		0.00		26,795,706.31
1-M-5	28,810,000.00		57,323.90		212,569.84		14,946.59		227,516.43		284,840.33		0.00		0.00		28,582,483.57
1-M-6	22,508,000.00		45,616.21		166,071.57		11,677.12		177,748.69		223,364.90		0.00		0.00		22,330,251.31
2-M-1	7,443,000.00		14,102.42		23,488.69		1,651.58		25,140.27		39,242.69		0.00		0.00		7,417,859.73
2-M-2	11,165,000.00		22,627.73		35,234.61		2,477.48		37,712.09		60,339.82		0.00		0.00		11,127,287.91
1-B-1	25,209,000.00		58,407.85		186,000.47		13,078.39		199,078.86		257,486.71		0.00		0.00		25,009,921.14
1-B-2	18,006,000.00		45,995.33		132,854.31		9,341.49		142,195.80		188,191.13		0.00		0.00		17,863,804.20
2-B-1	17,368,000.00		43,448.95		54,810.10		3,853.91		58,664.01		102,112.96		0.00		0.00		17,309,335.99
2-B-2	10,358,000.00		32,745.67		32,687.87		2,298.41		34,986.28		67,731.95		0.00		0.00		10,323,013.72
CERT	1,922,316,000.00		3,522,547.11		0.00		0.00		0.00		3,522,547.11		0.00		0.00		0.00


Total	3,844,632,000.00		8,155,894.20		13,669,623.59		961,162.84		14,630,786.43		22,786,680.63		0.00		0.00		1,907,685,213.57



Page 4 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

Interest Detail -
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
1-A-1A	3.36000%		1,047,829,000.00		1,858,150.09		0.00		0.00		0.00		1,858,150.09		1,858,150.09		0.00
1-A-1B	3.26000%		200,000,000.00		344,111.11		0.00		0.00		0.00		344,111.11		344,111.11		0.00
1-A-2	3.43000%		138,648,000.00		250,991.39		0.00		0.00		0.00		250,991.39		250,991.39		0.00
1-A-IO	0.75000%		1,800,000,000.00		1,125,000.00		0.00		0.00		0.00		1,125,000.00		1,125,000.00		0.00
2-A-1	3.39000%		62,027,000.00		110,976.64		0.00		0.00		0.00		110,976.64		110,976.64		0.00
2-A-2	3.47000%		13,336,000.00		24,423.40		0.00		0.00		0.00		24,423.40		24,423.40		0.00
1-M-1	3.52000%		162,956,000.00		302,736.04		0.00		0.00		0.00		302,736.04		302,736.04		0.00
1-M-2	3.55000%		84,629,000.00		158,561.83		0.00		0.00		0.00		158,561.83		158,561.83		0.00
1-M-3	3.57000%		45,015,000.00		84,815.76		0.00		0.00		0.00		84,815.76		84,815.76		0.00
1-M-4	3.74000%		27,009,000.00		53,312.77		0.00		0.00		0.00		53,312.77		53,312.77		0.00
1-M-5	3.77000%		28,810,000.00		57,323.90		0.00		0.00		0.00		57,323.90		57,323.90		0.00
1-M-6	3.84000%		22,508,000.00		45,616.21		0.00		0.00		0.00		45,616.21		45,616.21		0.00
2-M-1	3.59000%		7,443,000.00		14,102.42		0.00		0.00		0.00		14,102.42		14,102.42		0.00
2-M-2	3.84000%		11,165,000.00		22,627.73		0.00		0.00		0.00		22,627.73		22,627.73		0.00
1-B-1	4.39000%		25,209,000.00		58,407.85		0.00		0.00		0.00		58,407.85		58,407.85		0.00
1-B-2	4.84000%		18,006,000.00		45,995.33		0.00		0.00		0.00		45,995.33		45,995.33		0.00
2-B-1	4.74000%		17,368,000.00		43,448.95		0.00		0.00		0.00		43,448.95		43,448.95		0.00
2-B-2	5.99000%		10,358,000.00		32,745.67		0.00		0.00		0.00		32,745.67		32,745.67		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		3,522,547.11		0.00


Total			3,722,316,000.00		4,633,347.09		0.00		0.00		0.00		4,633,347.09		8,155,894.20		0.00



Page 5 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										115,680.95		14,194,439.55		14,310,120.50
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										4,410.27		20,879.87		25,290.14
TOTAL NET PRINCIPAL										120,091.22		14,215,319.42		14,335,410.64
Interest Collections										563,769.06		8,915,408.32		9,479,177.37
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Other Accounts										0.00		0.00		(505,199.32)
Interest Fees										-1,224.35		-420,729.18		-421,953.57
TOTAL NET INTEREST										562,544.71		8,494,679.14		9,057,223.80
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										682,635.93		22,709,998.56		22,786,680.62



