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                                                                  EXHIBIT 10.100







March 7, 2000



Mr. Edison Velez
650 Munoz Rivera Avenue
San Juan, PR  00918

Dear Mr. Velez:

We are pleased to detail herein below the provisions of your employment
agreement with Doral Mortgage Corporation ("DMC").

1.       TERMS OF EMPLOYMENT

         The term of this Agreement shall be for a period commencing on January
         1, 1999 and ending December 31, 2000 unless sooner terminated as
         herein provided. This Agreement supersedes and cancels all prior
         employment, personal service or similar agreements between you and DMC
         or First Financial Caribbean Corporation ("FFCC") and their respective
         subsidiaries, divisions and ventures.

2.       POSITION AND RESPONSIBILITIES

         You will serve as President of DMC. By your acceptance of this
         Agreement, you undertake to accept such employment, to devote your
         full time and attention to DMC, and to use your best efforts, ability,
         and fidelity in the performance of the duties attaching to such
         employment. During the term of your employment hereunder, you shall
         not perform any services for any other company, which services
         conflict in any way with your obligations under the two preceding
         sentences of this Section 2, whether or not such company is
         competitive with the businesses DMC or FFCC, provided, however, that
         nothing in this Agreement shall preclude you from devoting reasonable
         periods required for

         (i)      serving as a director or member of a committee of any
                  organization involving no conflict or potential conflict of
                  interest with the interests of DMC or FFCC;

         (ii)     delivering lectures, fulfilling speaking engagements,
                  teaching at educational institutions;

         (iii)    engaging in charitable and community activities; and

         (iv)     managing your personal and family investments, provided that
                  such activities do not interfere with the regular performance
                  of your duties and responsibilities under this Agreement.

You shall, at all times during the term hereof, be subject to the supervision
and direction of the Chief Executive Officer and Chairman of the Board of DMC
with respect to your duties, responsibilities and the exercise of your powers.


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3.       COMPENSATION

         (a)      During the term of this Agreement you shall receive an annual
                  salary of Two Hundred Forty Thousand dollars ($240,000.00)
                  annually payable no less often than monthly in accordance with
                  corporate policy.

         (b)      (i) During the term of this Agreement, you shall also be
                  entitled to receive an incentive bonus equal to the lesser of
                  Three Hundred Thousand Dollars ($300,000.00) and (y) Three
                  Percent (3%) based on the net income of Doral Mortgage
                  Corporation over and above Three Million Dollars ($3,000,000)
                  derived from its Mortgage Banking activities (as hereinafter
                  defined).

                  (ii)  One half (1/2) of the incentive bonus shall be payable
                        annually by DMC within 120 days following the end of the
                        preceding fiscal year, provided that such amount shall
                        only be payable if you shall have served as President to
                        DMC pursuant to this Agreement for the entire fiscal
                        year to which such payments relate. As used in this
                        Section 3, "Net Income" means the annual net income by
                        DMC and its subsidiaries after all taxes during the
                        calendar year preceding the payment as determined in
                        accordance with generally accepted accounting principles
                        applied on a consistent basis throughout the periods
                        involved and as shown by DMC's audited financial
                        statements audited by its independent accountants
                        (hereinafter referred to as "GAAP"). As used in this
                        Section 3, "Mortgage Banking Activities, and all
                        expenses of DMC (including all taxes) shall be deemed to
                        be related to its Mortgage Banking Activities.

                  (iii) The remaining one-half (1/2) of the incentive bonus (the
                        "Deferred Bonus") shall be deferred pursuant to the
                        deferred compensation arrangement described in Exhibit A
                        hereto.

         (c)      You shall be entitled to participate in the other benefit
                  plans of DMC upon the terms and conditions on which such
                  benefits are made available to other employees of DMC. Nothing
                  herein shall obligate DMC to continue any existing benefit
                  plan or to establish any replacement benefit plan.

         (d)      You shall be entitled to reimbursement for reasonable travel
                  and entertainment expenses incurred in connection with the
                  rendering of your services hereunder. Nothing contained herein
                  shall authorize you to make any political contributions,
                  including but not limited to payments for dinners and
                  advertising in any political party program or any other
                  payment to any person which might be deemed a bribe, kickback
                  or otherwise and improper payment under corporate policy or
                  practice and no portion of the compensation payable hereunder
                  is for any such purpose.

