Exhibit 99.2

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KPMG LLP
Suite 700
600 Anton Boulevard
Costa Mesa, CA  92626-7651



Independent Accountant's Report



The Board of Directors
Impac Funding Corporation:

We have examined management's assertion, included in the
accompanying Management Assertions on Master Servicing, that,
except for the noncompliance items described in items 4 and 8,
Impac Funding Corporation complied with the requirements for
Master Servicer as detailed in the Pooling and Servicing Agreements
during the year ended December 31, 2003.  Management is responsible
for Impac Funding Corporation's compliance with those requirements.
Our responsibility is to express an opinion on Impac Funding
Corporation's compliance based on our examination.

Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified Public
Accountants and, accordingly, included examining, on a test basis,
evidence about Impac Funding Corporation's compliance with those
requirements and performing such other procedures, as we considered
necessary in the circumstances.  Our examination of the sub-
servicers' compliance with the Master Servicer's requirements in the
Pooling and Servicing Agreements was limited to a review of the
applicable sub-servicer agreements to confirm compliance with Master
Servicer's requirements under the applicable Pooling and Servicing
Agreements.  Our examination did not extend to the controls at the
sub-servicers.  We believe that our examination provides a reasonable
basis for our opinion.  Our examination does not provide a legal
determination on Impac Funding Corporation's compliance with specified
requirements.

Our examination disclosed the following material noncompliance with
the requirements of the Master Servicer as detailed in the Pooling and
Servicing Agreements applicable to Impac Funding Corporation during
the year ended December 31, 2003.

   * Cendant Mortgage Corporation, Countrywide Home Loans and
Option One Mortgage Corporation, sub-servicers of the Master Servicer,
are allowed 48 hours to deposit payments into the protected accounts
rather than 24 hours as required in the Pooling and Servicing Agreements.

   * The Uniform Single Attestation Program for Mortgage Bankers
(USAP) letters and sub-servicer officer's certification for two of the
sub-servicers, Homecoming and Finance America, were not available.


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  * Flagstar Bank, a sub-servicer of the Master Servicer, does
not provide a USAP letter to the Master Servicer.

   * The Master Servicer does not cause Option One Mortgage Corporation,
which is one of the Master Servicer's sub-servicers, to deny mortgage
payment forbearance for more than six months or during the last twelve
months of the mortgage note term as required in the Pooling and Servicing
Agreements.

   * The Master Servicer was unable to provide executed copies of the
Pooling and Servicing agreements for the CMB 2001-2, SAC 2001-5 and
Lehman Brothers Bank 9/1/1999 securitizations.  Instead the Master
Servicer provided unsigned copies of the agreements which they represent
are the same as the executed copies.  The Master Servicer indicated
that the executed copies were destroyed by the September 11, 2001
world trade center incident.

  *  The Master Servicer does not cause the sub-servicer to provide
an officer's certificate, regarding the liquidation of a mortgage
loan, to the trustee within five business days after it is determined
that all amounts expected to be recovered are recovered.

   * The Master Servicer did not make available sub-servicing
agreement between Master Servicer and Finance America, Master
Servicer's sub-servicer, as required by the Pooling and Servicing
Agreements.

   * The Master Servicer's custodial account bank reconciliations
contained reconciling items greater than 90 days.

In our opinion, except for the material noncompliance items described
in the third paragraph, Impac Funding Corporation complied, in all
material respects, with the aforementioned requirements for the year
ended December 31, 2003.  These items of material noncompliance were
considered in determining the nature, timing, and extent of the audit
of the 2003 consolidated financial statements, and this report does
not effect our report dated January 29, 2004, except for Note T of the
consolidated financial statements, which is as of February 15, 2004.
As discussed in Note A to the consolidated financial statements, the
Company changed its method of accounting for derivative instruments
and hedging activities in 2001.

This report is intended solely for the information and use of
Deutsche Bank Trust Company, Americas and Wells Fargo Bank Minnesota,
N.A. and is not intended to be and should not be used by anyone other
than these specified parties.

/s/ KPMG LLP
KPMG LLP

March 25, 2004

<PAGE>


MANAGEMENT ASSERTION ON MASTER SERVICING


As of and for the year ended December 31, 2003, Impac Funding Corporation has
complied in all material respects with the requirements for Master Servicer as
detailed in the Pooling and Servicing Agreements (PSA's) relating to the
securitizations as listed in the attachment to this letter, except for the
areas as detailed in this assertion.

