SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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 MARCH 31, 2001

              [ ] 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 000-27081

                      AMERICAN HOME MORTGAGE HOLDINGS, INC.

             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


            DELAWARE                                     13-4066303
-------------------------------             ------------------------------------
(STATE OR OTHER JURISDICTION OF             (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)

                    520 BROADHOLLOW ROAD, MELVILLE, NY 10747
               ---------------------------------------------------
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

                                 (212) 755-8600
              ----------------------------------------------------
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

         TITLE OF EACH CLASS                      NAME OF EACH EXCHANGE

    Common Stock, $0.01 par value                 NASDAQ National Market


        SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: NONE

            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] or No [ ].

            As of March 31, 2000, 9,002,251 shares of the Registrant's Common
Stock, $.01 par value were outstanding.
<PAGE>

             AMERICAN HOME MORTGAGE HOLDINGS, INC. AND SUBSIDIARY

                          QUARTER ENDED MARCH 31, 2001
                                      INDEX


PART I-FINANCIAL INFORMATION

      Item 1.     Condensed Consolidated Financial Statements

                  Consolidated Balance Sheets - March 31, 2001 (unaudited) and
                  December 31, 2000

                  Consolidated Statements of Income (unaudited) - Three months
                  ended March 31, 2001 and 2000

                  Consolidated Statements of Cash Flows (unaudited) - Three
                  months ended March 31, 2001 and 2000

                  Notes to Consolidated Financial Statements (unaudited)

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

      Item 3.     Quantitative and Qualitative Disclosures about Market Risk

PART II-OTHER INFORMATION

      Item 4.     Submission of Matters to a Vote of Security Holders

      Item 6.     Exhibits and Reports on Form 8-K

SIGNATURE

<PAGE>

                                     ITEM 1.

                   CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

                      AMERICAN HOME MORTGAGE HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                               MARCH 31,      DECEMBER 31,
                                                                 2001             2000
                                                             ------------     ------------
                                                              (Unaudited)
<S>                                                          <C>              <C>
ASSETS

Cash and cash equivalents                                    $  5,483,878     $  6,005,392
Accounts receivable                                            11,221,918        8,982,453
Mortgage loans held for sale, net                             181,439,531      143,967,142
Mortgage loans held for investment, net                           230,243          260,243
Real estate owned                                                 258,864          355,817
Mortgage servicing rights, net                                     35,662           37,014
Premises and equipment, net                                     7,407,001        7,152,454
Prepaid expenses and security deposits                          2,012,166        1,835,279
Goodwill                                                       15,030,121       14,936,582
                                                             ------------     ------------

TOTAL ASSETS                                                 $223,119,384     $183,532,376
                                                             ============     ============

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
      Warehouse lines of credit                              $161,837,389     $130,483,671
      Drafts payable                                            7,297,210        8,349,482
      Accrued expenses and other                               14,522,124       11,423,509
      Notes payable                                             3,686,328        3,972,281
      Deferred income tax liability                             3,491,192        2,110,150
                                                             ------------     ------------
                Total liabilities                             190,834,243      156,339,093
                                                             ------------     ------------

COMMITMENTS AND CONTINGENCIES                                          --               --

MINORITY INTEREST                                                 646,312          581,418

STOCKHOLDERS' EQUITY:
      Preferred stock $1.00 per share, 1,000,000 shares
           authorized, none issued and outstanding                     --               --
      Common stock, $.01 per share par value, 19,000,000
           shares authorized, 9,002,251 and 8,985,584
           issued and outstanding                                  90,022           89,855
      Additional paid-in capital                               20,766,793       20,462,791
      Retained earnings                                        10,782,014        6,059,219
                                                             ------------     ------------
                Total stockholders' equity                     31,638,829       26,611,865
                                                             ------------     ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                   $223,119,384     $183,532,376
                                                             ============     ============
</TABLE>

