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-
38517) each on Form S-3 of Impac Mortgage Holdings, Inc. of our report dated
February 9, 1998, relating to the balance sheets of Impac Funding Corporation as
of December 31, 1997 and 1996, and the related statements of operations, changes
in shareholders' equity and cash flows for each of the years in the three-year
period ended December 31, 1997, which report appears in the December 31, 1997
annual report on Form 10-K of Impac Mortgage Holdings, Inc.

/s/ KPMG Peat Marwick LLP

Orange County, California
March 27, 1998