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

                                    FORM 10-K

     [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

     For the fiscal year ended December 31, 2007

     [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     ACT OF 1934

     For the transition period to __________ from _______________

     Commission file number of issuing entity: 333-131328-05

                        Impac Secured Assets Trust 2007-1
          (Exact name of Issuing Entity as specified in its Charter)

                            Impac Secured Assets Corp.
           (Exact name of depositor as specified in its Charter)

                            Impac Funding Corporation
             (Exact name of sponsor as specified in its Charter)

                                                            20-8482208
                                                            20-8482240
                  California                                20-8482275
           (State or other jurisdiction                  (I.R.S. Employer
         incorporation or organization                Identification Number)
               of issuing entity)                        of issuing entity)

          19500 Jamboree Road
          Irvine, California                                    92612
 (Address of principal executive offices                     (Zip Code of
         of issuing entity)                                issuing entity)

            Issuing Entity's telephone number, including area code:
                               (949) 475-3600

          Securities registered pursuant to Section 12(b) of the Act:
                                     None.

          Securities registered pursuant to Section 12(g) of the Act:
                                     None.

     Indicate by check mark if the registrant is a well-known seasoned
     issuer, as defined in Rule 405 of the Securities Act.  Yes [ ]  No[X]

     Indicate by check mark if the registrant is not required to file
     reports pursuant to Section 13 or Section 15(d) of the Act.  Yes[ ] No[X]

     Indicate by check mark whether the registrant (1) has filed all reports
     required to be filed by Section 13 or 15(d) of the Securities Exchange
     Act of 1934 during the preceding 12 months (or for such shorter period
     that the registrant was required to file such reports), and (2) has been
     subject to such filing requirements for the past 90 days.  Yes [X]  No [ ]

     Indicate by check mark if disclosure of delinquent filers pursuant to
     Item 405 of Regulation S-K (Section 229.405 of this chapter) is not
     contained herein, and will not be contained, to the best of the
     registrant's knowledge, in definitive proxy or information statements
     incorporated by reference in Part III of this Form 10-K or any amendment
     to this Form 10-K.                         Not Applicable.

     Indicate by check mark whether the registrant is a large accelerated
     filer, an accelerated filer, or a non-accelerated filer or a smaller
     reporting company.  See definitions of "large accelerated filer,"
     "accelerated filer" and "smaller reporting company" in Rule 12b-2
     of the Exchange Act.  (Check One):

      Large accelerated filer [  ]  Accelerated Filer [  ]
      Non-accelerated Filer [X] (Do not Check if a smaller reporting company)
      Smaller reporting company [  ]

     Indicate by check mark whether the registrant is a shell company (as
     defined in rule 12b-2 of the Act).  [  ] Yes  [X] No

     State the aggregate market value of the voting and non-voting common
     equity held by non-affiliates computed by reference to the price at
     which the common equity was last sold, or the average bid and asked
     price of such common equity, as of the of the last business day of
     the registrant's most recently completed second fiscal quarter

     Not Applicable.

     DOCUMENTS INCORPORATED BY REFERENCE

       List hereunder the following documents if incorporated by reference
     and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which
     the document is incorporated:  (1) Any annual report to security holders;
     (2) Any proxy or information statement; and (3) Any prospectus filed
     pursuant to Rule 424(b) or (c) under the Securities Act of 1933.  The
     listed documents should be clearly described for identification purposes
     (e.g., annual report to security holders for fiscal year ended
     December 24, 1980).

     See Part IV, Item 15.

                                     PART I

     ITEM 1.  Business.

     Omitted.

     ITEM 1A.  Risk Factors.

     Omitted.

     ITEM 1B.  Unresolved Staff Comments.

     None.

     ITEM 2.  Properties.

     Omitted.

     ITEM 3.  Legal Proceedings.

     Omitted.

     ITEM 4.  Submission of Matters to a Vote of Security Holders.

     Omitted.

                                     PART II

     ITEM 5.  Market for Registrant's Common Equity, Related Stockholder
     Matters and Issuer Purchases of Equity Securities.

     Omitted.

     ITEM 6.  Selected Financial Data.

     Omitted.

     ITEM 7.  Management's Discussion and Analysis of Financial Condition and
     Results of Operations.

     Omitted.

     ITEM 7A.  Quantitative and Qualitative Disclosures About Market Risk.

     Omitted.

     ITEM 8.  Financial Statements and Supplementary Data.

     Omitted.

     ITEM 9.  Changes in and Disagreements with Accountants on Accounting and
     Financial Disclosure.

     Omitted.

     ITEM 9A.  Controls and Procedures.

     Omitted.

     ITEM 9A(T).  Controls and Procedures.

     Omitted.

     ITEM 9B. Other Information.

     Not Applicable.

