                                      UNITED STATES
                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  October 25, 2005
                           (Date of earliest event reported)

                   Impac CMB Trust Series 2005-1 (as Issuer under the
                    Indenture dated as of January 28, 2005, providing
                   for the issuance Trust Certificates, Series 2005-1)
                  (Exact name of Registrant as specified in its Charter)


                                       California
                    (State or Other Jurisdiction of Incorporation)

               333-117817-05                         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
     October 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 IMH
                                  Assets Corp., Registrant


          Date:  Oct 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 October 25, 2005.



Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

				External Parties						Table of Contents

													Page
				Seller
										1. Certificate Payment Report					2
				Impac CMB Trust
										2. Collection Account Report					8

										3. Credit Enhancement Report					10
										4. Collateral Report					11
				Certificate Insurer(s)						5. Delinquency Report					14

										6. REO Report					17

										7. Foreclosure Report					18
										8. Prepayment Report					19
										9. Prepayment Detail Report					22

										10. Realized Loss Report					26
										11. Realized Loss Detail Report					29
				Servicer(s)
										12. Triggers and Adj. Cert. Report					30
				Impac Funding Corporation
										13. Additional Certificate Report					31

										14. Other Related Information					32


				Underwriter(s)
				Countrywide Funding Corporation
				Bear Stearns & Co.
				UBS Securities

										Total Number of Pages					32


				Dates						Contacts

				Cut-Off Date:			January 01, 2005			Marion Hogan
				Close Date:			January 28, 2005			Administrator
				First Distribution Date:			February 25, 2005			(714) 247-6282
										marion.c.hogan@db.com

										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:			October 25, 2005
										Factor Information:			(800) 735-7777
				Record Date:			September 30, 2005
										Main Phone Number:			(714) 247-6000

							October 24, 2005


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






Page 1 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Certificate Payment Report
Current Period Distribution - Impac CMB Trust
					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	STEP. FLT,	$	491,420,000.00		424,157,393.66		1,397,480.79		17,280,520.45		18,678,001.24		0.00		0.00		406,876,873.21

1-A-2	STEP. FLT,	$	54,602,000.00		47,128,407.47		157,173.24		1,920,050.01		2,077,223.25		0.00		0.00		45,208,357.46
2-A-1	STEP. FLT,	$	390,682,000.00		328,909,750.96		1,082,341.49		12,084,718.33		13,167,059.82		0.00		0.00		316,825,032.63
2-A-2	STEP. FLT,	$	97,671,000.00		82,227,858.69		274,229.91		3,021,195.05		3,295,424.96		0.00		0.00		79,206,663.64
CERT	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00





Total			1,034,375,000.00		882,423,410.78		2,911,225.43		34,306,483.84		37,217,709.27		0.00		0.00		848,116,926.94





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

	Period		Period						(with Notional)		Principal						Total	Principal

Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
1-A-1	09/26/05		10/24/05		A-Act/360		45254NML8		491,420,000.00		863.126030		2.843761		35.164463		38.008224	827.961567
1-A-2	09/26/05		10/24/05		A-Act/360		45254NMM6		54,602,000.00		863.126030		2.878525		35.164463		38.042988	827.961567
2-A-1	09/26/05		10/24/05		A-Act/360		45254NMN4		390,682,000.00		841.886114		2.770390		30.932365		33.702755	810.953749
2-A-2	09/26/05		10/24/05		A-Act/360		45254NMP9		97,671,000.00		841.886115		2.807690		30.932365		33.740055	810.953749
CERT	09/25/05		10/24/05		A-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000







Page 2 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

Distribution to Date - Impac CMB Trust
																	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-1	491,420,000.00		11,860,634.47		84,435,456.38		107,670.41		84,543,126.79		96,403,761.26		0.00		0.00		406,876,873.21
1-A-2	54,602,000.00		1,337,194.93		9,381,679.21		11,963.33		9,393,642.54		10,730,837.47		0.00		0.00		45,208,357.46
2-A-1	390,682,000.00		9,375,337.41		73,401,461.47		455,505.90		73,856,967.37		83,232,304.78		0.00		0.00		316,825,032.63
2-A-2	97,671,000.00		2,381,798.09		18,350,459.30		113,877.06		18,464,336.36		20,846,134.45		0.00		0.00		79,206,663.64
CERT	0.00		2,995,371.10		0.00		0.00		0.00		2,995,371.10		0.00		0.00		0.00





Total	1,034,375,000.00		27,950,336.00		185,569,056.36		689,016.70		186,258,073.06		214,208,409.06		0.00		0.00		848,116,926.94


Interest Detail - Impac CMB Trust
	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		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
1-A-1	4.09000%		424,157,393.66		1,397,480.79		0.00		0.00		0.00		1,397,480.79		1,397,480.79		0.00
1-A-2	4.14000%		47,128,407.47		157,173.24		0.00		0.00		0.00		157,173.24		157,173.24		0.00
2-A-1	4.08500%		328,909,750.96		1,082,341.49		0.00		0.00		0.00		1,082,341.49		1,082,341.49		0.00
2-A-2	4.14000%		82,227,858.69		274,229.91		0.00		0.00		0.00		274,229.91		274,229.91		0.00
CERT	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00





Total			882,423,410.78		2,911,225.43		0.00		0.00		0.00		2,911,225.43		2,911,225.43		0.00



Page 3 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

Current Period Distribution - Impac CMB Grantor Trust
					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	MEZ, STEP,	$	78,125,000.00		66,648,286.82		230,325.37		2,591,122.75		2,821,448.12		0.00		0.00		64,057,164.07

M-2	MEZ, STEP,	$	55,625,000.00		47,453,582.75		165,520.73		1,844,879.91		2,010,400.64		0.00		0.00		45,608,702.84
M-3	MEZ, STEP,	$	28,750,000.00		24,526,562.74		86,142.74		953,531.82		1,039,674.56		0.00		0.00		23,573,030.92
M-4	MEZ, STEP,	$	15,625,000.00		13,329,657.36		49,179.03		518,224.55		567,403.58		0.00		0.00		12,811,432.81
M-5	MEZ, STEP,	$	15,625,000.00		13,329,657.36		49,393.79		518,224.55		567,618.34		0.00		0.00		12,811,432.81
M-6	MEZ, STEP,	$	12,500,000.00		10,663,717.34		39,944.51		414,577.95		454,522.46		0.00		0.00		10,249,139.39
B	SUB, STEP,	$	9,375,000.00		7,997,819.96		33,050.99		310,939.80		343,990.79		0.00		0.00		7,686,880.16
A-IO	IO,NTL	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00




Total			215,625,000.00		183,949,284.33		653,557.16		7,151,501.33		7,805,058.49		0.00		0.00		176,797,783.00





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

	Period		Period						(with Notional)		Principal						Total	Principal

Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
M-1	09/26/05		10/24/05		A-Act/360		45254NMR5		78,125,000.00		853.098071		2.948165		33.166371		36.114536	819.931700
M-2	09/26/05		10/24/05		A-Act/360		45254NMS3		55,625,000.00		853.098117		2.975654		33.166380		36.142034	819.931736
M-3	09/26/05		10/24/05		A-Act/360		45254NMT1		28,750,000.00		853.097834		2.996269		33.166324		36.162593	819.931510
M-4	09/26/05		10/24/05		A-Act/360		45254NMU8		15,625,000.00		853.098071		3.147458		33.166371		36.313829	819.931700
M-5	09/26/05		10/24/05		A-Act/360		45254NMV6		15,625,000.00		853.098071		3.161203		33.166371		36.327574	819.931700
M-6	09/26/05		10/24/05		A-Act/360		45254NMW4		12,500,000.00		853.097387		3.195561		33.166236		36.361797	819.931151
B	09/26/05		10/24/05		A-Act/360		45254NMX2		9,375,000.00		853.100796		3.525439		33.166912		36.692351	819.933884
A-IO	09/01/05		09/30/05		A-30/360		45254NMQ7		1,250,000,000.00		0.000000		0.000000		0.000000		0.000000	0.000000






