CERTIFICATE GUARANTY INSURANCE POLICY


OBLIGATIONS: RALI Series 2001-QS17 Trust                    POLICY NUMBER: 36811
             Mortgage Asset-Backed Pass-Through Certificates, Series 2001-QS17
             $27,791,666 6.00% Class A-4 Certificates

        MBIA Insurance  Corporation  (the  "Insurer"),  in  consideration of the
payment of the  premium and  subject to the terms of this  Certificate  Guaranty
Insurance  Policy  (this  "Policy"),   hereby  unconditionally  and  irrevocably
guarantees  to any Owner that an amount equal to each full and complete  Insured
Payment  will be received  from the  Insurer by Bankers  Trust  Company,  or its
successors,  as trustee for the Owners (the "Trustee"), on behalf of the Owners,
for  distribution  by the  Trustee to each Owner of each  Owner's  proportionate
share of the Insured Payment. The Insurer's  obligations  hereunder with respect
to a particular Insured Payment shall be discharged to the extent funds equal to
the applicable Insured Payment are received by the Trustee,  whether or not such
funds are properly  applied by the Trustee.  Insured Payments shall be made only
at the time set forth in this Policy, and no accelerated  Insured Payments shall
be  made  regardless  of  any  acceleration  of  the  Obligations,  unless  such
acceleration is at the sole option of the Insurer.  This Policy does not provide
credit  enhancement  for any  Class of  Certificates  other  than the  Class A-4
Certificates.

        Notwithstanding  the  foregoing  paragraph,  this  Policy does not cover
shortfalls,  if any,  attributable to the liability of the Trust Fund, any REMIC
or the Trustee for withholding  taxes, if any (including  interest and penalties
in respect of any such liability).

        The Insurer will pay any Insured Payment that is a Preference  Amount on
the  Business  Day  following  receipt on a Business Day by the Fiscal Agent (as
described  below) of (a) a certified copy of the order requiring the return of a
preference payment,  (b) an opinion of counsel  satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form as
is reasonably required by the Insurer,  irrevocably assigning to the Insurer all
rights and claims of the Owner  relating  to or  arising  under the  Obligations
against the debtor which made such preference  payment or otherwise with respect
to such  preference  payment  and (d)  appropriate  instruments  to  effect  the
appointment  of the  Insurer  as agent for such  Owner in any  legal  proceeding
related  to  such  preference   payment,   such  instruments  being  in  a  form
satisfactory to the Insurer,  provided that if such documents are received after
12:00 noon,  New York City time, on such Business Day, they will be deemed to be
received on the following  Business Day. Such payments shall be disbursed to the
receiver  or  trustee  in  bankruptcy  named in the  final  order  of the  court
exercising  jurisdiction  on behalf  of the Owner and not to any Owner  directly
unless such Owner has returned  principal or interest paid on the Obligations to
such  receiver or trustee in  bankruptcy,  in which case such  payment  shall be
disbursed to such Owner.

        The Insurer  will pay any other amount  payable  hereunder no later than
12:00 noon, New York City time, on the later of the  Distribution  Date on which
the  related  Deficiency  Amount is due or the  second  Business  Day  following
receipt in New York,  New York on a Business  Day by State Street Bank and Trust
Company,  N.A., as Fiscal Agent for the Insurer,  or any successor  fiscal agent
appointed by the Insurer (the "Fiscal Agent"), of a Notice (as described below),
provided that if such Notice is received  after 12:00 noon,  New York City time,
on such Business Day, it will be deemed to be received on the following Business
Day. If any such Notice received by the Fiscal Agent is not in proper form or is
otherwise  insufficient for the purpose of making claim  hereunder,  it shall be
deemed  not to have been  received  by the  Fiscal  Agent for  purposes  of this
paragraph,  and the  Insurer  or the  Fiscal  Agent,  as the case may be,  shall
promptly so advise the Trustee and the Trustee may submit an amended Notice.