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											122,887.93		838,274.89		961,162.82
Curtailments											-7,206.98		1,107,907.42		1,100,700.44
Prepayments In Full											0.00		12,248,257.24		12,248,257.24
Repurchased/Substitutions											0.00		0.00		0.00
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											-115,680.95		-404,182.77		-519,863.72
Realized Losses											-0.00		-0.00		-0.00
Advanced Principal											115,680.95		404,182.77		519,863.72
TOTAL PRINCIPAL COLLECTED											115,680.95		14,194,439.55		14,310,120.50


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
										Group 2		Group 1		Total
Closing Deposit										4,410.27		20,879.87		25,290.14
TOTAL PRINCIPAL OTHER ACCOUNTS										4,410.27		20,879.87		25,290.14





Page 6 of 28
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Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										579,571.74		9,102,780.75		9,682,352.49
Repurchased/Substitution Interest										0.00		0.00		0.00
Liquidation Interest										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		-6,742.75		-6,742.75
Delinquent Interest										-542,547.05		-2,955,884.24		-3,498,431.29
Compensating Interest										0.00		6,742.75		6,742.75
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										526,744.37		2,768,511.81		3,295,256.18
TOTAL INTEREST COLLECTED										563,769.06		8,915,408.32		9,479,177.37


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
										Group 2		Group 1		Total
TOTAL INTEREST WITHDRAWALS										0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
										Group 2		Group 1		Total
Prepayment Charges														0.00
Deriviative Contract Payments														(505,199.32)

TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		-505,199.32



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Servicing Fees										1,048.60		418,178.34		419,226.94
Owner Trustee Fee										175.75		2,550.84		2,726.59
Primary Mortgage Insurance														0.00

TOTAL INTEREST FEES										1,224.35		420,729.18		421,953.57




Page 7 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Credit Enhancement Report

ACCOUNTS


RESERVE

Reserve Funds Distribution to Certificate Holders						44,552.67
Required Reserve Funds Deposited						44,552.67
Releases						0.00




INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
										Group 2		Group 1		Total
Overcollateralized Amount/(Undercollateralized Amount)										2,656,897.98		0.00		2,656,897.98
Overcollateralization Release Amount										0.00		0.00		0.00
Overcollateralization Deficiency Amount										1,665,969.51		4,410.27		1,670,379.78
Overcollateralization Target Amount										4,031,901.97		0.00		4,031,901.97



Page 8 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										103		7,292		7,395
Prior										103		7,292		7,395
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-0		-56		-56
Repurchases										-0		-0		-0
Liquidations										-0		-0		-0
Current										103		7,236		7,339
Principal Balance:


Original										124,058,522.19		1,800,593,709.86		1,924,652,232.05
Prior										124,058,522.19		1,800,593,709.86		1,924,652,232.05
Prefunding										0.00		0.00		0.00
Scheduled Principal										-122,887.93		-838,274.89		-961,162.82
Partial Prepayments										(7,206.98)		-1,107,907.42		-1,100,700.44
Full Voluntary Prepayments										-0.00		-12,248,257.24		-12,248,257.24
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-0.00		-0.00
Current										123,942,841.24		1,786,399,270.31		1,910,342,111.55





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 9 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										5.60611%		6.06652%		6.03684%
Weighted Average Coupon Prior										5.60611%		6.06652%		6.03684%
Weighted Average Coupon Current										5.60611%		6.06652%		6.03684%
Weighted Average Months to Maturity Original										356		352		352
Weighted Average Months to Maturity Prior										356		352		352
Weighted Average Months to Maturity Current										356		352		352
Weighted Avg Remaining Amortization Term Original										356		352		352
Weighted Avg Remaining Amortization Term Prior										356		352		352
Weighted Avg Remaining Amortization Term Current										356		352		352
Weighted Average Seasoning Original										1.37		5.83		5.54
Weighted Average Seasoning Prior										1.37		5.83		5.54
Weighted Average Seasoning Current										1.37		5.83		5.54









