<PAGE>
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549


                         _____________________


                               FORM 10-Q



[ X ]  Quarterly Report Pursuant to Section 13 or 15(d) of the
       Securities Exchange Act of 1934
       For the quarterly period ended December 31, 2000

                                  or

[   ]  Transition Report Pursuant to Section 13 or 15(d) of the
       Securities Exchange Act of 1934
       For the transition period from ___________________ to__________________


                    Commission File Number 0-19847


                      FIRST MORTGAGE CORPORATION
        (Exact name of registrant as specified in its charter)



         California                              95-2960716
(State or other jurisdiction                  (I.R.S. Employer
     of incorporation or                     Identification No.)
        organization)





                        3230 Fallow Field Drive
                     Diamond Bar, California 91765
     (Address, including zip code, of principal executive offices)

                            (909) 595-1996
         (Registrant's telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.

                  YES  X                       NO____

As of December 31, 2000, 5,210,502 shares of the registrant's common
stock were outstanding.

<PAGE>

                      FIRST MORTGAGE CORPORATION
                               FORM 10-Q

                                 INDEX


<TABLE>

<CAPTION>
Part I - Financial Information                                           Page

<S>                                                                      <C>

Item 1. Financial Statements:

        Balance Sheet
           December 31, 2000 (Unaudited) and March 31, 2000              3

        Unaudited Statement of Operations
           Three Months and Nine Months Ended December 31,
           2000 and 1999                                                 4

        Unaudited Statement of Cash Flows
           Nine Months Ended December 31, 2000 and 1999                  5

        Notes to Unaudited Financial Statements                          6-7

Item 2. Management's Discussion and Analysis of Financial Condition
        and Results of Operations                                        8-12

Part II - Other Information

Item 6. Exhibits and Reports on Form 8-K                                 13

Signatures                                                               14
</TABLE>
<PAGE>

                    PART I.  FINANCIAL INFORMATION

Item 1.   Financial Statements
<TABLE>
                      FIRST MORTGAGE CORPORATION

                             BALANCE SHEET
<CAPTION>
                                                        December 31, 2000   March 31, 2000
                                                        (Unaudited)
<S>                                                     <C>                 <C>
ASSETS
Cash                                                    $17,688,000          $11,264,000
Mortgage loans and mortgage-backed
 securities held for sale                                16,373,000           67,336,000
Other receivables and servicing advances                  3,917,000            5,558,000
Capitalized servicing rights, net                         9,840,000           11,555,000
Property and equipment, net                                 718,000              581,000
Prepaid expenses and other assets                         1,000,000            1,531,000

TOTAL ASSETS                                             $49,536,000         $97,825,000

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
   Notes payable, banks                                  $14,163,000         $19,291,000
   Note payable, other                                             -          43,787,000
   Sight drafts payable                                      994,000             393,000
   Accounts payable and accrued liabilities                  806,000             564,000
   Deferred income taxes                                   4,107,000           4,979,000

      Total Liabilities                                   20,070,000          69,014,000

STOCKHOLDERS' EQUITY
   Preferred stock, no par value:
      Authorized shares - 1,000,000
      Issued and outstanding shares-None                           -                   -
   Common stock, no par value:
      Authorized shares - 10,000,000
      Issued and outstanding shares-5,210,502 at            2,436,000          2,559,000
      December 31, 2000 and 5,253,197 at March 31, 2000
   Retained earnings                                       27,030,000         26,252,000

         Total Stockholders' Equity                        29,466,000         28,811,000

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                $49,536,000        $97,825,000

</TABLE>
See accompanying notes
<PAGE>
<TABLE>
                      FIRST MORTGAGE CORPORATION

                   UNAUDITED STATEMENT OF OPERATIONS
<CAPTION>
                                            Three Months Ended        Nine Months Ended
                                            December 31,              December 31,
                                            2000         1999         2000        1999
<S>                                         <C>          <C>         <C>          <C>
REVENUES:
   Loan origination income                   $581,000     $395,000   $1,592,000   $1,799,000
   Loan servicing income                    1,804,000    1,950,000    5,462,000    5,823,000
   Gain on sale of mortgage loans           1,711,000       13,000    4,233,000    2,664,000
   Interest income                          1,110,000    1,305,000    3,611,000    3,613,000
   Other Income                                 1,000        7,000        9,000       11,000

         Total revenues                     5,207,000    3,670,000   14,907,000   13,910,000

