Document:

RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                         Dated as of September 1, 2000,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT
                          dated as of September 1, 2000

                 Mortgage Asset-Backed Pass-Through Certificates

                                Series 2000-QS11

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................3

        Section 1.01.Definitions............................................................3

        Section 1.02.Use of Words and Phrases..............................................11

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........12

        Section 2.01.Conveyance of Mortgage Loans.

                        (See Section 2.01 of the Standard Terms)...........................12

        Section 2.02.Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)......12

        Section 2.03.Representations, Warranties and

                        Covenants of the Master Servicer and the Company...................12

        Section 2.04.Representations and Warranties of Sellers.

                        (See Section 2.04 of the Standard Terms)...........................15

        Section 2.05.Execution and Authentication of Certificates..........................15

        Section 2.06.Negative Covenants of the Trust Fund..................................15

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................17

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................18

        Section 4.01.Certificate Account.  (See Section 4.01 of the Standard Terms)........18

        Section 4.02.Distributions.........................................................18

        Section 4.03.Statements to Certificateholders.(See Section 4.03 of the
               Standard        Terms and Exhibit Three attached hereto)....................27

        Section 4.04.................Distribution of Reports to the Trustee and the Company;

        Advances by the Master Servicer. (See Section 4.04 of the Standard Terms)..........27

        Section 4.05.Allocation of Realized Losses.........................................27

        Section 4.06.Reports of Foreclosures and Abandonment of Mortgaged Property.

                     (See Section 4.06 of the Standard Terms)..............................28

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans.

                     (See Section 4.07 of the Standard Terms)..............................28

        Section 4.08.Surety Bond. (See Section 4.08 of the Standard Terms).................28

Article V         THE CERTIFICATES.........................................................29

5.02              Registration of Transfer and Exchange of Certificates....................29

Article VI        THE COMPANY AND THE MASTER SERVICER......................................30

Article VII       DEFAULT..................................................................31

Article VIII      CONCERNING THE TRUSTEE...................................................32

Article IX        TERMINATION..............................................................33

Article X         REMIC PROVISIONS.........................................................34

        Section 10.01.REMIC Administration.  (See Section 10.01 of the Standard Terms).....34

        Section 10.02.....Master Servicer; REMIC Administrator and Trustee Indemnification.

                      (See Section 10.02 of the Standard Terms)............................34

Section 10.04.    Compliance with Withholding Requirements.................................34

Article XI        MISCELLANEOUS PROVISIONS.................................................35

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................35

        Section 11.02.Recordation of Agreement.  Counterparts.

                         (See Section 11.02 of the Standard Terms).........................35

        Section 11.03.Limitation on Rights of Certificateholders.

                              (See Section 11.03 of the Standard Terms)....................35

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........35

        Section 11.05.Notices..............................................................35

        Section 11.06.Required Notices to Rating Agency and Subservicer.

                         (See Section 11.06 of the Standard Terms).........................36

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
               Terms)......................................................................36

        Section 11.08.Supplemental Provisions for Resecuritization.

                         (See Section 11.08 of the Standard Terms).........................36

        Section 11.09.Allocation of Voting Rights..........................................36

        Section 11.10.No Petition..........................................................36

</TABLE>

1    The Certificates,  other than the Class A-P, Class A-V, Class B and Class R
     Certificates  shall be Book-Entry  Certificates.  The Class A-P, Class A-V,
     Class B and Class R Certificates  shall be delivered to the holders thereof
     in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-P,  Class
     B-1, Class B-2 and Class B-3  Certificates) in excess thereof,  except that
     one  Certificate of any of the Class A-P and Class B-1, Class B-2 and Class
     B-3 Certificates  that contain an uneven multiple of $1,000 shall be issued
     in a denomination equal to the sum of the related minimum  denomination set
     forth  above and such  uneven  multiple  for such  Class or the sum of such
     denomination and an integral multiple of $1,000.

3    Each  class of the  Class R  Certificates  shall  be  issuable  in  minimum
     denominations  of  not  less  than  a 20%  Percentage  Interest;  provided,
     however,  that one Class R  Certificate  will be  issuable  to  Residential
     Funding as "tax matters person"  pursuant to Section  10.01(c) and (e) in a
     minimum  denomination  representing a Percentage  Interest of not less than
     0.01%.

<PAGE>

                                    EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement Dated as of September 1, 2000

<PAGE>

        This is a Series Supplement,  dated as of September 1, 2000 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of September 1, 2000 and attached as Exhibit Four hereto (the  "Standard  Terms"
and, together with this Series Supplement, the "Pooling and Servicing Agreement"
or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC.,  as  the  company
(together with its permitted successors and assigns, the "Company"), RESIDENTIAL
FUNDING CORPORATION,  as master servicer (together with its permitted successors
and assigns,  the "Master  Servicer"),  and BANKERS  TRUST  COMPANY,  as Trustee
(together with its permitted successors and assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The  Company   intends  to  sell  mortgage   asset-backed   pass-through
certificates  (collectively,  the  "Certificates"),  to be issued  hereunder  in
multiple  classes,  which in the aggregate  will evidence the entire  beneficial
ownership  interest  in the  Mortgage  Loans.  As  provided  herein,  the  REMIC
Administrator  will make an  election  to treat the  entire  segregated  pool of
assets  described in the definition of Trust Fund, and subject to this Agreement
(including the Mortgage Loans but excluding the Initial  Monthly  Payment Fund),
as a real estate mortgage  investment conduit (a "REMIC") for federal income tax
purposes.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  All  capitalized  terms not otherwise  defined herein
shall  have the  meanings  set forth in the  Standard  Terms.  The  Pooling  and
Servicing Agreement shall be dated as of the date of the Series Supplement.

<PAGE>

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.

<TABLE>
<CAPTION>

                               Aggregate
                                Initial                                      Standard &
                              Certificate                                     Poor's /
               Pass-Through    Principal                       Maturity      -----------       Minimum
 Designation      Rate         Balance       Features1           Date           Fitch     Denominations2
                                      -
                                                             September 25,
<S>               <C>       <C>                                  <C>                         <C>
Class CB          7.50%     $59,841,000.00      Senior           2015          AAA/AAA       $25,000.00
Class NB          7.50%     $41,062,000.00      Senior       September 25,     AAA/AAA       $25,000.00
                                                                 2015
Class A-P         0.00%        $541,504.63       Principal   September 25,     AAA/AAA       $25,000.00
                                              Only/Senior        2015
Class A-V       Variable             $0.00(4)  Variable      September 25,     AAA/AAA            5
                  Rate3                      Rate/Interest       2015
                                              Only/Senior
Class R           7.50%            $100.00   Residual/Senior September 25,     AAA/AAA            3
                                                                 2015
Class M-1         7.50%                        Mezzanine     September 25,      NA/AA        $25,000.00
                            $2,922,500.00                        2015
Class M-2         7.50%      $531,100.00       Mezzanine     September 25,      NA/A         $250,000.00
                                                                 2015
Class M-3         7.50%      $531,100.00       Mezzanine     September 25,     NA/BBB        $250,000.00
                                                                 2015
Class B-1         7.50%      $318,700.00      Subordinate    September 25,      NA/BB        $250,000.00
                                                                 2015
Class B-2         7.50%      $212,500.00      Subordinate    September 25,      NA/B         $250,000.00
                                                                 2015
Class B-3         7.50%      $265,594.91      Subordinate    September 25,      NA/NA        $250,000.00
                                                                 2015

</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $106,226,099.54.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

<PAGE>

                                   Article I

                                   DEFINITIONS

Section 1.01...Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  None.

        Accrual Certificates:  None.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

     (A)  the greater of (i) 0.0006 times the aggregate principal balance of all
          the Mortgage Loans in the Mortgage Pool as of the Relevant Anniversary
          (other than Additional  Collateral Loans) having a Loan-to-Value Ratio
          at origination which exceeds 75% and (ii) $100,000; and

     (B)  the greater of (i) the  product of (x) an amount  equal to the largest
          difference  in  the  related   Monthly  Payment  for  any  Non-Primary
          Residence Loan  remaining in the Mortgage Pool (other than  Additional
          Collateral Loans) which had an original  Loan-to-Value Ratio of 80% or
          greater that would  result if the Net Mortgage  Rate thereof was equal
          to the  weighted  average  (based  on  the  principal  balance  of the
          Mortgage  Loans as of the  Relevant  Anniversary)  of the Net Mortgage
          Rates of all Mortgage Loans as of the Relevant  Anniversary less 1.25%
          per annum, (y) a number equal to the weighted  average  remaining term
          to maturity,  in months, of all Non-Primary  Residence Loans remaining
          in the Mortgage Pool as of the Relevant Anniversary,  and (z) one plus
          the  quotient  of  the  number  of  all  Non-Primary  Residence  Loans
          remaining  in the  Mortgage  Pool  divided  by  the  total  number  of
          Outstanding  Mortgage  Loans in the  Mortgage  Pool as of the Relevant
          Anniversary, and (ii) $50,000,

               over (2) the  aggregate  amount of  Bankruptcy  Losses  allocated
        solely to one or more  specific  Classes of  Certificates  in accordance
        with Section 4.05 since the Relevant Anniversary.

<PAGE>

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

     CB Loan Group: The group of Mortgage Loans comprised of the Group CB Loans.

     Certificate: Any Class CB, Class NB, Class A-P, Class A-V, Class M, Class B
or Class R Certificate.

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2000-QS11" and which must be an Eligible Account.

        Certificate Policy:  None.

        Class A-V Certificate:  Any one of the Class A-V Certificates,  executed
by the Trustee and authenticated by the Certificate  Registrar  substantially in
the form annexed to the Standard Terms as Exhibit A.

        Class CB Certificate: Any one of the Class CB Certificates,  executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form annexed to the Standard  Terms as Exhibit A, which  Certificates  relate to
the Group CB Loans.

        Class CB Percentage: As of any Distribution Date, the lesser of 100% and
a fraction,  expressed as a percentage,  the numerator of which is the aggregate
Certificate Principal Balance of the Class CB Certificates  immediately prior to
such  Distribution  Date and the  denominator  of which is the aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
(other than the related Discount Fraction of each Discount Mortgage Loan) in the
CB Loan Group immediately prior to such Distribution Date.

        Class CB Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount related to the CB
Loan Group  remaining  after the  distribution  of all  amounts  required  to be
distributed pursuant to Section  4.02(a)(i)(X) and after the distribution of the
portion of the amounts required to be distributed  therefrom pursuant to Section
4.02(a)(i)(Z)   and  after  the  distribution  of  the  amount  required  to  be
distributed   to  the  Class  A-P   Certificateholders   pursuant   to   Section
4.02(a)(ii)(X)  or, after the Credit Support Depletion Date, the amount required
to be  distributed  to the  Class A-P  Certificateholders  pursuant  to  Section
4.02(d), and (b) the sum of the amounts required to be distributed  therefrom to
the Class CB  Certificateholders  on such Distribution Date pursuant to Sections
4.02(a)(ii)(Y), 4.02(a)(ii)(Z) and 4.02(a)(xvii).

<PAGE>

        Class NB Certificate: Any one of the Class NB Certificates,  executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form annexed to the Standard  Terms as Exhibit A, which  Certificates  relate to
the Group NB Loans.

        Class NB Percentage: As of any Distribution Date, the lesser of 100% and
a fraction,  expressed as a percentage,  the numerator of which is the aggregate
Certificate  Principal  Balance  of  the  Class  NB  Certificates  and  Class  R
Certificates  immediately prior to such Distribution Date and the denominator of
which is the aggregate Stated Principal Balance of all of the Mortgage Loans (or
related  REO  Properties)  (other  than the  related  Discount  Fraction of each
Discount  Mortgage  Loan)  in  the NB  Loan  Group  immediately  prior  to  such
Distribution Date.

        Class NB Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount related to the NB
Loan Group  remaining  after the  distribution  of all  amounts  required  to be
distributed pursuant to Section  4.02(a)(i)(Y) and after the distribution of the
portion of the amounts required to be distributed  therefrom pursuant to Section
4.02(a)(i)(Z)   and  after  the  distribution  of  the  amount  required  to  be
distributed   to  the  Class  A-P   Certificateholders   pursuant   to   Section
4.02(a)(ii)(X)  or, after the Credit Support Depletion Date, the amount required
to be  distributed  to the  Class A-P  Certificateholders  pursuant  to  Section
4.02(d), and (b) the sum of the amounts required to be distributed  therefrom to
the  Class  NB  Certificateholders   and  Class  R  Certificateholders  on  such
Distribution   Date   pursuant  to  Sections   4.02(a)(ii)(Y),   4.02(a)(ii)(Z),
4.02(a)(xvii) and 4.02(a)(xviii).

        Class R Certificate: Any one of the Class R Certificates executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit D and evidencing an interest designated
as a "residual interest" in the REMIC for purposes of the REMIC Provisions.

        Closing Date:  September 29, 2000.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2000-QS11.

        Cut-off Date:  September 1, 2000.

        Discount Net Mortgage Rate:  7.50% per annum.

        Due Period:  With  respect to each  Distribution  Date and any  Mortgage
Loan, the period commencing on the second day of the month prior to the month in
which such  Distribution Date occurs and ending on the first day of the month in
which such Distribution Date occurs.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  hereof),  (iii) the Class A-P Principal Distribution
Amount (determined without regard to Section  4.02(b)(i)(E) hereof) and (iv) the
aggregate amount of Accrued  Certificate  Interest on the Class M, Class B-1 and
Class B-2 Certificates.

<PAGE>

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the first to the fifth anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most  recent  anniversary  of the  Cut-off  Date and (b)  1.00% of the
aggregate  outstanding  principal balance of all of the Mortgage Loans as of the
most recent  anniversary  of the Cut-off Date minus (2) the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance  with Section 4.05 since the most recent  anniversary  of the Cut-off
Date up to such date of determination. On and after the fifth anniversary of the
Cut-off Date, the Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

     Group CB Loans: The Mortgage Loans designated on the Mortgage Loan Schedule
as Group CB Loans.

     Group NB Loans: The Mortgage Loans designated on the Mortgage Loan Schedule
as Group NB Loans.

        Initial Monthly Payment Fund: $9,188,  representing  scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on October 1, 2000,  for those  Mortgage Loans for which the Trustee will not be
entitled to receive such payment.

        Initial Notional  Amount:  With respect to the Class A-V Certificates or
Subclass thereof issued pursuant to Section 5.01(c),  the aggregate Cut-off Date
Principal  Balance of the Mortgage  Loans  corresponding  to the  Uncertificated
Class A-V REMIC Regular Interests  represented by such Class or Subclass on such
date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate  Principal  Balance  of the such Class of  Subordinate  Certificates
divided by the aggregate Stated  Principal  Balance of all the Mortgage Loans as
of the Cut-off Date as follows:

        Class M-1: 2.75%            Class B-1: 0.30%
        Class M-2: 0.50%            Class B-2: 0.20%
        Class M-3: 0.50%            Class B-3: 0.25%

<PAGE>

     Interest  Accrual  Period:   With  respect  to  any  Certificates  and  any
Distribution  Date,  the  calendar  month  preceding  the  month in  which  such
Distribution Date occurs.

     Interest  Only  Certificates:  Any one of the Class A-V  Certificates.  The
Interest Only Certificates will have no Certificate Principal Balance.

        Loan Group: Either or both of the CB Loan Group or the NB Loan Group.

     Maturity  Date:  September  25, 2015,  the  Distribution  Date  immediately
following the latest scheduled maturity date of any Mortgage Loan.

        Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:

(i)     the Mortgage Loan identifying number ("RFC LOAN #");

(ii)              the street address of the Mortgaged Property (or, with respect
                  to a  Cooperative  Loan,  the related  Cooperative  Apartment)
                  including state and zip code ("ADDRESS");

(iii)   the maturity of the Mortgage Note ("MATURITY DATE");

(iv)    the Mortgage Rate ("ORIG RATE");

(v)     the Subservicer pass-through rate ("CURR NET");

(vi)    the Net Mortgage Rate ("NET MTG RT");

(vii)   the Pool Strip Rate ("STRIP");

(viii) the initial scheduled monthly payment of principal,  if any, and interest
     ("ORIGINAL P & I");

(ix)    the Cut-off Date Principal Balance ("PRINCIPAL BAL");

(x)     the Loan-to-Value Ratio at origination ("LTV");

(xi)              the rate at which the Subservicing Fee accrues ("SUBSERV FEE")
                  and at which the Servicing Fee accrues ("MSTR SERV FEE");

(xii)             a code  "T,"  "BT" or "CT"  under  the  column  "LN  FEATURE,"
                  indicating  that the  Mortgage  Loan is secured by a second or
                  vacation residence; and

(xiii)            a code "N" under the column "OCCP CODE,"  indicating  that the
                  Mortgage Loan is secured by a non-owner occupied residence.

<PAGE>

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

     NB Loan Group: The group of Mortgage Loans comprised of the Group NB Loans.

        Notional Amount: As of any Distribution  Date, with respect to any Class
A-V  Certificates or Subclass  thereof issued pursuant to Section  5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated  Class A-V REMIC Regular  Interests  represented by such Class or
Subclass immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the  Class A-V and Class A-P  Certificates),  Class M  Certificates  and Class B
Certificates  and any  Distribution  Date,  the per annum rates set forth in the
Preliminary  Statement hereto. With respect to the Class A-V Certificates (other
than any  Subclass  thereof)  and any  Distribution  Date,  a rate  equal to the
weighted  average,  expressed  as a  percentage,  of the Pool Strip Rates of all
Mortgage  Loans as of the Due Date in the related  Due  Period,  weighted on the
basis of the respective  Stated Principal  Balances of such Mortgage Loans as of
the day immediately  preceding such  Distribution  Date (or, with respect to the
initial  Distribution  Date, at the close of business on the Cut-off Date). With
respect to the Class A-V  Certificates  and the  initial  Distribution  Date the
Pass-Through Rate is equal to 0.8084% per annum. With respect to any Subclass of
Class A-V Certificates  and any Distribution  Date, a rate equal to the weighted
average,  expressed  as a  percentage,  of the Pool Strip Rates of all  Mortgage
Loans  corresponding  to the  Uncertificated  Class A-V REMIC Regular  Interests
represented  by such  Subclass  as of the Due Date in the  related  Due  Period,
weighted  on the  basis of the  respective  Stated  Principal  Balances  of such
Mortgage Loans as of the day immediately  preceding such  Distribution  Date (or
with respect to the initial  Distribution  Date, at the close of business on the
Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.

        Prepayment  Assumption:  With respect to the Class CB, Class A-P,  Class
A-V, Class M and Class B Certificates,  the prepayment assumption to be used for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on such  Certificates for federal income tax purposes,  which assumes a
constant  prepayment  rate of 4.0% per annum of the then  outstanding  principal
balance of the  related  Mortgage  Loans in the first  month of the life of such
Mortgage  Loans and an  additional  1.0909%  per annum in each month  thereafter
until the twelfth  month,  and  beginning in the twelfth month and in each month
thereafter during the life of the Mortgage Loans, a constant  prepayment rate of
16.0% per annum.  With  respect  to the Class NB  Certificates,  the  prepayment
assumption  used for  determining  the accrual of original  issue  discount  and
market  discount  and  premium  on such  Certificates  for  federal  income  tax
purposes,  which assumes a constant rate of prepayment of mortgage loans of 6.0%
per annum of the then  outstanding  principal  balance of such mortgage loans in
the first month of the life of the mortgage  loans,  increasing by an additional
1.2727%  per annum in each  succeeding  month  until the  twelfth  month,  and a
constant  20.0%  per annum  rate of  prepayment  thereafter  for the life of the
mortgage loans.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date and the Available Distribution Amount for each Loan Group and each Class of
Subordinate  Certificates,  under the applicable  circumstances set forth below,
the respective percentages set forth below:

<PAGE>

(i)  For any Distribution  Date prior to the  Distribution  Date in October 2005
     (unless the Certificate  Principal Balances of the Class CB Certificates or
     Class NB Certificates  and Class R Certificates,  as applicable,  have been
     reduced to zero), 0%.

(ii) For any Distribution Date for which clause (i) above does not apply, and on
     which any Class of Subordinate Certificates are outstanding:

(a)  in the case of the Class of Subordinate  Certificates then outstanding with
     the Highest  Priority and each other Class of Subordinate  Certificates for
     which the related  Prepayment  Distribution  Trigger has been satisfied,  a
     fraction,  expressed  as a  percentage,  the  numerator  of  which  is  the
     Certificate  Principal Balance of such Class immediately prior to such date
     and  the  denominator  of  which  is the sum of the  Certificate  Principal
     Balances  immediately  prior to such date of (1) the  Class of  Subordinate
     Certificates  then  outstanding with the Highest Priority and (2) all other
     Classes of Subordinate  Certificates  for which the  respective  Prepayment
     Distribution Triggers have been satisfied; and

(b)  in the case of each other Class of Subordinate  Certificates  for which the
     Prepayment
               Distribution Triggers have not been satisfied, 0%; and

(iii)Notwithstanding  the  foregoing,   if  the  application  of  the  foregoing
     percentages  on any  Distribution  Date as provided in Section 4.02 of this
     Series  Supplement  (determined  without  regard  to  the  proviso  to  the
     definition of "Subordinate  Principal Distribution Amount") would result in
     a  distribution  in  respect  of  principal  of any  Class  or  Classes  of
     Subordinate   Certificates   in  an  amount   greater  than  the  remaining
     Certificate Principal Balance thereof (any such class, a "Maturing Class"),
     then:  (a) the  Prepayment  Distribution  Percentage of each Maturing Class
     shall be reduced to a level that,  when applied as described  above,  would
     exactly reduce the Certificate Principal Balance of such Class to zero; (b)
     the Prepayment  Distribution  Percentage of each other Class of Subordinate
     Certificates (any such Class, a "Non-Maturing Class") shall be recalculated
     in  accordance  with the  provisions  in  paragraph  (ii) above,  as if the
     Certificate  Principal  Balance of each Maturing  Class had been reduced to
     zero (such percentage as recalculated,  the "Recalculated Percentage"); (c)
     the  total  amount  of  the  reductions  in  the  Prepayment   Distribution
     Percentages of the Maturing Class or Classes pursuant to clause (a) of this
     sentence,  expressed as an aggregate  percentage,  shall be allocated among
     the  Non-Maturing  Classes in proportion to their  respective  Recalculated
     Percentages  (the portion of such  aggregate  reduction so allocated to any
     Non-Maturing Class, the "Adjustment  Percentage");  and (d) for purposes of
     such  Distribution  Date,  the Prepayment  Distribution  Percentage of each
     Non-Maturing  Class  shall  be  equal  to the  sum of  (1)  the  Prepayment
     Distribution   Percentage  thereof,   calculated  in  accordance  with  the
     provisions in paragraph (ii) above as if the Certificate  Principal Balance
     of each Maturing  Class had not been reduced to zero,  plus (2) the related
     Adjustment Percentage.

        Principal Only Certificates:  Any one of the Class A-P Certificates.

<PAGE>

        Senior Certificate:  Any one of the Class CB, Class NB, Class A-P, Class
A-V or Class R Certificates,  executed by the Trustee and  authenticated  by the
Certificate Registrar substantially in the form annexed to the Standard Terms as
Exhibit A and Exhibit D.

     Senior  Percentage:  The Class CB  Percentage  or Class NB  Percentage,  as
applicable.

     Senior  Principal  Distribution  Amount:  Either of the Class CB  Principal
Distribution  Amount  or  the  Class  NB  Principal   Distribution   Amount,  as
applicable.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$1,932,190  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to 14.5%
(which  percentage  is equal to the  percentage  of Mortgage  Loans by aggregate
principal balance initially secured by Mortgaged Properties located in the State
of California) and (ii) the aggregate  outstanding  principal balance (as of the
immediately preceding Distribution Date) of the largest Mortgage Loan secured by
a Mortgaged  Property  (or,  with  respect to a  Cooperative  Loan,  the related
Cooperative Apartment) located in the State of California.

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and Loan Group and each Class of Subordinate Certificates, (a)
the sum of the  following:  (i)  such  Class's  pro  rata  share,  based  on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then

<PAGE>

outstanding,  of the aggregate of the amounts calculated  (without giving effect
to the related Senior  Percentages) for such  Distribution  Date for the related
Loan Group under  clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A)  to the
extent not payable to the Senior Certificates; (ii) such Class's pro rata share,
based  on the  Certificate  Principal  Balance  of  each  Class  of  Subordinate
Certificates then outstanding, of the principal collections described in Section
4.02(a)(ii)(Y)(B)(b)  for the related Loan Group  (without  giving effect to the
related  Senior  Accelerated  Distribution   Percentages)  to  the  extent  such
collections are not otherwise distributed to the Senior Certificates;  (iii) the
product  of (x)  the  related  Prepayment  Distribution  Percentage  and (y) the
aggregate of all Principal  Prepayments in Full and Curtailments received in the
related  Prepayment  Period for the related  Loan Group  (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the Highest Priority,  any Excess  Subordinate  Principal Amount for the related
Loan Group for such Distribution  Date; and (v) any amounts described in clauses
(i),  (ii) and (iii) as  determined  for any previous  Distribution  Date,  that
remain  undistributed  to the extent that such amounts are not  attributable  to
Realized Losses which have been allocated to a Class of Subordinate Certificates
minus (b) with respect to the Class of Subordinate  Certificates with the Lowest
Priority,  any Excess  Subordinate  Principal Amount for such Distribution Date;
provided,  however, that the Subordinate  Principal  Distribution Amount for any
Class of Subordinate  Certificates  on any  Distribution  Date shall in no event
exceed  the  outstanding   Certificate   Principal  Balance  of  such  Class  of
Certificates immediately prior to such date.

        Uncertificated Class A-V REMIC Regular Interests or Uncertificated REMIC
Regular Interests: The 865 uncertificated partial undivided beneficial ownership
interests in the Trust Fund, numbered  sequentially from 1 to 865, each relating
to a  particular  Mortgage  Loan  identified  by such  sequential  number on the
Mortgage  Loan  Schedule,  each having no  principal  balance,  and each bearing
interest at the respective  Pool Strip Rate on the Stated  Principal  Balance of
the related Mortgage Loan.

Section 1.02.  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

<PAGE>

                                   Article II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage  Loans.  (See Section 2.01 of the Standard
     Terms)

Section 2.02.  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)

Section 2.03.  Representations, Warranties and Covenants
                      of the Master Servicer and the Company.

(a) For  representations,  warranties and covenants of the Master Servicer,  see
Section 2.03(a) of the Standard Terms.

(b) The Company hereby represents and warrants to the Trustee for the benefit of
Certificateholders  that as of the  Closing  Date (or,  if  otherwise  specified
below, as of the date so specified):

(i)     No Mortgage  Loan is 30 or more days  Delinquent in payment of principal
        and  interest  as of the Cut-off  Date and no Mortgage  Loan has been so
        Delinquent  more than once in the  12-month  period prior to the Cut-off
        Date;

(ii)    The  information  set forth in Exhibit One hereto  with  respect to each
        Mortgage  Loan or the  Mortgage  Loans,  as the case may be, is true and
        correct in all material  respects at the date or dates  respecting which
        such information is furnished;

(iii)   The Mortgage Loans are fully-amortizing,  fixed-rate mortgage loans with
        level  Monthly  Payments due on the first day of each month and terms to
        maturity at origination or modification of not more than 15 years;

(iv) Except  with  respect to three  Additional  Collateral  Loans  representing
     approximately  0.02% of the  Mortgage  Loans,  each  Mortgage  Loan  with a
     Loan-to-Value  Ratio at  origination  in excess of 80% will be insured by a
     Primary  Insurance Policy covering at least 30% of the principal balance of
     the Mortgage  Loan at  origination  if the  Loan-to-Value  Ratio is between
     95.00% and 90.01%, at least 25% of the balance if the  Loan-to-Value  Ratio
     is  between  90.00%  and  85.01%  and at least  12% of the  balance  if the
     Loan-to-Value  Ratio  is  between  85.00%  and  80.01%.  To the best of the
     Company's  knowledge,  each such Primary  Insurance Policy is in full force
     and effect and the Trustee is entitled to the benefits thereunder;

(v)  The issuers of the Primary Insurance Policies are insurance companies whose
     claims-paying abilities are currently acceptable to each Rating Agency;

(vi) No more  than  0.5% of the  Group CB Loans by  aggregate  Stated  Principal
     Balance as of the Cut-off Date are secured by Mortgaged  Properties located
     in any one zip code area in California,  and no more than 0.7% of the Group
     CB Loans by aggregate Stated  Principal  Balance as of the Cut-off Date are

<PAGE>

     secured by  Mortgaged  Properties  located in any one zip code area outside
     California; and no more than 1.5% of the Group NB Loans by aggregate Stated
     Principal  Balance  as  of  the  Cut-off  Date  are  secured  by  Mortgaged
     Properties located in any one zip code area in California, and no more than
     2.3% of the Group NB Loans by aggregate Stated Principal  Balance as of the
     Cut-off  Date are secured by  Mortgaged  Properties  located in any one zip
     code area outside California;

(vii)   The improvements upon the Mortgaged  Properties are insured against loss
        by fire and other  hazards as required by the Program  Guide,  including
        flood  insurance if required under the National  Flood  Insurance Act of
        1968, as amended.  The Mortgage  requires the Mortgagor to maintain such
        casualty  insurance at the Mortgagor's  expense,  and on the Mortgagor's
        failure to do so,  authorizes  the holder of the  Mortgage to obtain and
        maintain  such  insurance  at  the  Mortgagor's   expense  and  to  seek
        reimbursement therefor from the Mortgagor;

(viii)  Immediately  prior  to the  assignment  of  the  Mortgage  Loans  to the
        Trustee,  the Company had good title to, and was the sole owner of, each
        Mortgage  Loan  free  and  clear of any  pledge,  lien,  encumbrance  or
        security   interest   (other  than  rights  to  servicing   and  related
        compensation)  and such assignment  validly  transfers  ownership of the
        Mortgage  Loans to the  Trustee  free and  clear  of any  pledge,  lien,
        encumbrance or security interest;

(ix) Approximately  67.57% of the Group CB Loans by aggregate  Stated  Principal
     Balance  as of the  Cut-off  Date were  underwritten  under a reduced  loan
     documentation  program,  approximately  18.90%  of the  Group  CB  Loans by
     aggregate Stated Principal Balance as of the Cut-off Date were underwritten
     under a no-stated income program,  and approximately  4.64% of the Group CB
     Loans by  aggregate  Stated  Principal  Balance as of the Cut-off Date were
     underwritten under a no income/no asset program;  and approximately  69.19%
     of the  Group NB Loans by  aggregate  Stated  Principal  Balance  as of the
     Cut-off Date were underwritten under a reduced loan documentation  program,
     approximately  11.72% of the Group NB Loans by aggregate  Stated  Principal
     Balance as of the Cut-off Date were  underwritten  under a no-stated income
     program,  and none of the  Group NB Loans  by  aggregate  Stated  Principal
     Balance as of the Cut-off Date were underwritten under a no income/no asset
     program;

(x)     Except  with  respect to  approximately  34.09% of the Group CB Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date,  and
        approximately  2.82% of the Group NB Loans by aggregate Stated Principal
        Balance as of the Cut-off Date,  the Mortgagor  represented  in its loan
        application with respect to the related Mortgage Loan that the Mortgaged
        Property would be owner-occupied;

(xi)    None of the Mortgage Loans are Buy-Down Mortgage Loans;

(xii)   Each  Mortgage  Loan  constitutes  a qualified  mortgage  under  Section
        860G(a)(3)(A)   of   the   Code   and   Treasury   Regulations   Section
        1.860G-2(a)(1);

<PAGE>

(xiii)  A policy of title  insurance  was  effective  as of the  closing of each
        Mortgage  Loan and is valid and  binding  and  remains in full force and
        effect, unless the Mortgaged Properties are located in the State of Iowa
        and an  attorney's  certificate  has been  provided as  described in the
        Program Guide;

(xiv)   One of the  Mortgage  Loans is a  Cooperative  Loan;  with  respect to a
        Mortgage Loan that is a Cooperative  Loan, the Cooperative Stock that is
        pledged  as  security  for the  Mortgage  Loan is held by a person  as a
        tenant-stockholder  (as  defined  in  Section  216  of  the  Code)  in a
        cooperative housing corporation (as defined in Section 216 of the Code);

(xv) With  respect  to each  Mortgage  Loan  originated  under  a  "streamlined"
     Mortgage  Loan  program  (through  which no new or  updated  appraisals  of
     Mortgaged  Properties  are  obtained  in  connection  with the  refinancing
     thereof),  the related Seller has represented  that either (a) the value of
     the  related  Mortgaged  Property  as of the  date  the  Mortgage  Loan was
     originated  was not less than the  appraised  value of such property at the
     time  of  origination   of  the   refinanced   Mortgage  Loan  or  (b)  the
     Loan-to-Value  Ratio of the Mortgage Loan as of the date of  origination of
     the Mortgage Loan generally meets the Company's underwriting guidelines;

(xvi)Interest  on each  Mortgage  Loan is  calculated  on the basis of a 360-day
     year consisting of twelve 30-day months;

(xvii) One  of the  Mortgage  Loans  contains  in the  related  Mortgage  File a
     Destroyed Mortgage Note;

(xviii) No more  than  0.7% of the Group CB Loans and none of the Group NB Loans
        by aggregate Stated  Principal  Balance as of the Cut-off Date will have
        been made to International  Borrowers, and no such Mortgagor is a member
        of a foreign diplomatic mission with diplomatic rank;

(xix)   No Mortgage  Loan provides for payments that are subject to reduction by
        withholding  taxes levied by any foreign  (non-United  States) sovereign
        government; and

(xx)    Three Mortgage Loans,  representing  approximately  0.2% of the Mortgage
        Loans,  are Additional  Collateral  Loans and none of the Mortgage Loans
        are Pledged Asset Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material

<PAGE>

respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and
agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

Section 2.04.  Representations  and Warranties of Sellers.  (See Section 2.04 of
     the Standard Terms)

Section 2.05.  Execution and Authentication of Certificates.

