News Release

NEWPORT BEACH, Calif., June 24 /PRNewswire-FirstCall/ -- Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. (NYSE: IMH) (or the "Company"), 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 second quarter dividend of $0.50 per common share. The second quarter dividend will be paid on July 11, 2003 to shareholders of record on July 3, 2003. The x-dividend date will be Tuesday, July 1, 2003; therefore new shareholders interested in receiving the second quarter dividend must purchase the common stock on or before Monday, June 30, 2003.

Mr. Tomkinson, Chairman and Chief Executive Officer commented, "In light of the uncertainty in the financial markets as to a clear direction of future interest rates, management believes that it is prudent at this time to maintain a $0.50 per common share quarterly dividend." Mr. Tomkinson further commented, "Management reiterates that we expect to pay or declare at least a $0.50 per common share quarterly dividend throughout 2003, and will remain vigilant in managing interest rate risk, while growing our balance sheet in order to deliver our long-term performance objectives of providing consistent, reliable dividends to our shareholders."

Impac Mortgage Holdings, Inc. is a Mortgage Real Estate Investment Trust ("REIT"), which operates three core 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 Alt-A mortgage loans. The Mortgage Operations acquires, originates, sells and securitizes primarily Alt-A mortgage loans, and the Warehouse Lending Operations provides short-term financing to mortgage loan originators. 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.

Safe Harbor

Note: Safe Harbor "Statement under the Private Securities Litigation Reform Act of 1995." This release contains forward-looking statements including statements relating to 2003 dividends and the expected performance of the Company's businesses and earnings expectations. The forward-looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, among other things, failure to achieve projected earning levels, the timely and successful implementation of strategic initiatives, the ability to generate sufficient liquidity, interest rate fluctuations on our assets that differ from those on our liabilities, increase in prepayment rates on our mortgage assets, changes in assumptions regarding estimated loan losses or interest rates, the availability of financing and, if available, the terms of any financing, changes in estimations of acquisition and origination and resale pricing of mortgage loans, changes in markets which the Company serves, including the market for Alt-A mortgages and fixed rate loans, the inability to originate multi-family or sub-prime mortgages, changes in general market and economic conditions, unanticipated delays in generating reports and other factors described in this press release and under "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2003. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks and other factors not presently identified, the Company's results may differ materially from its expectations and projections. We will update and revise our estimates based on actual conditions experienced, however, it is not practicable to publish all revisions and as a result, no one should assume that results projected in or contemplated by the forward-looking statements included above may continue to be accurate in the future.

For additional information, questions or comments, please call Tania Jernigan, VP of Investor Relations at (949) 475-3722 or email tjernigan@impaccompanies.com .

SOURCE  Impac Mortgage Holdings, Inc.
    -0-                             06/24/2003
    /CONTACT:  Tania Jernigan, VP of Investor Relations of Impac Mortgage
Holdings, Inc., +1-949-475-3722, tjernigan@impaccompanies.com /
    (IMH)

CO:  Impac Mortgage Holdings, Inc.
ST:  California, Maryland
IN:  FIN RLT
SU:  DIV



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6736 06/24/2003 15:12 EDT http://www.prnewswire.com