EXHIBIT 10.3

                                AMENDMENT NO. 10
                           TO THE AMENDED AND RESTATED
                       MASTER LOAN AND SECURITY AGREEMENT

            AMENDMENT NO. 10, dated as of September 26, 2005 (this "Amendment"),
to the Amended and Restated Master Loan and Security Agreement, dated as of
November 26, 2003 (as amended, supplemented or otherwise modified prior to the
date hereof, the "Existing Loan Agreement"; as amended, hereby and as further
amended, restated, supplemented or otherwise modified and in effect from time to
time, the "Loan Agreement"), by and among AMERICAN HOME MORTGAGE CORP. ("AHMC"),
AMERICAN HOME MORTGAGE ACCEPTANCE, INC. ("AHM Acceptance"), AMERICAN HOME
MORTGAGE INVESTMENT CORP. ("AHM Investment"), AMERICAN HOME MORTGAGE HOLDINGS,
INC. ("AHM Holdings") and AMERICAN HOME MORTGAGE SERVICING, INC., formerly known
as Columbia National, Incorporated ("AHM Servicing" and together with AHMC, AHM
Acceptance, AHM Investment and AHM Holdings, collectively, the "Borrowers",
each, a "Borrower"), the lenders from time to time parties thereto (the
"Lenders") and MORGAN STANLEY BANK, as agent for the Lenders (in such capacity,
the "Agent"). Capitalized terms used but not otherwise defined herein shall have
the meanings given to them in the Existing Loan Agreement.

                                    RECITALS

            The Borrowers, the Lenders and the Agent are parties to the Existing
Loan Agreement.

            The Borrowers, the Lenders and the Agent have agreed, subject to the
terms and conditions hereof, that the Existing Loan Agreement shall be modified
to extend the Termination Date from September 26, 2005 to October 26, 2005.

            NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Borrowers, the Lenders and the Agent hereby agree as follows:

            SECTION 1. Amendment. The definition of "Termination Date" set forth
in Section 1.01 of the Existing Loan Agreement shall be deleted in its entirety
and the following new definition shall be inserted in lieu thereof:

                  "Termination Date" shall mean October 26, 2005 or such earlier
      date on which this Loan Agreement shall terminate in accordance with the
      provisions hereof or by operation of law.

            SECTION 2. Conditions Precedent. This Amendment shall become
effective on the first date (the "Amendment Effective Date") on which all of the
following conditions precedent shall have been satisfied:

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            2.1 Delivered Documents. On the Amendment Effective Date, the Agent
shall have received the following documents, each of which shall be satisfactory
to the Agent in form and substance:

            (a) Amendment. This Amendment, executed and delivered by a duly
authorized officer of each of the Borrowers, the Lenders and the Agent; and

            (b) Other Documents. Such other documents as the Agent or counsel to
the Agent may reasonably request.

            2.2 No Default. On the Amendment Effective Date, (i) each Borrower
shall be in compliance with all the terms and provisions set forth in the
Existing Loan Agreement on its part to be observed or performed, (ii) the
representations and warranties made and restated by each Borrower pursuant to
Section 3 of this Amendment shall be true and complete on and as of such date
with the same force and effect as if made on and as of such date, and (iii) no
Default or Event of Default shall have occurred and be continuing on such date.

            SECTION 3. Representations and Warranties. Each Borrower hereby
represents and warrants to the Agent and the Lenders that it is in compliance
with all the terms and provisions set forth in the Loan Documents on its part to
be observed or performed, and that no Default or Event of Default has occurred
or is continuing, and hereby confirms and reaffirms the representations and
warranties contained in Section 6 of the Loan Agreement.

            SECTION 4. Limited Effect. Except as expressly amended and modified
by this Amendment, the Existing Loan Agreement shall continue to be, and shall
remain, in full force and effect in accordance with its terms; provided,
however, that upon the Amendment Effective Date, all references therein and
herein to the "Loan Documents" shall be deemed to include, in any event, this
Amendment. Each reference to the Loan Agreement in any of the Loan Documents
shall be deemed to be a reference to the Loan Agreement as amended hereby.

            SECTION 5. Counterparts. This Amendment may be executed by each of
the parties hereto on any number of separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same
instrument. Delivery of an executed signature page of this Amendment in Portable
Document Format (PDF) or by facsimile transmission shall be effective as
delivery of an executed original counterpart of this Amendment.

            SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                               [SIGNATURES FOLLOW]


<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered as of the day and year first above written.


                                       BORROWERS


                                       AMERICAN HOME MORTGAGE CORP.


                                       By: /s/ Craig Pino
                                          --------------------------------------
                                          Name: Craig Pino
                                          Title: Treasurer and Senior Vice
                                          President


                                       AMERICAN HOME MORTGAGE INVESTMENT CORP.


                                       By: /s/ Craig Pino
                                          --------------------------------------
                                          Name: Craig Pino
                                          Title: Treasurer and Senior Vice
                                          President


                                       AMERICAN HOME MORTGAGE HOLDINGS, INC.


                                       By: /s/ Craig Pino
                                          --------------------------------------
                                          Name: Craig Pino
                                          Title: Treasurer and Senior Vice
                                          President


                                       AMERICAN HOME MORTGAGE ACCEPTANCE, INC.


                                       By: /s/ Craig Pino
                                          --------------------------------------
                                          Name: Craig Pino
                                          Title: Treasurer and Senior Vice
                                          President


                                       AMERICAN HOME MORTGAGE SERVICING, INC.
                                          (f/k/a Columbia National,
                                          Incorporated)


                                       By: /s/ Craig Pino
                                          --------------------------------------
                                          Name: Craig Pino
                                          Title: Treasurer and Senior Vice
                                          President


<PAGE>

                                       MORGAN STANLEY BANK,
                                          as the Agent and as a Lender


                                       By: /s/ Paul Najarian
                                          --------------------------------------
                                          Name: Paul Najarian
                                          Title:  Vice President


                                       MORGAN STANLEY MORTGAGE CAPITAL INC.,
                                          as a Lender


                                       By: /s/ Paul Najarian
                                          --------------------------------------
                                          Name: Paul Najarian
                                          Title:  Vice President