EXHIBIT 5.1


                     [LETTERHEAD OF MAYER, BROWN & PLATT]



                                 April 11, 2001

Imperial Credit Industries, Inc.
23550 Hawthorne Boulevard
Bldg. 1, Suite 110
Torrance, California

Ladies and Gentlemen:

     We have acted as counsel to Imperial Credit Industries, Inc., a California
corporation (the "Company"), in connection with a Registration Statement on Form
S-3 (the "Registration Statement") relating to the sale by the Company from time
to time of up to 3,000,000 shares (the "Shares") of the Company's common stock,
no par value ("Common Stock"), upon the exercise of warrants (collectively, the
"Warrants") being issued by the Company pursuant to the settlement of the
securities class action litigation entitled In re Southern Pacific Funding
Corporation Security Litigation, Lead Case No. CV98-1239-MA, in U.S. District
Court for the District of Oregon.

     We have examined such documents and have reviewed such questions of law as
we have considered necessary or appropriate for the purposes of the opinions set
forth below.  In rendering such opinions, we have assumed the authenticity of
all documents submitted to us as originals, the genuineness of all signatures
and the conformity to authentic originals of all documents submitted to us as
copies.  We have also assumed the legal capacity for all purposes relevant
hereto of all natural persons and, with respect to all parties to agreements or
instruments relevant hereto other than the Company, that such parties had the
requisite power and authority (corporate or otherwise) to execute, deliver and
perform such agreements or instruments, that such agreements or instruments have
been duly authorized by all requisite action (corporate or otherwise), executed
and delivered by such parties and that such agreements or instruments are the
valid, binding and enforceable obligations of such parties.  As to questions of
fact material to our opinions, we have relied upon certificates and statements
of officers of the Company and of public officials.

     Based on the foregoing, we are of the opinion that the Shares initially
issuable upon exercise of the Warrants have been duly authorized and reserved
for issuance and, upon issuance, delivery and payment therefor as described in
the Registration Statement, will be validly issued, fully paid and
nonassessable.


Imperial Credit Industries, Inc.
April 11, 2001
Page 2


     Our opinions expressed herein are limited to the laws of the State of
California.

     We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to our firm under the heading "Legal
Matters" in the prospectus constituting part of the Registration Statement.


                                 Very truly yours,



                                 /s/ MAYER, BROWN & PLATT