Document:

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                                                                   EXHIBIT 10.34

[HSBC LOGO]

                                 June 24, 2003

The New York Mortgage Company LLC
Attention: Steven Schnall, President
1301 Avenue of the Americas, 7th Floor
New York, NY 10019

     Re:  Credit and Security Agreement between HSBC Bank USA ("HSBC") and
          The New York Mortgage Company LLC ("Company") dated as of March 30,
          2001, as amended ("Credit Agreement")

Dear Mr. Schnall:

     The Company's Credit Note to HSBC dated as of March 30, 2001, as amended,
in the maximum principal amount of $25,000,000.00 ("Note"), matures June 30,
2003.

     This letter confirms HSBC's agreement to extend the scheduled maturity date
of the Note and the term of the Credit Agreement to June 30, 2004.

     All amounts advanced after June 30, 2003 and all principal amounts
previously advanced and outstanding as of June 30, 2003 and all other amounts
which may be due HSBC as June 30, 2003 shall be (i) evidenced by the Note and
governed by the Credit Agreement as extended hereby, and (ii) secured by all
Collateral (as defined in the Credit Agreement).

     The Company agrees that it has no defenses, offsets or counterclaims in
connection with the obligations under the Note and Credit Agreement. To the
extent not modified hereby, the Note and Credit Agreement remain in full force
and effect.

HSBC BANK USA
Mortgage Warehouse Lending, 500 Stanton Christiana Road, Newark, DE 19713-2107
Tel: (302) 636-2040  Fax: (302) 636-2061

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The New York Mortgage Company LLC
June 24, 2003
Page 2

     By this agreement HSBC does not waive (i) any existing events of default
under the Note or Credit Agreement, or (ii) any rights or remedies resulting
from any such events of default.

     Please indicate the Company's agreement to the foregoing by signing and
returning a copy of this letter.

                                        Very truly yours,

                                        HSBC Bank USA

                                        By: /s/ James A. Noyes
                                           -------------------------------------
                                           James A. Noyes
                                           Vice President

AGREED:

THE NEW YORK MORTGAGE COMPANY LLC

By: /s/ Steven Schnall
   -------------------------------------
   Steven Schnall, Member

RATIFICATION OF GUARANTY

The Guarantor agrees and represents that the Guaranty remains in full force and
effect subject to no offset, claim, counterclaim or defense. The undersigned
agrees and acknowledges that all references to the Credit Agreement in the
Guaranty, means the Credit Agreement, as amended by this letter agreement, as
the same may be hereafter amended from time to time.

/s/ Steven Schnall
-------------------------------------
Steven Schnall

RATIFICATION OF GUARANTY

The Guarantor agrees and represents that the Guaranty remains in full force and
effect subject to no offset, claim, counterclaim or defense. The undersigned
agrees and acknowledges that all references to the Credit Agreement in the
Guaranty, means the Credit Agreement, as amended by this letter agreement, as
the same may be hereafter amended from time to time.

/s/ Joseph V. Fierro
-------------------------------------
Joseph V. Fierro<PAGE>
                                                                   EXHIBIT 10.37

                                  HSBC BANK USA

                                       AND

                        THE NEW YORK MORTGAGE COMPANY LLC

                                  FIRST AMENDED
                                    GUARANTY

                                 STEVEN SCHNALL

                            Dated as of May 24, 2001

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                                    GUARANTY

                                 STEVEN SCHNALL

                  In consideration of any extension of credit whether
heretofore or hereafter made by HSBC BANK USA, a banking corporation organized
under the laws of the State of New York ("Secured Party") to THE NEW YORK
MORTGAGE COMPANY LLC, a New York limited liability company (the "Company"), the
undersigned hereby guarantees (a) the full and prompt payment to Secured Party
when due, whether by acceleration or otherwise, of any and all indebtedness and
other liabilities of the Company to Secured Party arising out of a First Amended
Credit and Security Agreement between Secured Party and the Company dated as of
even date herewith ("Credit Agreement") governing a mortgage warehousing line of
credit in the maximum principal amount of TWENTY MILLION DOLLARS
($20,000,000.00), whether now existing or hereafter incurred, of every kind and
character, direct or indirect, and whether such indebtedness is from time to
time reduced and thereafter increased, or entirely extinguished and thereafter
reincurred ("Indebtedness"), and (b) the full and complete performance of all
the Company's obligations and compliance with all the Company's covenants set
forth in the Credit Agreement. The undersigned further agrees to pay all costs
and expenses, including, without limitation, attorneys' fees, at any time paid
or incurred by Secured Party in endeavoring to collect the Indebtedness or any
part thereof and in enforcing this Guaranty.