EXPENSES:
   Compensation and benefits                1,737,000    1,392,000    5,187,000    5,365,000
   General and administrative expenses        956,000      937,000    2,848,000    3,830,000
   Amortization of capitalized servicing
      rights                                1,135,000    1,041,000    3,524,000    3,434,000
   Interest expense                           883,000      697,000    2,009,000    1,592,000

         Total expenses                     4,711,000    4,067,000   13,568,000   14,221,000

INCOME (LOSS) BEFORE INCOME TAXES             496,000     (397,000)   1,339,000     (311,000)

INCOME TAX (BENEFITS)                         209,000     (163,000)     561,000     (124,000)

NET INCOME (LOSS)                          $  287,000   $ (234,000) $   778,000  $  (187,000)

BASIC AND DILUTED EARNINGS
    (LOSS) PER SHARE                       $     0.06   $    (0.04) $      0.15  $     (0.04)



</TABLE>
See accompanying notes


<PAGE>
<TABLE>

                      FIRST MORTGAGE CORPORATION
                   UNAUDITED STATEMENT OF CASH FLOWS
<CAPTION>
                                                                   Nine Months Ended
                                                                   December 31,
                                                               2000            1999
<S>                                                            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
 Net income                                                    $     778,000   $    (187,000)
 Adjustments to reconcile net income to net
   cash provided by (used in) operating
   activities:
 Provision for deferred income taxes                                (872,000)      1,411,000
 Provision for losses on foreclosure                                (185,000)       (325,000)
 Amortization of capitalized servicing rights                      3,524,000       3,434,000
 Depreciation and amortization of property and equipment             174,000         196,000
 Change in excess service fee                                         11,000          27,000
 Loss on sale of assets                                                2,000          19,000
 Originations and purchases of mortgage loans held for sale     (162,940,000)   (216,824,000)
 Sales and principal repayments of mortgage loans held for sale  213,903,000     197,226,000
 Change in other receivables and servicing advances                1,826,000       2,768,000
 Change in prepaid expenses and other assets                         531,000      (1,461,000)
 Change in accounts payable and accrued liabilities                  242,000      (2,024,000)

Net cash provided by (used in) operating activities               56,994,000     (15,740,000)

CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchase of mortgage servicing rights                               (23,000)       (518,000)
 Originated mortgage servicing rights                             (1,797,000)     (3,087,000)
 Purchase of furniture, equipment and leasehold improvements        (316,000)        (79,000)
 Proceeds from sale of assets                                          3,000          14,000

Net cash used in investing activities                             (2,133,000)     (3,670,000)

CASH FLOWS FROM FINANCING ACTIVITIES:
 Change in notes payable, banks                                   (5,128,000)    (17,877,000)
 Change in sight drafts payable                                      601,000      (9,392,000)
 Change in note payable, other                                   (43,787,000)     44,368,000
 Repurchase of common stock                                         (123,000)       (311,000)

Net cash provided by (used in) financing activities              (48,437,000)     16,788,000

INCREASE (DECREASE) IN CASH                                        6,424,000      (2,622,000)

CASH, BEGINNING OF PERIOD                                         11,264,000      14,839,000

CASH, END OF PERIOD                                              $17,688,000     $12,217,000

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
 Interest                                                         $2,071,000      $1,274,000
 Income taxes                                                        915,000               -
</TABLE>
See accompanying notes

<PAGE>
                      FIRST MORTGAGE CORPORATION
                NOTES TO UNAUDITED FINANCIAL STATEMENTS
                           December 31, 2000

1.  BASIS OF PRESENTATION

    The accompanying unaudited financial statements have been prepared
    in accordance with generally accepted accounting principles for
    interim financial information and in accordance with the
    instructions to Form 10-Q and Regulation S-X.  In the opinion of
    management, all adjustments (consisting only of normal recurring
    accruals) necessary for a fair presentation of the results for the
    interim periods have been included.  The results of operations for
    the interim periods are not necessarily indicative of the results
    to be expected for the full year.  In addition, this document
    should be read in conjunction with the financial statements and
    footnotes included in the Company's annual report on Form 10-K for
    fiscal year ended March 31, 2000.

    The preparation of the financial statements of the Company requires
    management to make estimates and assumptions that affect reported
    amounts.  These estimates are based on information available as of
    the date of the financial statements.  Therefore, actual results
    could differ from those estimates.


