Document:

<Page>

[MCI WORLDCOM LOGO]

                                                                 Exhibit 10.20.2
              SECOND AMENDMENT TO CARRIER GLOBAL SERVICES AGREEMENT

This is the Second Amendment to the Carrier Global Services Agreement (this
"Amendment") by and between MCI WORLDCOM COMMUNICATIONS, INC., on behalf of
itself and its U.S.-Based affiliates and their respective successors (together,
"MCI WorldCom") and UNIVERSAL ACCESS, INC. ("Customer"), and amends that certain
Carrier Global Services Agreement which was signed by Customer on September 24,
1999 and signed by MCI WorldCom on December 14. 1999 (the "CGSA" or "Original
Agreement") and amended by that certain First Amendment to the Carrier Global
Services Agreement which was signed by Customer on May 1, 2000 and signed by MCI
WorldCom on May 8, 2000 (the "First Amendment"). Unless otherwise defined
herein, capitalized terms used in this Amendment will have the same meanings as
set forth in the Original Agreement. Except as otherwise expressly modified or
amended herein, all terms and conditions contained in the Original Agreement
will remain in full force and effect and will not be altered or changed by this
Amendment. The Original Agreement including this Amendment will be referred to
as the "Agreement." This Amendment is binding when executed by Customer and
subsequently signed by MCI WorldCom and once signed by MCI WorldCom the rates,
charges, and discounts set forth herein will be effective on MCI WorldCom's
signature date (the "Second Amendment Effective Date").

1.   AMENDMENT. The parties hereby agree that the Original Agreement is amended
     as follows;

     (a)  By deleting Section 3.1 of Schedule One of the Original Agreement in
          its entirety and replacing it as follows:

          3.1  MINIMUM VOLUME REQUIREMENT. During each Monthly Period of the
               Term following the expiration of the Ramp Period, Customer's
               Total Usage Charges under this Agreement must equal or exceed One
               Million Dollars ($1,000,000) (the "Monthly Minimum"). In the
               event Customer fails to meet the Monthly Minimum in any Monthly
               Period after the expiration of the Ramp Period, and Customer has
               ordered circuits which have not been installed within the
               installation interval (as defined below) and where Customer
               provided complete and accurate information to complete such
               order, and such delay was not caused by Customer, MCI Worldcom
               will waive any underutilization charges directly attributable to
               such uninstalled circuits until such circuits have been
               installed.

     (b)  By adding a new Section 3.3 to Schedule One as follows:

          3.3  ASSIGNED CIRCUITS. Beginning upon the expiration of the Ramp
               Period, the Usage Charges for the account numbers assigned to
               Customer from Allied Riser Communications Corporation in the
               Assignment Agreement approved by WorldCom on August 18, 2000
               shall contribute to Customer's Monthly Minimum. Beginning upon
               the Second Amendment Effective Date, the circuits under the
               assigned account numbers will receive the rates and charges
               contained in this Agreement during the remainder of the Term.

     (c)  By deleting  Section 1.1 of Attachment 3-1 to Schedule Three of the
          Origin Agreement in its entirety and replacing it as follows:

          1.1  DOMESTIC PRIVATE LINE SERVICE (OPTION 1). For domestic Private
               Line Service, Customer will pay the following mileage-based
               monthly recurring charge ("MRC") for DS-1, DS-3, OC-3, OC-12, and
               OC-48 circuits. "Premium" rates shall apply to the Premium Cities
               identified in Exhibit 1 to attachment 3-1 to Schedule Three of
               the Original Agreement ("Exhibit 1"); "Non-Premium" rates shall
               apply to any city not identified in Exhibit 1. If the Voice Grade
               Equivalent (VGE) mileage rate for any circuit is less than the
               MRC set forth below, Customer will pay the minimum MRC in lieu of
               the VGE mileage rate:

                        -- MCI WORLDCOM CONFIDENTIAL --
PALOALTO:10915.3

<Page>

<Table>
<Caption>
      CIRCUIT TYPE          VGE MILEAGE LINEAR RATE   VGE MILEAGE RESTORABLE RATE   MINIMUM MRC
      ------------          -----------------------   ---------------------------   -----------

      <S>                   <C>                       <C>                           <C>
      DS-1                  $[***]                    N/A                           N/A
      DS-3 (Premium)        $[***]
      DS-3 (Non-Premium)    $[***]                    $[***]                        $[***]
      OC-3 (Premium)        $[***]                    $[***]                        $[***]
      OC-3 (Non-Premium)    $[***]                    $[***]                        $[***]
      OC-12 (Premium)       $[***]                    $[***]                        $[***]
      OC-12 (Non-Premium)   $[***]                    $[***]                        $[***]
      OC-48 (Premium)       $[***]                    N/A                           $[***]
      OC-48 (Non-Premium)   $[***]                    N/A                           $[***]
</Table>

     (d)  By deleting Section 1.2 of Attachment 3-1 to Schedule Three of the
          Original Agreement in its entirety and replacing it as follows:

          1.2  METRO PRIVATE LINE SERVICE (TYPE 1).

               1.2.1   Customer will pay the monthly recurring charges for DS-1,
                       DS-3, OC-3, OC-12, and OC-48 circuits as set forth below
                       for On-Net Metro Private Line Service based upon the
                       incumbent local exchange carrier (ILEC) region.*
                       Dedicated access charges are included in the monthly
                       recurring charges:

<Table>
<Caption>
                       -------------------------------------------------------------------------------
                       CIRCUIT TYPE            AMERITECH     BELL ATLANTIC   BELL SOUTH     NYNEX-NY
                       -------------------------------------------------------------------------------
                       <S>                     <C>           <C>             <C>            <C>
                                 DS-1

                       0 Mile                  $[***]        $[***]          $[***]         $[***]
                       1 Mile                  $[***]        $[***]          $[***]         $[***]
                       Each Add'l Mile         $[***]        $[***]          $[***]         $[***]
                       -------------------------------------------------------------------------------
                                 DS-3

                       0 Mile                  $[***]        $[***]          $[***]         $[***]
                       Each Add'l Mile         $[***]        $[***]          $[***]         $[***]
                       -------------------------------------------------------------------------------
                            DS-3 END LINKS

                       0 Mile                  $[***]        $[***]          $[***]         $[***]
                       Each Add'l Mile         $[***]        $[***]          $[***]         $[***]
                       -------------------------------------------------------------------------------
                                 OC-3

                       0 Mile                  $[***]        $[***]          $[***]         $[***]
                       1 Mile                  $[***]        $[***]          $[***]         $[***]
                       Each Add'l Mile         $[***]        $[***]          $[***]         $[***]
                       -------------------------------------------------------------------------------
                                 OC-12

                       0 Mile                  $[***]        $[***]          $[***]         $[***]
                       1 Mile                  $[***]        $[***]          $[***]         $[***]
                       Each Add'l Mile         $[***]        $[***]          $[***]         $[***]
                       -------------------------------------------------------------------------------
                                 OC-48

                       0 Mile                  $[***]        $[***]          $[***]         $[***]
                       1 Mile                  $[***]        $[***]          $[***]         $[***]

</Table>

***  Certain information on this page has been omitted and filed separately with
     the Commission. Confidential treatment has been requested with respect to
     the omitted portions.

