<PAGE>
                                                                   EXHIBIT 10.03


================================================================================


                                 AMENDMENT NO. 1

                                       TO

                       SERVICING RIGHTS PURCHASE AGREEMENT



                                 by and between



                             OCWEN FEDERAL BANK FSB
                                   (Purchaser)


                                       and



                         METWEST MORTGAGE SERVICES, INC.
                  METROPOLITAN MORTGAGE & SECURITIES CO., INC.
                      WESTERN UNITED LIFE ASSURANCE COMPANY
                             SUMMIT SECURITIES, INC.
                       OLD STANDARD LIFE INSURANCE COMPANY
                   OLD WEST ANNUITY AND LIFE INSURANCE COMPANY
                                    (Sellers)



                            Dated as of May 11, 2001


================================================================================



<PAGE>

                               AMENDMENT NO. 1 TO
                       SERVICING RIGHTS PURCHASE AGREEMENT


         This AMENDMENT NO. 1, dated as of May 11, 2001 (this "Amendment"), to
the SERVICING RIGHTS PURCHASE AGREEMENT (the "Agreement") dated as of April 1,
2001, between METWEST MORTGAGE SERVICES, INC., a Washington corporation
("Metwest"), METROPOLITAN MORTGAGE & SECURITIES CO., INC., a Washington
corporation ("Metropolitan"), WESTERN UNITED LIFE ASSURANCE COMPANY, a
Washington insurance corporation ("Western"), SUMMIT SECURITIES INC., an Idaho
corporation ("Summit"), OLD STANDARD LIFE INSURANCE COMPANY, an Idaho insurance
corporation ("Old Standard") and OLD WEST ANNUITY & LIFE INSURANCE COMPANY, an
Arizona insurance corporation (each a "Seller" and collectively the "Sellers")
and OCWEN FEDERAL BANK FSB, a federally chartered savings bank (the
"Purchaser").

         WHEREAS, the Agreement provided for the sale and purchase of the
Servicing Rights related to the Securitized Portfolio on or prior to the related
Transfer Date, but no later than June 2, 2001, subject to satisfaction of
certain conditions by Metwest;

         WHEREAS, certain conditions necessary for the sale and purchase of the
Servicing Rights relating to a portion of the Securitized Portfolio may not be
satisfied by the related Transfer Date (such portion, the "Subservicing
Portfolio");

         WHEREAS, Metwest and the Purchaser desire to effect the servicing
transfer and payment of the related Purchase Price on the related Transfer Date
with respect to the Securitized Portfolio, including the Subservicing Portfolio,
although the actual Servicing Rights with respect to the Subservicing Portfolio
will not be transferred to the Purchaser until such time that the necessary
conditions set forth in the Agreement have been satisfied;

         WHEREAS, the Sellers and the Purchaser desire that the Purchaser
continue to act as subservicer with respect to the Subservicing Portfolio in
accordance with the Agreement until such time that such conditions are satisfied
to transfer the Servicing Rights with respect to all or some of such
Subservicing Portfolio to the Purchaser; and

         WHEREAS, the Sellers and the Purchaser desire to amend the Agreement to
set forth additional terms and agreements of the parties with respect to the
foregoing and certain related matters;

         NOW THEREFORE, in consideration of the mutual promises, covenants and
conditions hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:



                                       1
<PAGE>

A. DEFINITIONS.

         Capitalized terms used but not otherwise defined herein shall have the
respective meanings assigned to them in the Agreement.

B. AMENDMENTS TO AGREEMENT.

         1. (i) Section 1.01 of the Agreement is hereby amended by deleting the
definitions of "Purchase Date" and "Transfer Date" and substituting therefor the
following:

                  (a) "PURCHASE DATE": With respect to the Non-Securitized
                  Portfolio, the Closing Date and with respect to the
                  Securitized Portfolio, the Transfer Date related to the
                  Securitized Portfolio or such other date mutually agreed to by
                  the Purchaser and Metwest.

                  (b) "TRANSFER DATE": With respect to an Asset, the date on
                  which the physical servicing of the Asset is transferred to
                  the Purchaser pursuant to this Agreement, which date shall be,
                  in the case of the Securitized Portfolio, the close of
                  business on June 1, 2001, and in the case of the
                  Non-Securitized Portfolio, July 1, 2001, in each case unless
                  otherwise mutually agreed to by the related Sellers and the
                  Purchaser.

