Ambac                                     Ambac Assurance Corporation
                                          c/o CT Corporation Systems
Certificate Guaranty Insurance Policy     44 East Mifflin Street,
                                          Madison, Wisconsin
                                               53703
                                          Administrative Office:
                                          One State Street Plaza,
                                          New York, New York
                                          10004
                                          Telephone: (212) 668-0340


Insured Obligations:                                      Policy Number:
-------------------                                       -------------

GMACM Home Loan Trust 2001-HLTV1                          AB0433BE
GMACM Home Loan-Backed Term Notes,
Series 2001-HLTV1                                         Premium:
                                                          -------

                                                          As  specified  in  the
endorsement attached hereto.

Ambac  Assurance  Corporation  (Ambac) A Wisconsin  Stock  Insurance  Company in
consideration  of the  payment of the  premium  and subject to the terms of this
Policy, hereby agrees  unconditionally and irrevocably to pay to the Trustee for
the  benefit of the  Holders of the  Insured  Obligations,  that  portion of the
Insured Amounts which shall become Due for Payment but shall be unpaid by reason
of Nonpayment.

Ambac will make such  payments to the Trustee from its own funds on the later of
(a) one (1) Business Day  following  notification  to Ambac of Nonpayment or (b)
the Business Day on which the Insured Amounts are Due for Payment. Such payments
of principal or interest shall be made only upon  presentation  of an instrument
of assignment in form and substance satisfactory to Ambac, transferring to Ambac
all rights  under such  Insured  Obligations  to receive  the  principal  of and
interest  on the  Insured  Obligation.  Ambac  shall  be  subrogated  to all the
Holders'  rights to  payment  on the  Insured  Obligations  to the extent of the
insurance  disbursements so made. Once payments of the Insured Amounts have been
made to the Trustee, Ambac shall have no further obligation hereunder in respect
of such Insured Amounts.

In the event the Trustee for the Insured Obligations has notice that any payment
of  principal  or  interest  on an Insured  Obligation  which has become Due for
Payment  and which is made to a Holder by or on behalf of the  Trustee  has been
deemed a  preferential  transfer  and  theretofore  recovered  from  its  Holder
pursuant  to the  United  States  Bankruptcy  Code in  accordance  with a final,
nonappealable  order of a court of competent  jurisdiction,  such Holder will be
entitled  to payment  from Ambac to the extent of such  recovery  if  sufficient
funds are not otherwise available.

This  Policy is  noncancelable  by Ambac for any  reason,  including  failure to
receive payment of any premium due hereunder.  The premium on this Policy is not
refundable  for any  reason.  This Policy  does not insure  against  loss of any
prepayment  or other  acceleration  payment  which at any time may become due in
respect of any Insured  Obligation,  other than at the sole option of Ambac, nor
against any risk other than Nonpayment, including failure of the Trustee to make
any payment due Holders of Insured Amounts.

To the fullest  extent  permitted by  applicable  law,  Ambac hereby  waives and
agrees not to assert any and all rights and defenses,  to the extent such rights
and  defenses may be available  to Ambac,  to avoid  payment of its  obligations
under this Policy in accordance with the express provisions hereof.

Any capitalized terms not defined herein shall have the meaning given such terms
in the endorsement attached hereto or in the Agreement.

In  witness  whereof,  Ambac  has  caused  this  Policy to be  affixed  with its
corporate seal and to be signed by its duly authorized  officers in facsimile to
become  effective as their original  signatures and binding upon Ambac by virtue
of the countersignature of its duly authorized representative.

        /s/ Philip B. Lassiter            /s/ Anne G. Gill
------------------------------------      ------------------------------------
        President                         Secretary

                                         /s/ Michele J. Kearns
                                         -----------------------------
                                         Authorized Representative

Effective Date:  January 30, 2001



<PAGE>



                                                        EXECUTED VERSION

                CERTIFICATE GUARANTY INSURANCE POLICY ENDORSEMENT

Attached to and forming                Effective Date of Endorsement:
part of Policy No. AB0433BE            January 30, 2001
issued to:


The Bank of New York,  as  Indenture  Trustee on behalf of GMACM Home Loan Trust
2001-HLTV1,  and for the  benefit of the  Holders of the GMACM Home  Loan-Backed
Term Notes, Series
2001-HLTV1

        For all  purposes of this  Policy,  the  following  terms shall have the
following meanings:

        "Agreement" shall mean the Indenture (including Appendix A thereto).

        "Due for Payment" shall mean, with respect to any Insured Amounts,  such
amount that is due and payable under the Indenture on the related Payment Date.

        "Final Payment Date" shall mean the Payment Date in September 2026.

        "First Payment Date" shall mean February 26, 2001.

        "Holder" shall mean any person who is the registered owner or beneficial
owner of any of the Notes.