Page 10 of 28
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Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										2.54639%		3.39316%		3.33799%
Weighted Average Margin Prior										2.54639%		3.39316%		3.33799%
Weighted Average Margin Current										2.54639%		3.39316%		3.33799%
Weighted Average Max Rate Original										11.60729%		12.00778%		11.98169%
Weighted Average Max Rate Prior										11.60729%		12.00778%		11.98169%
Weighted Average Max Rate Current										11.60729%		12.00778%		11.98169%
Weighted Average Min Rate Original										5.60729%		3.52069%		3.65664%
Weighted Average Min Rate Prior										5.60729%		3.52069%		3.65664%
Weighted Average Min Rate Current										5.60729%		3.52069%		3.65664%
Weighted Average Cap Up Original										1.01865%		1.19649%		1.18491%
Weighted Average Cap Up Prior										1.01865%		1.19649%		1.18491%
Weighted Average Cap Up Current										1.01865%		1.19649%		1.18491%
Weighted Average Cap Down Original										1.01865%		1.19649%		1.18491%
Weighted Average Cap Down Prior										1.01865%		1.19649%		1.18491%
Weighted Average Cap Down Current										1.01865%		1.19649%		1.18491%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										1,048.60		418,178.37		419,226.97
Delinquent Servicing Fees										15,802.68		187,372.43		203,175.11
TOTAL SERVICING FEES										16,851.28		605,550.81		622,402.09


Total Servicing Fees										16,851.28		605,550.81		622,402.09
Compensating Interest										-0.00		-6,742.75		-6,742.75
Delinquent Servicing Fees										-15,802.68		-187,372.43		-203,175.11
COLLECTED SERVICING FEES										1,048.60		411,435.63		412,484.22


Total Advaced Interest										526,744.37		2,768,511.81		3,295,256.18
Total Advaced Principal										115,680.95		404,182.77		519,863.72
Aggregate Advances with respect to this Distribution										642,425.32		3,172,694.58		3,815,119.89





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										0.00		6,742.75		6,742.75
Compensating Interest										-0.00		-6,742.75		-6,742.75
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00






Page 11 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				196,836.37		18,964,501.83		0.00		19,161,338.20
			% Balance				0.01%		0.99%		0.00%		1.00%
			# Loans				2		75		0		77
			% # Loans				0.03%		1.02%		0.00%		1.05%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		1,809,422.75		0.00		373,354.14		0.00		2,182,776.89
			% Balance		0.09%		0.00%		0.02%		0.00%		0.11%
			# Loans		6		0		2		0		8
			% # Loans		0.08%		0.00%		0.03%		0.00%		0.11%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,809,422.75		196,836.37		19,337,855.97		0.00		21,344,115.09
			% Balance		0.09%		0.01%		1.01%		0.00%		1.12%
			# Loans		6		2		77		0		85
			% # Loans		0.08%		0.03%		1.05%		0.00%		1.16%









Page 12 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				196,836.37		16,579,416.70		0.00		16,776,253.07
			% Balance				0.01%		0.93%		0.00%		0.94%
			# Loans				2		71		0		73
			% # Loans				0.03%		0.98%		0.00%		1.01%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		1,809,422.75		0.00		373,354.14		0.00		2,182,776.89
			% Balance		0.10%		0.00%		0.02%		0.00%		0.12%
			# Loans		6		0		2		0		8
			% # Loans		0.08%		0.00%		0.03%		0.00%		0.11%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,809,422.75		196,836.37		16,952,770.84		0.00		18,959,029.96
			% Balance		0.10%		0.01%		0.95%		0.00%		1.06%
			# Loans		6		2		73		0		81
			% # Loans		0.08%		0.03%		1.01%		0.00%		1.12%










Page 13 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				0.00		2,385,085.13		0.00		2,385,085.13
			% Balance				0.00%		1.92%		0.00%		1.92%
			# Loans				0		4		0		4
			% # Loans				0.00%		3.88%		0.00%		3.88%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		0.00		2,385,085.13		0.00		2,385,085.13
			% Balance		0.00%		0.00%		1.92%		0.00%		1.92%
			# Loans		0		0		4		0		4
			% # Loans		0.00%		0.00%		3.88%		0.00%		3.88%









Page 14 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
REO Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 15 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date




TOTAL



Page 16 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										0		56		56
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										0		56		56
Curtailments Amount										-7,206.98		1,107,907.42		1,100,700.44
Paid in Full Balance										0.00		12,248,257.24		12,248,257.24
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										-7,206.98		13,356,164.66		13,348,957.68

Cumulative


Number of Paid in Full Loans										0		56		56
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										0		56		56
Paid in Full Balance										0.00		12,248,257.24		12,248,257.24
Repurchased Loans Balance										0.00		0.00		0.00
Curtailments Amount										-7,206.98		1,107,907.42		1,100,700.44
Total Prepayment Amount										-7,206.98		13,356,164.66		13,348,957.68










Page 17 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										-0.01%		0.74%		0.69%
3 Months Avg SMM										-0.01%		0.74%		0.69%
12 Months Avg SMM										-0.01%		0.74%		0.69%
Avg SMM Since Cut-off										-0.01%		0.74%		0.69%


CPR										-0.07%		8.55%		8.02%
3 Months Avg CPR										-0.07%		8.55%		8.02%
12 Months Avg CPR										-0.07%		8.55%		8.02%
Avg CPR Since Cut-off										-0.07%		8.55%		8.02%


PSA										-25.53%		733.66%		723.77%
3 Months Avg PSA Approximation										-25.55%		733.66%		723.77%
12 Months Avg PSA Approximation										-25.55%		733.66%		723.77%
Avg PSA Since Cut-off Approximation										-25.55%		733.66%		723.77%










Page 18 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 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/(0.002min(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) Conditional Prepayment Rate (CPR): 1-((1-SMM)^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) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.