2.  CAPITALIZED SERVICING RIGHTS

    Activities in capitalized servicing rights are summarized as
    follows:
<TABLE>
<CAPTION>
                                Nine Months ended
                                December 31
                                2000         1999
<S>                             <C>          <C>
Beginning balance               $11,555,000  $12,475,000
   Additions                      1,820,000    3,605,000
   Amortizations and write offs  (3,535,000)  (3,461,000)

Ending balance                   $9,840,000  $12,619,000
</TABLE>


3.  NOTES PAYABLE

    At December 31, 2000, the Company had mortgage loan warehousing
    agreements with two nonaffiliated banks, which provided for
    borrowings up to $50,000,000 and $35,000,000 with annual interest
    payable monthly at 1.25% or the bank's reference rate, depending on
    the level of borrowings and the compensating balances maintained.
    At December 31, 2000, borrowings under these lines of $14.16
    million were collateralized by mortgage loans held for sale.

    The mortgage loan warehousing agreements are subject to renewal on
    August 31, 2001, and both contain certain requirements, including
    but not limited to, the maintenance of minimum net worth, debt to
    net worth ratio, current ratio, net income and servicing portfolio,
    and restrict the Company's ability to pay dividends.  The Company
    believes its warehousing agreements will be renewed prior to their
    expiration.

   In addition to the warehousing agreements, the Company made use of
   the short-term reverse repurchase agreements provided by two
   investment banking firms in connection with its inventory of
   mortgage-backed securities.  These facilities tend to carry lower
   interest rates and also allow the Company to better utilize its
   warehousing lines when mortgage production increases.  There were
   no borrowings outstanding under these facilities at December 31,
   2000.


<PAGE>
4.  EARNINGS PER SHARE

   The following table sets forth the computation of basic and diluted
   earnings per share:
<TABLE>
<CAPTION>
                                                       Three Months Ended     Nine Months Ended
                                                       December 31,           December 31,
                                                       2000       1999        2000         1999
<S>                                                    <C>        <C>         <C>          <C>
Numerator:
 Net income                                             $287,000   $(234,000)    $778,000  $(187,000)

Denominator:
 Shares used in computing basic earnings per share     5,210,502   5,270,897    5,226,396  5,296,130
  Effect of stock options treated as
   equivalents under the treasury stock method                 -           -            -      6,358
Denominator for diluted earnings per share             5,210,502   5,270,897    5,226,396  5,302,488
Basic earnings per share                                    $.06       $(.04)        $.15      $(.04)
Diluted earnings per share                                  $.06       $(.04)        $.15      $(.04)

</TABLE>
5.  NEW ACCOUNTING PRONOUNCEMENTS

    In June 1998, the FASB issued SFAS 133, Accounting for Derivative
    Instruments and Hedging Activities.  This Statement provides
    guidance for the way public enterprises report information about
    derivatives and hedging in annual financial statements and in
    interim financial reports.  The derivatives and hedging disclosure
    is required for financial statements for fiscal years beginning
    after June 15, 2000.  The Statement will require the Company to
    recognize all derivatives on the balance sheet at fair value.
    Derivatives that are not hedged must be adjusted to fair value
    through income.  If the derivative is a hedge, depending on the
    nature of the hedge, changes in fair value of derivatives will
    either be offset against the change in fair value of the hedged
    assets, liabilities, or firm commitments through earnings or
    recognized in earnings.  The ineffective portion of a derivative's
    change in fair value will be immediately recognized in earnings.
    The Company is in the process of evaluating the effect of Statement
    133, if any, will have on the earnings and financial position of
    the Company.



6.  CONTINGENCIES

    The Company is currently a defendant in certain litigation arising
    in the ordinary course of business.  It is management's opinion
    that the outcome of these actions will not have a material effect
    on the financial position or results of operations of the Company.
<PAGE>
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF
             FINANCIAL CONDITION AND RESULTS OF OPERATIONS


FORWARD LOOKING STATEMENTS

Certain statements in this Form 10-Q are forward-looking statements,
including those that discuss strategies, goals, outlook, projected
revenues, income, return and other financial measures.  These forward-
looking statements are subject to risk and uncertainties that may cause
actual results to differ materially from those contained in the
statements, including the following factors: (i) the direction of
interest rates;  (ii) the demand for mortgage credits;  (iii) the
ability to obtain sufficient financial sources for liquidity and
working capital; (iv) changes in laws or regulations governing mortgage
banking operations; and (v) level of competition within the mortgage
banking industry.  In addition, the words "believe," "expect,"
"anticipate," "intend," "will" and similar words identify forward-
looking statements in this Form 10-Q.


