Exhibit 23.1


                         INDEPENDENT AUDITORS' CONSENT

The Board of Directors
Impac Mortgage Holdings, Inc.
    
We consent to the use of our report, dated February 9, 1998, incorporated herein
by reference and to the reference to our firm under the heading "Experts" in the
Prospectus.     

    
                                            /s/ KPMG Peat Marwick LLP     


Orange County, California
    
April 23, 1998