Page 19 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103286885 1		FCL	56,000.00		55,920.49			02-May-2005		12.125%		AZ - 20.00%		Paid Off - 180		01-Dec-2004
			56,000.00

1103338474 1		FCL	58,000.00		57,942.31			03-May-2005		11.375%		CA - 20.00%		Paid Off - 180		01-Feb-2005
1103338474 1		FCL			57,942.31			03-May-2005		11.375%		CA - 20.00%		Paid Off - 180		01-Feb-2005
1103353025 1		FCL	48,500.00		48,277.24			28-Apr-2005		10.000%		IN - 19.40%		Paid Off - 180		01-Jul-2004
1103353025 1		FCL			48,277.24			28-Apr-2005		10.000%		IN - 19.40%		Paid Off - 180		01-Jul-2004
1103353155 1		FCL	94,800.00		94,409.90			27-Apr-2005		10.990%		CA - 20.00%		Paid Off - 180		01-Jun-2004
1103353155 1		FCL			94,409.90			27-Apr-2005		10.990%		CA - 20.00%		Paid Off - 180		01-Jun-2004
1103356969 1		FCL	241,950.00		241,511.36			29-Apr-2005		6.500%		NJ - 77.65%		Paid Off - 360		01-Apr-2005
1103356969 1		FCL			241,511.36			29-Apr-2005		6.500%		NJ - 77.65%		Paid Off - 360		01-Apr-2005
1103360301 1		FCL	112,000.00		112,000.00			27-Apr-2005		5.500%		CT - 70.00%		Paid Off - 360		01-Mar-2005
1103360301 1		FCL			112,000.00			27-Apr-2005		5.500%		CT - 70.00%		Paid Off - 360		01-Mar-2005
1103366458 1		FCL	128,032.00		128,032.00			28-Apr-2005		6.750%		CA - 80.00%		Paid Off - 360		01-May-2005
1103366458 1		FCL			128,032.00			28-Apr-2005		6.750%		CA - 80.00%		Paid Off - 360		01-May-2005
1103381464 1		FCL	83,200.00		83,200.00			02-May-2005		6.750%		VA - 80.00%		Paid Off - 360		01-Apr-2005
1103381464 1		FCL			83,200.00			02-May-2005		6.750%		VA - 80.00%		Paid Off - 360		01-Apr-2005
1103381603 1		FCL	228,600.00		228,600.00			03-May-2005		8.500%		NC - 90.00%		Paid Off - 360		01-May-2005
1103381603 1		FCL			228,600.00			03-May-2005		8.500%		NC - 90.00%		Paid Off - 360		01-May-2005
1103385052 1		FCL	140,000.00		139,999.98			29-Apr-2005		5.750%		UT - 80.00%		Paid Off - 360		01-Feb-2005
1103385052 1		FCL			139,999.98			29-Apr-2005		5.750%		UT - 80.00%		Paid Off - 360		01-Feb-2005
1103393191 1		FCL	485,050.00		485,050.00			04-May-2005		6.875%		VA - 80.00%		Paid Off - 360		01-Apr-2005
1103393191 1		FCL			485,050.00			04-May-2005		6.875%		VA - 80.00%		Paid Off - 360		01-Apr-2005
1103394527 1		FCL	136,000.00		136,000.00			02-May-2005		6.500%		CA - 69.75%		Paid Off - 360		01-May-2005
1103394527 1		FCL			136,000.00			02-May-2005		6.500%		CA - 69.75%		Paid Off - 360		01-May-2005
1103402531 1		FCL	484,405.00		482,137.74			27-Apr-2005		6.375%		DC - 95.00%		Paid Off - 360		01-Dec-2004
1103402531 1		FCL			482,137.74			27-Apr-2005		6.375%		DC - 95.00%		Paid Off - 360		01-Dec-2004
1103402799 1		FCL	175,750.00		174,669.31			29-Apr-2005		6.250%		MA - 95.00%		Paid Off - 360		01-Jan-2005
1103402799 1		FCL			174,669.31			29-Apr-2005		6.250%		MA - 95.00%		Paid Off - 360		01-Jan-2005
1103402899 1		FCL	222,000.00		221,261.92			22-Apr-2005		6.250%		AZ - 85.38%		Paid Off - 360		01-Feb-2005
1103402899 1		FCL			221,261.92			22-Apr-2005		6.250%		AZ - 85.38%		Paid Off - 360		01-Feb-2005
1103403042 1		FCL	414,000.00		413,173.66			29-Apr-2005		6.000%		CA - 90.00%		Paid Off - 360		01-Mar-2005
1103403042 1		FCL			413,173.66			29-Apr-2005		6.000%		CA - 90.00%		Paid Off - 360		01-Mar-2005
1103403144 1		FCL	254,000.00		253,741.03			29-Apr-2005		5.875%		CA - 79.87%		Paid Off - 360		01-Apr-2005
1103403144 1		FCL			253,741.03			29-Apr-2005		5.875%		CA - 79.87%		Paid Off - 360		01-Apr-2005
1103403305 1		FCL	138,609.00		138,355.28			22-Apr-2005		8.500%		FL - 90.00%		Paid Off - 360		01-Feb-2005
1103403305 1		FCL			138,355.28			22-Apr-2005		8.500%		FL - 90.00%		Paid Off - 360		01-Feb-2005
1103403352 1		FCL	204,155.00		203,817.48			22-Apr-2005		7.000%		MA - 95.00%		Paid Off - 360		01-Mar-2005