See Notes to Consolidated Financial Statements.
<PAGE>

                      AMERICAN HOME MORTGAGE HOLDINGS, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                              FOR THE THREE MONTHS ENDED
                                                                                       MARCH 31,
                                                                                 2001            2000
                                                                             -----------     -----------
<S>                                                                          <C>             <C>
REVENUES:
      Gain on sale of mortgage loans                                         $21,157,991     $ 8,032,107
      Interest income, net                                                       637,579         939,454
      Other                                                                      266,125         495,971
                                                                             -----------     -----------
           Total revenues                                                     22,061,695       9,467,532
                                                                             -----------     -----------
EXPENSES:
      Salaries, commissions and benefits, net                                 10,651,305       4,372,736
      Marketing and promotion                                                  1,421,378         444,866
      Occupancy and equipment                                                  1,827,620       1,076,178
      Data processing and communications                                         776,564         507,597
      Provision for loss                                                          30,000              --
      Other                                                                    2,562,161       1,548,161
                                                                             -----------     -----------
           Total expenses                                                     17,269,028       7,949,538
                                                                             -----------     -----------

INCOME BEFORE INCOME TAXES AND MINORITY INTEREST                               4,792,667       1,517,994
INCOME TAXES                                                                   1,993,947         697,700
                                                                             -----------     -----------

INCOME BEFORE MINORITY INTEREST                                                2,798,720         820,294
MINORITY INTEREST IN INCOME (LOSS) OF CONSOLIDATED JOINT VENTURE                 265,054         (67,685)
                                                                             -----------     -----------

NET INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN
      ACCOUNTING PRINCIPLE                                                     2,533,666         887,979

CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE,
      NET OF INCOME TAXES                                                      2,142,552              --
                                                                             -----------     -----------

NET INCOME                                                                   $ 4,676,218     $   887,979
                                                                             ===========     ===========

Per share data:
      Basic before cumulative effect of change in accounting principle       $      0.28     $      0.11
      Basic after cumulative effect of change in accounting principle        $      0.52     $      0.11

      Diluted before cumulative effect of change in accounting principle     $      0.28     $      0.11
      Diluted after cumulative effect of change in accounting principle      $      0.51     $      0.11

Weighted average number of shares - basic                                      9,000,779       8,286,747
                                                                             ===========     ===========

Weighted average number of shares - diluted                                    9,157,223       8,397,193
                                                                             ===========     ===========
</TABLE>

See Notes to Consolidated Financial Statements.
<PAGE>

                    AMERICAN HOME MORTGAGE HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                        FOR THE THREE MONTHS ENDED
                                                                                 MARCH 31,
                                                                         2001                 2000
                                                                   ---------------      ---------------
<S>                                                                <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES :
     Net income                                                    $     4,676,218      $       887,979
     Adjustments to reconcile net income to net cash used in
         operating activities:
            Depreciation and amortization                                  563,137              285,916
            Provision for loss                                              30,000                   --
            Origination of mortgage loans held for sale             (1,197,751,746)        (467,918,463)
            Proceeds on sale of mortgage loans                       1,160,630,103          463,225,245
            Deferred income taxes                                        1,381,042
            Increase in accrued expenses and other liabilities           3,098,615            2,357,027
            (Increase) / decrease in:
                Accounts receivable                                     (2,239,465)          (1,993,387)
                Mortgage servicing rights                                    1,352                   --
                Prepaid expenses and security deposits                    (176,887)             179,025
                Goodwill                                                  (300,000)                  --
                                                                   ---------------      ---------------
                Net cash used in operating activities                  (30,087,631)          (2,976,658)
                                                                   ---------------      ---------------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Sale (purchase) of real estate owned, net                              96,953              (36,270)
     Purchases of premises and equipment, net                             (611,223)            (332,316)
     Increase (decrease) in minority interest                               64,894              (67,685)
     Decrease in loans held for investment                                      --                  477
                                                                   ---------------      ---------------
                Net cash used in investing activities                     (449,376)            (435,794)
                                                                   ---------------      ---------------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Increase in warehouse lines of credit                              31,353,718            5,703,942
     Decrease in drafts payable                                         (1,052,272)          (2,119,937)
     Decrease in notes payable                                            (285,953)                  --
                                                                   ---------------      ---------------
                Net cash provided by financing activities               30,015,493            3,584,005
                                                                   ---------------      ---------------

NET (DECREASE) INCREASE IN CASH                                           (521,514)             171,553

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                           6,005,392            3,414,017
                                                                   ---------------      ---------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                           $     5,483,878      $     3,585,570
                                                                   ===============      ===============