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund and/or the applicable REMIC,  receipt of which
is  hereby  acknowledged.  Concurrently  with  such  delivery  and  in  exchange
therefor,  the Trustee,  pursuant to the written request of the Company executed
by an officer of the Company,  has executed and caused to be  authenticated  and
delivered  to or upon the order of the Company the  Certificates  in  authorized
denominations that evidence ownership of the entire Trust Fund.

Section 2.06.  Negative Covenants of the Trust Fund.

               Except as otherwise  expressly  permitted by this Agreement,  the
Trust Fund shall not:

(a) sell,  transfer,  exchange or otherwise  dispose of any of the assets of the
Trust Fund;

(b)     dissolve or liquidate in whole or in part;

(c) engage, directly or indirectly,  in any business other than that arising out
of the issue of the Certificates, and the actions contemplated or required to be
performed under this Agreement;

(d) incur,  create or assume any  indebtedness for borrowed money other than the
Certificates;

<PAGE>

(e) voluntarily file a petition for bankruptcy,  reorganization,  assignment for
the benefit of creditors or similar proceeding; or

(f) merge, convert or consolidate with any other Person.

<PAGE>

                                  Article III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

                     (See Article III of the Standard Terms)

<PAGE>

                                   Article IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.  (See Section 4.01 of the Standard Terms)

Section 4.02.  Distributions.

(a) On each  Distribution  Date (x) the Master Servicer on behalf of the Trustee
or (y) the Paying Agent appointed by the Trustee, shall distribute to the Master
Servicer,  in the case of a distribution  pursuant to Section 4.02(a)(iv) below,
the amount  required to be distributed to the Master  Servicer or a Sub-Servicer
pursuant to Section 4.02(a)(iv) below, and to each  Certificateholder  of record
on the next  preceding  Record Date  (other  than as  provided  in Section  9.01
respecting the final  distribution)  either in immediately  available  funds (by
wire transfer or otherwise) to the account of such  Certificateholder  at a bank
or   other   entity   having   appropriate    facilities   therefor,   if   such
Certificateholder  has so notified the Master  Servicer or the Paying Agent,  as
the case may be, or, if such  Certificateholder  has not so notified  the Master
Servicer  or the  Paying  Agent by the  Record  Date,  by check  mailed  to such
Certificateholder  at the address of such Holder  appearing  in the  Certificate
Register  such  Certificateholder's  share (which share (A) with respect to each
Class of Certificates  (other than any Subclass of the Class A-V  Certificates),
shall be based on the  aggregate  of the  Percentage  Interests  represented  by
Certificates of the applicable  Class held by such Holder or (B) with respect to
any  Subclass  of the Class A-V  Certificates,  shall be equal to the amount (if
any)  distributed  pursuant  to Section  4.02  (a)(i)  below to each Holder of a
Subclass thereof) of the following  amounts,  in the following order of priority
(subject to the provisions of Section 4.02(b) below), in each case to the extent
of the related or specified Available  Distribution Amount remaining in the case
of clauses (i) through  (iii),  and to the extent of the Available  Distribution
Amount  for both Loan  Groups  remaining  in the case of  clauses  (iv)  through
(xviii):

(i)     (X) from the Available Distribution Amount related to the CB Loan Group,
        to the Class CB Certificateholders, Accrued Certificate Interest on such
        Class of  Certificates  for such  Distribution  Date,  plus any  Accrued
        Certificate   Interest  thereon   remaining  unpaid  from  any  previous
        Distribution  Date  except as  provided  in the last  paragraph  of this
        Section 4.02(a);

                      (Y) from the Available  Distribution Amount related to the
        NB  Loan  Group,  to  the  Class  NB  Certificateholders   and  Class  R
        Certificateholders,  on a pro rata basis  based on  Accrued  Certificate
        Interest payable on such  Certificates with respect to such Distribution
        Date, Accrued  Certificate  Interest on such Classes of Certificates (or
        Subclasses, if any, with respect to the Class A-V Certificates) for such
        Distribution  Date,  plus  any  Accrued  Certificate   Interest  thereon
        remaining unpaid from any previous  Distribution Date except as provided
        in the last paragraph of this Section 4.02(a); and

                      (Z) from the Available  Distribution  Amount  derived from
        the related Loan Group, on a parity with the  distributions  in Sections
        4.02(a)(i)(X)  and  4.02(a)(i)(Y),  as  applicable,  to  the  Class  A-V
        Certificates  in  proportion  to  the  respective   amounts  of  Accrued
        Certificate  Interest  thereon  derived  from each Loan  Group,  Accrued
        Certificate  Interest on the Class A-V Certificates with respect to such
        Distribution  Date and  derived  from the related  Loan Group,  plus any
        Accrued Certificate  Interest thereon remaining unpaid from any previous
        Distribution  Date with respect to such Loan Group except as provided in
        the last paragraph of this Section 4.02(a);

<PAGE>

(ii)    (X) to the  Class  A-P  Certificates,  from the  Available  Distribution
        Amount for each Loan Group in  proportion to the  respective  amounts of
        the Class  A-P  Principal  Distribution  Amount  derived  from each Loan
        Group, the Class A-P Principal Distribution Amount; and

                      (Y) to the Senior  Certificates  (other than the Class A-P
        Certificates),  in the  priorities  and  amounts  set  forth in  Section
        4.02(b)  through  (e), the sum of the  following  (applied to reduce the
        Certificate   Principal  Balances  of  such  Senior   Certificates,   as
        applicable):

(A)            the related Senior  Percentage for such  Distribution  Date times
               the sum of the following:

(1)  the  principal  portion of each Monthly  Payment due during the related Due
     Period on each  Outstanding  Mortgage Loan in the related Loan Group (other
     than the related Discount Fraction of the principal portion of such payment
     with respect to a Discount  Mortgage  Loan),  whether or not received on or
     prior to the related Determination Date, minus the principal portion of any
     Debt Service  Reduction  (other than the related  Discount  Fraction of the
     principal  portion of such Debt  Service  Reductions  with  respect to each
     Discount Mortgage Loan) which together with other Bankruptcy Losses exceeds
     the Bankruptcy Amount;

(2)  the Stated Principal Balance of any Mortgage Loan in the related Loan Group
     repurchased during the related Prepayment Period (or deemed to have been so
     repurchased in accordance with Section  3.07(b))  pursuant to Section 2.02,
     2.03,  2.04 or 4.07  and  the  amount  of any  shortfall  deposited  in the
     Custodial Account in connection with the substitution of a Deleted Mortgage
     Loan in such Loan Group pursuant to Section 2.03 or 2.04 during the related
     Prepayment  Period (other than the related Discount Fraction of such Stated
     Principal  Balance or  shortfall  with  respect to each  Discount  Mortgage
     Loan); and

(3)  the principal portion of all other unscheduled  collections with respect to
     the  related  Loan Group  (other  than  Principal  Prepayments  in Full and
     Curtailments  and amounts received in connection with a Cash Liquidation or
     REO  Disposition of a Mortgage Loan described in Section  4.02(a)(ii)(Y)(B)
     of this Series Supplement, including without limitation Insurance Proceeds,
     Liquidation   Proceeds  and  REO  Proceeds)  received  during  the  related
     Prepayment  Period (or deemed to have been so received in  accordance  with
     Section  3.07(b) of the Standard Terms) to the extent applied by the Master
     Servicer as recoveries  of principal of the related  Mortgage Loan pursuant

<PAGE>

     to Section  3.14 of the  Standard  Terms  (other than the related  Discount
     Fraction of the principal  portion of such  unscheduled  collections,  with
     respect to each Discount Mortgage Loan);

(B)  with  respect to each  Mortgage  Loan in the related Loan Group for which a
     Cash  Liquidation  or  a  REO  Disposition   occurred  during  the  related
     Prepayment  Period (or was deemed to have  occurred  during  such period in
     accordance  with Section  3.07(b) of the Standard Terms) and did not result
     in any Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
     Losses or  Extraordinary  Losses,  an amount equal to the lesser of (a) the
     related  Senior  Percentage  for such  Distribution  Date  times the Stated
     Principal  Balance of such Mortgage  Loan (other than the related  Discount
     Fraction of such Stated  Principal  Balance,  with respect to each Discount
     Mortgage  Loan)  and  (b)  the  related  Senior  Accelerated   Distribution
     Percentage  for  such  Distribution  Date  times  the  related  unscheduled
     collections  (including without limitation Insurance Proceeds,  Liquidation
     Proceeds and REO Proceeds) to the extent applied by the Master  Servicer as
     recoveries  of principal of the related  Mortgage  Loan pursuant to Section
     3.14 of the  Standard  Terms (in each case other  than the  portion of such
     unscheduled collections, with respect to a Discount Mortgage Loan, included
     in Section 4.02(b)(i)(C) of this Series Supplement);

(C)  the  related   Senior   Accelerated   Distribution   Percentage   for  such
     Distribution Date times the aggregate of all Principal  Prepayments in Full
     and  Curtailments  with respect to the related  Loan Group  received in the
     related Prepayment Period (other than the related Discount Fraction of such
     Principal  Prepayments  in Full  and  Curtailments,  with  respect  to each
     Discount Mortgage Loan);

(D)  any  portion  of  the  Excess   Subordinate   Principal   Amount  for  such
     Distribution Date allocated to the related Loan Group; and

(E)  any amounts  described in subsection  (ii)(Y),  clauses (A), (B) and (C) of
     this Section  4.02(a),  as determined for any previous  Distribution  Date,
     which remain unpaid after  application  of amounts  previously  distributed
     pursuant  to this  clause  (E) to the  extent  that  such  amounts  are not
     attributable   to  Realized   Losses  which  have  been  allocated  to  the
     Subordinate Certificates; and

                      (Z)  to  the   Holders   of  the  Class  CB  or  Class  NB
        Certificates, as applicable, amounts required to be distributed pursuant
        to Section 4.02(c);

(iii)if the aggregate  Certificate Principal Balance of the Class CB or Class NB
     Certificates  and Class R Certificates is greater than the aggregate Stated
     Principal  Balance of the  Mortgage  Loans in the related Loan Group (other
     than the related  Discount  Fraction of each Discount  Mortgage Loan in the
     related Loan Group) and the Class M  Certificates  or Class B  Certificates
     are still outstanding, in each case after giving effect to distributions to
     be made on such Distribution  Date, to the Holders of such Class or Classes

<PAGE>

     of Class  CB or  Class NB  Certificates,  an  amount  equal to one  month's
     interest at a rate equal to the Discount Net Mortgage Rate on the amount of
     the difference between the aggregate  Certificate Principal Balance of such
     Class or Classes of Class CB or Class NB Certificates,  as applicable,  and
     the aggregate Stated Principal  Balance of its related Loan Group, from the
     Available  Distribution  Amount for the other Loan Group,  applied first to
     pay  Accrued  Certificate  Interest  on such  Class or  Classes of Class CB
     Certificates  or Class NB  Certificates  and Class R Certificates  on a pro
     rata basis to the extent not paid on such  Distribution  Date  pursuant  to
     Section  4.02(a)(i),  and then to pay principal on such Class or Classes of
     Class CB Certificates or Class NB Certificates  and Class R Certificates in
     accordance  with the  priorities  set forth in Section  4.02(b),  until the
     Certificate  Principal  Balance of such Class CB  Certificates  or Class NB
     Certificates  and Class R  Certificates  is equal to the  aggregate  Stated
     Principal Balance of the Mortgage Loans in the related Loan Group;

(iv) if the Certificate Principal Balances of the Subordinate  Certificates have
     not been  reduced to zero,  to the Master  Servicer or a  Sub-Servicer,  by
     remitting  for deposit to the  Custodial  Account,  to the extent of and in
     reimbursement  for any Advances or  Sub-Servicer  Advances  previously made
     with respect to any Mortgage Loan or REO Property which remain unreimbursed
     in whole or in part following the Cash  Liquidation  or REO  Disposition of
     such Mortgage Loan or REO Property,  minus any such Advances that were made
     with respect to delinquencies  that ultimately  constituted  Excess Special
     Hazard  Losses,   Excess  Fraud  Losses,   Excess   Bankruptcy   Losses  or
     Extraordinary Losses;

(v)     to the Holders of the Class M-1  Certificates,  the Accrued  Certificate
        Interest   thereon  for  such   Distribution   Date,  plus  any  Accrued
        Certificate   Interest  thereon   remaining  unpaid  from  any  previous
        Distribution Date, except as provided below;

(vi) to the Holders of the Class M-1  Certificates,  an amount  equal to (x) the
     Subordinate  Principal  Distribution  Amount for such Class of Certificates
     for each Loan Group for such Distribution Date, minus (y) the amount of any
     Class A-P  Collection  Shortfalls for such  Distribution  Date or remaining
     unpaid for all  previous  Distribution  Dates,  to the  extent the  amounts
     available  pursuant to clause (x) of Sections  4.02(a)(viii),  (x),  (xii),
     (xiv), (xv) and (xvi) of this Series Supplement are insufficient  therefor,
     applied in reduction of the Certificate  Principal Balance of the Class M-1
     Certificates;

(vii)   to the Holders of the Class M-2  Certificates,  the Accrued  Certificate
        Interest   thereon  for  such   Distribution   Date,  plus  any  Accrued
        Certificate   Interest  thereon   remaining  unpaid  from  any  previous
        Distribution Date, except as provided below;

(viii)  to the Holders of the Class M-2 Certificates, an amount equal to (x) the
        Subordinate Principal Distribution Amount for such Class of Certificates
        for each Loan Group for such Distribution  Date, minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts available pursuant to clause (x) of Sections 4.02(a) (x), (xii),
        (xiv), (xv) and (xvi) are insufficient therefor, applied in reduction of
        the Certificate Principal Balance of the Class M-2 Certificates;

<PAGE>

(ix)    to the Holders of the Class M-3  Certificates,  the Accrued  Certificate
        Interest   thereon  for  such   Distribution   Date,  plus  any  Accrued
        Certificate   Interest  thereon   remaining  unpaid  from  any  previous
        Distribution Date, except as provided below;

(x)     to the Holders of the Class M-3 Certificates, an amount equal to (x) the
        Subordinate Principal Distribution Amount for such Class of Certificates
        for each Loan Group for such  Distribution  Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts  available  pursuant  to clause  (x) of  Sections  4.02(a)(xii),
        (xiv), (xv) and (xvi) are insufficient therefor, applied in reduction of
        the Certificate Principal Balance of the Class M-3 Certificates;

(xi)    to the Holders of the Class B-1  Certificates,  the Accrued  Certificate
        Interest   thereon  for  such   Distribution   Date,  plus  any  Accrued
        Certificate   Interest  thereon   remaining  unpaid  from  any  previous
        Distribution Date, except as provided below;

(xii)   to the Holders of the Class B-1 Certificates, an amount equal to (x) the
        Subordinate Principal Distribution Amount for such Class of Certificates
        for each Loan Group for such  Distribution  Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts available pursuant to clause (x) of Sections 4.02(a)(xiv),  (xv)
        and  (xvi)  are  insufficient  therefor,  applied  in  reduction  of the
        Certificate Principal Balance of the Class B-1 Certificates;

(xiii)  to the Holders of the Class B-2  Certificates,  the Accrued  Certificate
        Interest   thereon  for  such   Distribution   Date,  plus  any  Accrued
        Certificate   Interest  thereon   remaining  unpaid  from  any  previous
        Distribution Date, except as provided below;

(xiv)   to the Holders of the Class B-2 Certificates, an amount equal to (x) the
        Subordinate Principal Distribution Amount for such Class of Certificates
        for each Loan Group for such  Distribution  Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts  available  pursuant to clause (x) of Sections  4.02(a)(xv)  and
        (xvi) are insufficient therefor, applied in reduction of the Certificate
        Principal Balance of the Class B-2 Certificates;

(xv)    to the Holders of the Class B-3 Certificates, an amount equal to (x) the
        Accrued  Certificate  Interest thereon for such Distribution  Date, plus
        any  Accrued  Certificate  Interest  thereon  remaining  unpaid from any
        previous  Distribution  Date,  except as provided  below,  minus (y) the
        amount of any Class A-P Collection Shortfalls for such Distribution Date
        or remaining unpaid for all previous  Distribution  Dates, to the extent
        the amounts  available  pursuant to clause (x) of Section  4.02(a) (xvi)
        are insufficient therefor;

(xvi)   to the Holders of the Class B-3 Certificates, an amount equal to (x) the
        Subordinate Principal Distribution Amount for such Class of Certificates
        for each Loan Group for such  Distribution  Date minus (y) the amount of
        any  Class  A-P  Collection  Shortfalls  for such  Distribution  Date or
        remaining  unpaid  for  all  previous   Distribution  Dates  applied  in
        reduction  of  the  Certificate  Principal  Balance  of  the  Class  B-3
        Certificates;

<PAGE>

(xvii)  to the Senior Certificates, on a pro rata basis in accordance with their
        respective  outstanding  Certificate Principal Balances, the portion, if
        any, of the Available Distribution Amounts for each Loan Group remaining
        after the  foregoing  distributions,  applied to reduce the  Certificate
        Principal  Balances  of such Senior  Certificates,  but in no event more
        than the aggregate of the outstanding  Certificate Principal Balances of
        each such Class of Senior Certificates, and thereafter, to each Class of
        Subordinate Certificates then outstanding beginning with such Class with
        the Highest Priority,  any portion of the Available Distribution Amounts
        for each Loan Group  remaining after the Senior  Certificates  have been
        retired,  applied to reduce the  Certificate  Principal  Balance of each
        such Class of  Subordinate  Certificates,  but in no event more than the
        outstanding   Certificate  Principal  Balance  of  each  such  Class  of
        Subordinate Certificates; and

(xviii) to the Class R  Certificates,  the  balance,  if any,  of the  Available
        Distribution Amounts for both Loan Groups.

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent that such unpaid Accrued Certificate  Interest was attributable to
interest  shortfalls  relating to the failure of the Master Servicer to make any
required Advance,  or the determination by the Master Servicer that any proposed
Advance would be a  Nonrecoverable  Advance with respect to the related Mortgage
Loan where such Mortgage Loan has not yet been the subject of a Cash Liquidation
or REO Disposition or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

(b)  Distributions of principal on the Senior  Certificates on each Distribution
Date  occurring  prior to the  Credit  Support  Depletion  Date  will be made as
follows:

(i)     first, to the Class A-P  Certificates,  until the Certificate  Principal
        Balance  thereof is reduced to zero, an amount (the "Class A-P Principal
        Distribution Amount") equal to the aggregate of:

               (A) the related  Discount  Fraction of the  principal  portion of
          each Monthly  Payment on each  Discount  Mortgage  Loan due during the
          related Due Period, whether or not received on or prior to the related
          Determination  Date,  minus the  Discount  Fraction  of the  principal
          portion of any related  Debt Service  Reduction  which  together  with
          other Bankruptcy Losses exceeds the Bankruptcy Amount;

               (B) the related Discount Fraction of the principal portion of all
          unscheduled collections on each Discount Mortgage Loan received during
          the  preceding   calendar  month  (other  than  amounts   received  in
          connection  with a Cash  Liquidation or REO  Disposition of a Discount

<PAGE>

          Mortgage  Loan  described  in clause (C) below),  including  Principal
          Prepayments in Full,  Curtailments and repurchases  (including  deemed
          repurchases  under Section  3.07(b) of the Standard Terms) of Discount
          Mortgage  Loans  (or,  in the  case  of a  substitution  of a  Deleted
          Mortgage  Loan,  the Discount  Fraction of the amount of any shortfall
          deposited  in  the   Custodial   Account  in   connection   with  such
          substitution);

               (C) in connection with the Cash Liquidation or REO Disposition of
          a Discount  Mortgage  Loan that did not  result in any Excess  Special
          Hazard  Losses,  Excess  Fraud  Losses,  Excess  Bankruptcy  Losses or
          Extraordinary  Losses,  an  amount  equal  to the  lesser  of (1)  the
          applicable  Discount  Fraction of the Stated Principal Balance of such
          Discount Mortgage Loan immediately prior to such Distribution Date and
          (2) the aggregate  amount of the  collections on such Mortgage Loan to
          the extent applied as recoveries of principal;

               (D)  any  amounts   allocable  to  principal   for  any  previous
          Distribution  Date  (calculated  pursuant  to clauses  (A) through (C)
          above) that remain undistributed; and

               (E) the amount of any Class A-P  Collection  Shortfalls  for such
          Distribution   Date  and  the  amount  of  any  Class  A-P  Collection
          Shortfalls  remaining unpaid for all previous  Distribution Dates, but
          only to the extent of the Eligible Funds for such Distribution Date;

          (ii)  concurrently  with the  distribution  described  in clause (iii)
     below, the Class CB Principal  Distribution  Amount shall be distributed to
     the Class CB Certificates  until the Certificate  Principal Balance thereof
     has been reduced to zero; and

          (iii) the Class NB Principal  Distribution Amount shall be distributed
     as follows:

                      (A)    first,  to  the  Class  R  Certificates  until  the
                             Certificate  Principal  Balance  thereof  has  been
                             reduced to zero; and

                      (B)    second,  to the  Class NB  Certificates  until  the
                             Certificate  Principal  Balance  thereof  has  been
                             reduced to zero.

(c) Prior to the occurrence of the Credit  Support  Depletion Date but after the
reduction of the Certificate  Principal Balances of the Class CB Certificates or
Class NB  Certificates  and Class R Certificates to zero, the remaining Class CB
Certificates or Class NB Certificates  and Class R Certificates,  as applicable,
will be entitled to receive, in addition to any Mortgagor prepayments related to
such Certificates'  respective Loan Group, 100% of the Mortgagor  prepayments on
the  Mortgage  Loans  in the  other  Loan  Group,  and in  accordance  with  the
priorities  set forth in clause (b) above,  and in reduction of the  Certificate
Principal  Balances  thereof,  on any Distribution  Date unless (i) the weighted
average of the  Subordinate  Percentages  for both Loan Groups,  weighted on the
basis of the Stated Principal Balances of the Mortgage Loans in the related Loan
Group,  is at least two times the  weighted  average of the initial  Subordinate
Percentages  for  both  Loan  Groups  (calculated  on such  basis)  and (ii) the
outstanding  principal  balance  of the  Mortgage  Loans  in  both  Loan  Groups
delinquent 60 days or more averaged over the last six months, as a percentage of

<PAGE>

the  aggregate  outstanding  Certificate  Principal  Balance of the  Subordinate
Certificates,  is less than 50%. In addition,  on any Distribution Date prior to
the Credit Support Depletion Date on which the aggregate  Certificate  Principal
Balance  of the  Class CB  Certificates  or Class NB  Certificates  and  Class R
Certificates,  as  applicable,  is greater than the aggregate  Stated  Principal
Balance  of the  Mortgage  Loans in the  related  Loan  Group in each case after
giving effect to distributions to be made on such Distribution Date, 100% of the
Mortgagor prepayments allocable to the Subordinate  Certificates on the Mortgage
Loans in the other Loan Group  will be  distributed  to such class or classes of
Class CB  Certificates or Class NB  Certificates  and Class R  Certificates,  as
applicable, and in accordance with the priorities set forth in clause (b) above,
and in  reduction  of the  Certificate  Principal  Balances  thereof,  until the
aggregate Certificate Principal Balance of such Class or Classes of Certificates
equals the  aggregate  Stated  Principal  Balance of the  Mortgage  Loans in the
related Loan Group.

(d) On or after the Credit Support  Depletion  Date, all priorities  relating to
distributions  as  described  in Section  4.02(b)  above in respect of principal
among the  various  classes  of Senior  Certificates  (other  than the Class A-P
Certificates)  will be  disregarded,  and (i) the  remaining  Class CB Principal
Distribution  Amount will be distributed to the Class CB Certificates,  (ii) the
remaining  Class NB Principal  Distribution  Amount will be  distributed  to the
Class NB Certificates and Class R Certificates pro rata in accordance with their
respective  outstanding  Certificate  Principal  Balances,  (iii) the amount set
forth in Section  4.02(a)(i) will be distributed as set forth therein,  and (iv)
an amount equal to the Discount  Fraction of the principal  portion of scheduled
payments and unscheduled collections received or advanced in respect of Discount
Mortgage  Loans  will be  distributed  to the Class A-P  Certificates,  from the
Available  Distribution  Amount  for  each  Loan  Group  in  proportion  to  the
respective amounts of the Class A-P Principal  Distribution  Amount derived from
each Loan Group.

(e) After the  reduction  of the  Certificate  Principal  Balances of the Senior
Certificates  (other than the Class A-P  Certificates)  to zero but prior to the
Credit Support Depletion Date, the Senior Certificates (other than the Class A-P
Certificates) will be entitled to no further  distributions of principal thereon
and the Available Distribution Amount for each Loan Group will be paid solely to
the holders of the Class A-P, Class A-V and  Subordinate  Certificates,  in each
case as described herein.

(f) In addition to the  foregoing  distributions,  with  respect to any Mortgage
Loan that was previously the subject of a Cash Liquidation or an REO Disposition
that resulted in a Realized Loss, in the event that within two years of the date
on which such Realized Loss was determined to have occurred the Master  Servicer
receives  amounts,  which the Master Servicer  reasonably  believes to represent
subsequent recoveries (net of any related liquidation  expenses),  or determines
that it holds surplus amounts previously  reserved to cover estimated  expenses,
specifically  related to such  Mortgage  Loan  (including,  but not  limited to,
recoveries in respect of the  representations and warranties made by the related
Seller pursuant to the applicable Seller's Agreement and assigned to the Trustee
pursuant to Section 2.04),  the Master Servicer shall distribute such amounts to
the applicable Certificateholders of the Class or Classes to which such Realized
Loss was  allocated  (with the amounts to be  distributed  allocated  among such
Classes in the same proportions as such Realized Loss was allocated), and within
each  such  Class to the  Certificateholders  of record  as of the  Record  Date
immediately  preceding  the  date of such  distribution  (or if  such  Class  of
Certificates is no longer outstanding,  to the  Certificateholders  of record at
the  time  that  such  Realized  Loss  was  allocated);  provided  that  no such
distribution to any Class of Certificates of subsequent  recoveries related to a
Mortgage Loan shall exceed, either individually or in the aggregate and together
with any other amounts paid in reimbursement therefor, the amount of the related
Realized Loss that was allocated to such Class of Certificates.  Notwithstanding
the  foregoing,  no  such  distribution  shall  be  made  with  respect  to  the

<PAGE>

Certificates of any Class to the extent that either (i) such Class was protected
against the related Realized Loss pursuant to any instrument or fund established
under Section  11.01(e) or (ii) such Class of  Certificates  has been  deposited
into  a  separate  trust  fund  or  other   structuring   vehicle  and  separate
certificates  or other  instruments  representing  interests  therein  have been
issued in one or more classes,  and any of such separate  certificates  or other
instruments  was  protected  against the related  Realized  Loss pursuant to any
limited guaranty, payment obligation, irrevocable letter of credit, surety bond,
insurance  policy or similar  instrument  or a reserve  fund,  or a  combination
thereof. Any amount to be so distributed with respect to the Certificates of any
Class shall be distributed by the Master Servicer to the  Certificateholders  of
record as of the Record Date immediately preceding the date of such distribution
(i) with  respect to the  Certificates  of any Class  (other  than the Class A-V
Certificates),  on a pro rata basis based on the Percentage Interest represented
by each  Certificate  of such Class as of such Record Date and (ii) with respect
to the Class A-V  Certificates,  to the Class A-V  Certificates  or any Subclass
thereof in the same proportion as the related  Realized Loss was allocated.  Any
amounts to be so distributed  shall not be remitted to or  distributed  from the
Trust Fund, and shall constitute  subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.

(g) Each distribution with respect to a Book-Entry  Certificate shall be paid to
the  Depository,   as  Holder  thereof,  and  the  Depository  shall  be  solely
responsible for crediting the amount of such distribution to the accounts of its
Depository   Participants  in  accordance  with  its  normal  procedures.   Each
Depository  Participant shall be responsible for disbursing such distribution to
the  Certificate  Owners that it represents  and to each indirect  participating
brokerage firm (a "brokerage  firm") for which it acts as agent.  Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners that it
represents.  None of the Trustee, the Certificate Registrar,  the Company or the
Master Servicer shall have any responsibility therefor.

(h) Except as  otherwise  provided  in  Section  9.01,  if the  Master  Servicer
anticipates that a final  distribution with respect to any Class of Certificates
will be made on the next Distribution  Date, the Master Servicer shall, no later
than the Determination Date in the month of such final distribution,  notify the
Trustee and the Trustee  shall,  no later than two (2) Business  Days after such
Determination  Date,  mail  on  such  date  to each  Holder  of  such  Class  of
Certificates a notice to the effect that: (i) the Trustee  anticipates  that the
final  distribution  with respect to such Class of Certificates  will be made on
such  Distribution  Date  but  only  upon  presentation  and  surrender  of such
Certificates at the office of the Trustee or as otherwise specified therein, and
(ii) no interest shall accrue on such Certificates from and after the end of the
related Interest Accrual Period. In the event that  Certificateholders  required
to surrender  their  Certificates  pursuant to Section  9.01(c) do not surrender
their  Certificates  for final  cancellation,  the  Trustee  shall  cause  funds
distributable  with  respect  to such  Certificates  to be  withdrawn  from  the
Certificate Account and credited to a separate escrow account for the benefit of
such Certificateholders as provided in Section 9.01(d).

<PAGE>

Section  4.03.  Statements  to  Certificateholders.  (See  Section  4.03  of the
     Standard Terms and Exhibit Three attached hereto)

Section 4.04.  Distribution of Reports to the Trustee and the Company;  Advances
     by the Master Servicer. (See Section 4.04 of the Standard Terms)

Section 4.05.  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among  all the Class CB  Certificates  (in the case of a Group CB Loan) or among
the Class NB  Certificates  and Class R Certificates  (in the case of a Group NB
Loan),  and the Class A-V Certificates (in the case of the interest portion of a
Realized Loss on a Mortgage  Loan in either Loan Group) on a pro rata basis,  as
described  below.  The principal  portion of any Excess  Special  Hazard Losses,
Excess  Bankruptcy  Losses,  Excess  Fraud  Losses and  Extraordinary  Losses on
Discount  Mortgage Loans will be allocated to the Class A-P  Certificates  in an
amount equal to the Discount  Fraction  thereof and the Class CB  Percentage  or
Class NB Percentage (as applicable) of the remainder of the principal portion of
such losses will be  allocated  to the Class CB  Certificates  (in the case of a
Class CB Loan) or between the Class NB and Class R Certificates  (in the case of
a Class NB Loan) on a pro rata basis, as described  below;  and the remainder of
the  principal  portion of such  Realized  Losses  will be  allocated  among the
Subordinate Certificates,  on a pro rata basis, as described below. The interest
portion of any Excess Special Hazard Losses,  Excess Bankruptcy  Losses,  Excess
Fraud Losses and Extraordinary  Losses will be allocated to all the Certificates
on a pro rata basis.

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal

<PAGE>

Balances  derived  from the  related  Loan  Group  prior  to  giving  effect  to
distributions to be made on such  Distribution Date in the case of the principal
portion of a Realized Loss or based on the Accrued Certificate  Interest thereon
payable  from the related  Loan Group in respect of such  Distribution  Date and
derived from the related Loan Group (without regard to any Compensating Interest
for such  Distribution  Date) in the case of an  interest  portion of a Realized
Loss.  Except as provided  in the  following  sentence,  any  allocation  of the
principal  portion of Realized Losses (other than Debt Service  Reductions) to a
Class  of  Certificates  shall be made by  reducing  the  Certificate  Principal
Balance thereof by the amount so allocated,  which allocation shall be deemed to
have occurred on such Distribution Date. Any allocation of the principal portion
of Realized  Losses  (other than Debt  Service  Reductions)  to the  Subordinate
Certificates  then  outstanding  with  the  Lowest  Priority  shall  be  made by
operation of the definition of "Certificate  Principal Balance" and by operation
of the provisions of Section  4.02(a).  Allocations of the interest  portions of
Realized Losses shall be made in proportion to the amount of Accrued Certificate
Interest and by operation of the  definition of "Accrued  Certificate  Interest"
and by  operation  of the  provisions  of Section  4.02(a).  Allocations  of the
principal  portion of Debt Service  Reductions shall be made by operation of the
provisions  of  Section  4.02(a).  All  Realized  Losses  and all  other  losses
allocated  to a Class of  Certificates  hereunder  will be  allocated  among the
Certificates of such Class in proportion to the Percentage  Interests  evidenced
thereby; provided that if any Subclasses of the Class A-V Certificates have been
issued  pursuant  to Section  5.01(c),  such  Realized  Losses and other  losses
allocated to the Class A-V Certificates shall be allocated among such Subclasses
in proportion to the respective amounts of Accrued Certificate  Interest payable
on such Distribution Date that would have resulted absent such reductions.

Section 4.06.  Reports of Foreclosures  and  Abandonment of Mortgaged  Property.
     (See Section 4.06 of the Standard Terms)

Section 4.07.  Optional Purchase of Defaulted  Mortgage Loans. (See Section 4.07
     of the Standard Terms)

Section 4.08.  Surety Bond. (See Section 4.08 of the Standard Terms)
 <PAGE>

                                   Article V

                                THE CERTIFICATES

                      (See Article V of the Standard Terms)

5.02    Registration of Transfer and Exchange of Certificates.

     (i) The  provisions  contained in Section  5.02(e) shall no longer apply to
the Class M Certificates if the Company or the Master  Servicer  delivers to the
Trustee an Officer's  Certificate stating that amendments proposed by the United
States  Department  of Labor (the  "DOL") to be made to  Prohibited  Transaction
Exemption  94-29,  59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE 97-34,
62 Fed. Reg. 39021 (July 21, 1997) and similar exemptions have been published in
final form  substantially  as  proposed  in the DOL  Exemption  Application  No.
D-10809, 65 Fed. Reg. 51454 (August 23, 2000).

