Document:

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                           IMPAC SECURED ASSETS CORP.,
                                  as Depositor,

                           IMPAC FUNDING CORPORATION,
                               as Master Servicer,

                                       and

                    BANKERS TRUST COMPANY OF CALIFORNIA, N.A.
                                   as Trustee

                        ---------------------------------

                           AMENDMENT NO. 1 dated as of
                            February 15, 2001 to the

                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 1997

                        ---------------------------------

                       Mortgage Pass-Through Certificates

                                  Series 1997-1

================================================================================

<PAGE>

          AMENDMENT NO. 1 made as of this 15th day of February 2001, among Impac
Secured Assets Corp. (the "Depositor"), Impac Funding Corporation, as master
servicer (the "Master Servicer"), and Bankers Trust Company of California, N.A.,
as trustee (the "Trustee").

                          W I T N E S S E T H

          WHEREAS, the Depositor, the Trustee and the Master Servicer entered
into a Pooling and Servicing Agreement (the "Agreement") dated as of March 1,
1997, relating to the issuance of Mortgage Pass-Through Certificates, Series
1997-1; and

          WHEREAS, the Depositor, the Master Servicer and the Trustee desire to
amend the terms of the Agreement pursuant to and in accordance with Section
11.02 of the Agreement.

          NOW, THEREFORE, in consideration of the mutual premises and agreements
herein, the Depositor, the Master Servicer and the Trustee agree as follows:

     1. Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Agreement.

     2. The first sentence of the first paragraph of Section 5.07 of the
Agreement is amended by deleting the clause "or Class B" and substituting in its
place the following: ", Class B-4, Class B-5 or Class B-6".

                                        i

<PAGE>

         IN WITNESS WHEREOF, the Depositor, the Master Servicer and the Trustee
have caused their duly authorized representatives to execute and deliver this
instrument as of the date first above written.

                                   IMPAC SECURED ASSETS CORP.

                                   By: /s/ Richard J. Johnson
                                      -----------------------------------------
                                   Name:  Richard J. Johnson
                                   Title: Executive Vice President and Chief
                                          Financial Officer

                                   IMPAC FUNDING CORPORATION

                                   By: /s/ Lisa A. Duehring
                                      -----------------------------------------
                                   Name:  Lisa A. Duehring
                                   Title: Senior Vice President

                                   BANKERS TRUST COMPANY OF CALIFORNIA,
                                   N.A.

                                   By: /s/ Paul T. Liu
                                      -----------------------------------------
                                   Name:  Paul T. Liu
                                   Title: Vice President

                                       ii--------------------------------------------------------------------------------
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                           IMPAC SECURED ASSETS CORP.,
                                  as Depositor,

                           IMPAC FUNDING CORPORATION,
                               as Master Servicer,

                                       and

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,
                                   as Trustee

                        ---------------------------------

                           AMENDMENT NO. 1 dated as of
                            February 15, 2001 to the

                         POOLING AND SERVICING AGREEMENT

                          Dated as of December 1, 1999

                        ---------------------------------

                       Mortgage Pass-Through Certificates

                                  Series 1999-2

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

<PAGE>

                  AMENDMENT NO. 1 made as of this 15th day of February 2001,
among Impac Secured Assets Corp. (the "Depositor"), Impac Funding Corporation,
as master servicer (the "Master Servicer"), and Wells Fargo Bank Minnesota,
National Association, as trustee (the "Trustee").

                               W I T N E S S E T H
                               - - - - - - - - - -

                  WHEREAS, the Depositor, the Trustee and the Master Servicer
entered into a Pooling and Servicing Agreement (the "Agreement") dated as of
December 1, 1999, relating to the issuance of Mortgage Pass-Through
Certificates, Series 1999-2; and

                  WHEREAS, the Depositor, the Master Servicer and the Trustee
desire to amend the terms of the Agreement pursuant to and in accordance with
Section 11.01 of the Agreement.

                  NOW, THEREFORE, in consideration of the mutual premises and
agreements herein, the Depositor, the Master Servicer and the Trustee agree as
follows:

         1. Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Agreement.

         2. The second paragraph of Section 5.02(d) is hereby amended to read as
follows:

         Any person purchasing a Class M Certificate shall be deemed to have
represented that either: (i) such person is not a Plan subject to ERISA or the
Code (or comparable provisions of any subsequent enactments) and is not acting,
directly or indirectly, on behalf of any such Plan or acquiring such Certificate
with Plan Assets; (ii) it has acquired and is holding such Class M Certificates
in reliance on the availability of Prohibited Transaction Exemption 2000-58 with
respect to the purchase, sale and holding of such Certificates and the
servicing, operation and management of the Trust, and that it understands that
there are certain conditions to the availability of the Prohibited Transaction
Exemption 2000-58, including that the Class M Certificates must be rated, at the
time of purchase, not lower that "BBB-" (or its equivalent) by Standard &
Poor's, Fitch or Moody's Investors Service, Inc; or (iii) the purchase of such
Certificate is permissible under applicable law, will not constitute or result
in any non-exempt prohibited transaction under ERISA or Section 4975 of the
Code, will not subject the Depositor, the Trustee or the Master Servicer tany
obligation or liability (including obligations or liabilities under ERISA or
Section 4975 of the Code) in addition to those undertaken in this Agreement and
the exemptive relief granted by the DOL pursuant to Prohibited Transaction Class
Exemption 95-60 is available with respect to the purchase, sale and holding of
such Certificate.

