Document:

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                                                                  EXHIBIT 10.104

                                 AMENDMENT NO. 2
                    TO THE MASTER LOAN AND SECURITY AGREEMENT

                  Amendment No. 2, dated as of November 6, 2000 (this
"Amendment"), to the Master Loan and Security Agreement, dated as of December
30, 1999 (as previously amended, supplemented or otherwise modified, the
"Existing Loan Agreement", and as amended hereby and as further amended,
supplemented or otherwise modified from time to time, the "Loan Agreement"),
between DORAL FINANCIAL CORPORATION (the "Borrower"), and MORGAN STANLEY DEAN
WITTER MORTGAGE CAPITAL INC. (formerly MORGAN STANLEY MORTGAGE CAPITAL INC.)
(the "Lender").

                                    RECITALS

                  The Borrower and the Lender are parties to the Existing Loan
Agreement. Capitalized terms used but not otherwise defined herein shall have
the meanings given to them in the Existing Loan Agreement.

                  The Borrower and the Lender have agreed, subject to the terms
and conditions of this Amendment, that the Existing Loan Agreement be amended to
modify the LTV representation with respect to Agency Eligible Mortgage Loans
which are FHA insured.

                  Accordingly, the Borrower and the Lender hereby agree, in
consideration of the mutual premises and mutual obligations set forth herein,
that the Existing Loan Agreement is hereby amended as follows:

                  SECTION 1. Amendments.

                  1.1      Section 1.01 of the Existing Loan Agreement is hereby
amended by deleting the definition of "Applicable Collateral Percentage" in its
entirety and substituting in lieu thereof the following new definition:

                  "Applicable Collateral Percentage" shall mean:

                  (A)      prior to the occurrence of a Downgrade Trigger, (i)
         with respect to Agency Eligible Mortgage Loans (other than an FHA
         insured Mortgage Loan), 98%, (ii) with respect to Agency Eligible
         Mortgage Loans which are FHA insured Mortgage Loans and which have an
         LTV less than or equal to 98.75%, 98%, (iii) with respect to Agency
         Eligible Mortgage Loans which are FHA insured Mortgage Loans and which
         have an LTV greater than 98.75% but less than 100%, 95%, (iv) with
         respect to Non-Agency Mortgage Loans which are First Lien Mortgage
         Loans, 97%, (v) with respect to Non-Agency Mortgage Loans which are
         Second Lien Mortgage Loans, 90%, and with respect to Delinquent
         Mortgage Loans, 85%; and

                  (B)      on or after the occurrence of a Downgrade Trigger,
         (i) with respect to Agency Eligible Mortgage Loans (other than an FHA
         insured Mortgage Loan), 96%, (ii) with respect to Agency Eligible
         Mortgage Loans which are FHA insured Mortgage Loans and which have an
         LTV less than or equal to 98.75%, 96%, (iii) with respect to Agency

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         Eligible Mortgage Loans which are FHA insured Mortgage Loans and which
         have an LTV greater than 98.75% but less than 100%, 92%, (iv) with
         respect to Non-Agency Mortgage Loans which are First Lien Mortgage
         Loans, 94%, (v) with respect to Non-Agency Mortgage Loans which are
         Second Lien Mortgage Loans, 85%, and with respect to Delinquent
         Mortgage Loans, 75%."

                  1.2      Schedule 1 of the Existing Loan Agreement is hereby
amended by deleting paragraph (o) thereof in its entirety and substituting in
lieu thereof the following new paragraph (o):

                           "(o)     LTV; CLTV. No Agency Eligible Mortgage Loan
                  (other than an FHA insured Mortgage Loan, a VA guaranteed
                  Mortgage Loan, a Mortgage Loan originated in compliance with
                  Fannie Mae eligibility requirements or a Mortgage Loan which
                  is covered by a PMI Policy acceptable to the Lender in its
                  sole discretion) has an LTV greater than 80%. No Agency
                  Eligible Mortgage Loan that is a VA guaranteed Mortgage Loan
                  has an LTV greater than 97%. No Agency Eligible Mortgage Loan
                  that is originated in compliance with Fannie Mae eligibility
                  requirements has an LTV greater than 97%. No Agency Eligible
                  Mortgage Loan that is FHA Insured has an LTV greater than
                  100%. No Agency Eligible Mortgage Loan which is covered by a
                  PMI Policy acceptable to the Lender in its sole discretion has
                  an LTV greater than 95%. No Non-Agency Mortgage Loan has a
                  CLTV greater than 85%."

