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                                                                   EXHIBIT 10.78

                         EMPLOYEE STOCK OPTION AGREEMENT


         THIS AGREEMENT, dated as of April 1, 1998, is made and entered into by
and between DORAL FINANCIAL CORPORATION, a Puerto Rico corporation (the
"Company"), and ___________________ (the "Optionee").

                                   WITNESSETH:

         WHEREAS, the Company has adopted and approved the 1997 Employee Stock
Option Plan (the "Plan") for the purpose of providing economic incentive to the
employees of the Company; and

         WHEREAS, the Plan provides for the grant of qualified stock options
which meet the requirements of Section 1046 of the Puerto Rico Internal Revenue
Code of 1994, as amended, ("qualified stock options") incentive stock options
which meet the requirements of Section 422 of the Internal Revenue Code of 1986,
as amended, ("incentive stock options") and stock options not intended to
qualify as incentive stock options or qualified stock options ("non-statutory
options"); and

         WHEREAS, this Agreement is executed pursuant to, and is intended to
carry out the purposes of the Plan, by granting [a qualified stock option] [an
incentive stock option] [a non-statutory stock option] to the Optionee.

         NOW, THEREFORE, in consideration of the Optionee's employment by the
Company, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereby agree as follows:


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         1. GRANT OF THE OPTION. Subject to and upon the terms and conditions
set forth in this Agreement and of the Plan, a copy of which is attached hereto
as Exhibit A, the Company hereby grants to the Optionee [a qualified stock
option] [an incentive stock option] [a non-statutory stock option] (the
"Option") to purchase up to _________________ (_______) shares (the "Option
Shares") of the Company's common stock, par value $1.00 per share (the "Common
Stock"), at a price equal to $_____ per share, which is equal to the Fair Market
Value of the Common Stock, as defined in the Plan.

         2. TERM. The term of the Option shall commence on the date of this
Agreement, and, subject to the provisions of Section 5 hereof, shall expire ten
(10) years from the date of this Agreement. Upon its termination, the Option
shall be of no further force and effect and shall not be exercisable to any
extent.

         3. VESTING. Subject to the provisions of Section 5 of this Agreement,
the right of the Optionee to purchase the Option Shares under the Option shall
vest over a period of two (2) years at the rate of fifty percent (50%) per year,
the first fifty percent (50%) to vest on the first anniversary date of this
Agreement, and one hundred percent (100%) to vest on the second anniversary date
of this Agreement.

         4. RESTRICTIONS ON TRANSFER. The Optionee may not transfer any of the
Optionee's rights in the Option or under this Agreement except upon the
Optionee's death. No transfer of an option by an Optionee by will or by the laws
of descent and distribution shall be effective to bind the Company unless the
Company shall have been furnished with written notice thereof and a copy of the
will and/or


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such other evidence as the Committee may determine necessary to establish the
validity of the transfer.

         5. TERMINATION OF OPTION ON TERMINATION OF EMPLOYMENT AND CERTAIN OTHER
EVENTS.

                  (a) If the Optionee's employment with the Company or any of
its subsidiaries terminates by reason of death, the Option shall become fully
vested and may thereafter be immediately exercised by the legal representative
of the estate or by the legatee of the Optionee under the will of the Optionee,
for a period of one (1) year from the date of death or until the expiration of
the stated term of the Option, whichever period is shorter.

                  (b) If the Optionee's employment with the Company or any of
its subsidiaries terminates by reason of Disability (as hereinafter defined),
the Option shall become fully vested and may thereafter be exercised for a
period of one (1) year from the date of such termination of employment or the
expiration of the stated term of such Option, whichever period is shorter.

                  (c) If the Optionee's employment with the Company or any of
its subsidiaries terminates by reason of Retirement (as hereinafter defined),
the Option may thereafter be exercised to the extent it was exercisable at the
time of Retirement for a period of ninety (90) days from the date of Retirement
or the expiration of the stated term of the Option, whichever period is shorter.

                  (d) If the Optionee's employment with the Company or any of
its subsidiaries terminates for any reason other than (a) through (c) above,
whether with or without cause, the Option may thereafter


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be exercised to the extent it was exercisable at the time of termination of
employment for a period of ninety (90) days from the date of termination of the
expiration of the stated term of the option, whichever period is shorter,
provided that the Option shall terminate as of the date the Optionee ceased
being an employee of the Company or any of its subsidiaries if the Stock Option
Committee of the Company in its sole discretion shall determine that it is not
in the best interest of the Company that the option should continue for such
ninety (90) day period.

                  (e) For purposes of this Agreement, "Disability" shall mean a
written determination by a competent physician that the Optionee has been
physically or mentally unable to perform the duties of the occupation in which
the Optionee was employed when such disability commenced and that such condition
has existed for an aggregate of one hundred twenty (120) days during any period
of twelve (12) consecutive months, "Retirement" means retirement from employment
on or after reaching age 65 and "Cause" means, among other things, personal
dishonesty, incompetence, willful misconduct, breach of a fiduciary duty,
insubordination, failure to perform stated duties, willful violation of any law,
rule, or regulation (other than traffic violations or similar minor offenses) or
final cease-and-desist order, or material breach of any provision of this
Agreement.

                  (f) If the Optionee commences, files or prosecutes any legal
proceeding or action against the Company, any of its sub sidiaries officers or
directors, for any reason, cause or thing whatsoever, in or before any court of
law, arbitrator, mediator, administrative tribunal, governmental agency or other
forum, then this Option shall terminate immediately and the Optionee shall
forfeit all his rights hereunder.


