MANAGEMENT, ACQUISITION AND SERVICING AGREEMENT



	Agreement made this 9th day of September, 1994 by and between Summit 
Securities, Inc. (hereinafter "SUMMIT"), a Washington corporation with 
principal offices at 1000 West Hubbard, Suite 140, Coeur d'Alene, ID 83814, and 
Metropolitan Mortgage & Securities Co., Inc. (hereinafter "METROPOLITAN"), a 
Washington corporation with its principal office at W. 929 Sprague Ave., 
Spokane, Washington 99204, (also hereinafter referred to jointly as the 
"Parties".)
	WITNESSETH
	WHEREAS, METROPOLITAN engages in the business of purchasing and servicing 
receivables, and maintains subsidiaries, internal staff, and operations to 
support such activities, and; 
	WHEREAS, SUMMIT also engages in the business of investing in receivables, 
but SUMMIT does not maintain internal staff or operations to support the 
purchasing and servicing of receivables, and;
	WHEREAS, METROPOLITAN has the personnel, systems and expertise to provide 
to SUMMIT general support services, receivable acquisition services and 
receivable collection and management services, and;
	WHEREAS, SUMMIT desires to obtain from METROPOLITAN general support 
services, receivable acquisition services and receivable collection and 
management services;
	NOW THEREFORE, for the foregoing reasons and in consideration of the 
mutual promises, covenants and agreements set forth herein, the parties 
promise, covenant and agree as follows:
I.  REPRESENTATIONS AND WARRANTIES OF METROPOLITAN:
METROPOLITAN REPRESENTS AND WARRANTS TO SUMMIT THAT:
	1.	METROPOLITAN is a corporation duly organized, validly existing and 
in good standing under the laws of the State of Washington.
	2.	METROPOLITAN is licensed, or qualified, and in good standing in 
each of the states where the laws require licensing or qualification in order 
to conduct METROPOLITAN'S receivable acquisition, collection and management 
activities, or METROPOLITAN is exempt under applicable law from such licensing 
or qualification.
	3.	The consummation of the transactions contemplated herein have been 
validly authorized and all requisite corporate action has been taken by 
METROPOLITAN to make this agreement binding upon METROPOLITAN in accordance 
with its terms.
	4.	The consummation of the transactions contemplated by this agreement 
are in the ordinary course of business of METROPOLITAN.
	5.	The execution and delivery of this agreement, the servicing of 
receivables by METROPOLITAN, the other services and transactions contemplated 
hereby, and the fulfillment of and compliance with the terms and conditions of 
this agreement, will not conflict with or result in a breach of any of the 
terms of METROPOLITAN's articles of incorporation, bylaws or any other 
agreement, instrument, law, regulation, rule, order, or judgment to which 
METROPOLITAN is now a party or by which it is bound.  METROPOLITAN is not 
subject to any agreement, instrument, law, regulation, rule, order or judgment 
which would impair the ability of SUMMIT to collect its receivables or impair 
the value of SUMMIT'S receivables.  
	6.	METROPOLITAN does not believe, nor does it have any reason or cause 
to believe, that it cannot perform each and every covenant contained in this 
agreement.
	7.	There is no action, suit, proceeding or investigation pending or 
threatened against METROPOLITAN which, either in any one instance or in the 
aggregate, may result in any material adverse change in the business, 
operations, financial condition, properties or assets of METROPOLITAN, or in 
any material impairment of the right or ability of METROPOLITAN to carry on its 
business substantially as now conducted, or which would draw into question the 
validity of this agreement or of any action taken or to be taken in connection 
with the obligations of METROPOLITAN contemplated herein, or which would be 
likely to impair materially the ability of METROPOLITAN to perform under the 
terms of this agreement.
	8.	No consent, approval, authorization or order of any court or 
governmental agency or body is required for METROPOLITAN'S execution, delivery 
and performance of or compliance with this agreement.
	9.	The receivables acquisition practices, receivable collection 
practices and other services provided hereunder shall each be conducted in 
accordance with generally accepted business practices in all respects, as 
applicable to each respective activity.
II. REPRESENTATIONS AND WARRANTIES OF SUMMIT
SUMMIT REPRESENTS AND WARRANTS TO METROPOLITAN THAT:
	1.	SUMMIT  is a corporation duly organized, validly existing and in 
good standing under the laws of the State of Idaho.
	2.	SUMMIT is licensed or qualified, and in good standing in each of 
the states where the laws require licensing or qualification in order to hold 
and enforce the terms of its receivables and conduct its business,  or SUMMIT 
is exempt under applicable law from such licensing or qualification.
	3.	The consummation of the transactions contemplated herein have been 
validly authorized and all requisite corporate action has been taken by SUMMIT 
to make this agreement binding upon SUMMIT in accordance with its terms.
