EXHIBIT 23.1

                         INDEPENDENT AUDITORS' CONSENT

   We consent to the incorporation by reference in this Amendment No. 1 to the
Registration Statement of Apex Mortgage Capital, Inc. on Form S-2 of our report
dated February 9, 2001, included and incorporated by reference in the Annual
Report on Form 10-K of Apex Mortgage Capital, Inc. for the year ended December
31, 2000, and to the use of our report dated February 9, 2001, appearing in the
prospectus, which is part of this Registration Statement. We also consent to
the reference to us under the heading "Experts" in such prospectus.


/s/ DELOITTE & TOUCHE LLP

Los Angeles, California

September 24, 2001