Page 4 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

Distribution to Date - Impac CMB Grantor Trust
																	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)
M-1	78,125,000.00		1,992,373.39		0.00		0.00		14,067,835.93		16,060,209.32		0.00		0.00		64,057,164.07
M-2	55,625,000.00		1,434,316.82		0.00		0.00		10,016,297.16		11,450,613.98		0.00		0.00		45,608,702.84
M-3	28,750,000.00		747,436.40		0.00		0.00		5,176,969.08		5,924,405.48		0.00		0.00		23,573,030.92
M-4	15,625,000.00		430,543.59		0.00		0.00		2,813,567.19		3,244,110.78		0.00		0.00		12,811,432.81
M-5	15,625,000.00		432,755.24		0.00		0.00		2,813,567.19		3,246,322.43		0.00		0.00		12,811,432.81
M-6	12,500,000.00		350,627.48		0.00		0.00		2,250,860.61		2,601,488.09		0.00		0.00		10,249,139.39
B	9,375,000.00		294,785.70		0.00		0.00		1,688,119.84		1,982,905.54		0.00		0.00		7,686,880.16
A-IO	0.00		6,401,843.34		0.00		0.00		0.00		6,401,843.34		0.00		0.00		0.00




Total	215,625,000.00		12,084,681.96				38,827,217.00		50,911,898.96		0.00		0.00		176,797,783.00


Interest Detail - Impac CMB Grantor Trust
	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		Interest		Interest
				(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
M-1	4.29000%		66,648,286.82		230,325.37		0.00		0.00		0.00		230,325.37		230,325.37		0.00
M-2	4.33000%		47,453,582.75		165,520.73		0.00		0.00		0.00		165,520.73		165,520.73		0.00
M-3	4.36000%		24,526,562.74		86,142.74		0.00		0.00		0.00		86,142.74		86,142.74		0.00
M-4	4.58000%		13,329,657.36		49,179.03		0.00		0.00		0.00		49,179.03		49,179.03		0.00
M-5	4.60000%		13,329,657.36		49,393.79		0.00		0.00		0.00		49,393.79		49,393.79		0.00
M-6	4.65000%		10,663,717.34		39,944.51		0.00		0.00		0.00		39,944.51		39,944.51		0.00
B	5.13000%		7,997,819.96		33,050.99		0.00		0.00		0.00		33,050.99		33,050.99		0.00
A-IO	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00




Total			183,949,284.33		653,557.16		0.00		0.00		0.00		653,557.16		653,557.16		0.00



Page 5 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

Current Period Distribution - Component Classes
					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		$	41,240,000.00		35,595,317.49		123,011.48		1,450,182.46		1,573,193.94		0.00		0.00		34,145,135.03

M-2-1		$	29,363,000.00		25,343,969.62		88,401.17		1,032,534.13		1,120,935.30		0.00		0.00		24,311,435.49
M-3-1		$	15,176,000.00		13,098,800.63		46,005.90		533,655.89		579,661.79		0.00		0.00		12,565,144.74
M-4-1		$	8,248,000.00		7,119,063.49		26,265.39		290,036.49		316,301.88		0.00		0.00		6,829,027.00
M-5-1		$	8,248,000.00		7,119,063.49		26,380.09		290,036.49		316,416.58		0.00		0.00		6,829,027.00
M-6-1		$	6,598,000.00		5,694,905.52		21,332.17		232,015.13		253,347.30		0.00		0.00		5,462,890.39
M-1-2		$	#######		31,052,969.33		107,313.89		1,140,940.29		1,248,254.18		0.00		0.00		29,912,029.04
M-2-2		$	26,262,000.00		22,109,613.13		77,119.56		812,345.78		889,465.34		0.00		0.00		21,297,267.35
M-3-2		$	13,574,000.00		11,427,762.11		40,136.84		419,875.93		460,012.77		0.00		0.00		11,007,886.18
M-4-2		$	7,377,000.00		6,210,593.87		22,913.64		228,188.06		251,101.70		0.00		0.00		5,982,405.81
M-5-2		$	7,377,000.00		6,210,593.87		23,013.70		228,188.06		251,201.76		0.00		0.00		5,982,405.81
M-6-2		$	5,902,000.00		4,968,811.82		18,612.34		182,562.82		201,175.16		0.00		0.00		4,786,249.00
B-1		$	4,950,000.00		4,272,473.88		17,656.00		174,064.09		191,720.09		0.00		0.00		4,098,409.79
B-2		$	4,425,000.00		3,725,346.08		15,394.99		136,875.71		152,270.70		0.00		0.00		3,588,470.37
A-IO-1		$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A-IO-2		$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			215,625,000.00		183,949,284.33		653,557.16		7,151,501.33		7,805,058.49		0.00		0.00		176,797,783.00





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

	Period		Period						(with Notional)		Principal						Total	Principal

Class	Starting		Ending		Method		Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

									(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
M-1-1	09/26/05		10/24/05		A-Act/360				41,240,000.00		863.126030		2.982820		35.164463		38.147283	827.961567
M-2-1	09/26/05		10/24/05		A-Act/360				29,363,000.00		863.126030		3.010631		35.164463		38.175095	827.961567
M-3-1	09/26/05		10/24/05		A-Act/360				15,176,000.00		863.126030		3.031491		35.164463		38.195953	827.961567
M-4-1	09/26/05		10/24/05		A-Act/360				8,248,000.00		863.126029		3.184456		35.164463		38.348919	827.961566
M-5-1	09/26/05		10/24/05		A-Act/360				8,248,000.00		863.126029		3.198362		35.164463		38.362825	827.961566
M-6-1	09/26/05		10/24/05		A-Act/360				6,598,000.00		863.126026		3.233127		35.164463		38.397590	827.961563
M-1-2	09/26/05		10/24/05		A-Act/360				36,885,000.00		841.886114		2.909418		30.932365		33.841783	810.953749
M-2-2	09/26/05		10/24/05		A-Act/360				26,262,000.00		841.886114		2.936546		30.932365		33.868911	810.953749
M-3-2	09/26/05		10/24/05		A-Act/360				13,574,000.00		841.886114		2.956891		30.932366		33.889257	810.953748
M-4-2	09/26/05		10/24/05		A-Act/360				7,377,000.00		841.886115		3.106092		30.932365		34.038457	810.953749
M-5-2	09/26/05		10/24/05		A-Act/360				7,377,000.00		841.886115		3.119656		30.932365		34.052021	810.953749
M-6-2	09/26/05		10/24/05		A-Act/360				5,902,000.00		841.886110		3.153565		30.932365		34.085930	810.953744
B-1	09/26/05		10/24/05		A-Act/360				4,950,000.00		863.126036		3.566869		35.164463		38.731331	827.961574
B-2	09/26/05		10/24/05		A-Act/360				4,425,000.00		841.886120		3.479094		30.932364		34.411458	810.953756
A-IO-1	09/01/05		09/30/05		A-30/360				659,845,000.00		0.000000		0.000000		0.000000		0.000000	0.000000
A-IO-2	09/01/05		09/30/05		A-30/360				590,155,000.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 6 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

