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                                   DEMAND NOTE
                    GreenPoint Home Equity Loan Trust 2000-1
                                  June 29, 2000

                  ON DEMAND, for value received, GreenPoint Bank ("GreenPoint"),
promises to pay on the Insured Undercollateralization Payment Date for each Pool
to the Bankers Trust Company (the "Trustee") the Undercollateralization Amount
for such Pool up to a maximum aggregate amount payable pursuant to this
paragraph for both Pools of $2,625,145.73 in lawful money of the United States
of America pursuant to the Pooling Agreement and Indenture, dated as of June 1,
2000 (the "Pooling Agreement"), among the Trustee, GreenPoint Home Equity Loan
Trust 2000-1, as Issuer and Freddie Mac. GreenPoint has issued this Demand Note
to the Trustee. Capitalized terms used but not defined herein shall have the
meaning set forth in the Pooling Agreement.

                  Interest shall accrue on the amount due under this Demand Note
from the date of demand until the date payment is made at the Late Payment Rate.

                  In addition, GreenPoint hereby agrees to pay any Capitalized
Interest Shortfall for each Payment Date occurring prior to the later of (i) the
Payment Date in September 2000 and (ii) the Insured Undercollateralization
Payment Date. For purposes of this Demand Note, Capitalized Interest Shortfall
shall mean the excess, if any, of (i) the sum of the Class A-1 Interest Payment
Amount and the Class A-2 Interest Payment Amount for such Payment Date over (ii)
the total Interest Collections received on the Mortgage Loans during the
immediately preceding Collection Period.

                  If the indebtedness represented by this Demand Note, or any
part thereof, is collected at law or in equity or in bankruptcy, receivership or
other court proceedings, or this Demand Note is placed in the hands of attorneys
for collection, GreenPoint agrees to pay, in addition to the principal and
interest (if any) due under this Demand Note, reasonable attorneys' and
collection fees.

                  The undersigned and all sureties, endorsers, and guarantors of
this Demand Note waive demand, presentment for payment, notice of nonpayment,
protest, notice of dishonor and protest, notice of intention to accelerate,
notice of acceleration, and all other notices, filing of suit and diligence in
collecting this Demand Note and agree to any substitution, exchange or release
of any such security or the release of any party primarily or secondarily liable
hereon and further agree that it will not be necessary for any holder hereof, in
order to enforce payment of this Demand Note by it, to first institute suit or
exhaust its remedies against GreenPoint or others liable hereunder, and consent
to any extension or postponement of time of payment of this Demand Note or any
other indulgence with respect hereto, without notice thereof to any of them.

                  The undersigned hereby irrevocably submits to the jurisdiction
of the United States District Court for the District of New York and any court
in the State of New York located in the City of New York and County of New York,
and any appellate court from any thereof, in any action, suit or proceeding
brought against it in connection with this Demand Note or for the recognition or
enforcement of any judgment, and the undersigned hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding may be heard or determined in such New York

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state court or, to the extent permitted by law, in such federal court. The
undersigned hereto agrees that a final judgment in any such action, suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. To the extent
permitted by applicable law, the undersigned hereby waives and agrees not to
assert by way of motion, as a defense or otherwise in any such suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
such courts, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that the
Demand Note may not be litigated in or by such courts.

                  To the extent permitted by applicable law, the undersigned
agrees that it shall not seek and hereby waives the right to seek any review of
the judgment of any such court by any court of any other nation or jurisdiction
which may be called upon to grant an enforcement of such judgment.

                  The undersigned hereby irrevocably agrees that the summons and
complaint or any other process in connection with this Demand Note may be served
by mailing to the address set forth below or by hand delivery to a person of
suitable age and discretion at the address set forth below. Such service will be
complete on the date such process is so mailed or delivered, and the undersigned
will have thirty days from such completion of service in which to respond in the
manner provided by law. The undersigned may also be served in any other manner
permitted by law, in which event the undersigned's time to respond shall be the
time provided by law.

                  THE UNDERSIGNED HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING
DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS DEMAND NOTE. THE
UNDERSIGNED HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OR
ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT IT WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)
ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY THE TRUSTEE THAT THE TRUSTEE HAS BEEN
INDUCED TO ACCEPT THIS DEMAND NOTE BY, AMONG OTHER THINGS, THIS WAIVER.


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                  This Demand Note shall be governed by, and for all purposes
construed in accordance with, the laws of the State of New York.


                                              GREENPOINT BANK



                                              By:  /s/ Howard C. Bluver
                                                 ------------------------------
                                              Name:  Howard C. Bluver
                                              Title: S.V.P. & General Counsel





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