EXHIBIT 1








                          INDEPENDENT AUDITORS' CONSENT


The Board of Directors
Ambac Assurance Corporation:

         We consent to the incorporation by reference in the registration
statement (No. 333-44209) on Form S-3 of Impac Secured Assets Corp. (the
"Registrant"), and in the Prospectus Supplement of the Registrant (the
"Prospectus Supplement") via the Form 8-K of the Registrant dated September 28,
1999, of our report dated January 27, 1999 on the consolidated financial
statements of Ambac Assurance Corporation and subsidiaries as of December 31,
1998 and 1997, and for each of the years in the three-year period ended December
31, 1998, which report appears in the Form 10-K of Ambac Financial Group, Inc.
which was filed with the Securities and Exchange Commission on March 30, 1999
and to the reference to our firm under the heading "Experts" in the Prospectus
Supplement.


                                                    /s/ KPMG LLP


New York, New York
September 28, 1999