Distribution to Date - Component Classes
																	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)
M-1-1	41,240,000.00		1,053,810.28		6,985,889.55		108,975.42		7,094,864.97		8,148,675.25		0.00		0.00		34,145,135.03
M-2-1	29,363,000.00		758,641.45		4,973,973.69		77,590.82		5,051,564.51		5,810,205.96		0.00		0.00		24,311,435.49
M-3-1	15,176,000.00		395,324.15		2,570,753.15		40,102.11		2,610,855.26		3,006,179.41		0.00		0.00		12,565,144.74
M-4-1	8,248,000.00		227,716.92		1,397,177.92		21,795.08		1,418,973.00		1,646,689.92		0.00		0.00		6,829,027.00
M-5-1	8,248,000.00		228,886.21		1,397,177.92		21,795.08		1,418,973.00		1,647,859.21		0.00		0.00		6,829,027.00
M-6-1	6,598,000.00		185,436.35		1,117,674.60		17,435.01		1,135,109.61		1,320,545.96		0.00		0.00		5,462,890.39
M-1-2	36,885,000.00		938,563.11		6,863,993.79		108,977.17		6,972,970.96		7,911,534.07		0.00		0.00		29,912,029.04
M-2-2	26,262,000.00		675,675.37		4,887,141.26		77,591.39		4,964,732.65		5,640,408.02		0.00		0.00		21,297,267.35
M-3-2	13,574,000.00		352,112.25		2,526,009.28		40,104.54		2,566,113.82		2,918,226.07		0.00		0.00		11,007,886.18
M-4-2	7,377,000.00		202,826.67		1,372,798.76		21,795.43		1,394,594.19		1,597,420.86		0.00		0.00		5,982,405.81
M-5-2	7,377,000.00		203,869.03		1,372,798.76		21,795.43		1,394,594.19		1,598,463.22		0.00		0.00		5,982,405.81
M-6-2	5,902,000.00		165,191.13		1,098,313.47		17,437.53		1,115,751.00		1,280,942.13		0.00		0.00		4,786,249.00
B-1	4,950,000.00		155,928.59		838,509.99		13,080.22		851,590.21		1,007,518.80		0.00		0.00		4,098,409.79
B-2	4,425,000.00		138,857.11		823,455.92		13,073.71		836,529.63		975,386.74		0.00		0.00		3,588,470.37
A-IO-1	0.00		3,363,901.11		0.00		0.00		0.00		3,363,901.11		0.00		0.00		0.00
A-IO-2	0.00		3,037,942.23		0.00		0.00		0.00		3,037,942.23		0.00		0.00		0.00


Total	215,625,000.00		12,084,681.96		38,225,668.06		601,548.94		38,827,217.00		50,911,898.96		0.00		0.00		176,797,783.00


Interest Detail - Component Classes
	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		Interest		Interest
				(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
M-1-1	4.29000%		35,595,317.49		123,011.48		0.00		0.00		0.00		123,011.48		123,011.48		0.00
M-2-1	4.33000%		25,343,969.62		88,401.17		0.00		0.00		0.00		88,401.17		88,401.17		0.00
M-3-1	4.36000%		13,098,800.63		46,005.90		0.00		0.00		0.00		46,005.90		46,005.90		0.00
M-4-1	4.58000%		7,119,063.49		26,265.39		0.00		0.00		0.00		26,265.39		26,265.39		0.00
M-5-1	4.60000%		7,119,063.49		26,380.09		0.00		0.00		0.00		26,380.09		26,380.09		0.00
M-6-1	4.65000%		5,694,905.52		21,332.17		0.00		0.00		0.00		21,332.17		21,332.17		0.00
M-1-2	4.29000%		31,052,969.33		107,313.89		0.00		0.00		0.00		107,313.89		107,313.89		0.00
M-2-2	4.33000%		22,109,613.13		77,119.56		0.00		0.00		0.00		77,119.56		77,119.56		0.00
M-3-2	4.36000%		11,427,762.11		40,136.84		0.00		0.00		0.00		40,136.84		40,136.84		0.00
M-4-2	4.58000%		6,210,593.87		22,913.64		0.00		0.00		0.00		22,913.64		22,913.64		0.00
M-5-2	4.60000%		6,210,593.87		23,013.70		0.00		0.00		0.00		23,013.70		23,013.70		0.00
M-6-2	4.65000%		4,968,811.82		18,612.34		0.00		0.00		0.00		18,612.34		18,612.34		0.00
B-1	5.13000%		4,272,473.88		17,656.00		0.00		0.00		0.00		17,656.00		17,656.00		0.00
B-2	5.13000%		3,725,346.08		15,394.99		0.00		0.00		0.00		15,394.99		15,394.99		0.00
A-IO-1	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A-IO-2	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00



Total			183,949,284.33		653,557.16		0.00		0.00		0.00		653,557.16		653,557.16		0.00



Page 7 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Collection Account Report
SUMMARY

										Group 2		Group 1		Total
Principal Collections										17,599,739.93		22,481,491.72		40,081,231.65
Principal Withdrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										17,599,739.93		22,481,491.72		40,081,231.65
Interest Collections										2,375,102.97		2,667,060.71		5,042,163.67
Interest Withdrawals										-0.00		-0.00		-0.00
Interest Fees										-169,926.63		-169,047.42		-340,042.99
Interest Other Accounts														239,415.42
TOTAL NET INTEREST										2,316,724.53		2,625,880.51		4,941,536.10
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION														45,022,767.75



PRINCIPAL - COLLECTIONS

											Group 2		Group 1		Total
Scheduled Principal Received											88,045.59		78,848.16		166,893.75
Curtailments											215,496.46		33,372.82		248,869.28
Prepayments In Full											17,296,197.88		22,259,170.94		39,555,368.82
Repurchased/Substitutions											0.00		0.00		0.00
Liquidations											0.00		112,035.80		112,035.80
Insurance Principal											0.00		0.00		0.00
Other Additional Principal											0.00		0.00		0.00
Delinquent Principal											-24,136.36		-23,714.26		-47,850.62
Realized Losses											-0.00		-1,936.00		-1,936.00
Advanced Principal											24,136.36		23,714.26		47,850.62
TOTAL PRINCIPAL COLLECTED											17,599,739.93		22,481,491.72		40,081,231.65


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS

										Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS										0.00		0.00		0.00





Page 8 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

INTEREST - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Interest										2,408,884.23		2,714,649.25		5,123,533.48
Repurchased/Substitution Interest										0.00		0.00		0.00
Liquidation Interest										0.00		886.95		886.95
Insurance Interest										0.00		0.00		0.00
Other Additional Interest										0.00		0.00		0.00
Prepayment Interest Shortfalls										-39,035.61		-50,447.55		-89,483.16
Delinquent Interest										-524,939.56		-713,872.28		-1,238,811.84
Compensating Interest										39,035.61		50,447.55		89,483.15
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										491,158.30		665,396.79		1,156,555.09
TOTAL INTEREST COLLECTED										2,375,102.97		2,667,060.71		5,042,163.67


INTEREST - WITHDRAWALS

										Group 2		Group 1		Total
Non-Recoverable Advances										0.00		0.00		0.00
Reimbursements to Master Servicer										0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS										0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS

