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 and
subsidiaries ("Alliance Mortgage Company") 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, 2002 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 attestation 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, 2002 is fairly stated, in all material respects.

/s/ Deloitte & Touche LLP

March 21, 2003



Ex-99.1 b)

                          INDEPENDENT ACCOUNT'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, 2002. 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.

<PAGE>


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, 2002.

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

         o        The Uniform Single Attestation Program for Mortgage Bankers
                  (USAP) letters and sub-servicer officers certification for two
                  of the sub-servicers, Option One Mortgage Corporation and
                  Lighthouse Community Bank, were as of April 30, 2002 and
                  September 30, 2002, rather than as of December 31, 2002.

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

         o        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.

         o        The Master Servicer was unable to provide executed copies of
                  the Pooling and Servicing agreements for the CMB 2001-2 and
                  the 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.

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, 2002. These
items of material noncompliance were considered in determining the nature,
timing, and extent of the audit of the 2002 consolidated financial statements,
and this report does not effect our report dated January 29, 2003, except for
Note J of the consolidated financial statements, which is as of February 27,
2003. 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.


<PAGE>

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



April 9, 2003