<PAGE>

                                   Article VI

                       THE COMPANY AND THE MASTER SERVICER

                     (See Article VI of the Standard Terms)

<PAGE>

                                  Article VII

                                     DEFAULT

                     (See Article VII of the Standard Terms)

<PAGE>

                                  Article VIII

                             CONCERNING THE TRUSTEE

                    (See Article VIII of the Standard Terms)

<PAGE>

                                   Article IX

                                   TERMINATION

                     (See Article IX of the Standard Terms)

<PAGE>

                                   Article X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.  (See Section 10.01 of the Standard Terms)

Section 10.02. Master Servicer; REMIC Administrator and Trustee Indemnification.
     (See Section 10.02 of the Standard Terms)

Section 10.03. Designation of REMIC.

        The REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this  Agreement  (including  the  Mortgage  Loans but  excluding  the Initial
Monthly Payment Fund) as a REMIC for federal income tax purposes.

        The Class CB,  Class NB,  Class A-P,  Class A-V,  Class M-1,  Class M-2,
Class  M-3,   Class  B-1,  Class  B-2  and  Class  B-3   Certificates   and  the
Uncertificated  Class A-V REMIC  Regular  Interests,  the rights in and to which
will be represented by the Class A-V Certificates,  will be "regular  interests"
in the REMIC,  and the Class R Certificates  will be the sole class of "residual
interests"  therein for  purposes of the REMIC  Provisions  (as defined  herein)
under federal  income tax law. On and after the date of issuance of any Subclass
of Class A-V Certificates  pursuant to Section  5.01(c),  any such Subclass will
represent  the  Uncertificated  Class A-V REMIC  Regular  Interest or  Interests
specified by the initial Holder of the Class A-V  Certificates  pursuant to said
Section.

        Section 10.04.Compliance with Withholding Requirements.

               Notwithstanding  any  other  provision  of  this  Agreement,  the
Trustee or any Paying  Agent,  as  applicable,  shall  comply  with all  federal
withholding  requirements  respecting payments to Certificateholders,  including
interest or original  issue  discount  payments  or  advances  thereof  that the
Trustee or any Paying Agent, as applicable,  reasonably  believes are applicable
under the Code. The consent of Certificateholders shall not be required for such
withholding.  In the event the Trustee or any Paying Agent, as applicable,  does
withhold  any amount  from  interest  or  original  issue  discount  payments or
advances  thereof  to any  Certificateholder  pursuant  to  federal  withholding
requirements, the Trustee or any Paying Agent, as applicable, shall indicate the
amount  withheld  to  such  Certificateholder  pursuant  to the  terms  of  such
requirements.

<PAGE>

                                   Article XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.  (See Section 11.01 of the Standard Terms)

Section 11.02. Recordation of Agreement. Counterparts. (See Section 11.02 of the
     Standard Terms)

Section 11.03. Limitation on Rights of Certificateholders. (See Section 11.03 of
     the Standard Terms)

Section 11.04. Governing Laws.  (See Section 11.04 of the Standard Terms)

Section 11.05.  Notices.  All demands and notices  hereunder shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed
by registered  mail,  postage  prepaid  (except for notices to the Trustee which
shall be deemed to have been duly given only when received),  to the appropriate
address  for each  recipient  listed in the table  below or, in each case,  such
other address as may  hereafter be furnished in writing to the Master  Servicer,
the Trustee and the Company, as applicable:

<TABLE>
<CAPTION>

---------------------------------- --------------------------------------------------------------
            Recipient                                         Address
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
<S>                                <C>
Company                            8400 Normandale Lake Boulevard
                                   Suite 600, Minneapolis, Minnesota  55437,
                                   Attention: President

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Master Servicer                    2255 N. Ontario Street, Suite 400
                                   -------------------------------------------------------------
                                   Burbank, California 91504-2130,
                                   Attention:  Managing Director/Master Servicing

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Trustee                            Corporate Trust Office
                                   1761 East St. Andrew Place
                                   Santa Ana, California 92705-4934,
                                   Attention:  Residential Accredit Loans, Inc. Series 2000-QS11

                                   The Trustee designates its offices located at
                                   Four Albany Street,  New York, NY 10006,  for
                                   the  purposes of Section 8.12 of the Standard
                                   Terms
---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Standard & Poor's                  55 Water Street
                                   New York, New York 10041

---------------------------------- --------------------------------------------------------------
---------------------------------- --------------------------------------------------------------
Fitch, Inc.                        One State Street Plaza
                                   New York, New York 10004

---------------------------------- --------------------------------------------------------------

</TABLE>

<PAGE>

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such holder as
shown  in the  Certificate  Register.  Any  notice  so  mailed  within  the time
prescribed in this Agreement  shall be  conclusively  presumed to have been duly
given, whether or not the Certificateholder receives such notice.

Section 11.06.  Required Notices to Rating Agency and Subservicer.  (See Section
     11.06 of the Standard Terms)

Section 11.07.  Severability  of Provisions.  (See Section 11.07 of the Standard
     Terms)

Section 11.08. Supplemental Provisions for Resecuritization.  (See Section 11.08
     of the Standard Terms)

Section 11.09. Allocation of Voting Rights.

               98% of all of the Voting Rights shall be allocated  among Holders
of Certificates, other than the Class A-V Certificates and Class R Certificates,
in  proportion  to the  outstanding  Certificate  Principal  Balances  of  their
respective  Certificates;  1% of all Voting Rights shall be allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests,  and 1% of all Voting Rights shall be allocated among the
Holders  of the  Class R  Certificates,  in  accordance  with  their  respective
Percentage Interests.

Section 11.10. No Petition.

               The Depositor,  Master Servicer and the Trustee, by entering into
this Agreement, and each Certificateholder,  by accepting a Certificate,  hereby
covenant  and agree that they will not at any time  institute  against the Trust
Fund,  or join in any  institution  against  the Trust Fund of,  any  bankruptcy
proceedings  under any United States federal or state  bankruptcy or similar law
in  connection  with any  obligation  with respect to the  Certificates  or this
Agreement.

<PAGE>

        IN WITNESS  WHEREOF,  the Company,  the Master  Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

                                       By:____________________________________
                                                 Name:   Randy Van Zee
                                                 Title:  Vice President

Attest: ____________________
      Name:  Julie Steinhagen
      Title: Vice President

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

                                       By:____________________________________
                                                 Name:  Julie Steinhagen
                                                 Title: Director

Attest:____________________
      Name: Randy Van Zee
      Title: Director

                                            BANKERS TRUST COMPANY,
                                                 as Trustee
[Seal]

                                            By:_______________________________
                                                 Name:
                                                 Title:

Attest:____________________
      Name:
      Title:

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of September,  2000 before me, a notary public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                 Notary Public
[Notarial Seal]

<PAGE>

STATE OF MINNESOTA
                                  )
                                  ) ss.:
COUNTY OF HENNEPIN                )
               On the 29th day of September,  2000 before me, a notary public in
and for said State,  personally  appeared Julie Steinhagen,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                 Notary Public
[Notarial Seal]

<PAGE>

STATE OF
                                  )
                                  ) ss.:
COUNTY OF                         )
               On the 29th day of September,  2000 before me, a notary public in
and for said State, personally appeared _______________,  known to me to be a[n]
_________________  of Bankers Trust  Company,  the New York banking  corporation
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                 Notary Public
[Notarial Seal]

<PAGE>

                                   Exhibit ONE

                             MORTGAGE LOAN SCHEDULE

1

  RUN ON     : 09/26/00           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 15.17.53           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2000-QS11 GROUP 1                         CUTOFF : 09/01/00
  POOL       : 0004456
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  --------------------------------------------------------------------------

      1523762                              .2500
       81,726.19                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      1698979                              .2500
       65,270.85                           .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      1698980                              .2500
       53,706.11                           .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      1818583                              .2500
       50,516.15                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000

      1872839                              .2500
       41,935.05                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000

      1895701                              .2500
      180,347.13                           .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000
1

      1914289                              .2500
      118,960.56                           .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      1962269                              .2500
       50,370.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      1962272                              .2500
       50,370.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      1962376                              .2500
       87,370.87                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      1968267                              .2500
       54,525.97                           .0800
            9.8500                         .0000
            9.6000                         .0000
            9.5200                         .0000
            7.5000                        2.0200

      1968304                              .2500
      126,394.70                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      1968838                              .2500
       82,098.94                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      1968857                              .2500
       82,534.91                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950
1

      1968864                              .2500
      185,805.02                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.5000                         .5450

      1969453                              .2500
       72,365.30                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      1970303                              .2500
       97,715.62                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.5000                        1.5450

      1972692                              .2500
       94,502.70                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      1973316                              .2500
       50,229.12                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.5000                        1.9200

      1973761                              .2500
       49,334.21                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            7.5000                        1.7950

      1973765                              .2500
       44,319.81                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.5000                        1.9200

      1973975                              .2500
       29,645.00                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.5000                        1.9200
1

      1973986                              .2500
      152,082.22                           .0300
            7.6250                         .0000
            7.3750                         .0000
            7.3450                         .0000
            7.3450                         .0000

      1973990                              .2500
      134,810.88                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.5000                        1.2950

      1973993                              .2500
      221,811.45                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      1973994                              .2500
       85,039.51                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000

      1974002                              .2500
       25,405.27                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      1974009                              .2500
       70,756.67                           .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      1974012                              .2500
       77,930.43                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.5000                         .5450

      1974015                              .2500
       80,699.60                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000
1

      1974036                              .2500
       31,610.70                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.5000                        1.4200

      1974040                              .2500
       46,135.95                           .0300
            7.6250                         .0000
            7.3750                         .0000
            7.3450                         .0000
            7.3450                         .0000

      1974045                              .2500
       33,497.88                           .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      1974063                              .2500
       74,441.34                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      1974074                              .2500
       38,686.70                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.5000                        1.4200

      1974087                              .2500
      119,978.88                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      1974090                              .2500
       57,818.54                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      1974091                              .2500
       51,313.95                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450
1

      1974095                              .2500
       71,566.87                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      1974097                              .2500
       59,263.96                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      1974101                              .2500
       58,529.39                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      1974102                              .2500
       26,443.91                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000

      1974103                              .2500
       24,973.30                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      1974104                              .2500
       60,820.22                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      1974105                              .2500
       82,010.85                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      1974106                              .2500
      109,207.26                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700
1

      1974107                              .2500
       54,627.42                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      1974112                              .2500
       47,214.14                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      1974341                              .2500
       52,622.11                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      1974892                              .2500
       54,091.64                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      1975251                              .2500
       39,475.23                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.5000                        1.4200

      1975318                              .2500
      137,544.50                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      1975519                              .2500
       78,045.22                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      1976002                              .2500
       41,461.18                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700
1

      1976265                              .2500
       48,286.52                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.5000                        1.9200

      1976359                              .2500
       57,688.92                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      1976426                              .2500
       55,240.53                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
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1

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1

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1

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1

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1

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1

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1

      3685085                              .2500
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      3694921                              .2500
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1

      3694922                              .2500
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      3694925                              .2500
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1

      3694930                              .2500
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1

      3694939                              .2500
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1

      3694947                              .2500
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1

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1

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1

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1

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1

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      3716574                              .2500
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            8.5450                         .0000
            7.5000                        1.0450

      3716575                              .2500
      159,552.79                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.5000                         .5450

      3716576                              .2500
       42,035.70                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3716577                              .2500
       54,346.48                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      3716578                              .2500
       33,167.07                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3716579                              .2500
       37,601.71                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.5000                        1.2950

      3716581                              .2500
       77,789.18                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200
1

      3716582                              .2500
       23,080.11                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      3716583                              .2500
       40,285.14                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      3716584                              .2500
       53,860.49                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.5000                        1.4200

      3716586                              .2500
      141,195.31                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      3716587                              .2500
       73,804.44                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      3716588                              .2500
       39,891.89                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3716589                              .2500
      154,571.57                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3716590                              .2500
      160,814.17                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200
1

      3716591                              .2500
       35,453.92                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3716592                              .2500
       55,647.48                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      3716593                              .2500
       69,110.58                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      3716594                              .2500
       55,647.48                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      3716595                              .2500
       61,932.15                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3718448                              .2500
       70,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      3720525                              .2500
       20,700.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      3720723                              .2500
      143,253.05                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.5000                        1.4200
1

      3721091                              .2500
      125,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3722761                              .2500
       38,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      3727124                              .2500
      174,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3736104                              .2500
       35,000.00                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      3737662                              .2500
      105,931.78                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      3737663                              .2500
       26,730.75                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.5000                        1.4200

      3737664                              .2500
       19,947.14                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      3737666                              .2500
      174,537.53                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700
1

      3737668                              .2500
      107,608.36                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3737669                              .2500
      110,420.42                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      3738176                              .2500
      175,000.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.5000                        1.2950

      3740554                              .2500
       50,000.00                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      3744811                              .2500
       50,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      3745012                              .2500
      157,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3747077                              .2500
      184,051.15                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.5000                        1.5450
1

      3748262                              .2500
       70,812.37                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

  TOTAL NUMBER OF LOANS:      747
  TOTAL BALANCE........:         62,868,543.50

1

  RUN ON     : 09/26/00            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 15.17.53            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2000-QS11 GRO   FIXED SUMMARY REPORT      CUTOFF : 09/01/00
  POOL       : 0004456
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        8.7920            6.0000     10.0000
  RFC NET RATE                          8.5427            5.7500      9.7500
  NET MTG RATE(INVSTR RATE)             8.4659            5.7200      9.6700
  POST STRIP RATE                       7.4458            5.7200      7.5000
  SUB SERV FEE                           .2493             .2500       .5000
  MSTR SERV FEE                          .0768             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                 1.0201             .0000      2.1700

  TOTAL NUMBER OF LOANS:   742
  TOTAL BALANCE........:      62,868,543.50

                             ***************************
                             *      END OF REPORT      *
                             ***************************
1

  RUN ON     : 09/26/00           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 15.17.53          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2000-QS11                                 CUTOFF : 09/01/00
  POOL       : 0004456
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ADDRESS                          ORIG RATE     ORIGINAL P+I     LTV
  ADDRESS LINE 2                   CURR NET      CURRENT P+I      VALUE
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    1523762          661/661             F          107,000.00         ZZ
                                         180         81,726.19          1
    HIGHWAY 65 STONEGATE LOT 16        6.750            946.86        100
                                       6.500            946.86      107,000.00
    OMAHA            AR   72662          1            01/12/96         92
    2389419                              05           03/01/96         30
    2389419                              O            02/01/11
    0

    1698979          661/661             F           73,000.00         ZZ
                                         180         65,270.85          1
    7827 ROLLING BROOK                 7.125            661.26        100
                                       6.875            661.26       73,000.00
    HOUSTON          TX   77071          1            01/09/98         92
    3205820                              03           03/01/98         30
    3205820                              O            02/01/13
    0

    1698980          661/661             F           60,000.00         ZZ
                                         180         53,706.11          1
    702 EAST JEFFERSON                 7.250            547.72         94
                                       7.000            547.72       64,500.00
    DOUGLAS          GA   31533          5            01/27/98         92
    3212388                              05           03/01/98         30
    3212388                              N            02/01/13
    0

    1818583          F62/G02             F           54,400.00         ZZ
                                         180         50,516.15          1
    26840 SW 145 AVENUE                7.500            505.23         80
                                       7.250            505.23       68,000.00
    NARANJA          FL   33032          2            10/29/98         00
    0431115302                           05           12/01/98          0
1

    0000                                 O            11/01/13
    0

    1872839          H17/G02             F           45,450.00         ZZ
                                         180         41,935.05          1
    2718 VISTA PALM DRIVE              7.500            427.81         70
                                       7.250            427.81       65,000.00
    EDGEWATER        FL   32132          5            01/26/99         00
    0431197896                           05           03/01/99          0
    331811                               N            02/01/14
    0

    1895701          638/G02             F          196,800.00         ZZ
                                         180        180,347.13          1
    7330 WINNIPEG                      7.125          1,782.68         79
                                       6.875          1,782.68      252,000.00
    DUBLIN           OH   43016          2            03/19/99         00
    0431273309                           05           05/01/99          0
    08850332                             O            04/01/14
    0

    1914289          638/G02             F          125,000.00         ZZ
                                         180        118,960.56          1
    5746 FLORENCE AVENUE               7.250          1,141.08         79
                                       7.000          1,141.08      160,000.00
    SOUTH GATE       CA   90280          2            05/14/99         00
    0431343896                           05           07/01/99          0
    8885450                              O            06/01/14
    0

    1962269          M46/G02             F           51,500.00         ZZ
                                         180         50,370.00          1
    534 PASEO PETIRROJO #D             8.875            518.52         86
                                       8.625            518.52       60,000.00
    RIO RICO         AZ   85648          2            12/17/99         19
    0431734045                           09           02/01/00         20
    6780143                              N            01/01/15
    0

    1962272          M46/G02             F           51,500.00         ZZ
                                         180         50,370.00          1
    534 PASEO PETIRROJO #A             8.875            518.52         86
                                       8.625            518.52       60,000.00
    RIO RICO         AZ   85648          2            12/16/99         14
    0431734425                           09           02/01/00         20
    6780140                              N            01/01/15
    0

1

    1962376          163/G02             F           90,000.00         T
                                         180         87,370.87          1
    6 THOMAS DRIVE                     8.250            873.13         75
                                       8.000            873.13      120,000.00
    WESTERLY         RI   02891          1            10/29/99         00
    0431735539                           05           12/01/99          0
    1000160856                           O            11/01/14
    0

    1968267          P45/G02             F           55,500.00         ZZ
                                         180         54,525.97          1
    2488 NORTH MILL STREET             9.850            591.32         65
                                       9.600            591.32       86,500.00
    JASPER           IN   47546          5            01/13/00         00
    0431819317                           05           03/01/00          0
    LFG851004799                         O            02/01/15
    0

    1968304          K15/G02             F          130,000.00         ZZ
                                         180        126,394.70          1
    7009 TAMARAK ROAD                  8.500          1,280.16         64
                                       8.250          1,280.16      205,000.00
    FORT WORTH       TX   76116          5            01/07/00         00
    0431805001                           05           03/01/00          0
    3006328                              O            02/01/15
    0

    1968838          K15/G02             F           83,700.00         ZZ
                                         180         82,098.94          1
    4296 WEST 140TH STREET             8.875            842.73         88
                                       8.625            842.73       96,000.00
    CLEVELAND        OH   44135          5            01/12/00         10
    0431811504                           05           03/01/00         12
    0287052300698                        O            02/01/15
    0

    1968857          M05/G02             F           84,000.00         ZZ
                                         180         82,534.91          1
    102 STORM DRIVE                    8.125            808.83         80
                                       7.875            808.83      105,000.00
    HOLTSVILLE       NY   11742          1            02/28/00         00
    0431935709                           01           04/01/00          0
    1968857                              O            03/01/15
    0

    1968864          E23/G02             F          192,000.00         ZZ
                                         180        185,805.02          4
    9208,9208#B,9208#C & 9212          8.375          1,876.66         80
    SAN ANTONIO AVENUE                 8.125          1,876.66      240,000.00
1

    SOUTH GATE       CA   90280          1            01/14/00         00
    0431806116                           05           03/01/00          0
    50508164                             O            02/01/15
    0

    1969453          K15/G02             F           73,700.00         ZZ
                                         180         72,365.30          1
    5824 WRIGHT DRIVE                  9.500            769.59         90
                                       9.250            769.59       82,000.00
    BATON ROUGE      LA   70812          5            01/11/00         10
    0431834308                           05           03/01/00         12
    008105300539                         O            02/01/15
    0

    1970303          A19/G02             F           99,000.00         ZZ
                                         180         97,715.62          3
    14 PORTER STREET                   9.375          1,026.33         65
                                       9.125          1,026.33      153,000.00
    LYNN             MA   01902          5            03/30/00         00
    0431945419                           05           05/01/00          0
    0391651                              N            04/01/15
    0

    1972692          A35/G02             F           97,500.00         ZZ
                                         120         94,502.70          2
    107 STRONGS AVENUE                 9.500          1,261.63         65
                                       9.250          1,261.63      150,000.00
    COPIAGUE         NY   11726          5            02/16/00         00
    0431862101                           05           04/01/00          0
    FW5183                               N            03/01/10
    0

    1973316          K15/G02             F           51,000.00         ZZ
                                         180         50,229.12          1
    202 GENTRY STREET                  9.750            540.27         85
                                       9.500            540.27       60,000.00
    TULLAHOMA        TN   37388          5            02/10/00         10
    0431872696                           05           04/01/00          6
    003805300911                         O            03/01/15
    0

    1973761          K15/G02             F           50,100.00         ZZ
                                         180         49,334.21          1
    209 KATHY DRIVE                    9.625            526.94         53
                                       9.375            526.94       95,000.00
    RAYNE            LA   70578          5            02/24/00         00
    0431878057                           05           04/01/00          0
    00205300530                          O            03/01/15
    0
1

    1973765          K15/G02             F           45,000.00         ZZ
                                         180         44,319.81          1
    2307 EAST VALLEY ROAD              9.750            476.71         68
                                       9.500            476.71       67,000.00
    JASPER           TN   37347          5            02/24/00         00
    0431878206                           05           04/01/00          0
    003405300412                         O            03/01/15
    0

    1973975          K15/G02             F           30,100.00         ZZ
                                         180         29,645.00          1
    RT 6 ARMSTRONG CREEK               9.750            318.87         58
                                       9.500            318.87       52,000.00
    POWELLTON        WV   25161          5            02/24/00         00
    0431901750                           05           04/01/00          0
    038105300659                         O            03/01/15
    0

    1973986          025/025             F          191,950.00         ZZ
                                         180        152,082.22          1
    10007 CHATHAM OAKS CT              7.625          1,793.06         80
                                       7.375          1,793.06      239,995.00
    ORLANDO          FL   32836          1            05/01/98         00
    7120400R                             03           07/01/98          0
    7120400R                             O            06/01/13
    0

    1973990          K15/G02             F          137,000.00         ZZ
                                         180        134,810.88          1
    6 MADISON DRIVE                    9.125          1,399.75         95
                                       8.875          1,399.75      145,000.00
    HUDSON           NH   03051          5            02/25/00         10
    0431879410                           05           04/01/00         30
    033405301508                         O            03/01/15
    0

    1973993          025/025             F          230,000.00         ZZ
                                         180        221,811.45          1
    933 HICKORY HILLS DRIVE            8.125          2,214.63         52
                                       7.875          2,214.63      445,000.00
    FRANKLIN         TN   37067          2            08/11/99         00
    21762273                             05           10/01/99          0
    21762273                             O            09/01/14
    0

    1973994          025/025             F           91,200.00         ZZ
                                         180         85,039.51          1
1

    14253 SW 153RD TERR                7.500            845.44         80
                                       7.250            845.44      114,000.00
    MIAMI            FL   33177          1            12/01/98         00
    0001091438                           05           01/01/99          0
    0001091438                           O            12/01/13
    0

    1974002          025/025             F           26,250.00         ZZ
                                         180         25,405.27          1
    1764 WEST 13TH STREET              8.250            254.66         70
                                       8.000            254.66       37,500.00
    JACKSONVILLE     FL   32209          5            09/28/99         00
    0021180526                           05           11/01/99          0
    0021180526                           N            10/01/14
    0

    1974009          025/025             F           80,000.00         ZZ
                                         180         70,756.67          1
    16813 PATIO VILLAGE LANE           6.875            713.48         71
                                       6.625            713.48      113,000.00
    WESTON           FL   33326          5            04/07/99         00
    489383                               09           06/01/99          0
    489383                               O            05/01/14
    0

    1974012          025/025             F           80,000.00         ZZ
                                         180         77,930.43          1
    2871 N OCEAN BLVD #456             8.375            781.94         48
                                       8.125            781.94      167,500.00
    BOCA RATON       FL   33432          1            11/12/99         00
    0020637716                           08           01/01/00          0
    0020637716                           O            12/01/14
    0

    1974015          025/025             F           86,250.00         ZZ
                                         180         80,699.60          1
    2000 NW 91ST WAY                   7.500            799.55         75
                                       7.250            799.55      115,000.00
    SUNRISE          FL   33322          5            05/21/99         00
    937251                               05           07/01/99          0
    937251                               N            06/01/14
    0

    1974036          025/025             F           36,000.00         ZZ
                                         180         31,610.70          1
    282 ROPE HILL RD                   9.250            370.51         75
                                       9.000            370.51       48,000.00
    WOODSTOCK        GA   30188          1            10/06/99         00
    0021792254                           05           12/01/99          0
1

    0021792254                           N            11/01/14
    0

    1974040          025/025             F           50,000.00         ZZ
                                         180         46,135.95          1
    2116 WEST POINSETTA DRIVE          7.625            467.06         55
                                       7.375            467.06       92,000.00
    DAYTONA BEACH    FL   32124          1            08/20/98         00
    182404                               05           10/01/98          0
    182404                               O            09/01/13
    0

    1974045          025/025             F           35,000.00         ZZ
                                         180         33,497.88          2
    2441-2443 NW 35 STREET             6.875            312.15         33
                                       6.625            312.15      108,000.00
    MIAMI            FL   33142          5            07/26/99         00
    0001565209                           05           09/01/99          0
    0001565209                           O            08/01/14
    0

    1974063          025/025             F           77,250.00         ZZ
                                         180         74,441.34          1
    2835 TETON TRAIL                   7.875            732.68         75
                                       7.625            732.68      103,000.00
    TALLAHASSEE      FL   32303          5            08/03/99         00
    0021135694                           05           10/01/99          0
    0021135694                           N            09/01/14
    0

    1974074          025/025             F           39,750.00         ZZ
                                         180         38,686.70          1
    4748 7TH AVENUE NORTH              9.250            409.10         70
                                       9.000            409.10       56,800.00
    ST PETERSBURG    FL   33713          1            10/20/99         00
    0020837548                           05           12/01/99          0
    0020837548                           N            11/01/14
    0

    1974087          025/025             F          125,000.00         ZZ
                                         180        119,978.88          1
    4537 EAST DARTMOUTH STREET         8.000          1,194.57         51
                                       7.750          1,194.57      247,795.00
    MESA             AZ   85205          1            07/01/99         00
    0020765475                           03           09/01/99          0
    0020765475                           O            08/01/14
    0

1

    1974090          025/025             F           60,000.00         ZZ
                                         180         57,818.54          1
    5636 MAPLE FOREST DRIVE            7.875            569.07         75
                                       7.625            569.07       80,000.00
    TALLAHASSEE      FL   32303          5            08/04/99         00
    0021135728                           05           10/01/99          0
    0021135728                           N            09/01/14
    0

    1974091          025/025             F           53,250.00         ZZ
                                         180         51,313.95          1
    1314 IDLEWILD DRIVE                7.875            505.05         75
                                       7.625            505.05       71,000.00
    TALLAHASSEE      FL   32311          5            08/04/99         00
    0021135751                           05           10/01/99          0
    0021135751                           N            09/01/14
    0

    1974095          025/025             F           76,000.00         ZZ
                                         180         71,566.87          2
    125-27 8TH STREET E                8.000            726.30         80
                                       7.750            726.30       95,000.00
    CHULUOTA         FL   32766          1            01/15/99         00
    110925                               05           03/01/99          0
    110925                               N            02/01/14
    0

    1974097          025/025             F           61,500.00         ZZ
                                         180         59,263.96          1
    5636 RUSTIC DRIVE                  7.875            583.30         75
                                       7.625            583.30       82,000.00
    TALLAHASSEE      FL   32303          5            08/04/99         00
    0021135736                           05           10/01/99          0
    0021135736                           N            09/01/14
    0

    1974101          025/025             F           60,000.00         ZZ
                                         180         58,529.39          1
    173-175 VAUGHN ROAD                9.000            608.56         80
                                       8.750            608.56       75,000.00
    ATHENS           GA   30605          2            11/19/99         00
    0021008057                           05           01/01/00          0
    0021008057                           N            12/01/14
    0

    1974102          025/025             F           29,600.00         ZZ
                                         180         26,443.91          1
    1731 SW 67TH TERRACE               7.500            274.40         80
                                       7.250            274.40       37,000.00
1

    GAINESVILLE      FL   32607          2            12/11/97         00
    1658756                              03           02/01/98          0
    1658756                              N            01/01/13
    0

    1974103          025/025             F           26,500.00         ZZ
                                         180         24,973.30          1
    78 SPRINGLAKE PLACE                8.500            260.95         14
                                       8.250            260.95      200,000.00
    ATLANTA          GA   30318          5            10/15/99         00
    005124581                            01           12/01/99          0
    005124581                            O            11/01/14
    0

    1974104          025/025             F           62,200.00         ZZ
                                         180         60,820.22          1
    1108 12TH STREET                   8.750            621.66         71
                                       8.500            621.66       88,000.00
    EDGEWATER        FL   32132          1            12/16/99         00
    0021630876                           05           02/01/00          0
    0021630876                           N            01/01/15
    0

    1974105          025/025             F           87,000.00         ZZ
                                         180         82,010.85          1
    1421 SW 13TH STREET                6.750            769.87         44
                                       6.500            769.87      200,000.00
    FORT LAUDERDALE  FL   33312          2            03/26/99         00
    0001420082                           05           05/01/99          0
    0001420082                           O            04/01/14
    0

    1974106          025/025             F          116,250.00         ZZ
                                         120        109,207.26          1
    581 HOLYOKE COURT                  8.500          1,441.33         75
                                       8.250          1,441.33      155,000.00
    TALLAHASSEE      FL   32301          5            09/27/99         00
    0020920179                           05           11/01/99          0
    0020920179                           N            10/01/09
    0

    1974107          025/025             F           56,000.00         ZZ
                                         180         54,627.42          1
    180-182 LEXINGTON HEIGHTS          9.000            567.99         80
                                       8.750            567.99       70,000.00
    ATHENS           GA   30606          2            11/19/99         00
    0021007984                           05           01/01/00          0
    0021007984                           N            12/01/14
    0
1

    1974112          025/025             F           48,750.00         ZZ
                                         180         47,214.14          1
    1501 WEST 48TH STREET              8.500            480.06         75
                                       8.250            480.06       65,000.00
    CHATTANOOGA      TN   37409          5            09/30/99         00
    0020431698                           05           11/01/99          0
    0020431698                           O            10/01/14
    0

    1974341          P32/G02             F           54,000.00         ZZ
                                         120         52,622.11          1
    5712 TOOMBS STREET                 9.500            698.75         67
                                       9.250            698.75       81,000.00
    LULA             GA   30554          5            02/28/00         00
    0431882679                           05           05/01/00          0
    2233                                 O            04/01/10
    0

    1974892          E38/G02             F           55,000.00         ZZ
                                         180         54,091.64          1
    4405 WEST SUNRISE DRIVE            8.750            549.70         54
                                       8.500            549.70      103,400.00
    PARK CITY        UT   84098          2            02/25/00         00
    0431935691                           05           04/01/00          0
    995239                               N            03/01/15
    0

    1975251          A75/G02             F           40,000.00         ZZ
                                         180         39,475.23          1
    1501 MIRIAM DR                     9.250            411.68         39
                                       9.000            411.68      105,000.00
    GARNER           NC   27529          5            03/02/00         00
    0431906700                           05           05/01/00          0
    1000028587                           N            04/01/15
    0

    1975318          M74/G02             F          139,500.00         ZZ
                                         180        137,544.50          4
    4121 NW 30 TERRACE                 8.500          1,373.72         90
                                       8.250          1,373.72      155,000.00
    FORT LAUDERDALE  FL   33309          1            03/07/00         01
    0431900000                           05           05/01/00         25
    000242RB                             O            04/01/15
    0

    1975519          313/G02             F           80,000.00         ZZ
                                         180         78,045.22          4
1

    2116 EAST BROADWAY ROAD            8.500            787.80         60
                                       8.250            787.80      135,000.00
    MESA             AZ   85204          5            02/23/00         00
    0431895945                           05           04/01/00          0
    6901888                              N            03/01/15
    0

    1976002          P48/G02             F           42,000.00         ZZ
                                         180         41,461.18          1
    6033 N 39TH STREET                 9.500            438.57         70
                                       9.250            438.57       60,000.00
    MILWAUKEE        WI   53209          5            03/17/00         00
    0431920115                           05           05/01/00          0
    1976002                              N            04/01/15
    0

    1976265          K15/G02             F           48,900.00         ZZ
                                         180         48,286.52          2
    645 HOWARD STREET                  9.750            518.03         85
                                       9.500            518.03       58,000.00
    BUFFALO          NY   14206          5            03/10/00         27
    0431911643                           05           05/01/00          6
    029505300725                         O            04/01/15
    0

    1976359          N60/N60             F           58,500.00         T
                                         180         57,688.92          1
    10940 KILPATRICK                   8.625            580.37         90
    UNIT 1C                            8.375            580.37       65,000.00
    OAKLAWN          IL   60453          1            03/10/00         12
    467167274                            01           05/01/00         25
    467167274                            O            04/01/15
    0

    1976426          A50/A50             F           56,000.00         ZZ
                                         180         55,240.53          1
    2253 GINNY AVENUE                  8.875            563.83         70
                                       8.625            563.83       80,000.00
    COLUMBUS         GA   31903          5            03/10/00         00
    701289                               05           05/01/00          0
    701289                               O            04/01/15
    0

    1976683          025/025             F           60,000.00         ZZ
                                         180         58,529.39          1
    193-195 VAUGHN ROAD                9.000            608.56         80
                                       8.750            608.56       75,000.00
    ATHENS           GA   30606          2            11/19/99         00
    0021007992                           05           01/01/00          0
1

    0021007992                           N            12/01/14
    0

    1976851          K15/G02             F          100,000.00         ZZ
                                         180         93,315.06          1
    9739 SOUTH CASTLE RIDGE CIRCLE     8.875          1,006.84         55
                                       8.625          1,006.84      184,950.00
    LITTLETON        CO   80126          1            02/24/00         00
    0431922152                           03           04/01/00          0
    3010533                              O            03/01/15
    0