                  This Guaranty is, and is intended to be, a continuing guaranty
of the payment of the Indebtedness (irrespective of the aggregate amount
thereof) independent of and in addition to any other guaranty, indorsement or
collateral held by Secured Party therefor whether or not furnished by the
undersigned. The undersigned shall have no right of subrogation with respect to
any payments made by the undersigned hereunder until all of the Indebtedness is
paid in full.

                  If any default shall be made in the payment of any
Indebtedness, the undersigned hereby agrees to pay the same to the extent above
specified: (i) without requiring protest or notice of nonpayment or notice of
default to the undersigned, to the Company, or to any other person; (ii) without
proof of demand; (iii) without requiring Secured Party to resort first to the
Company or to any other guaranty or any collateral which Secured Party may hold;
(iv) without requiring notice of acceptance hereof or assent hereto by Secured
Party; and (v) without requiring notice that any indebtedness has been incurred,
all of which the undersigned hereby waives.

                  The undersigned authorizes Secured Party, without notice or
demand and without releasing, impairing or affecting the undersigned's
obligations hereunder, from time to time (i) to take from any party and hold
collateral for the payment of the Indebtedness or any part thereof, and to
exchange, enforce or release such collateral or any part thereof; (ii) to accept
and hold any indorsement or guaranty of payment of the Indebtedness or any part
thereof and to release or substitute any such indorser or guarantor, or any
party who has given any security interest in any collateral as security for the
payment of the Indebtedness or any part thereof, or any other party in any way
obligated to pay the Indebtedness or any part thereof; (iii) to direct the order
or manner of the disposition of any and all collateral and the enforcement of
any and all

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                                     - 2 -

indorsements and guaranties relating to the Indebtedness or any part thereof as
Secured Party, in its sole discretion, may determine; and (iv) to determine how,
when and what application of payments and credits, if any, shall be made on the
Indebtedness or any part thereof, and to apply the same upon principal or
interest or the portion thereof, if any, in excess of the amount of this
Guaranty.

                  No delay or omission by Secured Party in exercising any right
or remedy hereunder shall operate as a waiver thereof or of any other right or
remedy, and no single or partial exercise thereof shall preclude any other or
further exercise thereof or the exercise of any other right or remedy. All
rights and remedies of Secured Party hereunder are cumulative.

                  This Guaranty is absolute and unconditional and shall not be
affected by any act or thing whatsoever, except as herein provided. No
modification or amendment of any provision of this Guaranty shall be effective
unless in writing and subscribed by a duly authorized officer of Secured Party.

                  This Guaranty shall be governed by and construed under the
laws of the State of New York, whose laws the undersigned expressly elects to
apply to this Guaranty. The undersigned agrees that any action or proceeding
brought to enforce or arising out of this Guaranty 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 undersigned 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 undersigned, or
as otherwise provided by the laws of the State of New York or the United States.

                  The undersigned hereby knowingly, voluntarily, unconditionally
and irrevocably waives the right to a trial by jury in every jurisdiction in any
action, proceeding or counterclaim brought by or against the undersigned, its
personal representatives, successors or assigns, in respect of any matter
arising out of this Guaranty or the Indebtedness, including without limitation
any exercise of rights hereunder, any attempt to cancel, void, or rescind this
Guaranty, and any course of conduct or course of dealing in connection herewith.

                  Secured Party and the undersigned as used herein shall include
the estates, executors or administrators, or successors or assigns, of those
parties.

                  This First Amended Guaranty replaces the Guaranty by the
undersigned dated as of March 30, 2001.

                  IN WITNESS WHEREOF, this Guaranty has been signed by the
undersigned at ______________________________________, this 24 day of May, 2001.

Signature of Guarantor                    Address

/s/ STEVEN SCHNALL                        304 E 65th Street
-----------------------
STEVEN SCHNALL                            NY NY 10021

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                                     - 3 -

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 Schnall,
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his
signature on the instrument, the individual, or the person upon behalf of which
the individual 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

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