Exhibit 23.2



                       CONSENT OF THE INDEPENDENT AUDITORS




The Board of Directors
Impac Funding Corporation:


We consent to the incorporation by reference in Amendment No. 2 to the
Registration Statement (No. 333-74432) on Form S-3 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
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 and the prospectus supplement.



                                               /s/ KPMG LLP

Orange County, California

January 31, 2002