EXHIBIT 23.2
                      CONSENT OF THE INDEPENDENT AUDITORS




The Board of Directors
Impac Funding Corporation:

We consent to incorporation by reference in the registration statements (No.
333-12025 and No. 333-68128) each on Form S-8 and registration statements (No.
333-34137 and No. 333-52335) each on Form S-3 and registration statement (No.
333-63456) on Form S-3/A of Impac Mortgage Holdings, Inc. of our report dated
February 2, 2001, except as to note L to the consolidated financial statements,
which is as of March 27, 2001, relating to the consolidated balance sheets of
Impac Funding Corporation and subsidiary as of December 31, 2000 and 1999, 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, 2000, which report appears in the
December 31, 2000, annual report on Form 10-K/A of Impac Mortgage Holdings, Inc.
filed on October 15, 2001.



                                         /S/  KPMG LLP

Orange County, California
October 15, 2001