Document:

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                                                                   Exhibit 10.38

                                 FIRST AMENDMENT
                                       TO
                                CREDIT AGREEMENT

         THIS FIRST AMENDMENT dated as of January 11, 2006 (this "AMENDMENT"),
to the Credit Agreement, dated as of December 8, 2005 (the "CREDIT AGREEMENT"),
by and among CLAYTON HOLDINGS, INC. a Delaware corporation (the "COMPANY"),
Harris, N.A. ("HARRIS") and BNP PARIBAS ("BNP PARIBAS"), as administrative agent
(in such capacity "ADMINISTRATIVE AGENT").

                                    RECITALS

         WHEREAS, subsection 2.1A(iv) of the Credit Agreement permits Lenders
and/or other financial institutions not a party to the Credit Agreement, that
are approved by Administrative Agent, to provide up to an aggregate amount of
$10,000,000 in additional Revolving Loan Commitments.

         WHEREAS, Company desires to exercise its right under subsection
2.1A(iv) of the Credit Agreement to request additional Revolving Loan
Commitments in an aggregate principal amount of $5,000,000 (the "FIRST AMENDMENT
REVOLVING LOAN COMMITMENTS").

         WHEREAS, Harris has agreed to make additional Revolving Loan
Commitments in an aggregate principal amount of $5,000,000 on the First
Amendment Effective Date (as defined below) and Administrative Agent approves of
the same.

         WHEREAS, pursuant to subsection 2.1A(iv) of the Credit Agreement,
Company and Administrative Agent are authorized to amend the Credit Agreement
without the consent of the Lenders to the extent necessary to give effect to
such additional Revolving Loan Commitments.

         WHEREAS, pursuant to an Assignment Agreement by and between Harris and
BNP Paribas, and consented to by Company and Administrative Agent (the
"Assignment"), BNP Paribas has, concurrently herewith, assigned to Harris (and
Harris has assumed) $5,000,000 of BNP Paribas' Revolving Loan Commitment such
that after giving effect to this Amendment and the Assignment, the aggregate
Revolving Loan Commitment of Harris will be $10,000,000.

         NOW THEREFORE, in consideration of the foregoing premises and other
good and valuable consideration, the parties hereto hereby agree as follows:

         1. DEFINITIONS. Any capitalized term used herein and not defined herein
shall have the meaning assigned to it in the Credit Agreement.

         2. AMENDMENTS TO DEFINITIONS.

                  (a) New definitions of "First Amendment" and "First Amendment
         Revolving Loan Commitments" shall be added to Section 1.1 in
         alphabetical order reading as follows:

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                  ""FIRST AMENDMENT" means that certain First Amendment to this
         Agreement dated as of January 11, 2006."

                  ""FIRST AMENDMENT EFFECTIVE DATE" means the date the First
         Amendment becomes effective in accordance with its terms."

                  ""FIRST AMENDMENT REVOLVING LOAN COMMITMENTS" means the
         additional Revolving Loan Commitments provided pursuant to the First
         Amendment."

         3. AMENDMENTS TO SECTION 2: AMOUNTS AND TERMS OF COMMITMENTS AND LOANS.

                  (a) First paragraph of subsection 2.1A(ii) of the Credit
         Agreement is hereby amended by deleting such subsection in its entirety
         and substituting the following therefor:

                           (A) "REVOLVING LOANS. Each Revolving Lender severally
                  agrees, subject to the limitations set forth below with
                  respect to the maximum amount of Revolving Loans permitted to
                  be outstanding from time to time, to lend to Company from time
                  to time during the period from the Closing Date to but
                  excluding the Revolving Loan Commitment Termination Date an
                  aggregate amount not exceeding its Pro Rata Share of the
                  aggregate amount of the Revolving Loan Commitments to be used
                  for the purposes identified in subsection 2.5B. As of the
                  First Amendment Effective Date, the amount of each Revolving
                  Lender's Revolving Loan Commitment is set forth opposite its
                  name on SCHEDULE 2.1 annexed hereto and the aggregate
                  Revolving Loan Commitment Amount is $45,000,000 (consisting of
                  Revolving Loan Commitments in the aggregate amount of
                  $40,000,000 as of the Closing Date plus First Amendment
                  Revolving Loan Commitments in the aggregate amount of
                  $5,000,000); PROVIDED that the amount of the Revolving Loan
                  Commitment of each Revolving Lender shall be adjusted to give
                  effect to any assignment of such Revolving Loan Commitment
                  pursuant to subsection 10.1B and shall be reduced from time to
                  time by the amount of any reductions thereto made pursuant to
                  subsection 2.4 and increased from time to time by the amount
                  of any increases thereto made pursuant to subsection 2.1(iv).
                  Each Revolving Lender's Revolving Loan Commitment shall expire
                  on the Revolving Loan Commitment Termination Date and all
                  Revolving Loans and all other amounts owed hereunder with
                  respect to the Revolving Loans and the Revolving Loan
                  Commitments shall be paid in full no later than that date.
                  Amounts borrowed under this subsection 2.1A(ii) may be repaid
                  and reborrowed to but excluding the Revolving Loan Commitment
                  Termination Date."