                                     PART III

     ITEM 10.  Directors, Executive Officers and Corporate Governance.

     Omitted.

     ITEM 11.  Executive Compensation.

     Omitted.

     ITEM 12.  Security Ownership of Certain Beneficial Owners and Management
               and Related Stockholder Matters.

     Omitted.

     ITEM 13.  Certain Relationships and Related Transactions, and
               Director Independence.

     Omitted.

     ITEM 14.  Principal Accounting Fees and Services.

     Omitted.

              ADDITIONAL ITEMS REQUIRED BY GENERAL INSTRUCTION J(2)

     Item 1112(b) of Regulation AB, Significant Obligor Financial Information.

     None.

     Item 1114(b)(2) of Regulation AB , Significant Enhancement
     Provider Information.

     No entity or group of affiliated entities provides any external credit
     enhancement or other support for the certificates within this
     transaction as described under Item 1114 of Regulation AB.

     Item 1115(b) of Regulation AB , Significant Enhancement
     Provider Information.

     Bear Stearns Financial Products Inc. provides a cap contract and swap
     to the trust as disclosed in a 424(b)(5) filing dated February 23, 2007.
     No additional disclosure is necessary because the significance
     percentage for the cap contract and swap is less than 10%.

     Item 1117 of Regulation AB, Legal Proceedings.

     The information regarding this item has been previously filed in a
     424(b)(5) filing dated February 23, 2007.  No applicable updates.

     Item 1119 of Regulation AB, Affiliations and Certain Relationships and
     Related Transactions.

     The information regarding this item has been previously filed in a
     424(b)(5) filing dated February 23, 2007.

     On March 16, 2008, JPMorgan Chase & Co. ("JPMorgan Chase") announced that
     it had entered into an Agreement and Plan of Merger, dated March 16, 2008
     (the "Agreement and Plan of Merger"), and subsequently amended by
     Amendment No. 1 to the Agreement and Plan of Merger, dated as of March
     24, 2008 (such amendment, together with the Agreement and Plan of Merger,
     the "Merger Agreement"), with The Bear Stearns Companies Inc., the parent
     company of the Bear Stearns Financial Products Inc. The Merger Agreement
     provides that, upon the terms and subject to the conditions set forth in
     Merger Agreement, a wholly-owned subsidiary of JPMorgan Chase will merge
     with and into The Bear Stearns Companies Inc. with The Bear Stearns
     Companies Inc. continuing as the surviving corporation and as a wholly-
     owned subsidiary of JPMorgan Chase.  The Merger Agreement has been
     approved by the Boards of Directors of The Bear Stearns Companies Inc.
     and JPMorgan Chase and is subject to customary closing conditions,
     including stockholder approval.  The Federal Reserve, the Office of the
     Comptroller of the Currency and other federal agencies have given all
     necessary approvals for the merger.  The merger is expected to be
     completed by the end of the second calendar year quarter of 2008, however
     there can be no assurance that the merger will close as contemplated.

     In connection with the Merger Agreement, JPMorgan Chase issued an Amended
     and Restated Guaranty Agreement, effective as of March 16, 2008 (the
     "Guaranty"), guaranteeing the obligations and liabilities of The Bear
     Stearns Companies Inc. and certain of its affiliates, including Bear
     Stearns Financial Products Inc.'s obligations under interest rate swap
     Agreement and cap contracts.  A copy of the Guaranty is filed as Exhibit
     99.1 to this Form 10-K.  Except with respect to the addition of this
     Guaranty, the terms and conditions of the interest rate swap agreement
     and cap contract remain unchanged.

     JPMorgan Chase is a financial holding company incorporated under Delaware
     law, whose principal office is located in New York, New York.  JPMorgan
     Chase services include investment banking, financial services for
     consumers, small business and commercial banking, financial transaction
     processing, asset management, and private equity. A component of the Dow
     Jones Industrial Average, JPMorgan Chase serves millions of consumers in
     the United States and many of the world's corporate, institutional and
     government clients under its JPMorgan and Chase brands.

     Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria

     The Master Servicer has reviewed Item 1122 of Regulation AB and determined
     that there were two instances of noncompliance by the Master Servicer with
     respect to the Platform:

        a. Item 1122 (d)(1)(i)  with respect to monitoring of performance
           triggers and events of default.

        b. Item 1122 (d)(2)(vii) with respect to reconciliations being prepared
           within 30 calendar days or such other number of days as specified in
           the transaction agreements.

     See Item 15 for further discussion.

     Item 1123 of Regulation AB, Servicer Compliance Statement

     The Master Servicer has reviewed Item 1123 of Regulation AB and determined
     that there were two instances of noncompliance by the Master Servicer with
     respect to the transaction:

        a. Item 1122 (d)(1)(i)  with respect to monitoring of performance
           triggers and events of default.

        b. Item 1122 (d)(2)(vii) with respect to reconciliations being prepared
           within 30 calendar days or such other number of days as specified in
           the transaction agreements.

