Document:

EXHIBIT 10.8

i   Irwin Mortgage

Loan Broker/Correspondent Agreement

This Agreement, made and entered into this 1st day of July, 2001, by and between Irwin Mortgage
Corporation, an Indiana corporation ("Irwin") and HeritageBank of the South ("Broker/Correspondent").

Whereas. Broker/Correspondent is in the business of originating first mortgage real estate loans by taking
and processing loan applications from prospective borrowers and placing these applications on a non-exclusive basis with mortgage lenders such as Irwin who underwrite, close and, fund approved loans; and

Whereas, Irwin and Broker/Correspondent desire to engage in similar transactions for such loans
("Loans").

Now therefore, in consideration of the mutual promises made herein and the terms and conditions set
forth below, Irwin and Broker/Correspondent agree as follows:

PROCEDURES

1.         Registering Loans.  Broker/Correspondent may from lime to time register Loans with Irwin. The
price for any such Loans, the lock-in period, and all other price issues will be governed by Irwins
Pricing Policy and Procedures, a copy of which is attached to this Agreement.  By locking in a Loan,
Irwin agrees to fund the Loan, provided that the loan complies with all provisions of this Agreement and
the Irwin Pricing Policy and Procedures. Irwin in its sole discretion, reserves the right to change prices
and its pricing policy at any time and without prior notice to Broker/Correspondent.  In no event,
however, shall such a change in prices or pricing policy affect a Loan previously locked-in with Irwin by
Broker/Correspondent.

2.         Status of Registered Loans.  Broker/Correspondent will keep Irwin informed as to the pipeline
status of Loans to be funded by Irwin under this Agreement.

3.         Broker/Correspondent Duties.  Broker/Correspondent understands and agrees that payment of
any compensation shall be based solely on actual and specific loan origination and processing services
provided by Broker/Correspondent in connection with each Loan transaction. These services shall
include, but are not limited to, the following: (a) counseling borrowers concerning availability of various
loans and the general process of obtaining a loan; (b) explaining to borrowers Irwin's loan products,
programs and lending philosophy; (c) completing the loan application with borrowers and obtaining
signatures thereto; (d) obtaining merged credit reports including FICO scores from three repositories; (e)
evaluating such credit information to pre-qualify borrowers for Irwin's loan products and programs, (f)
assisting borrowers with explanations of delinquent credit; (g) preparing Good Faith Estimates as
required by the Real Estate Settlement Procedures Act and preliminary Truth in Lending Act disclosures
and sending same to borrowers within three (3) business days of application; (h) providing borrowers
with all other disclosures required by federal, state or local laws or regulations, (i) obtaining loan
processing information such as verifications of employment and deposits, tax filings and pay stubs; (j)
processing information to further qualify borrowers for an Irwin loan products or programs; (k) ordering
property appraisals and reviewing same to ascertain conditions; (l) ordering title reports and
commitments; (m) keeping borrowers informed of status of loan application; and (n) submitting fully
processed application files to Irwin for underwriting.

NEXT PAGE

4.         Delivery of Loan Files. Irwin will work directly with title companies, closing agents and
attorneys to ensure delivery to Irwin of loan documents for Loans closed under this Agreement.
However, where Irwin agrees to allow Broker/Correspondent to prepare its own closing documents.
Broker/Correspondent will deliver all closing documents to Irwin within three (3) days of loan closing.

5.         Delivery of Other Information/Documentation.  All information and documentation of any
Loan required by Irwin to satisfy the requirements of FHA, VA, GNMA, FNMA, FHLMC or any private
investor or pool commitment shall be delivered by Broker/Correspondent to Irwin no later than thirty
(30) calendar days after Loan closing.  Broker/Correspondent understands that the timely receipt of such
information and documentation is of critical importance to Irwin, and agrees to cooperate to the best of
its ability in obtaining and delivering all necessary items to Irwin within the required thirty (30) days.
Any failure by Broker/Correspondent to comply with this provision could result in the required
repurchase of the affected Loan or Loans from Irwin and/or the termination of this Agreement by Irwin.

6.         Underwriting.  Broker/Correspondent agrees to pay an underwriting fee as established in wilting
by Irwin from time to time for all Loans Erwin underwrites. The underwriting of a Loan by Irwin shall
not affect in any way Broker/Correspondent's obligations hereunder, including without limitation,
Broker/Correspondent's repurchase obligations and or indemnification obligations under this Agreement.

7.         Irwin Liability to Broker/Correspondent or Registering/Underwriting Loans.
Notwithstanding any language in this Agreement to the contrary, Irwin shall have no liability to the
Broker/Correspondent for any act or omission related to the registration and/or underwriting of Loans,
including but not limited to those caused by equipment or computer failures, labor strikes or walkouts,
casualty, and acts of God, except where such act or omission constitutes gross negligence on the part of
Irwin.

BROKER/CORRESPONDENT REPRESENTATIONS AND WARRANTIES

8.         Broker/Correspondent Representations and Warranties.  Broker/Correspondent hereby
makes the following representations and warranties to Irwin, which shall be deemed made as of the date
hereof, and hereafter as to each and every date Broker/Correspondent submits a Loan to Irwin.

A.         As to Broker/Correspondent:

		1.         Broker/Correspondent is duly organized, validly existing and in good standing under the
laws of its state of organization and is qualified to transact business, has all licenses, permits and
registrations and is in good standing iii each state where Broker/Correspondent originates Loans,
as necessary to engage in the mortgage Broker/Correspondent business and to perform as set
forth in this Agreement;

2.         Broker/Correspondent has the full power and authority to enter into this Agreement and
neither the execution and delivery of this Agreement or the consummation of the transactions
contemplated herein, nor the fulfillment of or compliance with the terms and conditions of this
Agreement, will conflict or result in a breach of any term, condition or provision of
Broker/Correspondent's certificate of incorporation or by-laws or any agreement to which
Broker/Correspondent is a party or by which Broker/Correspondent is bound, or constitute a
material default or result in an acceleration under any of the foregoing;

NEXT PAGE

		3.         No consent, approval, authorization or order of any court, governmental body or any
other person or entity is required for the execution, delivery and performance by
Broker/Correspondent of this Agreement including, but not limited to, the submission of Loans
to Irwin;

4.         Neither Broker/Correspondent nor its agents know of any suit, action, arbitration or legal
or administrative or other proceeding pending or threatened against Broker/Correspondent which
would affect its ability to perform its obligations under this Agreement; and

5.         This Agreement has been duly authorized and executed by Broker/Correspondent and is,
or upon delivery will be. a legal, valid and binding obligation of Broker/Correspondent
enforceable in accordance with its terms, subject only to applicable bankruptcy, reorganization.
insolvency, moratorium or other similar laws affecting creditor rights generally.

