News Release

NEWPORT BEACH, Calif., Jan. 31 /PRNewswire/ -- Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (Amex: IMH) (the "Company"), a Maryland corporation, being taxed as a Real Estate Investment Trust ("REIT") is pleased to announce the scheduling of a conference call and live web cast on Monday, February 5, 2001 at 9:30 a.m. Pacific (12:30 p.m. Eastern). Mr. Joseph Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc., will discuss the results of the Company's fourth quarter earnings, which will be released at the close of the market on Friday, February 2, 2001, and to provide a general update on the Company. The conference call will be limited to discussion by certain buyside and sellside analysts and open for listen only to all those other parties interested.

To participate in the call, please dial in up to fifteen minutes prior to the scheduled start time. You may access the call via:

Internet Webcast Access: http://www.impaccompanies.com / Impac Mortgage Holdings, Inc. / Audio Archives.

or

The dial-in number is 800-344-0705.

The conference call will be archived on Impac Mortgage Holdings, Inc. Web Site at www.impaccompanies.com, by linking to Impac Mortgage Holdings, Inc. / Audio Archives.

Impac Mortgage Holdings, Inc. is a Mortgage REIT which operates three businesses: (1) the Long -Term Investment Operations, (2) the Mortgage Operations, and (3) the Warehouse Lending Operations. The Long -Term Investment Operations invests primarily in non-conforming residential mortgage loans and securities backed by such loans. The Mortgage Operations primarily purchases and sells or securitizes non-conforming mortgage loans, and the Warehouse Lending Operations provides short-term lines of credit to originators of mortgage loans. The Company is organized as a REIT for tax purposes, which allows it generally to pass through earnings to stockholders without federal income tax at the corporate level.

For further information please contact Investor Relations: Tania Jernigan at (949) 475-3700, or email tjernigan@impaccompanies.com. SOURCE Impac Mortgage Holdings, Inc.

CONTACT: Tania Jernigan, Investor Relations of Impac Mortgage Holdings, Inc., 949-475-3700, tjernigan@impaccompanies.com/