News Release

NEWPORT BEACH, Calif., April 30 /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, is pleased to announce the scheduling of a conference call and live web cast on Tuesday, May 4, 2004 at 10:30 a.m. PST (1:30 p.m. EST). Mr. Tomkinson will discuss the results of the Company's first quarter earnings, which will be filed on Form 10-Q after the close of market on Monday, May 3, 2004. A summary of earnings will also be released after the filing of the first quarter 10-Q on Monday, May 3, 2004. The conference call will be open to all interested parties with the exception of the question and answer session which will be limited to buyside and sellside analysts.

Conference Call

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

     The dial-in number is (800) 350-9149, conference ID number: 7236600

     Internet Webcast Access: http://www.impaccompanies.com and link to
     Investor Relations / Presentations

     The conference call will be archived approximately 2 hours following the
     call on the Impac Mortgage Holdings, Inc. Web Site at
     www.impaccompanies.com, by linking to
     Investor Relations / Presentations/ Archived Presentations.

    Monthly Fact Sheet

The Company posts to its web site a monthly unaudited fact sheet. The monthly unaudited fact sheet is posted on or around the last day of the following month (i.e. the February 2004 monthly unaudited fact sheet was available on March 31, 2004). The March 2004 unaudited fact sheet will be posted after the close of market on Monday, May 3, 2004. You can subscribe to receive instant notification of conference calls, new releases and the monthly unaudited fact sheets by using our e-mail alert feature located at the web site www.impaccompanies.com under Impac Mortgage Holdings, Inc. / Investor Relations / Contact IR / Email Alerts.

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 generally allows it to

pass through earnings to stockholders without federal income tax at the corporate level.

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

Web site: www.impaccompanies.com

SOURCE  Impac Mortgage Holdings, Inc.
    -0-                             04/30/2004
    /CONTACT:  Tania Jernigan, VP of Investor Relations, +1-949-475-3722,
tjernigan@impaccompanies.com /
    /Web site:  http://www.impaccompanies.com /
    /Audio: http://www.impaccompanies.com /
    (IMH)

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

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