B.         As to each Loan:

		1.         Each Loan is a valid first lien on the mortgaged property free and clear of all
encumbrances and liens having priority over the lien of such Loan, except liens for real estate
taxes and special assessments not yet due and payable;

2.         The mortgaged property is free and clear of all mechanic's and materialmen's liens or
liens in the nature thereof, and no rights are outstanding that under law could give rise to any
such lien, nor is Broker/Correspondent aware of any facts which could give rise to any such lien;

3.         Broker/Correspondent shall deliver to Irwin an appraisal report of the mortgaged
property for each such Loan signed by an appraiser approved or acceptable to Irwin, which report
shall be on the applicable FNMA form for the type of property securing the Loan, prior to
Irwin's approval of such Loan. In the case of insured or guaranteed Loans, Broker/Correspondent
shall deliver to Irwin a certification, or a copy thereof, by the insuring or guaranteeing agency of
its acceptance of the. valuation assigned to the real estate security by the appraiser;

4.         All federal and state laws, rules and regulations applicable to the Loans have been
complied with, including but not limited to: The Real Estate Settlement Procedures Act; the
Flood Disaster Protection Act; the Federal Consumer Credit Protection Act including the Truth-in-Lending and Equal Credit Opportunity Acts; the Home Mortgage Disclosure Act, the Fair
Housing Act, statutes or regulations governing fraud, lack of consideration, unconscionability,
consumer credit transactions or interest charges; and all conditions within the control of
Broker/Correspondent as to the validity of the insurance or guaranty as required by the National
Housing Act of 1934, and the rules and regulations thereunder; or as required by the
Servicemen's Readjustment Act of 1944, and the rules and regulations thereunder; or as imposed
by the mortgage insurance companies or other insurers;

5.         No Loan is the subject of litigation which could affect Broker/Correspondent's ability to
enforce the terms of the obligation or its rights under the Loan documents;

6.         There is in force for each Loan a paid-up title insurance policy issued by an Irwin-approved title company in the amount at least equal to the outstanding principal balance of the Loan;

NEXT PAGE

		7.         There is in force for each Loan a hazard insurance policy and flood insurance policy,
where applicable, meeting the requirements of Irwin.

8.         Where required by applicable state law, Broker/Correspondent will record the mortgage
assignment in the name of "Irwin Mortgage Corporation" and the assignment of the Loan front
Broker/Correspondent to Irwin is valid and enforceable;

9.         The borrower has no rights of rescission, set-offs, counterclaims or defenses to the note
or mortgage securing the note arising from the acts and/or omissions of Broker/Correspondent in
the origination of the Loan;

10.        Broker/Correspondent has no knowledge that any improvement located on or being part
of the mortgaged property is in violation of any applicable zoning law or regulation;

11.        The mortgage property is (a) in good repair and free of substantial damage from any
cause, including but not limited to flood, fire, accident, earthquake, hurricane, or other disaster or
calamity; and (b) the market for real estate in the geographical area of the mortgage property has
not materially and adversely declined since the date the property appraisal report was issued; and

12.        Neither Broker/Correspondent, borrower or any person or entity engaged by
Broker/Correspondent, its officers, employee's or agents which is involved in the Loan,
including without limitation any appraiser or credit reporting agency, has (a) made any false
representation or provided information which is not true, complete and accurate as is reasonably
necessary for Irwin to make an underwriting decision; or (1,) received any direct or indirect
benefit, fee, commission or other consideration of value from borrower or any other party in
connection with the Loan except chose fees properly charged to borrower.

BROKER/CORRESPONDENT'S REPURCHASE AND INDEMNITY OBLIGATIONS

9.         Broker/Correspondent's Repurchase Obligations. Broker/Correspondent shall repurchase any
Loan sold to Irwin pursuant to this Agreement within thirty (30) business days of receipt of written notice
from Irwin of any of the following circumstances:

	A.	Broker/Correspondent fraud or misrepresentation in the origination or processing of the Loan;

	B.	Broker/Correspondent fails to observe or perform or breaches in any material respect any of the
representations, warranties, covenants or agreements contained in this Agreement or the Manual
with respect to a particular Loan; or

	C.	Failure by Broker/Correspondent to deliver to Irwin within thirty (30) days from the date each
Loan was purchased by Irwin the original information/documentation specified in Section 5 hereof.

The option to request or accept repurchase of any Loan is at the sole discretion of Irwin, and shall survive
termination of this Agreement.

10.         Repurchase Price. Repurchases under Section 9 hereof shall be priced as the sum of:

	A.	The unpaid principal balance of the Loan on the date of repurchase;

NEXT PAGE

	B.	All accrued and unpaid interest on the Loan as of the date of repurchase;

	C.	All unreimbursed advances and extraordinary costs and expenses incurred by Irwin with regard
to the Loan;

	D.	Any yield spread premium, service release fee or other amounts previously paid by Irwin to
Broker/Correspondent for the Loan; and

	E.	All losses, costs, damages and expenses incurred by Irwin in connection with such repurchase.

Upon any such repurchase of Loans by Broker/Correspondent, Irwin shall endorse the promissory note
and assign any security interest, both without recourse, to Broker/Correspondent.

11.         Broker/Correspondent Indemnification of Irwin. In addition to Broker/Correspondent's
repurchase obligations under Section 9, Broker/Correspondent will indemnify, defend and hold Irwin
harmless from and against any loss, damage, cost or expense, including but not limited to, reasonable
attorney's fees and expenses (a) arising out of any default by Broker/Correspondent, (b) arising out of
any act or omission of Broker/Correspondent or any employee or agent of Broker/Correspondent; (c)
arising out of Broker/Correspondent's failure to perform any of its obligations hereunder; or (d) arising
out of or in connection with falsity, incorrectness, incompleteness or breach in any material respect of
any representation or warranty made by Broker/Correspondent herein.