                        -- MCI WORLDCOM CONFIDENTIAL --

PALOALTO:10915.3                       2
<Page>

<Table>
<Caption>
                       ---------------------------------------------------------------------------------------
                       CIRCUIT TYPE              AMERITECH        BELL ATLANTIC   BELL SOUTH       NYNEX-NY
                       ---------------------------------------------------------------------------------------
                       <S>                       <C>              <C>             <C>              <C>
                       ---------------------------------------------------------------------------------------
                       Each Add'l Mile           $[***]           $[***]          $[***]           $[***]
                       ---------------------------------------------------------------------------------------
                            OC-3 END LINKS

                       0 Mile                    $[***]           $[***]          $[***]           $[***]
                       1 Mile                    $[***]           $[***]          $[***]           $[***]
                       Each Add'1 Mi1e           $[***]           $[***]          $[***]           $[***]
                       ---------------------------------------------------------------------------------------
                            OC-12 END LINKS

                       0 Mile                    $[***]           $[***]          $[***]           $[***]
                       1 Mile                    $[***]           $[***]          $[***]           $[***]
                       Each Add'l Mile           $[***]           $[***]          $[***]           $[***]
                       ---------------------------------------------------------------------------------------
                                 HUBS

                       OC-3                      $[***]           $[***]          $[***]           $[***]
                       OC-12                     $[***]           $[***]          $[***]           $[***]
                       OC-48                     $[***]           $[***]          $[***]           $[***]
                       ---------------------------------------------------------------------------------------

<Caption>
                       ---------------------------------------------------------------------------------------
                       CIRCUIT TYPE       NYNEX          PACIFIC BELL  SNET           SW BELL        US WEST
                       ---------------------------------------------------------------------------------------
                             DS-1
                       <S>                <C>            <C>           <C>            <C>            <C>
                       0 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       1 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       Each Add'l Mile    $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
                             DS-3

                       0 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       Each Add'l Mile    $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
                       ------------------ -------------- ------------- -------------- -------------- ---------
                        DS-3 END LINKS

                       0 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       Each Add'l Mile    $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
                             OC-3

                       0 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       1 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       Each Add'l Mile    $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
                             OC-12

                       0 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       1 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       Each Add'l Mile    $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
                             OC-48

                       0 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       1 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       Each Add'l Mile    $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
</Table>

***  Certain information on this page has been omitted and filed separately with
     the Commission. Confidential treatment has been requested with respect to
     the omitted portions.

                        -- MCI WORLDCOM CONFIDENTIAL --

PALOALTO:10915.3                       3
<Page>

<Table>
<Caption>
                       ---------------------------------------------------------------------------------------
                       CIRCUIT TYPE       NYNEX          PACIFIC BELL  SNET           SW BELL        US WEST
                       ---------------------------------------------------------------------------------------
                       <S>                <C>            <C>           <C>            <C>            <C>
                        OC-3 END LINKS

                       0 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       1 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       Each Add'l Mile    $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
                        OC-12 END LINKS

                       0 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       1 Mile             $[***]         $[***]        $[***]         $[***]         $[***]
                       Each Add'l Mile    $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
                             HUBS

                       OC-3               $[***]         $[***]        $[***]         $[***]         $[***]
                       OC-12              $[***]         $[***]        $[***]         $[***]         $[***]
                       OC-48              $[***]         $[***]        $[***]         $[***]         $[***]
                       ---------------------------------------------------------------------------------------
</Table>

                       *References to ILEC regions mean the states within such
                       region as determined prior to any mergers of ILECs (i.e.,
                       the 1LEC regions prior to 1998). Any merger after 1998 or
                       any merger subsequent to the Effective Date of this
                       Agreement shall have no effect on the designation of ILEC
                       regions for pricing purposes as set forth above.

     (e)  By adding a new Section 1.4 to Attachment 3-1 of Schedule Three as
          follows:

          1.4  APPEARANCE FEES. In addition to the rates set forth above and
               subject to the Tariff, Customer will be charged the following
               monthly recurring Interface charges for Metro Private Line Point
               to Point and Multipoint Sonet circuits:

<Table>
<Caption>
          CIRCUIT TYPE                  MONTHLY RECURRING CHARGE PER INTERFACE
          ------------                  --------------------------------------
          <S>                           <C>
          DS-l                          $[***]
          DS-3                          $[***]
          OC-3                          $[***]
          OC-12                         $[***]
</Table>

     (f)  By adding a new Section 4 to Attachment 3-1 of Schedule Three as
          follows:

          4.   INSTALLATION INTERVALS. The following installation intervals are
               provided for purposes of Section 3.1 of Schedule One and for this
               section only and do not apply to any other sections of this
               Agreement. Installation intervals begin upon the receipt of a
               complete and accurate installation order:

               4.1     Metro Private Line Service.

<Table>
<Caption>
               ---------------------------------------------------------------------------------------------------------
               SERVICE TYPE*          TYPE 1               TYPE 2              TYPE 3               TYPE 4
               ---------------------------------------------------------------------------------------------------------
               <S>                    <C>                  <C>                 <C>                  <C>
               DS0                    [***] Business Days  [***] Business      [***] Business Days  [***] Business Days
                                                                 Days
               ---------------------------------------------------------------------------------------------------------
               DS1                    [***] Business Days  [***] Business      [***] Business Days  [***] Business Days
                                                                 Days
               ---------------------------------------------------------------------------------------------------------
               DS3                    [***] Business Days  [***] Business      [***] Business Days  [***] Business Days
                                                                 Days
               ---------------------------------------------------------------------------------------------------------
               SONET                  [***] Business Days  [***] Business      [***] Business Days  [***] Business Days
                                                                 Days
               ---------------------------------------------------------------------------------------------------------
</Table>

               *Hubbed and Mixed Services may require additional time; Customer
               will be apprised of delivery date after receipt of complete and
               accurate order.

***  Certain information on this page has been omitted and filed separately with
     the Commission. Confidential treatment has been requested with respect to
     the omitted portions.

                        -- MCI WORLDCOM CONFIDENTIAL --

PALOALTO:10915.3                       4
<Page>

               4.2     Private Line Service.

<Table>
<Caption>
               ------------------------------------------------------------------------
               PRODUCT                                          INSTALLATION INTERVAL
               ------------------------------------------------------------------------
               <S>                                              <C>
               Voice Grade Private Line Service                 [***] Business Days
               ------------------------------------------------ -----------------------
               DS0 Private Line Service                         [***] Business Days
               ------------------------------------------------------------------------
               DS1 Private Line Service                         [***] Business Days
               ------------------------------------------------------------------------
               Fractional DS1 Private Line Service              [***] Business Days
               ------------------------------------------------------------------------
               DS3 Private Line Service                         [***] Business Days
               ------------------------------------------------------------------------
               SONET Private Line Service (Option 2 only)       [***] Business Days
               ------------------------------------------------------------------------
</Table>

               4.3     If MCI WorldCom does not meet the Installation intervals
                       set forth above or that are established for ICB circuits
                       by more than (10) days, MCI WorldCom will waive any
                       cancellation penalties if Customer decides to cancel a
                       particular order.

2.   COMPLETE AGREEMENT. The Agreement is the complete agreement of the parties
     and supersedes all other prior agreements and representations concerning
     its subject matter.