                  (ii) Section 1.01 of the Agreement is hereby amended by adding
the following definition:

                  "SUBSERVICING PORTFOLIO": That portion of the Securitized
Portfolio for which all of the conditions necessary for the sale and purchase of
the Servicing Rights are not satisfied by the related Transfer Date.

         2. Section 2.01(b) of the Agreement is hereby amended by deleting that
section in its entirety and substituting therefor the following:

                  (b) Securitized Portfolio. Subject to the terms and provisions
                  of this Agreement, Metwest hereby agrees to use its best
                  efforts to satisfy by the related Purchase Date the conditions
                  set forth in this Agreement to the purchase by the Purchaser
                  of the Servicing Rights relating to the Securitized Portfolio
                  and to sell, transfer, assign, convey and set over such
                  Servicing Rights to the Purchaser, in each case as of such
                  Purchase Date or as soon thereafter as reasonably practicable.
                  In the event the conditions set forth in the Agreement for the
                  purchase of the Servicing Rights relating to one or more Pools
                  in the Securitized Portfolio are not satisfied as of the



                                       2
<PAGE>

                  related Purchase Date, the Purchaser shall continue to act as
                  subservicer with respect to each Pool remaining in the
                  Subservicing Portfolio following such Purchase Date in
                  accordance with Section 2.05 until such time that the
                  conditions set forth in this Agreement for transferring the
                  Servicing Rights relating to any such Pool are satisfied and
                  the Servicing Rights are transferred to the Purchaser in
                  accordance with this Agreement. Metwest shall cause the
                  transfer and assignment of the Servicing Rights relating to
                  any Pool in the Subservicing Portfolio to the Purchaser as
                  soon as reasonably practicable following the satisfaction of
                  the conditions set forth in this Agreement for transferring
                  such Servicing Rights. To effect the transfer of the Servicing
                  Rights relating to a Pool, Metwest shall cause the necessary
                  amendments to the related P&S Agreement to be executed and
                  Metwest and the Purchaser shall execute an Assignment and
                  Assumption Agreement relating to such Pool and P&S Agreement.

                  On the Purchase Date for the Securitized Portfolio, subject to
                  the terms and provisions of this Agreement, the Purchaser will
                  pay to Metwest the entire Purchase Price for the Securitized
                  Portfolio, regardless of whether the conditions set forth in
                  this Agreement for the purchase of the Servicing Rights
                  relating to any Pool in the Securitized Portfolio are
                  satisfied and the related Servicing Rights are transferred on
                  such Purchase Date. Such Purchase Price shall be payable to
                  Metwest in immediately available funds on the Purchase Date
                  for the Securitized Portfolio and shall represent
                  consideration for the sale of the Servicing Rights relating to
                  the Securitized Portfolio and for the subservicing arrangement
                  set forth in Section 2.05 with respect to the Subservicing
                  Portfolio. Upon the transfer to the Purchaser of the Servicing
                  Rights relating to a Pool in the Securitized Portfolio
                  pursuant to this Agreement, the Purchaser shall service the
                  Loans in such Pool in accordance with the related P&S
                  Agreement and during such time that such Pool is in the
                  Subservicing Portfolio, the Purchaser shall act as subservicer
                  of the related Loans pursuant to Section 2.05.

         3. Section 2.01(c) of the Agreement is hereby amended by deleting that
section in its entirety and replacing it with the following:

                  (c) [Reserved]

         4. Section 2.04(a)(v) of the Agreement is hereby amended by inserting
at the end of such clause the following:

                  provided, however, that in the event that Metwest is unable to
                  obtain through its best efforts the consent of the required



                                       3
<PAGE>

                  certificateholders for one or more Pools as of the Purchase
                  Date, then Metwest shall use its best efforts to cause the
                  Amendments and documents in clause (B) relating to such Pools
                  to be delivered to the Purchaser as soon thereafter as
                  reasonably practical;

         5. Section 2.05 of the Agreement is hereby amended by (i) deleting in
clause (a) the words "on the related Purchase Date" and substituting therefor
the words "in accordance with this Agreement" and (ii) adding at the end of such
section the following sentence:

                  The parties acknowledge that Section 6.01 shall no longer be
                  applicable to the Securitized Portfolio following the Purchase
                  Date for the Securitized Portfolio.

         6. Article II of the Agreement is hereby amended by adding the
following Section 2.06:

                  Section 2.06 Termination Fee with respect to the Subservicing
                  Portfolio.