RESULTS OF OPERATIONS:

Three months ended December 31, 2000 compared to three months ended
December 31, 1999.


GENERAL

     First Mortgage reported a net profit of $287,000 or $0.06 per
     share for the quarter ended December 31, 2000, compared to net
     loss of $234,000 or $0.04 per share for the comparable 1999
     quarter.  The profit was attributable to decreases in interest
     rates which substantially boosted new loan originations for the
     Company and the industry.  In turn, this led to increases in loan
     origination and gain on sale of mortgages, two of the primary
     sources of revenue for the Company.  The increase in earnings was,
     however, offset partially by higher compensation; general and
     administrative expenses and amortization of capitalized servicing
     rights.


REVENUES

     For the quarter ended December 31, 2000, the volume of new
     mortgage loans closed increased by 37.6% to $59.62 million from
     $43.33 million in the prior year quarter.  The increase is a
     direct reflection of lower long-term interest rates, which
     increased the volume of loans in the market place, coupled with
     our retail branch expansion we began last year.

     For the three months ended December 31, 2000, loan origination
     revenue increased by approximately 47.1% to $581,000 from the
     December 1999 quarter, due primarily to the increase in mortgage
     production.

     As of December 31, 2000, the Company serviced $1.475 billion in
     loans compared to $1.543 billion at December 31, 1999, a decrease
     of 4.4% compared to the year-ago quarter.  The run-off in the
     Company's own servicing portfolio was due to amortization and low
     loan production during most of calendar 2000, prior to the
     decrease in interest rates.  Total loan servicing income,
     including late charges and other miscellaneous fees, hence
     declined to $1.80 million in the December 2000 quarter, from $1.95
     million in the prior year quarter.

<PAGE>
     The following table sets forth certain information pertaining to
     the servicing portfolio of the Company for the period indicated.
<TABLE>
<CAPTION>
                                               Three Months Ended
                                                   December 31
                                               2000           1999
                                               (Dollars in thousands
                                               except average loan balance)
          <S>                                  <C>             <C>
          Beginning loan service portfolio     $1,487,214      $1,559,165

          Add: Loans originated                    59,622          43,331

          Less: Prepayment and amortization        80,381          67,492

          Ending loan servicing portfolio       1,466,455       1,535,004
          Sub-Servicing                             8,637           7,657
          Total servicing portfolio            $1,475,092      $1,542,661
          Average loan balance (end of period)   $ 91,479       $  91,045

</TABLE>
     Due to the declining long-term mortgage interest rates during the
     quarter and the increase in new loan production, the gain on sale
     of mortgage loans increased dramatically to $1.71 million for the
     three months ended December 31, 2000, as compared to only $13,000
     for the 1999 period.

     Interest income decreased to $1.11 million for the three months
     ended December 31, 2000 from $1.31 million for the comparable
     prior year quarter.  This decrease was due primarily to the lower
     interest rates in this quarter as compared to the December 1999
     quarter.


EXPENSES

     The major components of the Company's total expenses are (i)
     compensations and benefits, (ii) general and administrative
     expenses, (iii) amortization of capitalized servicing rights, and
     (iv) interest expense.  Total expenses for the three months ended
     December 31, 2000 increased by 15.8% to $4.71 million from the
     $4.07 million for the three months ended December 31, 1999.
     Compensations and benefits were $1.74 million for the December
     2000 quarter, an increase of 24.8% over the year-ago quarter.
     General and administrative expense increased by $19,000, or 2.0%
     over the prior year.  These higher expenses were a direct result
     of expanded production operations in the quarter.

     Amortization of capitalized servicing rights increased by 9.0%
     over prior year quarter due mainly to larger investment in
     servicing rights and higher volume of loan prepayments over prior
     fiscal year.

     Interest expense increased 26.7% to $883,000 for quarter ended
     December 31, 2000 from $697,000 for the same period in 1999.  The
     increase was due to the larger mortgage inventory and mortgage-
     backed securities carried during most of the quarter.

<PAGE>
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF
             FINANCIAL CONDITION AND RESULTS OF OPERATIONS



RESULTS OF OPERATIONS:

Nine months ended December 31, 2000 compared to nine months ended
December 31, 1999.