OTHER PROVISIONS

12.         Prepayment Refund. For each loan which is paid in full by the borrower for any reason during
the ninety (90) day period ("Recapture Period") commencing on the later to occur of (i) the funding of
the loan or (ii) the assignment and delivery of the loan to Irwin, except for a loan paid in full by a
refinance by Irwin (excluding any Loan refinanced by Broker/Correspondent), Irwin reserves the right to
require Broker/Correspondent to refund to Irwin all fees paid to Broker/Correspondent in connection
with the origination of such loan, including but not limited to, arty yield spread premium, service release
fee or other amounts previously paid by Irwin to Broker/Correspondent for the Loan.
Broker/Correspondent shall also pay to Irwin all tosses, costs, damages and expenses, including attorney
fees incurred by Irwin in connection with such prepayment. Broker/Correspondent covenants, represents
and warrants that it shall remit the amount of such Prepayment Refund within ten days of demand.
Broker/Correspondent's failure to return such fees as required hereunder shall be deemed a default and
Irwin may charge any such amount due from Broker/Correspondent against compensation due, but not
yet paid to Broker/Correspondent.

13.         Loan Fraud. The submission of a loan application to Irwin containing false or misrepresented
information is a federal crime and Irwin cooperates with government agencies and law enforcement
officials to pursue parties who provide false information or participate in fraudulent activity. The
Following are examples of activities which could lead to such actions being taken against
Broker/Correspondent; (a) submission of inaccurate information, including false statements on loan
applications and falsification of documents purporting to substantiate credit, employment, deposit
balances, ownership of real property and other asset information, or raise personal information
concerning the borrower; (b) forgery of documents; (c) inaccurate representations of current occupancy
or intent to maintain required occupancy as agreed in the application and Loan closing documents: (d)
lack of due diligence or appropriate concern by Broker/Correspondent and its employees in obtaining and
ascertaining the authenticity of all documents submitted to Irwin; and (e) acceptance of information or
documentation which is known or suspected to be inaccurate, including but not limited to the concurrent
processing of multiple owner-occupied Loan applications from a single applicant, or permitting an
applicant or other interested party to assist in the processing of a Loan application.

NEXT PAGE

14.         Price Discrimination. Irwin is committed to the principles of fair lending.  Broker/
Correspondent acknowledges that Irwin cannot control or police the prices that Broker/Correspondent
charges its borrowers. Broker/Correspondent agrees that loan fees, discount points and interest rates must
be charged to all borrowers on a non-discriminatory basis without consideration of race, gender, national
origin or age. Broker/Correspondent agrees to indemnify and hold Irwin harmless from and against any
discriminatory practices employed by Broker/Correspondent or its employees and agents.

15.         No Solicitation. Loans sold to Irwin cannot be solicited by Broker/Correspondent for
prepayment, refinance or any other related products or services. For purposes of this Agreement, "solicit"
shall not be deemed to include mass advertising via television, radio, newspapers and similar forms of
communication not individually directed to specific Loan borrowers Broker/Correspondent shall use its
best efforts to prevent employees and the employees of affiliated entities from engaging directly or
indirectly in any prohibited solicitations under this Agreement.

16.         Additional Assurances: Inspection. Broker/Correspondent agrees, from time to time, upon
Irwin's request, to provide Irwin with additional evidence that Broker/Correspondent's representations
and warranties contained herein are true and correct. This may include allowing Irwin to conduct
periodic on-site audits of Broker/Correspondent's business activities related to the Agreement, including
but nor limited to all books, records and files of Broker/Correspondent pertaining or relating to any
Loans registered with Irwin. In addition, Broker/Correspondent will submit to Irwin its annual financial
statement, certified by an independent public accountant, within ninety (90) days following the end of
each fiscal year.

17.         Loans Originated by Third Parties. Irwin shall have no obligation under this Agreement to
accept any Loans from Broker/Correspondent which were originated by any entity or person other than
Broker/Correspondent, and Broker/Correspondent shall not register any Loans with Irwin that are not
originated by employees of Broker/Correspondent.

18.         Continued Employment of Broker/Correspondent's Principals.  In the event that the
Principal or Principals of Broker/Correspondent who negotiate this Agreement with Irwin discontinue
their employment with Broker/Correspondent, Broker/Correspondent shall deliver immediate notice of
such event to Irwin.

19.         Notices.  Any notice or demand which is required or permitted to be given by any provision of
the Agreement shall be deemed to have been sufficiently given if either served personally or sent by
prepaid, registered or certified mail, addressed to the party at its address set forth below:

		Irwin Mortgage Corporation

9265 Counselor's Row

Indianapolis, IN 46240

Attention: Mr. Les Acree	Broker/Correspondent:

Heritage Bank of the South

P.O. Box 50728, Albany, GA 31703-0728

Attention: Lee H. Bettis

NEXT PAGE

Either party may change its address by notice to the other.

20.         Termination. This Agreement may be terminated by cither Irwin or Broker/Correspondent
without cause upon written notice addressed to the other party as provided in Section 19 above, in event
of such termination, Irwin agrees to close after termination those Loans registered by the
Broker/Correspondent prior to the date of termination. However, in the event that Irwin, in its sole
judgment and discretion, reasonably determines that there has been fraud or misrepresentation
concerning Loans registered by Broker/Correspondent, or any other material breach by
Broker/Correspondent of this Agreement, Irwin reserves the right to cancel this Agreement immediately
and without prior notice, and to refuse to close any Loans registered by the Broker/Correspondent prior
to such termination.. All other rights and obligations of the parties hereto which arose prior to
termination shall survive termination.

21.         Irwin Manual. All provisions of the Irwin Wholesale Lending Manual are incorporated by
reference into this Agreement and shall be binding upon both parties. However, by its terms, the Manual
may be amended or supplemented by Irwin from time to time, as is reasonably necessary to improve the
operation and efficiency thereof Written notice of such amendment or supplement Will be given by Irwin
to Broker/Correspondent before such amendment or supplement takes effect.

22.         Relationship of the Parties. By virtue of this Agreement, it is agreed that Irwin and Broker/Correspondent shall not be considered to be partners or joint venturers, and that Broker/Correspondent is not to act as the agent of Irwin in origination, processing or performance of any other obligation, and shall, act in all matters hereunder as an independent contractor.

23.         Miscellaneous. No assignment, transfer or other alienation of this Agreement by
Broker/Correspondent shall be effective without the prior written consent of Irwin. This Agreement is
established for the sole benefit of Irwin and Broker/Correspondent, and no party other than Irwin and
Broker/Correspondent shall be entitled to the benefit thereof. No waiver by Irwin of any term or
condition hereof shall impair any right of Irwin or be construed as a waiver of any term or condition in
the future. There are no promises or inducements by Irwin to Broker/Correspondent not contained herein,
and this Agreement cannot be amended or modified orally, and no provision of this Agreement may be
waived or amended except in writing executed by Irwin and Broker/Correspondent. Such a written
waiver or amendment must expressly reference this Agreement. All of the covenants, agreements,
representations and warranties made herein by the parties hereto shall suffice and continue in effect after
the termination of the Agreement or the consummation of the transactions contemplated hereby. This
Agreement supersedes any and all prior written or oral agreements between Broker/Correspondent and
Irwin as to the subject matter of this Agreement This Agreement may be executed in counterparts, all of
which taken together shall constitute one and the same instrument. This Agreement has been entered into
and shall be governed and construed in, accordance with the laws of the State of Indiana.