        Insured Payments due hereunder,  unless otherwise stated herein, will be
disbursed  by the  Fiscal  Agent to the  Trustee on behalf of the Owners by wire
transfer of  immediately  available  funds in the amount of the Insured  Payment
less, in respect of Insured Payments related to Preference  Amounts,  any amount
held by the  Trustee  for  the  payment  of such  Insured  Payment  and  legally
available therefor.

        The Fiscal Agent is the agent of the Insurer only,  and the Fiscal Agent
shall in no event be liable to Owners  for any acts of the  Fiscal  Agent or any
failure of the Insurer to deposit, or cause to be deposited, sufficient funds to
make payments due under this Policy.

        Subject to the terms of the Agreement, the Insurer will be subrogated to
the rights of each Owner to receive payments under  Obligations to the extent of
any payment by the Insurer under this Policy.

        As used herein, the following terms shall have the following meanings:

        "Agreement"  means the Series  Supplement  dated as of  November 1, 2001
among  Residential  Accredit  Loans,  Inc.,  as Depositor,  Residential  Funding
Corporation,  as Master Servicer, and the Trustee, as trustee, together with the
Standard  Terms of  Pooling  and  Servicing  Agreement  dated as of July 1, 2001
without regard to any amendment or supplement thereto,  unless such amendment or
supplement has been approved in writing by the Insurer.

        "Business Day" means any day other than (a) a Saturday or a Sunday (b) a
day on which the Insurer is closed or (c) a day on which banking institutions in
New York City or in the city in which the corporate  trust office of the Trustee
under the  Agreement is located are  authorized or obligated by law or executive
order to close.

        "Deficiency  Amount" means, as of any Distribution Date, an amount equal
to: (i) any interest shortfall  allocated to the Class A-4 Certificates,  except
for  (a)  any  Prepayment  Interest  Shortfalls   allocated  to  the  Class  A-4
Certificates  that were not offset by the  Master  Servicer  and were  otherwise
covered by the Reserve Fund and (b) any Relief Act  Shortfalls  allocated to the
Class A-4 Certificates that were otherwise covered by the Reserve Fund; (ii) the
principal   portion  of  any  Realized   Losses   allocated  to  the  Class  A-4
Certificates;  and  (iii) the  Certificate  Principal  Balance  of the Class A-4
Certificates to the extent unpaid on the Scheduled Final Distribution Date.

        "Insured Payment" means (a) as of any Distribution  Date, any Deficiency
Amount and (b) any Preference Amount.

        "Notice" means the telephonic or telegraphic notice,  promptly confirmed
in writing by facsimile  substantially in the form of Exhibit A attached hereto,
the original of which is subsequently delivered by registered or certified mail,
from the Trustee  specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.

        "Owner"  means each  Holder (as  defined in the  Agreement)  who, on the
applicable  Distribution  Date,  is entitled  under the terms of the  applicable
Class A-4 Certificate to payment thereunder.

        "Preference Amount" means any amount previously  distributed to an Owner
on the Obligations  that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy  pursuant to the United States  Bankruptcy
Code (11  U.S.C.),  as  amended  from  time to time in  accordance  with a final
nonappealable order of a court having competent jurisdiction.

        Capitalized  terms used herein and not  otherwise  defined  herein shall
have  the  respective  meanings  set  forth in the  Agreement  as of the date of
execution of this Policy,  without giving effect to any subsequent  amendment to
or modification of the Agreement  unless such amendment or modification has been
approved in writing by the Insurer.

        Any notice  hereunder  or service of process on the Fiscal  Agent may be
made at the address  listed below for the Fiscal Agent or such other  address as
the Insurer shall specify in writing to the Trustee.

        The notice address of the Fiscal Agent is 15th Floor,  61 Broadway,  New
York, New York 10006, Attention:  Municipal Registrar and Paying Agency, or such
other address as the Fiscal Agent shall specify to the Trustee in writing.

        THIS  POLICY  IS BEING  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 PRINCIPLES THEREOF.