GENERAL

     In the nine months ended December 31, 2000, the Company reported
     a net profit of $778,000 or $0.15 per share, compared to a net
     loss of $187,000 or ($0.04) per share for the same period of
     1999.  Total revenue increased by 7.2% to $14.91 million from
     $13.91 million in the comparable prior period.  The increase in
     net income was due to decreases in interest rates during the
     later course of the year, which increased new loan originations
     for the Company and the industry.  In turn, this led to a steep
     increase in gain on sale of mortgage revenues, one of the primary
     sources of revenue for the Company.


REVENUES

     For the nine months ended December 31, 2000, loan origination
     revenue decreased 11.5% to $1.59 million from $1.80 million for
     the nine months ended December 31, 1999.  The lower loan
     origination revenue was primarily due to the lower volume of new
     loans originated by the Company during the first half of the
     fiscal year.

     The volume of new mortgage loan originations decreased 24.9% to
     $162.94 million from $216.82 million in the comparable period
     last year, with all of the decrease taking place in the first
     half of the fiscal year.

     Loan servicing income, representing the loan servicing fees, late
     charges and other fees earned by the Company for administering
     the loans in its servicing portfolio, fell 6.2% to $5.46 million
     for the nine months ended December 31, 2000 from $5.82 million
     for the same period in 1999.  The slight decrease in servicing
     income is primarily due to lower delinquency rates which reduced
     late charges, and the lower volume of loans currently serviced by
     the Company.

     The following table sets forth certain information pertaining to
     the servicing portfolio of the Company for the period indicated:
<TABLE>
<CAPTION>
                                               Nine Months Ended December 31,
                                               2000           1999
                                               (Dollars in thousands
                                               except average loan balance)
          <S>                                  <C>            <C>
          Beginning loan service portfolio     $1,497,616     $1,527,507
          Add: Loans originated                   162,940        216,824

          Less: Prepayment and amortization       194,101        209,327

          Ending loan servicing portfolio       1,466,455      1,535,004
          Sub-Servicing                             8,637          7,657
          Total servicing portfolio            $1,475,092     $1,542,661
          Average loan balance (end of period)    $91,479        $91,045
</TABLE>

<PAGE>

     The sale of mortgages for the nine months ended December 31, 2000
     resulted in a gain of $4.23 million compared to a gain of $2.66
     million for the 1999 period.  The increase is primarily
     attributable to the reduction in interest rates over the last
     fiscal quarter, enabling the Company to make a substantial gain
     on mortgages held for sale.

     Interest income at $3.61 million was virtually the same as the
     year earlier period.


EXPENSES

     The major components of the Company's total expenses are (i)
     compensation and benefits, (ii) general and administrative
     expenses, (iii) amortization of capitalized servicing rights, and
     (iv) interest expenses.  Total expenses for the nine months ended
     December 31, 2000 decreased by $653,000 or 4.6% from the nine
     months ended December 31, 1999.  Compensation and benefits
     decreased 3.3% to $5.19 million compared to $5.37 million in the
     first nine months of fiscal year 1999.  General and
     administrative expenses decreased by 25.6% to $2.85 million from
     $3.83 million in the comparable period in 1999.  The decreases in
     these expenses were a direct result of reduction in loan
     originations and cost cutting measures taken by the Company
     during the year.

     The slight increase in amortization of capitalized servicing
     rights was mainly due to higher volume of loan prepayments over
     the preceding year.

     Interest expense increased 26.2% to $2.01 million as compared to
     $1.59 million in the year earlier nine months, due primarily to
     the larger mortgage inventory and mortgage-backed securities
     carried by the Company during the period.


LIQUIDITY AND CAPITAL RESOURCES

     The Company's principal liquidity requirement is the funding of
     its new mortgage loans and loan origination expenses.  To meet
     these funding needs, the Company relies on warehouse lines of
     credit, reverse repurchase agreements, its own capital and also
     cash flows from operations.

     At December 31, 2000, maximum permitted borrowings under the
     warehouse line of credit agreements with two nonaffiliated banks
     totaled $85 million and the amount outstanding was $14.16 million.
     Borrowings under these facilities are secured by mortgage loans.
     The agreements contain various covenants, including minimum net
     worth, current ratio, net income, servicing portfolio balances,
     debt to net worth ratio, and restrict the Company's ability to pay
     dividends.  The Company was in compliance with all debt covenants
     at December 31, 2000.  The Company believes that the warehouse
     agreements will be renewed when the current terms expire.

