Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  ENDRESEN WILLIAM D
 2. Date of Event Requiring Statement (Month/Day/Year)
05/01/2006		 3. Issuer Name and Ticker or Trading Symbol
IMPAC MORTGAGE HOLDINGS INC [IMH]
(Last)
(First)
(Middle)
1401 DOVE ST.		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President of ICCC
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

NEWPORT BEACH, CA 92660		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 1,000
D
 
Common Stock 1,824
I
by 401K

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (right to buy)   (1) 07/30/2006 Common Stock 5,000 $ 10.95 D  
Incentive Stock Option (right to buy) 08/12/2008 08/12/2009 Common Stock 7,267 $ 13.76 D  
Incentive Stock Option (right to buy)   (2) 07/29/2007 Common Stock 10,170 $ 14.27 D  
Incentive Stock Option (right to buy) 08/02/2007 08/02/2008 Common Stock 4,329 $ 23.1 D  
Non-Qualified Stock Option (right to buy)   (3) 08/12/2009 Common Stock 42,733 $ 13.76 D  
Non-Qualified Stock Option (right to buy)   (4) 07/29/2007 Common Stock 23,164 $ 14.27 D  
Non-Qualified Stock Option (right to buy)   (5) 08/02/2008 Common Stock 45,671 $ 23.1 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
ENDRESEN WILLIAM D
1401 DOVE ST.
NEWPORT BEACH, CA 92660		       President of ICCC  

Signatures

William Endresen 05/09/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) All such options reported are currently exercisable.
(2) Of the reported options, 3,170 are currently exercisable and 7000 vest on 7/29/2006.
(3) These options vest as follows: 16,666 vest on 8/12/2006, 16,667 vest on 8/12/2007 and 9,400 vest on 8/12/2008.
(4) Of the reported options, 13,497 are currently exercisable and 9,667 vest on 7/29/2006.
(5) Of the reported options, 16,666 are currently exercisable and the remainder vest as follows: 16,667 vest on 8/2/2006 and 12,338 vest on 8/2/2007.

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