	4.	The consummation of the transactions contemplated by this agreement 
are in the ordinary course of business of SUMMIT.
	5.	The execution and delivery of this agreement, the fulfillment of 
and compliance with the terms and conditions of this agreement, will not 
conflict with or result in a breach of any of the terms  of SUMMITS articles of 
incorporation, bylaws or any other agreement, instrument, law, regulation, 
rule, order, or judgment to which SUMMIT is a party, by which it is bound or 
its property is subject, which would impair the ability of METROPOLITAN to 
service and collect the receivables in accordance with the terms of this 
Agreement.
	6.	 SUMMIT does not believe, nor does it have any reason or cause to 
believe, that it cannot perform each and every covenant contained in this 
agreement. 
	7.	There is no action, suit or proceeding or investigation pending or 
threatened against SUMMIT which, either in any one instance or in the 
aggregate, may result in any material adverse change in the business, 
operations, financial condition, properties or assets of SUMMIT, or in any 
material impairment of the right or ability of SUMMIT  to carry on its business 
substantially as now conducted, or which would draw into question the validity 
of this agreement or of any action taken or to be taken in connection with the 
obligations of SUMMIT  contemplated herein, or which would be likely to impair 
materially the ability of SUMMIT to perform under the terms of this agreement.
	8.	No consent, approval, authorization or order of any court or 
governmental agency or body is required for SUMMIT's execution, delivery and 
performance of or compliance with this agreement.
III. GENERAL SUPPORT SERVICES:
1.	DESCRIPTION OF SERVICES
	a.	Administrative Support Services:
	METROPOLITAN shall provide SUMMIT administrative support services 
including but not limited to Transfer Agent, Registrar, Human Resources, 
Information Systems, Art & Advertising, Accounting, legal, check 
processing, and cashiering services.
	b.	Financial Services:
	METROPOLITAN shall provide financial advice to SUMMIT.
	c.	Office Space:
	METROPOLITAN shall lease or sublease to SUMMIT sufficient office space 
for SUMMIT'S business needs at METROPOLITAN'S headquarters facility in 
Spokane, Washington and/or such other location as agreed to by the 
parties.  Any such lease may include lease of office furnishing and 
equipment.
2.	FEES FOR GENERAL SUPPORT SERVICES
	SUMMIT will pay METROPOLITAN monthly fees for General Support Services 
provided by METROPOLITAN to SUMMIT.  Fees for General Support Services shall be 
determined by mutual agreement of the parties.
IV. RECEIVABLE ACQUISITION SERVICES
1.	GENERAL DUTIES AND AUTHORITY
	METROPOLITAN shall provide receivable acquisition services to SUMMIT 
which shall be performed substantially in compliance with the following:
	a.	METROPOLITAN shall secure opportunities for SUMMIT to purchase 
receivables through the use of METROPOLITAN's branch office system, 
industry contacts and the other methods developed by METROPOLITAN for its 
own receivable purchases.
	b.	In reviewing the receivables offered to SUMMIT, METROPOLITAN shall 
review, among other things, the receivable loan to value ratio, security 
value, security condition, payment record, payor's credit, security title 
reports and legal documents, taking into account the investment 
guidelines provided by SUMMIT.
	c.	METROPOLITAN or its agent, shall close the receivable purchase in a 
manner and using practices which are consistent with industry standards 
for the location where the receivable is closed.
	d.	Loans resulting from financing that may be provided by METROPOLITAN 
as a means to induce the purchase of property (e.g. for the financing of 
repossession resales or other seller financing) may be placed in SUMMIT's 
receivable portfolio if such receivables are consistent with SUMMIT's 
investment guidelines.
	e.	METROPOLITAN shall prepare and maintain such books, records, 
computer systems and procedures as shall be required and necessary to 
maintain control over the day to day activities regarding offers to 
purchase and closing of receivable purchases.
	f.	METROPOLITAN shall furnish to SUMMIT such periodic, special or 
other reports or information as requested by SUMMIT including reports of 
total receivables purchased, closing periods and closing costs.  All such 
reports, documents or information shall be provided by and in accordance 
with all reasonable instructions and directions which SUMMIT may give.
	g.	METROPOLITAN may carry out any other activity or procedure, which 
in METROPOLITAN's discretion, is necessary or appropriate in connection 
with the acquisition and closing of the receivables for the benefit of 
SUMMIT.
2.	RECEIVABLE ACQUISITION SERVICES FEE:
	SUMMIT shall pay METROPOLITAN fees for Receivable Acquisition and Support 
Services provided by METROPOLITAN to SUMMIT.  Fees shall be determined by 
mutual agreement of the parties.
3.	RIGHT TO REJECT.
	SUMMIT shall have the right at anytime to review the receivables acquired 