3.   SIGNATURE AUTHORIZATION. The parties have duly executed and agreed to be
     bound by this Amendment evidenced by the signatures of their authorized
     representatives below. Each party represents and warrants to the other that
     the signatory identified beneath its name below has full authority to
     execute this Amendment on its behalf.

***  Certain information on this page has been omitted and filed separately with
     the Commission. Confidential treatment has been requested with respect to
     the omitted portions.

                        -- MCI WORLDCOM CONFIDENTIAL --

PALOALTO:10915.3                       5
<Page>

Once this Amendment has been fully executed, any further amendments to this
Agreement must be in writing and signed by both parties. Customer must sign and
return this Amendment to MCI WorldCom no later than SEPTEMBER 14, 2000, and
failure to do so may result in the non-acceptance of this Amendment by MCI
WorldCom.

ACCEPTED AND AGREED:

MCI WORLDCOM COMMUNICATIONS, INC.           UNIVERSAL ACCESS, INC.

By     :  /s/ Frank Grillo/BW               By       :  /s/ Catherine M. Mason
        -------------------------------              ---------------------------

Name   : Frank Grillo                       Name     : Catherine M. Mason
        -------------------------------              ---------------------------

Title  : Vice President, Marketing          Title    : Sr. Vice President
        -------------------------------              ---------------------------

Date   :      9-11-00                       Date     :       9/7/00

                        -- MCI WORLDCOM CONFIDENTIAL --

PALOALTO:10915.3                       6
<Page>

                                                         EXHIBIT 1
                                                    PREMIUM CITIES LIST

<Table>
<Caption>
       CITY                                STATE    PRICING POP           ILEC C.O.              LATA       NPA-NXX
                                                    CLLI CODE             CLLI CODE
    -----------------------------------------------------------------------------------------------------------------
   <S>                                      <C>     <C>                   <C>                    <C>        <C>
    1  ADDISON                              TX      ADDNTX                DLLSTXAD               552        214-308
    2  AKRON                                OH      AKRNOH                AKRNOH25               325        330-535
    3  ALBANY                               NY      ALBYNY                ALBYNYSS               134        518-449
    4  ANN ARBOR                            MI      ANARMI                ANARMIMN               340        313-662
    5  ATLANTA                              GA      ATBUGA                ATLNGABU               438        404-231
    6  ATLANTA                              GA      ATLNGA                ATLNGACS               438        404-659
    7  AUSTIN                               TX      AUSTTX                AUSTTXGR               558        512-474
    8  AUSTIN                               TX      AUTETX                AUSTTXTE               558        512-211
    9  BAKERSFIELD                          CA      BKFDCA                BKFDCA12               734        805-327
   10  BALTIMORE                            MD      BLTMMD                BLMTMDDT               238        410-844
   11  BOSTON                               MA      BSTNMA                BSTNMABE               128        617-267
   12  BUFFALO                              NY      BFLONY                BFLONYFR               140        716-847
   13  BURBANK                              CA      BRBNCA                BRBNCA11               730        213-849
   14  CHARLOTTE                            NC      CHRLNC                CHRLNCCA               422        704-377
   15  CHICAGO                              IL      CHBLIL                CHCGILBL               358        312-288
   16  CHICAGO                              IL      CHCGIL                CHCGILWB               358        312-294
   17  CHICAGO                              IL      CHLRIL                CHCGILLR               358        312-228
   18  CHICAGO                              IL      CHLWIL                CHCGILLW               358        773-935
   19  CINCINNATI                           OH      CNCNOH                CNCNOHWS               922        513-721
   20  CLEVELAND                            OH      CLEVOH                CLEVOH62               320        216-579
   21  COLUMBUS                             OH      CLMBOH                CLMBOH11               324        614-222
   22  COMPTON                              CA      CMTNCA                CMTNCA01               730        310-509
   23  DALLAS                               TX      DLLSTX                DLLSTXRI               552        214-748
   24  DALLAS (ROSS)                        TX      DLROTX                DLLSTXRO               552        214-220
   25  DAYTON                               OH      DYTNOH                DYTNOH22               328        513-223
   26  DENVER                               CO      DNVRCO                DNVRCOMA               656        303-534
   27  DETROIT                              MI      DTRTMI                DTRTMIBL               340        313-962
   28  DOUGLASVILLE                         GA      DGVLGA                DVGLGAMA               438        404-920
   29  EL PASO                              TX      ELPSTX                ELPSTXMA               540        915-533
   30  FT LAUDERDALE                        FL      FTLDFL                FTLDFLOA               460        954-486
   31  FT LAUDERDALE                        FL      FTMRFL                FTLDFLMR               460        305-356
   32  FT WORTH                             TX      FTWOTX                FTWOTXED               552        817-332
   33  GARDEN CITY                          NY      GRCYNY                GRCYNYGC               132        516-522
   34  GREENSBORO                           NC      GNBONC                GNBONCEU               424        910-378
   35  HACKENSACK                           NJ      HCKNNJ                HCKNNJHK               224        201-342
   36  HARTFORD                             CT      HRFRCT                HRFRCT03               920        203-725
   37  HOUSTON                              TX      HSTNTX                HSTNTXCL               560        713-652
   38  INDIANAPOLIS                         IN      IPLSIN                IPLSIN01               336        317-634
   39  JACKSONVILLE                         FL      JCVLFL                JCVLFLCL               452        904-355
   40  KANSAS CITY                          MO      KS22MO                KSCYMO22               524        816-252
   41  KANSAS CITY                          MO      KSCYMO                KSCYMO55               524        816-283
   42  KNOXVILLE                            TN      KNVLTN                KNVLTNMA               474        615-524
   43  KNOXVILLE                            TN      KNWHTN                KNVLTNWH               474        423-417
   44  LAS VEGAS                            NV      LSVGNV                LSVGNVXB               721        702-388
   45  LITTLETON                            CO      LTTNCO                DNVRCODC               656        303-220
   46  LOS ANGELES                          CA      LS10CA                LSANCA10               730        323-525
   47  LOS ANGELES                          CA      LSANCA                LSANCA01               730        213-554
   48  MCLEAN                               VA      MCLNVA                MCLNVALV               236        703-712
   49  MIAMI                                FL      MIAMFL                MIAMFLME               460        305-324
</Table>