    1977149          144/144             F          117,200.00         ZZ
                                         180        115,575.09          1
    142 BRUYNSWICK ROAD                8.625          1,162.72         80
                                       8.375          1,162.72      146,500.00
    GARDINER         NY   12525          1            03/20/00         00
    160653360                            05           05/01/00          0
    160653360                            O            04/01/15
    0

    1977156          K15/G02             F           34,600.00         ZZ
                                         180         34,131.65          1
    722 CHARLIE ARCENEAUX RD           9.750            366.54         85
                                       9.500            366.54       41,000.00
    RAYNE            LA   70578          5            03/09/00         27
    0431928720                           05           05/01/00          6
    000205300611                         O            04/01/15
    0

    1977197          K15/G02             F           39,500.00         ZZ
                                         180         38,855.26          1
    6440 HALE ST                       9.750            418.45         75
                                       9.500            418.45       53,000.00
    WICHITA          KS   67217          5            03/10/00         00
    0431929413                           05           05/01/00          0
    000705300620                         O            04/01/15
    0

    1977254          K15/G02             F           51,700.00         ZZ
                                         180         51,051.41          1
    117 CORAL AVENUE                   9.750            547.69         85
                                       9.500            547.69       61,000.00
    ELK CITY         OK   73644          5            03/10/00         27
    0431929629                           05           05/01/00          6
    033005300704                         O            04/01/15
    0

1

    1977534          A50/A50             F           72,000.00         ZZ
                                         180         70,413.08          1
    2921 EMORY STREET                  8.875            724.93         86
                                       8.625            724.93       84,000.00
    COLUMBUS         GA   31903          5            03/16/00         01
    701285                               05           05/01/00         25
    701285                               O            04/01/15
    0

    1977562          G81/G02             F           93,500.00         ZZ
                                         180         92,478.05          1
    9193 FONTAINEBLEAU BLVD            8.750            934.48         85
    UNIT 216                           8.500            934.48      110,000.00
    MIAMI            FL   33172          5            04/07/00         10
    0431983287                           01           06/01/00         20
    02200070                             O            05/01/15
    0

    1977681          637/G02             F           83,250.00         ZZ
                                         180         82,030.91          1
    1700 VILLA SANTOS CIRCLE           8.000            795.59         90
                                       7.750            795.59       92,500.00
    EL PASO          TX   79935          2            03/15/00         11
    0431926336                           05           05/01/00         25
    0019031202                           N            04/01/15
    0

    1977750          286/286             F           67,200.00         ZZ
                                         180         66,020.77          2
    119 A AND B FOXSHIRE STREET        8.750            671.63         80
                                       8.500            671.63       84,000.00
    HOUSTON          TX   77047          5            02/23/00         00
    09701074                             05           04/01/00          0
    09701074                             N            03/01/15
    0

    1977753          286/286             F           28,800.00         ZZ
                                         180         28,329.84          1
    2810 SOUTH MONROE STREET           9.500            300.74         90
                                       9.250            300.74       32,000.00
    MUNCIE           IN   47302          1            02/18/00         10
    09703664                             05           04/01/00         25
    09703664                             O            03/01/15
    0

    1977756          286/286             F          110,000.00         T
                                         180         97,842.16          1
    13337 QUEENSGATE ROAD              9.000          1,115.69         61
                                       8.750          1,115.69      182,000.00
1

    MIDLOTHIAN       VA   23113          1            02/14/00         00
    09691294                             05           04/01/00          0
    09691294                             O            03/01/15
    0

    1977758          286/286             F           36,900.00         ZZ
                                         180         36,329.65          2
    366 BUCKINGHAM STREET              9.500            385.32         90
                                       9.250            385.32       41,000.00
    AKRON            OH   44306          1            02/29/00         12
    09705177                             05           04/01/00         25
    09705177                             N            03/01/15
    0

    1977760          286/286             F          130,000.00         ZZ
                                         180        128,275.53          2
    1870 NW 22ND PLACE                 9.125          1,328.23         76
                                       8.875          1,328.23      172,000.00
    MIAMI            FL   33125          2            03/07/00         00
    09701234                             05           05/01/00          0
    09701234                             N            04/01/15
    0

    1978052          025/025             F           76,800.00         ZZ
                                         180         74,234.17          1
    7670 NORTH ELKCAM BLVD             8.875            773.26         80
                                       8.625            773.26       96,000.00
    CIRTUS SPRINGS   FL   34465          1            08/31/99         00
    0021585237                           05           10/01/99          0
    0021585237                           O            09/01/14
    0

    1978134          L47/G02             F           79,200.00         ZZ
                                         180         78,183.89          2
    115 W 13TH STREET                  9.500            827.03         84
                                       9.250            827.03       95,000.00
    WILMINGTON       DE   19806          1            03/23/00         04
    0431933274                           05           05/01/00         25
    0020018391                           N            04/01/15
    0

    1978265          966/G02             F           39,600.00         ZZ
                                         180         39,071.98          1
    ROUTE 2 BOX 357-2                  9.375            410.53         80
                                       9.125            410.53       49,500.00
    TAHLEQUAH        OK   74464          5            03/08/00         00
    0431937523                           05           05/01/00          0
    30014565                             O            04/01/15
    0
1

    1978596          286/286             F          188,000.00         ZZ
                                         180        184,826.33          1
    2402 BETTIS BOULEVARD              8.500          1,851.31         80
                                       8.250          1,851.31      235,000.00
    AUSTIN           TX   78746          1            02/17/00         00
    9706429                              05           04/01/00          0
    9706429                              O            03/01/15
    0

    1978673          K15/G02             F           36,000.00         ZZ
                                         180         35,491.57          1
    837 KERN ST                        9.750            381.37         79
                                       9.500            381.37       46,000.00
    WATERLOO         IA   50703          5            03/24/00         00
    0431950914                           05           05/01/00          0
    009905300291                         O            04/01/15
    0

    1978823          E46/G02             F           55,000.00         ZZ
                                         180         54,293.01          1
    HC88 BOX 59 LAKE SHORE DRIVE       9.500            574.32         53
                                       9.250            574.32      105,000.00
    TOBYHANNA TOWNS  PA   18347          2            03/28/00         00
    0431948330                           05           05/01/00          0
    41901                                O            04/01/15
    0

    1978847          950/G02             F           23,450.00         ZZ
                                         180         22,982.45          1
    302 S HARTFORD AVENUE              9.500            244.87         70
                                       9.250            244.87       33,524.00
    BREMERTON        WA   98312          1            03/09/00         00
    0431945583                           05           05/01/00          0
    107000217041                         N            04/01/15
    0

    1979643          H93/G02             F           70,850.00         ZZ
                                         180         69,732.82          1
    2614 BELLE CREST DRIVE             8.250            687.34         62
                                       8.000            687.34      115,000.00
    LAWRENCE         KS   66046          5            03/20/00         00
    0431959683                           05           05/01/00          0
    1000000848                           N            04/01/15
    0

    1979674          T44/G02             F          180,000.00         ZZ
                                         180        178,625.37          1
1

    4425 KATHERINE AVENUE              9.500          1,879.60         68
                                       9.250          1,879.60      265,000.00
    LOS ANGELES      CA   91423          2            05/04/00         00
    0432031615                           05           07/01/00          0
    8984263                              N            06/01/15
    0

    1979981          455/G02             F           60,000.00         ZZ
                                         180         59,230.20          1
    1422 GLENWOOD AVENUE SE            9.500            626.54         75
                                       9.250            626.54       80,000.00
    ATLANTA          GA   30316          5            03/24/00         00
    0431968551                           05           05/01/00          0
    09000316                             N            04/01/15
    0

    1979998          G26/G02             F           50,000.00         ZZ
                                         180         49,749.28          1
    20 CHARLES STREET                  9.625            525.90         24
                                       9.375            525.90      210,000.00
    LYNBROOK         NY   11563          2            06/01/00         00
    0432068922                           05           08/01/00          0
    3933C                                O            07/01/15
    0

    1980897          877/G02             F           25,000.00         ZZ
                                         180         24,729.76          1
    101 PEINKOFER DRIVE                8.875            251.71         36
                                       8.625            251.71       70,000.00
    CHEEKTOWAGA      NY   14225          5            04/06/00         00
    0432022721                           05           06/01/00          0
    2001175681                           O            05/01/15
    0

    1981208          163/G02             F          104,250.00         ZZ
                                         180        102,756.34          1
    671 BLUE RIDGE ROAD                8.250          1,011.37         75
                                       8.000          1,011.37      139,000.00
    PITTSBURGH       PA   15239          5            03/22/00         00
    0431988443                           05           05/01/00          0
    3917322449                           O            04/01/15
    0

    1981313          K15/G02             F          180,000.00         ZZ
                                         180        177,558.81          1
    13614 WEST EDGEMONT                8.875          1,812.32         80
                                       8.625          1,812.32      226,382.00
    GOODYEAR         AZ   85338          1            03/27/00         00
    0432021806                           05           05/01/00          0
1

    3016479                              O            04/01/15
    0

    1981693          U05/G02             F          100,400.00         ZZ
                                         180         99,350.37          1
    7956 WEST GEORGIA AVENUE           9.250          1,033.31         74
                                       9.000          1,033.31      136,000.00
    GLENDALE         AZ   85303          2            04/10/00         00
    0432092633                           05           06/01/00          0
    3023721                              N            05/01/15
    0

    1981751          U05/G02             F          142,500.00         ZZ
                                         180        140,959.64          2
    1230 N ARTESIAN AVE                8.875          1,434.75         78
                                       8.625          1,434.75      185,000.00
    CHICAGO          IL   60622          2            04/13/00         00
    0431992296                           05           06/01/00          0
    3018368                              O            05/01/15
    0

    1982144          E84/G02             F           68,400.00         ZZ
                                         180         67,700.74          2
    255-57 S. EMERSON AVENUE           9.500            714.25         90
                                       9.250            714.25       76,000.00
    INDIANAPOLIS     IN   46219          1            04/10/00         10
    0431994441                           05           06/01/00         25
    11601736                             N            05/01/15
    0

    1982252          H37/G02             F           62,000.00         ZZ
                                         180         61,219.29          1
    12625 RICHTON ROAD                 8.500            610.54         73
                                       8.250            610.54       85,000.00
    PHILADELPHIA     PA   19154          2            05/05/00         00
    0432024552                           05           07/01/00          0
    00233013                             O            06/01/15
    0

    1982314          P45/G02             F           78,000.00         ZZ
                                         180         76,704.26          1
    804 3RD AVENUE NORTH EAST          9.625            820.39         84
                                       9.125            820.39       93,000.00
    MANDAN           ND   58554          5            04/11/00         10
    0432005445                           05           06/01/00          6
    WINKS                                O            05/01/15
    0

1

    1982578          N94/G02             F           44,000.00         ZZ
                                         180         43,550.18          3
    22-24 CENTER STREET                9.500            459.46         70
                                       9.250            459.46       63,000.00
    WALPOLE          NH   03609          5            04/29/00         00
    0432026557                           05           06/01/00          0
    531325                               N            05/01/15
    0

    1982582          163/G02             F           44,000.00         T
                                         180         43,409.81          1
    6101 MONMOUTH AVENUE #303          9.000            446.28         90
                                       8.750            446.28       49,000.00
    VENTNOR          NJ   08406          1            03/29/00         04
    0432038990                           06           05/01/00         12
    3217341951                           O            04/01/15
    0

    1982804          962/G02             F           18,900.00         ZZ
                                         180         18,762.06          1
    108 9TH AVENUE                    10.000            203.10         70
                                       9.750            203.10       27,000.00
    ENDERLIN         ND   58027          5            05/18/00         00
    0432045615                           05           07/01/00          0
    XXX                                  N            06/01/15
    0

    1982833          025/025             F           65,600.00         ZZ
                                         180         63,992.12          1
    551-553 MAPLEWOOD LANE             9.000            665.36         80
                                       8.750            665.36       82,000.00
    HULL             GA   30646          5            11/19/99         00
    0021008032                           05           01/01/00          0
    0021008032                           N            12/01/14
    0

    1982841          025/025             F           69,500.00         ZZ
                                         180         66,243.51          1
    6913 TOMY LEE TRAIL                7.625            649.22         77
                                       7.375            649.22       91,000.00
    TALLAHASSEE      FL   32308          2            05/24/99         00
    368422                               03           07/01/99          0
    368422                               N            06/01/14
    0

    1982845          025/025             F           50,050.00         ZZ
                                         180         48,836.52          1
    2559 OAK CIRCLE                    9.125            511.37         70
                                       8.875            511.37       72,000.00
1

    ELLENWOOD        GA   30294          5            11/22/99         00
    0020105573                           05           01/01/00          0
    0020105573                           N            12/01/14
    0

    1982846          025/025             F           60,000.00         ZZ
                                         180         58,529.39          1
    163-165 VAUGHN ROAD                9.000            608.56         80
                                       8.750            608.56       75,000.00
    ATHENS           GA   30606          2            11/19/99         00
    0021008040                           05           01/01/00          0
    0021008040                           N            12/01/14
    0

    1982847          025/025             F           65,600.00         ZZ
                                         180         63,992.12          1
    581-583 MAPLEWOOD LANE             9.000            665.36         80
                                       8.750            665.36       82,000.00
    HULL             GA   30646          2            11/19/99         00
    0021008024                           05           01/01/00          0
    0021008024                           N            12/01/14
    0

    1982850          025/025             F           60,000.00         ZZ
                                         180         58,529.39          1
    183-185 VAUGHN ROAD                9.000            608.56         80
                                       8.750            608.56       75,000.00
    ATHENS           GA   30606          2            11/19/99         00
    0021008065                           05           01/01/00          0
    0021008065                           N            12/01/14
    0

    1982855          025/025             F           26,400.00         ZZ
                                         180         25,409.99          1
    230 LANIER DRIVE UNIT 71           8.500            259.97         80
                                       8.250            259.97       33,000.00
    STATESBORO       GA   30458          1            07/30/99         00
    0020180204                           05           09/01/99          0
    0020180204                           N            08/01/14
    0

    1982968          253/253             F          239,600.00         ZZ
                                         180        227,766.78          1
    1719 BURLESON-RETTA ROAD           8.375          2,341.92         80
                                       8.125          2,341.92      299,500.00
    BURLESON         TX   76028          1            04/28/00         00
    951212                               05           06/01/00          0
    951212                               O            05/01/15
    0
1

    1982988          A50/A50             F           25,000.00         ZZ
                                         180         24,545.16          1
    2405 22ND AVENUE                   8.875            251.71         50
                                       8.625            251.71       51,000.00
    PHENIX CITY      AL   36867          1            04/28/00         00
    701353                               05           06/01/00          0
    701353                               O            05/01/15
    0

    1983015          K15/G02             F           58,400.00         ZZ
                                         180         57,816.26          1
    4712 VANKIRK STREET                9.750            618.67         95
                                       9.500            618.67       61,500.00
    PHILADELPHIA     PA   19135          5            04/14/00         27
    0432009199                           07           06/01/00         25
    027105301095                         O            05/01/15
    0

    1983022          K15/G02             F           93,800.00         ZZ
                                         180         92,841.10          1
    118 KEUKA STREET                   9.500            979.48         90
                                       9.250            979.48      105,000.00
    MILO, VILL OF P  NY   14527          5            04/21/00         11
    0432009215                           05           06/01/00         12
    027205301442                         O            05/01/15
    0

    1983025          K15/G02             F           43,500.00         ZZ
                                         180         43,065.03          1
    426 W 15TH STREET                  9.750            460.82         80
                                       9.500            460.82       55,000.00
    VINCENNES        IN   47591          5            04/17/00         00
    0432009181                           05           06/01/00          0
    034005300790                         O            05/01/15
    0

    1983035          025/025             F           65,600.00         ZZ
                                         180         63,992.12          1
    691-693 MAPLEWOOD LANE             9.000            665.36         80
                                       8.750            665.36       82,000.00
    HULL             GA   30646          5            11/19/99         00
    0021008016                           05           01/01/00          0
    0021008016                           N            12/01/14
    0

    1983088          K81/G02             F          110,000.00         ZZ
                                         180        108,572.96          4
1

    1116-1122 W BEACON STREET          9.375          1,140.36         75
                                       9.125          1,140.36      147,000.00
    BOISE            ID   83702          1            03/28/00         00
    0432146884                           05           05/01/00          0
    5500532                              N            04/01/15
    0

    1983173          U05/G02             F          150,000.00         ZZ
                                         180        148,378.53          1
    4923 AZALEA-GLEN ROAD              8.875          1,510.27         53
                                       8.625          1,510.27      285,000.00
    GLENDALE         OR   97442          1            04/12/00         00
    0432007581                           05           06/01/00          0
    3023020                              O            05/01/15
    0

    1983178          L47/G02             F          103,600.00         ZZ
                                         180        102,225.82          1
    11-13 NORTH 2ND STREET             9.375          1,074.02         74
    UNIT 301                           9.125          1,074.02      140,000.00
    PHILADELPHIA     PA   19106          1            04/25/00         00
    0432008373                           01           06/01/00          0
    0020018471                           N            05/01/15
    0

    1983250          A50/A50             F           51,200.00         ZZ
                                         180         50,658.72          1
    11C LOCKHART LANE                  9.125            523.12         79
                                       8.875            523.12       64,882.00
    SEALE            AL   36875          2            04/24/00         00
    701281                               05           06/01/00          0
    701281                               O            05/01/15
    0

    1983259          F44/G02             F           76,000.00         ZZ
                                         180         75,006.53          1
    67 NORTH STREET                    9.290            784.01         76
                                       9.040            784.01      100,000.00
    RUTLAND          VT   05701          5            03/17/00         00
    0432019586                           05           05/01/00          0
    213199NET                            O            04/01/15
    0

    1983287          L99/G02             F           92,400.00         ZZ
                                         180         91,201.24          1
    4259 CARROLLWOOD DRIVE             9.375            957.91         80
                                       9.125            957.91      115,500.00
    STONE MOUNTAIN   GA   30083          1            03/29/00         00
    0432031813                           05           05/01/00          0
1

    1983287                              O            04/01/15
    0

    1983295          G34/G02             F           39,000.00         ZZ
                                         120         38,415.91          1
    1410 BEACH BLVD UNIT 168           9.750            510.00         65
                                       9.500            510.00       60,000.00
    GULFPORT         MS   39507          1            05/25/00         00
    0432065373                           20           07/01/00          0
    4134                                 N            06/01/10
    0

    1983297          K15/G02             F          156,300.00         ZZ
                                         180        154,533.82          1
    141 WAY ROAD                       8.375          1,527.72         94
                                       8.125          1,527.72      167,000.00
    SALEM            CT   06420          5            04/25/00         27
    0432007193                           05           06/01/00         25
    37905300827                          O            05/01/15
    0

    1983469          A09/G02             F          200,000.00         ZZ
                                         180        197,861.98          2
    214 KEAP STREET                    9.000          2,028.53         44
                                       8.750          2,028.53      455,000.00
    BROOKLYN         NY   11211          5            04/28/00         00
    0432020998                           07           06/01/00          0
    1983469                              O            05/01/15
    0

    1983820          F44/G02             F          157,500.00         ZZ
                                         180        154,206.51          1
    1864 SOUTH 109TH STREET            9.500          1,644.66         90
                                       9.250          1,644.66      175,000.00
    OMAHA            NE   68144          5            04/21/00         10
    0432016145                           05           06/01/00         12
    213486                               O            05/01/15
    0

    1984070          624/G02             F          164,000.00         ZZ
                                         180        162,126.66          1
    19395 DAIREN STREET                8.250          1,591.03         79
                                       8.000          1,591.03      210,000.00
    ROWLAND HEIGHTS  CA   91748          5            04/24/00         00
    0432025542                           05           06/01/00          0
    34073200183F                         O            05/01/15
    0

1

    1984347          F44/G02             F          117,300.00         ZZ
                                         180        116,032.02          1
    231 GEORGE DYE ROAD                8.875          1,181.03         85
                                       8.625          1,181.03      138,000.00
    TRENTON          NJ   08690          5            04/28/00         10
    0432045946                           05           06/01/00          6
    213928                               O            05/01/15
    0

    1984406          U05/G02             F           55,000.00         ZZ
                                         180         54,437.76          1
    249 E 3RD STREET                   9.500            574.32         74
                                       9.250            574.32       75,000.00
    HIALEAH          FL   33010          1            04/19/00         00
    0432026961                           05           06/01/00          0
    3012202                              O            05/01/15
    0

    1984861          163/G02             F          110,000.00         ZZ
                                         180        109,089.42          3
    5 BEACH STREET                     8.625          1,091.29         80
                                       8.375          1,091.29      137,500.00
    NEWBURGH         NY   12550          1            05/05/00         00
    0432047124                           05           07/01/00          0
    1000158749                           N            06/01/15
    0

    1984912          F44/G02             F           39,100.00         ZZ
                                         180         38,709.14          1
    405 BRIGHTWOOD AVENUE              9.750            414.22         85
                                       9.500            414.22       46,000.00
    ORANGE CITY      FL   32763          5            04/28/00         10
    0432040871                           05           06/01/00          6
    213666                               O            05/01/15
    0

    1984919          F44/G02             F           31,500.00         ZZ
                                         180         30,852.99          1
    1160 SOUTH BEDFORD AVENUE          9.990            338.31         90
                                       9.740            338.31       35,000.00
    EVANSVILLE       IN   47713          5            04/20/00         10
    0432041226                           05           06/01/00         12
    213386                               O            05/01/15
    0

    1984949          F44/G02             F           80,000.00         ZZ
                                         120         78,715.27          1
    174-15 110TH AVENUE                8.500            991.89         56
                                       8.250            991.89      145,000.00
1

    JAMAICA          NY   11433          5            05/05/00         00
    0432041937                           05           07/01/00          0
    213230                               N            06/01/10
    0

    1985007          E84/G02             F          232,000.00         ZZ
                                         180        230,146.87          1
    467 CRONIN                         9.000          2,353.10         80
                                       8.750          2,353.10      290,000.00
    DEARBORN HEIGHT  MI   48127          1            05/09/00         00
    0432048635                           05           07/01/00          0
    46100016                             O            06/01/15
    0

    1985024          F89/G02             F           39,760.00         ZZ
                                         180         39,409.19          1
    16062 SMOKETREE AVENUE             7.875            377.10         80
                                       7.625            377.10       49,700.00
    HESPERIA         CA   92345          1            05/24/00         00
    0432077360                           05           07/01/00          0
    9502913                              O            06/01/15
    0

    1985148          964/G02             F          149,000.00         ZZ
                                         180        147,260.34          1
    3090 JOSHUA TREE CIRCLE            8.000          1,423.92         73
                                       7.750          1,423.92      204,735.00
    STOCKTON         CA   95209          1            04/25/00         00
    0432042513                           03           06/01/00          0
    76395                                O            05/01/15
    0

    1985185          K88/G02             F          126,400.00         ZZ
                                         180        125,078.55          1
    2 MONTEREY COURT                   9.250          1,300.90         80
                                       9.000          1,300.90      158,000.00
    OLD BRIDGE       NJ   08857          1            04/19/00         00
    0432040186                           07           06/01/00          0
    12464                                O            05/01/15
    0

    1985190          964/G02             F           50,000.00         ZZ
                                         180         49,459.52          1
    1167 WEST 13TH AVENUE              8.875            503.42         55
                                       8.625            503.42       92,000.00
    EUGENE           OR   97402          5            04/27/00         00
    0432044865                           05           06/01/00          0
    75741                                N            05/01/15
    0
1

    1985401          163/G02             F          252,700.00         ZZ
                                         180        250,589.68          1
    8832 BLUEJAY LANE                  8.500          2,488.44         70
                                       8.250          2,488.44      363,000.00
    SALT LAKE CITY   UT   84121          2            05/05/00         00
    0432041432                           05           07/01/00          0
    1817385735                           O            06/01/15
    0

    1985434          163/G02             F           93,600.00         ZZ
                                         180         92,852.37          1
    3542 SUSAN LANE                    9.000            949.35         78
                                       8.750            949.35      120,000.00
    STEGER           IL   60475          2            05/04/00         00
    0432053064                           05           07/01/00          0
    39173770992                          O            06/01/15
    0

    1985451          K15/G02             F           26,400.00         ZZ
                                         180         24,149.66          1
    47385 NORTH CHERRY ST             10.000            283.70         40
                                       9.750            283.70       66,000.00
    HAMMOND          LA   70401          5            05/09/00         00
    0432045698                           05           07/01/00          0
    009005301334                         N            06/01/15
    0

    1985915          637/G02             F           76,500.00         ZZ
                                         180         75,654.51          1
    509 UTOY CIRCLE SW                 8.625            758.95         79
                                       8.375            758.95       98,000.00
    ATLANTA          GA   30331          5            04/27/00         00
    0432049468                           05           06/01/00          0
    0012073631                           O            05/01/15
    0

    1986020          025/025             F          133,500.00         ZZ
                                         180        126,367.94          1
    4021 SECURITY LANE                 6.000          1,126.55         75
                                       5.750          1,126.55      178,000.00
    JARRETTSVILLE    MD   21084          1            06/03/99         00
    0110874005                           05           07/01/99          0
    0110874005                           O            06/01/14
    0

    1986027          025/025             F           42,375.00         ZZ
                                         180         41,697.08          1
1

    215 SCARBOROUGH STREET             9.500            442.49         75
                                       9.250            442.49       56,500.00
    SAVANNAH         GA   31401          5            03/03/00         00
    0020275012                           05           04/01/00          0
    0020275012                           N            03/01/15
    0

    1986028          A09/G02             F          175,000.00         ZZ
                                         180        174,092.25          1
    37 EAST LOVELL STREET              9.250          1,801.09         70
                                       9.000          1,801.09      250,000.00
    MAHOPAC          NY   10541          5            06/05/00         00
    0432077089                           05           08/01/00          0
    JOSHI                                O            07/01/15
    0

    1986031          025/025             F           35,000.00         ZZ
                                         180         34,277.66          1
    3220 BRIAR WAY                     8.000            334.48         34
                                       7.750            334.48      105,000.00
    APOPKA           FL   32703          1            01/31/00         00
    0021843636                           03           03/01/00          0
    0021843636                           O            02/01/15
    0

    1986037          025/025             F           31,500.00         ZZ
                                         180         30,486.33          1
    2637 MYRA STREET                   8.250            305.59         70
                                       8.000            305.59       45,000.00
    JACKSONVILLE     FL   32205          5            09/28/99         00
    314807753                            05           11/01/99          0
    314807753                            N            10/01/14
    0

    1986083          025/025             F          146,250.00         ZZ
                                         180        136,343.53          1
    231 HAMLIN ROAD                    7.500          1,355.76         75
                                       7.250          1,355.76      195,000.00
    JACKSON          GA   30233          1            12/10/98         00
    9627282                              05           02/01/99          0
    9627282                              O            01/01/14
    0

    1986084          025/025             F           95,200.00         ZZ
                                         180         91,318.81          1
    3018 ROSETREE LANE                 7.500            882.52         80
                                       7.250            882.52      119,000.00
    NEWARK           DE   19702          1            07/26/99         00
    110861879                            05           09/01/99          0
1

    110861879                            N            08/01/14
    0

    1986090          025/025             F          178,250.00         ZZ
                                         180        170,392.60          1
    2984 MARLOW LANE                   8.500          1,755.30         80
                                       8.250          1,755.30      222,824.00
    RICHARDSON       TX   75082          1            05/27/99         00
    0001076203                           03           07/01/99          0
    0001076203                           O            06/01/14
    0

    1986092          025/025             F          196,500.00         ZZ
                                         180        178,209.01          1
    1414 OLD ROAD                      7.875          1,863.70         75
                                       7.625          1,863.70      262,000.00
    CHAPIN           SC   29036          2            07/15/99         00
    0020765178                           05           09/01/99          0
    0020765178                           O            08/01/14
    0

    1986095          025/025             F           43,400.00         ZZ
                                         180         42,855.55          1
    4459 SPRINGWOOD ROAD               9.750            459.76         70
                                       9.500            459.76       62,000.00
    SPRING HILL      FL   34609          5            03/15/00         00
    0021568159                           05           05/01/00          0
    0021568159                           N            04/01/15
    0

    1986097          025/025             F           86,400.00         ZZ
                                         180         82,877.61          1
    6 AIKENS COURT                     7.500            800.94         80
                                       7.250            800.94      108,000.00
    NEWARK           DE   19702          1            07/26/99         00
    0001086186                           05           09/01/99          0
    0001086186                           N            08/01/14
    0

    1986098          025/025             F           45,000.00         ZZ
                                         120         40,506.13          1
    303 JOHNS DRIVE                    7.625            537.10         55
                                       7.375            537.10       82,000.00
    TALLAHASSEE      FL   32301          5            03/25/99         00
    368261                               05           05/01/99          0
    368261                               N            04/01/09
    0

1

    1986117          975/G02             F          252,500.00         ZZ
                                         180        250,460.50          4
    500, 500 1/2, 502 AND 502 1/2      8.875          2,542.28         70
    SOUTH MANHATTAN PLACE              8.625          2,542.28      365,000.00
    LOS ANGELES ARE  CA   90020          5            05/09/00         00
    0432055903                           05           07/01/00          0
    2001079                              O            06/01/15
    0

    1986384          F32/G02             F           67,050.00         ZZ
                                         180         66,502.35          1
    6410 EXECUTIVE DRIVE               8.750            670.13         90
                                       8.500            670.13       74,500.00
    WINSTON          GA   30187          1            05/24/00         14
    0432058063                           05           07/01/00         25
    406144261                            N            06/01/15
    0

    1986420          H22/G02             F          244,000.00         ZZ
                                         180        241,661.35          2
    100-07 ASCAN AVENUE                8.625          2,420.68         69
                                       8.375          2,420.68      355,000.00
    FOREST HILLS     NY   11375          2            06/12/00         00
    0432106243                           07           08/01/00          0
    0005020                              O            07/01/15
    0

    1986659          E18/G02             F          149,600.00         ZZ
                                         180        148,279.98          2
    1229-31 NORTH 6TH STREET           7.875          1,418.88         80
                                       7.625          1,418.88      187,000.00
    PHILADELPHIA     PA   19122          1            05/30/00         00
    0432064202                           05           07/01/00          0
    00030043                             O            06/01/15
    0

    1986663          F44/G02             F           65,700.00         ZZ
                                         180         65,215.01          1
    1140 WATER STREET                  9.875            701.00         90
                                       9.625            701.00       73,000.00
    WEBSTER CITY     IA   50595          5            05/03/00         10
    0432064681                           05           07/01/00         12
    213801                               O            06/01/15
    0

    1986757          E47/G02             F           59,500.00         ZZ
                                         180         58,977.82          2
    416-416 1/2 WEST 21ST STREET       9.625            625.81         85
                                       9.375            625.81       70,000.00
1

    PUEBLO           CO   81003          5            05/17/00         01
    0432080570                           05           07/01/00         12
    7332013981                           O            06/01/15
    0

    1986795          H76/G02             F           74,000.00         ZZ
                                         120         72,592.21          1
    821 SPRINGMILL AVENUE              9.500            957.55         48
                                       9.250            957.55      155,000.00
    CONSHOHOCKEN     PA   19428          5            05/31/00         00
    0432064343                           05           07/01/00          0
    SCHARFF                              N            06/01/10
    0

    1986798          E11/G02             F           57,500.00         ZZ
                                         180         57,080.32          2
    2117 W 3RD STREET                 10.000            617.90         90
                                       9.750            617.90       63,900.00
    DULUTH           MN   55806          1            05/30/00         12
    0432066728                           05           07/01/00         25
    00080010122656                       N            06/01/15
    0

    1986802          E46/G02             F          102,500.00         ZZ
                                         180        101,615.22          1
    13900 SW 100TH AVENUE              8.125            986.95         45
                                       7.875            986.95      230,000.00
    MIAMI            FL   33176          5            05/25/00         00
    0432062156                           05           07/01/00          0
    42389                                O            06/01/15
    0

    1987118          225/225             F           45,900.00         ZZ
                                         180         45,283.57          1
    4779 SABLE PINE CIRCLE #C2         9.625            482.77         90
                                       9.375            482.77       51,000.00
    WEST PALM BEACH  FL   33417          1            04/27/00         11
    7188616                              01           06/01/00         25
    7188616                              N            05/01/15
    0

    1987143          225/225             F          112,000.00         ZZ
                                         180        108,133.41          1
    2505 PILOT LANE                    8.875          1,127.67         45
                                       8.625          1,127.67      250,000.00
    NAGS HEAD        NC   27959          5            04/18/00         00
    8795086                              05           06/01/00          0
    8795086                              O            05/01/15
    0
1

    1987150          K15/G02             F           80,100.00         ZZ
                                         180         79,195.03          1
    950 CITATION DRIVE                 8.375            782.92         64
                                       8.125            782.92      127,000.00
    PATASKALA        OH   43062          5            04/25/00         00
    0432068443                           05           06/01/00          0
    036905300941                         O            05/01/15
    0

    1987180          225/225             F          100,000.00         ZZ
                                         180         98,853.66          1
    42 FOREST ROAD                     9.000          1,014.27         77
                                       8.750          1,014.27      130,000.00
    WEST HAVEN       CT   06516          5            05/02/00         00
    7186658                              05           06/01/00          0
    7186658                              N            05/01/15
    0

    1987304          163/G02             F           95,000.00         ZZ
                                         180         94,197.81          1
    2 BRAYTON WOODS DRIVE              8.375            928.56         39
                                       8.125            928.56      245,000.00
    REHOBOTH         MA   02769          5            05/04/00         00
    0432073740                           05           07/01/00          0
    1000215495                           O            06/01/15
    0

    1987435          455/G02             F          240,000.00         ZZ
                                         180        238,125.41          1
    3323 S MCKOY ROAD                  9.250          2,470.07         76
                                       9.000          2,470.07      319,000.00
    VILLA RICA       GA   30180          5            06/05/00         00
    0432069136                           05           07/01/00          0
    09000518                             O            06/01/15
    0