                  SECTION 2. Conditions Precedent. This Amendment shall become
effective on the date (the "Amendment Effective Date") on which the following
conditions precedent shall have been satisfied:

                  2.1      Delivered Documents. On the Amendment Effective Date,
the Lender shall have received the following documents, each of which shall be
satisfactory to the Lender in form and substance:

                           (a)      Amendment. This Amendment, executed and
         delivered by a duly authorized officer of the Borrower and the Lender;
         and

                           (b)      Other Documents. Such other documents as the
         Lender or counsel to the Lender may reasonably request.

                  2.2      No Default. On the Amendment Effective Date, (i) the
Borrower shall be in compliance with all the terms and provisions set forth in
the Existing Loan Agreement on its part to be observed or performed, (ii) the
representations and warranties made and restated by the Borrower pursuant to
Section 3 of this Amendment shall be true and complete on and as of such date
with the same force and effect as if made on and as of such date, and (iii) no
Default shall have occurred and be continuing on such date.

                  SECTION 3. Representations and Warranties. The Borrower hereby
represents and warrants to the Lender that it is in compliance with all the
terms and provisions set forth in the Loan Documents on its part to be observed
or performed, and that no Default has occurred or

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is continuing, and hereby confirms and reaffirms the representations and
warranties contained in Section 6 of the Loan Agreement.

                  SECTION 4. Limited Effect. Except as expressly amended and
modified by this Amendment, the Existing Loan Agreement shall continue to be,
and shall remain, in full force and effect in accordance with its terms;
provided, however, that reference therein and herein to the "Loan Documents"
shall be deemed to include, in any event, (i) the Existing Loan Agreement, (ii)
Amendment No. 1 to the Master Loan and security Agreement, (iii) this Amendment,
(iv) the Note, (v) the Custodial Agreement and (vi) the Blocked Account
Agreement. Each reference to the Loan Agreement in any of the Loan Documents
shall be deemed to be a reference to the Loan Agreement as amended hereby.

                  SECTION 5. Counterparts. This Amendment may be executed by
each of the parties hereto on any number of separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and
the same instrument.

                  SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.

<PAGE>   4

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered as of the day and year first above
written.

                                     BORROWER

                                     DORAL FINANCIAL CORPORATION

                                     By  /s/ Mario S. Levis
                                        ------------------------------
                                        Name:
                                        Title:

                                     LENDER

                                     MORGAN STANLEY DEAN WITTER
                                     MORTGAGE CAPITAL INC. (FORMERLY
                                     MORGAN STANLEY MORTGAGE
                                     CAPITAL INC.)

                                     By /s/ Marc Flamino
                                        ------------------------------
                                        Name:  Marc Flamino
                                        Title: Vice President<PAGE>   1

                                                                  EXHIBIT 10.105

                                 AMENDMENT NO. 3
                    TO THE MASTER LOAN AND SECURITY AGREEMENT

                  Amendment No. 3, dated as of December 22, 2000 (this
"Amendment"), to the Master Loan and Security Agreement, dated as of December
30, 1999 (as previously amended, supplemented or otherwise modified, the
"Existing Loan Agreement", and as amended hereby and as further amended,
supplemented or otherwise modified from time to time, the "Loan Agreement"),
between DORAL FINANCIAL CORPORATION (the "Borrower"), and MORGAN STANLEY DEAN
WITTER MORTGAGE CAPITAL INC. (formerly MORGAN STANLEY MORTGAGE CAPITAL INC.)
(the "Lender").