1103403352 1		FCL			203,817.48			22-Apr-2005		7.000%		MA - 95.00%		Paid Off - 360		01-Mar-2005
1103403463 1		FCL	413,700.00		412,985.60			25-Apr-2005		6.750%		CA - 94.99%		Paid Off - 360		01-Mar-2005
1103403463 1		FCL			412,985.60			25-Apr-2005		6.750%		CA - 94.99%		Paid Off - 360		01-Mar-2005
1103403515 1		FCL	59,400.00		59,311.54			26-Apr-2005		7.500%		PA - 90.00%		Paid Off - 360		01-Mar-2005
1103403515 1		FCL			59,311.54			26-Apr-2005		7.500%		PA - 90.00%		Paid Off - 360		01-Mar-2005
1103403546 1		FCL	269,116.00		268,866.74			25-Apr-2005		6.375%		WA - 88.23%		Paid Off - 360		01-Apr-2005
1103403546 1		FCL			268,866.74			25-Apr-2005		6.375%		WA - 88.23%		Paid Off - 360		01-Apr-2005
1103403694 1		FCL	288,014.00		287,425.26			29-Apr-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103403694 1		FCL			287,425.26			29-Apr-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Mar-2005
1103403790 1		FCL	475,000.00		474,219.01			22-Apr-2005		7.000%		CA - 84.82%		Paid Off - 360		01-Mar-2005
1103403790 1		FCL			474,219.01			22-Apr-2005		7.000%		CA - 84.82%		Paid Off - 360		01-Mar-2005
1103403821 1		FCL	69,750.00		69,640.85			26-Apr-2005		7.250%		TX - 90.00%		Paid Off - 360		01-Mar-2005
1103403821 1		FCL			69,640.85			26-Apr-2005		7.250%		TX - 90.00%		Paid Off - 360		01-Mar-2005
1103403959 1		FCL	322,050.00		321,546.02			29-Apr-2005		7.250%		MA - 94.75%		Paid Off - 360		01-Mar-2005
1103403959 1		FCL			321,546.02			29-Apr-2005		7.250%		MA - 94.75%		Paid Off - 360		01-Mar-2005
1103404045 1		FCL	63,000.00		62,962.80			29-Apr-2005		8.625%		MO - 90.00%		Paid Off - 360		01-Apr-2005
1103404045 1		FCL			62,962.80			29-Apr-2005		8.625%		MO - 90.00%		Paid Off - 360		01-Apr-2005
1103404047 1		FCL	394,250.00		393,923.63			29-Apr-2005		6.950%		AZ - 95.00%		Paid Off - 360		01-Apr-2005
1103404047 1		FCL			393,923.63			29-Apr-2005		6.950%		AZ - 95.00%		Paid Off - 360		01-Apr-2005
1103404138 1		FCL	217,500.00		217,321.71			26-Apr-2005		7.000%		MA - 50.00%		Paid Off - 360		01-Apr-2005
1103404138 1		FCL			217,321.71			26-Apr-2005		7.000%		MA - 50.00%		Paid Off - 360		01-Apr-2005
1103404332 1		FCL	242,550.00		242,374.44			29-Apr-2005		7.625%		CA - 90.00%		Paid Off - 360		01-Apr-2005
1103404332 1		FCL			242,374.44			29-Apr-2005		7.625%		CA - 90.00%		Paid Off - 360		01-Apr-2005
1103404349 1		FCL	160,000.00		159,865.58			28-Apr-2005		6.875%		IL - 53.33%		Paid Off - 360		01-Apr-2005
1103404349 1		FCL			159,865.58			28-Apr-2005		6.875%		IL - 53.33%		Paid Off - 360		01-Apr-2005
1103404433 1		FCL	345,000.00		344,680.45			25-Apr-2005		6.375%		MA - 94.52%		Paid Off - 360		01-Apr-2005
1103404433 1		FCL			344,680.45			25-Apr-2005		6.375%		MA - 94.52%		Paid Off - 360		01-Apr-2005
1103404553 1		FCL	147,555.00		147,445.49			22-Apr-2005		7.500%		MN - 90.00%		Paid Off - 360		01-Apr-2005
1103404553 1		FCL			147,445.49			22-Apr-2005		7.500%		MN - 90.00%		Paid Off - 360		01-Apr-2005
1103405345 1		FCL	200,000.00		200,000.00			02-May-2005		5.500%		CA - 27.39%		Paid Off - 360		01-May-2005
1103405345 1		FCL			200,000.00			02-May-2005		5.500%		CA - 27.39%		Paid Off - 360		01-May-2005
3900009116 1			35,000.00		24,244.79			29-Apr-2005		13.990%		NC - 41.67%		Paid Off - 180		20-Jul-1997
3900009116 1					24,244.79			29-Apr-2005		13.990%		NC - 41.67%		Paid Off - 180		20-Jul-1997
3900010845 1		FCL	164,000.00		152,540.06			29-Apr-2005		5.500%		CA - 78.10%		Paid Off - 360		01-Nov-2001
3900010845 1		FCL			152,540.06			29-Apr-2005		5.500%		CA - 78.10%		Paid Off - 360		01-Nov-2001
3900010915 1		FCL	159,300.00		153,417.96			02-May-2005		5.625%		IN - 90.00%		Paid Off - 360		01-Feb-2002
3900010915 1					153,417.96					5.625%		IN - 90.00%		Paid Off - 360