    1987541          K15/G02             F           81,600.00         ZZ
                                         180         81,004.42          1
    10838 ROUTE 166                   10.000            876.88         95
                                       9.750            876.88       86,000.00
    MARION           IL   62959          5            05/25/00         27
    0432074755                           05           07/01/00         25
    022705300766                         O            06/01/15
    0

    1987647          637/G02             F          150,000.00         ZZ
                                         180        148,854.46          4
1

    86 HAVEMEYER STREET                9.500          1,566.34         50
                                       9.250          1,566.34      300,000.00
    BROOKLYN         NY   11211          5            05/24/00         00
    0432072262                           05           07/01/00          0
    0013313549                           O            06/01/15
    0

    1987949          637/G02             F           37,800.00         ZZ
                                         180         37,511.31          1
    2031 WEST 53RD ST NORTH            9.500            394.72         90
                                       9.250            394.72       42,000.00
    WICHITA          KS   67204          1            05/26/00         11
    0432089894                           05           07/01/00         25
    0019659911                           N            06/01/15
    0

    1987956          F44/G02             F           70,550.00         ZZ
                                         180         69,998.94          1
    1000 LIVEOAK DRIVE                 9.250            726.10         85
                                       9.000            726.10       83,000.00
    HINESVILLE       GA   31313          5            05/26/00         10
    0432081594                           05           07/01/00          6
    214182                               O            06/01/15
    0

    1988307          E84/G02             F           33,300.00         ZZ
                                         180         33,051.36          2
    914 12TH AVENUE                    9.750            352.77         90
                                       9.500            352.77       37,000.00
    ROCKFORD         IL   61104          1            05/15/00         10
    0432094910                           05           07/01/00         25
    11502545                             N            06/01/15
    0

    1989214          F44/G02             F          104,000.00         ZZ
                                         120        102,913.51          1
    404 FARNSWORTH AVENUE              8.875          1,310.41         64
                                       8.625          1,310.41      165,000.00
    BORDENTOWN       NJ   08505          5            06/09/00         00
    0432116259                           05           08/01/00          0
    214534                               O            07/01/10
    0

    1989803          742/G02             F           25,000.00         T
                                         180         24,803.29          1
    ROBIN ROAD                         8.500            246.18         50
                                       8.250            246.18       50,000.00
    COPAKE LAKE      NY   12517          1            06/16/00         00
    0432105526                           05           08/01/00          0
1

    6043608                              O            07/01/15
    0

    1989869          K15/G02             F           57,900.00         ZZ
                                         180         57,440.99          1
    217 LINDSEY CIRCLE                10.000            622.20         95
                                       9.750            622.20       61,000.00
    CARENCRO         LA   70520          5            06/09/00         10
    0432118784                           05           08/01/00         30
    000205301067                         O            07/01/15
    0

    1989873          K15/G02             F           90,200.00         ZZ
                                         180         89,747.73          1
    122 PAULAIRE COURT                 9.625            948.71         95
                                       9.375            948.71       95,000.00
    BURLINGTON       IA   52601          5            06/08/00         10
    0432122406                           05           08/01/00         25
    029405301271                         O            07/01/15
    0

    1989875          L47/G02             F          199,400.00         ZZ
                                         180        197,287.57          1
    40 DECIDEDLY LANE                  8.625          1,978.21         80
                                       8.375          1,978.21      249,390.00
    BEAR             DE   19701          1            06/19/00         00
    0432112753                           03           08/01/00          0
    10065766                             O            07/01/15
    0

    1989997          R21/G02             F           69,050.00         ZZ
                                         180         68,679.54          1
    10746 S FOREST                     8.875            695.23         84
                                       8.625            695.23       83,000.00
    CHICAGO          IL   60653          2            06/20/00         04
    0432125482                           05           08/01/00         12
    20000295                             O            07/01/15
    0

    1990044          F44/G02             F           77,000.00         ZZ
                                         120         76,239.70          1
    6194 HIGHWAY 109 NORTH             9.875          1,012.24         54
                                       9.625          1,012.24      145,000.00
    LEBANON          TN   37087          5            06/13/00         00
    0432113710                           05           08/01/00          0
    214149                               O            07/01/10
    0

1

    1990053          P45/G02             F           41,000.00         ZZ
                                         180         40,767.44          1
    1704 BRADLEY STREET                8.250            397.76         57
                                       8.000            397.76       72,000.00
    BOSSIER CITY     LA   71112          5            06/19/00         00
    0432125920                           05           08/01/00          0
    1704                                 O            07/01/15
    0

    1990156          742/G02             F           75,900.00         ZZ
                                         180         75,510.72          1
    13505 MAPLE LEAF DRIVE             9.375            786.85         80
                                       9.125            786.85       94,900.00
    GARFIELD HTS     OH   44125          1            06/20/00         00
    0432117596                           05           08/01/00          0
    6093959                              N            07/01/15
    0

    1990163          964/G02             F           52,000.00         ZZ
                                         180         51,714.72          1
    2738 PEACH STREET                  8.625            515.88         80
                                       8.375            515.88       65,000.00
    LIVE OAK         CA   95953          5            06/05/00         00
    0432120533                           05           08/01/00          0
    76255                                O            07/01/15
    0

    1990172          U05/G02             F          189,900.00         ZZ
                                         180        187,238.07          1
    44 KERRYWOOD DRIVE                 8.500          1,870.02         90
                                       8.250          1,870.02      211,000.00
    EAST FALMOUTH    MA   02536          5            05/05/00         01
    0432119279                           05           07/01/00         12
    3053582                              O            06/01/15
    0

    1990367          P67/G02             F           87,500.00         ZZ
                                         180         87,030.57          2
    296 REDMOND STREET                 8.875            880.99         70
                                       8.625            880.99      125,000.00
    NEW BRUNSWICK    NJ   08901          1            06/23/00         00
    0432117877                           05           08/01/00          0
    00000                                N            07/01/15
    0

    1990466          637/G02             F          149,900.00         ZZ
                                         180        147,747.31          1
    613 LEXINGTON PARK                 9.500          1,565.29         75
                                       9.250          1,565.29      199,900.00
1

    IRVING           TX   75061          1            06/01/00         00
    0432119105                           05           07/01/00          0
    0020864104                           O            06/01/15
    0

    1990529          P45/G02             F           80,000.00         ZZ
                                         180         79,598.89          1
    19015 4TH STREET                   9.625            841.42         79
                                       9.375            841.42      101,300.00
    NEW PARIS        IN   46553          5            06/26/00         00
    0432125961                           05           08/01/00          0
    1543583105                           O            07/01/15
    0

    1990533          P45/G02             F          102,000.00         ZZ
                                         180        101,494.35          1
    5946 COYOTE RIDGE ROAD             9.750          1,080.55         77
                                       9.500          1,080.55      134,000.00
    RENO             NV   89523          5            06/22/00         00
    0432130011                           05           08/01/00          0
    1130476104                           O            07/01/15
    0

    1990585          P34/G02             F           75,000.00         T
                                         180         74,816.96          1
    303 CLOUGH POND RD                 9.875            800.23         69
                                       9.625            800.23      110,000.00
    LOUDON           NH   03301          5            07/11/00         00
    0432181121                           05           09/01/00          0
    13934                                O            08/01/15
    0

    1990807          K15/G02             F          168,000.00         ZZ
                                         180        167,076.61          1
    3231 WHITFIELD RIDGE DRIVE         9.875          1,792.51         80
                                       9.625          1,792.51      210,000.00
    KINSTON          NC   28504          5            06/12/00         00
    0432149870                           05           08/01/00          0
    3042489                              O            07/01/15
    0

    1990808          005/G02             F           45,000.00         ZZ
                                         180         44,877.00          1
    7943 MOFFAT ROAD                   8.625            446.44         52
                                       8.375            446.44       87,000.00
    SEMMES           AL   36575          5            07/27/00         00
    0432182590                           05           09/01/00          0
    003013009976                         O            08/01/15
    0
1

    1990904          A50/A50             F           35,100.00         ZZ
                                         180         34,831.96          1
    90 MAPLE STREET                    9.500            366.52         90
                                       9.250            366.52       39,000.00
    GRANTVILLE       GA   30220          1            05/26/00         11
    217004                               05           07/01/00         20
    217004                               N            06/01/15
    0

    1990957          J40/G02             F           75,000.00         ZZ
                                         180         74,588.53          1
    109 COUNTRY CLUB DRIVE             8.625            744.06         63
                                       8.375            744.06      120,000.00
    GREENWOOD        MS   38930          2            06/20/00         00
    0432134500                           05           08/01/00          0
    7670720                              O            07/01/15
    0

    1990959          A50/A50             F           44,100.00         ZZ
                                         180         43,763.21          1
    115 GRADY SMITH STREET             9.500            460.50         90
                                       9.250            460.50       49,000.00
    GRANTVILLE       GA   30220          1            05/26/00         12
    217005                               05           07/01/00         20
    217005                               N            06/01/15
    0

    1991173          253/253             F           43,000.00         ZZ
                                         180         42,766.69          2
    850-852 JUDGE ELY ROAD             8.750            429.77         69
                                       8.500            429.77       63,000.00
    ABILENE          TX   79601          1            06/30/00         00
    954284                               05           08/01/00          0
    954284                               N            07/01/15
    0

    1991189          Q99/G02             F           33,900.00         ZZ
                                         180         33,814.39          1
    2708 ROUTE #79                     9.500            353.99         66
                                       9.250            353.99       52,000.00
    HARPURSVILLE     NY   13787          5            07/27/00         00
    0432190445                           05           09/01/00          0
    WILCOX                               O            08/01/15
    0

    1991201          828/G02             F           34,800.00         ZZ
                                         180         34,708.03          1
1

    9815 PARK LANE PLACE               9.000            352.97         80
                                       8.750            352.97       43,500.00
    DALLAS           TX   75220          1            08/01/00         00
    0432200756                           01           09/01/00          0
    00003314                             O            08/01/15
    0

    1991213          F44/G02             F           57,150.00         ZZ
                                         180         56,860.17          1
    5204 BLUE FOUTAIN LANE             9.500            596.78         90
                                       9.250            596.78       63,500.00
    BAKERSFIELD      CA   93313          5            06/30/00         10
    0432130540                           05           08/01/00         12
    214465                               O            07/01/15
    0

    1991435          K15/G02             F           94,900.00         ZZ
                                         180         93,925.48          1
    17 CLERTOMA DR                     9.750          1,005.34         94
                                       9.500          1,005.34      101,000.00
    MILFORD          OH   45150          5            06/26/00         10
    0432133080                           05           08/01/00         25
    028105301400                         O            07/01/15
    0

    1991438          U05/G02             F           71,250.00         ZZ
                                         180         70,859.10          1
    804 WEST 25TH STREET               8.625            706.86         75
                                       8.375            706.86       95,000.00
    VANCOUVER        WA   98660          5            06/28/00         00
    0432139707                           05           08/01/00          0
    3048067                              N            07/01/15
    0

    1991792          M18/G02             F           75,000.00         ZZ
                                         180         74,808.42          2
    6814 & 6816 GRAINGER AVENUE        9.375            777.52         33
                                       9.125            777.52      234,000.00
    BELL GARDENS     CA   90201          5            06/30/00         00
    0432140416                           05           09/01/00          0
    980100854                            N            08/01/15
    0

    1991802          T27/G02             F           76,000.00         ZZ
                                         180         75,432.56          1
    138-B APOKE STREET                 9.750            805.12         34
                                       9.500            805.12      230,000.00
    HILO             HI   96720          5            05/25/00         00
    0432144665                           07           07/01/00          0
1

    0000028                              O            06/01/15
    0

    1991948          S27/G02             F          175,000.00         ZZ
                                         180        174,039.88          1
    525 BEACH AVENUE                   8.625          1,736.15         15
                                       8.375          1,736.15    1,200,000.00
    ATLANTIC BEACH   FL   32233          5            06/12/00         00
    0432137859                           05           08/01/00          0
    10100033519                          O            07/01/15
    0

    1991979          P79/G02             F           37,600.00         ZZ
                                         180         37,600.00          1
    7505 SW 82ND STREET UNIT 212       8.625            373.02         80
                                       8.375            373.02       47,000.00
    MIAMI            FL   33143          1            08/03/00         00
    0432189173                           01           10/01/00          0
    19919796                             O            09/01/15
    0

    1992171          736/G02             F           41,400.00         ZZ
                                         180         39,904.48          1
    926 SUMTER ROAD EAST               9.750            438.58         90
                                       9.500            438.58       46,000.00
    WEST PALM BEACH  FL   33415          1            10/01/99         01
    0432141299                           09           11/01/99         25
    32700166                             O            10/01/14
    0

    1992228          T44/G02             F           83,500.00         ZZ
                                         180         83,274.31          2
    804 A & B TENNANT LANE             8.750            834.54         70
                                       8.500            834.54      120,000.00
    YAKIMA           WA   98901          2            07/12/00         00
    0432144186                           05           09/01/00          0
    5570711                              N            08/01/15
    0

    1992294          P92/G02             F          101,250.00         ZZ
                                         180        100,447.45          1
    2808 PARK HOLLOW LANE              9.250          1,042.06         75
                                       9.000          1,042.06      135,000.00
    EDMOND           OK   73003          1            05/05/00         00
    0432142966                           03           07/01/00          0
    0901645                              O            06/01/15
    0

1

    1992377          U05/G02             F           95,200.00         ZZ
                                         180         94,689.24          1
    420 NASH CIRCLE                    8.875            958.52         80
                                       8.625            958.52      119,000.00
    MABLETON         GA   30126          1            07/07/00         00
    0432147387                           05           08/01/00          0
    3053708                              O            07/01/15
    0

    1992383          E46/G02             F           65,000.00         ZZ
                                         180         64,674.08          1
    ROUTE 447                          9.625            683.66         58
                                       9.375            683.66      113,000.00
    SMITHFIELD TWSP  PA   18301          5            06/29/00         00
    0432155893                           05           08/01/00          0
    43154                                N            07/01/15
    0

    1992602          U05/G02             F          192,000.00         ZZ
                                         180        191,463.34          1
    355 SE 7TH STREET                  8.375          1,876.66         80
                                       8.125          1,876.66      240,000.00
    DANIA BEACH      FL   33004          1            07/12/00         00
    0432152858                           05           09/01/00          0
    3051221                              O            08/01/15
    0

    1992996          F32/G02             F          119,500.00         T
                                         180        119,198.19          1
    818 SEQUOYAH TRAIL                 9.500          1,247.85         27
                                       9.250          1,247.85      450,000.00
    ROBBINSVILLE     NC   28771          5            07/10/00         00
    0432164580                           05           09/01/00          0
    416146100                            O            08/01/15
    0

    1993005          664/G02             F           81,400.00         ZZ
                                         180         80,958.36          1
    396 PLYMOUTH LOOP                  8.750            813.56         80
                                       8.500            813.56      101,800.00
    LONGS            SC   29568          1            06/29/00         00
    0432160323                           05           08/01/00          0
    0003419983                           O            07/01/15
    0

    1993262          286/286             F           45,600.00         ZZ
                                         180         43,231.55          1
    10811 RICHMOND AVENUE UNIT 46      9.625            479.61         95
                                       9.375            479.61       48,000.00
1

    HOUSTON          TX   77042          1            05/26/00         10
    09734628                             01           07/01/00         25
    09734628                             O            06/01/15
    0

    1993270          286/286             F           32,300.00         ZZ
                                         180         32,047.72          1
    7950 NORTH STADIUM DRIVE #239      9.250            332.43         95
                                       9.000            332.43       34,000.00
    HOUSTON          TX   77030          1            06/22/00         10
    09739298                             01           08/01/00         25
    09739298                             O            07/01/15
    0

    1993271          286/286             F           61,850.00         T
                                         180         61,382.95          1
    631 HIGHLAND LAKES DRIVE           9.625            650.53         75
                                       9.375            650.53       82,500.00
    LAKE PLACID      FL   33852          1            05/31/00         00
    09735891                             05           07/01/00          0
    09735891                             O            06/01/15
    0

    1993313          286/286             F           75,400.00         ZZ
                                         180         74,804.45          1
    337 LAMP POST LANE                 9.125            770.37         52
                                       8.875            770.37      145,000.00
    ETTERS           PA   17319          2            05/31/00         00
    08923591                             05           07/01/00          0
    08923591                             O            06/01/15
    0

    1993425          F44/G02             F           76,500.00         ZZ
                                         180         76,295.54          1
    2421 NORTH PINE COURT              8.875            770.24         80
                                       8.625            770.24       96,000.00
    BEAUFORT         SC   29902          5            07/14/00         00
    0432164234                           05           09/01/00          0
    214713                               O            08/01/15
    0

    1993430          A21/G02             F          224,250.00         ZZ
                                         180        223,657.38          1
    32-08 HEYWOOD AVE                  9.000          2,274.50         75
                                       8.750          2,274.50      299,000.00
    FAIR LAWN        NJ   07410          1            07/20/00         00
    0432167138                           05           09/01/00          0
    0100112838                           O            08/01/15
    0
1

    1993432          F44/G02             F          161,500.00         ZZ
                                         180        161,105.85          1
    14338 FERNDALE ROAD                9.875          1,723.16         95
                                       9.625          1,723.16      170,000.00
    WOODBRIDGE       VA   22193          5            07/07/00         01
    0432199909                           05           09/01/00         25
    214560                               O            08/01/15
    0

    1993540          U59/G02             F          126,000.00         T
                                         180        125,368.22          1
    35 LEEWARD LN                      9.625          1,325.25         70
                                       9.375          1,325.25      180,000.00
    EAST NORTHPORT   NY   11731          5            07/24/00         00
    0432172500                           01           08/24/00          0
    800475904                            O            07/24/15
    0

    1993559          K15/G02             F          102,500.00         ZZ
                                         180        102,246.96          1
    6107 SW 14TH ST                    9.750          1,085.85         95
                                       9.500          1,085.85      108,000.00
    DES MOINES       IA   50315          5            07/11/00         10
    0432165116                           05           09/01/00         25
    037705301169                         O            08/01/15
    0

    1993583          163/G02             F           75,000.00         ZZ
                                         180         74,610.95          2
    433 435 LOWELL ST                  9.250            771.90         62
                                       9.000            771.90      122,000.00
    LAWRENCE         MA   01841          5            06/26/00         00
    0432165629                           05           08/01/00          0
    1000139086                           N            07/01/15
    0

    1993775          637/G02             F           52,000.00         ZZ
                                         180         51,727.20          1
    217 SHORE T ROAD                   9.125            531.30         80
                                       8.875            531.30       65,000.00
    NOKOMIS          FL   34275          1            06/30/00         00
    0432169373                           05           08/01/00          0
    0019093152                           N            07/01/15
    0

    1993776          637/G02             F           54,000.00         ZZ
                                         180         53,710.28          2
1

    2905 ONTARIO AVENUE                8.875            543.70         75
                                       8.625            543.70       72,000.00
    NIAGARA FALLS    NY   14305          5            06/22/00         00
    0432168730                           05           08/01/00          0
    0013319926                           N            07/01/15
    0

    1993839          P79/G02             F           75,000.00         ZZ
                                         180         75,000.00          1
    2410 BRICKELL AVE                  8.875            755.13         75
    #209C                              8.625            755.13      100,000.00
    MIAMI            FL   33129          1            08/04/00         00
    0432195675                           01           10/01/00          0
    1993839                              O            09/01/15
    0

    1994073          163/G02             F          112,500.00         ZZ
                                         180        111,916.46          1
    7882 WEST GILMORE AVENUE           9.250          1,157.84         90
                                       9.000          1,157.84      125,000.00
    LAS VEGAS        NV   89129          1            06/22/00         04
    0432173862                           03           08/01/00         12
    1817169048                           N            07/01/15
    0

    1994180          H22/G02             F          150,000.00         ZZ
                                         180        149,599.10          3
    20-30 23RD STREET                  8.875          1,510.27         39
                                       8.625          1,510.27      389,300.00
    ASTORIA          NY   11105          1            08/01/00         00
    0432177822                           07           09/01/00          0
    0006031                              O            08/01/15
    0

    1994196          637/G02             F           48,800.00         ZZ
                                         180         48,672.48          1
    601 SHORE ROAD                     9.125            498.60         80
                                       8.875            498.60       61,000.00
    NOKOMIS          FL   34275          1            07/05/00         00
    0432173896                           05           09/01/00          0
    0019093145                           N            08/01/15
    0

    1994375          K15/G02             F          139,300.00         ZZ
                                         180        138,923.50          1
    3896 LANGFORD ROAD                 8.750          1,392.23         90
                                       8.500          1,392.23      155,000.00
    NORTH COLLINS    NY   14111          5            07/26/00         10
    0432178457                           05           09/01/00         12
1

    023605301609                         O            08/01/15
    0

    1994383          624/G02             F           25,000.00         ZZ
                                         180         24,933.93          1
    209 GETCHELL STREET                9.000            253.57         39
                                       8.750            253.57       65,000.00
    AMITY            OR   97101          5            07/18/00         00
    0432176469                           05           09/01/00          0
    48000100123F                         N            08/01/15
    0

    1994399          K15/G02             F           91,800.00         ZZ
                                         180         91,570.78          1
    703 NORTH WILLIAMS                 9.625            965.53         90
                                       9.375            965.53      102,000.00
    KENNEWICK        WA   99336          5            07/26/00         10
    0432181113                           05           09/01/00         12
    206505303663                         O            08/01/15
    0

    1994723          Q01/G02             F          189,000.00         ZZ
                                         180        188,506.15          4
    576 WEST TIFANY TOWN DRIVE         9.125          1,931.04         90
                                       8.875          1,931.04      210,200.00
    MIDVALE          UT   84047          1            08/01/00         01
    0432182491                           05           09/01/00         25
    374379                               N            08/01/15
    0

    1995062          G81/G02             F           84,800.00         ZZ
                                         180         84,570.79          1
    7321 GARFIELD STREET               8.750            847.54         80
                                       8.500            847.54      106,000.00
    HOLLYWOOD        FL   33024          1            07/31/00         00
    0432186807                           05           09/01/00          0
    200007057                            O            08/01/15
    0

    1995183          K15/G02             F          150,700.00         ZZ
                                         180        148,862.31          2
    114-38 174 STREET                  7.500          1,397.01         58
                                       7.250          1,397.01      260,000.00
    JAMAICA          NY   11434          5            04/25/00         00
    0432224368                           05           06/01/00          0
    005005300425                         O            05/01/15
    0

1

    1995212          M66/G02             F           62,700.00         ZZ
                                         180         62,541.65          1
    5555 SEMINOLE DRIVE                9.500            654.73         55
                                       9.250            654.73      114,000.00
    TOBYHANNA        PA   18466          2            07/21/00         00
    0432190692                           05           09/01/00          0
    90500018                             N            08/01/15
    0

    1995719          G52/G02             F          153,000.00         ZZ
                                         180        152,613.59          4
    1114 LEXINGTON CIRCLE              9.500          1,597.66         84
                                       9.250          1,597.66      182,900.00
    EDINBURG         TX   78539          1            07/31/00         11
    0432207801                           03           09/01/00         12
    74500334                             N            08/01/15
    0

    1995888          G52/G02             F          153,000.00         ZZ
                                         180        152,613.59          4
    1110 LEXINGTON CIRCLE              9.500          1,597.66         83
                                       9.250          1,597.66      185,000.00
    EDINBURG         TX   78539          2            07/31/00         10
    0432220184                           03           09/01/00         12
    74500335                             N            08/01/15
    0

    1995906          E84/G02             F           86,200.00         ZZ
                                         180         85,967.02          1
    12400 GOLDBOROUGH ROAD             8.750            861.52         80
                                       8.500            861.52      107,750.00
    MIDWEST CITY     OK   73130          1            07/31/00         00
    0432237378                           03           09/01/00          0
    32601445                             O            08/01/15
    0

    1995908          F96/G02             F          166,500.00         ZZ
                                         180        166,500.00          4
    2152 ELIZABETH AVENUE              8.875          1,676.40         90
                                       8.625          1,676.40      185,000.00
    CITY OF RAWAY    NJ   07065          1            08/09/00         10
    0432220051                           05           10/01/00         25
    0001848                              O            09/01/15
    0

    1996093          253/253             F           65,000.00         ZZ
                                         180         65,000.00          1
    725 FAIRVIEW DR                    8.125            625.88         45
                                       7.875            625.88      145,000.00
1

    NEW SMYRNA BEAC  FL   32168          1            08/07/00         00
    954905                               05           10/01/00          0
    954905                               O            09/01/15
    0

    1996138          637/G02             F           51,200.00         ZZ
                                         180         51,064.69          1
    12016 TEXAS NATIONAL BLVD          9.000            519.31         80
                                       8.750            519.31       64,000.00
    WILLIS           TX   77378          1            07/20/00         00
    0432214476                           03           09/01/00          0
    0017649237                           O            08/01/15
    0

    1996140          637/G02             F           47,400.00         ZZ
                                         180         47,281.64          1
    421 S BREVARD AVENUE               9.625            498.55         95
                                       9.375            498.55       49,900.00
    COCA BEACH       FL   32931          1            07/18/00         10
    0432214609                           01           09/01/00         30
    0019820067                           O            08/01/15
    0

    1996385          F44/G02             F          132,000.00         ZZ
                                         180        132,000.00          3
    209 RUSSELL STREET                 8.500          1,299.86         75
                                       8.250          1,299.86      176,000.00
    MANCHESTER       NH   03104          5            08/04/00         00
    0432213841                           05           10/01/00          0
    214623                               O            09/01/15
    0

    1996749          196/G02             F           30,600.00         ZZ
                                         180         30,524.46          1
    1220 N 76TH EAST AVENUE            9.750            324.17         90
                                       9.500            324.17       34,000.00
    TULSA            OK   74115          1            07/14/00         14
    0432216653                           05           09/01/00         25
    1375777                              N            08/01/15
    0

    1996810          163/G02             F          239,000.00         ZZ
                                         180        238,346.73          1
    3197 BROWER AVENUE                 8.625          2,371.08         63
                                       8.375          2,371.08      385,000.00
    OCEANSIDE        NY   11572          5            07/14/00         00
    0432218790                           05           09/01/00          0
    100210447                            O            08/01/15
    0
1

    1996860          Q59/G02             F          130,000.00         ZZ
                                         180        130,000.00          1
    4426 LA TIERRA LANE                7.875          1,232.98         27
                                       7.625          1,232.98      495,000.00
    CARPINTERIA      CA   93013          5            08/07/00         00
    0432220010                           05           10/01/00          0
    201630                               O            09/01/15
    0

    1997229          F44/G02             F          112,500.00         ZZ
                                         180        112,500.00          1
    15608 SOUTH LORELLA AVENUE         9.500          1,174.76         75
                                       9.250          1,174.76      150,000.00
    GARDENA          CA   90247          5            08/11/00         00
    0432238871                           05           10/01/00          0
    214955                               N            09/01/15
    0

    1997603          U05/G02             F          148,500.00         T
                                         180        148,500.00          1
    20265 SAWYER REACH COURT           8.500          1,462.34         75
                                       8.250          1,462.34      198,000.00
    BEND             OR   97701          1            08/03/00         00
    0432233609                           03           10/01/00          0
    3062115                              O            09/01/15
    0

    1997701          225/225             F          108,000.00         ZZ
                                         180        107,720.97          1
    4821 SOUTH WEST 17TH STREET        9.250          1,111.53         90
                                       9.000          1,111.53      120,000.00
    TOPEKA           KS   66604          1            07/31/00         10
    7201657                              05           09/01/00         25
    7201657                              N            08/01/15
    0

    1997903          163/G02             F           42,400.00         ZZ
                                         180         42,292.92          4
    914 WEST 1ST STREET                9.500            442.75         33
                                       9.250            442.75      130,000.00
    ABERDEEN         WA   98520          5            07/19/00         00
    0432238673                           05           09/01/00          0
    817493083                            N            08/01/15
    0

    1998019          975/G02             F          210,000.00         ZZ
                                         180        210,000.00          4
1

    15923 LA FORGE STREET #A,B,C,D     8.875          2,114.37         70
                                       8.625          2,114.37      300,000.00
    WHITTIER         CA   90603          1            08/23/00         00
    0432238467                           05           10/01/00          0
    2001649                              N            09/01/15
    0

    1998028          U05/G02             F           58,000.00         ZZ
                                         180         58,000.00          1
    400 AVENUE M                       9.750            614.43         80
                                       9.500            614.43       72,500.00
    MARBLE FALLS     TX   78654          5            08/07/00         00
    0432241123                           05           10/01/00          0
    3051958                              O            09/01/15
    0

    1998360          637/G02             F          107,000.00         ZZ
                                         180        107,000.00          1
    12595 FAIRFAX STREET               8.500          1,053.68         73
                                       8.250          1,053.68      147,000.00
    THORNTON (DENVE  CO   80241          2            08/02/00         00
    0432246437                           07           10/01/00          0
    0015009590                           O            09/01/15
    0

    1998395          163/G02             F           50,000.00         ZZ
                                         180         49,746.44          1
    4148 NORTH CLARENSON AVENUE        9.500            522.11         47
    #002                               9.250            522.11      106,500.00
    CHICAGO          IL   60613          5            06/14/00         00
    0432238699                           01           08/01/00          0
    1417369465                           O            07/01/15
    0

    1998578          637/G02             F           40,000.00         ZZ
                                         180         40,000.00          1
    1661 24TH AVENUE NORTH             9.625            420.72         80
                                       9.375            420.72       50,000.00
    ST PETERSBURG    FL   33713          1            08/15/00         00
    0432255750                           05           10/01/00          0
    0019104678                           N            09/01/15
    0

    1998990          P34/G02             F          219,000.00         ZZ
                                         120        219,000.00          1
    1098 PLEASANT STREET               9.375          2,818.85         73
                                       9.125          2,818.85      300,000.00
    SOUTHINGTON      CT   06489          5            08/26/00         00
    0432253938                           05           10/01/00          0
1

    414010                               O            09/01/10
    0

    2906862          526/526             F           35,000.00         T
                                         180         33,291.52          1
    330 LA BONTE ST. 1                 7.125            317.05         40
                                       6.875            317.05       87,500.00
    DILLON           CO   80435          5            05/24/99         00
    0371008                              01           07/01/99          0
    0371008                              O            06/01/14
    0

    2974672          E22/G02             F           45,500.00         ZZ
                                         180         44,282.87          1
    1233 SKYVIEW ROAD                  9.250            468.28         70
                                       9.000            468.28       65,000.00
    CHARLOTTE        NC   28208          2            10/18/99         00
    0411634959                           05           12/01/99          0
    0411634959                           N            11/01/14
    0

    2975828          736/G02             F          381,200.00         ZZ
                                         180        371,437.87          3
    19 EAST CONCORD STREET             9.750          4,038.30         51
                                       9.500          4,038.30      750,000.00
    BOSTON           MA   02118          5            10/04/99         00
    0431649623                           07           12/01/99          0
    946058                               N            11/01/14
    0

    2983535          E22/G02             F           50,000.00         ZZ
                                         180         48,536.91          1
    1824 SOUTH 19TH STREET             8.500            492.37         80
                                       8.250            492.37       62,500.00
    PHILADELPHIA     PA   19145          5            10/21/99         00
    0411617079                           07           12/01/99          0
    0411617079                           N            11/01/14
    0

    2993794          074/074             F           74,700.00         ZZ
                                         180         72,420.91          1
    4138 NW 13TH TERRACE               8.875            752.11         90
                                       8.625            752.11       83,000.00
    GAINESVILLE      FL   32605          1            09/22/99         14
    1322047301                           05           11/01/99         20
    1322047301                           N            10/01/14
    0

1

    2993830          074/074             F          200,000.00         T
                                         180        193,832.16          1
    300 GEORGINIA ROAD                 8.750          1,998.90         67
                                       8.500          1,998.90      300,000.00
    KETCHUM          ID   83340          1            09/07/99         00
    1565259043                           05           11/01/99          0
    1565259043                           O            10/01/14
    0

    2993862          074/074             F          157,500.00         ZZ
                                         180        120,302.98          1
    1556 NORTHERN NECK                 8.000          1,505.16         70
                                       7.750          1,505.16      225,000.00
    VIENNA           VA   22182          1            09/17/99         00
    1587257857                           01           11/01/99          0
    1587257857                           O            10/01/14
    0

    2993868          074/074             F           59,500.00         T
                                         180         57,625.35          1
    3042 ANASTASIA COURT               8.500            585.93         70
                                       8.250            585.93       85,000.00
    APOPKA           FL   32703          1            09/09/99         00
    1590180819                           05           11/01/99          0
    1590180819                           O            10/01/14
    0

    3024935          461/461             F           50,000.00         ZZ
                                         180         47,743.47          1
    8561 LA HOMA STREET                8.500            492.37         36
                                       8.250            492.37      140,000.00
    CYPRESS          CA   90630          5            10/19/99         00
    9023051337                           05           12/01/99          0
    9023051337                           O            11/01/14
    0

    3060551          943/943             F           44,000.00         ZZ
                                         180         41,918.68          1
    1874 PELHAM PARKWAY SOUTH UNI      6.625            386.32         79
                                       6.375            386.32       56,000.00
    BRONX            NY   10461          1            06/23/99         00
    9111177803                           11           08/01/99          0
    9111177803                           O            07/01/14
    0

    3068804          526/526             F           38,000.00         ZZ
                                         180         10,116.77          1
    502 PINE BARK COURT                8.875            382.61         30
                                       8.625            382.61      129,000.00
1

    KISSIMMEE        FL   34758          1            04/11/97         00
    0138088                              03           06/01/97          0
    0138088                              O            05/01/12
    0

    3068810          526/526             F           56,700.00         ZZ
                                         180         51,326.94          1
    8103 SAN JUAN ROAD N               7.125            513.61         70
                                       6.875            513.61       81,000.00
    ALBUQUERQUE      NM   87108          5            04/01/98         00
    0321829                              05           06/01/98          0
    0321829                              N            05/01/13
    0