                                    RECITALS

                  The Borrower and the Lender are parties to the Existing Loan
Agreement. Capitalized terms used but not otherwise defined herein shall have
the meanings given to them in the Existing Loan Agreement.

                  The Borrower and the Lender have agreed, subject to the terms
and conditions of this Amendment, to amend certain provisions of the Existing
Loan Agreement. The Borrower and the Lender hereby agree, in consideration of
the mutual premises and mutual obligations set forth herein, that the Existing
Loan Agreement is hereby amended as follows:

                  SECTION 1. Amendments.

                  1.1      Section 1.01 of the Existing Loan Agreement is hereby
amended by deleting the definition of "Applicable Margin" in its entirety and
substituting in lieu thereof the following new definition:

                  "Applicable Margin' shall mean:

                  (A) prior to the occurrence of a Downgrade Trigger, the sum of
         the weighted average of the applicable rates per annum set forth below
         for each type of Eligible Mortgage Loan for each day that Loans shall
         be secured by such Eligible Mortgage Loans:

                  (i) Agency Eligible Mortgage Loans. The product of (a) a
         fraction equal to the Collateral Value of all Agency Eligible Mortgage
         Loans divided by the Collateral Value of all Eligible Mortgage Loans,
         multiplied by (b) 95 basis points;

                  (ii) Non-Agency Mortgage Loans. The product of (a) a fraction
         equal to the Collateral Value of all Non-Agency Mortgage Loans divided
         by the Collateral Value of all Eligible Mortgage Loans, multiplied by
         (b) 100 basis points.

                  (iii) Delinquent Mortgage Loans. The product of (a) a fraction
         equal to the Collateral Value of all Delinquent Mortgage Loans divided
         by the Collateral Value of all Eligible Mortgage Loans, multiplied by
         (b) 150 basis points; or

<PAGE>   2

                  (B) on or after the occurrence of a Downgrade Trigger, the sum
         of the weighted average of the applicable rates per annum set forth
         below for each type of Eligible Mortgage Loan for each day that Loans
         shall be secured by such Eligible Mortgage Loans:

                  (i) Agency Eligible Mortgage Loans. The product of (a) a
         fraction equal to the Collateral Value of all Agency Eligible Mortgage
         Loans divided by the Collateral Value of all Eligible Mortgage Loans,
         multiplied by (b) 110 basis points;

                  (ii) Non-Agency Mortgage Loans. The product of (a) a fraction
         equal to the Collateral Value of all Non-Agency Mortgage Loans divided
         by the Collateral Value of all Eligible Mortgage Loans, multiplied by
         (b) 130 basis points.

                  (iii) Delinquent Mortgage Loans. The product of (a) a fraction
         equal to the Collateral Value of all Delinquent Mortgage Loans divided
         by the Collateral Value of all Eligible Mortgage Loans, multiplied by
         (b) 175 basis points."

                  1.2      Section 1.01 of the Existing Loan Agreement is hereby
amended by deleting the definition of "Collateral Value" in its entirety and
substituting in lieu thereof the following new definition:

                  "Collateral Value" shall mean, with respect to each Eligible
         Mortgage Loan, the lesser of (a) the Applicable Collateral Percentage
         of the Market Value of such Mortgage Loan, and (b) 100% of the
         outstanding principal balance of such Mortgage Loan; provided, that,
         the following additional limitations on Collateral Value shall apply:

                  (i)      the aggregate Collateral Value of Delinquent Mortgage
         Loans may not exceed 2% of the aggregate principal amount of all Loans
         outstanding;

                  (ii)     the aggregate Collateral Value of Second Lien
         Mortgage Loans may not exceed 5% of the Maximum Credit;

                  (iii)    Collateral Value shall be deemed to be zero with
         respect to each Mortgage Loan (1) in respect of which there is a breach
         of a representation and warranty set forth on Schedule 1 (assuming each
         representation and warranty is made as of the date Collateral Value is
         determined), (2) in respect of which there is a delinquency in the
         payment of principal and/or interest which continues for a period in
         excess of 60 days (without regard to any applicable grace periods), (3)
         which remains pledged to the Lender hereunder later than 180 days after
         the date on which it is first included in the Collateral, (4) which has
         been released from the possession of the Custodian under the Custodial
         Agreement to the Borrower for a period in excess of 10 days, (5) which
         exceed the limitations on Collateral Value set forth in (i) above, or
         (6) in respect of which the related Agency MBS has been issued by the
         Agency."