The following is a listing of the specific requirements that the Master
Servicer complied with during the year ended December 31, 2003:


1. The Master Servicer does not assert that the sub-servicers are in
compliance with PSA's, except that the sub-servicers' agreements comply with
the requirements of the Master Servicer under the PSA's, except as noted in
the following assertions.

2. The Master Servicer has complied with the requirements as stated within
the "Collection of Taxes, Assessments and Similar Items; Servicer Accounts"
section of the Pooling and Servicing Agreement.

3. The Master Servicer has complied with the requirements as stated within the
 "Annual Statement of Compliance" section of the Pooling and Servicing
Agreement.

4. The Master Servicer has complied with the requirements as stated within
the "Collection of Mortgage Payments" section of the Pooling and Servicing
Agreement, except that:

* Cendant Mortgage Corporation, Countrywide Home Loans and Option One
Mortgage Corporation, sub-servicers of the Master Servicer, are allowed 48
hours to deposit payments into the protected accounts rather than 24 hours
as required in the PSA's.

* The Master Servicer does not cause Option One Mortgage Corporation, which
is one of the Master Servicer's sub-servicers, to deny mortgage payment
forbearance for more than six months or during the last twelve months of
the mortgage note term as required in the Pooling and Servicing Agreements.

* The Uniform Single Attestation Program for Mortgage Bankers (USAP) letters
and sub-servicer officer's certification for two of the sub-servicers,
Homecoming and Finance America, were not available.

<PAGE>

* The Master Servicer was unable to provide executed copies of the Pooling
and Servicing agreements for the CMB 2001-2, Lehman Brothers Bank 9/1/1999
and SAC 2001-5 securitizations. Instead the Master Servicer provided
unsigned copies of the agreements which they represent are the same as the
executed copies.  The Master Servicer indicated that the executed copies
were destroyed by the September 11, 2001 world trade center incident.

* Flagstar Bank, a sub-servicer of the Master Servicer, does not provide a
USAP letter to the Master Servicer.

* The Master Servicer does not cause the sub-servicer to provide an officer's
 certificate, regarding the liquidation of a mortgage loan, to the trustee
within five business days after it is determined that all amounts expected to
be recovered are recovered.

* The Master Servicer did not make available sub-servicing agreement between
 Master Servicer and Finance America, Master Servicer's sub-servicer, as
required by the Pooling and Servicing Agreements.

* The Master Servicer's custodial account bank reconciliations contained
reconciling items greater than 90 days.

5. The Master Servicer has complied with the requirements as stated within
the "Maintenance of Primary Insurance Policies; Collections Thereunder"
section of the Pooling and Servicing Agreement.

6. The Master Servicer has complied with the requirements as stated within
the "Maintenance of Hazard Insurance and Fidelity Coverage" section of
the Pooling and Servicing Agreement.

7. The Master Servicer has complied with the requirements as stated within
the "Protected Accounts" section of the Pooling and Servicing Agreement.

8. The Master Servicer has complied with the requirements as stated within
the  "Withdrawals from Collection Accounts" section of the Pooling and
Servicing Agreement, except that:

* The Master Servicer does not cause Option One Mortgage Corporation, which
is one of the Master Servicer's sub-servicers, to deny mortgage payment
forbearance for more than six months or during the last twelve months of
the mortgage note as required in the Pooling and Servicing Agreements.

<PAGE>

IMPAC FUNDING CORPORATION
March 25, 2004


/s/ Richard Johnson
Richard Johnson
Chief Financial Officer


/s/ Mario R. Fegan
Mario R. Fegan
Vice President Master Servicing


<PAGE>

Securitizations included in testwork


Securitizations

1.  IMPAC CMB 2003-1

2.  IMPAC CMB 2003-2

3.  IMPAC CMB 2003-3

4.  IMPAC CMB 2003-4

5.  IMPAC CMB 2003-5

6.  IMPAC CMB 2003-6

7.  IMPAC CMB 2003-7

8.  IMPAC CMB 2003-8

9.  IMPAC CMB 2003-9F

10.  IMPAC CMB 2003-10

11.  IMPAC CMB 2003-11

12.  IMPAC CMB 2003-12

13.  IMPAC SAC 2003-1

14.  IMPAC SAC 2003-2

15.  IMPAC SAC 2003-3

16.  WELLS FARGO WHOLE LOAN

17.  SOUNDVIEW 2003-2