EXHIBIT 23.1



                      CONSENT OF THE INDEPENDENT AUDITORS



The Board of Directors
Impac Mortgage Holdings, Inc.:

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
February 2, 2001, except 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.



                                                 KPMG LLP



Orange County, California
March 30, 2001