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                                                                  Execution Copy

                                   DEMAND NOTE
                    GreenPoint Home Equity Loan Trust 2001-1
                                 April 12, 2001

      ON DEMAND, for value received, GreenPoint Bank ("GreenPoint"), promises to
pay, in lawful money of the United States of America, to Bankers Trust Company,
as trustee (the "Trustee"), under the Indenture, dated as of April 1, 2001 (the
"Indenture"), between the Trustee and GreenPoint Home Equity Loan Trust 2001-1,
as Issuer, on the dates and in the amounts requested by the Trustee in
accordance with the terms of the Indenture.

      GreenPoint has issued this Demand Note to the Trustee. Demand for payment
hereunder shall be made by the Trustee pursuant to a Demand Request
substantially in the form of Exhibit A hereto. This Demand Note will terminate
and cease to be of further force or effect immediately following the close of
business on April 15, 2003 or such earlier date as of which no further payments
hereunder may be demanded by the Trustee pursuant to the Indenture. Interest
shall accrue on the amount due under this Demand Note from the date of demand
until the date payment is made (payable on demand and computed on the basis of a
360-day year for the actual number of days elapsed) at the rate for overnight
funds as published in N.Y. Federal Reserve Statistical Release H.15 (519).

      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 such security or 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 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


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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: E.V.P. and General Counsel
                                                 --------------------------

                                          Address: 90 Park Avenue
                                                   New York, NY 10016



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                                    EXHIBIT A

                                 DEMAND REQUEST

To:               GreenPoint Bank
                  90 Park Avenue, 4th Floor
                  New York, NY  10016
                  Attention: General Counsel
                  Telephone: (212) 834-1724
                  Telecopier: (212) 834-1404

Re:               GreenPoint Home Equity Loan Trust 2001-1
                  Home Equity Loan Asset-Backed
                  Securities, Series 2001-1 - Demand Note

Payment Date: ____________________________________

      We refer to that certain Indenture dated as of April 1, 2001(the
"Indenture"), by and between GreenPoint Home Equity Loan Trust 2001-1, as Issuer
and Bankers Trust Company, as Trustee, relating to the above-referenced
Securities and Demand Note. All capitalized terms not otherwise defined herein
shall have the same respective meanings assigned to such terms in the Indenture.

      (a) The Trustee has determined under the Indenture that in respect of the
above-referenced Payment Date the following amounts are payable under the Demand
Note:

            (1)   For Realized Losses:                                $_________

            (2)   To achieve the Specified Overcollateralization
                  Amount (applies only to April 15, 2003 Payment
                  Date):                                              $_________

            (3)   For Capitalized Interest Shortfalls:                $_________

            (4)   To fund the Demand Note Reserve Account
                  pursuant to Section 8.5 of the Indenture:           $_________

      (b) Accordingly, pursuant to the Indenture, this statement constitutes a
demand for payment under the Demand Note in the amount of $______ [(a)(1) +
(a)(2) + (a)(3) + (a)(4)].

      No payment demanded hereunder is in excess of the amount payable under the
Demand Note.


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      The amount demanded in this Demand Request should be paid to: [Payment
Instructions].


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      IN WITNESS WHEREOF, the Trustee has executed and delivered this Demand
Request this ____ day of ______________.

                                                BANKERS TRUST COMPANY,
                                                as Trustee


                                                By:_____________________________

                                                Title:__________________________


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