SUPPLEMENTAL DISCLOSURE--CASH PAID FOR:
     Interest                                                      $     2,027,203      $       959,459
     Taxes                                                               3,369,996              901,620
</TABLE>

See Notes to Consolidated Financial Statements.
<PAGE>

                      AMERICAN HOME MORTGAGE HOLDINGS, INC.
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1-BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements of American
Home Mortgage Holdings, Inc. and its subsidiaries, American Home Mortgage Corp.
("American Home Mortgage") and Marina Mortgage Company, Inc. ("Marina")
(collectively the "Company") reflect all adjustments which, in the opinion of
management, are necessary for a fair presentation of the results of the interim
periods presented. All such adjustments are of a normal recurring nature. All
intercompany accounts and transactions have been eliminated. Operating results
for the three months ended March 31, 2001 are not necessarily indicative of the
results that may be expected for the full year ended December 31, 2001.

The unaudited interim consolidated financial statements should be read in
conjunction with the Company's audited consolidated financial statements and
notes thereto for the year ended December 31, 2000, included in the Company's
annual report on Form 10-K for the year then ended.

NOTE 2-EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of shares
outstanding and excludes the dilutive effect of common stock equivalents.
Diluted earnings per share is based on the weighted average number of shares
outstanding and includes the dilutive effect of common stock equivalents. There
was a de minimus dilutive effect as of March 31, 2001.

NOTE 3-ACCOUNTING FOR DERIVATIVES AND HEDGING ACTIVITIES

On January 1, 2001, the Company adopted Financial Accounting Standards Board
Statements of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS 133") which requires the recognition
of all derivative financial instruments at fair value and reported as either
assets or liabilities in the balance sheet. The accounting for gains and losses
associated with changes in the fair value of derivatives are reported in current
earnings, net of tax, depending on whether they qualify for hedge accounting and
whether the hedge is highly effective in achieving offsetting changes in the
fair value or cash flows of the asset or liability hedged. Under the provisions
of SFAS 133, the method used for assessing the effectiveness of a hedging
derivative, as well as the measurement approach for determining the ineffective
aspects of the hedge must have been established at the inception of the hedge.
Those methods must also be consistent with the entity's approach to managing
risk. Although the Company continues to hedge as previously done, SFAS 133, as
applied to our risk management strategies, may increase or decrease reported net
income depending on levels of interest rates and other variables affecting the
fair values of derivative instruments and hedged items, but will have no effect
on actual cash flows or the overall economics of the transactions.

As part of the Company's secondary marketing and related hedging activities,
mortgage-backed securities are purchased and sold forward, and options are
acquired on mortgage and treasury securities. At March 31, 2001, forward
delivery commitments amounted to approximately $410 million, options to buy
securities amounted to approximately $125 million and options to sell securities
amounted to approximately $70 million. These contracts have a high correlation
to the price movement of the loans being hedged. These types of hedges are
considered fair value hedges.

On January 1, 2001, the Company recognized the fair value of all freestanding
derivative instruments which resulted in recording an asset in the amount of
$7.5 million and a liability in the amount of $3.7 million. The net transition
adjustment for the Company's derivatives resulted in an after tax gain of $2.1
million and was recognized as a cumulative-effect-type adjustment to net income,
effective January 1, 2001. The related derivative asset and liability accounts
have been adjusted for changes in their respective fair values, which had an
immaterial net impact to the earnings for the quarter ended March 31, 2001.

NOTE 4- ACQUISITIONS

On June 30, 2000, the Company acquired First Home Mortgage Corp. ("First Home"),
a residential mortgage lender headquartered in Illinois, which was immediately
merged into American Home Mortgage Corp. The Company issued 489,804 shares of
common stock and is paying $3.6 million over a period of two years. In addition,
the shareholders of First Home may receive additional consideration consisting
of cash and shares of the Company's common stock based on the future results of
the financial performance of the First Home division of the Company (please see
the Company's current report on Form 8-K filed with the Securities and Exchange
Commission on February 1, 2000 for further information).

On October 31, 2000, the Company acquired from Roslyn National Mortgage
Corporation ("RNMC") four RNMC branches (located in Columbia, Maryland, Vienna,
Virginia, West Hartford, Connecticut and Patchogue, New York) (the "Roslyn
Branches"), RNMC's mortgage application pipeline and certain fixed assets and to
assume the real property leases of the Roslyn Branches. The Roslyn Branches have
become part of the American Home branch network and have helped the Company to
expand its originations in the mid-Atlantic region through both a retail and
wholesale presence.