										Group 2		Group 1		Total
Prepayment Charges														0.00
Interest Earnings on Prefunding Account										0.00		0.00		0.00
Deriviative Contract Receipts (Payments)										(111,548.19)		(127,867.23)		(239,415.42)
TOTAL INTEREST OTHER ACCOUNTS														239,415.42



INTEREST - FEES

										Group 2		Group 1		Total
Current Servicing Fees										133,318.45		143,153.54		276,471.99
Owner Trustee Fees										705.60		808.73		1,514.33
Indenture Trustee Fees										498.07		570.87		1,068.94
Radian PMI										35,902.58		25,085.15		60,987.73
TOTAL INTEREST FEES										169,926.63		169,047.42		340,042.99




Page 9 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES

										Group 2		Group 1		Total
Overcollateralized/(Undercollateralized) Amount														3,937,692.07
Overcollateralization Reduction Amount														0.00
Overcollateralization Deficiency Amount														338,050.21
Overcollateralization Target Amount														4,275,742.28




Page 10 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



Loan Count:


Original										2,002		1,541		3,543
Prior										2,220		1,517		3,737
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-80		-54		-134
Repurchases										-0		-0		-0
Liquidations										-0		-1		-1
Current										2,140		1,462		3,602
Principal Balance:


Original										452,016,043.34		579,986,805.90		1,032,002,849.24
Prior										498,067,232.48		570,868,337.18		1,068,935,569.66
Prefunding										0.00		0.00		0.00
Scheduled Principal										-88,045.59		-78,848.16		-166,893.75
Partial Prepayments										-215,496.46		-33,372.82		-248,869.28
Full Voluntary Prepayments										-17,296,197.88		-22,259,170.94		-39,555,368.82
Repurchases										-0.00		-0.00		-0.00
Liquidations										-0.00		-112,035.80		-112,035.80
Current										480,467,492.55		548,384,909.46		1,028,852,402.01





PREFUNDING

										Group 2		Group 1		Total
Prefunding Account Original Balance										138,138,956.66		79,858,194.10		217,997,150.76
Prefunding Account Beginning Balance										0.00		0.00		0.00
Subsequent Loans Added to the Pool										0.00		0.00		0.00
Prefund Release to Certificate Holders										0.00		0.00		0.00
Prefunding Account Ending Balance										0.00		0.00		0.00





Page 11 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Coupon Original										5.72890%		5.73152%		5.73037%
Weighted Average Coupon Prior										5.80978%		5.72293%		5.76362%
Weighted Average Coupon Current										5.80376%		5.70822%		5.75274%
Weighted Average Months to Maturity Original										356		356		356
Weighted Average Months to Maturity Prior										350		350		350
Weighted Average Months to Maturity Current										349		349		349
Weighted Avg Remaining Amortization Term Original										356		356		356
Weighted Avg Remaining Amortization Term Prior										350		350		350
Weighted Avg Remaining Amortization Term Current										349		349		349
Weighted Average Seasoning Original										3.59		3.45		3.51
Weighted Average Seasoning Prior										9.79		9.68		9.73
Weighted Average Seasoning Current										10.79		10.61		10.70









Page 12 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

ARM CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Margin Original										3.86276%		3.71843%		3.78169%
Weighted Average Margin Prior										3.82588%		3.67309%		3.74463%
Weighted Average Margin Current										3.82343%		3.65358%		3.73265%
Weighted Average Max Rate Original										11.59796%		11.57525%		11.58520%
Weighted Average Max Rate Prior										11.63748%		11.54773%		11.58976%
Weighted Average Max Rate Current										11.63519%		11.53323%		11.58069%
Weighted Average Min Rate Original										3.99236%		3.78147%		3.87390%
Weighted Average Min Rate Prior										3.96936%		3.74028%		3.84754%
Weighted Average Min Rate Current										3.96557%		3.71962%		3.83411%
Weighted Average Cap Up Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Up Prior										1.11547%		1.15688%		1.13749%
Weighted Average Cap Up Current										1.11551%		1.15956%		1.13905%
Weighted Average Cap Down Original										1.12730%		1.15414%		1.14238%
Weighted Average Cap Down Prior										1.11547%		1.15688%		1.13749%
Weighted Average Cap Down Current										1.11551%		1.15956%		1.13905%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										133,318.45		143,153.54		276,471.99
Delinquent Servicing Fees										33,781.27		48,475.49		82,256.76
TOTAL SERVICING FEES										167,099.70		191,629.01		358,728.71


Total Servicing Fees										167,099.70		191,629.01		358,728.71
Compensating Interest										-39,035.61		-50,447.55		-89,483.15
Delinquent Servicing Fees										-33,781.27		-48,475.49		-82,256.76
COLLECTED SERVICING FEES										133,318.45		143,153.54		186,988.81


Total Advanced Interest										491,158.30		665,396.79		1,156,555.09
Total Advanced Principal										24,136.36		23,714.26		47,850.62
Aggregate Advances with respect to this Distribution										515,294.66		689,111.05		1,204,405.71





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										39,035.61		50,447.55		89,483.16
Compensating Interest										-39,035.61		-50,447.55		-89,483.15
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00


Ending Pool Stated Principal Balance										480,467,492.55		548,384,909.46		1,028,852,402.01
Available Funds Rate										5.508461%		5.443570%




Page 13 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				12,528,824.06		2,781,070.96		0.00		15,309,895.02
			% Balance				1.22%		0.27%		0.00%		1.49%
			# Loans				50		8		0		58
			% # Loans				1.39%		0.22%		0.00%		1.61%
	FORECLOSURE		Balance		0.00		0.00		0.00		7,705,535.25		7,705,535.25
			% Balance		0.00%		0.00%		0.00%		0.75%		0.75%
			# Loans		0		0		0		23		23
			% # Loans		0.00%		0.00%		0.00%		0.64%		0.64%
	BANKRUPTCY		Balance		1,044,191.19		75,025.76		444,800.00		1,148,793.88		2,712,810.83
			% Balance		0.10%		0.01%		0.04%		0.11%		0.26%
			# Loans		8		1		1		3		13
			% # Loans		0.22%		0.03%		0.03%		0.08%		0.36%
	REO		Balance		0.00		0.00		0.00		1,250,532.56		1,250,532.56
			% Balance		0.00%		0.00%		0.00%		0.12%		0.12%
			# Loans		0		0		0		5		5
			% # Loans		0.00%		0.00%		0.00%		0.14%		0.14%
	TOTAL		Balance		1,044,191.19		12,603,849.82		3,225,870.96		10,104,861.69		26,978,773.66
			% Balance		0.10%		1.23%		0.31%		0.98%		2.62%
			# Loans		8		51		9		31		99
			% # Loans		0.22%		1.42%		0.25%		0.86%		2.75%