Page 20 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
Loan Number			Original							Current		State &		Type Prepayment

&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

3900010924 1		FCL	193,600.00		187,152.58			27-Apr-2005		5.875%		NC - 89.99%		Paid Off - 360		01-Feb-2002
			193,600.00

3900010938 1		FCL	252,000.00		237,487.42			02-May-2005		5.125%		IA - 80.00%		Paid Off - 360		01-Feb-2002
3900010938 1		FCL			237,487.42			02-May-2005		5.125%		IA - 80.00%		Paid Off - 360		01-Feb-2002
3900010965 1		FCL	365,750.00		347,369.25			29-Apr-2005		5.375%		CA - 95.00%		Paid Off - 360		01-Feb-2002
3900010965 1		FCL			347,369.25			29-Apr-2005		5.375%		CA - 95.00%		Paid Off - 360		01-Feb-2002
3900010984 1		FCL	191,500.00		180,006.40			03-May-2005		5.000%		NV - 56.08%		Paid Off - 360		01-Jan-2002
3900010984 1		FCL			180,006.40			03-May-2005		5.000%		NV - 56.08%		Paid Off - 360		01-Jan-2002
3900011008 1		FCL	178,050.00		169,669.31			27-Apr-2005		5.750%		AZ - 94.99%		Paid Off - 360		01-Apr-2002
3900011008 1		FCL			169,669.31			27-Apr-2005		5.750%		AZ - 94.99%		Paid Off - 360		01-Apr-2002
3900011096 1		FCL	212,000.00		202,065.65			28-Apr-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Mar-2002
3900011096 1		FCL			202,065.65			28-Apr-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Mar-2002
3900011146 1		FCL	376,200.00		355,135.76			29-Apr-2005		5.250%		CA - 90.00%		Paid Off - 360		01-Mar-2002
3900011146 1		FCL			355,135.76			29-Apr-2005		5.250%		CA - 90.00%		Paid Off - 360		01-Mar-2002
3900011333 1		FCL	204,000.00		194,934.01			28-Apr-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Sep-2002
3900011333 1		FCL			194,934.01			28-Apr-2005		5.250%		CA - 80.00%		Paid Off - 360		01-Sep-2002
3900011351 1			192,000.00		179,981.62			29-Apr-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Aug-2002
3900011351 1					179,981.62			29-Apr-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Aug-2002
3900011460 1		FCL	276,000.00		275,684.87			27-Apr-2005		4.875%		CA - 80.00%		Paid Off - 360		01-Aug-2002
3900011460 1		FCL			275,684.87			27-Apr-2005		4.875%		CA - 80.00%		Paid Off - 360		01-Aug-2002
3900011486 1		FCL	204,050.00		197,847.08			06-May-2005		5.875%		SC - 89.99%		Paid Off - 360		01-May-2002
3900011486 1		FCL			197,847.08			06-May-2005		5.875%		SC - 89.99%		Paid Off - 360		01-May-2002
3900011493 1		FCL	157,462.00		154,228.33			02-May-2005		6.125%		FL - 95.00%		Paid Off - 360		01-Aug-2002
3900011493 1		FCL			154,228.33			02-May-2005		6.125%		FL - 95.00%		Paid Off - 360		01-Aug-2002
3900011533 1		FCL	222,680.00		215,008.88			21-Apr-2005		5.750%		FL - 80.00%		Paid Off - 360		01-Sep-2002
3900011533 1		FCL			215,008.88			21-Apr-2005		5.750%		FL - 80.00%		Paid Off - 360		01-Sep-2002
3900011550 1		FCL	370,500.00		370,500.00			27-Apr-2005		5.875%		CA - 95.00%		Paid Off - 360		01-Sep-2002
3900011550 1		FCL			370,500.00			27-Apr-2005		5.875%		CA - 95.00%		Paid Off - 360		01-Sep-2002
3900011552 1		FCL	221,600.00		210,508.18			29-Apr-2005		5.000%		FL - 80.00%		Paid Off - 360		01-Sep-2002
3900011552 1		FCL			210,508.18			29-Apr-2005		5.000%		FL - 80.00%		Paid Off - 360		01-Sep-2002
3900011573 1		FCL	139,600.00		132,805.72			28-Apr-2005		5.250%		WA - 80.00%		Paid Off - 360		01-Sep-2002
3900011573 1		FCL			132,805.72			28-Apr-2005		5.250%		WA - 80.00%		Paid Off - 360		01-Sep-2002
3900011586 1		FCL	318,250.00		308,578.46			29-Apr-2005		7.000%		CA - 95.00%		Paid Off - 360		01-Oct-2002
3900011586 1		FCL			308,578.46			29-Apr-2005		7.000%		CA - 95.00%		Paid Off - 360		01-Oct-2002
3900011614 1		FCL	468,750.00		447,368.88			27-Apr-2005		5.375%		CA - 75.00%		Paid Off - 360		01-Aug-2002
3900011614 1		FCL			447,368.88			27-Apr-2005		5.375%		CA - 75.00%		Paid Off - 360		01-Aug-2002
3900011761 1		FCL	191,200.00		191,053.21			02-May-2005		5.000%		CA - 80.00%		Paid Off - 360		01-Sep-2002
3900011761 1		FCL			191,053.21			02-May-2005		5.000%		CA - 80.00%		Paid Off - 360		01-Sep-2002