         (e)      Payments under this Agreement shall be subject to reduction by
                  the amount of any applicable federal, Commonwealth, state or
                  municipal income, withholding, social security, state
                  disability insurance, or similar or other taxes or other items
                  which may be required or authorized to be deducted by law or
                  custom.

         (f)      No additional compensation shall be due to you for services
                  performed or offices held in any subsidiary, division,
                  affiliate, or venture of DMC or FFCC.

4.       MISCELLANEOUS PROVISIONS RELATING TO THE BONUS AND OTHER MATTERS

         (a)      Your acceptance of this Agreement will confirm that you
                  understand and agree that the granting of the incentive
                  compensation referred to in Section 3 (b) (the "incentive
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                  compensation"), and any action thereunder, does not involve
                  any statement or representation of any kind by DMC as to its
                  business, affairs, earnings or assets, or as to the tax status
                  of the incentive compensation or the tax consequences of any
                  payment thereof, or otherwise. You further agree that any
                  action at any time taken by or on behalf of DMC or by its
                  directors or any committee thereof, which might or shall at
                  any time adversely affect you or the incentive compensation,
                  may be freely taken notwithstanding any such adverse effect
                  without your being thereby or otherwise entitled to any right
                  or claim against DMC, FFCC or any other person or party by
                  reason thereof.

         (b)      The incentive compensation is personal to you and is not
                  transferable or assignable either by your act or by operation
                  of law, and no assignee, trustee in bankruptcy, receiver or
                  other party whosoever shall have any right to demand any
                  incentive compensation or any other right with respect to it.
                  If, in the event of your death or incapacity, your legal
                  representative shall be entitled to demand the incentive
                  compensation under any of the provisions hereof then, unless
                  otherwise indicated by the context or otherwise required by
                  any term hereof, references to "you" shall apply to said
                  representative.

         (c)      If and when questions arise from time to time as to the
                  intent, meaning or application of any one or more of the
                  provisions hereof such questions will be decided by the Board
                  of Directors of DMC or any Committee appointed to consider
                  such matters, or, in the event DMC is merged into or
                  consolidated with any other corporation, by the Board of
                  Directors (or a Committee appointed by it) of the surviving or
                  resulting corporation, and the decision of such Board of
                  Directors or Committee, as the case may be, as to what is a
                  fair and equitable settlement of each such question or as to
                  what is a fair and proper interpretation of any provision
                  hereof or thereof, whatever the effect of such a decision may
                  be, beneficial or adverse, upon the incentive compensation,
                  shall be conclusive and binding and you hereby agree that the
                  incentive compensation is granted to and accepted by you
                  subject to such condition and understanding. You understand
                  that the incentive compensation is not held or set aside in
                  trust and (1) DMC may seek to retain, offset, attach or
                  similarly place a lien on such funds in circumstances where
                  you have been discharged for cause and shall be entitled to do
                  so for (x) malfeasance damaging to DMC, (y) conversion to you
                  of opportunity of DMC of FFCC, or (z) a violation of FFCC's
                  conflict of interest policy, in each case as determined in the
                  sole discretion of the Board of Directors, and (2) in the
                  event DMC is unable to make any payment under this Agreement
                  because of insolvency, bankruptcy or similar status or
                  proceedings, you will be treated as a general unsecured
                  creditor of DMC and may be entitled to no priority under
                  applicable law with respect to such payments.

5.       RESTRICTIONS ON COMPETITION

         During the term of this Agreement and for a period of one year after
         you cease to be an employee of DMC or an affiliate of DMC or FFCC, you
         will not, without the prior written consent of DMC, (a) accept
         employment or render service to any person, firm or corporation,
         directly or indirectly, in competition with DMC or FFCC, or any
         affiliate thereof for any purpose which would be competitive with the
         mortgage banking business within the Commonwealth of Puerto Rico or any
         other geographic area in which DMC or any affiliate of DMC or FFCC by
         which you were employed, conducted operations (the "Restricted Area")
         or any business by which you were employed within two years prior
         thereto (collectively, the "Restricted Businesses") or (b) directly or
         indirectly, enter into or in any manner take part in or lend your name,
         counsel or assistance to any venture, enterprise, business or endeavor,
         whether as proprietor, principal, investor, partner, director, officer,
         employee, consultant, adviser, agent, independent contractor or in any
         other capacity whatsoever for any purpose which would be competitive
         with the Restricted Businesses in the Restricted Area. An investment
         not exceeding 5% of the outstanding stock in any corporation regularly
         traded on any national securities exchange or in the over-the-counter
         market shall not be deemed to violate this provision, provided that you
         shall not render any services for such corporation.