IN WITNESS WHEREOF, the undersigned parties have execute4 this Agreement as of the date herein
above written:

	IRWIN MORTGAGE CORPORATION

	BROKER/CORRESPONDENT

	By:	/s/ Randall G. Chumley
	By:	/s/ Lee H. Bettis

	Printed Name:	Randall G. Chumley
	Printed Name:	Lee H. Bettis

	Its:	First Vice President
	Its:	President/CEO

NEXT PAGE

IRWIN MORTGAGE LOAN FRAUD

ZERO TOLERANCE STATEMENT

All approved Broker/Correspondents must be aware that they bear the responsibility far all incidents of
fraud for loans originated by their employees. The Broker/Correspondent is responsible for the content
and quality of each application taken and each loan submitted to Irwin Mortgage Corporation.

THE SUBMISSION OF A LOAN APPLICATION CONTAINING

FALSE INFORMATION IS A CRIME!

Types of Loan Fraud

	1)	Submission of inaccurate information, including false statements on loan application(s) and
falsification of documents purporting to substantiate credit, employment, deposit and asset
information, personal information including identity, ownership/non-ownership of real property,
etc.

	2)	Forgery of partially or predominantly accurate information.

	3)	Incorrect statements regarding current occupancy or intent to maintain minimum continuing
occupancy as stated in the security instrument.

	4)	Lack of due diligence by Broker/Correspondent/loan officer/interviewer/processor, including
failure to obtain all information required by the application and failure to request further
information as dictated by Borrower's responses to other questions.

	5)	Unquestioned acceptance of information or documentation which is known, should be known, or
should be suspected to be inaccurate.

		A.	Simultaneous or consecutive processing of multiple owner-occupied loans from one
applicant supplying different information on each application.

		B.	Allowing an applicant or interested third-party to "assist with the processing of the loan."

	6)	Broker/Correspondent's non-disclosure of relevant information.

Consequences

The effects of Loan Fraud are costly to all parties involved. Irwin Mortgage Corporation stands behind
the quality of its loan production. Fraudulent loans cannot be sold into the secondary market and, if sold,
will require repurchase by Irwin Mortgage Corporation. Fraudulent loans damage our reputation with our
investors and mortgage insurance providers.

The price paid by those who participate in Loan Fraud is even more costly. The following is a list of a
few of the potential consequences that may be incurred:

NEXT PAGE

Consequences to Broker/Correspondent

	1)	Criminal Prosecution.

	2)	Loss of Mortgage Broker/Correspondent/Real Estate/Mortgage Banker's License.

	3)	Loss of lender access due to exchange of information, between lenders and mortgage insurance
companies including submission of information to investors (FHLMC, FNMA, police agencies,
and the Department of Banking and Finance).

	4)	Civil action by Irwin Mortgage Corporation.

	5)	Civil action by applicant/borrower or other parties to the transaction.

	6)	Loss of approval status with Irwin Mortgage Corporation.

Consequences to Borrower

	1)	Acceleration of debt (FNMA/FHLMC Mortgage/Deed of Trust,). Item #6 states: "Borrower shall
also be in default if Borrower. during the loan application process, gave materially false or
inaccurate information or statements to lender (or failed to provide lender with any material
information) in connection with the loan evidenced by the Note, including, but not limited to,
representations concerning Borrower's occupancy of the Property as a principal residence."

Note:	Foreclosure action will not allow the Borrower the benefit of reinstatement in order to cure
the default. The Borrower must pay off the loan In full prior to the sale date of the property.

	2)	Criminal prosecution.

	3)	Civil action by Irwin Mortgage Corporation.

	4)	Civil action by other parties to the transaction, such as seller or real estate
agent/Broker/Correspondent.

	5)	Employment termination

	6)	Loss of professional license, if any.

	7)	Adverse effect on credit history.

I have read the following and understand Irwin Mortgage Corporation's position on Loan Fraud.

	BROKER/CORRESPONDENT

	By:	/s/ Lee H. Bettis

	Printed Name:	Lee H. Bettis

	Its:	President/CEO

NEXT PAGE

IRWIN MORTGAGE CORPORATION WHOLESALE PRICING POLICY

REVISED October 20, 2000

	I.	Products:
	 	
		FHA
		VA
		FNMA/FHLMC Conventional Conforming
		IMC Jumbo - Fixed Rate
		RFC Expanded Product
		Value Plus Products
	 
		A.	Establishing Prices - Pricing will be established each business day that the IMC home
office is open for business.
	 	
		B.	Loan Classification - All loans will be classified as wither new business, floats or
refinances.
	 
			1)	New Business - any non-refinance transaction where application is dated no
earlier than the business day of the established price.
	 
			2)	Floats - any non-refinance transaction where application is dated earlier than
the business day of the established price.
	 
			3)	Refinance - all refinance transactions regardless of the application date.
	 
		C.	Price Expiration - Prices quoted will expire per the semi-annual time change memos.
(Julian Calendar)
	 
		D.	Pricing Changes - All loan classifications are subject to a price change at any point
during the day.  Pricing changes could occur for market movements either up or down.
Irwin Mortgage will send a message via the web site www.irwinwholesale.com) and
by fax to notify users of a price change.  It is th responsibility of each correspondent
to notify their personnel of a price change.
	 
		E.	Loan Lock-in Procedures - all loans must be locked prior to the cut off time to be a
valid  lock.  (See semi-annual time change memo for price expiration times.)  Lock-ins
input after the cutoff time will be subject to that new day's price.
	 
			1)	Applications - Loan applications must be taken or scheduled to be taken
within one (1) business day of loan lock-in.
	 
			2)	Exceptions - Any special quotes received from Marketing for rates prior to the
appropriate cutoff time.
	 
		F.	Lock Lengths - Refer to daily price sheet for specific lock lengths available for each
product type.
	 
		G.	Expiration Dates - the expiration date of a loan lock-in will be established from date
of loan lock-in.  The initial expiration will be calculated based upon the number of
days of the lock-in.  If this falls on a weekend or IMC holiday, the loan will expire on
the following business day. 