                  (a) In the event the Purchaser is terminated as subservicer
                  without cause on its part with respect to any Pools in the
                  Subservicing Portfolio following the Purchase Date for the
                  Securitization Portfolio (other than in connection with the
                  transfer of the related Servicing Rights to the Purchaser),
                  Metwest shall (i) pay to the Purchaser a termination fee or
                  liquidated damages ("Termination Fee") relating to such Pools
                  equal to the applicable amount set forth on Schedule E and
                  (ii) reimburse the Purchaser for all unreimbursed Advances
                  made or reimbursed by the Purchaser with respect to such
                  Pools. Notwithstanding the foregoing, in the event Metwest
                  elects to sell, transfer or assign the Servicing Rights with
                  respect to one or more Pools in the Subservicing Portfolio,
                  Metwest shall, at the option of the Purchaser, transfer, sell
                  and assign the Servicing Rights with respect to such Pools to
                  the Purchaser in consideration for the Purchaser releasing
                  Metwest from its obligation to pay the Termination Fee and
                  reimburse the Purchaser for unreimbursed Advances as provided
                  above.

                  (b) To secure its obligation to pay the foregoing Termination
                  Fee and reimbursement of Advances, Metwest shall prior to the
                  Purchase Date for the Securitized Portfolio (i) enter into a
                  security or pledge agreement ("Security Agreement") mutually
                  acceptable to the Purchaser and Metwest pursuant to which
                  Metwest shall pledge a first priority security interest in (A)
                  the Servicing Rights relating to the Pools in the Subservicing
                  Portfolio and (B) certain residual securities (the "Residual
                  Securities") acceptable to the Purchaser relating to the Pools
                  in the Subservicing Portfolio and



                                       4
<PAGE>

                  (ii) deliver to an escrow or collateral agent mutually
                  acceptable to the Purchaser and Metwest (the "Bailee") the
                  Residual Securities and related bond powers and other
                  documents required from Metwest or the current holder in order
                  to transfer the Residual Securities, such documents to be held
                  by the Bailee pursuant to the Security Agreement or a separate
                  escrow or collateral agreement (the "Escrow Agreement")
                  mutually acceptable to the Purchaser and Metwest. The Escrow
                  Agreement shall set forth the terms under which the Residual
                  Securities and related proceeds will be held and released but,
                  in any event, shall provide for the release of any remaining
                  Residual Securities and related proceeds held in escrow upon
                  the earlier to occur of April 1, 2006 or such time when no
                  assets remain in the Subservicing Portfolio.

         7. Sections 4.01(a)(i) and (b)(i) of the Agreement are hereby amended
by deleting the first parenthetical under each section and substituting therefor
the following:

                  (with respect to the Securitized Portfolio, to be delivered
                  upon the transfer of the related Servicing Rights to the
                  Purchaser)

         8. Section 4.01(a)(v) of the Agreement is hereby amended by deleting
that section in its entirety and replacing it with the following:

                  (v) All of the consents required pursuant to Section 7.02 as
                  of the dates specified therein.

         9. Sections 4.10, 6.02 and 7.02 of the Agreement are hereby amended by
inserting after each use of the term "Purchase Date" the following
parenthetical:

                  (or in the case of the Subservicing Portfolio, such later date
                  on which the Servicing Rights are transferred to the Purchaser
                  pursuant to this Agreement)

         10. The Agreement is hereby amended by adding a Schedule E attached
hereto.

C. AMENDMENT TO AGREEMENT TO SELL SERVICING RIGHTS. The Agreement to Sell
Servicing Rights is hereby amended by adding the following Section 3.9:

                  Section 3.9 Subservicing Portfolio.

                  (a) Notwithstanding any provision in this Agreement to the
                  contrary, references to the Servicing Rights Purchase
                  Agreement shall be to the Servicing Rights Purchase Agreement,
                  as amended from time to time.

                  (b) Notwithstanding any provision in this Agreement to the
                  contrary, with respect to Pools in the Subservicing Portfolio,
                  the



                                       5
<PAGE>

                  parties hereto agree that Ocwen shall have no right to sell
                  the Servicing Rights relating to such Pools pursuant to this
                  Agreement (until such time that the Servicing Rights are
                  transferred to Ocwen), but Ocwen agrees that it may be
                  terminated as subservicer with respect to one or more such
                  Pools by Metwest without cause upon thirty (30) days prior
                  written notice and payment of a termination fee equal to the
                  related Purchase Price. The parties agree that all other
                  provisions relating to the purchase of Servicing Rights shall
                  be deemed to also apply to the termination of Ocwen as
                  subservicer in accordance with the foregoing.