     See Item 15 for further discussion.

                                     PART IV

     ITEM 15. Exhibits, Financial Statement Schedules.

     (a) List the following documents filed as a part of the report:

         (1) Not Applicable.

         (2) Not Applicable.

         (3) Exhibits.

             1.1 Underwriting Agreement, dated February 14, 2007 among Impac
             Funding Corporation, Impac Secured Assets Corp., Impac Mortgage
             Holdings Inc., Countrywide Securities Corporation, Bear, Stearns
             & Co. Inc. and Merrill Lynch & Co.  (As previously filed on Form
             8-K filed on March 12, 2007 and hereby incorporated by reference
             into this report on Form 10-K)

             4.1 Pooling and Servicing Agreement, dated as of February 1, 2007
             among Impac Secured Assets Corp., Impac Funding Corporation and
             Deutsche Bank National Trust Company.  (As previously filed on
             Form 8-K filed on March 12, 2007 and hereby incorporated by
             reference into this report on Form 10-K)

             Exhibit 33.1 Impac Funding Corporation's Annual Report on
             Assessment of Compliance for Year End December 31, 2007.

             Exhibit 33.2 Countrywide Financial Corporation's Annual
             Report on Assessment of Compliance for Year End
             December 31, 2007.

             Exhibit 33.3 Deutsche Bank National Trust Company's Annual Report
             on Assessment of Compliance for Year End December 31, 2007.

             Exhibit 34.1 Impac Funding Corporation's Annual Attestation
             Report on Assessment of Compliance with Servicing Criteria for
             Year End December 31, 2007.

             Exhibit 34.2 Countrywide Financial Corporation's Annual
             Attestation Report on Assessment of Compliance with Servicing
             Criteria for Year End December 31, 2007.

             Exhibit 34.3 Deutsche Bank National Trust Company's Annual
             Attestation Report on Assessment of Compliance with Servicing
             Criteria for Year End December 31, 2007.

             Exhibit 35.1 Impac Funding Corporation's Annual Statement of
             Compliance for Year End December 31, 2007.

             Exhibit 35.2 Countrywide Home Loans Servicing LP's Annual
             Statement of Compliance for Year End December 31, 2007.

     (b) See (a) above.

     (c) Not Applicable.




                              SIGNATURE

          Pursuant to the requirements of Section 13 or 15(d) of the
          Securities Exchange Act of 1934, the Registrant has
          duly caused this report to be signed on its behalf by
          the undersigned, thereunto duly authorized.


                             By: Impac Funding Corporation,
                             as Master Servicer on behalf of the Registrant



                             By:  /s/ Mario Fegan
                              Mario Fegan
                             (Senior Officer in Charge of
                              the Servicing Function of the Master Servicer)




     Date: March 31, 2008

     EXHIBIT INDEX

     Exhibit Document

      1.1 Underwriting Agreement, dated February 14, 2007 among Impac
      Funding Corporation, Impac Secured Assets Corp., Impac Mortgage
      Holdings Inc., Countrywide Securities Corporation, Bear, Stearns
      & Co. Inc. and Merrill Lynch & Co.  (As previously filed on Form
      8-K filed on March 12, 2007 and hereby incorporated by reference
      into this report on Form 10-K)

      4.1 Pooling and Servicing Agreement, dated as of February 1, 2007
      among Impac Secured Assets Corp., Impac Funding Corporation and
      Deutsche Bank National Trust Company.  (As previously filed on
      Form 8-K filed on March 12, 2007 and hereby incorporated by
      reference into this report on Form 10-K)

      31 Section 302 Certification.

      33.1 Impac Funding Corporation's Annual Report on Assessment of
           Compliance for Year End December 31, 2007.

      33.2 Countrywide Financial Corporation's Annual Report on Assessment
           of Compliance for Year End December 31, 2007.

      33.3 Deutsche Bank National Trust Company's Annual Report on Assessment
           of Compliance for Year End December 31, 2007.

      34.1 Attestation Report on Assessment of Compliance with Servicing
           Criteria for Impac Funding Corporation's Report for Year End
           December 31, 2007.

      34.2 Attestation Report on Assessment of Compliance with Servicing
           Criteria for Countrywide Financial Corporation's Report for Year
           End December 31, 2007.

      34.3 Attestation Report on Assessment of Compliance with Servicing
           Criteria for Deutsche Bank National Trust Company's Annual Report
           for Year End December 31, 2007.

      35.1 Impac Funding Corporation's Annual Statement of Compliance for
           Year End December 31, 2007.

      35.2 Countrywide Home Loans Servicing LP's Annual Statement of
           Compliance for Year End December 31, 2007.