        "Indenture"  shall mean the  Indenture,  dated as of January  30,  2001,
between GMACM Home Loan Trust 2001-HLTV1,  as Issuer,  and The Bank of New York,
as Indenture Trustee, as such Indenture may be amended, modified or supplemented
from time to time as set forth in the Indenture.

        "Indenture   Trustee"   shall  mean  The  Bank  of  New  York,   or  its
successor-in-interest, in its capacity as indenture trustee under the Indenture,
or if any  successor  indenture  trustee or any  co-indenture  trustee  shall be
appointed as provided  therein,  then  "Indenture  Trustee" shall also mean such
successor  indenture trustee or such co-indenture  trustee,  as the case may be,
subject to the provisions thereof.

        "Insurance  Agreement" shall mean the Insurance and Indemnity  Agreement
(as may be  amended,  modified  or  supplemented  from time to time) dated as of
January 30, 2001, by and among the Insurer, GMAC Mortgage Corporation, as Seller
and  Servicer,  Walnut  Grove Home  Equity  Loan Trust  2000-A,  as Seller,  the
Depositor, the Issuer and The Bank of New York, as Indenture Trustee.

        "Insurance Draw Amount" (1) shall mean, with respect to any Payment Date
(other than the Final Payment Date),  the sum of (x) the amount by which accrued
interest  on the  Notes  at the  respective  Note  Rates  on such  Payment  Date
(exclusive  of any Relief Act  Shortfalls)  exceeds the amount on deposit in the
Note Payment Account  available for interest  distributions on such Payment Date

                                        1

<PAGE>


and (y) any  Liquidation  Loss Amount to the extent not  currently  covered by a
Liquidation Loss Distribution Amount or a reduction in the Overcollateralization
Amount and (2) shall mean, with respect to the Final Payment Date, the amount by
which the Note Balance on the Notes, together with accrued interest on the Notes
at the respective Note Rates during the related  Interest  Period  (exclusive of
any Relief Act Shortfalls)  exceeds the payments otherwise  available to be made
to the Holders  thereof on the Final Payment Date. The Insurance Draw Amount for
any date shall be reduced by the amount of any payments made to the Trust Estate
with respect to that date from the Limited Reimbursement  Agreement.  Any Relief
Act Shortfalls shall not be included in an Insurance Draw Amount.

        "Insurance  Policy" or  "Policy"  shall mean this  Certificate  Guaranty
Insurance Policy together with each and every endorsement hereto.

        "Insured  Amounts"  shall mean,  with respect to any Payment  Date,  the
Insurance Draw Amount for such Payment Date plus any Preference  Amount for such
Payment  Date and shall  mean,  with  respect  to the Final  Payment  Date,  the
Insurance Draw Amount for the Final Payment Date.

        "Insured  Payments"  shall mean,  with respect to any Payment Date,  the
aggregate  amount  actually  paid by the  Insurer  to the  Indenture  Trustee in
respect of Insured Amounts for such Payment Date.

        "Insurer"  shall  mean Ambac  Assurance  Corporation,  or any  successor
thereto, as issuer of the Insurance Policy.

        "Late  Payment Rate" shall mean the lesser of (a) the greater of (i) the
per annum rate of interest  publicly  announced  from time to time by  Citibank,
N.A. as its prime or base  lending  rate (any change in such rate of interest to
be effective on the date such change is announced by Citibank,  N.A.),  and (ii)
the then  applicable  rate of  interest  on any of the Notes and (b) the maximum
rate permissible under applicable usury or similar laws limiting interest rates.
The Late  Payment  Rate shall be computed  on the basis of the actual  number of
days elapsed over a year of 360 days for any Payment Date.

        "Nonpayment"  shall  mean,  with  respect  to any  Payment  Date or with
respect to the Final Payment  Date,  an Insured  Amount which is Due for Payment
but has not and  will  not be paid in  respect  of such  Payment  Date or  Final
Payment Date pursuant to the Indenture.

        "Notice"  shall mean the  telephonic  or  telegraphic  notice,  promptly
confirmed in writing by telecopy  substantially  in the form of Exhibit A to the
Policy,  the  original  of which is  subsequently  delivered  by  registered  or
certified mail, from the Indenture  Trustee  specifying the Insured Amount which
shall be due and owing on the applicable Payment Date.

        "Payment  Date"  shall  mean the 25th day of each month (or if such 25th
day is not a  Business  Day,  the  first  Business  Day  immediately  following)
beginning with the First Payment Date.

                                        2

<PAGE>

        "Preference  Amount" shall mean any amount  previously  distributed to a
Holder that is recoverable  and sought to be recovered as a voidable  preference
by a trustee in bankruptcy  pursuant to the Bankruptcy Code in accordance with a
final nonappealable order of a court having competent jurisdiction.

