Ex-99.1 a)

INDEPENDENT ACCOUNTANTS' REPORT ON
MANAGEMENT'S ASSERTION ABOUT COMPLIANCE WITH
UNIFORM SINGLE ATTESTATION PROGRAM REQUIREMENTS


To the Board of Directors
Alliance Mortgage Company:


We have examined management's assertion about Alliance Mortgage Company's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP) as of and for the year ended December 31, 1999 included in the
accompanying management assertion. Management is responsible for Alliance
Mortgage Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Alliance Mortgage Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on Alliance Mortgage Company's compliance with
the minimum servicing standards.

In our opinion, management's assertion that Alliance Mortgage Company complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1999 is fairly stated, in all material respects.

/s/ Deloitte & Touche

Certified Public Accountants
March 17, 2000


Ex-99.1 b)

                           Independent Accountants' Report


The Board of Directors
Impac Funding Corporation:
<PAGE>

We have examined management's assertion, included in the accompanying Management
Assertion on Master Servicing (the Assertion), that, except for the
noncompliance items described in Items 3, 6 and 7 of the Assertion, Impac
Funding Corporation complied with the requirements for Master Servicer as
detailed in the Pooling and Servicing Agreements during the year ended December
31, 1999. 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. 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 Master Servicer as detailed in the Poolng and Servicing
Agreements applicable to Impac Funding Corporation during the year ended
December 31, 1999.

   *  The sub-servicers are allowed 48 hours to deposit payments into the
      protected accounts rather than 24 hours as required in the Pooling and
      Servicing Agreements.

   *  The Master Servicer does not send Bank statements to the Trustee on a
      monthly basis as required in the Pooling and Servicing Agreements.

   *  The Master Servicer does not cause sub-servicers to deny mortgage payment,
      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 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.

   *  In the Protected Account the Master Servicer did not clear reconciling
      items in a timely manner during the year ended December 31, 1999.

   *  The Master Servicer has not set-up custodial accounts under the name of
      the indenture trustee as required in the Pooling and Servicing Agreements.
<PAGE>

In our opinion, except for the items of noncompliance described in the third
paragraph above, Impac Funding Corporation complied, in all material respects,
with the aforementioned requirements for the year ended December 31, 2000. These
conditions were considered in determining the nature, timing, and extent of
audit of the 1999 consolidated financial statements, and this report does not
effect our report dated February 2, 2000, except as to Note L to the
consolidated financial statements, which is as of March 27, 2000.

This report is intended solely for the information and use of Bankers Trust
Company, Wells Fargo Bank Minnesota, National Association and LaSalle National
Bank and is not intended to be and should not be used by anyone other than these
specified parties.

/s/ KPMG

August 6, 2000