pursuant to this agreement and to reject any receivables which in SUMMIT's 
opinion are not consistent with its investment guidelines as such guidelines 
existed at the time of the acquisition.  Any receivables not rejected within 
three months of acquisition are deemed accepted.  Any receivable which is 
rejected shall be purchased by METROPOLITAN at its face amount or such other 
amount as agreed to by the parties.
V. RECEIVABLE COLLECTION AND MANAGEMENT SERVICES
1.	SERVICING:  
	METROPOLITAN  or its agents shall perform collection and management 
services for SUMMIT substantially in compliance with the following:
	a.	Hold and safe keep all original receivable documents and files.
	b.	Prepare and maintain such books, records, computer systems and 
procedures as shall be required and necessary to maintain control over 
the day to day activities regarding the collection and enforcement of the 
rights, obligations and performance of each receivable subject to this 
agreement.  
	c.	Furnish to SUMMIT such periodic, special, or other reports, 
documents or information as requested by SUMMIT including, but not 
limited to, cash receipt reports, aging of all receivables balances on a 
contractual basis, and itemizations of unearned or deferred income all in 
accordance with generally accepted accounting and statutory accounting 
principles.  All such reports, documents or information shall be provided 
by and in accordance with all reasonable instructions and directions 
which SUMMIT may give.
	d.	METROPOLITAN shall manage the receipt of receivable payments 
substantially as follows:
		i.	Deposit all monies received from the receivable payors into a 
general collection account maintained by METROPOLITAN, or its 
agent, which account may contain other monies and funds which may 
be held for others.  Within a reasonable time the amounts collected 
and deposited on behalf of SUMMIT shall be transferred to an 
account designated by SUMMIT.  	
		ii.	For the purposes of this subparagraph d, reasonable time 
shall mean two to three business days, unless extraordinary 
circumstances beyond METROPOLITAN'S control, such as computer 
failure, makes such time frame unreasonable, in which case the 
reasonable time shall be two to three days following elimination of 
the circumstances causing the delay.
 	e.	Accept and remit to appropriate parties any amounts designated as 
reserves for the payment of real estate taxes, insurance premiums or 
similar items as may be provided by the receivable documents;
	f.	Monitor the tax, insurance and other payments required to be paid 
directly by receivable payor to third parties, or collect from the 
receivable payors and remit to the appropriate third parties any amounts 
due for any taxes imposed upon the real estate securing any receivable, 
any insurance premiums and any other sums required to be paid by the 
receivable payor pursuant to the terms of any receivable.  Any funds so 
collected by METROPOLITAN or subsidiaries shall be held in escrow if 
required by the receivable documents or applicable regulations, or 
METROPOLITAN shall pay such sums to SUMMIT as provided in Paragraph 
V.1.d. hereinabove.   METROPOLITAN shall pay out such monies to such 
taxing authorities or other parties or persons as shall be authorized to 
receive such payments.
	g.	Implement routine collection procedures (including telephone calls 
and the preparation and mailing of written notices) as METROPOLITAN may, 
in its discretion, deem to be reasonable or appropriate and in accordance 
with its customary practice and procedure in the servicing of its own 
accounts, on delinquent receivables;
	h.	When appropriate, in METROPOLITAN's discretion, METROPOLITAN or its 
agent may undertake any legal action, whether judicial or non-judicial, 
to enforce the payment of any sums due or other performance required by 
the terms of any receivable documents or to foreclose upon or forfeit any 
real estate or other security securing a receivable. 
	i.	Whenever METROPOLITAN shall commence suit to enforce the terms of a 
receivable which is subject to this agreement, METROPOLITAN shall be 
deemed to be the authorized legal agent and representative of SUMMIT in 
any court of law in any federal, state, or commonwealth, or other court 
of competent jurisdiction, and to so act, without receiving any other 
prior authority of SUMMIT, to enforce, sue, settle, compromise, and/or 
collect such monies and recover any and all such real estate security 
which shall be the subject of any receivable.  Any such action may be 
maintained in the name of "SUMMIT" or "METROPOLITAN", at METROPOLITAN's 
discretion.
	j.	Carry out any other activity or procedure which, in METROPOLITAN'S 
discretion, is necessary or appropriate in connection with the 
maintenance and enforcement of the receivables for the benefit of SUMMIT.
2.	COOPERATION BY SUMMIT 
	SUMMIT agrees to cooperate with METROPOLITAN in the enforcement of all 
receivables, make personnel available to METROPOLITAN and cause such personnel 
to execute documents, and to make such documents, records, papers, or other 
