UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934
                          (Amendment No. __________) *

                          IMPAC MORTGAGE HOLDINGS, INC.
                                (Name of Issuer)

                                  COMMON STOCK
                         (Title of Class of Securities)

                                   45254P-10-2
                                 (CUSIP Number)

                                 August 22, 2001
              Date of Event which Requires Filing of this Statement


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

         [  ]   Rule 13d-1(b)
         [x]    Rule 13d-1(c)
         [  ]   Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).






CUSIP No.  45254P-10-2                      13G               Page 2 of 4 Pages


--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSON
       I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (entities only)

      Impac Funding Corporation
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
                                                                      (a)   |_|
                                                                      (b)   |_|
      Inapplicable
-----------------------------------------------------------------------------
3     SEC USE ONLY


--------------------------------------------------------------------------------
4     CITIZENSHIP OR PLACE OF ORGANIZATION

      California
--------------------------------------------------------------------------------
                      5    SOLE VOTING POWER
   NUMBER OF
    SHARES                 2,118,644
 BENEFICIALLY         ----------------------------------------------------------
   OWNED BY           6    SHARED VOTING POWER
     EACH
   REPORTING               0
    PERSON            ----------------------------------------------------------
     WITH             7    SOLE DISPOSITIVE POWER

                           2,118,644
                      ----------------------------------------------------------
                      8    SHARED DISPOSITIVE POWER

                           0
--------------------------------------------------------------------------------
9        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                2,118,644
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         (See Instructions)

         Inapplicable
--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         7.9%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON (See Instructions)

         CO
--------------------------------------------------------------------------------


                                Page 2 of 4 pages


Item 1.

    (a) Name of Issuer - Impac Mortgage Holdings, Inc.
    (b) Address of Issuer's  Principal  Executive  Offices  -1401 Dove Street,
        Newport Beach, CA 92660.

Item 2.

    (a) Names of Person Filing - Impac Funding Corporation
    (b) Address of Principal Business Office or, if none, Residence -
        1401 Dove Street, Newport Beach, CA  92660.
    (c) Citizenship -
        Incorporated in California
    (d) Title of Class of Securities - Common Stock
    (e) CUSIP Number - 45254P-10-2

Item 3.

    (a) |_| Broker or Dealer registered under Section 15 of the Act
    (b) |_| Bank as defined in section 3(a)(6) of the Act
    (c) |_| Insurance Company as defined in section 3(a)(19) of the act
    (d) |_| Investment Company registered under section 8 of the Investment
            Company Act
    (e) |_| Investment Adviser registered under section 203 of the Investment
            Advisers Act of 1940
    (f) |_| Employee Benefit Plan, Pension Fund which is subject to the
            provisions of the Employee Retirement Income Security Act of 1974 or
            Endowment Fund; see ss.240.13d-l(b)(l)(ii)(F)
    (g) |_| Parent Holding Company, in accordance with ss.240.13d-l(b)(ii)(G)
            (Note: See Item 7)
    (h) |_| Group, in accordance with ss.240.13d-l(b)(l)(ii)(J)

Item 4. Ownership

    (a) Amount Beneficially Owned - 2,118,644
    (b) Percent of Class - 7.9%
    (c) Number of shares as to which such person has:

        (i)   sole power to vote or to direct the vote -
              2,118,644
        (ii)  shared power to vote or to direct the vote -
              0
        (iii) sole power to dispose or to direct the disposition of -
              2,118,644
        (iv)  shared power to dispose or to direct the disposition of -
              0

Item 5. Ownership of 5 Percent or Less of a Class

     If this Statement is being filed to report the fact that as of the date
     hereof the reporting person has chosen to be the beneficial owner of more
     than five percent of the class of security, check the following [ ].

Item 6. Ownership of More than 5 Percent on Behalf of Another Person

     The common stock of Impac Funding Corporation represents a 1% economic
     interest in Impac Funding Corporation.

Item 7. Identification and Classification of the Subsidiary Which Acquired the
        Securities Being Reported on By the Parent Holding Company

    Inapplicable.

Item 8. Identification and Classification of Members of the Group

    Inapplicable.


                                Page 3 of 4 pages




Item 9. Notice of Dissolution of Group

    Inapplicable.

Item 10. Certification

     By signing below we certify that, to the best of our knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.


                                    SIGNATURE


     After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.

Date:  August 30, 2001

                                          Signature:  /S/  RICHARD J. JOHNSON
                                                     ---------------------------
                                          Name:      Richard J. Johnson,
                                                     Chief Financial Officer




     Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (See 18 U.S.C. 1001)


                                Page 4 of 4 pages