EXHIBIT 23.2



                       CONSENT OF THE INDEPENDENT AUDITORS

The Board of Directors
Impac Funding Corporation:

     We consent to the incorporation by reference in the registration statements
(No. 333-83560) on Form S-8 and registration statement (No. 333-74432) on Form
S-3 of Impac Mortgage Holdings, Inc., of our report dated January 28, 2002,
relating to the consolidated balance sheets of Impac Funding Corporation and
subsidiary as of December 31, 2001 and 2000, and the related consolidated
statements of operations and comprehensive earnings (loss), changes in
shareholders' equity and cash flows for each of the years in the three-year
period ended December 31, 2001, which report appears in the December 31, 2001,
annual report on Form 10-K of Impac Mortgage Holdings, Inc.

     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.


                                                  KPMG LLP


Orange County, California
April 1, 2002