         4. AMENDMENT TO SCHEDULE 2.1. Schedule 2.1 of the Credit Agreement is
hereby amended by adding Harris and its $10,000,000 Revolving Loan Commitment
and reducing BNP Paribas' Revolving Loan Commitment by $5,000,000.

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         5. CONDITIONS TO EFFECTIVENESS. The effectiveness of this Amendment is
subject to the fulfillment of each of the following conditions precedent (the
date such conditions are fulfilled is hereafter referred to as the "FIRST
AMENDMENT EFFECTIVE DATE"):

                  (a) After giving effect to this Amendment, no Event of Default
         or Potential Event of Default shall have occurred and be continuing on
         the First Amendment Effective Date or result from this Amendment
         becoming effective in accordance with its terms and Company shall have
         delivered an Officer's Certificate to such effect.

                  (b) Administrative Agent shall have executed this Amendment
         and received a counterpart of this Amendment that bears the signature
         of Harris, the Company and each of the Guarantors.

                  (c) All corporate and other proceedings taken or to be taken
         in connection with the transactions contemplated hereby and all
         documents incidental thereto not previously found acceptable by
         Administrative Agent, acting on behalf of Lenders, and its counsel
         shall be satisfactory in form and substance to Administrative Agent and
         such counsel, and Administrative Agent and such counsel shall have
         received all such counterpart originals or certified copies of such
         documents as Administrative Agent may reasonably request.

                  (d) Administrative Agent shall be satisfied that all
         requirements of subsection 2.1A(iv) of the Credit Agreement shall have
         been met.

                  (e) Delivery by Harris, Company, BNP Paribas and
         Administrative Agent of the Assignment, together with such other
         documentation and fees required by subsection 10.1 of the Credit
         Agreement for the effectiveness of the Assignment pursuant to the
         Credit Agreement.

         6. EXPENSES. Without limiting any obligation of the Company to
reimburse the expenses pursuant to the terms of the Loan Documents, the Company
hereby agrees that on or before the First Amendment Effective Date, the Company
shall reimburse the Administrative Agent for any and all out of pocket expenses
(including reasonable attorneys' fees) incurred by the Administrative Agent in
connection with this Amendment and the matters related hereto.

         7. REPRESENTATIONS AND WARRANTIES. The Company hereby represents and
warrants to the Lenders as follows:

                  (a) Immediately prior to, or after giving effect to this
         Amendment, no Event of Default or Potential Event of Default has
         occurred and is continuing or would result from this Amendment becoming
         effective in accordance with its terms.

                  (b) The execution, delivery, and performance by each of the
         Company and the Guarantors of this Amendment have been duly authorized
         by all necessary action on the part of such Person.

                  (c) The execution, delivery and performance by Company and the
         Guarantors of this Amendment and the consummation of the transactions
         contemplated

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         hereby do not and will not (i) violate any provision of any law or any
         governmental rule or regulation applicable to Company or any of their
         Subsidiaries, the Organizational Documents of Company or any of their
         Subsidiaries or any order, judgment or decree of any court or other
         Government Authority binding on Company or any of their Subsidiaries,
         (ii) conflict with, result in a breach of or constitute (with due
         notice or lapse of time or both) a default under any Contractual
         Obligation of Company or any of its Subsidiaries, (iii) result in or
         require the creation or imposition of any Lien upon any of the
         properties or assets of Company or any of its Subsidiaries (other than
         any Liens created under any of the Loan Documents in favor of
         Administrative Agent on behalf of Lenders), or (iv) require any
         approval of stockholders or any approval or consent of any Person under
         any Contractual Obligation of Company or any of its Subsidiaries,
         except for such approvals or consents which will be obtained on or
         before the First Amendment Effective Date and disclosed in writing to
         Lenders and except, in each case, to the extent such violation,
         conflict, Lien or failure to obtain such approval or consent would not
         reasonably be expected to result in a Material Adverse Effect.