NEXT PAGE

			1)	Refinance Disbursement Date - all refinances must close on or before the
expiration date and must disburse within 5 days of loan closing.  This allows a
check to be issued after the Right-of-Recission period.  As an example, a 15
day lock on the system will look like a 20 day lock.  The loan must still close
on or before the 15 day lock expiration (rate sheet).  Loans closing after the
expiration date and/or loans disbursing more than 5 days past the expiration
date would be required to re-lock prior to closing/disbursement.
	 
			2)	Purchase Disbursement Date - all purchase transactions must have funds
disbursed on or before the expiration date, but are not yet disbursed as of the
expiration date, will be considered an expired loan and would be required to
re-lock prior to closing. 
	 	
		H.	Lock-in Changes - while a loan is active (not expired) changes to the product
type/loan and/or interest rate are available for FNMA/FHLMA/GNMA programs only
as follows:
	

	Current Lock
	Request Lock
	New Price

	 		
	(1) 	Fixed

(1)	ARM

	Fixed
ARM

	* 	Reference lock price from original
blue dates price sheet

	(2) 	ARM

(2)	Fixed	Fixed

ARM	* 	the worst price by comparison of
the original price and current price

		I.	Extensions - Active locks may be extended one time based upon the following schedule:

	Extension Requested 	Cost
		
	1-5 days	0.125
	6-15 days	0.250 
	16-30 days	0.500

		J.	Expired Re-locks - once a loan has expired it may be re-locked for up to 15 days at the
greater of the original blue book or market blue book the date of the re-lock.  In cases of
a market re-lock, 15-day lock terms will-relock at 15 day.  Original 30-180 day lock
terms will be re-locked at 30-day market prices.  Relocks greater than 15 days may be
available due to extenuating circumstances on a case-by-case basis.  Is a loan has been
expired for 60 days or  more, Marketing will consider the loan to be new and can re-lock
at current market prices (regardless if market is higher or lower than the original lock).

		K.	Temporary Escrow Buydown - for government 2-1 escrow buydowns quotes on the rate
 sheet will include the actual cost of a 2-1 EBD and the associated discounts.  Please call
for quotes on the availability of buydowns for conventional products.

		L.	Second Homes - certain conventional programs allow second homes at certain LTV's.
Please refer to the appropriate product guide for availability and/or pricing adjustments.

NEXT PAGE

				 
		M.	Property/Borrower Change - lock-ins are only valid for the original property/borrower.
If there is a change in either, the current lock-in must be canceled and a new lock-in will
be established for the new loan at the current market pricing.

	 	N.	Cancellations - loans should be canceled via the computer at the branch level as soon as
the branch originator becomes aware of the cancellation.  If a loan is canceled and for
whatever reason becomes active again, the lock is subject to the higher of market or
original lock.

		O.	Escrows - all loan quotes are based upon escrows for taxes and insurance being
collected.  Conventional loans with LTV's less than or equal to 80% are available for an
escrow waiver at a cost of .25 basis points.

		P.	Lender paid mortgage insurance - refer to daily price sheet for product availability and
pricing.  Subject to same pricing policy as standard conventional conforming product.

         -         refer to product guide for program information

		Q	Rural Housing -

         -         Check rate sheet for product availability

         -         Reference daily price sheets for quotes, subject to same pricing policy as
underlying product type

         -         Reference product guide for program information

         -         Check with local Farmer Home Administration office for training and program
dollar allocations

         -         Pricing does not warrant the availability of Farmer's money

	II.	All other programs:
		Private Investor Programs
		

		A.	All pricing and lock-in procedures will be established via the various product guides for
the appropriate product/investor

END<PAGE>
                                                                    Exhibit 10.5

                    SEPARATION AGREEMENT AND GENERAL RELEASE
                    ----------------------------------------

    CENDANT CORPORATION (the "Company") and Kevin M. Sheehan (hereinafter
collectively with his heirs, executors, administrators, successors and assigns,
"Executive"), mutually desire to enter into this Separation Agreement and
General Release ("Agreement" or "Agreement and General Release") and agree that:

The terms of this Agreement and General Release are the products of mutual
negotiation  and  compromise  between  Executive  and  the  Company;  and

The meaning, effect and terms of this Agreement and General Release have
been  fully  explained  to  Executive;  and

Executive is hereby advised, in writing, by the Company that he should
consult with an attorney prior to executing this Agreement and General Release;
andExecutive is being afforded at least twenty-one (21) days to consider the
meaning  and  effect  of  this  Agreement  and  General  Release.

Executive understands that he may revoke this Agreement and General Release for
a period of seven (7) calendar days following the day he executes this Agreement
and General Release and said Agreement and General Release shall not become
effective or enforceable until the revocation period has expired, and no
revocation has occurred (the "Effective Date"). Any revocation within this
                                                               ------
period must be submitted, in writing, to the Company and state, "I hereby revoke
my acceptance of your Agreement and General Release." Said revocation must be
personally delivered to the Company or its designee, or mailed to the Company
and postmarked within seven (7) calendar days of execution of this Agreement and
General Release; and

Executive has carefully considered other alternatives to executing this
Agreement  and  General  Release.

THEREFORE, Executive and the Company, for the full and sufficient
consideration  set  forth  below,  agree  as  follows:

     1. Executive agrees to remain employed with the Company in good standing
through May 6, 2005, or such other later date mutually agreed upon by Executive
and the Company (the "Employment Period"). Executive acknowledges and agrees
that he will no longer be an employee, officer and/or director of the Company or
any of its subsidiaries or affiliates following the expiration of the Employment
Period, and that he will provide the Company written resignations from all of
his positions as an officer and/or director of the Company and its subsidiaries
and affiliates as directed by the Company.

         During the Employment Period, Executive will be paid all base salary
at his current rate of pay in accordance with the Company's regular payroll
schedule. During the Employment Period, Executive

<PAGE>

Sheehan Separation Agreement
Page 2

will transition all of his current duties at the direction of the President of
the Company and further maintain positive posture internally and externally with
respect to management changes relating to his termination of employment.

