News Release

NEWPORT BEACH, Calif., May 19 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH), or the "Company," a Maryland corporation, announced today that it will make a presentation at its Annual Stockholders Meeting to provide a general corporate overview. You are invited to listen to management's presentation that will be webcast live during the meeting on Tuesday, May 25, 2004 at 9:00 a.m. PST (12:00 p.m. EST) with Mr. Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. The webcast information is as follows:

     What:     Impac Mortgage Holdings, Inc.
               Annual Stockholder's Presentation

     When:     Tuesday, May 25, 2004 9:00 a.m. (PST) 12:00 p.m. (EST)

     Where:    www.impaccompanies.com then link to Stockholder
               Relations/Presentations

     How:      Live over the Internet -- Simply log on to the web at the
               addresses above.  Go to Impac Mortgage Holdings, Inc, link to
               Investor Relations and then to Presentations.  Listeners should
               go to the site at least 15 minutes before the event to install
               the needed software.  Minimum software required to listen is
               Windows Media Player, downloadable free at
               www.microsoft.com/windows/windowsmedia/download/default.asp.

If you are unable to participate during the live webcast, the presentation will be archived on our web site for 90 days. A copy of the presentation will be also posted under Presentations.

Monthly Fact Sheet

Furthermore the Company announces that its April 2004 monthly unaudited fact sheet will be posted to its web site on Tuesday, May 25, 2004. Additional financial information on the Company will be available by viewing the Company's monthly fact sheet on the Company's web site at www.impaccompanies.com. The monthly fact sheet is posted on or around the last day of the month following each month. Interested parties may also sign up for automatic notification of the monthly fact sheet, conferences calls, press releases, etc. by visiting our web site.

Impac Mortgage Holdings, Inc. is a Mortgage 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.

For questions please contact: Tania Jernigan, VP Investor Relations directly at (949) 475-3722 or email tjernigan@impaccompanies.com.

SOURCE  Impac Mortgage Holdings, Inc.
    -0-                             05/19/2004
    /CONTACT:  Tania Jernigan, VP Investor Relations of Impac Mortgage
Holdings, Inc., +1-949-475-3722, tjernigan@impaccompanies.com/
    /Web site:  http://www.impaccompanies.com /
    (IMH)

CO:  Impac Mortgage Holdings, Inc.
ST:  California
IN:  FIN RLT
SU:  CCA TDS MAV

BM-JC 
-- LAW095 --
5579 05/19/2004 16:34 EDT http://www.prnewswire.com