         3. With respect to the Form of Class M Certificate provided as Exhibit
B-1, the third paragraph of the face of the certificate is hereby deleted in its
entirety, and the sixth paragraph othe body of the certificate are hereby
amended to read according to the paragraph above.

                                        i

<PAGE>

         IN WITNESS WHEREOF, the Depositor, the Master Servicer and the Trustee
have caused their duly authorized representatives to execute and deliver this
instrument as of the date first above written.

                                     IMPAC SECURED ASSETS CORP.

                                     By:  /s/ Richard J. Johnson
                                        ----------------------------------------
                                     Name:    Richard J. Johnson
                                     Title:   Executive Vice President and Chief
                                              Financial
                                              Officer

                                     IMPAC FUNDING CORPORATION

                                     By:  /s/ Lisa A. Duehring
                                        ----------------------------------------
                                     Name:    Lisa A. Duehring
                                     Title:   Senior Vice President

                                     WELLS FARGO BANK MINNESOTA, NATIONAL
                                     ASSOCIATION

                                     By:  /s/ Barry L. Akers
                                        ----------------------------------------
                                     Name:    Barry L. Akers
                                     Title:   Vice President

                                       ii--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                           IMPAC SECURED ASSETS CORP.,
                                  as Depositor,

                           IMPAC FUNDING CORPORATION,
                               as Master Servicer,

                                       and

                    BANKERS TRUST COMPANY OF CALIFORNIA, N.A.
                                   as Trustee

                        ---------------------------------

                           AMENDMENT NO. 1 dated as of
                            February 15, 2001 to the

                         POOLING AND SERVICING AGREEMENT

                            Dated as of June 1, 1998

                        ---------------------------------

                       Mortgage Pass-Through Certificates

                                  Series 1998-2

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

<PAGE>

                  AMENDMENT NO. 1 made as of this 15th day of February 2001,
among Impac Secured Assets Corp. (the "Depositor"), Impac Funding Corporation,
as master servicer (the "Master Servicer"), and Bankers Trust Company of
California, N.A., as trustee (the "Trustee").

                               W I T N E S S E T H
                               - - - - - - - - - -

                  WHEREAS, the Depositor, the Trustee and the Master Servicer
entered into a Pooling and Servicing Agreement (the "Agreement") dated as of
June 1, 1998, relating to the issuance of Mortgage Pass-Through Certificates,
Series 1998-2; and

                  WHEREAS, the Depositor, the Master Servicer and the Trustee
desire to amend the terms of the Agreement pursuant to and in accordance with
Section 11.01 of the Agreement.

                  NOW, THEREFORE, in consideration of the mutual premises and
agreements herein, the Depositor, the Master Servicer and the Trustee agree as
follows:

         1. Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Agreement.

         2. The second paragraph of Section 5.02(d) of the Agreement is amended
to read as follows:

         Any person purchasing a Class M or Residual Certificate shall be deemed
to have represented that either: (i) such person is not a Plan subject to ERISA
or the Code (or comparable provisions of any subsequent enactments) and is not
acting, directly or indirectly, on behalf of any such Plan or acquiring such
Certificate with Plan Assets; (ii) in the case of the Class M Certificate, it
has acquired and is holding such Class M Certificates in reliance on the
availability of Prohibited Transaction Exemption 2000-58 with respect to the
purchase, sale and holding of such Certificates and the servicing, operation and
management of the Trust, and that it understands that there are certain
conditions to the availability of the Prohibited Transaction Exemption 2000-58,
including that the Class M Certificates must be rated, at the time of purchase,
not lower that "BBB-" (or its equivalent) by Standard & Poor's, Fitch or Moody's
Investors Service, Inc; or (iii) the purchase of such Certificate is permissible
under applicable law, will not constitute or result in any non-ex prohibited
transaction under ERISA or Section 4975 of the Code, will not subject the
Depositor, the Trustee or the Master Servicer to any obligation or liability
(including obligations or liabilities under ERISA or Section 4975 of the Code)
in addition to those undertaken in this Agreement and the exemptive relief
granted by the DOL pursuant to Sections I and III of Prohibited Transaction
Class Exemption 95-60 is available with respect to the purchase, sale and
holding of such Certificate.

         4. With respect to the Form of Class M Certificate provided as Exhibit
B-1, the third paragraph of the face of the Certificate and the sixth paragraph
of the body of the Certificate is hereby amended to read according to the
paragraph above.

                                        i

<PAGE>

         IN WITNESS WHEREOF, the Depositor, the Master Servicer and the Trustee
have caused their duly authorized representatives to execute and deliver this
instrument as of the date first above written.

                             IMPAC SECURED ASSETS CORP.

                             By: /s/ Richard Johnson
                                ------------------------------------------------
                             Name:   Richard Johnson
                             Title:  Chief Financial Officer and Executive Vice
                                     President

                             IMPAC FUNDING CORPORATION

                             By: /s/ Lisa A. Duehring
                                ------------------------------------------------
                             Name:   Lisa A. Duehring
                             Title:  Senior Vice President

                                      BANKERS TRUST COMPANY OF
                                      CALIFORNIA,
                                      N.A.

                             By: /s/ Paul T. Liu
                                ------------------------------------------------
                             Name:   Paul T.Liu
                             Title:  Vice President

                                       ii

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