Page 14 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				6,917,610.77		2,159,953.26		0.00		9,077,564.03
			% Balance				1.26%		0.39%		0.00%		1.66%
			# Loans				20		5		0		25
			% # Loans				1.37%		0.34%		0.00%		1.71%
	FORECLOSURE		Balance		0.00		0.00		0.00		5,465,448.63		5,465,448.63
			% Balance		0.00%		0.00%		0.00%		1.00%		1.00%
			# Loans		0		0		0		10		10
			% # Loans		0.00%		0.00%		0.00%		0.68%		0.68%
	BANKRUPTCY		Balance		68,442.49		0.00		444,800.00		979,193.88		1,492,436.37
			% Balance		0.01%		0.00%		0.08%		0.18%		0.27%
			# Loans		1		0		1		2		4
			% # Loans		0.07%		0.00%		0.07%		0.14%		0.27%
	REO		Balance		0.00		0.00		0.00		828,167.78		828,167.78
			% Balance		0.00%		0.00%		0.00%		0.15%		0.15%
			# Loans		0		0		0		2		2
			% # Loans		0.00%		0.00%		0.00%		0.14%		0.14%
	TOTAL		Balance		68,442.49		6,917,610.77		2,604,753.26		7,272,810.29		16,863,616.81
			% Balance		0.01%		1.26%		0.47%		1.33%		3.08%
			# Loans		1		20		6		14		41
			% # Loans		0.07%		1.37%		0.41%		0.96%		2.80%










Page 15 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				5,611,213.29		621,117.70		0.00		6,232,330.99
			% Balance				1.17%		0.13%		0.00%		1.30%
			# Loans				30		3		0		33
			% # Loans				1.40%		0.14%		0.00%		1.54%
	FORECLOSURE		Balance		0.00		0.00		0.00		2,240,086.62		2,240,086.62
			% Balance		0.00%		0.00%		0.00%		0.47%		0.47%
			# Loans		0		0		0		13		13
			% # Loans		0.00%		0.00%		0.00%		0.61%		0.61%
	BANKRUPTCY		Balance		975,748.70		75,025.76		0.00		169,600.00		1,220,374.46
			% Balance		0.20%		0.02%		0.00%		0.04%		0.25%
			# Loans		7		1		0		1		9
			% # Loans		0.33%		0.05%		0.00%		0.05%		0.42%
	REO		Balance		0.00		0.00		0.00		422,364.78		422,364.78
			% Balance		0.00%		0.00%		0.00%		0.09%		0.09%
			# Loans		0		0		0		3		3
			% # Loans		0.00%		0.00%		0.00%		0.14%		0.14%
	TOTAL		Balance		975,748.70		5,686,239.05		621,117.70		2,832,051.40		10,115,156.85
			% Balance		0.20%		1.18%		0.13%		0.59%		2.11%
			# Loans		7		31		3		17		58
			% # Loans		0.33%		1.45%		0.14%		0.79%		2.71%









Page 16 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 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
1103323794 1
			237,500.00		236,167.78		01-Mar-2005		8.500%		MO - 95.00%		360		01-Feb-2005

1103350772 1			592,000.00		592,000.00		01-Feb-2005		6.625%		GA - 80.00%		360		01-Dec-2004
1103276291 2			129,600.00		127,964.78		01-Dec-2004		7.500%		CO - 86.40%		360		01-Aug-2004
1103342357 2			148,000.00		148,000.00		01-Mar-2005		6.440%		CO - 80.00%		360		01-Jan-2005
1103346066 2			146,400.00		146,400.00		01-Mar-2005		6.125%		CO - 80.00%		360		01-Mar-2005


TOTAL			1,253,500.00		1,250,532.56


Page 17 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 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
1103282462 1
			252,000.00		250,213.66		01-Mar-2005		7.875%		IL - 90.00%		360		01-Jan-2005

1103293199 1			436,000.00		436,000.00		01-Apr-2005		6.250%		AZ - 80.00%		360		01-Nov-2004
1103317619 1			1,130,500.00		1,130,500.00		01-Mar-2005		5.990%		FL - 70.00%		360		01-Dec-2004
1103327139 1			422,100.00		422,100.00		01-May-2005		5.375%		CA - 70.00%		360		01-Jan-2005
1103327243 1			496,200.00		496,200.00		01-Apr-2005		7.125%		NV - 80.00%		360		01-Feb-2005
1103342837 1			460,000.00		460,000.00		01-Mar-2005		7.255%		TX - 80.00%		360		01-Jan-2005
1103342901 1			520,000.00		520,000.03		01-Apr-2005		5.750%		CA - 80.00%		360		01-Jan-2005
1103344421 1			440,000.00		435,134.94		01-Apr-2005		6.490%		NV - 80.00%		360		01-Jan-2005
1103350184 1			597,800.00		597,800.00		01-Mar-2005		4.875%		CA - 70.00%		360		01-Dec-2004
2503089435 1			717,500.00		717,500.00		01-Mar-2005		5.750%		CA - 70.00%		360		01-Mar-2005
1103312654 2			216,000.00		216,000.00		01-Feb-2005		6.250%		UT - 80.00%		360		01-Dec-2004
1103317162 2			253,600.00		253,600.00		01-May-2005		4.575%		CA - 80.00%		360		01-Dec-2004
1103327994 2			202,000.00		200,616.59		01-Mar-2005		7.500%		PA - 80.00%		360		01-Feb-2005
1103331158 2			116,000.00		116,000.00		01-Apr-2005		5.990%		CA - 80.00%		360		01-Jan-2005
1103339944 2			102,400.00		101,528.08		01-May-2005		6.375%		TX - 79.08%		360		01-Feb-2005
1103340852 2			182,000.00		180,256.70		01-Apr-2005		5.750%		FL - 70.00%		360		01-Feb-2005
1103342327 2			132,000.00		132,000.00		01-Apr-2005		6.500%		AZ - 80.00%		360		01-Jan-2005
1103342337 2			137,600.00		137,600.00		01-May-2005		6.615%		AZ - 80.00%		360		01-Jan-2005
1103344608 2			150,675.00		148,991.31		01-Mar-2005		5.500%		IL - 70.00%		360		01-Jan-2005
1103373107 2			431,000.00		431,000.00		01-Mar-2005		6.625%		CA - 70.00%		360		01-Jan-2005
2503088621 2			108,500.00		108,499.76		01-Apr-2005		5.000%		GA - 70.00%		360		01-Mar-2005
3900009980 2			148,000.00		138,757.63		01-Nov-2004		9.125%		NM - 80.00%		360		01-Nov-1999
3900010170 2			80,750.00		75,236.55		01-May-2005		9.500%		TX - 95.00%		360		01-Dec-1999


TOTAL			7,732,625.00		7,705,535.25


Page 18 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


											Group 2		Group 1		Total




Current


Number of Paid in Full Loans										80		54		134
Number of Repurchased Loans										0		0		0
Total Number of Loans Prepaid in Full										80		54		134
Curtailments Amount										215,496.46		33,372.82		248,869.28
Paid in Full Balance										17,296,197.88		22,259,170.94		39,555,368.82
Repurchased Loans Balance										0.00		0.00		0.00
Total Prepayment Amount										17,511,694.34		22,292,543.76		39,804,238.10

Cumulative


Number of Paid in Full Loans										486		313		799
Number of Repurchased Loans										4		1		5
Total Number of Loans Prepaid in Full										490		314		804
Paid in Full Balance										107,160,564.14		109,463,625.84		216,624,189.98
Repurchased Loans Balance										1,191,566.33		510,400.00		1,701,966.33
Curtailments Amount										406,601.21		542,136.38		948,737.59
Total Prepayment Amount										108,758,731.68		110,516,162.22		219,274,893.90










Page 19 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

VOLUNTARY PREPAYMENTS RATES


											Group 2		Group 1		Total



SMM										3.52%		3.93%		3.73%
3 Months Avg SMM										3.37%		3.07%		3.21%
12 Months Avg SMM										2.25%		2.03%		2.13%
Avg SMM Since Cut-off										2.25%		2.03%		2.13%