                        -- MCI WORLDCOM CONFIDENTIAL --

PALOALTO:10915.3                       7
<Page>

                                                         EXHIBIT 1
                                                    PREMIUM CITIES LIST

<Table>
<Caption>
       CITY                                STATE    PRICING POP           ILEC C.O.              LATA       NPA-NXX
                                                    CLLI CODE             CLLI CODE
   ------------------------------------------------------------------------------------------------------------------
   <S>                                      <C>     <C>                   <C>                    <C>        <C>
   50  MILWAUKEE                            WI      MILWWI                MILWWI13               356        414-273
   51  MINNEAPOLIS                          MN      MPLSMN                MPLSMNDT               628        612-332
   52  NASHVILLE                            TN      NSVLTN                NSVLTNMT               470        615-256
   53  NEW ORLEANS                          LA      NWORLA                MWORLAMA               490        504-528
   54  NEW YORK CITY                        NY      NY56NY                NYCMNY56               132        212-207
   55  NEW YORK CITY                        NY      NYCMNY                NYCMNYWS               132        212-406
   56  NEWARK                               NJ      NWRKNJ                NWRKNJ02               224        201-623
   57  OLIVETTE                             MO      ST21MO                STLSMO21               520        314-216
   58  ORLANDO                              FL      ORLDFL                ORLDFLMA               458        407-849
   59  PHILADELPHIA                         PA      PHEVPA                PHLAPAEV               228        215-222
   60  PHILADELPHIA                         PA      PHLAPA                PHLAPALO               228        215-561
   61  PHILADELPHIA                         PA      PHMKPA                PHLAPAMK               228        215-213
   62  PHOENIX                              AZ      PHMAAZ                PHNXAZMA               666        602-201
   63  PHOENIX                              AZ      PHNXAZ                PHNXAZNO               666        602-266
   64  PITTSBURGH                           PA      PITBPA                PITBPADT               234        412-261
   65  PLANO, TX                            TX      PLANTX                PLANTXXA               552        972-422
   66  PORTLAND                             OR      PTLDOR                PTLDOR69               672        503-228
   67  RALEIGH                              NC      RLGHNC                RLGHNCHO               426        919-450
   68  RICHARDSON                           TX      RICHTX                DLLSTXRN               552        214-231
   69  RICHMOND                             VA      RCMDVA                RCMDVAHL               248        804-233
   70  RICHMOND                             VA      RCSRVA                RCMDVASR               248        804-204
   71  ROCHESTER                            NY      ROCHNY                ROCHNYXA               974        716-261
   72  SACRAMENTO                           CA      SCRMCA                SCRMCA01               726        916-444
   73  SALINAS                              CA      SLNSCA                SLNSCA01               736        408-424
   74  SALT LAKE CITY                       UT      SLKCUT                SLKCUTMA               660        801-596
   75  SALT LAKE CITY                       UT      SLWEUT                SLKCUTWE               660        801-817
   76  SAN ANTONIO                          TX      SNANTX                SNANTXCA               566        220-225
   77  SAN DIEGO                            CA      SN16CA                SNDGCA16               732        619-271
   78  SAN DIEGO                            CA      SNDGCA                SNDGCA02               732        619-293
   79  SAN FRANCISCO                        CA      SNFCCA.               SNFCCA21               722        415-243
   80  SAN JOSE                             CA      SNJSCA                SNJSCA02               722        408-271
   81  SANTA ANA                            CA      SNANCA                SNANCA11               730        714-241
   82  SANTA BARBARA                        CA      SNBBCA                SNBBCAXF               740        805-965
   83  SANTA CLARA                          CA      SN11CA                SNTCCA11               722        408-236
   84  SANTA CLARA                          CA      SNTCDCA               SNTCCA01               722        408-970
   85  SEATTLE                              WA      STCAWA                STTLWACA               674        206-543
   86  SEATTLE                              WA      STTLWA                STTLWA06               674        206-621
   87  SHERMAN OAKS                         CA      SHOKCA                SHOKCA04               730        818-906
   88  SOUTHFIELD                           MI      SFLDMI                SFLDMIMN               340        313-233
   89  ST LOUIS                             MO      STLSMO                STLSMO01               520        314-421
   90  STOCKTON                             CA      SKTNCA                SKTNCA01               738        209-464
   91  SYRACUSE                             NY      SYRCNY                SYRCNYSU               136        315-471
   92  TAMPA                                FL      TAMPFL                TAMPFLXX               952        813-202
   93  TRENTON                              NJ      TRENNJ                TRENNJTE               222        609-278
   94  TUCSON                               AZ      TCEAAZ                TCSNAZEA               668        520-318
   95  TUCSON                               AZ      TCSNAZ                TCSNAZMA               668        602-617
   96  WASHINGTON                           DC      WAMTDC                WASHDCMT               236        202-223
   97  WASHINGTON                           DC      WASWDC                WASHDCSW               236        202-205
   98  WASHINGTON                           DC      WASHDC                WASHDCDN               236        202-272
   99  WEST PALM BEACH                      FL      WPBHFL                WPBHFLAN               460        407-833
  100  WESTHEIMER                           TX      WTHMTX                HSTNTXNA               560        281-220
</Table>

                        -- MCI WORLDCOM CONFIDENTIAL --

PALOALTO:10915.3                       8<Page>

                                                                    EXHIBIT 4.22

                         COMMON STOCK PURCHASE AGREEMENT

     THIS COMMON STOCK PURCHASE AGREEMENT (this "Agreement") is made as of
October 13, 2000, between FINET.COM, INC., a Delaware corporation (the
"Company"), and the person executing this Agreement on the signature page hereof
(the "Signature Page") as Purchaser (the "Purchaser"):

                                R E C I T A L S :

     WHEREAS, the Company has authorized the issuance and sale pursuant to the
terms and conditions hereof of up to 18,500,000 shares of its Common Stock (the
"Common Stock"); and

     WHEREAS, the Purchaser desires to purchase and the Company desires to sell
the Common Stock on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of these premises and the mutual covenants
and agreements herein contained and other valuable consideration, the receipt
and adequacy of which the parties hereto acknowledge, the parties agree as
follows:

     1.   PURCHASE AND SALE OF THE SHARES. The Company agrees to sell to the
Purchaser, and upon the basis of the representations and warranties, and subject
to the terms and conditions, set forth in this Agreement, the Purchaser agrees
to purchase from the Company that number of shares of Common Stock set forth on
the Signature Page hereof (the "Shares") in consideration for a purchase price
(the "Purchase Price") of US$0.40 per share.

     2.   CLOSING DATE; DELIVERY. The closing of the purchase and sale of the
Shares shall be held at the offices of the Company, 2527 Camino Ramon, Suite
200, San Ramon, California on October 13, 2000 or at such other time and place
as the parties may agree upon. At the closing, subject to the terms of this
Agreement, the Purchaser shall deliver the purchase price in immediately
available funds by transfer to the account of the Company. Within fourteen (14)
days following the Closing, the Company will deliver to the Purchaser, pursuant
to Purchaser's delivery instructions, certificates representing the Shares to be
purchased by the Purchaser from the Company.

     3.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents
and warrants to, and agrees with, the Purchaser that:

          (a)  ORGANIZATION AND STANDING, ARTICLES AND BYLAWS. The Company is a
corporation duly organized and validly existing under, and by virtue of, the
laws of the State of Delaware and is in good standing under such laws. The
Company has the requisite corporate power to own and operate its properties and
assets, and to carry on it business as presently conducted and as proposed to be
conducted. The Company is qualified, licensed or domesticated as a foreign
corporation in all jurisdictions where the nature of its activities or of its
properties owned or leased makes such qualification, licensing or domestication
necessary at this time.

<Page>

          (b)  CORPORATE POWER. The Company has now, or will have at the Closing
Date, all requisite legal and corporate power to enter into this Agreement, to
sell the Shares hereunder, and to carry out and perform its obligations under
the terms of this Agreement.

          (c)  AUTHORIZATION.

               (i)   All corporate action on the part of the Company, its
officers, directors, and stockholders necessary for the sale and issuance of the
Shares pursuant hereto and the performance of the Company's obligations
hereunder has been taken or will be taken prior to the Closing. This Agreement
is a legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms, except as limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws of general application
affecting enforcement of creditors' rights, and except as limited by application
of legal principles affecting the availability of equitable remedies.