        The   insurance   provided   by  this  Policy  is  not  covered  by  the
Property/Casualty  Insurance  Security  Fund  specified in Article 76 of the New
York Insurance Law.

        This Policy is not cancelable for any reason. The premium on this Policy
is not refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.



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        IN WITNESS  WHEREOF,  the  Insurer has caused this Policy to be executed
and attested this 29th day of November, 2001.

                                               MBIA INSURANCE CORPORATION


                                               By /s/ Gary C. Dunton
                                                  -----------------------------
                                                   President



                                               Attest:


                                               By /s/ Amy R. Gonch
                                                  -----------------------------
                                                   Assistant Secretary



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                                    EXHIBIT A

                        TO CERTIFICATE GUARANTY INSURANCE
                              POLICY NUMBER: 36811

                        NOTICE UNDER CERTIFICATE GUARANTY
                         INSURANCE POLICY NUMBER: 36811


State Street Bank and Trust Company, N.A., as Fiscal Agent
    for MBIA Insurance Corporation
15th Floor
61 Broadway
New York, NY  10006
Attention:  Municipal Registrar and
    Paying Agency

MBIA Insurance Corporation
113 King Street
Armonk, NY  10504

The undersigned, a duly authorized officer of [Name of Trustee], as trustee (the
"Trustee"),  hereby certifies to State Street Bank and Trust Company,  N.A. (the
"Fiscal Agent") and MBIA Insurance  Corporation (the "Insurer"),  with reference
to Certificate  Guaranty Insurance Policy Number: 36811 (the "Policy") issued by
the Insurer in respect of the RALI Series 2001-QS17 Trust Mortgage  Asset-Backed
Pass-Through Certificates,  Series 2001-QS17 $27,791,666 6.00% Certificates (the
"Obligations"), that:

(a)  the Trustee is the trustee under the Series Supplement dated as of November
     1, 2001 among Residential  Accredit Loans, Inc., as Depositor,  Residential
     Funding  Corporation,  as Master  Servicer,  and the  Trustee,  as trustee,
     together with the Standard Terms of Pooling and Servicing  Agreement  dated
     as of July 1, 2001;

(b)  the amount due under clause (i) of the definition of Deficiency  Amount for
     the  Distribution  Date  occurring on  [_______________]  (the  "Applicable
     Distribution Date") is $[__________________];

(c)  the amount due under clause (ii) of the definition of Deficiency Amount for
     the Applicable Distribution Date is $[_____________________]

(d)  the amount due under clause (iii) of the  definition of  Deficiency  Amount
     for the Applicable Distribution Date is $[__________________];

(e)  the sum of the  amounts  listed  in  paragraphs  (b),  (c) and (d) above is
     $[________________] (the "Deficiency Amount");

(f)     the amount of previously distributed payments on the Obligations 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 is
        $[ ] (the "Preference Amount");

(g)  the total Insured  Payment due is $[  __________],  which amount equals the
     sum of the Deficiency Amount and the Preference Amount;

(h)     the  Trustee is making a claim  under and  pursuant  to the terms of the
        Policy for the dollar  amount of the  Insured  Payment  set forth in (e)
        above to be applied  to the  payment  of the  Deficiency  Amount for the
        Applicable  Distribution  Date in accordance  with the Agreement and for
        the dollar  amount of the  Insured  Payment set forth in (f) above to be
        applied to the payment of any Preference Amount; and

(i)  the Trustee  directs  that  payment of the  Insured  Payment 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:  [TRUSTEE'S
     ACCOUNT NUMBER].

        Any  capitalized  term used in this  Notice  and not  otherwise  defined
herein shall have the meaning assigned thereto in the Policy.

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 A Crime,  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.

     IN WITNESS  WHEREOF,  the Trustee has  executed and  delivered  this Notice
under the Policy as of the [______] day of [______________], [_________].

                                               [NAME OF TRUSTEE], as
                                               Trustee


                                               By
                                                  -----------------------------
                                               Title
                                                     --------------------------

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