CPR										34.92%		38.15%		36.67%
3 Months Avg CPR										33.75%		31.20%		32.40%
12 Months Avg CPR										23.85%		21.77%		22.76%
Avg CPR Since Cut-off										23.85%		21.77%		22.76%


PSA										1,617.92%		1,797.92%		1,714.13%
3 Months Avg PSA Approximation										1,723.19%		1,612.65%		1,665.38%
12 Months Avg PSA Approximation										1,719.09%		1,584.17%		1,649.03%
Avg PSA Since Cut-off Approximation										1,719.09%		1,584.17%		1,649.03%










Page 20 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 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 21 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 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	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103189557 2			262,500.00		262,500.00			16-Sep-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Aug-2004


1103192549 2			192,300.00		192,300.00			02-Sep-2005		4.250%		CA - 70.00%		Paid Off - 360		01-Jan-2005

1103247180 2			266,000.00		266,000.00			16-Sep-2005		6.750%		HI - 95.00%		Paid Off - 360		01-Feb-2005

1103259758 2			255,000.00		251,806.53			02-Sep-2005		4.875%		CA - 43.59%		Paid Off - 360		01-Dec-2004

1103273229 2			74,100.00		73,786.03			29-Sep-2005		9.000%		FL - 95.00%		Paid Off - 360		01-Feb-2005

1103274785 1			387,000.00		382,551.98			12-Sep-2005		5.875%		CA - 90.00%		Paid Off - 360		01-Nov-2004

1103277501 2			267,950.00		267,950.00			13-Sep-2005		6.625%		CA - 79.99%		Paid Off - 360		01-Dec-2004

1103285158 2			300,000.00		297,942.78			27-Sep-2005		6.875%		MA - 60.00%		Paid Off - 360		01-Feb-2005

1103292004 2			173,900.00		173,860.15			21-Sep-2005		5.500%		OR - 80.00%		Paid Off - 360		01-Jan-2005

1103294421 2			136,000.00		135,035.98			13-Sep-2005		7.875%		NJ - 80.00%		Paid Off - 360		01-Dec-2004

1103298011 2			145,710.00		145,710.00			20-Sep-2005		6.875%		FL - 90.00%		Paid Off - 360		01-Dec-2004

1103311569 2			187,920.00		187,920.00			26-Sep-2005		6.825%		CA - 80.00%		Paid Off - 360		01-Sep-2004

1103311591 2			187,200.00		187,200.00			16-Sep-2005		4.700%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1103318065 2			245,000.00		245,000.00			22-Sep-2005		4.750%		CA - 70.00%		Paid Off - 360		01-Jan-2005

1103318740 2			155,750.00		155,745.15			26-Sep-2005		4.500%		CA - 70.00%		Paid Off - 360		01-Nov-2004

1103322729 2			455,000.00		450,760.27			08-Sep-2005		5.250%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103323776 2			329,600.00		329,549.86			12-Sep-2005		6.250%		MA - 80.00%		Paid Off - 360		01-Feb-2005

1103324526 2			297,500.00		297,500.00			02-Sep-2005		5.750%		MA - 70.00%		Paid Off - 360		01-Jan-2005

1103325152 2			120,000.00		118,725.69			02-Sep-2005		5.500%		DE - 75.00%		Paid Off - 360		01-Feb-2005

1103327097 2			280,000.00		279,022.76			28-Sep-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103327978 2			181,000.00		181,000.00			21-Sep-2005		6.000%		CA - 69.62%		Paid Off - 360		01-Feb-2005

1103328340 2			293,300.00		293,300.00			13-Sep-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Jan-2005

1103328536 2			317,750.00		317,750.00			01-Sep-2005		7.125%		NV - 80.00%		Paid Off - 360		01-Feb-2005

1103330568 2			87,550.00		87,067.98			20-Sep-2005		7.990%		IL - 85.00%		Paid Off - 360		01-Feb-2005

1103330729 2			212,000.00		212,000.00			16-Sep-2005		7.000%		CA - 80.00%		Paid Off - 360		01-Feb-2005

1103331287 1			380,250.00		376,944.07			30-Sep-2005		5.625%		FL - 65.00%		Paid Off - 360		01-Feb-2005

1103331717 1			196,000.00		195,952.84			01-Sep-2005		5.750%		WA - 70.00%		Paid Off - 360		01-Feb-2005

1103332455 2			177,050.00		177,008.33			09-Sep-2005		4.875%		TX - 66.82%		Paid Off - 360		01-Dec-2004

1103334278 1			192,000.00		190,550.64			14-Sep-2005		6.375%		CA - 80.00%		Paid Off - 360		01-Feb-2005

1103335093 2			275,850.00		273,614.30			22-Sep-2005		6.000%		CA - 79.99%		Paid Off - 360		01-Feb-2005

1103335249 1			196,000.00		195,999.00			22-Sep-2005		5.000%		CA - 67.59%		Paid Off - 360		01-Feb-2005

1103335863 2			343,000.00		342,900.00			01-Sep-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103336007 2			132,050.00		130,881.65			14-Sep-2005		7.250%		NV - 95.00%		Paid Off - 360		01-Nov-2004

1103336137 1			640,000.00		639,765.93			12-Sep-2005		4.250%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1103336364 1			137,550.00		137,548.50			14-Sep-2005		5.500%		MD - 70.00%		Paid Off - 360		01-Feb-2005

1103336418 2			225,000.00		223,964.39			20-Sep-2005		8.875%		MD - 90.00%		Paid Off - 360		01-Feb-2005

1103336825 2			195,000.00		195,000.01			02-Sep-2005		5.250%		CA - 49.37%		Paid Off - 360		01-Feb-2005



Page 22 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103338362 1			445,160.00		445,160.00			07-Sep-2005		6.500%		MD - 80.00%		Paid Off - 360		01-Feb-2005


1103339244 1			960,000.00		957,098.00			29-Sep-2005		6.213%		FL - 80.00%		Paid Off - 360		01-Nov-2004

1103339251 1			384,000.00		379,609.34			19-Sep-2005		5.375%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1103339418 1			378,000.00		378,000.01			21-Sep-2005		5.875%		NV - 70.00%		Paid Off - 360		01-Feb-2005

1103339674 1			400,000.00		399,999.99			06-Sep-2005		6.500%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1103339882 1			416,500.00		416,500.00			27-Sep-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103340083 2			252,000.00		252,000.00			09-Sep-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103340773 2			251,300.00		251,299.32			01-Sep-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103341135 1			156,750.00		156,749.98			28-Sep-2005		6.125%		FL - 95.00%		Paid Off - 360		01-Jan-2005

1103341182 1			126,350.00		126,148.44			28-Sep-2005		6.375%		FL - 95.00%		Paid Off - 360		01-Jan-2005

1103341318 2			248,500.00		248,498.05			16-Sep-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103341339 2			273,000.00		273,000.00			21-Sep-2005		5.750%		VA - 70.00%		Paid Off - 360		01-Feb-2005

1103342146 1			411,000.00		411,000.00			27-Sep-2005		4.875%		CA - 78.28%		Paid Off - 360		01-Jan-2005

1103342237 1			94,703.00		94,023.10			01-Sep-2005		7.375%		TX - 78.43%		Paid Off - 360		01-Jan-2005

1103342307 2			119,920.00		119,920.00			16-Sep-2005		5.865%		AZ - 80.00%		Paid Off - 360		01-Jan-2005