NOTE 5- SUBSEQUENT EVENT

During the first quarter the Company entered into an agreement with Commonwealth
Bank, a subsidiary of Commonwealth Bancorp, Inc., to purchase the Pennsylvania
and Maryland loan production offices of its residential mortgage division,
ComNet Mortgage Services. The transaction closed on April 1, 2001.
<PAGE>

                                     ITEM 2.

           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

GENERAL

The Company is a leading independent retail mortgage banking company primarily
engaged in the business of originating and selling residential mortgage loans.
The Company offers a broad array of residential mortgage products targeted
primarily to high-credit-quality borrowers over the Internet, as well as through
its 475 primarily commission-compensated loan originators. The Company operates
from 53 loan offices in the New York metropolitan area and six other eastern
states, and in California, Illinois, New Mexico and Arizona. The Company
operates primarily as a mortgage banker, underwriting, funding and then
reselling its loan products to more than 45 different buyers. In January of
1999, the Company began marketing its mortgage products over the Internet
through its Internet site, MORTGAGESELECT.COM. Mortgage products are originated
online through arrangements with a number of popular Web sites and through the
Company's own Web site, established in 1999.

Net income for the first quarter of 2000 totaled $4.7 million or $0.51 per share
on a diluted basis, which included the one-time cumulative effect of adopting
Statement of Financial Accounting Standards No. 133,"Accounting for Derivative
Instruments and Hedging Activities," as amended, ("SFAS 133") (see footnote 3 in
Notes to Consolidated Financial Statement). Net income before the cumulative
effect of change in accounting principle totaled $2.5 million, or $0.28 per
share on a diluted basis, compared to $888,000, or $0.11 per share in the 2000
first quarter.

Loan originations increased 153.9% in the first quarter of 2001, totaling $1.3
billion compared to $0.5 billion in the 2000 first quarter. Originations from
our MORTGAGESELECT.COM Internet Web site totaled $201.0 million in the first
quarter of 2000.

<PAGE>

RESULTS OF OPERATIONS

The following table sets forth information derived from the Company's
Consolidated Statements of Income expressed as a percentage of total revenues:

                                                      For the three months ended
                                                               March 31,
                                                            2001      2000
                                                           ------    ------
Revenues

Gain on sale of mortgage loans ........................      95.9%     84.9%
Interest income, net ..................................      2.89       9.9
Other .................................................      1.21       5.3
                                                           ------    ------

Total revenues ........................................     100.0     100.0
                                                           ------    ------

Expenses

Salaries, commissions and benefits, net ...............      48.3      46.2
Marketing and promotion ...............................       6.4       4.7
Occupancy and equipment ...............................       8.3      11.4
Data processing and communications ....................       3.5       5.4
Provision for loss ....................................       0.1        --


Other .................................................      11.6      16.3
                                                           ------    ------

Total expenses ........................................      78.3      84.0
                                                           ------    ------

Income before income taxes and minority interest ......      21.7      16.0

Income taxes ..........................................       9.0       7.3

Minority interest .....................................       1.2      (0.7)
                                                           ------    ------

Net income before cumulative effect of change in ......

   Accounting principle ...............................      11.5       9.4

Cumulative effect of change in accounting principle....       9.7        --
                                                           ------    ------

Net income ............................................      21.2%      9.4%
                                                           ======    ======

<PAGE>

      THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED
                                 MARCH 31, 2000

REVENUES

Revenues for the first quarter of 2001 were $22.1 million compared to $9.5
million in 2000, an increase of 133.0%. The increase was a result of increased
gains on sale of mortgage loans, offset by declines in net interest income and
volume incentive bonuses.

Gain on sale increased by 163.4% to $21.2 million from $8.0 million a year
earlier, generally a result of an increase in loan volume, partially resulting
from the First Home acquisition and a decline in interest rates. Loans sold in
the first quarter of 2001 were $1.2 billion compared to $495.2 million in the
like quarter in 2000 (which amounts include $71.7 million and $32.0 million of
originations in which we acted as broker, respectively).