    3147501          976/976             F          184,000.00         ZZ
                                         180        177,434.55          1
    1844 CLEAR RIVER LANE              8.000          1,758.40         80
                                       7.750          1,758.40      230,000.00
    HACIENDA HEIGHT  CA   91745          5            11/17/99         00
    5714586                              09           01/01/00          0
    5714586                              N            12/01/14
    0

    3147561          976/976             F           81,800.00         ZZ
                                         180         79,954.71          2
    11808-11810 KINGS ARMS COURT       8.875            823.60         66
                                       8.625            823.60      125,000.00
    EL PASO          TX   79936          2            12/21/99         00
    5877926                              05           02/01/00          0
    5877926                              N            01/01/15
    0

    3173485          074/074             F          226,000.00         ZZ
                                         180        221,816.98          3
    205 4TH STREET                     9.250          2,325.98         80
                                       9.000          2,325.98      282,500.00
    JERSEY CITY      NJ   07302          1            01/10/00         11
    1587282402                           05           03/01/00         25
    1587282402                           N            02/01/15
    0

    3198416          286/286             F           49,850.00         ZZ
                                         180         47,699.22          1
    224 SPOTSWOOD DR                   7.750            469.23         90
                                       7.500            469.23       55,400.00
    PETERSBURG       VA   23805          1            06/18/99         12
    0009460661                           05           08/01/99         20
    0009460661                           N            07/01/14
    0
1

    3198418          286/286             F           55,800.00         ZZ
                                         180         54,660.64          1
    106 HAMPSHIRE ROAD                 8.250            541.34         90
                                       8.000            541.34       62,000.00
    SICKLERVILLE     NJ   08081          1            01/07/00         11
    0009618772                           03           03/01/00         25
    0009618772                           N            02/01/15
    0

    3198419          286/286             F           55,250.00         ZZ
                                         180         54,112.57          1
    23 MEDFORD COURT                   8.250            536.01         85
                                       8.000            536.01       65,000.00
    SICKLERVLLE      NJ   00808          1            01/12/00         11
    0009618773                           03           03/01/00         12
    0009618773                           N            02/01/15
    0

    3198420          286/286             F           55,250.00         ZZ
                                         180         54,107.57          1
    3 MARCIA COURT                     8.250            536.01         85
                                       8.000            536.01       65,000.00
    SICKLERVILLE     NJ   08081          1            01/24/00         11
    0009618790                           05           03/01/00         12
    0009618790                           N            02/01/15
    0

    3198421          286/286             F           54,400.00         ZZ
                                         180         53,257.97          1
    32 MEMPHIS COURT                   8.250            527.76         85
                                       8.000            527.76       64,000.00
    SICKLERVILLE     NJ   00808          1            01/24/00         11
    0009618791                           05           03/01/00         12
    0009618791                           N            02/01/15
    0

    3236546          K15/G02             F           50,100.00         ZZ
                                         180         49,334.21          1
    1014 W HOYT                        9.625            526.94         85
                                       9.375            526.94       59,000.00
    CHANDLER         OK   74834          5            02/11/00         10
    0431873231                           05           04/01/00         12
    032605300454                         O            03/01/15
    0

    3241095          076/076             F          166,000.00         ZZ
                                         180        162,647.15          1
1

    1578    MC CRAREN                  8.250          1,610.44         80
                                       8.000          1,610.44      207,500.00
    HIGHLAND PARK    IL   60035          1            02/01/00         00
    9220949                              05           03/01/00          0
    9220949                              N            02/01/15
    0

    3241096          076/076             F          183,000.00         ZZ
                                         180        177,953.26          1
    7242 BIRCHCREEK ROAD               7.625          1,709.46         60
                                       7.375          1,709.46      305,000.00
    SAN DIEGO        CA   92119          1            12/02/99         00
    9539378                              05           01/01/00          0
    9539378                              O            12/01/14
    0

    3241097          076/076             F          247,500.00         ZZ
                                         180        240,284.19          1
    574  HERON POINTE BOULEVARD        8.250          2,401.10         75
                                       8.000          2,401.10      330,000.00
    MT. PLEASANT     SC   29464          5            10/26/99         00
    1058737                              05           12/01/99          0
    1058737                              O            11/01/14
    0

    3243609          074/074             F           85,000.00         ZZ
                                         180         83,373.88          3
    43-45 ROBBINS STREET               8.875            855.82         74
                                       8.625            855.82      115,000.00
    WATERBURY        CT   06708          2            01/18/00         00
    1503729818                           05           03/01/00          0
    1503729818                           N            02/01/15
    0

    3245357          E22/G02             F          136,000.00         ZZ
                                         180        133,802.76          3
    38 WHITTIER STREET                 9.000          1,379.40         80
                                       8.750          1,379.40      170,000.00
    LYNN             MA   01902          5            02/23/00         00
    0411810740                           05           04/01/00          0
    0411810740                           O            03/01/15
    0

    3245362          E22/G02             F           77,850.00         ZZ
                                         180         76,477.42          1
    301 JACINTO ROAD                   8.000            743.98         89
                                       7.750            743.98       88,000.00
    BOONEVILLE       MS   38829          5            02/22/00         14
    0411820335                           05           04/01/00         25
1

    0411820335                           O            03/01/15
    0

    3251153          E22/G02             F          101,250.00         ZZ
                                         180         99,667.58          4
    410-416 BACON AVENUE               9.375          1,049.65         70
                                       9.125          1,049.65      145,000.00
    CHARLOTTE        NC   28208          2            02/29/00         00
    0411852841                           05           04/01/00          0
    0411852841                           N            03/01/15
    0

    3251154          E22/G02             F          101,250.00         ZZ
                                         180         99,667.58          4
    418-424 BACON AVENUE               9.375          1,049.65         70
                                       9.125          1,049.65      145,000.00
    CHARLOTTE        NC   28208          2            02/29/00         00
    0411852940                           05           04/01/00          0
    0411852940                           N            03/01/15
    0

    3251156          E22/G02             F           94,250.00         ZZ
                                         180         92,776.93          4
    400-406 BACON AVENUE               9.375            977.09         65
                                       9.125            977.09      145,000.00
    CHARLOTTE        NC   28208          5            02/29/00         00
    0411853161                           05           04/01/00          0
    0411853161                           N            03/01/15
    0

    3262967          E22/G02             F           41,150.00         ZZ
                                         180         40,591.91          1
    11490 GARNET WAY, UNIT#3           8.875            414.32         75
                                       8.625            414.32       54,900.00
    AUBURN           CA   95602          1            03/01/00         00
    0411824865                           01           05/01/00          0
    0411824865                           N            04/01/15
    0

    3271875          E22/G02             F           27,000.00         ZZ
                                         180         26,653.61          1
    1620 WEST BRITTON ROAD             9.500            281.94         75
                                       9.250            281.94       36,000.00
    THE VILLAGE      OK   73116          5            03/07/00         00
    0411821069                           05           05/01/00          0
    0411821069                           N            04/01/15
    0

1

    3272795          623/G02             F           40,000.00         ZZ
                                         180         39,259.62          4
    5303 EAST SIDE AVENUE              9.250            411.68         80
                                       9.000            411.68       50,000.00
    DALLAS           TX   75214          1            01/21/00         00
    0431903673                           05           03/01/00          0
    5239011                              N            02/01/15
    0

    3275433          E22/G02             F           22,400.00         ZZ
                                         180         22,053.75          1
    911 VANCE JACKSON, BLDG. B-#12     9.500            233.91         80
                                       9.250            233.91       28,000.00
    SAN ANTONIO      TX   78201          1            02/15/00         00
    0411810302                           01           04/01/00          0
    0411810302                           O            03/01/15
    0

    3275435          E22/G02             F           46,500.00         ZZ
                                         180         45,878.99          1
    1099 N. LOCUST STREET, UNIT #3     9.500            485.56         75
                                       9.250            485.56       62,000.00
    DENTON           TX   76201          2            03/08/00         00
    0411817653                           01           05/01/00          0
    0411817653                           N            04/01/15
    0

    3276260          526/526             F           54,000.00         ZZ
                                         180         52,902.69          1
    924-226 TROY STREET                9.750            572.06         90
                                       9.500            572.06       60,000.00
    DAYTON           OH   45404          1            12/20/99         11
    0390537                              05           02/01/00         25
    0390537                              N            01/01/15
    0

    3276261          526/526             F          118,400.00         ZZ
                                         180        116,379.36          2
    7451 S CHAMPLAIN                   8.375          1,157.27         80
                                       8.125          1,157.27      148,000.00
    CHICAGO          IL   60619          5            02/14/00         00
    0392994                              05           04/01/00          0
    0392994                              O            03/01/15
    0

    3276262          526/526             F           94,250.00         ZZ
                                         180         92,447.07          1
    20227 NORTH 30TH ST                8.875            948.96         65
                                       8.625            948.96      145,000.00
1

    PHOENIX          AZ   85050          5            01/25/00         00
    0393275                              05           03/01/00          0
    0393275                              N            02/01/15
    0

    3276263          526/526             F           32,500.00         ZZ
                                         180         31,871.87          1
    3953 WEST VIRGINIA AVE             9.000            329.64         65
                                       8.750            329.64       50,000.00
    PHOENIX          AZ   85009          1            02/04/00         00
    0393715                              05           04/01/00          0
    0393715                              N            03/01/15
    0

    3276264          526/526             F           63,750.00         ZZ
                                         180         62,685.55          1
    2217  MAPLE CREST DR               8.625            632.45         75
                                       8.375            632.45       85,000.00
    NASHVILLE        TN   37124          5            02/18/00         00
    0394147                              05           04/01/00          0
    0394147                              O            03/01/15
    0

    3276267          526/526             F           31,500.00         ZZ
                                         180         28,214.37          1
    10734  CONCHO LANE                 8.250            305.60         90
                                       8.000            305.60       35,000.00
    HOUSTON          TX   77072          1            11/21/97         10
    9188975                              03           01/01/98         25
    9188975                              N            12/01/12
    0

    3278450          Q01/G02             F           97,500.00         ZZ
                                         180         94,733.41          1
    4119 12 GREENVALE ROAD             9.625          1,025.49         75
                                       9.375          1,025.49      130,000.00
    CLEVELAND        OH   44143          1            03/02/00         00
    0431911585                           05           04/01/00          0
    17265016                             N            03/01/15
    0

    3278732          E22/G02             F           25,000.00         ZZ
                                         180         24,679.25          3
    1072 N. EDWARD                     9.500            261.06         69
                                       9.250            261.06       36,400.00
    DECATUR          IL   62522          5            03/09/00         00
    0411812795                           05           05/01/00          0
    0411812795                           N            04/01/15
    0
1

    3278764          Q01/G02             F          112,500.00         ZZ
                                         180        109,487.79          2
    4148 GREENVALE ROAD                9.625          1,183.25         75
                                       9.375          1,183.25      150,000.00
    SOUTH EUCLID     OH   44121          1            03/02/00         00
    0431902915                           05           04/01/00          0
    17262016                             N            03/01/15
    0

    3280678          E22/G02             F          149,550.00         ZZ
                                         180        146,778.18          1
    7561 S FM HIGHWAY 549              9.250          1,539.16         59
                                       9.000          1,539.16      255,000.00
    ROCKWALL         TX   75032          5            03/06/00         00
    0411862758                           05           05/01/00          0
    0411862758                           O            04/01/15
    0

    3282184          369/G02             F           48,000.00         ZZ
                                         180         47,103.67          3
    3915 E YANDELL DRIVE               9.500            501.23         75
                                       9.250            501.23       64,000.00
    EL PASO          TX   79903          1            01/26/00         00
    0431905793                           05           03/01/00          0
    0071945992                           N            02/01/15
    0

    3282901          T08/G02             F           53,000.00         ZZ
                                         180         52,320.03          1
    411 S HIBISCUS AVENUE              9.500            553.44         78
                                       9.250            553.44       68,000.00
    CRYSTAL RIVER    FL   34429          2            03/06/00         00
    0431906528                           05           05/01/00          0
    12970562                             O            04/01/15
    0

    3284487          E22/G02             F           34,200.00         ZZ
                                         180         33,721.49          1
    2317 TRELLIS PLACE                 9.375            354.55         90
                                       9.125            354.55       38,000.00
    RICHARDSON       TX   75081          1            03/13/00         10
    0411835507                           01           05/01/00         12
    0411835507                           O            04/01/15
    0

    3294892          623/623             F          172,500.00         ZZ
                                         180        165,562.27          1
1

    30418 MANSE                        8.250          1,673.49         75
                                       8.000          1,673.49      230,000.00
    HARRISON TOWNSH  MI   48045          5            07/09/99         00
    1245220                              05           09/01/99          0
    1245220                              N            08/01/14
    0

    3294894          623/623             F          108,750.00         ZZ
                                         180        103,758.16          2
    211 SYCAMORE STREET                7.875          1,031.44         75
                                       7.625          1,031.44      145,000.00
    MAPLE PARK       IL   60151          5            06/04/99         00
    1355507                              05           07/01/99          0
    1355507                              N            06/01/14
    0

    3294895          623/623             F           80,900.00         ZZ
                                         180         77,373.45          1
    18877 LAKEWOOD                     7.625            755.71         68
                                       7.375            755.71      120,000.00
    LAKE ANN         MI   49650          2            06/17/99         00
    1355541                              05           08/01/99          0
    1355541                              O            07/01/14
    0

    3294896          623/623             F          145,850.00         ZZ
                                         180        139,876.37          1
    252 MADISON AVENUE SE              8.375          1,425.58         60
                                       8.125          1,425.58      244,000.00
    GRAND RAPIDS     MI   49503          5            06/28/99         00
    1355614                              05           08/01/99          0
    1355614                              O            07/01/14
    0

    3294897          623/623             F          186,100.00         ZZ
                                         180        171,705.90          1
    16000 PINE LAKE AVENUE             8.375          1,818.99         80
                                       8.125          1,818.99      235,000.00
    SAND LAKE        MI   49343          2            07/28/99         00
    1355828                              05           09/01/99          0
    1355828                              O            08/01/14
    0

    3294899          623/623             F           82,500.00         ZZ
                                         180         79,156.25          1
    174 U COURT                        8.500            812.41         75
                                       8.250            812.41      110,000.00
    GAYLORD          MI   49735          5            05/28/99         00
    1356289                              03           08/01/99          0
1

    1356289                              O            07/01/14
    0

    3294903          623/623             F           69,000.00         ZZ
                                         180         66,707.89          1
    4767 US 31 SOUTH                   9.125            704.98         60
                                       8.875            704.98      115,000.00
    TRAVERSE CITY    MI   49684          2            08/19/99         00
    1374738                              05           10/01/99          0
    1374738                              N            09/01/14
    0

    3294908          623/623             F           60,750.00         ZZ
                                         180         58,876.47          1
    7494 MCDONALD                      8.750            607.17         75
                                       8.500            607.17       81,000.00
    OLIVET           MI   49076          5            09/10/99         00
    1375111                              05           11/01/99          0
    1375111                              O            10/01/14
    0

    3294910          623/623             F           35,600.00         ZZ
                                         180         34,493.70          1
    7039 WESTMINSTER                   8.875            358.44         80
                                       8.625            358.44       44,500.00
    WARREN           MI   48089          1            09/15/99         00
    1375124                              05           11/01/99          0
    1375124                              N            10/01/14
    0

    3294911          623/623             F           74,700.00         ZZ
                                         180         72,396.29          1
    819 CREST DRIVE                    8.750            746.59         90
                                       8.500            746.59       83,000.00
    PLEASANT LAKE    MI   49272          1            09/15/99         10
    1375254                              05           11/01/99         25
    1375254                              N            10/01/14
    0

    3294917          623/623             F          131,250.00         T
                                         180        127,544.20          1
    4340 BEECH COURT                   8.625          1,302.11         75
                                       8.375          1,302.11      175,000.00
    GLEN ARBOR       MI   49621          1            10/29/99         00
    1376053                              05           12/01/99          0
    1376053                              O            11/01/14
    0

1

    3294919          623/623             F          129,900.00         ZZ
                                         180        126,575.41          1
    502 OAKLAND ST                     8.500          1,279.18         75
                                       8.250          1,279.18      173,200.00
    HOLLY            MI   48442          5            11/02/99         00
    1376067                              05           01/01/00          0
    1376067                              O            12/01/14
    0

    3294920          623/623             F           41,600.00         ZZ
                                         180         40,415.82          2
    653 CRESCENT STREET NE             8.750            415.77         80
                                       8.500            415.77       52,000.00
    GRAND RAPIDS     MI   49503          1            10/15/99         00
    1376333                              05           12/01/99          0
    1376333                              N            11/01/14
    0

    3294921          623/623             F           33,600.00         ZZ
                                         180         32,661.51          2
    1247-1249 SHERMAN STREET SE        8.750            335.81         80
                                       8.500            335.81       42,000.00
    GRAND RAPIDS     MI   49506          1            10/15/99         00
    1376334                              05           12/01/99          0
    1376334                              N            11/01/14
    0

    3294924          623/623             F           40,000.00         ZZ
                                         180         38,651.95          1
    608 NORTH JAMES STREET             8.000            382.26         70
                                       7.750            382.26       57,500.00
    LUDINGTON        MI   49431          1            11/22/99         00
    1376643                              05           01/01/00          0
    1376643                              N            12/01/14
    0

    3294925          623/623             F          130,000.00         ZZ
                                         180        126,949.78          1
    9999 COBB ROAD                     9.500          1,357.49         60
                                       9.250          1,357.49      220,000.00
    DELTON           MI   49046          5            11/11/99         00
    1376652                              05           01/01/00          0
    1376652                              O            12/01/14
    0

    3294928          623/623             F           87,300.00         ZZ
                                         180         77,712.47          1
    357 WEST LAKEWOOD BOULEVARD        9.125            891.96         90
                                       8.875            891.96       97,000.00
1

    HOLLAND          MI   49424          1            10/28/99         10
    1376695                              05           12/01/99         25
    1376695                              N            11/01/14
    0

    3294946          623/G02             F          137,600.00         ZZ
                                         180        133,370.19          1
    720 LAKESHORE DRIVE                7.625          1,285.36         80
                                       7.375          1,285.36      172,000.00
    DADEVILLE        AL   36853          1            10/22/99         00
    0431935923                           05           12/01/99          0
    1390262                              O            11/01/14
    0

    3294947          623/G02             F           73,250.00         ZZ
                                         180         71,209.04          4
    509 E JACKSON                      9.000            742.95         80
                                       8.750            742.95       91,600.00
    MUNCIE           IN   47302          5            11/04/99         00
    0431935485                           05           12/01/99          0
    1390915                              N            11/01/14
    0

    3294948          623/G02             F          140,925.00         ZZ
                                         180        136,997.34          1
    5320 STARBOARD CT                  7.500          1,306.39         75
                                       7.250          1,306.39      187,900.00
    CONYERS          GA   30094          1            11/15/99         00
    0431935329                           05           01/01/00          0
    1393197                              O            12/01/14
    0

    3294950          623/G02             F           76,000.00         ZZ
                                         180         74,113.23          1
    3007 WICKER STREET                 7.625            709.94         80
                                       7.375            709.94       95,000.00
    SANFORD          NC   27330          2            12/14/99         00
    0431934173                           05           02/01/00          0
    1426793                              N            01/01/15
    0

    3294952          623/G02             F           95,000.00         ZZ
                                         180         92,911.20          3
    4601 WILKENS AVENUE                9.125            970.63         74
                                       8.875            970.63      130,000.00
    BALTIMORE        MD   21229          5            12/21/99         00
    0431935915                           05           02/01/00          0
    1427839                              N            01/01/15
    0
1

    3294959          623/623             F           84,600.00         ZZ
                                         180         81,997.47          3
    3282 WILCOX AVENUE                 9.125            864.37         90
                                       8.875            864.37       94,000.00
    MUSKEGON         MI   49441          1            09/23/99         10
    5216081                              05           11/01/99         25
    5216081                              N            10/01/14
    0

    3294960          623/623             F           45,000.00         ZZ
                                         180         42,771.29          1
    996 W DALE AVENUE                  9.625            473.30         75
                                       9.375            473.30       60,000.00
    MUSKEGON         MI   49441          5            09/27/99         00
    5219472                              05           11/01/99          0
    5219472                              O            10/01/14
    0

    3294974          623/623             F           61,700.00         ZZ
                                         180         60,594.61          1
    10180 S FENNER RD                  8.375            603.07         63
                                       8.125            603.07       98,000.00
    PERRY            MI   48872          5            02/09/00         00
    5224942                              05           04/01/00          0
    5224942                              O            03/01/15
    0

    3294979          623/G02             F           73,000.00         ZZ
                                         180         69,756.21          3
    114 COPELAND STREET                9.250            751.31         58
                                       9.000            751.31      127,500.00
    BROCKTON         MA   02301          1            12/17/99         00
    0431934850                           05           02/01/00          0
    5226321                              N            01/01/15
    0

    3294981          623/G02             F           71,500.00         ZZ
                                         120         67,496.32          1
    831 HINE AVENUE                    7.500            848.72         62
                                       7.250            848.72      115,500.00
    PAINESVILLE      OH   44077          5            12/10/99         00
    0431934801                           05           02/01/00          0
    5227060                              O            01/01/10
    0

    3294991          623/623             F          108,000.00         ZZ
                                         180        105,842.15          1
1

    425 ARDSON                         8.375          1,055.62         74
                                       8.125          1,055.62      146,000.00
    EAST LANSING     MI   48823          5            01/06/00         00
    5228835                              05           03/01/00          0
    5228835                              N            02/01/15
    0

    3294992          623/G02             F           82,000.00         ZZ
                                         180         79,953.33          1
    3379 WEST ALEX-BELL                7.375            754.34         73
                                       7.125            754.34      113,000.00
    WEST CARROLLTON  OH   45449          2            12/24/99         00
    0431936111                           05           02/01/00          0
    5228898                              O            01/01/15
    0

    3295001          623/623             F           53,000.00         ZZ
                                         180         51,975.03          2
    942-944 SHERMAN STREET SE          8.750            529.71         74
                                       8.500            529.71       72,000.00
    GRAND RAPIDS     MI   49503          2            01/12/00         00
    5231253                              05           03/01/00          0
    5231253                              N            02/01/15
    0

    3295002          623/623             F           87,300.00         ZZ
                                         180         85,498.34          1
    2786 N BELLE RIVER ROAD            8.000            834.28         40
                                       7.750            834.28      220,000.00
    EAST CHINA       MI   48054          5            01/13/00         00
    5231703                              05           03/01/00          0
    5231703                              O            02/01/15
    0

    3295007          623/G02             F          248,000.00         ZZ
                                         180        243,098.44          1
    9213 NORTH OZARK AVENUE            8.500          2,442.15         80
                                       8.250          2,442.15      310,000.00
    MORTON GROVE     IL   60053          5            01/20/00         00
    0431936236                           05           03/01/00          0
    5234439                              O            02/01/15
    0

    3295010          623/623             F          104,800.00         ZZ
                                         180        102,991.91          1
    5151 NE 18TH TERRACE               8.250          1,016.71         67
                                       8.000          1,016.71      157,500.00
    FT LAUDERDALE    FL   33308          2            02/09/00         00
    5236402                              05           04/01/00          0
1

    5236402                              O            03/01/15
    0

    3295022          623/623             F           55,000.00         ZZ
                                         180         53,941.79          1
    3649 JONES LAKE ROAD               9.500            574.32         39
                                       9.250            574.32      142,000.00
    GRAYLING         MI   49738          5            02/11/00         00
    5240087                              05           04/01/00          0
    5240087                              O            03/01/15
    0

    3295023          623/623             F           30,000.00         ZZ
                                         180         29,412.78          1
    7531 E DECKER ROAD                 8.625            297.62         34
                                       8.375            297.62       90,000.00
    FOUNTAIN         MI   49410          5            02/15/00         00
    5240313                              05           04/01/00          0
    5240313                              O            03/01/15
    0

    3295031          623/623             F           48,000.00         ZZ
                                         180         47,233.04          1
    404 OXFORD                         9.125            490.42         80
                                       8.875            490.42       60,000.00
    DURAND           MI   48429          1            02/18/00         00
    5242859                              05           04/01/00          0
    5242859                              N            03/01/15
    0

    3298972          286/286             F           55,000.00         ZZ
                                         180         54,071.53          1
    2700 NANCY ST                      8.500            541.61         53
                                       8.250            541.61      104,000.00
    ORLANDO          FL   32801          5            02/18/00         00
    0000001226                           05           04/01/00          0
    0000001226                           N            03/01/15
    0

    3298973          286/286             F           61,600.00         ZZ
                                         180         60,259.18          1
    5707 FM HIGHWAY 1117               8.000            588.68         80
                                       7.750            588.68       77,000.00
    SEGUIN           TX   78155          2            01/19/00         00
    0009438851                           05           03/01/00          0
    0009438851                           O            02/01/15
    0

1

    3298975          286/286             F           37,700.00         ZZ
                                         180         37,063.57          2
    34 & 36 SEABROOK ST                8.500            371.25         65
                                       8.250            371.25       58,000.00
    ROCHESTER        NY   14621          5            02/18/00         00
    0009579997                           05           04/01/00          0
    0009579997                           N            03/01/15
    0

    3298976          286/286             F          150,000.00         ZZ
                                         180        147,130.68          1
    6 EMMALON AVE                      8.875          1,510.27         69
                                       8.625          1,510.27      220,000.00
    WHITE PLAINS     NY   10603          1            02/02/00         00
    0009600964                           05           03/01/00          0
    0009600964                           O            02/01/15
    0

    3298977          286/286             F           43,000.00         ZZ
                                         180         42,204.07          2
    559 E POLK ST                      9.250            442.56         46
                                       9.000            442.56       95,000.00
    COALINGA         CA   93210          5            01/26/00         00
    0009614091                           05           03/01/00          0
    0009614091                           N            02/01/15
    0

    3298978          286/286             F           40,400.00         ZZ
                                         180         38,757.34          1
    3500 TANGLEBRUSH #200              9.375            418.83         90
                                       9.125            418.83       44,900.00
    SPRING           TX   77381          1            03/01/00         11
    0009633943                           01           05/01/00         25
    0009633943                           O            04/01/15
    0

    3298979          286/286             F           40,600.00         ZZ
                                         180         39,788.76          1
    615 W CENTRAL AVE                  8.375            396.84         70
                                       8.125            396.84       58,000.00
    TOLEDO           OH   43610          5            01/31/00         00
    0009975961                           05           03/01/00          0
    0009975961                           N            02/01/15
    0

    3298980          286/286             F           34,300.00         ZZ
                                         180         33,614.66          1
    1430 COLTON ST                     8.375            335.26         70
                                       8.125            335.26       49,000.00
1

    TOLEDO           OH   43609          5            01/31/00         00
    0009976107                           05           03/01/00          0
    0009976107                           N            02/01/15
    0

    3298981          286/286             F           36,000.00         ZZ
                                         180         35,348.16          2
    257-259 COMMONWEALTH AVE           9.500            375.93         90
                                       9.250            375.93       40,000.00
    SPRINGFIELD      MA   01108          1            01/27/00         11
    0009977099                           05           03/01/00         20
    0009977099                           N            02/01/15
    0

    3314837          E22/G02             F           26,000.00         ZZ
                                         180         25,666.42          4
    3339-41 OREGON                     9.500            271.50         90
                                       9.250            271.50       28,900.00
    ST. LOUIS        MO   63118          1            03/24/00         04
    0411889009                           05           05/01/00         25
    0411889009                           N            04/01/15
    0

    3323306          074/G02             F           53,100.00         ZZ
                                         180         52,025.46          3
    400 FLORIDA STREET                 9.375            550.49         90
                                       9.125            550.49       59,000.00
    COLUMBIA         SC   29201          1            02/04/00         12
    0431956622                           05           03/01/00         12
    1511484476                           N            02/01/15
    0

    3326029          E22/G02             F           86,450.00         ZZ
                                         180         85,340.92          1
    708 CHARLOTTE DRIVE                9.500            902.73         95
                                       9.250            902.73       91,000.00
    PICAYUNE         MS   39466          5            03/24/00         04
    0411893415                           05           05/01/00         30
    0411893415                           O            04/01/15
    0

    3330898          E22/G02             F           75,000.00         ZZ
                                         180         74,027.00          1
    15902A ARCHWOOD LANE               9.375            777.52         48
    UNIT # 1021                        9.125            777.52      158,000.00
    DALLAS           TX   75248          5            03/24/00         00
    0411886435                           01           05/01/00          0
    0411886435                           O            04/01/15
    0
1

    3330923          623/G02             F           72,000.00         ZZ
                                         180         45,475.39          1
    209 GRAHAM MEADOW DRIVE            9.375            746.42         80
                                       9.125            746.42       91,000.00
    CHARLOTTE        NC   28213          2            03/08/00         00
    0431941822                           05           05/01/00          0
    5249048                              O            04/01/15
    0

    3336999          E22/G02             F           78,200.00         ZZ
                                         180         76,016.57          1
    1410 16TH STREET SOUTH             9.375            810.70         85
                                       9.125            810.70       92,000.00
    BIRMINGHAM       AL   35205          5            03/28/00         01
    0411875289                           05           05/01/00         12
    0411875289                           O            04/01/15
    0

    3337010          E22/G02             F           68,000.00         ZZ
                                         180         67,117.83          1
    517 ESTILL AVENUE                  9.375            704.95         65
                                       9.125            704.95      106,000.00
    GRAPEVINE        TX   76051          5            04/03/00         00
    0411895584                           05           05/01/00          0
    0411895584                           N            04/01/15
    0

    3341329          168/168             F          107,750.00         ZZ
                                         180        106,211.20          1
    155 BATTLE GATE LANE               8.375          1,053.18         80
                                       8.125          1,053.18      134,740.00
    ACWORTH          GA   30101          1            03/31/00         00
    0169577724                           05           05/01/00          0
    0169577724                           O            04/01/15
    0

    3343991          E22/G02             F           95,200.00         ZZ
                                         180         94,226.78          1
    2820 COLORADO BLVD                 9.500            994.10         70
                                       9.250            994.10      136,000.00
    IDAHO SPRINGS    CO   80452          5            04/05/00         00
    0411904709                           05           06/01/00          0
    0411904709                           N            05/01/15
    0

    3354787          E22/G02             F           80,750.00         ZZ
                                         180         79,877.11          1
1

    5571 MACEDONIA ROAD                8.875            813.03         85
                                       8.625            813.03       95,000.00
    HOULKA           MS   38850          5            04/05/00         04
    0411871254                           05           06/01/00          6
    0411871254                           O            05/01/15
    0

    3354803          E22/G02             F           51,200.00         ZZ
                                         180         50,670.68          1
    2305 DEVONSHIRE DRIVE              9.375            530.79         80
                                       9.125            530.79       64,000.00
    AUSTIN           TX   78723          1            04/10/00         00
    0411905623                           05           06/01/00          0
    0411905623                           N            05/01/15
    0

    3362070          E22/G02             F           48,800.00         ZZ
                                         180         48,301.12          1
    1219 E. 25TH STREET                9.500            509.58         80
                                       9.250            509.58       61,000.00
    WINSTON SALEM    NC   27105          5            04/12/00         00
    0411894579                           05           06/01/00          0
    0411894579                           N            05/01/15
    0

    3362071          E22/G02             F           45,000.00         ZZ
                                         180         44,539.97          1
    1812 LONGVIEW DRIVE                9.500            469.90         80
                                       9.250            469.90       56,500.00
    WINSTON SALEM    NC   27107          5            04/12/00         00
    0411894645                           05           06/01/00          0
    0411894645                           N            05/01/15
    0

    3370255          B57/G02             F           45,900.00         ZZ
                                         180         45,420.14          1
    1242 CASTAIC AVENUE                9.250            472.40         90
                                       9.000            472.40       51,000.00
    BAKERSFIELD      CA   93308          1            04/07/00         11
    0431991975                           05           06/01/00         25
    20B0113                              N            05/01/15
    0

    3383210          K15/G02             F           78,100.00         ZZ
                                         180         75,563.20          1
    101 DONNA STREET                   9.125            797.96         85
                                       8.875            797.96       92,000.00
    LAFAYETTE        LA   70507          5            04/07/00         27
    0431988872                           05           06/01/00          6
1

    000205300723                         O            05/01/15
    0

    3383755          K15/G02             F           63,200.00         ZZ
                                         180         62,022.61          1
    505 EAST PORTER AVE                9.375            655.19         80
                                       9.125            655.19       79,000.00
    DES MOINES       IA   50315          2            03/27/00         00
    0431988351                           05           05/01/00          0
    037705300691                         O            04/01/15
    0

    3385052          T72/G02             F           61,200.00         ZZ
                                         180         60,574.34          1
    125 OAKVIEW DRIVE                  9.500            639.07         85
                                       9.250            639.07       72,000.00
    SARALAND         AL   36571          5            04/06/00         01
    0431992254                           05           06/01/00          6
    1024484                              O            05/01/15
    0

    3385937          J95/J95             F          184,300.00         ZZ
                                         180        181,120.34          1
    7350 WEST TUMBLEWOOD DRIVE         8.250          1,787.97         80
                                       8.000          1,787.97      230,419.00
    PEORIA           AZ   85381          4            02/11/00         00
    0014693006                           03           04/01/00          0
    0014693006                           O            03/01/15
    0

    3385938          J95/J95             F          120,000.00         ZZ
                                         180        118,335.50          1
    217 COUNTRY CLUB ROAD              8.625          1,190.50         50
                                       8.375          1,190.50      240,000.00
    EDGEFIELD        SC   29824          2            03/13/00         00
    0022159958                           05           05/01/00          0
    0022159958                           O            04/01/15
    0

    3385939          J95/J95             F           39,200.00         ZZ
                                         180         38,339.86          1
    645 MORRIS ROAD                    8.875            394.68         80
                                       8.625            394.68       49,000.00
    COLUMBUS         GA   31904          5            12/13/99         00
    0022271159                           05           02/01/00          0
    0022271159                           N            01/01/15
    0

