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                                                                   EXHIBIT 10.19

_______________________________________________________________________________





                                 HSBC BANK USA



                                      AND



                       THE NEW YORK MORTGAGE COMPANY LLC




                       _________________________________


                                 FIRST AMENDED
                                  CREDIT NOTE


                       _________________________________





                            Dated as of May 24, 2001


_______________________________________________________________________________
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                           FIRST AMENDED CREDIT NOTE

$20,000,000.00                                                As of May 24, 2001

         FOR VALUE RECEIVED, the undersigned, THE NEW YORK MORTGAGE COMPANY LLC,
a limited liability company organized under the laws of the State of New York,
whose address is 304 Park Avenue South, New York, New York 10010 (the
"Company"), promises to pay to the order of HSBC BANK USA, a banking corporation
organized under the laws of the State of New York, whose address is c/o Mortgage
Warehouse Lending Department, One HSBC Center, 27th Floor, Buffalo, New York
14203 ("HSBC") on or before February 25, 2002, or such earlier date as is
provided for in the Credit Agreement as hereinafter defined ("Maturity Date"),
in lawful money of the United States of America, the principal sum of TWENTY
MILLION DOLLARS (20,000,000.00), or the aggregate unpaid principal amount of all
advances by HSBC to the Company pursuant to the Credit and Security Agreement
between HSBC and the Company dated as of March 30, 2001, as amended by First
Amended Credit and Security Agreement dated as of even date herewith (together,
the "Credit Agreement"), plus interest thereon from the date hereof, as follows:

         INTEREST: Interest shall accrue at the rate of 1.5% per annum on the
outstanding principal balance hereof which is equal to or less than the balance,
net of service charges and reserve requirements, in non-interest bearing deposit
accounts maintained by the Company or related entities with HSBC. Interest shall
accrue on all other principal amounts outstanding hereon at an annual rate equal
to the rate determined by HSBC to be the average rate per annum offered on the
London Interbank Offering Market for U.S. Dollar deposits in the amount of this
Note or applicable portion thereof and for a term of 30 days ("LIBOR") plus 150
basis points (together, the "LIBOR-Based Rate"). The LIBOR-Based Rate shall be
adjusted at the end of each calendar month to the rate equal to the LIBOR-Based
Rate determined by reference to the then-current LIBOR. Accrued interest shall
be paid monthly on the first day of each month after the date hereof. Interest
shall be calculated on the basis of 1/360 of the annual interest at the
applicable rate on the outstanding principal balance for each day such balance
is outstanding, thus increasing the effective rate of interest, and shall
continue to accrue at such rate until the principal balance is paid in full,
regardless of whether the principal has become due by reason of default or
otherwise, except as otherwise provided herein.

         MAXIMUM RATE OF INTEREST: It is intended that the rate of interest
hereon shall never exceed the maximum rate, if any, which may be legally charged
on the loan evidenced by this Note ("Maximum Rate"), and if the provisions for
interest contained in this Note would result in a rate higher than the Maximum
Rate, interest shall nevertheless be limited to the Maximum Rate and any amounts
which may be paid toward interest in excess of the Maximum Rate shall be applied
to the reduction of principal, or, at the option of HSBC, returned to the
Company.
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                                     - 2 -

     DUE DATE: All indebtedness evidenced hereby not paid before the Maturity
Date shall be due and payable on the Maturity Date.

     PLACE OF PAYMENT: All payments hereon shall be made, and all notices to
HSBC required or authorized hereby shall be given, at the office of HSBC at the
address designated in the heading of this Note, or to such other place as HSBC
may from time to time direct by written notice to the Company.

     PAYMENT AND EXPENSES OF COLLECTION: All amounts payable hereunder are
payable in lawful money of the United States. Payments received by HSBC after
2:30 p.m. HSBC's local time shall be deemed to be received on the next
following business day. Notwithstanding the foregoing, a payment will not be
deemed to have been received unless by 2:30 p.m. HSBC's local time HSBC shall
have received a completed "Repayment Schedule" on HSBC's form, listing the
Qualifying Mortgages (as defined in the Credit Agreement) to which the payment
pertains. The Company agrees to pay all costs of collection when incurred,
including, without limiting the generality of the foregoing, reasonable
attorneys' fees through appellate proceedings, and to perform and comply with
each of the covenants, conditions, provisions and agreements contained in every
instrument now evidencing or securing said indebtedness. If any suit or action
be instituted to enforce this Note, the Company promises to pay, in addition to
the cost and disbursements otherwise allowed by law, such sum as the court may
adjudge reasonable attorneys' fees in such suit or action.

     COLLECTION PERIODS: Any check, draft, money order or other instrument
given in payment of all or any portion hereof may be accepted by HSBC and
handled in collection in the customary manner, but the same shall not
constitute payment hereunder or diminish any rights of HSBC except to the
extent that actual cash proceeds of such instrument are unconditionally
received by HSBC; provided, however, that this Note shall not be in default as
the result of normal collection periods on such instruments.