        "Premium" shall have the meaning  assigned to that term in the Insurance
Agreement.

        "Reimbursement  Amount" shall mean,  as to any Payment Date,  the sum of
(x) (i) all Insured Payments paid by the Insurer,  but for which the Insurer has
not been  reimbursed  prior to such Payment Date pursuant to Section  3.05(a) of
the  Indenture,  plus (ii)  interest  accrued  thereon,  calculated  at the Late
Payment Rate from the date the Indenture  Trustee  received the related  Insured
Payments,  and (y) (i) any other amounts then due and owing to the Insurer under
the Insurance Agreement, but for which the Insurer has not been reimbursed prior
to such  Payment Date  pursuant to Section  3.05(a) of the  Indenture  plus (ii)
interest on such amounts at the Late Payment Rate.

        "Trustee" shall mean the Indenture Trustee.

        Capitalized  terms used herein and not otherwise  defined shall have the
meaning assigned to them in the Indenture (including Appendix A thereto).

        The Insurer hereby agrees that if, as of any Payment Date, it has become
subrogated  to the rights of Holders by virtue of a previous  payment under this
Policy,  no recovery of such  payment  will occur  unless the full amount of the
Holders' allocable distributions for such Payment Date can be made. In so doing,
the Insurer does not waive its rights to seek full payment of all  Reimbursement
Amounts owed to it under the Indenture.

        As  provided  by the Policy,  the  Insurer  will pay any amount  payable
hereunder,  other than  Preference  Amounts,  no later than 12:00 noon, New York
City time, on the later of the Payment Date on which the related  Insured Amount
is due or the Business Day following  actual  receipt in New York, New York on a
Business  Day by the  Insurer  of a Notice;  provided  that,  if such  Notice is
received after 12:00 noon, New York City time, on such Business Day, it shall be
deemed to be received on the  following  Business Day. If any such Notice is not
in proper form or is  otherwise  insufficient  for the purpose of making a claim
under the Policy,  it shall be deemed not to have been  received for purposes of
this paragraph,  and the Insurer shall promptly so advise the Indenture  Trustee
and the Indenture Trustee may submit an amended or corrected Notice.

                                        3

<PAGE>


        The Insurer shall pay any Preference Amount when due to be paid pursuant
to the Order  referred  to  below,  but in any  event on the  Payment  Date next
following  receipt on a Business Day by the Insurer of (i) a certified copy of a
final,  non-appealable order of a court or other body exercising jurisdiction in
such  insolvency  proceeding  to the effect that the  Trustee or the Holder,  as
applicable, is required to return such Preference Amount paid during the term of
this Policy  because such  payments were avoided as a  preferential  transfer or
otherwise rescinded or required to be restored by the Trustee or the Holder (the
"Order"),  (ii) a certificate  by or on behalf of the Trustee that the Order has
been entered and is not subject to any stay,  (iii) an  assignment,  in form and
substance  satisfactory  to the  Insurer,  duly  executed  and  delivered by the
Trustee or the  Holder,  irrevocably  assigning  to the  Insurer  all rights and
claims of the Trustee or the Holder  relating to or arising  under the Agreement
against the estate of the Trustee or otherwise  with respect to such  Preference
Amount  and  (iv)  a  Notice  of  Nonpayment  (attached  hereto  as  Exhibit  A)
appropriately  completed  and  executed by the Trustee.  Such  payment  shall be
disbursed  to the  receiver,  conservator,  debtor-in-possession  or  trustee in
bankruptcy  named  in the  Order,  and  not to the  Trustee  or the  Holder,  as
applicable,  directly, unless the Trustee or the Holder, as applicable, has made
a payment of the Preference  Amount to the court or such receiver,  conservator,
debtor-in-possession  or trustee in bankruptcy named in the Order, in which case
the  Insurer  will pay the  Trustee  on behalf  of the  Holder,  subject  to the
delivery of (a) the items referred to in clauses (i), (ii), (iii) and (iv) above
to the Insurer and (b)  evidence  satisfactory  to the Insurer  that payment has
been  made to such  court  or  receiver,  conservator,  debtor-in-possession  or
trustee in bankruptcy named in the Order.

        The terms and  provisions of the Indenture  constitute the instrument of
assignment referred to in the second paragraph of the face of this Policy.

        A  Premium  will be  payable  on this  Policy  on each  Payment  Date as
provided in Section  3.05(a) of the Indenture,  beginning with the First Payment
Date, in the amount specified in Section 3.02(c) of the Insurance Agreement.

        THE   INSURANCE   PROVIDED   BY  THE  POLICY  IS  NOT   COVERED  BY  THE
PROPERTY/CASUALTY  INSURANCE  SECURITY  FUND  SPECIFIED TN ARTICLE 76 OF THE NEW
YORK INSURANCE LAW.