               (ii)  The Shares, when issued in compliance with the provisions
of this Agreement, will be validly issued, fully paid and nonassessable and will
be free of any liens or encumbrances; provided, however, that such shares may be
subject to restrictions on transfer under state and/or federal securities laws
as set forth herein and as may be required by future changes in such laws.

               (iii) No shareholder of the Company has any right of first
refusal or any preemptive rights in connection with the issuance of the Shares
or of Common Stock by the Company.

          (d)  FINANCIAL STATEMENTS. The Company's audited balance sheet as of
April 30, 1999, audited statement of operations for the fiscal year ended April
30, 1999, unaudited balance sheet and statement of operations for the six months
ended June 30, 2000 (hereinafter collectively referred to as the "Financial
Statements") have been supplied by the Company to the Purchaser and such
Financial Statements are true and correct, have been prepared in accordance with
generally accepted accounting principles consistently applied (except as
disclosed therein and except that the unaudited Financial Statements do not
contain the footnotes required by generally accepted accounting principles), and
fairly present the financial condition of the Company as of the date indicated
and the results of the operations of the Company for the period ended, as
indicated.

          (e)  PUBLIC REPORTING. The Company is subject to the reporting
requirements of Section 13 or Section 15(d) of the Securities Exchange Act of
1934 (the "1934 Act"); the Company's (a) Annual Report on Form 10-K and 10-K/A
for the fiscal year ended April 30, 1999, (b) Annual Proxy Statement on Form 14A
for the fiscal year ended April 30, 1999, (c) Current Reports on Form 8-K dated
June 24, 1999, July 12, 1999, August 27, 1999, November 24, 1999, December 30,
1999, January 19, 2000, March 21, 2000 and May 3, 2000, (d) Quarterly Reports on
Forms 10-Q and 10-Q/A for the quarterly periods ended July 31, 1999, October 31,
1999, March 31, 2000 and June 30, 2000 (collectively, the "Public Disclosure")
filed by the Company with the U.S. Securities and Exchange Commission (the
"SEC") include all reports and other information required to be filed or
furnished by the Company under the 1934 Act and the Company has provided copies
of all such Public Disclosure to the Purchaser.

                                       -2-
<Page>

          (f)  VALIDITY OF MATERIAL CONTRACTS AND COMMITMENTS. All the material
contracts, commitments, agreements, and instruments to which the Company is a
party are legal, valid, binding, and in full force and effect in all material
respects and enforceable by the Company in accordance with their terms except as
limited by bankruptcy, insolvency, reorganization, moratorium, or similar laws
of general application affecting enforcement of creditors' rights, and except as
limited by application of legal principles affecting the availability of
equitable remedies. Except as disclosed to Purchaser, the Company is not in
material default under any of such contracts.

          (g)  COMPLIANCE WITH OTHER INSTRUMENTS, NONE BURDENSOME, ETC. Neither
the Company nor any subsidiary is in violation of any term of its respective
Articles of Incorporation or Bylaws, or, except as disclosed to Purchaser, in
any material respect of any mortgage, indenture, contract, agreement,
instrument, or, to the best knowledge of the Company, any judgment, decree,
order, statute, rule, or regulation applicable to it. The execution, delivery,
and performance by the Company of this Agreement, and the issuance and sale of
the Shares pursuant hereto, will not result in any such violation or be in
conflict with or constitute a default under any such term, or cause the
acceleration of maturity of any loan or material obligation to which the Company
or the subsidiaries are a party or by which any of them are bound or with
respect to which any of them is an obligor or guarantor, or result in the
creation or imposition of any material lien, claim, charge, restriction, equity
or encumbrance of any kind whatsoever upon, or, to the best knowledge of the
Company after due inquiry, give to any other person any interest or right
(including any right of termination or cancellation) in or with respect to any
of the material properties, assets, business or agreements of the Company or the
subsidiaries. To the best knowledge of the Company after due inquiry, no such
term or condition materially adversely affects or in the future (so far as can
reasonably be foreseen by the Company at the date of this Agreement) may
materially adversely affect the business, property, prospects, condition,
affairs, or operations of the Company and the subsidiary.

          (h)  LITIGATION, ETC. Other than as described in the Financial
Statements or the Public Disclosure, there are no actions, proceedings or
investigations pending (or to the best of the Company's knowledge, any basis
therefor or threat thereof), which, either in any case or in the aggregate,
might result in any adverse change in the business, prospects, conditions,
affairs, or operations of the Company, or in any of its properties or assets, or
in any impairment of the right or ability of the Company to carry on its
business as proposed to be conducted, or in any material liability on the part
of the Company, or which question the validity of this Agreement or any action
taken or to be taken in connection herewith.

          (i)  GOVERNMENTAL CONSENT ETC. No consent, approval, or authorization
of, or designation, declaration, or filing with, any governmental unit is
required on the part of the Company in connection with the valid execution and
delivery of this Agreement, or the offer, sale or issuance of the Shares, or the
consummation of any other transaction contemplated hereby (except qualification
or exemption under the California Corporate Securities Law, which exemption or
qualification will be available or obtained and will be effective on the Closing
Date).

                                       -3-
<Page>

          (j)  OFFERING. The offer, sale and issuance of the Shares in
conformity with the terms of this Agreement (the "Offering") will not violate
the Securities Act of 1933, as amended ("Securities Act").

          (k)  TITLE TO AND CONDITION OF PROPERTIES. The Company and its
subsidiaries have good and marketable title to all their respective tangible and
intangible property and assets, including those reflected in the Public
Disclosure and the Financial Statements (except such property or assets as have
since June 30, 2000, been sold or otherwise disposed of in the ordinary course
of business). Such property and assets are subject to no mortgage or security
interests, conditional sales contract, charge, lien or encumbrance (except for
the lien of current taxes not yet due and payable and such imperfections of
title, easements and encumbrances, if any, as are not substantial in character,
amount or extent and do not materially detract from the value of, or interfere
with the present use of the properties subject thereto or affected thereby, or
otherwise materially impair the business operations of the Company and any
subsidiary). Subsequent to June 30, 2000, neither the Company nor any subsidiary
has sold or disposed of any of its property and assets or obligated itself to do
so except in the ordinary course of business. Except for such minor defects as
are not substantial in character and which do not have a materially adverse
effect upon the validity thereof, all material real and personal property leases
to which the Company or the subsidiaries are a party are in good standing, valid
and effective, and there is not under any such lease any existing material
default or event which with notice or lapse of time or both would constitute a
material default and in respect of which the Company or the subsidiaries have
not taken reasonable steps to prevent such a default from occurring.

          (l)  DISCLOSURE. This Agreement, the Public Disclosure, the Financial
Statements, and all certificates delivered to Purchaser pursuant to this
Agreement, when read together, do not contain any untrue statement of a material
fact and do not omit to state a material fact necessary in order to make the
statements contained therein or herein not misleading, it being understood that
the information provided to the Purchaser regarding the Company contains
estimates and projections which constitute forward looking statements and which
have been made in good faith by the Company and no warranty of such projections
is expressed or implied hereby. There is, to the best of the Company's
knowledge, no fact which materially adversely affects the business, prospects,
condition, affairs or operations of the Company or any of its properties or
assets which has not been set forth in this Agreement, the Public Disclosure,
the Financial Statements or the other information provided to Purchaser.