1103342372 2			155,200.00		155,154.61			30-Sep-2005		6.865%		AZ - 79.59%		Paid Off - 360		01-Jan-2005

1103342386 2			169,000.00		168,999.97			01-Sep-2005		7.375%		IN - 85.56%		Paid Off - 360		01-Jan-2005

1103342405 2			285,600.00		285,522.17			28-Sep-2005		6.540%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103342461 2			308,000.00		308,000.00			26-Sep-2005		6.740%		OR - 80.00%		Paid Off - 360		01-Jan-2005

1103342472 2			209,000.00		208,985.73			07-Sep-2005		7.495%		MD - 95.00%		Paid Off - 360		01-Jan-2005

1103342474 2			209,934.00		209,934.00			06-Sep-2005		7.990%		FL - 90.00%		Paid Off - 360		01-Jan-2005

1103342563 2			260,000.00		260,000.00			27-Sep-2005		6.990%		CO - 80.00%		Paid Off - 360		01-Jan-2005

1103342579 2			152,109.00		152,109.00			13-Sep-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103342599 2			274,400.00		274,399.98			22-Sep-2005		5.750%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103342604 2			276,250.00		276,246.77			28-Sep-2005		7.115%		MD - 85.00%		Paid Off - 360		01-Jan-2005

1103342657 2			332,000.00		332,000.00			27-Sep-2005		5.875%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103342738 1			380,000.00		380,000.00			22-Sep-2005		6.120%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103342757 1			396,150.00		396,150.00			26-Sep-2005		6.250%		CA - 95.00%		Paid Off - 360		01-Jan-2005

1103342762 1			403,880.00		403,880.00			13-Sep-2005		5.990%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103342856 1			474,750.00		474,750.00			21-Sep-2005		5.750%		CA - 89.58%		Paid Off - 360		01-Jan-2005

1103342873 1			561,600.00		561,599.82			21-Sep-2005		6.365%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103342896 1			520,000.00		520,000.03			01-Sep-2005		5.915%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103342914 1			589,200.00		589,200.00			07-Sep-2005		6.300%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103343103 2			106,400.00		105,856.80			13-Sep-2005		6.000%		FL - 70.00%		Paid Off - 360		01-Jan-2005

1103343200 1			128,800.00		128,800.00			20-Sep-2005		5.500%		FL - 70.00%		Paid Off - 360		01-Jan-2005

1103343284 2			102,950.00		102,950.00			28-Sep-2005		6.000%		FL - 70.00%		Paid Off - 360		01-Feb-2005

1103343357 2			150,500.00		150,500.00			15-Sep-2005		5.000%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103344107 2			268,500.00		268,500.00			23-Sep-2005		4.875%		CA - 57.13%		Paid Off - 360		01-Feb-2005



Page 23 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103344256 1			437,750.00		437,749.75			30-Sep-2005		5.600%		CA - 85.00%		Paid Off - 360		01-Jan-2005


1103344388 2			301,750.00		299,679.26			27-Sep-2005		7.490%		CA - 91.44%		Paid Off - 360		01-Jan-2005

1103345017 1			988,000.00		959,526.46			01-Sep-2005		3.875%		MA - 80.00%		Paid Off - 360		01-Mar-2004

1103345032 1			736,000.00		736,000.00			30-Sep-2005		4.000%		CA - 80.00%		Paid Off - 360		01-Jun-2004

1103345375 2			332,500.00		332,500.00			15-Sep-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103346132 1			700,000.00		694,964.98			15-Sep-2005		7.250%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103346134 1			1,000,000.00		1,000,000.00			07-Sep-2005		6.250%		CA - 67.79%		Paid Off - 360		01-Jan-2005

1103346223 1			645,000.00		645,000.00			01-Sep-2005		5.500%		CA - 60.00%		Paid Off - 360		01-Jan-2005

1103346246 1			360,000.00		360,000.00			23-Sep-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103346788 2			280,000.00		280,000.00			21-Sep-2005		6.750%		CA - 78.88%		Paid Off - 360		01-Mar-2005

1103348004 2			212,000.00		212,000.00			07-Sep-2005		6.000%		CA - 80.00%		Paid Off - 360		01-Feb-2005

1103348030 2			101,850.00		101,850.00			19-Sep-2005		5.625%		AZ - 70.00%		Paid Off - 360		01-Mar-2005

1103348712 1			384,300.00		384,300.00			30-Sep-2005		4.125%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103349460 2			98,700.00		97,866.46			21-Sep-2005		6.250%		UT - 70.00%		Paid Off - 360		01-Mar-2005

1103350084 1			679,000.00		673,227.62			30-Sep-2005		5.875%		CA - 70.00%		Paid Off - 360		01-Mar-2005

1103350207 1			440,000.00		440,000.00			27-Sep-2005		6.125%		CA - 80.00%		Paid Off - 360		01-Feb-2005

1103350512 1			383,200.00		383,200.00			15-Sep-2005		6.250%		CA - 80.00%		Paid Off - 360		01-Dec-2004

1103350515 1			1,000,000.00		1,000,000.00			02-Sep-2005		6.500%		CA - 65.48%		Paid Off - 360		01-Feb-2005

1103350518 1			832,000.00		824,689.09			19-Sep-2005		5.750%		HI - 80.00%		Paid Off - 360		01-Feb-2005

1103350549 2			245,000.00		241,920.26			19-Sep-2005		5.875%		NJ - 70.00%		Paid Off - 360		01-Oct-2004

1103350605 1			119,000.00		117,833.34			23-Sep-2005		5.625%		AZ - 69.18%		Paid Off - 360		01-Jan-2005

1103350634 1			408,000.00		408,000.00			09-Sep-2005		5.500%		CA - 69.98%		Paid Off - 360		01-Jan-2005

1103350638 1			800,000.00		798,549.67			06-Sep-2005		6.500%		HI - 80.00%		Paid Off - 360		01-Jan-2005

1103350639 1			135,800.00		134,556.29			27-Sep-2005		5.990%		UT - 70.00%		Paid Off - 360		01-Jan-2005

1103350659 2			157,500.00		156,669.38			23-Sep-2005		4.750%		AZ - 60.00%		Paid Off - 360		01-Jan-2005

1103350672 1			568,000.00		567,522.90			22-Sep-2005		5.625%		NY - 80.00%		Paid Off - 360		01-Nov-2004

1103350676 2			326,250.00		325,799.79			30-Sep-2005		4.750%		CA - 75.00%		Paid Off - 360		01-Dec-2004

1103350692 1			359,925.00		359,925.00			02-Sep-2005		6.250%		CA - 75.00%		Paid Off - 360		01-Nov-2004

1103350725 2			207,000.00		205,282.44			06-Sep-2005		5.875%		CA - 60.00%		Paid Off - 360		01-Feb-2005

1103350756 1			391,200.00		391,200.00			16-Sep-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Jan-2005

1103352274 2			388,500.00		388,200.00			29-Sep-2005		6.125%		NY - 70.00%		Paid Off - 360		01-Feb-2005

1103352622 1			385,000.00		385,000.00			29-Sep-2005		5.375%		CA - 70.00%		Paid Off - 360		01-Mar-2005

1103352771 2			265,300.00		265,299.32			09-Sep-2005		6.375%		CA - 70.00%		Paid Off - 360		01-Feb-2005