items of evidence available as needed to assist METROPOLITAN in the collection 
and servicing of the receivables subject to this agreement. 
3.	RECEIVABLE COLLECTION AND MANAGEMENT SERVICES FEES
	SUMMIT agrees to compensate METROPOLITAN for its duties performed 
hereunder in the following manner and amounts:
	a.	SUMMIT agrees to pay in addition to any applicable taxes a monthly 
management and servicing fee. Such sum shall be due whether or not a 
receivable is in default.  The Receivable Collection and Management 
Services Fee shall be determined by mutual agreement of the parties.
	b.	In addition, SUMMIT shall reimburse METROPOLITAN for all outside 
attorney costs and all third party fees and charges which may be incurred 
in performance of the collections services.  
	c.	SUMMIT agrees that as additional compensation to METROPOLITAN for 
such management and collection efforts that METROPOLITAN shall be 
entitled to retain any and all late charges, extension charges, and any 
other charges or costs imposed upon a delinquent obligor that do not 
relate to changing the terms or conditions of the loan to effect a 
restructuring or otherwise.
VI. GENERAL TERMS AND CONDITIONS
1.	ADJUSTMENTS TO FEES
	METROPOLITAN may, from time to time, change the method for determining 
any or all of the fees charged pursuant to this agreement so long as the new 
method conforms with the intent of the parties, is reasonable and reflects 
changes in market rates and/or the cost for providing such services.
2.	REVIEW OF FEES
	SUMMIT shall have the right at any time to review the method for 
determining the fees charged pursuant to this Agreement.  If, in SUMMIT's 
opinion, any fee is unacceptable SUMMIT may request a review by the officers of 
SUMMIT and METROPOLITAN, who shall use their best efforts to resolve any 
objection in consideration of the best interests of both parties.
3.	NON-EXCLUSIVITY OF AGREEMENT
	a.	This agreement is non-exclusive.  SUMMIT reserves the right and 
privilege to employ and engage, from time to time, any other entity or 
person to perform any of the services which are the subject of this 
agreement, or may itself perform any such services.  Such actions by 
SUMMIT shall not be construed as an event of termination of this 
agreement.
	b.	SUMMIT may withdraw any receivable at any time from those being 
serviced pursuant to this agreement, which action shall not be a breach 
or termination of this agreement.
4.	DELEGATION
	METROPOLITAN may utilize, delegate to or subcontract with any of its 
subsidiaries, divisions, affiliates or third parties in connection with its 
performance of the terms of this agreement, in full or in part, as deemed 
appropriate at METROPOLITAN's discretion.
5.	RIGHT TO EXAMINE METROPOLITAN'S RECORDS
	SUMMIT shall have the right to examine and audit any and all of the 
books, records, or other information of METROPOLITAN, with respect to or 
concerning this agreement or the receivables during business hours or at such 
other times as may be reasonable under applicable circumstances.
6.	EVENT OF DEFAULT
	The following shall be construed as an event of default: 
	a.	The failure by METROPOLITAN to deliver any and all monies received 
by METROPOLITAN which METROPOLITAN is obligated to pay to SUMMIT pursuant 
to the terms of this agreement;
	b.	The failure by SUMMIT to deliver any sums required to be paid to 
METROPOLITAN pursuant to the terms of this agreement.
	c.	The failure of either party to perform in accordance with the terms 
and conditions of this agreement to the extent that such failure to 
perform shall constitute a material breach of a term or condition of this 
agreement.
	d.	In the event that METROPOLITAN shall file bankruptcy or otherwise 
be determined to be insolvent, this agreement may be terminated by SUMMIT 
and SUMMIT may take immediate steps to employ another entity to collect 
and service the receivables then being serviced by METROPOLITAN.   
7.	TERMINATION
	a.	Either party may terminate this agreement by providing written 
notice of termination to the other party, in which event this agreement 
shall terminate immediately upon receipt of such notice or at such later 
date as provided in said notice.
	b.	In the event of a default as defined in paragraph VI.6. 
hereinabove, the non-defaulting party may, in lieu of immediately 
terminating this agreement, provide written notice of default to the 
defaulting party, which notice shall set forth the time-period for cure, 
which shall be no less than ten (10) days from receipt of the notice by 
the defaulting party.  If the breaching party does not cure the default 
within the time period set forth in the notice, this agreement shall 
terminate upon expiration of said time period.
8.  NOTICE
	Notice under this agreement shall be in writing, and delivered by hand, 
receipt acknowledged, or delivered by registered certified United States mail, 
return receipt requested, and if refused, by regular United States mail, 
addressed to the parties as stated below:
	a.	ATTN:  PRESIDENT
		METROPOLITAN MORTGAGE & SECURITIES CO., INC.
		W. 929 Sprague Ave.
		Spokane, WA 99204.