          (m)  THE SHARES:

               (i)   are free and clear of any security interests, liens,
claims, or other encumbrances;

               (ii)  have been duly and validly authorized and issued and are,
and on the Closing Date will be, fully paid and non-assessable;

               (iii) will not have been, individually and collectively, issued
or sold in violation of any pre-emptive or other similar rights of the holders
of any securities of the Company; and

                                       -4-
<Page>

               (iv)  will not subject the holders thereof to personal liability
by reason of being such holders.

          (n)  FURNISHING OF FINANCIAL STATEMENTS AND INFORMATION. The Company
will deliver to the Purchaser:

               (i)   as soon as practicable, but in any event within 90 days
after the end of each fiscal year, a consolidated balance sheet of the Company
and its Subsidiaries, as of the end of such fiscal year, together with the
related consolidated statements of operations, shareholders' equity and cash
flow for such fiscal year, setting forth in comparative form figures for the
previous fiscal year, all in reasonable detail and duly certified by the
Company's independent public accountants, which accountants shall have given the
Company an opinion, unqualified as to the scope of the audit, regarding such
statements.

               (ii)  with reasonable promptness, such other financial data
relating to the business, affairs and financial condition of the Company and any
Subsidiaries as is available to the Company and as from time to time the
Purchasers may reasonably request.

          (o)  INSPECTION. The Company will permit each Purchaser and any of its
partners, officers or employees, or any outside representatives designated by
such Purchaser, to visit and inspect at such Purchaser's expense any of the
properties of the Company or its Subsidiaries, including their books and records
(and to make photocopies thereof or make extracts therefrom), and to discuss
their affairs, finances, and accounts with their officers, lawyers and
accountants, except with respect to trade secrets and similar confidential
information, all to such reasonable extent and at such reasonable times and
intervals as such Purchaser may reasonably request. Except as otherwise required
by laws or regulations applicable to a Purchaser, the Purchasers shall maintain,
and shall require their representatives to maintain, all information obtained
pursuant to Sections 3(m) and 3(n) hereof on a confidential basis.

     4.   REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. The Purchaser
represents and warrants to, and agrees with, the Company:

          (a)  No consent, approval, authorization, or order of any court,
governmental agency or body, or arbitrator having jurisdiction over the
Purchaser is required for execution of this Agreement, including, without
limitation, the purchase of the Shares or the performance of the Purchaser's
obligations hereunder.

          (b)  The Purchaser understands that no federal or state agency has
passed on or made any recommendation or endorsement of the Shares.

          (c)  The Company has given the Purchaser the opportunity to have
answered all of the Purchaser's questions concerning the Company and its
business and has made available to the Purchaser all information requested by
the Purchaser which is reasonably necessary to verify the accuracy of other
information furnished by the Company. The Purchaser has received and evaluated
all information about the Company and its business which the Purchaser deems
necessary to formulate an investment decision and does not desire any further
information.

                                       -5-
<Page>

          (d)  The Purchaser understands that the Shares are being offered and
sold to it in reliance on specific exemptions or non-application from the
registration requirements of federal and state securities laws and that the
Company is relying upon the truth and accuracy of the representations,
warranties, agreements, acknowledgments, and understandings of the Purchaser set
forth herein in order to determine the applicability of such exemptions or
non-applications and the suitability of the Purchaser to acquire the Shares.

          (e)  The Purchaser is aware that the Shares have not been registered
under the Securities Act of 1933 by reason of their issuance in a transaction
exempt from the registration and prospectus delivery requirements of the
Securities Act pursuant to Section 4(2) and Regulation D thereof and that they
must be held by the Purchaser indefinitely, and the Purchaser must therefore
bear the economic risk of such investment indefinitely unless a subsequent
disposition thereof is registered under the Securities Act or is exempt from
registration. The Purchaser is aware of the provisions of Rule 144 promulgated
under the Securities Act which permits limited resale of shares purchased in a
private placement subject to the satisfaction of certain conditions, including
among other things the existence of a public market for the Shares, the
availability of certain current public information about the Company, the resale
occurring not less than two years after a party has purchased and paid for the
security to be sold, the sale being through a "broker's transaction" or in
transactions directly with a "market maker" (as provided by Rule 144(f)), and
the number of shares being sold during any three-month period not exceeding
specified limitations. The Purchaser is also aware that while many of the
restrictions of Rule 144 do not apply to the resale of shares by a person who
owned those shares for at least one year prior to their resale and who is not an
"affiliate" (within the meaning of Rule 144(a)) of the issuer and has not been
an affiliate of the issuer for at least three months prior to the date of resale
of the restricted securities, the Company does not warrant or represent that the
Purchaser is not an affiliate as of the date of this Agreement or that the
Purchaser will not be an affiliate at any relevant times in the future.

          (f)  Each instrument representing the Shares is to be endorsed with
the following legends:

               (i)   THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,
TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN
ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF
COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE
COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT
FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

               (ii)  Any other legend required by California or other state
securities laws.

                                       -6-
<Page>

     The Company need not register a transfer of legended Shares and may
instruct its transfer agent not to register the transfer of the Shares unless
one of the conditions specified in the foregoing legends is satisfied.

          (g)  Any legend endorsed on an instrument pursuant to Section 4(f)
hereof and the stop transfer instructions with respect to such Shares shall be
removed, and the Company shall issue an instrument without such legend to the
holder of such Shares if such Shares are registered under the Securities Act and
a prospectus meeting the requirements of Section 10 of the Securities Act is
available or if such holder provides the Company with an opinion of counsel for
such holder of the Shares, reasonably satisfactory to the Company, to the effect
that a public sale, transfer or assignment of such Shares may be made without
registration.

          (h)  The Purchaser is either (i) acquiring the Shares for the
Purchaser's own account; or (ii) for the account of another for which the
Purchaser acts as a fiduciary, in which case the Purchaser will so advise the
Company. If acting as a fiduciary, the Purchaser makes the representations,
warranties, and covenants as set forth herein on its own behalf and as agent for
and on behalf of such other party. The Purchaser is acquiring the Shares for
investment and without any present intention to engage in a distribution
thereof.

          (i)  The Purchaser has the knowledge and experience in financial and
business matters to evaluate the merits and risks of the proposed investment.

          (j)  The Purchaser is an "Accredited Investor" as that term is defined
under Rule 501 adopted pursuant to the Securities Act.

     5.   CONDITIONS PRECEDENT TO THE PURCHASER'S OBLIGATIONS. The obligations
of the Purchaser hereunder are subject to the performance by the Company of its
obligations hereunder and to the satisfaction of the following conditions
precedent on or before the Closing Date:

          (a)  The representations and warranties made by the Company in this
Agreement shall, unless waived by the Purchaser, be true and correct as of the
date hereof and at the Closing Date, with the same force and effect as if they
had been made on and as of the Closing Date.