        The Policy to which this Endorsement is attached and of which it forms a
part is hereby  amended to provide that there shall be no  acceleration  payment
due under the  Policy  unless  such  acceleration  is at the sole  option of the
Insurer.  The Policy is further  hereby  amended,  to the extent  necessary,  to
clarify that the reference to "loss of any prepayment or any other  acceleration
payment"  in the fourth  paragraph  of the face of the Policy  does not refer to
that portion of any shortfall, if any, in interest on any Home Loan in any month
in which such Home Loan is paid prior to its stated maturity.

        Nothing herein contained shall be held to vary,  alter,  waive or extend
any of the terms, conditions, provisions, agreements or limitations of the above
mentioned  Policy  other than as above  stated.  Notwithstanding  the  foregoing
sentence,  if there is any conflict or inconsistency between the Policy and this
Endorsement, the terms of this Endorsement shall control.

        No waiver of any  rights or powers of the  Insurer,  the  Holders or the
Trustee or consent by any of them shall be valid unless  signed by an authorized
officer or agent thereof.

        This  Policy is issued  under and  pursuant  to, and shall be  construed
under,  the laws of the State of New York (without giving effect to the conflict
of laws provisions thereof).

        IN WITNESS  WHEREOF,  the  Insurer has caused  this  Endorsement  to the
Policy to be signed by its duly authorized officers.

                                        4

<PAGE>


First Vice President                        Assistant Secretary

        /s/ Michele J. Kearns                      /s/ Nora J. Dahlman
-----------------------------               ------------------------------------



                                        5

<PAGE>





                                    EXHIBIT A
                  TO THE CERTIFICATE GUARANTY INSURANCE POLICY
                               Policy No. AB0433BE

                         NOTICE OF NONPAYMENT AND DEMAND
                         FOR PAYMENT OF INSURED AMOUNTS

                                                          Date: [              ]

AMBAC ASSURANCE CORPORATION
One State Street Plaza
New York, New York 10004
Attention: General Counsel

        Reference is made to Certificate  Guaranty Insurance Policy No. AB0433BE
(the  "Policy")  issued  by  Ambac  Assurance   Corporation   ("Ambac").   Terms
capitalized  herein and not otherwise defined shall have the meanings  specified
in the Policy and the Indenture (including Appendix A thereto),  as the case may
be, unless the context otherwise requires.

        The Indenture Trustee hereby certifies as follows:

1.   The Indenture  Trustee is the Indenture Trustee under the Indenture for the
     Noteholders.

2.      The relevant Payment Date or Final Payment Date is [date].

3.   Payment on the Notes in respect of the  Payment  Date is due to be received
     on  ______________________  under  the  Indenture,  in an  amount  equal to
     $_______________.

[3.  The amount to be paid to the Holders of the Notes on the Final Payment Date
     is $____________________.]

4.   There is an Insurance Draw Amount and/or  Preference  Amount of $__________
     in respect of the Notes,  which amount is an Insured Amount pursuant to the
     terms of the Policy.

5.   The sum of $_______________ is the Insured Amount that is Due For Payment.

6.   The  Indenture  Trustee  has not  heretofore  made a demand for the Insured
     Amount in respect of the Payment Date or Final  Payment  Date,  as the case
     may be.

7.   The Indenture  Trustee  hereby  requests the payment of the Insured  Amount
     that is Due for Payment be made by Ambac under the Policy and directs  that
     payment  under the  Policy be made to the  following  account  by bank wire
     transfer of federal or other immediately available funds in accordance with
     the terms of the Policy to:  _________________________  Indenture Trustee's
     account number.


                                        1

<PAGE>


8.             The Indenture  Trustee hereby agrees that,  following  receipt of
               the Insured Amount from Ambac,  it shall (a) hold such amounts in
               trust and apply the same directly to the  distribution of payment
               on the Notes  when due;  (b) not apply  such  funds for any other
               purpose;  (c) deposit such funds to the Note Payment  Account and
               not  commingle  such funds with other funds held by the Indenture
               Trustee and (d) maintain an accurate record of such payments with
               respect  to the Notes and the  corresponding  claim on the Policy
               and proceeds thereof.

        Any Person  Who  Knowingly  And With  Intent To  Defraud  Any  Insurance
Company Or Other Person Files An Application For Insurance Or Statement Of Claim
Containing  Any  Materially  False  Information;  Or Conceals For The Purpose Of
Misleading,   Information  Concerning  Any  Fact  Material  Thereto,  Commits  A
Fraudulent  Insurance Act, Which Is And Shall Also Be Subject To A Civil Penalty
Not To Exceed Five  Thousand  Dollars And The Stated Value Of The Claim For Each
Such Violation.




                                            By:       Indenture Trustee
                                               ---------------------------------

                                            Title:
                                                  ------------------------------
                                                          (Officer)


                                        2

<PAGE>