     LATE PAYMENT CHARGE: The Company promises to pay to HSBC promptly upon the
accrual thereof a late payment charge of 6% of the amount of any installment
payment not paid within ten days of receipt by the Company of the bill for such
payment.

     INTEREST AFTER NONPAYMENT: If the principal of this Note is not paid when
due, whether by acceleration or otherwise, all unpaid amounts shall bear
interest following said nonpayment at the rate of 5% per annum above the
otherwise applicable interest rate.

     DEFAULTS: Upon the happening of an Event of Default (as defined in the
Credit Agreement) HSBC shall have all rights and remedies set forth in the
Credit Agreement.

     The failure to exercise any of the rights and remedies set forth in the
Credit Agreement shall not constitute a waiver of the right to exercise the
same or any other option at any subsequent time in respect of the same event or
any other event. The acceptance by HSBC of any
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                                      -3-

payment hereunder which is less than payment in full of all amounts due and
payable at the time of such payment shall not constitute a waiver of the right
to exercise any of the foregoing rights and remedies at that time or at any
subsequent time or nullify any prior exercise of any such rights and remedies
without the express consent of HSBC, except as and to the extent otherwise
provided by law.

     WAIVERS. The Company, and any indorsers or guarantors hereof, severally
waive diligence, presentment, protest and demand and also notice of protest,
demand, dishonor and nonpayment of this Note, and expressly agree that this
Note, or any payment hereunder, may be extended from time to time, and consent
to the acceptance of further collateral, the release of any collateral for this
Note, the release of any party primarily or secondarily liable hereon, and that
it will not be necessary for HSBC, in order to enforce payment of this Note, to
first institute or exhaust HSBC's remedies against the Company or any other
party liable hereon or against any collateral for this Note. None of the
foregoing shall affect the liability of the Company and any indorsers or
guarantors hereof. No extension of time for the payment of this Note, or any
installment hereof, made by agreement by HSBC with any person now or hereafter
liable for the payment of this Note, shall affect the liability under this Note
of the Company, even if the Company is not a party to such agreement; provided,
however, HSBC and the Company, by written agreement between them may affect the
liability of the Company.

     TERMINOLOGY: If more than one party joins in the execution of this Note,
the covenants and agreements herein contained shall be the joint and several
obligation of each and all of them and of their respective heirs, executors,
administrators, successor and assigns, and relative words herein shall be read
as if written in the plural when appropriate. Any reference herein to HSBC shall
be deemed to include and apply to every subsequent holder of this Note. Words of
masculine or neuter import shall be read as if written in the neuter of
masculine or feminine when appropriate.

     CREDIT AGREEMENT: Reference is made to the Credit Agreement for provisions
as to mandatory principal repayments, collateral and acceleration.

     APPLICABLE LAW: This Note shall be governed by and construed under the laws
of the State of New York, whose laws the Company expressly elects to apply to
this Note. The Company agrees that any action or proceeding brought to enforce
or arising out of this Note may be commenced in the New York Supreme Court for
the County of Erie, or in the District Court of the United States for the
Western District of New York, and the Company waives personal service of process
and agrees that a summons and complaint commencing an action or proceeding in
any such court shall be properly served and shall confer personal jurisdiction
if served by registered mail to the Company, or as otherwise provided by the
laws of the State of New York or the United States.

     WAIVER OF TRIAL BY JURY: The Company hereby knowingly, voluntarily,
unconditionally and irrevocably waives the right to a trial by jury in every
jurisdiction in any
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                                      -4-


action, proceeding or counterclaim brought by or against the Company, its
successors or assigns, in respect of any matter arising out of this Note or
any document given in connection with or to secure this Note, including without
limitation any exercise of rights under this Note or any such document, any
attempt to cancel, void, or rescind this Note or any such document, and any
course of conduct or course of dealing in connection therewith.

     RENEWAL: This First Amended Credit Note renews and replaces the Company's
Credit Note to HSBC in the maximum principal amount of $15,000,000.00 dated as
of March 30, 2001, and evidences the availability of an additional
$5,000,000.00 pursuant to the terms and conditions of the Credit Agreement.

                                   THE NEW YORK MORTGAGE COMPANY LLC


                                   By: /s/ Steven B. Schnall
                                       ----------------------------------
                                   Name: Steven B. Schnall
                                         --------------------------------
                                   Title: President
                                          -------------------------------

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                                       -5-

STATE OF NEW YORK )
                  )SS.:
COUNTY OF QUEENS  )

          On the 24 day of May, 2001, before me, the undersigned, a notary
public in and for said state, personally appeared Steven B. Schnall, personally
known to me or proved to me on the basis of satisfactory evidence to be the
individual(s) whose name(s) is (are) subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted,
executed the instrument.

                                              /s/ ANNA MARIN
                                       ----------------------------
                                              Notary Public

                                               ANNA MARIN
                                    Notary Public, State of New York
                                             No.01MA5039882
                                       Qualified in Queens County
                                    Commission Expires MARCH 6, 2002