Net interest income decreased to $638,000 from $939,000 a year ago, a decrease
of 32.1%. The decline resulted from narrowed margins due to a flattening of the
yield curve.

Other income was $266,000 for the quarter compared to $496,000 for the first
quarter of 2000. Other income primarily consists of volume incentive bonuses
received from loan purchasers. These bonus payments are earned and recognized
when the Company achieves volume targets specified in agreements with these
purchasers. The decline was a result of the Company selling loans to investors
at a higher yield that do not offer bonuses.

EXPENSES

Salaries, commissions and benefits increased by 143.6% to $10.7 million from
$4.4 million from the 2000 first quarter. The increase was largely due to the
inclusion of expenses of First Home and the Roslyn Branches following the
acquisitions and increased staffing levels related to our MORTGAGESELECT.COM
Internet Web site.

Occupancy and equipment costs increased by 69.8% to $1.8 million for the current
quarter from $1.1 million in 2000. The increase in costs is reflective of the
acquisition of First Home and the Roslyn Branches, the opening of new community
loan offices and Internet call centers and greater depreciation charges as a
result of the Company's increased investments in computer networking.

Marketing and promotion expenses totaled $1.4 million in the current period, up
219.5% from the first quarter of 2000. Increased advertising expenses in support
of retail operations and our MORTGAGESELECT.COM Internet Web site accounted for
the increase.

Data processing and communications by increased 53.0% to $777,000 from $508,000
in the first quarter of 2000. The increase was a result of the acquisition of
First Home and the Roslyn Branches, the growth in our MORTGAGESELECT.COM
Internet Web site and the opening of new office locations.

Other expenses increased by 65.5% to $2.6 million, from $1.5 million in 2000.
These expenses, which consist generally of office supplies, travel, professional
fees and insurance, have increased as a result of the growth in our
MORTGAGESELECT.COM Internet Web site, the acquisitions of Marina, First Home and
the Roslyn Branches, new office openings and higher loan production and related
employment levels.

LIQUIDITY AND CAPITAL RESOURCES

To originate a mortgage loan, the Company draws against a syndicated warehouse
facility that its subsidiaries, American Home Mortgage Corp. and Marina Mortgage
Company, Inc., have entered into, agented by First Union National Bank ("First
Union"), a committed facility with Morgan Stanley Dean Witter Mortgage Capital,
Inc. ("Morgan Stanley") and a pre-purchase facility with UBS Paine Webber
("Paine Webber"). The First Union warehouse facility is for $115 million. The
Morgan Stanley facility is for $75 million and the Paine Webber facility is for
$80 million. The Company's warehouse facilities are secured by the mortgages it
originates and certain of its other assets. Loans under its warehouse facilities
bear interest at rates that vary depending on the type of underlying loan, and
these loans are subject to sublimits, advance rates and terms that vary
depending on the type of underlying loan and the ratio of the Company's
liabilities to its tangible net worth.

In addition to the First Union, Morgan Stanley and Paine Webber warehouse
facilities, the Company has purchase and sale agreements with Fannie Mae and
Paine Webber. Pursuant to these arrangements, the Company obtains commitments
from the ultimate buyer, which may be a bank, a pension fund or an investment
bank, to purchase its loans. These loans are then sold together with the
commitment from the ultimate buyer to one of the two institutions above, who
subsequently take responsibility for consummating the final transaction. These
agreements allow the Company to accelerate the sale of its mortgage loan
inventory resulting in a more effective use of the warehouse facility. The
combined capacity available under the Company's purchase and sale agreements is
$462 million.

For the three months ended March 31, 2001, net cash provided by (used in)
operating, investing and financing activities was $(30.1) million, $(0.4)
million and $30.0 million respectively. Net cash used in operating activities
was primarily due to loan originations exceeding loan sales and an increase in
prepaid expenses and security deposits, offset by an increase in accrued
expenses and other liabilities and net income. Net cash used in investing
activities was primarily due to the purchase of fixtures. Net cash provided by
financing activities was a result of an increase in warehouse lines of credit
which are collateralized by mortgage loans held for sale, offset by a decrease
in drafts payable.