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6.       TERMINATION OF EMPLOYMENT

         (a)      Your employment hereunder may be terminated for dishonesty,
                  death, incapacity, or inability to perform the duties of your
                  employment on a daily basis, resulting from physical or mental
                  disability caused by illness, accident or otherwise or refusal
                  to perform the duties and responsibilities of your employment
                  hereunder, or breach of fidelity to DMC.

         (b)      At any time following a "Change in Control" of DMC, this
                  Agreement may be terminated by DMC or you on 30 days' written
                  notice to you or FFCC, as the case may be, such termination to
                  be effective as of the end of the calendar year during which
                  such notice is given. As used herein, a "Change in Control"
                  shall be deemed to have occurred at such time as any person
                  other than FFCC or an entity controlled by or under common
                  control with FFCC ceases to be the owner of at least 51% of
                  the outstanding voting securities of DMC.

         (c)      If at any time you shall voluntarily terminate your
                  employment, then this Agreement, except for Section 5 hereof,
                  shall terminate and all further obligations of FFCC hereunder
                  shall cease, provided that in any termination pursuant to
                  subsection (b) of this Section 6 you shall be entitled to
                  receive all compensation due to you pursuant to Section 3(a)
                  hereof (but not 3 (b) --(c)) for the calendar year in which
                  such date of termination occurs.

                  You agree that this Section 6 shall create no additional
                  rights in you to direct the operations of DMC.

7.       WAIVERS AND MODIFICATIONS

         No waiver by either party of any breach by the other of any provisions
         hereof shall be deemed to be a waiver of any later or other breach
         thereof, or as a waiver of any such or other provision of this
         Agreement. This Agreement sets forth all of the terms of the
         understandings between the parties with reference to the subject matter
         set forth herein and may not be waived, changed, discharge or
         terminated orally or by any course of dealing between the parties, but
         only by an instrument in writing signed by the party against whom any
         waiver, change, discharge or termination is sought.

8.       SEVERABILITY

         Wherever possible, each provision of this Agreement shall be
         interpreted in such manner as to be effective under applicable law. In
         the event that any provision, or any portion of any provision, of this
         Agreement shall be held to be void and unenforceable, the remaining
         provisions of this Agreement, and the remaining portion of any
         provision found void or unenforceable in part only, shall continue in
         full force and effect.

9.       ARBITRATION

         Any dispute arising under this Agreement shall be submitted to
         arbitration in New York, New York under the rules of the American
         Arbitration Association.

10.      NOTICES

         Any notice or communication required or permitted to be given hereunder
         shall be deemed duly given if delivered personally or sent by
         registered or certified mail, return receipt


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         requested, to the address of the intended recipient as herein set forth
         or to such other address as a party may therefore have specified in
         writing to the other by delivering or mailing in a similar manner. Any
         notice or communication intended for DMC shall be addressed to the
         attention of its Board of Directors.

11.      GOVERNING LAW

         This Agreement shall be construed in accordance with the laws of the
         Commonwealth of Puerto Rico.


12.      MISCELLANEOUS

         This Agreement shall be binding upon the successors and assigns of DMC.
         This Agreement is personal to you, and you therefore may not assign
         your duties under this Agreement. The headings of the Sections of this
         Agreement are inserted for convenience only and shall not be deemed to
         constitute a part thereof or to affect the meaning hereof.

         If the foregoing terms and conditions correctly embody your mutual
         understanding with DMC, kindly endorse your acceptance and agreement
         therewith in the space below provided, whereupon this shall become a
         binding agreement.

         Very truly yours,

         DORAL MORTGAGE CORPORATION



         By: /s/ Salomon Levis
             -----------------------------
         Name: Salomon Levis
         Title: Chairman of the Board and
         Chief Executive Officer



         Accepted and Agreed to as of the
         date first above set forth:



         /s/ Edison Velez
         ---------------------------------
             Edison Velez