TOTAL			12,465,428.00		12,248,257.24
TOTAL


Page 21 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current
Current



Number of Loans Liquidated										0		0		0
Collateral Principal Realized Loss/(Gain) Amount										0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00

Cumulative
Cumulative



Number of Loans Liquidated										0		0		0
Collateral Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00










Page 22 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution


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										0.00%		0.00%		0.00%
Avg MDR Since Cut-off										0.00%		0.00%		0.00%


CDR										0.00%		0.00%		0.00%
3 Months Avg CDR										0.00%		0.00%		0.00%
12 Months Avg CDR										0.00%		0.00%		0.00%
Avg CDR Since Cut-off										0.00%		0.00%		0.00%


SDA										0.00%		0.00%		0.00%
3 Months Avg SDA Approximation										0.00%		0.00%		0.00%
12 Months Avg SDA Approximation										0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation										0.00%		0.00%		0.00%


Loss Severity Approximation for Current Period										0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation										0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation										0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off										0.00%		0.00%		0.00%












Page 23 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 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 24 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
															Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)




TOTAL



Page 25 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
										Group 2		Group 1		Total
						Has Step_down Condition Occurred (0=No,1=Yes)								0



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Current LIBOR														3.090000%
Next LIBOR														3.090000%




Page 26 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

													Next Pass Through Rate		NET WAC Shortfall Paid
CLASS

			1-A-1A										3.36%		$0.00
													3.36%		$0.00
			1-A-1B										3.26%		$0.00
													3.26%		$0.00
			1-A-2										3.43%		$0.00
													3.43%		$0.00
			1-A-IO										0.00%		$0.00
													0.00%		$0.00
			2-A-1										3.69%		$0.00
													3.69%		$0.00
			2-A-2										3.85%		$0.00
													3.85%		$0.00
			1-M-1										3.52%		$0.00
													3.52%		$0.00
			1-M-2										3.55%		$0.00
													3.55%		$0.00
			1-M-3										3.57%		$0.00
													3.57%		$0.00
			1-M-4										3.74%		$0.00
													3.74%		$0.00
			1-M-5										3.77%		$0.00
													3.77%		$0.00
			1-M-6										3.84%		$0.00
													3.84%		$0.00
			2-M-1										3.84%		$0.00
													3.84%		$0.00
			2-M-2										4.22%		$0.00
													4.22%		$0.00
			1-B-1										4.39%		$0.00
													4.39%		$0.00
			1-B-2										4.84%		$0.00
													4.84%		$0.00
			2-B-1										5.57%		$0.00
													5.57%		$0.00
			2-B-2										7.44%		$0.00
													7.44%		$0.00
			CERT										0.00%		$0.00
													0.00%		$0.00




