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 January 16, 2002.

                                               /s/ KPMG LLP

Orange County, California
January 15, 2002