     2.     Provided this Agreement and General Release is executed and becomes
effective, in consideration for the execution by Executive of this Agreement and
General Release and compliance with the promises made herein, the Company
agrees:

a.     to pay Executive severance equal to the following amount: $6,839,625 (SIX
MILLION, EIGHT HUNDRED THIRTY NINE THOUSAND, SIX HUNDRED AND TWENTY FIVE
DOLLARS), less applicable withholding taxes. Such payment is in lieu of
severance under any other plan, program or policy of the Company or any of its
subsidiaries, affiliates or predecessors, and any employment agreement or any
other agreement between Executive and the Company or any of its subsidiaries,
affiliates or predecessors, and in lieu of any other severance rights or
entitlements, arising from any source or under any law, whether written or oral.
Such payment will be made as follows: (i) $5,704,625 will be paid in a lump sum
cash payment to Executive no later than 20 days following the expiration of the
Employment Period and (ii) the remaining amount ($1,135,000) will be credited to
Executive in an account under the Cendant Corporation Deferred Compensation Plan
(the "Plan"), within 10 days following the expiration of the Employment Period
(the "Deferred Severance"). The Deferred Severance will be treated in accordance
with the terms and conditions of the Plan and applicable law. The Deferred
Severance, and any and all investment gains and earnings (net of any losses or
expenses) thereon, will be distributed to Executive, in accordance with the
terms of the Plan, in 10 substantially equal annual installments, with the first
such installment being paid to Executive on April 1, 2007, and the remaining 9
installments on the next 9 anniversaries of such date. The foregoing
distribution schedule is irrevocable and may not be amended by Executive,
subject to the terms of the Plan. Executive's most recent beneficiary
designation made under the Plan, as amended from time to time in accordance with
the terms of the Plan and applicable law, will apply to the Deferred Severance.
There will be no Company Matching Contribution relating to the Deferred
Severance.

b.     to permit Executive to be a participant in the Avis Designated Executive
Officer Post-Retirement Medical Program, subject to the terms and conditions of
such participants of such program; provided, however, that nothing contained
herein program, and on the same terms and conditions applicable to other current

                              --------  -------
shall alter or limit any existing right of the Company (or any subsidiary of the
Company administering such program) to amend, modify or terminate such program
on such basis which applies consistently to all participants. The Company
confirms that the Medical Program permits eligible participants to cease
participation at any time and thereafter re-commence participation in the next
plan year.

<PAGE>

Sheehan Separation Agreement
Page 3

c.     Executive acknowledges and agrees that he will not receive (and hereby
waives any right to receive) any grant of any stock option, restricted stock,
restricted stock unit or other type of equity or incentive award in 2005 or any
later year.

d.     Each of Executive's currently outstanding equity awards relating to
common stock of the Company will be treated in accordance with their respective
existing terms and conditions. In this regard, the Company acknowledges and
agrees that Executive's termination from the Company shall be deemed a
Termination Without Cause within the meaning of Section VII.C.iii. of the
Amended and Extended Employment Agreement, dated as of April 1, 2003, and as
amended by letter agreement dated May 2, 2003, by and between Executive and the
Company (the "Current Employment Agreement"). Accordingly, as described in
Section VII.A. of the Current Employment Agreement, those certain stock options
and restricted stock units granted on or after April 1, 2003 or on March 1,
2001, and after March 1, 2001 and prior to April 1, 2003, will become
automatically vested and/or extended in accordance with the terms of such
Section VII.A. For greater clarity, all restricted stock units granted and
outstanding pursuant to the Cendant 2003 Long Term Incentive Plan (83,532 units)
and all "Target Units" granted and outstanding pursuant to the Cendant 2004
Performance Metric Long Term Incentive Plan (90,631 units) will become
automatically vested (in each case less any units which vest earlier in
accordance with their existing vesting schedule). In addition, as further
consideration to Executive for the Special Services (as defined below), 35% of
the "Exceed Target Units" granted pursuant to the Cendant 2004 Performance
Metric Long Term Incentive Plan (31,721 units) will become vested, and the
remaining "Exceed Target Units" will automatically terminate. A summary of
Executive's outstanding stock options is attached hereto as Annex A.

e.     to provide Executive with a clear and neutral reference. Upon request
from Executive, the Company will provide a reference substantially as follows:
"Mr. Sheehan consistently met the expectations of the Company and always acted
with professionalism." In the event that the Company determines to issue any
additional press release or general announcement regarding Executive's
termination of employment, the Company agrees that Executive may review any such
press release or general announcement in advance of its release, and the Company
will give reasonable consideration to any comments that Executive provides.

     3.    Executive acknowledges and agrees to perform additional Special
Services (as defined below) for the benefit of the Company, and further agrees
to do so for no further consideration, compensation or remuneration from the
Company, except that the Company will reimburse Executive for any reasonable
expenses incurred by Executive (in accordance with Company policy) in connection
with performing such Special Services. In agreeing to provide the Special
Services for no further consideration, compensation or remuneration, Executive
acknowledges and agrees that the compensation and benefits being provided him
from the Company under this Agreement and General Release are greater than what
he would otherwise be entitled to receive whether pursuant to the Current
Employment Agreement, applicable law, or otherwise (the

<PAGE>

Sheehan Separation Agreement
Page 4

"Additional Cendant Consideration"), and accordingly Executive hereby makes the
following covenants regarding certain compensation:

(i)     the amount of severance being provided to Executive pursuant to Section
2.a. above is greater than the amount of severance the Company is obligated to
pay Executive under the Current Employment Agreement or otherwise; and

(ii)     the Company has no obligation, pursuant to the Current Employment
Agreement or otherwise, to cause the acceleration of Executive's "Exceed Target
Units" pursuant to Section 2.d.

Executive will perform the Special Services as an independent contractor, and
not as an employee of the Company or any of its subsidiaries or affiliates. The
Special Services are hereby defined as follows: (i) Executive shall remain
reasonably available to the Company's President by telephone and electronic mail
to answer questions regarding the Company's Vehicle Services Division (or
successor division) during the period beginning upon the expiration of the
Employment Period and ending on December 31, 2008; (ii) as directed by the
Company, Executive will serve as the Company's designee on appropriate industry
and trade associations; and (iii) Executive acknowledges his continuing
obligations to the Company pursuant to Section VIII of the Current Employment
Agreement (entitled "Other Duties of the Executive During and After the Period
of Employment"), including, among other things, his obligations to provide
assistance with Company legal claims and actions, to refrain from competing with
the Company and to refrain from interfering with or soliciting certain employees
of the Company and, in this regard (A) Executive hereby agrees that the
Restricted Period (as defined in such Section VIII) is hereby amended to mean a
period of three (3) years commencing immediately following the expiration of the
Employment Period and (B) Executive acknowledges that the requirement that he
assist the Company with legal claims, suits and actions will remain in effect
for the rest of his life and that the Company anticipates that the, from time to
time, the amount of assistance it will require from Executive may be material.

