Exhibit 23.1

                       CONSENT OF THE INDEPENDENT AUDITORS

The Board of Directors
Impac Mortgage Holdings, Inc.:


We consent to the incorporation by reference in Amendment No. 3 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 S to the
consolidated financial statements, which is as of March 27, 2001, relating to
the consolidated balance sheets of Impac Mortgage Holdings, Inc. and
subsidiaries as of December 31, 2000 and 1999, and the related consolidated
statements of operations and comprehensive earnings (loss), changes in
stockholders' 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

February 1, 2002