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         6.       ADJUSTMENT IN CERTAIN EVENTS.

                  (a) In the event of any stock dividend or stock split, the
Company (subject to any required action by the shareholders of the Company)
shall make such equitable adjustments as are necessary and appropriate to
protect the Option from dilution in the number, kind and the exercise price of
the Option Shares underlying the Option.

                  (b) Except as expressly provided by Section 6(a), the Company
shall be under no obligation to make any adjustments to the Option in the event
of any other changes involving the Company's capital structure, including, but
not limited to, merger, consolidation, dissolution, sale of assets, or sale or
redemption of capital stock. Furthermore, this Agreement shall not in any way
limit or affect the right of the Company to make such changes in its capital
structure.

         7. PRIVILEGE OF STOCK OWNERSHIP. The Optionee shall not be deemed to be
the holder of, or to have any of the rights of a shareholder with respect to,
any Option Shares unless and until the Optionee properly exercises the Option in
accordance with the requirements of Sections 8 and 9. Upon the proper exercise
of the Option, the Optionee shall have full voting and other ownership rights
with respect to the Option Shares.

         8. MANNER OF EXERCISING OPTION. The Option may be exercised only as to
whole shares and only by written notice signed by the Optionee (or in the case
of exercise after Optionee's death or mental disability by Optionee's legal
representative, executor, administrator or heir or legatee, as applicable), and
mailed or


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delivered to the Secretary of the Company at its principal office. The notice
shall specify the number of Option Shares with respect to which the Option is
being exercised. The notice must be accompanied by payment in full for such
Shares in cash and include any representations required by Section 9. If the
Option is exercised by a person other than the Optionee, such person must
provide the Company with proof, in a form satisfactory to the Company and its
counsel, that such person has the right to exercise the Option. The Company
shall have the right to accept payment, in whole or in part, for the Option in
the form of Common Stock of the Company valued at the Fair Market Value thereof,
at the sole discretion of the Committee.

         9.       COMPLIANCE WITH LAWS AND REGULATIONS.

                  (a) Prior to the exercise of the Option, the Optionee shall
deliver to the Company such representations in writing as may be requested by
the Company in order to ensure that the exercise of the Option and the issuance
of the Option Shares will comply with all applicable federal and state
securities laws.

                  (b) The Optionee acknowledges and confirms that (i) it has
received a copy of the Prospectus relating to the Plan; (ii) it is familiar with
the business and affairs of the Company and (iii) that the granting of the
Option by the Company does not involve any representation of any kind by the
Company as to it business, affairs, earnings or assets, the tax consequences of
the exercise thereof, or otherwise.

                  (c) If the Company shall determine, in its discretion, that it
is necessary or desirable to obtain the listing, registration


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or qualification of the Option Shares upon any securities exchange or under any
federal or state law, or the consent or approval of any government regulatory
body, then the Option may not be exercised in whole or in part, and no shares
may be issued under the Option, until such listing, registration, qualification,
consent or approval is obtained free of any conditions deemed unacceptable to
the Company.

         10. TAXES. The Company shall have the right to require the Optionee to
pay to the Company, or to make arrangements satisfactory to the Company
regarding the payment of, any federal, state or local taxes required to be paid
or withheld with respect to the Option.

         11. EMPLOYMENT. Nothing in this Agreement shall be deemed to grant any
right of continued employment to the Optionee or to limit, restrict or waive any
right of the Company to terminate the Optionee's employment at any time with or
without cause.

         12. MISCELLANEOUS.

                  (a) ASSIGNMENT. This Agreement may not be assigned by the
Optionee without the prior written consent of the Company. This Agreement shall
be binding upon and inure to the benefit of the parties, and their successors
and assigns.

                  (b) ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement between the parties regarding the subject matter hereof. This
Agreement supersedes all prior discussions and agree ment (oral or written)
between the parties with respect to the subject matter of this Agreement. This
Agreement may not be modified except in a written document signed by both of the
parties.



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                  (c) NOTICES. All notices required or permitted under this
Agreement shall be in writing and shall be deemed to have been duly given upon
receipt if delivered in person or upon the expiration of seven (7) days after
the date of posting, if mailed by registered or certified mail, postage pre-paid
to the parties at the following addresses:

                           If to the Company:

                                    Doral Financial Corporation
                                    1159 F.D. Roosevelt Avenue
                                    San Juan, Puerto Rico 00920

                                    Attention: Chief Executive Officer

                           If to the Optionee:





                      Any party may change the address to which notices to such
party shall be delivered or mailed by giving notice thereof to the other party
in the manner provided by this Section.

                  (d) GOVERNING LAW. The validity and effect of this Agreement
shall be governed by and construed and enforced in accordance with the laws of
the Commonwealth of Puerto Rico without regard to its principles of conflicts of
laws.

                  (e) WAIVER. Any term or condition of this Agreement may be
waived at any time by the party which is entitled to the benefit thereof, but
only if such waiver is evidenced by a writing signed by such party. No failure
on the part of a party hereto to exercise, and no delay in exercising, any
right, power or remedy created hereunder shall operate as a waiver thereof, nor
shall any single


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or partial exercise of such right, power or remedy by any such party preclude
any other future exercise thereof or the exercise of any other right, power or
remedy. No wavier by any party hereto to any breach of or default in any term or
condition of this Agreement shall constitute a waiver of or consent to any
subsequent breach of or default in the same or any other term or condition
hereof.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first written above.

                                       DORAL FINANCIAL CORPORATION




                                       By:
                                          -------------------------------------
                                       Name:
                                       Title:



                                               OPTIONEE:



                                       By:
                                          -------------------------------------