Exhibit 23.2

                        CONSENT OF INDEPENDENT AUDITORS


The Board of Directors
Impac Funding Corporation:

We consent to incorporation by reference in the registration statements (No.
333-12025) on Form S-8 and registration statements (No. 333-34137 and No.
333-52335) each on Form S-3 of Impac Mortgage Holdings, Inc. of our report
dated January 31, 2000, relating to the consolidated balance sheets of Impac
Funding Corporation as of December 31, 1999 and 1998, 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, 1999, which report appears in the December 31, 1999
annual report on Form 10-K of Impac Mortgage Holdings, Inc.





                                        /s/
                                        KPMG LLP


Orange County, California
March 20, 2000