Exhibit 23.2



                      CONSENT OF THE INDEPENDENT AUDITORS



   We consent to the incorporation by reference in the Post-Effective Amendment
No. 1 to the registration statement (No. 333-74432) on Form S-3 of Impac
Mortgage Holdings, Inc. of our report dated January 28, 2002 relating to the
consolidated balance sheets of Impac Funding Corporation and subsidiaries as of
December 31, 2001 and 2000, 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, 2001, which report appears in the December 31, 2001, annual report on Form
10-K of Impac Mortgage Holdings, Inc. filed on April 1, 2002 and to the
reference to our firm under the heading "Experts" in the Prospectus.



   Our report refers to a change in the method of accounting for derivative
instruments activities in 2001.



                                          /s/ KPMG LLP


Orange County, California


April 30, 2002


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