                  (d) This Amendment is the legally valid and binding
         obligations of each of the Company and the Guarantors, enforceable
         against such Person in accordance with its terms, except as enforcement
         may be limited by equitable principles or by bankruptcy, insolvency,
         reorganization, moratorium, or similar laws relating to or limiting
         creditors' rights generally.

         8. MISCELLANEOUS.

                  (a) Except as otherwise expressly provided herein, each of the
         Company and the Guarantors hereby agree that (i) the Credit Agreement
         and the other Loan Documents are, and shall continue to be, in full
         force and effect and are hereby ratified and confirmed in all respects,
         except that on and after the First Amendment Effective Date (A) all
         references in the Credit Agreement to "this Agreement," "hereto,"
         "hereof," "hereunder" or words of like import referring to the Credit
         Agreement shall mean the Credit Agreement as amended by this Amendment
         and (B) all references in the other Loan Documents to the "Credit
         Agreement," "thereto," "thereof," "thereunder" or words of like import
         referring to the Credit Agreement shall mean the Credit Agreement as
         amended by this Amendment, (ii) to the extent that the Credit Agreement
         or any other Loan Document purports to pledge to the Administrative
         Agent, or to grant to the Administrative Agent a security interest in
         or lien on, any collateral as security for the Obligations, such pledge
         or grant of a security interest or lien is hereby ratified and
         confirmed in all respects, and (iii) the execution, delivery and
         effectiveness of this Amendment shall not operate as an amendment of
         any right, power or remedy of the Administrative Agent or the Lenders
         under the Credit Agreement or any other Loan Document, nor constitute
         an amendment of any provision of the Credit Agreement or any other Loan
         Document.

                  (b) Company hereby acknowledges and agrees that this Amendment
         constitutes a "Loan Document" under the Credit Agreement. Accordingly,
         it shall be an Event of Default under the Credit Agreement if any
         representation or warranty made by

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         the Company under or in connection with this Amendment shall have been
         untrue, false or misleading in any material respect when made.

                  (c) This Amendment may be executed in any number of
         counterparts and by different parties hereto in separate counterparts,
         each of which shall be deemed to be an original, but all of which taken
         together shall constitute one and the same agreement. Delivery of an
         executed counterpart of this Amendment by telefacsimile or electronic
         mail shall be equally as effective as delivery of an original executed
         counterpart of this Amendment.

                  (d) Section headings herein are included for convenience of
         reference only and shall not constitute a part of this Amendment for
         any other purpose.

         9. ACKNOWLEDGEMENT AND CONSENT BY GUARANTORS. Each guarantor listed on
the signature pages hereof ("GUARANTORS") hereby acknowledges that it has read
this Amendment and consents to the terms thereof, and hereby confirms and agrees
that, after the effectiveness of this Amendment, the obligations of each
Guarantor under its applicable Guaranty shall not be impaired, excused or
diminished and the applicable Guaranty is, and shall continue to be, in full
force and effect and is hereby confirmed and ratified in all respects, and that
the Guaranteed Obligations shall include all Obligations under the Credit
Agreement as amended by this Amendment. Each Guarantor further agrees that
nothing in the Credit Agreement, this Agreement or any other Loan Document shall
be deemed to require the consent of such Guarantor to any future amendment to
the Credit Agreement.

         10. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK).

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

                                         COMPANY:

                                         CLAYTON HOLDINGS, INC.

                                         By:  /s/ FREDERICK C. HERBST
                                              ------------------------------
                                         Name:  Frederick C. Herbst
                                         Title: Chief Financial Officer

                                         GUARANTORS:

                                         GRP HOLDINGS, INC.

                                         By:  /s/ FREDERICK C. HERBST
                                              ------------------------------
                                         Name:  Frederick C. Herbst
                                         Title: Treasurer

                                         CLAYTON SERVICES, INC.

                                         By:  /s/ FREDERICK C. HERBST
                                              ------------------------------
                                         Name:  Frederick C. Herbst
                                         Title: Chief Financial Officer

                                         CLAYTON TECHNOLOGIES, INC.

                                         By:  /s/ FREDERICK C. HERBST
                                              ------------------------------
                                         Name:  Frederick C. Herbst
                                         Title: Chief Financial Officer

                                         FIRST MADISON SERVICES, INC.

                                         By:  /s/ FREDERICK C. HERBST
                                              ------------------------------
                                         Name:  Frederick C. Herbst
                                         Title: Chief Financial Officer

                                      S-1
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                                         AG NI HOLDINGS, INC.

                                         By:  /s/ FREDERICK C. HERBST
                                              ------------------------------
                                         Name:  Frederick C. Herbst
                                         Title: Chief Financial Officer

                                         QUANTUM SERVICING CORPORATION

                                         By:  /s/ STEVEN COHEN
                                              ------------------------------
                                         Name:  Steven Cohen
                                         Title: Vice President and Secretary

                                         TMHC HOLDINGS, INC.