	b.	ATTN:  PRESIDENT
		SUMMIT SECURITIES INC. 
		1000 W. Hubbard, Suite 140
		Coeur d'Alene, ID 83814

9.  BINDING EFFECT
	This agreement sets forth the entire agreement between the parties, and 
shall be binding upon all successors and assigns of both of the parties hereto, 
and shall be construed under the laws of the State of Washington.
10.	PRIOR AGREEMENTS
	This agreement replaces and supersedes each and every prior agreement 
executed by the parties related to the management, Receivable acquisition and 
Receivable collection services provided by METROPOLITAN to SUMMIT.
  This agreement is executed the day, month, and year first above written by 
the duly authorized officers of each party.
METROPOLITAN MORTGAGE &		SUMMIT SECURITIES, INC.
SECURITIES CO., INC.              

/S/ C. PAUL SANDIFUR, JR.				/S/ JOHN TRIMBLE
By:                                  	By:	                              
  
   C. Paul Sandifur, Jr.					John Trimble
   President							President

/S/	SUSAN THOMSON					/S/ TOM TURNER
Attest                                	Attest	                              
  
       Susan Thomson					Tom Turner
       Assistant Secretary				Secretary/Treasurer 


	ADDENDUM TO MANAGEMENT, ACQUISITION AND SERVICING AGREEMENT

	BETWEEN

	SUMMIT SECURITIES, INC.

	AND

	METROPOLITAN MORTGAGE & SECURITIES CO., INC.


DATE OF Amended ORIGINAL AGREEMENT:	September 9, 1994                         
                             
DATE OF THIS ADDENDUM:				September 9, 1994                   
                                  
ADDENDUM NUMBER:			1                                               
     
1.	FEES FOR GENERAL SUPPORT SERVICES
	a.	Administrative Support Fees:
		i.	SUMMIT will pay METROPOLITAN  a monthly fee for general 
office services provided by METROPOLITAN to SUMMIT.  It is the 
intent of the parties hereto that the Administrative Support Fees 
be calculated at a fair and equitable rate that reflects the 
current market cost for comparable services.
		ii.	METROPOLITAN has developed and shall continue to maintain a 
cost-allocation system designed to measure the activity of the 
general support services departments used by both parties, to 
provide a basis for allocation of the costs generated by those 
departments.  The cost allocation system shall be expressed in 
terms of labor hours, machine hours, square footage, and/or other 
appropriate measures.  The cost allocation system will be used to 
support charges found in the market place for comparable services 
and may be used as an approximation for market charges when the 
market cost for such services cannot be determined and as agreed to 
by the parties.
	b.	Financial Services Fees:
		i.	SUMMIT shall pay to METROPOLITAN an agreed amount to 
METROPOLITAN for METROPOLITAN providing financial consultation and 
advice.
		ii. The financial consultation and advice, when provided, shall be 
charged at a fee negotiated by the parties in each instance and 
based upon the expertise and hours required to provide the service. 
 
