Exhibit 23.2



                       CONSENT OF THE INDEPENDENT AUDITORS




The Board of Directors
Impac Funding Corporation:


We consent to the incorporation by reference in the Registration Statement on
Form S-3 of Impac Mortgage Holdings, Inc., dated January 16, 2002, 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 of Impac Mortgage Holdings,
Inc. filed on March 30, 2001, as amended by Form 10-K/A filed on October 17,
2001 and as amended by Form 10-K/A filed on January 16, 2002 and to the
reference to our firm under the heading "Experts" in the prospectus.


                                               /s/ KPMG LLP

Orange County, California

January 15, 2002