                                         By:  /s/ KEVIN J. KANOUFF
                                              ------------------------------
                                         Name:  Kevin J. Kanouff
                                         Title: President

                                         CLAYTON FIXED INCOME SERVICES INC.

                                         By:  /s/ KEVIN J. KANOUFF
                                              ------------------------------
                                         Name:  Kevin J. Kanouff
                                         Title: President

                                         CLAYTON IPS CORPORATION

                                         By:  /s/ KEVIN J. KANOUFF
                                              ------------------------------
                                         Name:  Kevin J. Kanouff
                                         Title: Chief Executive Officer

                                      S-2
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                                         ADMINISTRATIVE AGENT:

                                         BNP PARIBAS

                                         By:  /s/ AMY KIRSCHNER
                                              ------------------------------
                                         Name:  Amy Kirschner
                                         Title: Director

                                         By:  /s/ THERESA KNUTH
                                              ------------------------------
                                         Name:  Theresa Knuth
                                         Title: Vice President

                                      S-3
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                                         LENDERS:

                                         HARRIS, N.A.

                                         By:  /s/ RONALD V. REDD
                                              ------------------------------
                                         Name:  Ronald V. Redd
                                         Title: Vice President

                                      S-4<Page>

                                                                   EXHIBIT 10.39

                      NON-QUALIFIED STOCK OPTION AGREEMENT

                           FOR NON-EMPLOYEE DIRECTORS

                          UNDER CLAYTON HOLDINGS, INC.
                      2006 STOCK OPTION AND INCENTIVE PLAN

Name of Optionee:_______________________________
No. of Option Shares:___________________________
Option Exercise Price per Share: $______________
Grant Date:_____________________________________
Expiration Date:________________________________

         Pursuant to the Clayton Holdings, Inc. 2006 Stock Option and Incentive
Plan as amended through the date hereof (the "Plan"), Clayton Holdings, Inc.
(the "Company") hereby grants to the Optionee named above, who is a Director of
the Company but is not an employee of the Company, an option (the "Stock
Option") to purchase on or prior to the Expiration Date specified above all or
part of the number of shares of Common Stock, par value $0.01 per share (the
"Stock"), of the Company specified above at the Option Exercise Price per Share
specified above subject to the terms and conditions set forth herein and in the
Plan.

         1.      EXERCISABILITY SCHEDULE. No portion of this Stock Option may be
exercised until such portion shall have become exercisable. Except as set forth
below, and subject to the discretion of the Administrator (as defined in Section
2 of the Plan) to accelerate the exercisability schedule hereunder, this Stock
Option shall be exercisable with respect to the following number of Option
Shares on the dates indicated:

<Table>
<Caption>
                     INCREMENTAL NUMBER OF
                   OPTION SHARES EXERCISABLE                     EXERCISABILITY DATE
                  ----------------------------                   -------------------
                  <S>                                                <C>
                  _____________         (___%)                       ____________
                  _____________         (___%)                       ____________
                  _____________         (___%)                       ____________
</Table>

         In the event of the termination of the Optionee's service as a director
of the Company because of death, this Stock Option shall become immediately
exercisable in full, whether or not exercisable at such time. Notwithstanding
anything herein to the contrary, immediately prior to the occurrence of a Sale
Event (as defined in the Plan), this Stock Option shall be deemed vested and
exercisable in full. Once exercisable, this Stock Option shall continue to be
exercisable at any time or times prior to the close of business on the
Expiration Date, subject to the provisions hereof and of the Plan.

<Page>

         2.      MANNER OF EXERCISE.

                 (a)     The Optionee may exercise this Stock Option only in the
following manner: from time to time on or prior to the Expiration Date of this
Stock Option, the Optionee may give written notice to the Administrator of his
or her election to purchase some or all of the Option Shares purchasable at the
time of such notice. This notice shall specify the number of Option Shares to be
purchased.

         Payment of the purchase price for the Option Shares may be made by one
or more of the following methods: (i) in cash, by certified or bank check or
other instrument acceptable to the Administrator; (ii) through the delivery (or
attestation to the ownership) of shares of Stock that have been purchased by the
Optionee on the open market or that are beneficially owned by the Optionee and
are not then subject to restrictions under any Company plan and that otherwise
satisfy any holding periods as may be required by the Administrator; (iii) by
the Optionee delivering to the Company a properly executed exercise notice
together with irrevocable instructions to a broker to promptly deliver to the
Company cash or a check payable and acceptable to the Company to pay the option
purchase price, provided that in the event the Optionee chooses to pay the
option purchase price as so provided, the Optionee and the broker shall comply
with such procedures and enter into such agreements of indemnity and other
agreements as the Administrator shall prescribe as a condition of such payment
procedure; or (iv) a combination of (i), (ii) and (iii) above. Payment
instruments will be received subject to collection.