	c.	Office Space Rental Fees:
		i.	SUMMIT shall also pay to METROPOLITAN an agreed amount of 
rent for the real and personal property utilized by SUMMIT during 
the term hereof, which amount shall be determined on the basis of a 
triple net lease.
		ii.	The lease for office space and related triple net charges 
shall be determined on a square foot basis, based upon a percentage 
of the building's total expenses, or such other appropriate measure 
as determined by the parties.
2.	RECEIVABLE ACQUISITION SERVICES FEE:
a.	METROPOLITAN shall acquire receivables for SUMMIT, which, after 
deduction of METROPOLITAN'S fee, earn a minimum net yield equivalent to 
the yield obtainable in the market place for assets of comparable credit 
quality (estimated to approximate 400 basis points over the average 
Treasury Mortgage Equivalent Yield).  Calculation of this fee shall be 
determined by mutual agreement of the parties.
b.	The minimum fee to METROPOLITAN will be no less than 100 basis 
points for all receivables purchased through its origination network.
c.	The following formula sets forth the initial method for calculating 
the fee and corresponds to the sample calculation set forth in Exhibit A.
i.	Determine the net carrying value (net book value) of the 
receivables(s) by decreasing its/their face amount by the purchase 
discount, and adding back the capitalized closing costs.  For the 
purposes of this paragraph, purchase discount is the difference 
between the face value of the receivable and its purchase price 
paid to the third party seller.
ii.	Determine the weighted average remaining contractual term of 
the receivable(s).
iii.	Set forth the expected average remaining life for the 
receivable(s), which expectation shall be determined after applying 
the prepayment assumption set forth in paragraph v.  The average 
remaining life is equal to the life in which the average balanced 
is reached.
iv.	Determine the weighted average coupon (weighted average 
interest rate) for the receivable(s).
v.	Set forth the expected prepayment assumption for the 
receivable(s) which shall be determined by considering the weighted 
average coupon (set forth in iv. hereinabove) in light of the 
current interest rate environment.
vi.	Determine the average weekly treasury yield for the expected 
average time to maturity of the receivable(s) as set forth in 
paragraph IV.2.c.iii. over the time period that the receivable(s) 
was/were acquired.  The weekly yield shall be a weekly average 
calculated on a consistent basis, such as the average weekly rate 
published by the Bloomberg Investment System.  The rate used may 
reflect an interpolation between proximate treasury yields and 
terms.  The rate may be the result of rounding to the nearest whole 
year, e.g. an expected receivable average term of 4.6 years may be 
rounded to 5.0 years.
vii.	Determine the mortgage equivalent (monthly payment 
equivalent) for the average weekly treasury yield set forth in vi. 
hereinabove.
viii.	Add the appropriate spread to the mortgage yield equivalent 
(IV.2.a.).  The result is the receivable yield to SUMMIT (subject 
to IV.2.b.).
ix.	Determine the percent of the face value of the receivable 
which SUMMIT can pay to achieve its yield requirement as set forth 
in viii. hereinabove.
x.	Set forth the dollar amount which results from applying the 
percent in paragraph ix, to the face amount of the receivable.
xi.	The difference between the amount SUMMIT can pay to obtain 
its desired yield (ix.) and the net carrying value (i.), is the 
acquisition services fee.
xii.	Determine that the fee prescribed in (xi.) is equal to or 
greater than the minimum fee prescribed in IV>2.b.  If the fee 
derived from the above formula is less than the minimum then 
recalculate the fee at the prescribed minimum.
d.	The receivable acquisition services fee may be calculated by 
METROPOLITAN, at its discretion, on an individual receivable basis, or on 
a pooled basis.
3.	RECEIVABLE COLLECTION AND MANAGEMENT SERVICES FEES
	SUMMIT agrees to compensate METROPOLITAN for its duties performed 
hereunder in the following manner and amounts:
a.	SUMMIT agrees to pay in addition to any applicable taxes a monthly 
management and servicing fee.  Such sum shall be due whether or not a 
receivable is in default.  The fee shall be calculated based on the cost 
for similar services in the market place.  The charge will be derived 
based generally on the following methodology:  The standard servicing 
charge in the market place for conventional residential receivables 
(currently 25 basis points) will be applied to the average Washington, 
regional, or national average receivable balance.  The parties may agree 
to further segregate the charges between residential, commercial or other 
receivable types.  The resulting annual per receivable charge will be 
divided by the recent average SUMMIT receivable balance and multiplied by 
one plus a factor that considers the additional servicing cost attendant 
to the types of receivables generally acquired SUMMIT.

METROPOLITAN MORTGAGE &			SUMMIT SECURITIES, INC.
SECURITIES CO., INC.              

/S/ C. PAUL SANDIFUR, JR.			/S/ JOHN TRIMBLE
By:                              	By:	                              
   C. Paul Sandifur, Jr.				John Trimble
   President						President

/S/ SUSAN THOMSON					/S/ TOM TURNER
Attest                             	Attest	                               
	Susan Thomson				Tom Turner
       Assistant Secretary			Secretary/Treasurer