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EXHIBIT 21.1

SUBSIDIARIES OF THE REGISTRANT

Name of Subsidiary	State of Incorporation
Impac Funding Corporation		California
IMH Assets Corp.		California
Integrated Real Estate Service Corporation (1)		Maryland

(1)

IRES owns 100% of Impac Mortgage Corp., a California corporation formerly known as Excel Mortgage Servicing, Inc.

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EXHIBIT 21.1

SUBSIDIARIES OF THE REGISTRANT