         The transfer to the Optionee on the records of the Company or of the
transfer agent of the Option Shares will be contingent upon the Company's
receipt from the Optionee of full payment for the Option Shares, as set forth
above and any agreement, statement or other evidence that the Company may
require to satisfy itself that the issuance of Stock to be purchased pursuant to
the exercise of Stock Options under the Plan and any subsequent resale of the
shares of Stock will be in compliance with applicable laws and regulations. In
the event the Optionee chooses to pay the purchase price by previously-owned
shares of Stock through the attestation method, the number of shares of Stock
transferred to the Optionee upon the exercise of the Stock Option shall be net
of the Shares attested to.

                 (b)     The shares of Stock purchased upon exercise of this
Stock Option shall be transferred to the Optionee on the records of the Company
or of the transfer agent upon compliance to the satisfaction of the
Administrator with all requirements under applicable laws or regulations in
connection with such transfer and with the requirements hereof and of the Plan.
The determination of the Administrator as to such compliance shall be final and
binding on the Optionee. The Optionee shall not be deemed to be the holder of,
or to have any of the rights of a holder with respect to, any shares of Stock
subject to this Stock Option unless and until this Stock Option shall have been
exercised pursuant to the terms hereof, the Company or the transfer agent shall
have transferred the shares to the Optionee, and the Optionee's name shall have
been entered as the stockholder of record on the books of the Company.
Thereupon, the Optionee shall have full voting, dividend and other ownership
rights with respect to such shares of Stock.

                 (c)     The minimum number of shares with respect to which this
Stock Option may be exercised at any one time shall be 100 shares, unless the
number of shares with respect to

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which this Stock Option is being exercised is the total number of shares subject
to exercise under this Stock Option at the time.

                 (d)     Notwithstanding any other provision hereof or of the
Plan, no portion of this Stock Option shall be exercisable after the Expiration
Date hereof.

         3.      TERMINATION AS DIRECTOR. If the Optionee ceases to be a
Director of the Company, the period within which to exercise the Stock Option
may be subject to earlier termination as set forth below.

                 (a)     TERMINATION BY REASON OF DEATH. If the Optionee ceases
to be a Director by reason of the Optionee's death, this Stock Option may be
exercised by his or her legal representative or legatee for a period of 12
months from the date of death or until the Expiration Date, if earlier.

                 (b)     OTHER TERMINATION. If the Optionee ceases to be a
Director for any reason other than the Optionee's death, this Stock Option may
be exercised, to the extent exercisable on the date of termination, for a period
of 90 days from the date of termination or until the Expiration Date, if
earlier.

         4.      INCORPORATION OF PLAN. Notwithstanding anything herein to the
contrary, this Stock Option shall be subject to and governed by all the terms
and conditions of the Plan, including the powers of the Administrator set forth
in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the
meaning specified in the Plan, unless a different meaning is specified herein.

         5.      TRANSFERABILITY.  This Agreement is personal to the Optionee,
is non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution. This
Stock Option is exercisable, during the Optionee's lifetime, only by the
Optionee, and thereafter, only by the Optionee's legal representative or
legatee.

         6.      NO OBLIGATION TO CONTINUE AS A DIRECTOR.  Neither the Plan nor
this Stock Option confers upon the Optionee any rights with respect to
continuance as a Director.

         7.      NOTICES.  Notices hereunder shall be mailed or delivered to the
Company at its principal place of business and shall be mailed or delivered to
the Optionee at the address on file with the Company or, in either case, at such
other address as one party may subsequently furnish to the other party in
writing.

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         8.      AMENDMENT.  Pursuant to Section 16 of the Plan, the
Administrator may at any time amend or cancel any outstanding portion of this
Stock Option, but no such action may be taken that adversely affects the
Optionee's rights under this Agreement without the Optionee's consent.

                                                 CLAYTON HOLDINGS, INC.

                                                 By:
                                                     ---------------------------
                                                     Title:

The foregoing Agreement is hereby accepted and the terms and conditions thereof
hereby agreed to by the undersigned.

Dated:
         --------------------------              -------------------------------
                                                 Optionee's Signature

                                                 Optionee's name and address:

                                                 _______________________________

                                                 _______________________________

                                                 _______________________________

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