D. EFFECT OF AMENDMENT. It is the intention of the parties that this Amendment
together with the Agreement, the exhibits and schedules to the Agreement,
constitute the entire agreement of the parties and supersedes all prior
agreements and undertakings, both written and oral, except as otherwise
expressly provided herein and in the Agreement.

E. BINDING EFFECT. The provisions of this Amendment shall be binding upon and
inure to the benefit of the respective successors and assigns of the parties
hereto.

F. COUNTERPARTS. This Amendment may be executed in several counterparts, each of
which shall be an original and all of which shall constitute but on and the same
instrument.



                     [SIGNATURES COMMENCE ON FOLLOWING PAGE]




                                       6
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to
Servicing Rights Purchase Agreement to be executed by their duly authorized
officers as of the date first above written.

                                        OCWEN FEDERAL BANK FSB
                                        (Purchaser)

                                        By: /s/ RONALD M. FARIS
                                           -------------------------------------
                                        Name: Ronald M. Faris
                                             -----------------------------------
                                        Title: President
                                              ----------------------------------


                                        METWEST MORTGAGE SERVICES, INC.
                                        (Seller)

                                        By: /s/ MICHAEL AGOSTINELLI
                                           -------------------------------------
                                        Name: Michael Agostinelli
                                             -----------------------------------
                                        Title: Corporate Counsel
                                              ----------------------------------


                                        METROPOLITAN MORTGAGE & SECURITIES CO.,
                                        INC.
                                        (Seller)

                                        By: /s/ MICHAEL AGOSTINELLI
                                           -------------------------------------
                                        Name: Michael Agostinelli
                                             -----------------------------------
                                        Title: Corporate Counsel
                                              ----------------------------------


                                        WESTERN UNITED LIFE ASSURANCE COMPANY
                                        (Seller)

                                        By: /s/ MICHAEL AGOSTINELLI
                                           -------------------------------------
                                        Name: Michael Agostinelli
                                             -----------------------------------
                                        Title: Corporate Counsel
                                              ----------------------------------


                                        SUMMIT SECURITIES, INC.
                                        (Seller)

                                        By: /s/ TOM TURNER
                                           -------------------------------------
                                        Name: Tom Turner
                                             -----------------------------------
                                        Title: President
                                              ----------------------------------




                                       7
<PAGE>

                                       OLD STANDARD LIFE INSURANCE COMPANY
                                       (Seller)

                                       By: /s/ TOM TURNER
                                          --------------------------------------
                                       Name: Tom Turner
                                            ------------------------------------
                                       Title: Vice President Secretary Treasurer
                                             -----------------------------------


                                       OLD WEST ANNUITY AND LIFE INSURANCE
                                       COMPANY
                                       (Seller)

                                       By: /s/ TOM TURNER
                                          --------------------------------------
                                       Name: Tom Turner
                                            ------------------------------------
                                       Title: Secretary Treasurer
                                             -----------------------------------




                                       8
<PAGE>

                                   SCHEDULE E

SECURITIZED PORTFOLIO

<Table>
<Caption>
                                                                       REPURCHASE PRICES
POOL                            UPB            LOANS          YEAR 1         YEAR 2         YEAR 3         YEAR 4         YEAR 5
----                        ------------    ------------    ----------     ----------     ----------     ----------     ----------
<S>                         <C>             <C>             <C>            <C>            <C>            <C>            <C>
Metro 96-1 & 96-A             77,418,465           2,348        0.5845%        0.5588%        0.5545%        0.5195%        0.4987%
Metro 97-B                    66,854,677           1,673        0.1512%        0.1356%        0.1125%        0.0943%        0.0615%
Metro 98-A & 98-B            207,716,154           4,156        0.2105%        0.1976%        0.2161%        0.1790%        0.1185%
Metro 99-A & 99-B            243,705,090           3,892        0.5373%        0.4672%        0.4543%        0.4227%        0.3993%
Metro 99-C                    36,933,111             908        0.8118%        0.7694%        0.7357%        0.6668%        0.5990%
Metro 99-D                   119,604,888           1,798        0.7845%        0.7248%        0.6977%        0.6367%        0.5771%
Metro 2000-A & 2000-B        408,308,645           5,226        0.8371%        0.7011%        0.6435%        0.5859%        0.5341%
Metro Timeshare 97-A           6,759,201           2,045        0.1512%        0.0000%        0.0000%        0.0000%        0.0000%
</Table>



                                       9