1

    3385940          J95/J95             F           45,200.00         ZZ
                                         180         44,208.23          1
    651 MORRIS ROAD                    8.875            455.09         80
                                       8.625            455.09       56,500.00
    COLUMBUS         GA   31904          5            12/13/99         00
    0022271167                           05           02/01/00          0
    0022271167                           N            01/01/15
    0

    3385941          J95/J95             F           71,100.00         ZZ
                                         180         69,899.77          4
    229 S 44TH STREET                  8.500            700.15         90
                                       8.250            700.15       79,000.00
    PHILADELPHIA     PA   19104          1            02/25/00         10
    0018129130                           05           04/01/00         25
    0018129130                           O            03/01/15
    0

    3385942          J95/J95             F          127,500.00         ZZ
                                         180        125,777.89          4
    7 UNION STREET                     9.000          1,293.19         85
                                       8.750          1,293.19      150,000.00
    NASHUA           NH   03060          1            03/16/00         10
    0017223074                           05           05/01/00         20
    0017223074                           N            04/01/15
    0

    3385943          J95/J95             F           86,000.00         ZZ
                                         180         84,807.66          1
    3261 WESTMART LANE                 8.625            853.19         56
                                       8.375            853.19      155,000.00
    DORAVILLE        GA   30340          2            03/20/00         00
    0010841443                           05           05/01/00          0
    0010841443                           O            04/01/15
    0

    3389155          E22/G02             F           89,100.00         ZZ
                                         180         88,189.16          3
    1517 NORTH J STREET                9.500            930.40         90
                                       9.250            930.40       99,000.00
    LAKE WORTH       FL   33460          1            04/21/00         10
    0411929854                           05           06/01/00         25
    0411929854                           N            05/01/15
    0

    3398910          076/076             F           64,800.00         ZZ
                                         180         63,911.44          1
    326 EAST BELL STREET               8.750            647.64         36
                                       8.500            647.64      185,000.00
1

    MURFREESBORO     TN   37130          5            03/22/00         00
    8315055                              05           05/01/00          0
    8315055                              O            04/01/15
    0

    3398911          076/076             F          180,000.00         ZZ
                                         180        177,272.97          1
    4309 TURMERIC DRIVE                8.750          1,799.01         64
                                       8.500          1,799.01      285,000.00
    STERLING HEIGHT  MI   48314          2            03/13/00         00
    9223986                              05           05/01/00          0
    9223986                              O            04/01/15
    0

    3398912          076/076             F          110,000.00         ZZ
                                         180        108,353.97          1
    1555 FOSTER WILLIAMS RD            7.750          1,035.40         66
                                       7.500          1,035.40      167,000.00
    REGISTER         GA   30452          5            03/17/00         00
    9245247                              05           05/01/00          0
    9245247                              O            04/01/15
    0

    3398913          076/076             F           48,600.00         ZZ
                                         180         47,969.52          2
    567-569 EAST EXCHANGE STREET       9.375            503.83         90
                                       9.125            503.83       54,000.00
    AKRON            OH   44306          1            03/31/00         12
    9460618                              05           05/01/00         25
    9460618                              N            04/01/15
    0

    3398914          076/076             F           38,000.00         ZZ
                                         180         37,484.63          1
    2915 HALLS MILL ROAD               8.875            382.60         85
                                       8.625            382.60       45,000.00
    MOBILE           AL   36606          2            03/29/00         10
    9484076                              05           05/01/00         25
    9484076                              N            04/01/15
    0

    3398915          076/076             F          176,000.00         ZZ
                                         180        173,716.65          1
    18 HOLBROOK STREET                 9.375          1,824.59         74
                                       9.125          1,824.59      240,000.00
    FREEPORT         ME   04032          1            03/09/00         00
    9667265                              05           05/01/00          0
    9667265                              O            04/01/15
    0
1

    3399836          U05/G02             F           96,000.00         ZZ
                                         180         94,367.70          1
    31 BELL STREET                     8.875            966.57         90
                                       8.625            966.57      107,000.00
    BRIDGEPORT       CT   06610          5            03/20/00         01
    0431995992                           05           05/01/00         12
    3020220                              O            04/01/15
    0

    3400736          E22/G02             F           72,450.00         ZZ
                                         180         71,692.58          2
    4006 A/B EAST 123RD TERRACE        9.250            745.65         90
                                       9.000            745.65       80,500.00
    GRANDVIEW        MO   64030          1            04/26/00         01
    0411928138                           05           06/01/00         25
    0411928138                           N            05/01/15
    0

    3400738          E22/G02             F           35,000.00         ZZ
                                         180         34,642.19          1
    17006 WOODBURN DRIVE               9.500            365.48         70
                                       9.250            365.48       50,000.00
    HOUSTON          TX   77049          1            04/26/00         00
    0411928708                           05           06/01/00          0
    0411928708                           N            05/01/15
    0

    3404698          E22/G02             F           67,500.00         T
                                         180         66,754.03          1
    2556 US HWY 641 NORTH              8.625            669.65         90
                                       8.375            669.65       75,000.00
    EDDYVILLE        KY   42038          1            04/27/00         14
    0411872690                           05           06/01/00         25
    0411872690                           O            05/01/15
    0

    3408585          E22/G02             F           60,800.00         ZZ
                                         180         60,164.38          1
    1415 BYERS LANE                    9.250            625.75         80
                                       9.000            625.75       76,000.00
    AUSTIN           TX   78753          1            04/27/00         00
    0411919616                           05           06/01/00          0
    0411919616                           N            05/01/15
    0

    3408591          E22/G02             F           35,000.00         ZZ
                                         180         34,638.19          1
1

    1304 BELLAIRE STREET               9.375            362.84         64
                                       9.125            362.84       55,000.00
    BOWIE            TX   76230          1            04/28/00         00
    0411923329                           05           06/01/00          0
    0411923329                           O            05/01/15
    0

    3408604          E22/G02             F           90,000.00         ZZ
                                         180         89,048.57          1
    147 DOWNEY LAKE RD                 9.125            919.54         90
                                       8.875            919.54      100,000.00
    DALLAS           NC   28034          5            04/24/00         10
    0411936719                           05           06/01/00         25
    0411936719                           O            05/01/15
    0

    3412250          E22/G02             F           96,000.00         ZZ
                                         180         94,792.58          1
    2420 CARRIE LANE                   9.000            973.70         80
                                       8.750            973.70      120,000.00
    MARRERO          LA   70072          1            05/01/00         00
    0411895782                           05           07/01/00          0
    0411895782                           O            06/01/15
    0

    3412251          E22/G02             F           32,900.00         ZZ
                                         180         32,648.75          1
    1 BEAVER CREEK DRIVE UNIT#5        9.500            343.55         70
                                       9.250            343.55       47,000.00
    VERNON TOWNSHIP  NJ   07462          1            05/01/00         00
    0411897077                           01           07/01/00          0
    0411897077                           N            06/01/15
    0

    3412300          074/074             F          148,900.00         ZZ
                                         180        146,749.83          1
    7838 EDGEWOOD CHURCH ROAD          8.250          1,444.54         59
                                       8.000          1,444.54      255,000.00
    FREDERICK        MD   21702          5            03/23/00         00
    1821160363                           05           05/01/00          0
    1821160363                           O            04/01/15
    0

    3412301          074/074             F           40,400.00         ZZ
                                         180         39,852.06          1
    4458 BOSWELL AVE                   8.875            406.77         80
                                       8.625            406.77       50,500.00
    WOODSON TERRACE  MO   63134          1            03/31/00         00
    1633034147                           05           05/01/00          0
1

    1633034147                           N            04/01/15
    0

    3412302          074/074             F           48,750.00         T
                                         180         48,081.47          1
    715 S KIHEI RD                     8.750            487.24         75
    #122                               8.500            487.24       65,000.00
    KIHEI            HI   96753          1            03/23/00         00
    1596157536                           02           05/01/00          0
    1596157536                           O            04/01/15
    0

    3412304          074/074             F           75,000.00         T
                                         180         74,143.28          1
    100 LINCOLN ROAD UNIT 1230         8.250            727.61         50
                                       8.000            727.61      150,000.00
    MIAMI BEACH      FL   33139          1            04/13/00         00
    1589433564                           06           06/01/00          0
    1589433564                           O            05/01/15
    0

    3412305          074/074             F          144,000.00         T
                                         180        141,981.45          1
    893 TANGLEWOOD CIRCLE              8.500          1,418.03         80
                                       8.250          1,418.03      180,000.00
    WESTON           FL   33327          2            03/29/00         00
    1589423083                           03           05/01/00          0
    1589423083                           O            04/01/15
    0

    3412306          074/074             F          128,000.00         ZZ
                                         180        126,205.76          1
    12847 MCCARTHY CIRCLE              8.500          1,260.47         80
                                       8.250          1,260.47      160,000.00
    PHILADELPHIA     PA   19154          1            03/13/00         00
    1587290488                           05           05/01/00          0
    1587290488                           O            04/01/15
    0

    3412307          074/074             F           26,400.00         ZZ
                                         180         26,045.88          1
    877 GARFIELD STREET                9.000            267.77         60
                                       8.750            267.77       44,000.00
    AKRON            OH   44310          5            03/22/00         00
    1581385967                           05           05/01/00          0
    1581385967                           N            04/01/15
    0

1

    3412308          074/074             F           71,400.00         ZZ
                                         180         69,948.33          1
    4631 RAINBOW RUN                   8.500            703.10         80
                                       8.250            703.10       89,500.00
    SUGAR LAND       TX   77479          1            03/30/00         00
    1539053823                           03           05/01/00          0
    1539053823                           O            04/01/15
    0

    3412309          074/074             F           18,750.00         T
                                         180         18,443.67          1
    6102 SEAWALL BLVD #185             8.875            188.79         75
                                       8.625            188.79       25,000.00
    GALVESTON        TX   77551          1            02/25/00         00
    1539051330                           01           04/01/00          0
    1539051330                           O            03/01/15
    0

    3412310          074/074             F           38,000.00         ZZ
                                         180         37,495.88          1
    8231 8TH AVENUE S                  9.125            388.26         80
                                       8.875            388.26       47,500.00
    BIRMINGHAM       AL   35206          1            03/30/00         00
    1533033903                           05           05/01/00          0
    1533033903                           N            04/01/15
    0

    3412311          074/074             F           70,800.00         ZZ
                                         180         69,796.61          1
    10210 CRESCENT MOON DRIVE          8.375            692.02         80
                                       8.125            692.02       88,500.00
    HOUSTON          TX   77064          1            03/31/00         00
    1532053450                           03           05/01/00          0
    1532053450                           O            04/01/15
    0

    3412312          074/074             F           31,500.00         T
                                         180         31,170.62          1
    216 N 40TH ST                      9.250            324.20         70
                                       9.000            324.20       45,000.00
    MCALLEN          TX   78550          1            04/12/00         00
    1526049029                           03           06/01/00          0
    1526049029                           O            05/01/15
    0

    3412313          074/074             F           66,900.00         ZZ
                                         180         65,992.68          1
    240 ELSTOW ROAD                    8.875            673.58         66
                                       8.625            673.58      101,900.00
1

    IRMO             SC   29063          1            03/17/00         00
    1511509001                           05           05/01/00          0
    1511509001                           O            04/01/15
    0

    3412314          074/074             F           90,000.00         ZZ
                                         180         88,667.75          1
    504 CAPE CORAL PARKWAY WEST        7.875            853.60         51
                                       7.625            853.60      177,500.00
    CAPE CORAL       FL   33914          1            03/17/00         00
    1381231416                           05           05/01/00          0
    1381231416                           O            04/01/15
    0

    3412315          074/074             F           84,800.00         ZZ
                                         180         83,571.72          1
    26 COQUINA AVE                     8.125            816.52         80
                                       7.875            816.52      106,000.00
    ST  AUGUSTINE    FL   32084          1            03/31/00         00
    1322050747                           05           05/01/00          0
    1322050747                           O            04/01/15
    0

    3412318          074/074             F           83,600.00         ZZ
                                         180         82,415.23          1
    146 WOODEN MILL TERR               8.375            817.13         80
                                       8.125            817.13      104,532.00
    JUPITER          FL   33458          1            03/27/00         00
    1301193134                           03           05/01/00          0
    1301193134                           O            04/01/15
    0

    3412321          074/074             F          100,000.00         ZZ
                                         180         98,870.19          1
    9502 MANY MILE MEWS                8.375            977.43         47
                                       8.125            977.43      215,000.00
    COLUMBIA         MD   21046          5            04/10/00         00
    1181122982                           05           06/01/00          0
    1181122982                           N            05/01/15
    0

    3412322          074/074             F          200,000.00         ZZ
                                         180        197,165.62          1
    4116 E MOUNTAIN COURT              8.375          1,954.85         68
                                       8.125          1,954.85      294,800.00
    MOAB             UT   84532          1            03/16/00         00
    1126008013                           05           05/01/00          0
    1126008013                           O            04/01/15
    0
1

    3412323          074/074             F          224,000.00         ZZ
                                         180        221,441.32          1
    27 OLD MINE CIR                    8.250          2,173.11         80
                                       8.000          2,173.11      280,000.00
    LINN CREEK       MO   65052          1            04/14/00         00
    1124006811                           03           06/01/00          0
    1124006811                           O            05/01/15
    0

    3412324          074/074             F           47,500.00         ZZ
                                         180         46,834.18          1
    2804 HERO DRIVE                    8.500            467.75         87
                                       8.250            467.75       55,000.00
    GRETNA           LA   70053          1            03/31/00         11
    1124005987                           05           05/01/00         20
    1124005987                           N            04/01/15
    0

    3412325          074/074             F          155,500.00         ZZ
                                         180        153,367.69          1
    157 IRONIA ROAD                    8.750          1,554.14         25
                                       8.500          1,554.14      625,000.00
    MENDHAM          NJ   07945          5            03/13/00         00
    1114794905                           05           05/01/00          0
    1114794905                           O            04/01/15
    0

    3412326          074/074             F           50,000.00         ZZ
                                         180         49,344.06          2
    11-13 UNION STREET                 9.250            514.60         75
                                       9.000            514.60       67,000.00
    HUDSON           NY   12534          1            03/30/00         00
    1111359626                           05           05/01/00          0
    1111359626                           O            04/01/15
    0

    3412328          074/074             F          126,700.00         T
                                         180        125,252.73          1
    164-20 86TH ROAD                   8.250          1,229.17         70
                                       8.000          1,229.17      181,000.00
    JAMAICA          NY   11432          1            04/03/00         00
    1106311799                           05           06/01/00          0
    1106311799                           O            05/01/15
    0

    3412329          074/074             F          100,800.00         ZZ
                                         180         99,387.03          2
1

    74-11 64TH LANE                    8.500            992.62         60
                                       8.250            992.62      168,000.00
    GLENDALE         NY   11385          1            03/24/00         00
    1106306391                           05           05/01/00          0
    1106306391                           N            04/01/15
    0

    3412560          074/G02             F           76,950.00         ZZ
                                         180         75,929.24          4
    3736 WALNUT                        9.125            786.21         67
                                       8.875            786.21      115,000.00
    KANSAS CITY      MO   64111          5            03/31/00         00
    0432014496                           05           05/01/00          0
    1456033558                           N            04/01/15
    0

    3412561          074/G02             F           55,800.00         ZZ
                                         180         55,203.49          1
    1115 NW 36TH AVENUE                9.000            565.96         90
                                       8.750            565.96       62,000.00
    GAINESVILLE      FL   32609          1            04/14/00         11
    0432014504                           05           06/01/00         20
    1322051830                           N            05/01/15
    0

    3412562          074/G02             F           55,800.00         ZZ
                                         180         55,051.56          1
    28 NW 36TH DRIVE                   9.000            565.96         90
                                       8.750            565.96       62,000.00
    GAINESVILLE      FL   32607          1            03/30/00         14
    0432014538                           05           05/01/00         25
    1322050940                           N            04/01/15
    0

    3412563          074/G02             F           76,500.00         ZZ
                                         180         75,473.93          2
    1708 SW 20 STREET                  9.000            775.91         85
                                       8.750            775.91       90,000.00
    FT LAUDERDALE    FL   33315          1            03/24/00         01
    0432014546                           05           05/01/00         12
    1301193360                           N            04/01/15
    0

    3412564          074/G02             F           76,500.00         ZZ
                                         180         75,473.93          2
    1702 SW 20 STREET                  9.000            775.91         85
                                       8.750            775.91       90,000.00
    FT LAUDERDALE    FL   33315          1            03/24/00         01
    0432014553                           05           05/01/00         12
1

    1301193350                           N            04/01/15
    0

    3412565          074/074             F          225,000.00         ZZ
                                         180        221,726.73          4
    44 LEFFERTS PLACE                  9.125          2,298.87         61
                                       8.875          2,298.87      370,000.00
    BROOKLYN         NY   11238          5            03/24/00         00
    1111366417                           05           05/01/00          0
    1111366417                           N            04/01/15
    0

    3412566          074/074             F           70,400.00         ZZ
                                         180         69,630.49          1
    5938 EAST TOWNLINE ROAD            8.750            703.62         80
                                       8.500            703.62       88,000.00
    WILLIAMSON       NY   14589          1            04/10/00         00
    1106318528                           05           06/01/00          0
    1106318528                           O            05/01/15
    0

    3416285          461/461             F          252,000.00         ZZ
                                         180        246,287.48          1
    5160 DIAMOND HEIGHTS #C208         8.500          2,481.55         63
                                       8.250          2,481.55      400,000.00
    SAN FRANCISCO    CA   94137          5            12/13/99         00
    9023106644                           01           02/01/00          0
    9023106644                           O            01/01/15
    0

    3416288          461/461             F          183,000.00         ZZ
                                         180        180,932.47          1
    724 1ST AVENUE                     8.375          1,788.69         70
                                       8.125          1,788.69      262,000.00
    SAN MATEO        CA   94401          2            03/28/00         00
    9023299027                           05           06/01/00          0
    9023299027                           O            05/01/15
    0

    3416291          461/461             F           53,200.00         ZZ
                                         180         52,618.51          1
    1101 W CYPRESS AVE #F              8.750            531.71         70
                                       8.500            531.71       76,000.00
    LOMPOC           CA   93436          1            04/04/00         00
    9023309305                           01           06/01/00          0
    9023309305                           N            05/01/15
    0

1

    3418430          E22/G02             F          122,600.00         ZZ
                                         180        121,184.15          1
    630 WENTWORTH DRIVE                8.125          1,180.49         80
                                       7.875          1,180.49      153,260.00
    RICHARDSON       TX   75081          1            05/02/00         00
    0411915200                           05           06/01/00          0
    0411915200                           O            05/01/15
    0

    3420155          K88/G02             F           75,600.00         ZZ
                                         180         74,112.04          1
    91 KEYSTONE COURT                  8.250            733.43         70
                                       8.000            733.43      108,000.00
    EDISON           NJ   08817          1            04/26/00         00
    0432027449                           01           06/01/00          0
    12806                                N            05/01/15
    0

    3420227          168/168             F           43,000.00         ZZ
                                         180         42,560.41          2
    322-324 SEYLE TERRACE              9.500            449.02         62
                                       9.250            449.02       70,000.00
    ROCHESTER        NY   14613          5            04/19/00         00
    0189572337                           05           06/01/00          0
    0189572337                           N            05/01/15
    0

    3423390          601/G02             F           83,200.00         ZZ
                                         180         82,330.18          1
    6317 HAYFIELD LN W                 9.250            856.29         80
                                       9.000            856.29      104,000.00
    MEMPHIS          TN   38141          2            04/21/00         00
    0432049518                           05           06/01/00          0
    60155595                             N            05/01/15
    0

    3426486          765/G02             F          116,100.00         ZZ
                                         120        113,673.03          1
    1006 FLEMING PARK ROAD             9.000          1,470.71         90
                                       8.750          1,470.71      129,000.00
    MOUNT JACKSON    VA   22842          5            04/27/00         11
    0432019982                           05           06/01/00         12
    V109787                              O            05/01/10
    0

    3429322          E22/G02             F          153,550.00         ZZ
                                         180        152,377.34          1
    3417 THOROUGHBRED RUN              9.500          1,603.41         72
                                       9.250          1,603.41      214,263.00
1

    LAKE WORTH       FL   33467          1            05/09/00         00
    0411879745                           03           07/01/00          0
    0411879745                           O            06/01/15
    0

    3429325          E22/G02             F          172,000.00         ZZ
                                         180        170,563.62          1
    1127 HARDING ROAD                  8.500          1,693.75         80
                                       8.250          1,693.75      215,000.00
    ELIZABETH        NJ   07208          5            05/04/00         00
    0411901770                           05           07/01/00          0
    0411901770                           O            06/01/15
    0

    3429334          E22/G02             F          112,500.00         ZZ
                                         180        111,635.39          1
    4444 FORTUNE CIRCLE NORTH          9.500          1,174.75         85
                                       9.250          1,174.75      133,500.00
    COLORADO SPRING  CO   80917          5            05/04/00         01
    0411929110                           05           07/01/00         22
    0411929110                           O            06/01/15
    0

    3429339          E22/G02             F          102,000.00         ZZ
                                         180        100,126.81          1
    4812 STRICKLAND AVENUE             8.500          1,004.43         68
                                       8.250          1,004.43      150,000.00
    THE COLONY       TX   75056          5            05/04/00         00
    0411931702                           05           07/01/00          0
    0411931702                           O            06/01/15
    0

    3429347          E22/G02             F           67,900.00         ZZ
                                         180         67,287.66          1
    2917 5TH AVE. NORTH                7.625            634.27         80
                                       7.375            634.27       84,900.00
    GREAT FALLS      MT   59401          1            05/09/00         00
    0411955073                           05           07/01/00          0
    0411955073                           O            06/01/15
    0

    3435220          E82/G02             F          171,000.00         ZZ
                                         180        169,603.31          1
    46 SHIRLEY COURT                   8.750          1,709.06         74
                                       8.500          1,709.06      233,000.00
    COMMACK          NY   11725          5            05/08/00         00
    0400269387                           05           07/01/00          0
    0400269387                           O            06/01/15
    0
1

    3435326          U05/G02             F           32,000.00         ZZ
                                         180         31,755.62          1
    2442 DEWEY STREET                  9.500            334.15         75
                                       9.250            334.15       43,000.00
    MUNHALL          PA   15120          5            05/01/00         00
    0432063352                           05           07/01/00          0
    3032910                              N            06/01/15
    0

    3441073          313/G02             F           56,000.00         ZZ
                                         180         55,367.30          1
    5407 BRYANT STREET  A-106          8.375            547.36         80
                                       8.125            547.36       70,000.00
    DALLAS           TX   75206          2            04/21/00         00
    0432029742                           01           06/01/00          0
    0006953640                           N            05/01/15
    0

    3441178          526/526             F           62,900.00         ZZ
                                         180         61,861.15          1
    6315 CAMPBELL ROAD                 8.750            628.66         90
    #401                               8.500            628.66       69,900.00
    DALLAS           TX   75248          1            02/29/00         11
    394658                               01           04/01/00         25
    394658                               O            03/01/15
    0

    3441179          526/526             F           23,400.00         ZZ
                                         180         23,155.37          1
    1500 BAY AREA BLVD                 9.250            240.83         90
    #274N                              9.000            240.83       26,000.00
    HOUSTON          TX   77058          1            04/13/00         12
    397850                               01           06/01/00         25
    397850                               N            05/01/15
    0

    3441180          526/526             F           35,750.00         ZZ
                                         180         35,363.54          1
    1215 EAST INDIANA AVENUE           8.875            359.95         65
                                       8.625            359.95       55,000.00
    ELKHART          IN   46516          2            04/21/00         00
    399653                               05           06/01/00          0
    399653                               N            05/01/15
    0

    3441181          526/526             F           37,700.00         ZZ
                                         180         37,292.48          1
1

    624 MCDONALD STREET                8.875            379.58         61
                                       8.625            379.58       62,000.00
    ELKHART          IN   46516          5            04/21/00         00
    399666                               05           06/01/00          0
    399666                               N            05/01/15
    0

    3441182          526/526             F           16,500.00         ZZ
                                         180         16,327.49          1
    6108 ABRAMS ROAD                   9.250            169.82         75
    #403                               9.000            169.82       22,000.00
    DALLAS           TX   75231          1            04/13/00         00
    400320                               01           06/01/00          0
    400320                               N            05/01/15
    0

    3441183          526/526             F           61,550.00         ZZ
                                         180         60,869.75          1
    991 SHELTON LANE                   8.625            610.63         80
                                       8.375            610.63       76,947.00
    CHANNELVIEW      TX   77530          1            04/06/00         00
    400951                               03           06/01/00          0
    400951                               O            05/01/15
    0

    3441185          526/526             F           68,950.00         ZZ
                                         180         68,187.99          1
    5492 BOULDER RUN DRIVE             8.625            684.04         50
                                       8.375            684.04      137,900.00
    FLAGSTAFF        AZ   86004          1            04/24/00         00
    401689                               07           06/01/00          0
    401689                               N            05/01/15
    0

    3441186          526/526             F           50,000.00         ZZ
                                         180         49,452.18          1
    2571 WALNUT CREEK DRIVE            8.750            499.73         42
                                       8.500            499.73      120,000.00
    GOLDEN VALLEY    AZ   86413          1            04/20/00         00
    401768                               05           06/01/00          0
    401768                               O            05/01/15
    0

    3441187          526/526             F           86,400.00         ZZ
                                         180         85,434.56          1
    99 APRIL WIND NORTH                8.500            850.81         80
                                       8.250            850.81      108,000.00
    MONTGOMERY       TX   77356          1            04/17/00         00
    402657                               03           06/01/00          0
1

    402657                               O            05/01/15
    0

    3441188          526/526             F          121,500.00         ZZ
                                         180        120,186.61          1
    7798 RAINTREE ROAD                 8.875          1,223.32         75
                                       8.625          1,223.32      162,000.00
    CENTERVILLE      OH   45459          1            04/26/00         00
    402906                               05           06/01/00          0
    402906                               O            05/01/15
    0

    3441189          526/526             F          186,000.00         ZZ
                                         180        164,766.35          1
    1761 WAITE STREET                  7.500          1,724.24         70
                                       7.250          1,724.24      266,000.00
    NORTH BEND       OR   97459          1            10/16/97         00
    9183615                              03           12/01/97          0
    9183615                              N            11/01/12
    0

    3442922          E22/G02             F          180,000.00         ZZ
                                         180        177,482.59          1
    119 DUKES ROAD                     8.500          1,772.53         77
                                       8.250          1,772.53      234,000.00
    RAHWAY           NJ   07065          5            05/09/00         00
    0411936370                           05           07/01/00          0
    0411936370                           O            06/01/15
    0

    3455474          E22/G02             F           31,000.00         ZZ
                                         180         30,161.10          1
    1401 SHADOW CREEK PLACE WEST       9.625            326.05         31
                                       9.375            326.05      102,000.00
    BRANDON          FL   33510          1            05/18/00         00
    0411968787                           05           07/01/00          0
    0411968787                           O            06/01/15
    0

    3458250          E22/G02             F           19,450.00         ZZ
                                         180         19,304.77          1
    N5668 COUNTY HWY Y                 9.750            206.05         90
                                       9.500            206.05       21,650.00
    CHILI            WI   54420          1            05/19/00         04
    0411896574                           05           07/01/00         25
    0411896574                           N            06/01/15
    0

1

    3460649          163/163             F           42,900.00         T
                                         180         42,422.66          1
    468 PARMA DRIVE                    8.875            431.94         60
                                       8.625            431.94       71,500.00
    ESSEX            MT   59916          5            04/06/00         00
    2400700145                           05           06/01/00          0
    2400700145                           O            05/01/15
    0

    3461516          163/163             F           40,000.00         ZZ
                                         180         39,324.74          1
    1000 ECHO TRAIL                    8.500            393.90         34
                                       8.250            393.90      118,500.00
    WATKINSVILLE     GA   30677          1            02/02/00         00
    400941987                            05           04/01/00          0
    400941987                            O            03/01/15
    0

    3461865          E22/G02             F          100,000.00         ZZ
                                         180         99,201.23          1
    9021 F.M. HIGHWAY 4                9.000          1,014.27         62
                                       8.750          1,014.27      163,000.00
    GODLEY           TX   76044          2            05/18/00         00
    0411917826                           05           07/01/00          0
    0411917826                           N            06/01/15
    0

    3461874          E22/G02             F          210,000.00         ZZ
                                         180        188,230.13          1
    4541 LANCELOT DRIVE                8.875          2,114.37         71
                                       8.625          2,114.37      297,500.00
    PLANO            TX   75024          1            05/22/00         00
    0411948904                           03           07/01/00          0
    0411948904                           O            06/01/15
    0

    3465887          E22/G02             F          106,400.00         ZZ
                                         180        105,568.95          1
    1712 BOSWELL DRIVE                 9.250          1,095.06         80
                                       9.000          1,095.06      133,000.00
    LARAMIE          WY   82070          1            05/23/00         00
    0411975212                           07           07/01/00          0
    0411975212                           O            06/01/15
    0

    3469410          E22/G02             F          188,000.00         ZZ
                                         180        186,580.38          1
    4545 MEETING HOUSE LANE            9.625          1,977.35         80
                                       9.375          1,977.35      235,000.00
1

    CLEMMONS         NC   27012          1            05/24/00         00
    0411961949                           05           07/01/00          0
    0411961949                           N            06/01/15
    0

    3469799          E82/G02             F           40,000.00         ZZ
                                         180         39,680.49          2
    8559-63 WYOMING                    9.000            405.71         62
                                       8.750            405.71       65,000.00
    DETROIT          MI   48204          5            05/25/00         00
    0400280277                           05           07/01/00          0
    0400280277                           N            06/01/15
    0

    3470864          076/076             F           94,000.00         ZZ
                                         180         92,653.15          1
    3905 LINDA DRIVE                   8.250            911.94         80
                                       8.000            911.94      117,500.00
    AMARILLO         TX   79109          1            03/14/00         00
    1368292                              05           05/01/00          0
    1368292                              O            04/01/15
    0

    3470865          076/076             F           80,000.00         ZZ
                                         180         78,373.43          1
    109 BEEDEN RD                      9.125            817.37         56
                                       8.875            817.37      145,000.00
    WESTPORT         MA   02790          1            04/13/00         00
    8303658                              05           06/01/00          0
    8303658                              O            05/01/15
    0

    3470866          076/076             F           67,200.00         ZZ
                                         180         66,465.50          1
    1523 BURKETT LANE                  8.750            671.63         80
                                       8.500            671.63       84,000.00
    CLYDE            TX   79510          1            04/06/00         00
    9409475                              05           06/01/00          0
    9409475                              O            05/01/15
    0

    3470867          076/076             F           53,600.00         ZZ
                                         180         53,007.62          1
    8412 ORANGE PL                     8.625            531.76         80
                                       8.375            531.76       67,000.00
    TAMPA            FL   33617          1            04/12/00         00
    9456421                              05           06/01/00          0
    9456421                              O            05/01/15
    0
1

    3472653          E22/G02             F           22,800.00         ZZ
                                         180         22,625.88          1
    2417 BUFORD AVENUE                 9.500            238.08         80
                                       9.250            238.08       28,500.00
    RICHMOND         VA   23234          1            05/25/00         00
    0411904444                           05           07/01/00          0
    0411904444                           N            06/01/15
    0

    3472678          E22/G02             F           80,100.00         ZZ
                                         180         78,924.71          1
    11036 PADDOCK CIRCLE               9.375            830.39         90
                                       9.125            830.39       89,000.00
    DALLAS           TX   75238          1            05/25/00         04
    0411968951                           05           07/01/00         25
    0411968951                           N            06/01/15
    0

    3474963          369/G02             F          108,000.00         ZZ
                                         180        106,895.95          1
    77 FRANKLIN STREET                 8.500          1,063.52         72
                                       8.250          1,063.52      152,000.00
    JERMYN           PA   18433          2            05/12/00         00
    0432049823                           05           07/01/00          0
    0072161938                           O            06/01/15
    0

    3475027          144/144             F           84,000.00         T
                                         180         83,282.83          1
    COUNTY ROUTE 16                    8.250            814.92         70
                                       8.000            814.92      120,000.00
    TANNERSVILLE     NY   12485          5            05/16/00         00
    160654707                            05           07/01/00          0
    160654707                            O            06/01/15
    0

    3475080          163/G02             F          242,400.00         ZZ
                                         180        240,307.56          1
    83 BIRCHWOOD DRIVE                 8.125          2,334.03         70
                                       7.875          2,334.03      350,000.00
    NEW HYDE PARK    NY   11040          5            05/05/00         00
    0432053775                           05           07/01/00          0
    400900957                            O            06/01/15
    0

    3476520          E22/G02             F          131,400.00         ZZ
                                         180        130,371.85          1
1

    14 CHEROKEE TRAIL                  9.250          1,352.36         90
                                       9.000          1,352.36      146,000.00
    DOUGLAS          WY   82633          5            05/19/00         10
    0411953110                           05           07/01/00         12
    0411953110                           O            06/01/15
    0

    3477712          E82/G02             F           50,000.00         ZZ
                                         180         49,618.15          1
    13 WINTHROP PLACE                  9.500            522.11         23
                                       9.250            522.11      225,000.00
    DEER PARK        NY   11729          5            05/24/00         00
    0400274551                           05           07/01/00          0
    0400274551                           O            06/01/15
    0

    3480259          E22/G02             F           50,000.00         ZZ
                                         180         49,635.08          1
    7102 TOWER VIEW LANE              10.000            537.30         68
                                       9.750            537.30       74,000.00
    MISSOURI CITY    TX   77489          5            05/24/00         00
    0411951676                           03           07/01/00          0
    0411951676                           O            06/01/15
    0