     In addition to warehousing agreements, the Company regularly makes
     use of the reverse repurchase agreements offered by two investment
     firms in connection with its mortgage-backed securities.  There
     were no borrowings under these facilities at December 31, 2000.

     In the first nine months in fiscal year 2001, the Company
     repurchased in open market transactions 42,695 shares of its
     common stock at an aggregate cost of $123,000.

     The Company had stockholders' equity of $29.47 million at December
     31, 2000.  Management believes that its current financing
     arrangements are adequate to meet its projected operational needs.


<PAGE>



DISCLOSURE ABOUT MARKET RISK

     The Company's earnings can be impacted significantly by the
     movement of interest rates, which is the primary component of the
     market risk to the Company.  The interest rate risk affects value
     of the capitalized mortgage servicing rights, volume of loan
     production and total net interest income earned on its mortgage
     inventory. The Company has been managing this risk by striving to
     balance its loan origination and loan servicing segments, which
     generally are counter cyclical in nature.  The overall objective
     is to offset changes in the values of the following items, such as
     the committed pipeline, mortgage loan inventory, mortgage-backed
     securities held for sale and mortgage servicing rights.  The
     Company does not speculate on the direction or movement of the
     interest rates.

     Based on the information available and the interest environment as
     of December 31, 2000, the Company believes that a 100 basis point
     change in long-term interest rates over a twelve month period, up
     or down and all else being constant, would increase or decrease
     the Company's net income by approximately $2.0 million dollars.
     These estimates are limited by the fact that they are performed at
     a particular point in time and do not incorporate many other
     factors and consequently, should not be used as forecast.


PROSPECTIVE TRENDS

     During the third quarter of fiscal 2001 interest rates retreated
     from the higher levels of the past two years, new loan
     applications increased briskly, and for the first time since
     January of 1999 our monthly new loan fundings (closings) increased
     over the year earlier results.  The decrease in interest rates,
     coupled with the continuing expansion of our retail division,
     enabled us to increase our purchase loan business while refinance
     loan activity was boosted in our Direct Marketing Division.

     The Federal Reserve Board, having engaged in a continual service
     of interest rate increases over the past two years, has now
     reversed itself and is in the process of reducing interest rates
     in order to soften any recessionary effects for the economy.  For
     out industry, which is counter-cyclical to others, this is usually
     good news.  We are already engaged in a mini-refinance surge,
     which could turn into an all out refinance boom should long term
     interest rates fall another 50 or more basis points.

     The competitive pressures we've talked about so often are still
     there, but their effect is greatly reduced when we are in this
     part of the mortgage cycle.

     We continue to pursue opportunities to expand our retail division,
     which is now back up to ten offices, and we are aggressively
     recruiting for more.  We've added personnel to our Direct
     Marketing Division so as to take advantage of the refinance loan
     market which is opening up once again.

     We have also just launched a new and expanded consumer website
     (www.firstmortgage.com).  Although we have no illusions about
     becoming a big dot com lender, mortgage consumer websites can be a
     good supplemental source for refinance loans when we are in a
     declining interest rate environment, such as now.  The Company has
     a big advantage over many others in that we also have retail
     offices, enabling us to offer both "clicks and bricks," to
     potential borrowers.

     We think we are positioned with the necessary channels and tools
     to take advantage of the opportunities which are opening up as a
     result of the recent reduction in interest rates.  If rates stay
     at this level, or fall even lower, and remain that way for
     calendar year 2001, the Company has the potential to experience a
     banner year in fiscal 2002.



<PAGE>
                     PART II.  OTHER INFORMATION.


Item 6. Exhibits and Reports of Form 8-K.

        (a)  No exhibits are filed with this report.

        (b)  The Company did not file any reports on Form 8-K during the
             quarter ended December 31, 2000.
<PAGE>
                              SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                     FIRST MORTGAGE CORPORATION




Date:  February 10, 2000             By:  S/Clement Ziroli
                                          Clement Ziroli
                                          Chairman of the Board of Directors,
                                          Chief Executive Officer



Date:  February 10, 2000             By:  S/Pac W. Dong
                                          Pac W. Dong
                                          Executive Vice President,
                                          Chief Financial Officer