          (b)  After the date hereof until the Closing Date, there shall not
have occurred:

               (i)   any change, or any development involving a prospective
change, in either (A) the condition, financial or otherwise, or in the earnings,
business or operations, or in or affecting the properties of the Company, or (B)
the financial or market conditions or circumstances in the United States, in
either case which, in the Purchaser's judgment, is material and adverse and
makes it impractical or inadvisable to proceed with the offering, sale, or
delivery of the Shares;

               (ii)  an imposition of a new legal or regulatory restriction not
in effect on the date hereof, or any change in the interpretation of existing
legal or regulatory restrictions, that materially and adversely affects the
offering, sale, or delivery of the Shares; or

                                       -7-
<Page>

               (iii) a suspension or material limitation of trading (A)
generally on or by the New York Stock Exchange or NASDAQ or (B) of any
securities of the Company on any exchange or in any over-the-counter market.

          (c)  The Purchasers shall have received from Allen Matkins Leck Gamble
& Mallory LLP, San Francisco, California, counsel for the Company, a favorable
opinion dated as of the Closing Date.

     6.   CONDITIONS PRECEDENT TO THE COMPANY'S OBLIGATIONS. The obligations of
the Company hereunder are subject to the Company receiving any necessary
shareholder approval for the sale and issuance of the Shares, the performance by
the Purchaser of its obligations hereunder, and the satisfaction of the
condition that the representations and warranties made by the Purchaser in this
Agreement shall, unless waived by the Company, be true and correct at the
Closing Date, with the same force and effect as if they had been made on and as
of, the Closing Date.

     7.   REGISTRATION RIGHTS.

          (a)  DEMAND REGISTRATION RIGHTS. Upon the written request of Purchaser
to the Company, but not earlier than the five (5) months from the Closing
("Demand Date"), the Company shall use its best efforts to file with the SEC as
promptly as practicable a registration statement on Form S-3 or any successor
thereto (the "Registration Statement"), signed, pursuant to Section 6(a) of the
Securities Act, by the officers of the Company, with respect to all of the
Shares. In connection with this Section 7, the Company shall:

               (i)   use its best efforts to cause the Registration Statement to
be declared effective within ninety (90) days of the Demand Date and to remain
effective through and including the earlier of (i) the time when all of the
Shares have been sold pursuant to the Registration Statement or (ii) the time
when all of the Purchasers of the Shares can sell all of the Shares pursuant to
Rule 144(k) (or any similar provision then in force, but not Rule 144A) under
the Securities Act without registration under the Securities Act;

               (ii)  prepare and file with the SEC such amendments and
supplements to such Registration Statement, signed, pursuant to Section 6(a) of
the Securities Act, by the officers and directors of the Company, and the
prospectus used in connection therewith as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all the
Shares covered by the Registration Statement;

               (iii) furnish to the Purchasers of the Shares such number of
copies of the Registration Statement and the prospectus included therein
(including each preliminary prospectus and any amendments or supplements
thereto) in conformity with the requirements of the Securities Act and such
other documents and information as they may reasonably request;

               (iv)  use its reasonable efforts to register or qualify the
Shares covered by the Registration Statement under such securities or blue sky
laws of such jurisdictions within the United States and Puerto Rico as required
by law for the distribution of the Shares covered by the Registration Statement;
PROVIDED, HOWEVER, that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business in or to file a
general

                                       -8-
<Page>

consent to service of process in any jurisdiction wherein it would not but for
the requirements of this paragraph (d) be obligated to do so; and PROVIDED,
FURTHER, that the Company shall not be required to qualify such Shares in any
jurisdiction in which the securities regulatory authority requires that any
holder submit any number of its Shares to the terms, provisions and restrictions
of any escrow, lockup or similar agreement(s) for consent to sell Shares in such
jurisdiction unless such holder agrees to do so;

               (v)   enter into customary agreements and take such other actions
as are reasonably required in order to expedite or facilitate the disposition of
the Shares to be so included in the Registration Statement; and

               (vi)  otherwise use its reasonable best efforts to comply with
all applicable rules and regulations of the SEC.

     Notwithstanding any other provisions hereof, the Company will ensure that
(i) any Registration Statement and any amendment thereto and any prospectus
forming part thereof and any supplement thereto complies in all material
respects with the Securities Act and the rules and regulations thereunder, (ii)
any Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated herein or necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any Registration
Statement, and any supplement to such prospectus does not include an untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which
they were made, not misleading.

          (b)  REGISTRATION OF UNDERWRITTEN OFFERING. If the offering of Common
Stock to be registered by the Company pursuant to the Registration Statement is
underwritten, each selling shareholder shall sell the Shares to or through the
underwriter(s) of the Common Stock being registered for the account of the
Company or others upon the same terms applicable to the Company or others. If
the managing underwriter(s) reasonably determine that all or any portion of the
Shares held by the selling shareholder should not be included in the
Registration Statement, then notwithstanding anything to the contrary in this
Section, the determination of such underwriter(s) shall be conclusive; provided,
however, that if such underwriter(s) determine that some but not all of the
Shares of the selling shareholder shall be included in the Registration
Statement, the number of Shares owned by each selling shareholder to be included
in the Registration Statement will be proportionately reduced in accordance with
the respective written requests given as provided above.

          (c)  INDEMNIFICATION. In the event that Shares purchased pursuant to
this Agreement are included in a Registration Statement under this Section 7,
the Company will indemnify and hold harmless each selling shareholder and each
other person, if any, who controls such selling shareholder within the meaning
of Section 15 of the Securities Act, against any losses, claims, damages or
liabilities, joint or several, to which such selling shareholder or controlling
person may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of are based upon any untrue statement or alleged untrue statement of any
material fact contained, in the Registration Statement pursuant to which the
Shares were registered under the Securities Act,

                                       -9-
<Page>

any preliminary prospectus or final prospectus contained therein, or any
amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, or arise out
of or are based upon the failure by the Company to file any amendment or
supplement thereto that was required to be filed under the Securities Act, and
will reimburse such selling shareholder and each such controlling person for any
legal or any other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action.
Notwithstanding the foregoing, the Company will not be liable in any such case
to a selling shareholder to the extent that any such loss, claim, damage, or
liability arises out of or is based upon an untrue statement or omission made in
such Registration Statement, preliminary prospectus, final prospectus or
amendment or supplement in reliance upon and in conformity with written
information furnished to the Company through an instrument duly executed by or
on behalf of that selling shareholder specifically for use in the preparation of
such Registration Statement, preliminary prospectus, final prospectus, or
amendment or supplement. It shall be a condition precedent to the obligation of
the Company to take any action pursuant to this Section that the Company shall
have received an undertaking satisfactory to it from each selling shareholder to
indemnify and hold harmless the Company (in the same manner and to the same
extent as set forth in this Section), each director of the Company, each officer
who shall sign such Registration Statement, and any persons who control the
Company within the meaning of the Securities Act, with respect to any statement
or omission from such Registration Statement, preliminary prospectus, or any
final prospectus contained therein, or any amendment or supplement thereto, if
such statement or omission was made in reliance upon and in conformity with
written information furnished to the Company through an instrument duly executed
by the indemnifying party specifically for use in the preparation of such
Registration Statement, preliminary prospectus, final prospectus, or amendment
or supplement. Promptly following receipt by an indemnified party of notice of
the commencement of any action involving a claim referred to above in this
Section 7(c), such indemnified party will, if a claim in respect thereof is to
be made against an indemnifying party, give written notice to the latter of the
commencement of such action, provided, however, that any failure to so notify an
indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve it from any liability which it may have otherwise
than on account of this indemnity agreement. An indemnifying party may
participate at its own expense in the defense of any such action; provided,
however, that counsel to the indemnifying party shall not (except with the
consent of the indemnified party) also be counsel to the indemnified party. In
no event shall the indemnifying parties be liable for fees and expenses of more
than one counsel (in addition to any local counsel) separate from their own
counsel for all indemnified parties in connection with any one action or
separate but similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances. No indemnifying party shall,
without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 7 or Section
8 hereof (whether or not the indemnified parties are actual or potential parties
thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim and

                                      -10-
<Page>

(ii) does not include a statement as to or an admission of fault, culpability or
a failure to act by or on behalf of any indemnified party.