Page 27 of 28
Impac CMB Trust 2005-4

Collateralized Asset-Backed Notes
Collateralized Asset-Backed Notes
2005-4

May 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Reference Risk ID 934099L - Lehman														119,681.59
Reference Risk ID 934131L - Lehman														59,659.15
Reference Risk ID 937613L - Lehman														225,864.36
Reference Risk ID 934123L - Lehman														46,523.77
Reference Risk ID 934095L - Lehman														36,587.63
Reference Risk ID 934115L - Lehman														6,327.28
Reference Risk ID 934145L - Lehman														0.00
Reference Risk ID CXIMP054B1 - Bear														10,555.56
Total Derivatives Outflow/(Inflow) Net Amount														505,199.34




Page 28 of 28

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) May 5, 2005

IMH ASSETS CORP. (as depositor under a Series 2005-4 Indenture dated as of May 6, 2005, providing for, inter alia, the issuance of Collateralized Asset-Backed Bonds, Series 2005-4)

IMH Assets Corp.

(Exact name of registrant as specified in its charter)

California	333-117817	33-0705301
(State or Other Jurisdiction of Incorporation)	(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, is (949) 475-3600.

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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.01 Completion of Acquisition or Disposition of Assets.

For a description of the Bonds and the Mortgage Pool, refer to the Indenture.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable (b) Not applicable (c) Exhibits:

	Exhibit No.	Description
	3.1	Amended and Restated Trust Agreement, dated as of May 6, 2005, among IMH Assets Corp., as Depositor, Wilmington Trust Company, as Owner Trustee and Deutsche Bank National Trust Company, as Certificate Registrar and Certificate Paying Agent, Collateralized Asset-Backed Bonds, Series 2005-4.
	Exhibit No.	Description
	4.1	Indenture, dated as of May 6, 2005, between Impac CMB Trust Series 2005-4 as Issuer and Deutsche Bank National Trust Company, as Indenture Trustee, Collateralized Asset-Backed Bonds, Series 2005-4. (In accordance with Rule 202 of Regulation S-T, Exhibit B, the Mortgage Loan Schedule, is being filed in paper pursuant to a continuing hardship exemption.)
	Exhibit No.	Description
	99.1	Servicing Agreement, dated as of May 6, 2005, between Impac Funding Corporation, as Master Servicer, Impac CMB Trust Series 2005-4, as Issuer and Deutsche Bank National Trust Company, as Indenture Trustee, Collateralized Asset-Backed Bonds, Series 2005-4. (In accordance with Rule 202 of Regulation S-T, Exhibit A, the Mortgage Loan Schedule, is being filed in paper pursuant to a continuing hardship exemption.)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

IMH ASSETS CORP By: /s/ Richard J. Johnson Name: Richard J. Johnson Title: EVP, CFO

Dated: May 23, 2005

EXHIBIT INDEX

Exhibit Number	Sequentially Numbered Description
3.1	Amended and Restated Trust Agreement, dated as of May 6, 2005, among IMH Assets Corp., as Depositor, Wilmington Trust Company, as Owner Trustee and Deutsche Bank National Trust Company, as Certificate Registrar and Certificate Paying Agent, Collateralized Asset-Backed Bonds, Series 2005-4.
4.1	Indenture dated as of May 6, 2005, between Impac CMB Trust Series 2005-4, as Issuer and Deutsche Bank National Trust Company, as Indenture Trustee, Collateralized Asset-Backed Bonds, Series 2005-4. (In accordance with Rule 202 of Regulation S-T, Exhibit B, the Mortgage Loan Schedule, is being filed in paper pursuant to a continuing hardship exemption.)
99.1	Servicing Agreement, dated as of May 6, 2005, between Impac Funding Corporation, as Master Servicer, Impac CMB Trust Series 2005-4, as Issuer and Deutsche Bank National Trust Company, as Indenture Trustee, Collateralized Asset-Backed Bonds, Series 2005-4. (In accordance with Rule 202 of Regulation S-T, Exhibit A, the Mortgage Loan Schedule, is being filed in paper pursuant to a continuing hardship exemption.)

Filing Compare · IMH ASSETS CORP., COLLATERALIZED ASSET-BACKED BONDS, SERIES 2005-4