Fitch Rts Impac Secured Assets Corp. $196MM Mtge P-T 2001-8.

Business Editors & Analysts

NEW YORK--(BUSINESS WIRE)--Dec. 31, 2001

Fitch rates Impac Secured Assets Corp. $196 million mortgage pass-through certificates, series 2001-8 as follows: $186.6 million classes A-1 through A-7, A- IO, A-PO, and R (senior certificates) `AAA', $5.5 million class M-1 certificates `AA', $3.1 million class M-2 certificates `A', and $1.5 million class M-3 certificates `BBB'.

Credit enhancement for the senior certificates reflects the 6.75% subordination provided by the underlying class M-1, M- 2, M-3 & the privately offered class B certificates. The rating on the class M-1 certificates reflects the 4% subordination provided by the class M-2, M-3, and B certificates. The rating on the class M-2 certificates reflects the 2.45% subordination provided by the class M-3 and B certificates. The rating on the class M-3 certificates reflects 1.70% subordination provided by the class B certificates. Excess interest is not available as credit enhancement for this transaction. The ratings on all the certificates also reflect the quality of the underlying collateral; the soundness of the legal and financial structures; and Impac Funding Corp. and Countrywide Home Loans, Inc., as master servicer and subservicer, respectively.

Most of the loans with original loan-to-value ratio (OLTV) greater than 80% are insured either by a Primary Insurance Policy or a Radian Lender-Paid PMI Policy.

The trust consists of one- to four- family, 30-year fixed- rate, fully amortizing mortgage loans secured by first liens on residential properties with an aggregate principal balance of $200,076,924 as of the cut-off date. The average unpaid principal balance of the loans is approximately $180,575 and the weighted average mortgage rate is approximately 8.034%. The pool demonstrates a weighted average OLTV of 78.79%. Loans originated under Impac's reduced documentation programs account for approximately 89.77% of the pool, cash-out refinance loans 36.62%, and investor owned homes 7.92%. California and Florida represent the largest state concentrations of approximately 51.10% and 19.02%, respectively.

All of the mortgage loans will initially be subserviced by Wendover Financial Services Corporation (Wendover). However, the Master Servicer has entered into a contract to transfer the subservicing of the mortgage loans to Countrywide Home Loans, Inc. on or about March 1, 2002. Wendover has a Fitch servicer rating of `RPS2-` for Alt-A products and Countrywide Home Loans, Inc. has a Fitch servicer rating of `RPS1' for Alt-A products.

The trust was established for the sole purpose of issuing the certificates. For federal income tax purposes, an election will be made to treat the trust fund as multiple real estate mortgage investment conduit (REMIC).