          (d)  BINDING PROVISIONS. The provisions of this Section 7 shall be
binding on the successors of the Company. No Shareholder may assign the
provisions of this Section 7 or all or any part of its or their rights or
obligations hereunder, except that in the event of a merger or consolidation in
which the Company or the Purchaser is not the survivor, the Company or the
Purchaser, as the case may be, shall assign and transfer, and successor shall
assume, the provisions of this Section 7.

          (e)  CONFLICTS. To the extent that the Company's compliance with the
obligations set forth in Sections 8(a) through 8(d) above would conflict with or
otherwise cause a breach of or default under any of its existing obligations
pursuant to any agreements to which it currently is a party, the Company's
failure to comply with those obligations shall not be deemed a breach of this
Agreement.

          (f)  TRANSFER OF REGISTRATION RIGHTS. The rights to cause the Company
to register the Shares granted to the Purchaser by the Company under Section 7
may be assigned by the Purchaser to a transferee or assignee of any of the
Purchaser's Shares, provided that the Company is given written notice by the
Purchaser at the time of or within a reasonable time after said transfer,
stating the name and address of said transferee or assignee and indemnifying the
Shares with respect to which such registration rights are being assigned.

          (g)  ADDITIONAL SHARES. Provided Rule 144 is not available to
Purchaser for resale of the Shares and in the event that the Company shall fail
to cause the Registration Statement with respect to the Shares to be declared
effective by the SEC within ninety (90) days of the Demand Date as provided in
Section 7(a), the Company shall pay to the Purchaser for each month or portion
thereof until such Registration Statement becomes effective an amount equal to
one percent (1%) of the greater of (i) the purchase price paid for the Shares
pursuant to this Agreement, or (ii) the value of the Shares measured by the
average closing bid price of a share of the Company's Common Stock on the five
trading days immediately preceding the date that is ninety (90) days following
the Demand Date. Such payments shall be paid by the delivery to the Purchaser of
shares of Common Stock valued in the same manner as in (ii) above. Provided that
the Company shall continue to use its reasonable best efforts to cause such
Registration Statement to become effective as promptly as practicable, the
delivery of such Common Stock shall be in full satisfaction of any liability on
the part of the Company for failing to register the Shares as provided herein;
provided further however, that such delivery shall not excuse the Company from
the obligation to register all of such Shares which obligation shall continue.
Any shares of Common Stock issued pursuant to this Section 7(g) shall be subject
to the same registration rights provided in this Section 7.

     8.   CONTRIBUTION

          (a)  If the indemnification provided for in Section 7 hereof is for
any reason unavailable to or insufficient to hold harmless an indemnified party
in respect of any losses, liabilities, claims, damages or expenses referred to
therein, then each indemnifying party shall contribute to the aggregate amount
of such losses, liabilities, claims, damages and expenses

                                      -11-
<Page>

incurred by such indemnified party, as incurred, (i) in such proportion as is
appropriate to reflect the relative benefits received by the selling shareholder
on the one hand and the Company on the other hand from the offer and sale of the
Shares pursuant to this Agreement or (ii) if the allocation provided by clause
(i) is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the selling shareholder on the one hand and of the Company
on the other hand in connection with the statements or omissions which resulted
in such losses, liabilities, claims, damages or expenses, as well as any other
relevant equitable considerations.

          (b)  The relative fault of the Company on the one hand and the selling
shareholder on the other hand shall be determined by reference to, among other
things, whether any such untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact relates to information
supplied by the Company or by the selling shareholder and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

          (c)  The Company and the selling shareholder agree that it would not
be just and equitable if a contribution pursuant to this Section 8 were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to above. The
aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 8 shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or omission or alleged omission.

          (d)  No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

          (e)  For purposes of this Section 8, each person, if any, who controls
the selling shareholder within the meaning of Section 15 of the Securities Act
or Section 20 of the 1934 Act shall have the same rights to contribution as such
selling shareholder, and each director of the Company, each officer of the
Company, and each person, if any, who controls the Company within the meaning of
Section 15 of the Securities Act or Section 20 of the 1934 Act shall have the
same rights to contribution as the Company.

     9.   FEES AND EXPENSES. The Purchaser and the Company each agrees to pay
its own expenses incident to the performance of its obligations hereunder,
except that the Company agrees to pay the fees, expenses and disbursements of
the Purchaser's counsel.

     10.  SURVIVAL OF THE REPRESENTATIONS, WARRANTIES, ETC. The respective
agreements, representations, warranties, indemnities, and other statements made
by or on behalf of the Company and Purchaser pursuant to this Agreement shall
remain in full force and effect, regardless of any investigation made by or on
behalf of the other party to this Agreement or any officer, director, or
employee, or person controlling or under common control with, such party, and
will survive delivery of any payment of the Shares.

                                      -12-
<Page>

     11.  NOTICES. All communications hereunder shall be in writing and, if sent
to the Purchasers, shall be sufficient in all respects if delivered, sent by
registered mail, or by telecopy and confirmed to the Purchasers at the address
set forth on the Signature Page or, if sent to the Company, shall be delivered,
sent by registered mail, or by telecopy and confirmed to the Company at:

                     Finet.Com, Inc.
                     2527 Camino Ramon, Suite 200
                     San Ramon, California 94583
                     Tel: (925) 242-6550
                     Fax: (925) 242-5990

     12.  MISCELLANEOUS.

          (a)  This Agreement may be executed in one or more counterparts and it
is not necessary that signatures of all parties appear on the same counterpart,
but such counterparts together shall constitute but one and the same agreement.

          (b)  This Agreement shall inure to the benefit of and be binding upon
the parties hereto, their respective successors and, with respect to Section 8
hereof, the officers, directors, and controlling persons thereof and each person
under common control therewith, and no other person shall have any right or
obligation hereunder.

          (c)  This Agreement shall be governed by, and construed in accordance
with, the laws of the State of California.

          (d)  The headings of the sections of this document have been inserted
for convenience of reference only and shall not be deemed to be a part of this
Agreement.

                                      -13-
<Page>

     IN WITNESS HEREOF, the parties hereto have duly executed and delivered this
Agreement, all as of the day and year first above written.

                                       COMPANY:

                                       FINET.COM, INC.,
                                       a Delaware corporation

                                       By:
                                          ---------------------------------
                                          Rick Cossano
                                          President and Chief Executive Officer

                                       PURCHASER:

Shares:
       -----------
                                       ------------------------------------
                                       Print Name

Total Purchase Price:
                     -----------

                                       ------------------------------------
                                       Signature

                                       ------------------------------------
                                       Address

                                       ------------------------------------
                                       Telephone Number

                                      -14-

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