EXECUTIVE HEREBY ACKNOWLEDGES AND AGREES THAT THE ADDITIONAL CENDANT
CONSIDERATION IS FAIR AND APPROPRIATE CONSIDERATION FOR HIS AGREEMENT TO PERFORM
THE SPECIAL SERVICES.

     4.     Executive is obligated for the payment of any taxes, local, state
or federal which may become due and owing hereunder and in this regard agrees to
hold the Company and each of its parents, affiliates, subsidiaries, divisions,
successors, predecessors and assigns and their respective employees, officers,
directors, employee benefit plans, and agents thereof (collectively referred to
throughout this Agreement as the "Released Parties") harmless for any taxes,
interest or penalties deemed by the government as due thereon from him.

     5.     Executive understands and agrees that he would not receive certain
of the monies and/or benefits specified in Paragraph 2 above, except for his
execution of this Agreement and General Release, and the fulfillment of the
promises contained herein, and that such consideration is greater than any
amount to which he would otherwise be entitled.

     6.     Executive, of his own free will, knowingly and voluntarily releases
and forever discharges the Released Parties (and, for purposes of this Section
6, Release Parties shall also include PHH Corporation,

<PAGE>

Sheehan Separation Agreement
Page 5

Wright Express Corporation, and each of their respective subsidiaries and
affiliates), of and from any and all actions or causes of action, suits, claims,
charges, complaints, promises, policies, demands and contracts (whether oral or
written, express or implied from any source), of any nature whatsoever, known or
unknown, suspected or unsuspected, which against the Released Parties, Executive
or Executive's heirs, executors, administrators, successors or assigns ever had,
now have, or hereafter can, shall, or may have, by reason of any matter, cause
or thing whatsoever arising from the beginning of time to the time Executive
executes this Agreement and General Release, including, but not limited to:

a.     any and all matters arising out of his employment with the Company or
any of the Released Parties and the cessation of said employment, and including,
but not limited to, any claims for salary, bonuses, commissions, finders' fees,
incentive compensation of any kind, stock options, stock appreciation rights,
restricted stock, restricted stock units, severance pay, director pay, or
vacation pay (or any amounts or payments in consideration of the termination or
cancellation of any of the foregoing or any benefits, rights or compensation
pursuant to any plan or program providing any of the foregoing), any alleged
violation of the National Labor Relations Act, any claims for discrimination of
any kind under the Age Discrimination in Employment Act of 1967 as amended by
the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of
1964, Sections 1981 through 1988 of Title 42 of the United States Code, the
Employee Retirement Income Security Act of 1974 (except for vested pension
benefits which are not affected by this agreement), the Americans With
Disabilities Act of 1990, the Fair Labor Standards Act, the Occupational Safety
and Health Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, the
Federal Family and Medical Leave Act; and

b.     the New York Equal Pay Law; Human Rights Law; Civil Rights Law; AIDS
Testing Confidentiality Act; Occupational Safety and Health Laws; Rights of
Person's With Disabilities Law; Smoker's Rights Law; the Adoptive Parents Child
Care Leave Law; the Bias Against Cancer Victim's Law; Equal Rights Law; Bone
Marrow Donor Leave Law; "Consumer Reports: Discrimination" provision; "Worker's
Compensation" provision; "Jury Duty" provision; "Arrest Records" provision;
"Military Service Leave" provision; "Voting Leave" provision; and

c.     the New Jersey Equal Pay Law; Law Against Discrimination; Occupational
Safety and Health Laws; Conscientious Employee Protection Act; Tobacco Use
Discrimination Law; Family Leave Act; Wage and Hour Laws; "Workers'
Compensation: Retaliation" provision; "Political Activities of Employees"
provision; "Lie Detector Tests" provision; and

d.     any other federal, state or local civil or human rights law or
securities law, or any other alleged violation of any local, state or federal
law, regulation or ordinance, and/or public policy, implied or expressed
contract, fraud, negligence, estoppel, defamation, infliction of emotional
distress or other tort or common-law claim having any bearing whatsoever on the
terms and conditions and/or cessation of his employment with the Company or

<PAGE>

Sheehan Separation Agreement
Page 6

any Released Party, including, but not limited to, any allegations for costs,
fees, or other expenses, including reasonable attorneys' fees, incurred in these
matters.

Notwithstanding the foregoing, Executive's right to indemnification from the
Company to the extent set forth in Section XIV of the Current Employment
Agreement shall survive the termination of the Current Employment Agreement,
notwithstanding the termination of Executive's employment with the Company. The
Company confirms that the foregoing indemnification will apply to Executive's
participation in current litigation relating to BNP Paribas. The Company
represents that it is not currently aware of any claims that it may have against
Executive.

Notwithstanding the foregoing, the Company will pay Executive his regular annual
profit-sharing bonus in respect of the 2004 fiscal year of the Company, less
applicable withholding taxes, which amount was determined by the Company in
accordance with the terms of Executive's employment agreement and approved as of
March 1, 2005 by the Cendant Corporation Compensation Committee. Such bonus
payment will be made in a lump sum cash payment by no later than April 30, 2005.

     7.     Executive also acknowledges that he does not have any current
charge against any of the Released Parties pending before any local, state or
federal agency. Executive shall not seek or be entitled to any personal
recovery, in any action or proceeding that may be commenced on Executive's
behalf in any way arising out of or relating to the matters released under this
Agreement and General Release.

     8.     Executive agrees not to disclose, either directly or indirectly,
any information whatsoever regarding the existence or substance of this
Agreement and General Release including specifically any of the terms of
settlement. This nondisclosure includes, but is not limited to, members of the
media, present and former executives of the Company or any Released Party, and
other members of the public, but does not include an attorney, accountant or
representative with whom Executive chooses to consult or seek advice regarding
his consideration of and decision to execute this Agreement and General Release.
This Agreement shall not be admissible in any proceeding except to enforce the
terms herein. In response to inquiries from individuals other than an attorney,
accountant, or representative, Executive shall only respond "I have
satisfactorily resolved all of my differences with the Company." In the event of
disclosure, except as permitted under this Agreement and General Release or
pursuant to lawful court order or subpoena, the Company has the right to
institute an action against Executive for the return of all settlement monies
plus the reimbursement of attorneys fees and court costs.

