News Release

Newport Beach, CA -- Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (the “Company”: AMEX-IMH), a Maryland corporation, being taxed as a Real Estate Investment Trust (“REIT”) is pleased to announce the Board of Directors’ approval and declaration of a first quarter dividend of $0.12 per Common Share, payable on April 20, 2000 to common stockholders of record on April 10, 2000; and a dividend on the Series B Preferred Stock of $0.74 per share, payable on April 27, 1999 to stockholders of record on March 31, 1999. The $0.12 per share dividend represents a 20% increase from the first quarter 1999 dividend of $0.10 per share.

The Board of Directors' also approved and declared a first quarter dividend on the Series C Preferred Stock of $0.65625 per share, payable on April 25, 2000 to preferred stockholders of record on March 31, 2000.

The Company also announced that it would not meet analysts’ expectations and report a loss during the first quarter of 2000 as a result of higher than expected losses on the securities portfolio of High Loan to Value (“HLTV”) second trust deeds acquired in 1997. Because of these losses, the Company decided to take a non-recurring charge to increase the Company’s allowance for loan losses and reserve for future losses within the Company’s HLTV securities. Prior to this charge, the Company’s earnings were in line with expectations. Mr. Tomkinson said “in spite of this charge, the Company’s warehouse lending and mortgage operations continue to be profitable and on plan for the first quarter.” Mr. Tomkinson said “the non-recurring charge will result in approximately a 3% decrease to the March 31, 2000 book value, prior to the declaration of any dividend and has no effect on the Company’s liquidity or future expected cash flows.”

Impac Mortgage Holdings, Inc. is a Mortgage REIT which operates three businesses:(1) the Long-Term Investment Operations, (2) the Conduit 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 Conduit Operations primarily purchases 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.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by the use of forward-looking terminology such as “could”, “would”, “will”, “intend”, “expect” or the negatives thereof or other comparable terminology. The Company’s actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors. The financial information presented in this release pertaining to actual results should not be taken to predict future earnings, as the Company may not experience similar results in future periods.

For Further Information Please Contact Investor Relations: Thom Singha (949) 475-3700

Visit Our Website at: www.impaccompanies.com