                  1.3      Section 1.01 of the Existing Loan Agreement is hereby
amended by deleting the definition of "Termination Date" in its entirety and
substituting in lieu thereof the following new definition:

<PAGE>   3

                  "Termination Date" shall mean December 28, 2001 or such
         earlier date on which this Loan Agreement shall terminate in accordance
         with the provisions hereof or by operation of law."

                  SECTION 8. Conditions Precedent. This Amendment shall become
effective on the date (the "Amendment Effective Date") on which the following
conditions precedent shall have been satisfied:

                  2.1      Delivered Documents. On the Amendment Effective Date,
the Lender shall have received the following documents, each of which shall be
satisfactory to the Lender in form and substance:

                           (a)      Amendment. This Amendment, executed and
         delivered by a duly authorized officer of the Borrower and the Lender;

                           (b)      Legal Opinion. A legal opinion of outside
         counsel, in form and substance satisfactory to the Lender; and

                           (c)      Other Documents. Such other documents as the
         Lender or counsel to the Lender may reasonably request.

                  2.2      Facility Fee. On or prior to the Amendment Effective
Date, the Lender shall have received a facility fee equal to 8.75 basis points
(.0875%) of the Maximum Credit ($350,000), such payment to be made in Dollars,
in immediately available funds, without deduction, set-off or counterclaim, to
the Lender at the account set forth in Section 3.01 of the Existing Loan
Agreement.

                  2.3      No Default. On the Amendment Effective Date, (i) the
Borrower shall be in compliance with all the terms and provisions set forth in
the Existing Loan Agreement on its part to be observed or performed, (ii) the
representations and warranties made and restated by the Borrower pursuant to
Section 3 of this Amendment shall be true and complete on and as of such date
with the same force and effect as if made on and as of such date, and (iii) no
Default shall have occurred and be continuing on such date.

                  SECTION 3. Representations and Warranties. The Borrower hereby
represents and warrants to the Lender that it is in compliance with all the
terms and provisions set forth in the Loan Documents on its part to be observed
or performed, and that no Default has occurred or is continuing, and hereby
confirms and reaffirms the representations and warranties contained in Section 6
of the Loan Agreement.

                  SECTION 4. Limited Effect. Except as expressly amended and
modified by this Amendment, the Existing Loan Agreement shall continue to be,
and shall remain, in full force and effect in accordance with its terms;
provided, however, that reference therein and herein to the "Loan Documents"
shall be deemed to include, in any event, (i) the Existing Loan Agreement, (ii)
Amendment No. 1 to the Master Loan and Security Agreement, (iii) Amendment No. 2
to the Master Loan and Security Agreement, (iv) this Amendment, (v) the Note,
(vi) the Custodial Agreement and (vii) the Blocked Account Agreement. Each
reference to the Loan

<PAGE>   4

Agreement in any of the Loan Documents shall be deemed to be a reference to the
Loan Agreement as amended hereby.

                  SECTION 5. Counterparts. This Amendment may be executed by
each of the parties hereto on any number of separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and
the same instrument.

                  SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.

<PAGE>   5

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered as of the day and year first above
written.

                                    BORROWER

                                    DORAL FINANCIAL CORPORATION

                                    By /s/ Mario S. Levis
                                       ---------------------------
                                       Name:
                                       Title:

                                    LENDER

                                    MORGAN STANLEY DEAN WITTER
                                    MORTGAGE CAPITAL INC. (FORMERLY
                                    MORGAN STANLEY MORTGAGE
                                    CAPITAL INC.)

                                    By /s/ Marc Flamino
                                       ---------------------------
                                       Name:  Marc Flamino
                                       Title: Vice President

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