1103352866 2			129,500.00		129,500.00			27-Sep-2005		5.625%		AZ - 70.00%		Paid Off - 360		01-Mar-2005

1103354878 2			105,000.00		105,000.00			29-Sep-2005		5.750%		AZ - 70.00%		Paid Off - 360		01-Jan-2005

1103354895 2			219,800.00		217,543.19			15-Sep-2005		5.375%		IL - 70.00%		Paid Off - 360		01-Jan-2005

1103354993 2			119,200.00		119,200.00			12-Sep-2005		7.125%		CA - 80.00%		Paid Off - 360		01-Feb-2005

1103355299 2			232,800.00		232,800.00			30-Sep-2005		6.000%		CA - 70.00%		Paid Off - 360		01-Mar-2005



Page 24 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

1103356369 2			143,500.00		143,500.00			14-Sep-2005		6.750%		MD - 70.00%		Paid Off - 360		01-Jan-2005


1103359717 2			214,900.00		214,900.00			23-Sep-2005		5.750%		CA - 70.00%		Paid Off - 360		01-Mar-2005

1103364545 2			109,850.00		109,850.00			15-Sep-2005		6.125%		FL - 64.61%		Paid Off - 360		01-Feb-2005

1103364555 1			649,000.00		649,000.00			27-Sep-2005		5.750%		VA - 69.68%		Paid Off - 360		01-Feb-2005

1103365340 2			288,000.00		288,000.00			09-Sep-2005		5.500%		CA - 80.00%		Paid Off - 360		01-Feb-2005

1103367591 2			350,000.00		350,000.00			08-Sep-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Feb-2005

2503089143 2			126,000.00		126,000.00			01-Sep-2005		5.750%		NV - 70.00%		Paid Off - 360		01-Feb-2005

2503090500 2			165,900.00		165,600.00			02-Sep-2005		6.000%		CA - 70.00%		Paid Off - 360		01-Feb-2005

2503092984 2			108,000.00		107,399.45			26-Sep-2005		7.250%		IL - 80.00%		Paid Off - 360		01-Mar-2005

2503093302 2			307,300.00		307,300.00			23-Sep-2005		5.625%		CA - 69.99%		Paid Off - 360		01-Mar-2005

2503094331 2			321,950.00		321,950.00			23-Sep-2005		5.500%		CA - 70.00%		Paid Off - 360		01-Mar-2005

3900009925 1			60,300.00		57,233.15			14-Sep-2005		9.500%		TX - 90.00%		Paid Off - 360		01-Sep-1999

3900009956 1			94,800.00		89,430.20			27-Sep-2005		8.500%		FL - 80.00%		Paid Off - 360		01-Oct-1999

3900009978 2			132,050.00		119,134.57			15-Sep-2005		9.625%		TX - 95.00%		Paid Off - 360		01-Nov-1999

3900009983 2			79,150.00		75,639.07			09-Sep-2005		10.375%		TX - 90.00%		Paid Off - 360		01-Nov-1999

3900010011 1			97,750.00		93,402.40			26-Sep-2005		9.875%		GA - 85.00%		Paid Off - 360		01-Feb-2000

3900010022 1			165,240.00		158,759.78			01-Sep-2005		10.500%		FL - 89.37%		Paid Off - 360		01-Nov-1999

3900010213 1			52,450.00		50,393.79			23-Sep-2005		10.250%		TN - 80.08%		Paid Off - 360		01-Jan-2000

3900010230 1			93,600.00		7,579.50			07-Sep-2005		10.125%		FL - 80.00%		Paid Off - 360		01-Apr-2000

3900010251 2			105,800.00		99,136.43			27-Sep-2005		9.500%		NY - 94.93%		Paid Off - 360		01-Feb-2000

3900010265 1			122,400.00		114,145.35			01-Sep-2005		9.500%		CT - 80.00%		Paid Off - 360		01-Mar-2000



TOTAL			39,793,951.00		39,555,368.82



Page 25 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


Current




Number of Loans Liquidated										0		1		1
Collateral Principal Realized Loss/(Gain) Amount										0.00		1,936.00		1,936.00
Collateral Interest Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds

Cumulative




Number of Loans Liquidated										0		1		1
Collateral Realized Loss/(Gain) Amount										0.00		1,936.00		1,936.00
Net Liquidation Proceeds										0.00		110,099.80		110,099.80










Page 26 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



MDR										0.00%		0.02%		0.01%
3 Months Avg MDR										0.00%		0.01%		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%		0.24%		0.13%
3 Months Avg CDR										0.00%		0.08%		0.04%
12 Months Avg CDR										0.00%		0.03%		0.01%
Avg CDR Since Cut-off										0.00%		0.03%		0.01%


SDA										0.00%		1.11%		0.59%
3 Months Avg SDA Approximation										0.00%		0.41%		0.22%
12 Months Avg SDA Approximation										0.00%		0.19%		0.10%
Avg SDA Since Cut-off Approximation										0.00%		0.19%		0.10%


Loss Severity Approximation for Current Period										0.00%		1.73%		1.73%
3 Months Avg Loss Severity Approximation										0.00%		0.58%		0.58%
12 Months Avg Loss Severity Approximation										0.00%		0.19%		0.19%
Avg Loss Severity Approximation Since Cut-off										0.00%		0.19%		0.19%












Page 27 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 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 28 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative

&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized

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

3900010222 1
			9.500%		GA - 90.00%		360		112,035.80				1,936.00		0.00



TOTAL									112,035.80			1,936.00		0.00



Page 29 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS

SPACE INTENTIONALLY LEFT BLANK



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

										Group 2		Group 1		Total
Current LIBOR Rate														3.830000%
Next LIBOR Rate														0.000000%




Page 30 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

										Next Pass Through Rate			NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			1-A-1							8.380%			$0.00		$0.00

			1-A-2							8.470%			$0.00		$0.00

			2-A-1							8.445%			$0.00		$0.00

			2-A-2							8.720%			$0.00		$0.00

			M-5-1							4.600%			$0.00		$0.00

			M-6-1							4.650%			$0.00		$0.00

			M-1-2							5.130%			$0.00		$0.00

			M-2-2							4.290%			$0.00		$0.00

			M-3-2							4.330%			$0.00		$0.00

			M-4-2							4.360%			$0.00		$0.00

			M-5-2							4.580%			$0.00		$0.00

			M-6-2							4.600%			$0.00		$0.00

			B-1							4.650%			$0.14		$0.00

			B-2							5.130%			$0.00		$0.14

			A-IO-1							0.000%			$0.00		$0.00

			A-IO-2							0.000%			$0.00		$0.00





Page 31 of 32
Impac CMB Trust 2005-1

Collateralized Asset-Backed Bonds

2005-1

October 25, 2005 Distribution
Other Related Information
ADDITIONAL INFORMATION

										Group 2		Group 1		Total
BEAR STERNS REFERENCE NUMBER FXIMP05A1														(181,214.37)
BEAR STERNS REFERENCE NUMBER FXIMP05B1														(41,184.20)
BEAR STERNS REFERENCE NUMBER FXIMP05C1														(6,814.59)
BEAR STERNS REFERENCE NUMBER FXIMP05D1														(1,316.55)
BEAR STERNS REFERENCE NUMBER FXIMP05E1														(8,885.71)
BEAR STERNS REFERENCE NUMBER FXNCC6713														0.00







Page 32 of 32

Filing Compare · IMH ASSETS CORP IMPAC CMB TRUST SERIES 2005-1