Melville, New York-based lender American Home Mortgage Investment Corp. is one of several companies to experience first quarter losses. The company’s first quarter results show its revenue dropping from $257.7 million during the fourth quarter of 2006 to $197. 2 million during the first quarter of 2007— a decrease of about 23.4 percent. Not to mention, a year-to-year comparison of the company’s revenue in the first quarter shows it dropping from $233.1 million in 2006 to $197.2 million this year.

“During the quarter, a severe disruption in the secondary mortgage market caused the prices we received for our loan production to be far less than in previous quarters,” said Michael Strauss, chief executive officer of American Home Mortgage. “Specificallly, our company’s gain on sale margin excluding delinquency related charges was 1.09 percent during the first quarter compared to 1.52 percent during the fourth quarter of 2006. Also, during the first quarter, our company set aside a record level of reserves for delinquency related charges including $60.5 million of reserving associated with our loans held for sale.”