For the comparable period a year ago, net cash provided by (used in) operating,
investing and financing activities was $(3.0) million, $(0.4) million and $3.6
million respectively. Net cash used in operating activities was primarily due to
loan originations exceeding loan sales and an increase in accounts receivable,
offset by a decrease in accrued expenses and other liabilities and net income.
Net cash used in investing activities was primarily due to the purchase of
furniture and equipment. Net cash provided by financing activities was a result
of an increase in warehouse lines of credit which are collateral for mortgage
loans held for sale and a decrease in drafts payable.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to be covered by
the safe harbors created thereby. The words "plan," "believe," "anticipate,"
"estimate," "expect," "objective," "projection," "forecast," "goal" or similar
words are intended to identify forward-looking statements. Such statements
involve risks and uncertainties that exist in the Company's operations and
business environment that could render actual outcomes and results materially
different than predicted. The Company's forward-looking statements are based on
assumptions about many factors, including, but not limited to, general
volatility of the capital markets; changes in the real estate market, interest
rates or the general economy of the markets in which the Company operates;
economic, technological or regulatory changes affecting the use of the Internet
and changes in government regulations that are applicable to the Company's
regulated brokerage and property management businesses. These and other factors
are more fully discussed in the Company's prospectus filed with the Securities
and Exchange Commission during the past 12 months. While the Company believes
that its assumptions are reasonable at the time forward-looking statements were
made, it cautions that it is impossible to predict the actual outcome of
numerous factors and, therefore, readers should not place undue reliance on such
statements. Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update such statements in light of
new information or future events.
<PAGE>

                                     ITEM 3.
           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Movements in interest rates can pose a major risk to the Company in either a
rising or declining interest rate environment. When interest rates rise, loans
held for sale and any applications in process with locked-in rates decrease in
value. To preserve the value of such loans or applications in process with
locked-in rates, agreements are executed for mandatory loan sales to be settled
at future dates with fixed prices. These sales take the form of forward sales of
mortgage-backed securities.

When interest rates decline, fallout may occur as a result of customers
withdrawing their applications. In those instances, the Company may be required
to purchase loans at current market prices to fulfill existing mandatory loan
sale agreements, thereby incurring losses upon sale. The Company uses an
interest rate hedging program to manage these risks. Through this program,
mortgage-backed securities are purchased and sold forward and options are
acquired on mortgage and treasury securities.

The board of directors establishes thresholds which limit exposure to such risk.
An analysis is performed daily to determine the risk exposure under various
interest rate scenarios and such risk is managed by executing the program
discussed above. All derivatives are obtained for hedging (or other than
trading) purposes, and management evaluates the effectiveness of the hedges on
an on-going basis.

The following table summarizes the Company's interest rate sensitive
instruments:

<TABLE>
<CAPTION>
                                                                         MARCH 31, 2001              DECEMBER 31, 2000
                                                                         --------------              -----------------
                                                                 NOTIONAL AMOUNT   FAIR VALUE  NOTIONAL AMOUNT  FAIR VALUE
                                                                 ---------------   ----------  ---------------  ----------
<S>                                                                 <C>             <C>           <C>           <C>
Instruments:
Commitments to fund mortgages at agreed-upon rates.............     $582,461,980    $7,033,646    $241,926,529  $7,453,609
     Forward delivery commitments..............................      409,574,680    (3,207,660)    224,172,000  (3,738,524)
     Option contracts to buy securities........................      125,000,000       586,946      10,000,000     167,150
     Option contracts to sell securities.......................       70,000,000       166,597              --          --
</TABLE>

No material changes in market risk strategy occurred during the current period.
A detailed discussion of market risk is provided in the SEC Form 10-K for the
period ended December 31, 2000.

<PAGE>

                            PART II-OTHER INFORMATION


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

    (a)  Exhibits.

         The following exhibit is filed as part of this Quarterly Report on Form
         10-Q:

         None

    (b)  Reports on Form 8-K.

         None

<PAGE>

                                    SIGNATURE

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.


                             AMERICAN HOME MORTGAGE HOLDINGS, INC.
                             -------------------------------------

                                      (Registrant)



Date:    May 11, 2000                      By:      /S/ ROBERT E. BURKE
                                               -------------------------------
                                                       Robert E. Burke
                                                   Chief Financial Officer



Date:    May 11, 2000                      By:      /S/ RICHARD D. SILVER
                                               -------------------------------
                                                       Richard D. Silver
                                                          Controller