     9.     Executive acknowledges that in connection with his employment,
Executive has had access to information of a nature not generally disclosed to
the public. Executive agrees to keep confidential and not disclose to anyone,
unless legally compelled to do so, Confidential and Proprietary Information.
"Confidential and Proprietary Information" includes but is not limited to all
Company or any Released Party's business and strategic plans, financial details,
computer programs, manuals, contracts, current and prospective client and
supplier lists, and all other documentation, proprietary business knowledge,
data, material, property and supplier lists, and developments owned, possessed
or controlled by the Company or any Released Party, regardless of whether
possessed or developed by Executive in the course of his employment, except for
any information already in the public domain. Such Confidential and Proprietary
Information may or may not be designated as confidential or proprietary and may
be oral, written or electronic media. Executive understands that such
information is owned and shall continue to be owned

<PAGE>

Sheehan Separation Agreement
Page 7

solely by the Released Parties. Executive agrees that he has not and will not
disclose, directly or indirectly, in whole or in part, any Confidential and
Proprietary Information. Executive acknowledges that he has complied and will
continue to comply with this commitment, both as an employee and after the
termination of his employment. Executive also acknowledges his continuing
obligations under the Company's business ethics policies and obligations under
the Company's Core Policies Manual.

     10.     Executive acknowledges and confirms that at the expiration of the
Employment Period, he will return all Company property to the Company, including
his identification card, any computer hardware and software, all paper or
computer-based files, business documents, and/or other records as well as all
copies thereof, credit cards, keys and any other Company supplies or equipment
in his possession. In addition, any business related expenses for which he seeks
reimbursement have been documented and submitted to the Company. Finally, any
amounts owed to the Company or any Released Party have been paid.

     11.     Executive represents that he has not, and agrees that he will not,
in any way disparage the Company or any Released Party, their current and former
officers, directors and employees, or make or solicit any comments, statements,
or the like to the media or to others that may be considered to be derogatory or
detrimental to the good name or business reputation of any of the aforementioned
parties or entities. The Company represents that it has not, and agrees that it
will not, in any way disparage Executive or make or solicit any comments,
statements, or the like to the media or to others that may be considered to be
derogatory or detrimental to the business reputation of Executive.

     12.     Notwithstanding Section 16 below, Section VIII of the Current
Employment Agreement (entitled "Other Duties of the Executive During and After
the Period of Employment") will remain in full force and effect, as amended in
Section 3 above, such that Executive will remain responsible for complying with
all noncompetition and other restrictive covenants set forth therein.

     13.     This Agreement and General Release is made in the State of New
York and shall be interpreted under the laws of said State. Its language shall
be construed as a whole, according to its fair meaning, and not strictly for or
against either party. Should any provision of this Agreement and General Release
be declared illegal or unenforceable by any court of competent jurisdiction and
cannot be modified to be enforceable, including the general release language,
such provision shall immediately become null and void, leaving the remainder of
this in full force and effect. However, if as a result of any action initiated
by Executive, any portion of the general release language were ruled to be
unenforceable for any reason, Executive shall return the consideration paid
hereunder to the Company.

     14.     Executive agrees that neither this Agreement and General Release
nor the furnishing of the consideration for this Agreement and General Release
shall be deemed or construed at any time for any purpose as an admission by and
of the Released Parties of any liability or unlawful conduct of any kind, all of
which the Released Parties deny.

     15.     This Release may not be modified, altered or changed except upon
express written consent of both parties wherein specific reference is made to
this Agreement and General Release.

<PAGE>

Sheehan Separation Agreement
Page 8

     16.     This Release sets forth the entire agreement between the parties
hereto, and fully supersedes any prior agreements or understandings between the
parties, including any employment or severance agreements, but with the
exception of any confidentiality agreement or provision, which agreement or
provision shall survive the termination of Executive's employment in accordance
with its own terms, and with the exception of any Company's Core Policies
Manual. Except to the extent specifically set forth in this Agreement and
General Release, the Current Employment Agreement and each and every other
employment agreement between the parties hereto, is terminated and of no further
force or effect.

THE PARTIES HAVE READ AND FULLY CONSIDERED THIS AGREEMENT AND GENERAL RELEASE
AND ARE MUTUALLY DESIROUS OF ENTERING INTO SUCH AGREEMENT AND GENERAL RELEASE.
EXECUTIVE UNDERSTANDS THAT THIS DOCUMENT SETTLES, BARS AND WAIVES ANY AND ALL
CLAIMS HE HAD OR MIGHT HAVE AGAINST THE COMPANY; AND HE ACKNOWLEDGES THAT HE IS
NOT RELYING ON ANY OTHER REPRESENTATIONS, WRITTEN OR ORAL, NOT SET FORTH IN THIS
DOCUMENT. HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO
FULFILL THE PROMISES SET FORTH HEREIN, AND TO RECEIVE THEREBY THE SUMS AND
BENEFITS SET FORTH IN PARAGRAPH 2 ABOVE, EXECUTIVE FREELY AND KNOWINGLY, AND
AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE.

IF THIS DOCUMENT IS RETURNED EARLIER THAN TWENTY-ONE (21) DAYS, THEN EXECUTIVE
ADDITIONALLY ACKNOWLEDGES AND WARRANTS THAT HE HAS VOLUNTARILY AND KNOWINGLY
WAIVED THE 21 DAY REVIEW PERIOD, AND THIS DECISION TO ACCEPT A SHORTENED PERIOD
OF TIME IS NOT INDUCED BY THE RELEASED PARTIES THROUGH FRAUD, MISREPRESENTATION,
A THREAT TO WITHDRAW OR ALTER THE OFFER PRIOR TO THE EXPIRATION OF THE 21 DAYS,
OR BY PROVIDING DIFFERENT TERMS TO EMPLOYEES WHO SIGN RELEASES PRIOR TO THE
EXPIRATION OF SUCH TIME PERIOD.

          THEREFORE, the parties to this Agreement and General Release now
voluntarily and knowingly execute this Agreement and General Release.

                              /S/ Kevin M. Sheehan
                              __________________________
                              Kevin  M.  Sheehan

Signed  and  sworn  before  me
this 20th day  of  April,  2005.

/s/Cheryl B. Cavanagh
__________________________
Notary  Public

<PAGE>

Sheehan Separation Agreement
Page 9

                              CENDANT  CORPORATION

                              By:       /s/ Terry Conley
                                        ____________________________
                              Name:     Terry  Conley
                              Title:     Executive  Vice  President,  Human
                                         Resources

Signed  and  sworn  before  me
this 20th day  of  April,  2005.

/s/ Cheryl B. Cavanagh
___________________________
Notary  Public

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]