News Release

NEWPORT BEACH, Calif., Jan. 17 /PRNewswire/ -- Mr. Joseph Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (the "Company" or "IMH") (Amex: IMH), a real estate investment trust is pleased to announce the posting of its Monthly Fact Sheet which will be available on the Company's web site at www.impaccompanies.com. The unaudited Monthly Fact Sheet will be updated on a monthly basis on or about the last day of the subsequent month, and on a quarterly basis with the release of its quarterly earnings press release.

"In light of the importance of flow of information to our investors, we have taken steps to address this issue," said Mr. Tomkinson. "First, beginning on January 19, 2001 a monthly fact sheet for the months ending October 2000 and November 2000 will be posted on our web site and will include pertinent, timely information on the Company. Second, we are updating the Investor Relations ("IR") section of our web site to allow for Securities and Exchange alert notifications, email alerts and other features to better keep our investors informed. Third, we will continue to conduct quarterly conference calls and web casts to address our business and outlook. Finally, our doors remain open to all those interested in contacting or visiting the Company."

We will launch the improved IR portion of our Web site on Friday January 19, 2001. Those individuals interested in receiving automatic electronic notification of the posting of the Monthly Fact Sheet, conference calls and other events may access our Web site under "Email Alerts."

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 acquires and sells or securitizes non-conforming mortgage loans, and the Warehouse Lending Operations provide 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 more information email or call:

Investor Relations: Tania Jernigan, tjernigan@impaccompanies.com, 949-475-3700

or Visit Our Website at:

www.impaccompanies.com SOURCE Impac Mortgage Holdings, Inc.

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