    3480262          E22/G02             F           29,300.00         ZZ
                                         180         29,078.75          1
    1911 LUCKIE AVENUE                 9.625            308.17         87
                                       9.375            308.17       34,000.00
    MOBILE           AL   36617          5            05/24/00         01
    0411958002                           05           07/01/00         25
    0411958002                           O            06/01/15
    0

    3480278          E22/G02             F           19,900.00         ZZ
                                         180         19,312.34          1
    3513 SOUTH ADAMS STREET            9.750            210.81         50
                                       9.500            210.81       39,900.00
    FORT WORTH       TX   76110          1            05/30/00         00
    0411976012                           05           07/01/00          0
    0411976012                           O            06/01/15
    0

    3480287          E22/G02             F          118,400.00         ZZ
                                         180        117,443.67          1
    3305 THAXTON PLACE                 8.875          1,192.10         80
                                       8.625          1,192.10      148,000.00
    CHARLOTTE        NC   28226          1            05/30/00         00
    0411986011                           05           07/01/00          0
1

    0411986011                           O            06/01/15
    0

    3484031          E22/G02             F           55,000.00         ZZ
                                         180         54,579.99          1
    837 S RIDGEWAY DRIVE               9.500            574.32         58
                                       9.250            574.32       95,000.00
    CLEBURNE         TX   76031          5            05/25/00         00
    0411932288                           05           07/01/00          0
    0411932288                           O            06/01/15
    0

    3484070          E22/G02             F           87,500.00         ZZ
                                         180         86,598.84          1
    4918 CR 435                        9.000            887.48         55
                                       8.750            887.48      160,000.00
    ALVIN            TX   77511          2            05/25/00         00
    0411973753                           05           07/01/00          0
    0411973753                           O            06/01/15
    0

    3484077          E22/G02             F           68,850.00         ZZ
                                         180         68,324.20          1
    1200 MARIPOSA AVE                  9.500            718.95         90
    UNIT # E102                        9.250            718.95       76,500.00
    CORAL GABLES     FL   33146          1            05/31/00         01
    0411977267                           01           07/01/00         12
    0411977267                           O            06/01/15
    0

    3489202          738/G02             F           42,000.00         ZZ
                                         180         41,664.50          1
    3842 WINDER HWY                    9.000            426.00         24
                                       8.750            426.00      180,000.00
    JEFFERSON        GA   30549          5            05/23/00         00
    0432101624                           05           07/01/00          0
    5379688                              O            06/01/15
    0

    3490697          E22/G02             F           53,100.00         ZZ
                                         180         52,699.02          2
    5946 S. ELIZABETH                  9.625            558.50         90
                                       9.375            558.50       59,000.00
    CHICAGO          IL   60636          1            06/02/00         04
    0411896947                           05           07/01/00         25
    0411896947                           N            06/01/15
    0

1

    3490723          E22/G02             F           95,400.00         ZZ
                                         180         94,654.86          1
    1944 GARFIELD AVENUE               9.250            981.85         90
                                       9.000            981.85      106,000.00
    LARAMIE          WY   82070          1            06/01/00         01
    0411989023                           05           07/01/00         20
    0411989023                           N            06/01/15
    0

    3492764          G52/G02             F           40,400.00         ZZ
                                         180         40,066.34          1
    8826 EAST FLORIDA AVENUE 107       8.625            400.80         80
                                       8.375            400.80       50,503.00
    DENVER           CO   80231          1            05/23/00         00
    0432066975                           01           07/01/00          0
    75500172                             O            06/01/15
    0

    3494874          E22/G02             F           61,600.00         ZZ
                                         180         61,065.10          1
    12415 VALLE DE ZAVALA              9.250            633.98         80
                                       9.000            633.98       77,000.00
    SAN ANTONIO      TX   78249          5            05/30/00         00
    0411962392                           05           07/01/00          0
    0411962392                           O            06/01/15
    0

    3500438          F28/G02             F           42,000.00         ZZ
                                         180         40,225.19          3
    501 FULLERTON ST                   8.000            401.37         70
                                       7.750            401.37       60,000.00
    SHARON           PA   16101          5            06/07/99         00
    0432105617                           05           08/01/99          0
    4659864                              N            07/01/14
    0

    3500439          F28/G02             F           70,000.00         ZZ
                                         180         66,488.94          3
    26930 OREGON ROAD                  7.625            653.89         59
                                       7.375            653.89      120,000.00
    PERRYSBURG       OH   43551          5            04/29/99         00
    0432105625                           05           06/01/99          0
    4696427                              N            05/01/14
    0

    3500441          F28/G02             F           42,750.00         ZZ
                                         180         40,767.32          3
    834 UNION ST                       7.750            402.40         57
                                       7.500            402.40       75,000.00
1

    SCHENECTADY      NY   12307          5            05/07/99         00
    0432105666                           05           07/01/99          0
    4775488                              N            06/01/14
    0

    3500443          F28/G02             F          140,000.00         ZZ
                                         180        131,433.84          3
    24 N MADISON AV                    7.250          1,278.01         47
                                       7.000          1,278.01      300,000.00
    LA GRANGE        IL   60525          5            05/28/99         00
    0432105682                           05           08/01/99          0
    4814277                              N            07/01/14
    0

    3500444          F28/G02             F           95,000.00         ZZ
                                         180         90,816.47          4
    307 SIBLEY ST                      8.375            928.55         40
                                       8.125            928.55      240,000.00
    HASTINGS         MN   55033          5            05/25/99         00
    0432105690                           05           07/01/99          0
    4832814                              N            06/01/14
    0

    3500446          F28/G02             F           41,300.00         ZZ
                                         180         39,866.36          3
    309 S HENRY STREET                 8.875            415.83         70
                                       8.625            415.83       59,000.00
    BAY CITY         MI   48706          5            08/13/99         00
    0432105716                           05           10/01/99          0
    4945487                              N            09/01/14
    0

    3500447          F28/G02             F           40,600.00         ZZ
                                         180         39,189.76          3
    607 N HENRY STREET                 8.875            408.78         70
                                       8.625            408.78       58,000.00
    BAY CITY         MI   48706          5            08/13/99         00
    0432105724                           05           10/01/99          0
    4945535                              N            09/01/14
    0

    3500448          F28/G02             F          107,100.00         ZZ
                                         180        103,853.06          4
    504 NORTH STATE STREET            10.000          1,150.90         90
                                       9.750          1,150.90      119,000.00
    CONCORD          NH   03301          1            08/30/99         10
    0432105740                           05           10/01/99         25
    5000534                              N            09/01/14
    0
1

    3500449          F28/G02             F           43,200.00         ZZ
                                         180         41,838.95          1
    928 ATLANTIC                       8.500            425.41         90
                                       8.250            425.41       48,000.00
    TOLEDO           OH   43609          1            09/17/99         04
    0432105757                           05           11/01/99         25
    5084918                              N            10/01/14
    0

    3500453          F28/G02             F          164,000.00         ZZ
                                         180        160,241.97          4
    2252 W CULLERTON                   8.375          1,602.98         80
                                       8.125          1,602.98      205,000.00
    CHICAGO          IL   60608          2            12/15/99         00
    0432105799                           05           02/01/00          0
    5196631                              O            01/01/15
    0

    3500454          F28/G02             F           95,000.00         ZZ
                                         180         93,202.61          1
    21 TIFFANY CR                      9.000            963.55         95
                                       8.750            963.55      100,000.00
    MILLBURY         MA   01527          5            01/14/00         10
    0432105807                           01           03/01/00         30
    5310984                              O            02/01/15
    0

    3500457          F28/G02             F          110,000.00         ZZ
                                         180        108,635.42          3
    65 CHARLOTTE STREET                9.875          1,173.67         88
                                       9.625          1,173.67      126,000.00
    WORCESTER        MA   01610          1            03/31/00         10
    0432105831                           05           05/01/00         25
    5467040                              N            04/01/15
    0

    3500459          F28/G02             F          106,000.00         ZZ
                                         180        104,547.30          3
    3165 KENSINGTON ROAD               9.500          1,106.88         80
                                       9.250          1,106.88      132,500.00
    CLEVELAND HEIGH  OH   44118          2            05/09/00         00
    0432105864                           05           07/01/00          0
    5624154                              N            06/01/15
    0

    3503304          E22/G02             F           72,800.00         ZZ
                                         180         72,185.26          1
1

    9 ZOAR STREET                      8.375            711.57         80
                                       8.125            711.57       91,000.00
    AUBURN           ME   04210          5            05/26/00         00
    0411944325                           05           07/01/00          0
    0411944325                           O            06/01/15
    0

    3503307          E22/G02             F           58,500.00         ZZ
                                         180         58,032.71          1
    2625 N.W. 55 STREET                9.000            593.35         90
                                       8.750            593.35       65,000.00
    MIAMI            FL   33142          1            06/07/00         10
    0411953425                           05           07/01/00         25
    0411953425                           N            06/01/15
    0

    3507013          K15/G02             F           80,000.00         ZZ
                                         180         79,375.16          1
    105 SHERWOOD AVENUE                9.250            823.35         73
                                       9.000            823.35      110,000.00
    HAMBURG          NY   14075          5            05/25/00         00
    0432074516                           05           07/01/00          0
    027205301741                         O            06/01/15
    0

    3512985          G52/G02             F           55,000.00         ZZ
                                         180         54,412.03          1
    251 BRANDON WAY                    9.000            557.85         65
                                       8.750            557.85       85,000.00
    HEMET            CA   92545          2            04/28/00         00
    0432084259                           05           06/01/00          0
    89504738                             N            05/01/15
    0

    3515048          025/025             F          139,500.00         ZZ
                                         180        133,481.43          1
    614 SOUTH 23RD STREET              7.750          1,313.08         72
                                       7.500          1,313.08      195,500.00
    FLAGLER BEACH    FL   32136          5            06/21/99         00
    0001861459                           05           08/01/99          0
    0001861459                           O            07/01/14
    0

    3517770          975/G02             F           28,000.00         ZZ
                                         180         27,720.92          1
    1620 NEIL ARMSTRONG STREET         8.750            279.85         59
    #115                               8.500            279.85       48,000.00
    MONTEBELLO       CA   90640          1            05/26/00         00
    0432094530                           01           07/01/00          0
1

    2000989                              N            06/01/15
    0

    3522706          E22/G02             F           98,400.00         ZZ
                                         180         97,843.88          1
    511 S. DEXTER DRIVE                9.000            998.04         80
                                       8.750            998.04      123,000.00
    COLLEGE STATION  TX   77840          5            06/09/00         00
    0411958275                           05           08/01/00          0
    0411958275                           O            07/01/15
    0

    3522707          E22/G02             F          116,250.00         ZZ
                                         180        115,653.76          3
    810 FINLEY COURT                   9.375          1,205.16         75
                                       9.125          1,205.16      155,000.00
    HOLLYWOOD        FL   33020          1            06/14/00         00
    0411962657                           05           08/01/00          0
    0411962657                           N            07/01/15
    0

    3522731          E22/G02             F          115,000.00         ZZ
                                         180        114,376.08          1
    159 EAST DOWNINGTON AVENUE         8.750          1,149.37         80
                                       8.500          1,149.37      145,000.00
    SALT LAKE CITY   UT   84115          5            06/08/00         00
    0411990260                           05           08/01/00          0
    0411990260                           O            07/01/15
    0

    3526064          E22/G02             F           97,500.00         ZZ
                                         180         96,965.09          1
    6614 E. 80TH AVENUE                8.625            967.28         75
                                       8.375            967.28      130,000.00
    COMMERCE CITY    CO   80022          5            06/15/00         00
    0411997133                           05           08/01/00          0
    0411997133                           N            07/01/15
    0

    3528008          196/G02             F          127,000.00         ZZ
                                         180        125,565.12          1
    2041 NORTH KEDVALE AVENUE          8.375          1,241.34         75
                                       8.125          1,241.34      170,000.00
    CHICAGO          IL   60639          5            04/21/00         00
    0432091932                           05           06/01/00          0
    1369225                              O            05/01/15
    0

1

    3528663          196/G02             F           79,500.00         ZZ
                                         180         78,049.39          2
    7442 POTOMAC STREET                9.125            812.27         71
                                       8.875            812.27      112,500.00
    RIVERSIDE        CA   92504          1            04/20/00         00
    0432092351                           05           06/01/00          0
    1366794                              N            05/01/15
    0

    3529702          E22/G02             F           56,900.00         ZZ
                                         180         56,617.92          2
    12124 WHITE CAP LANE               9.750            602.78         80
                                       9.500            602.78       71,200.00
    HOUSTON          TX   77072          1            06/16/00         00
    0411979024                           05           08/01/00          0
    0411979024                           N            07/01/15
    0

    3529716          E22/G02             F           68,500.00         ZZ
                                         180         68,119.98          1
    13001 NORTH WEST 2ND AVENUE        8.500            674.55         85
                                       8.250            674.55       81,000.00
    MIAMI            FL   33168          2            06/16/00         14
    0411994684                           05           08/01/00         12
    0411994684                           N            07/01/15
    0

    3530109          196/G02             F           39,600.00         ZZ
                                         180         39,075.80          1
    2446 32ND STREET                   8.500            389.96         90
                                       8.250            389.96       44,000.00
    MOLINE           IL   61265          2            04/28/00         14
    0432097392                           05           06/01/00         20
    1369455                              N            05/01/15
    0

    3531221          196/G02             F          106,500.00         ZZ
                                         180        105,922.18          2
    3728 NORTH FRANCISCO AVENUE        8.750          1,064.42         65
                                       8.500          1,064.42      165,000.00
    CHICAGO          IL   60618          5            06/02/00         00
    0432098903                           05           08/01/00          0
    1371900                              O            07/01/15
    0

    3532503          196/G02             F           20,000.00         ZZ
                                         180         19,838.45          1
    1662 JIMMY DODD ROAD               8.875            201.37         14
                                       8.625            201.37      145,000.00
1

    BUFORD           GA   30518          5            06/02/00         00
    0432098671                           05           07/01/00          0
    1370092                              O            06/01/15
    0

    3533690          E22/G02             F          185,000.00         ZZ
                                         180        184,093.28          1
    107 EAST OAKLAWN DR                9.875          1,973.90         95
                                       9.625          1,973.90      196,500.00
    THIBODAUX        LA   70301          5            06/14/00         10
    0411995210                           05           08/01/00         30
    0411995210                           O            07/01/15
    0

    3536611          163/G02             F           60,000.00         ZZ
                                         180         59,520.74          1
    5 2ND AVE.                         9.000            608.56         80
    SATILLA RIVER ESTATES              8.750            608.56       75,000.00
    WAYNESVILLE      GA   31566          1            05/18/00         00
    0432100436                           05           07/01/00          0
    7717344955                           O            06/01/15
    0

    3538009          E22/G02             F           60,000.00         ZZ
                                         180         59,557.21          1
    1429 FLEMING DRIVE                 8.500            590.84         53
                                       8.250            590.84      115,000.00
    SEGUIN           TX   78155          5            06/15/00         00
    0411972474                           05           08/01/00          0
    0411972474                           O            07/01/15
    0

    3538024          E22/G02             F           32,000.00         ZZ
                                         180         31,839.56          1
    4600 E. 46TH ST.                   9.625            336.57         80
                                       9.375            336.57       40,000.00
    KANSAS CITY      MO   64130          5            06/20/00         00
    0412002552                           05           08/01/00          0
    0412002552                           N            07/01/15
    0

    3542508          E82/G02             F           60,000.00         ZZ
                                         180         59,702.56          2
    1739 NORTH KEDZIE AVENUE           9.750            635.62         60
                                       9.500            635.62      100,000.00
    CHICAGO          IL   60647          5            06/20/00         00
    0400286571                           05           08/01/00          0
    0400286571                           N            07/01/15
    0
1

    3542713          076/076             F          150,300.00         ZZ
                                         180        149,030.88          1
    9237    AUSTIN DRIVE               8.375          1,469.07         75
                                       8.125          1,469.07      200,500.00
    PORTAGE          MI   49002          2            05/04/00         00
    9439093                              05           07/01/00          0
    9439093                              O            06/01/15
    0

    3542714          076/076             F           90,000.00         ZZ
                                         180         89,240.03          1
    1046 CREEKVIEW DRIVE               8.375            879.69         57
                                       8.125            879.69      160,000.00
    DARLINGTON       SC   29540          2            05/19/00         00
    2111390                              05           07/01/00          0
    2111390                              O            06/01/15
    0

    3542715          076/076             F          152,800.00         ZZ
                                         180        151,565.78          1
    6252 WEST AVENUE L12               8.875          1,538.46         77
                                       8.625          1,538.46      200,000.00
    LANCASTER        CA   93536          2            05/16/00         00
    9345623                              05           07/01/00          0
    9345623                              O            06/01/15
    0

    3542716          076/076             F          104,500.00         ZZ
                                         180        103,355.02          1
    17 MOUNT SINAI AVENUE              8.750          1,044.42         60
                                       8.500          1,044.42      175,000.00
    MOUNT SINAI      NY   11766          2            05/03/00         00
    9460616                              05           06/01/00          0
    9460616                              O            05/01/15
    0

    3542717          076/076             F          220,000.00         ZZ
                                         180        218,162.76          1
    102 MARILYN COURT                  8.500          2,166.43         79
                                       8.250          2,166.43      280,000.00
    UNION            NJ   07083          2            05/15/00         00
    9516373                              05           07/01/00          0
    9516373                              O            06/01/15
    0

    3542718          076/076             F          142,800.00         ZZ
                                         180        141,221.83          1
1

    8100 TAMARACK ROAD                 8.625          1,416.69         70
                                       8.375          1,416.69      204,000.00
    KNOXVILLE        TN   37919          1            04/17/00         00
    9678890                              05           06/01/00          0
    9678890                              O            05/01/15
    0

    3542719          076/076             F          125,000.00         ZZ
                                         180        122,565.37          1
    852 SADDLE RIVER ROAD              9.375          1,295.87         52
                                       9.125          1,295.87      245,000.00
    SADDLE BROOK     NJ   07663          5            05/18/00         00
    9875009                              05           07/01/00          0
    9875009                              O            06/01/15
    0

    3547418          738/G02             F           78,000.00         ZZ
                                         180         77,269.22          1
    400 10TH STREET SW                 8.875            785.34         75
                                       8.625            785.34      104,000.00
    VERO BEACH       FL   32962          1            05/31/00         00
    0432110609                           05           07/01/00          0
    5335004                              O            06/01/15
    0

    3549890          E22/G02             F           50,250.00         ZZ
                                         180         49,980.41          1
    157 HANDEL ROAD                    8.875            505.94         67
                                       8.625            505.94       75,000.00
    EAST  HARTFORD   CT   06118          2            06/19/00         00
    0411971328                           05           08/01/00          0
    0411971328                           O            07/01/15
    0

    3549915          E22/G02             F          122,500.00         ZZ
                                         180        121,878.77          4
    7521 NW 44 COURT                   9.500          1,279.18         70
                                       9.250          1,279.18      175,000.00
    CORAL SPRINGS    FL   33065          1            06/23/00         00
    0412013294                           05           08/01/00          0
    0412013294                           N            07/01/15
    0

    3551400          168/168             F           42,500.00         ZZ
                                         180         42,282.01          1
    43 STATE STREET                    9.375            440.60         85
                                       9.125            440.60       50,000.00
    NUNDA            NY   14517          1            06/14/00         10
    0189587458                           05           08/01/00          6
1

    0189587458                           O            07/01/15
    0

    3552444          074/074             F          129,600.00         ZZ
                                         180        128,183.44          3
    147149 DELAVAN AVEN                8.750          1,295.29         80
                                       8.500          1,295.29      162,000.00
    NEWARK           NJ   07105          1            04/28/00         00
    1587303660                           05           06/01/00          0
    1587303660                           N            05/01/15
    0

    3552445          074/G02             F           61,000.00         ZZ
                                         180         60,501.75          4
    1001100MELROSE AVEN                8.750            609.67         80
                                       8.500            609.67       76,289.00
    AMBRIDGE         PA   15003          1            05/22/00         00
    0432128304                           05           07/01/00          0
    1583282149                           N            06/01/15
    0

    3552449          074/G02             F           33,750.00         ZZ
                                         180         33,492.24          3
    746 W PHILADELPHIA STREET          9.500            352.43         90
                                       9.250            352.43       37,500.00
    YORK             PA   17404          1            05/12/00         12
    0432128403                           05           07/01/00         30
    1163008205                           N            06/01/15
    0

    3553176          E22/G02             F           56,000.00         ZZ
                                         180         55,696.18          1
    15826 FOX SPRINGS DRIVE            8.750            559.69         80
                                       8.500            559.69       70,000.00
    HOUSTON          TX   77084          1            06/19/00         00
    0411979412                           03           08/01/00          0
    0411979412                           N            07/01/15
    0

    3553177          E22/G02             F           52,000.00         ZZ
                                         180         51,717.89          1
    18023 GARDEN MANOR DRIVE           8.750            519.71         80
                                       8.500            519.71       65,000.00
    HOUSTON          TX   77084          1            06/20/00         00
    0411979420                           03           08/01/00          0
    0411979420                           N            07/01/15
    0

1

    3553193          E22/G02             F           71,250.00         ZZ
                                         180         70,867.73          1
    5136 HAVERFIELD                    8.875            717.38         93
                                       8.625            717.38       77,000.00
    DAYTON           OH   45432          5            06/20/00         01
    0412002271                           05           08/01/00         30
    0412002271                           O            07/01/15
    0

    3553196          E22/G02             F           33,600.00         ZZ
                                         180         33,429.61          1
    7251 PAIGE                         9.500            350.86         70
                                       9.250            350.86       48,000.00
    WARREN           MI   48091          1            06/26/00         00
    0412004574                           05           08/01/00          0
    0412004574                           N            07/01/15
    0

    3553204          E22/G02             F           70,000.00         ZZ
                                         180         69,649.02          1
    1607 16TH COURT                    9.625            736.25         66
                                       9.375            736.25      107,000.00
    JUPITER          FL   33477          5            06/26/00         00
    0412015505                           09           08/01/00          0
    0412015505                           N            07/01/15
    0

    3558076          B57/G02             F           17,920.00         ZZ
                                         180         17,829.12          1
    1225 WOODROW AVENUE                9.500            187.13         80
                                       9.250            187.13       22,400.00
    BAKERSFIELD      CA   93308          1            06/19/00         00
    0432118792                           05           08/01/00          0
    20B0267                              N            07/01/15
    0

    3558863          964/G02             F           85,000.00         ZZ
                                         180         84,549.06          1
    5128 W GREENWAY RD                 9.000            862.13         60
                                       8.750            862.13      144,000.00
    GLENDALE         AZ   85306          5            06/16/00         00
    0432115897                           05           08/01/00          0
    80182                                O            07/01/15
    0

    3560711          E22/G02             F           88,350.00         ZZ
                                         180         87,838.61          1
    2275 SCOTT HILL ROAD               8.500            870.02         95
                                       8.250            870.02       93,000.00
1

    POLAND           NY   14747          5            06/23/00         10
    0411973977                           05           08/01/00         30
    0411973977                           O            07/01/15
    0

    3560727          E22/G02             F          245,000.00         ZZ
                                         180        243,614.77          1
    2008 BARON DR.                     9.125          2,503.20         80
                                       8.875          2,503.20      307,340.00
    ROCHESTER HILLS  MI   48307          1            06/28/00         00
    0411998834                           05           08/01/00          0
    0411998834                           O            07/01/15
    0

    3562898          168/168             F           65,000.00         ZZ
                                         180         64,655.17          1
    36666 QUAKERTOWN                   9.000            659.27         26
                                       8.750            659.27      255,000.00
    FARMINGTON HILL  MI   48331          5            06/12/00         00
    0989948994                           05           08/01/00          0
    0989948994                           O            07/01/15
    0

    3564545          E22/G02             F           28,800.00         ZZ
                                         180         28,643.75          3
    71 NORTH 12TH ST                   8.750            287.84         90
                                       8.500            287.84       32,000.00
    LEBANON          PA   17046          1            06/29/00         01
    0411969009                           05           08/01/00         25
    0411969009                           N            07/01/15
    0

    3564716          T27/G02             F           80,000.00         ZZ
                                         180         79,565.97          1
    916 PLUM HOLLOW BOULEVARD          8.750            799.56         80
                                       8.500            799.56      100,000.00
    HOT SPRINGS      AR   71913          5            05/30/00         00
    0432135135                           03           08/01/00          0
    AAA000000330                         O            07/01/15
    0

    3567872          163/G02             F          100,000.00         T
                                         180         99,469.48          1
    1411 BRENTWOOD ROAD                9.000          1,014.27         61
                                       8.750          1,014.27      165,000.00
    BAY SHORE        NY   11706          5            06/14/00         00
    0432125730                           05           08/01/00          0
    1000144913                           O            07/01/15
    0
1

    3570099          E22/G02             F           33,700.00         ZZ
                                         180         33,531.03          1
    924 JEFFERSON AVENUE               9.625            354.45         95
                                       9.375            354.45       35,500.00
    JOPLIN           MO   64801          5            06/26/00         01
    0412011058                           05           08/01/00         25
    0412011058                           O            07/01/15
    0

    3570105          E22/G02             F           58,000.00         ZZ
                                         180         57,563.59          1
    17906 HOLLYWOOD ROAD               9.625            610.03         49
                                       9.375            610.03      120,000.00
    AMARILLO         TX   79121          5            06/26/00         00
    0412013831                           05           08/01/00          0
    0412013831                           O            07/01/15
    0

    3574722          E22/G02             F          123,500.00         ZZ
                                         180        122,868.53          1
    907 MARIETTA STREET                9.625          1,298.95         95
                                       9.375          1,298.95      130,000.00
    CHARLOTTE        NC   28214          5            06/28/00         04
    0412007692                           05           08/01/00         30
    0412007692                           O            07/01/15
    0

    3578492          E22/G02             F           70,000.00         ZZ
                                         180         69,819.15          1
    1421 SCENIC DRIVE                  9.250            720.43         80
                                       9.000            720.43       87,500.00
    GRAHAM           TX   76450          5            06/30/00         00
    0411981764                           05           09/01/00          0
    0411981764                           O            08/01/15
    0

    3581488          737/G02             F           97,000.00         ZZ
                                         180         96,473.73          1
    4268 HILLBRIAR COURT               8.750            969.47         72
                                       8.500            969.47      135,000.00
    BUFORD           GA   30518          2            06/23/00         00
    0432168896                           05           08/01/00          0
    2001176                              O            07/01/15
    0

    3593311          E22/G02             F           40,000.00         ZZ
                                         180         39,900.12          1
1

    2146 N 15TH STREET                 9.625            420.71         80
                                       9.375            420.71       50,000.00
    BATON ROUGE      LA   70802          5            07/11/00         00
    0412016933                           05           09/01/00          0
    0412016933                           N            08/01/15
    0

    3595744          A06/G02             F           65,000.00         ZZ
                                         180         64,837.69          1
    1420 BEVERLY CIRCLE                9.625            683.66         62
                                       9.375            683.66      105,000.00
    ADEL             IA   50003          5            06/30/00         00
    0432135440                           05           09/01/00          0
    MAINS                                O            08/01/15
    0

    3598712          076/076             F          215,000.00         ZZ
                                         180        213,780.48          1
    2225 PARK STREET                   8.250          2,085.80         75
                                       8.000          2,085.80      290,000.00
    COLUMBIA         SC   29201          2            06/08/00         00
    0003912                              05           08/01/00          0
    0003912                              O            07/01/15
    0

    3598713          076/076             F           47,250.00         ZZ
                                         180         47,007.66          1
    4040 SAN FELIPE #105               9.375            489.84         90
                                       9.125            489.84       52,500.00
    HOUSTON          TX   77027          1            06/15/00         10
    0052274                              01           08/01/00         25
    0052274                              N            07/01/15
    0

    3598714          076/076             F          100,000.00         ZZ
                                         180         99,164.89          1
    51WALDEN STREET                    8.500            984.74         62
                                       8.250            984.74      162,900.00
    BURNSVILLE       MN   55337          1            06/02/00         00
    1907409                              09           07/01/00          0
    1907409                              O            06/01/15
    0

    3598715          076/076             F          110,400.00         ZZ
                                         180        109,478.02          1
    2511 E TOLEDO COURT                8.500          1,087.16         72
                                       8.250          1,087.16      153,719.00
    GILBERT          AZ   85296          1            05/15/00         00
    9279689                              03           07/01/00          0
1

    9279689                              N            06/01/15
    0

    3600829          E22/G02             F           71,000.00         ZZ
                                         180         70,820.68          1
    4245 BUTTONWOOD COURT              9.500            741.40         69
                                       9.250            741.40      103,000.00
    VIRGINIA BEACH   VA   23462          5            07/13/00         00
    0412048324                           03           09/01/00          0
    0412048324                           N            08/01/15
    0

    3604709          E22/G02             F           79,200.00         ZZ
                                         180         78,971.12          1
    10919 FERN TERRACE DRIVE           8.000            756.88         80
                                       7.750            756.88       99,080.00
    HOUSTON          TX   77075          1            07/14/00         00
    0412003873                           05           09/01/00          0
    0412003873                           O            08/01/15
    0

    3605136          J83/G02             F          102,500.00         ZZ
                                         180        101,962.30          1
    148 EDEN ISLES DR                  9.125          1,047.26         68
                                       8.875          1,047.26      152,500.00
    SLIDELL          LA   70458          1            06/30/00         00
    0432196228                           05           08/01/00          0
    288948                               O            07/01/15
    0

    3610887          E22/G02             F           47,200.00         ZZ
                                         180         46,973.67          1
    6121 FELIX AVENUE                  9.500            492.87         80
                                       9.250            492.87       59,000.00
    AUSTIN           TX   78741          5            07/03/00         00
    0412001851                           05           09/01/00          0
    0412001851                           O            08/01/15
    0

    3610918          E22/G02             F           33,500.00         ZZ
                                         120         33,332.92          1
    10580 MARLER DRIVE                 9.625            435.78         59
                                       9.375            435.78       57,500.00
    GRAND BAY        AL   36541          5            07/17/00         00
    0412041535                           05           09/01/00          0
    0412041535                           N            08/01/10
    0

1

    3615364          196/G02             F          113,000.00         ZZ
                                         180        112,373.10          1
    3845 WEST 64TH STREET              8.500          1,112.76         73
                                       8.250          1,112.76      155,000.00
    CHICAGO          IL   60629          5            06/26/00         00
    0432150449                           09           08/01/00          0
    1368840                              N            07/01/15
    0

    3615479          G75/G75             F           65,000.00         ZZ
                                         180         64,474.97          1
    31 ARDSLEY COURT                   8.875            654.45         58
                                       8.625            654.45      114,000.00
    EAST BRUNSWICK   NJ   08816          1            05/30/00         00
    04097146                             09           07/01/00          0
    04097146                             O            06/01/15
    0

    3615481          G75/G75             F           87,000.00         T
                                         180         85,640.23          1
    28329 CANTERBURY DRIVE             9.375            901.93         63
                                       9.125            901.93      139,000.00
    SALISBURY        MD   21801          1            03/01/00         00
    04050364                             03           04/01/00          0
    04050364                             O            03/01/15
    0

    3615484          G75/G75             F           74,000.00         ZZ
                                         180         72,951.25          3
    2452 S OAKLEY AVENUE               8.375            723.30         45
                                       8.125            723.30      165,000.00
    CHICAGO          IL   60608          5            03/29/00         00
    04057774                             05           05/01/00          0
    04057774                             N            04/01/15
    0

    3615652          196/G02             F          220,000.00         ZZ
                                         180        218,752.11          1
    5005 BELLA COLLINA STREET          8.250          2,134.31         69
                                       8.000          2,134.31      318,990.00
    OCEANSIDE        CA   92056          1            06/19/00         00
    0432150373                           05           08/01/00          0
    1342410                              O            07/01/15
    0

    3616880          E22/G02             F           32,000.00         ZZ
                                         180         31,921.00          1
    621 WISTERIA DRIVE                 9.750            339.00         80
                                       9.500            339.00       40,000.00
1

    LA MARQUE        TX   77568          5            07/18/00         00
    0411989304                           05           09/01/00          0
    0411989304                           N            08/01/15
    0

    3616902          E22/G02             F           30,400.00         ZZ
                                         180         30,324.09          1
    4534 LISTER                        9.625            319.74         80
                                       9.375            319.74       38,000.00
    KANSAS CITY      MO   64130          5            07/18/00         00
    0412046823                           05           09/01/00          0
    0412046823                           N            08/01/15
    0

    3616903          E22/G02             F           33,600.00         ZZ
                                         180         33,516.10          1
    4647 LISTER                        9.625            353.40         80
                                       9.375            353.40       42,000.00
    KANSAS CITY      MO   64130          5            07/18/00         00
    0412046856                           05           09/01/00          0
    0412046856                           N            08/01/15
    0

    3620998          E22/G02             F          155,000.00         ZZ
                                         180        154,561.91          1
    1554 THORNWOOD DRIVE               8.250          1,503.72         61
                                       8.000          1,503.72      255,000.00
    CONCORD          CA   94521          2            07/10/00         00
    0411925704                           05           09/01/00          0
    0411925704                           O            08/01/15
    0

    3621017          E22/G02             F           43,000.00         ZZ
                                         180         42,344.90          1
    1916 MERRIMAN STREET               9.625            452.27         80
                                       9.375            452.27       54,000.00
    PORT NECHES      TX   77651          5            07/14/00         00
    0412034845                           05           09/01/00          0
    0412034845                           O            08/01/15
    0

    3623151          168/168             F           49,500.00         ZZ
                                         180         49,377.81          2
    804 MERCHANTS ROAD                 9.750            524.38         90
                                       9.500            524.38       55,000.00
    ROCHESTER        NY   14609          1            07/13/00         14
    0189605812                           05           09/01/00         20
    0189605812                           N            08/01/15
    0
1

    3627658          J95/J95             F           69,250.00         ZZ
                                         180         68,279.24          1
    8530 WINDING LANE                  8.500            681.94         78
                                       8.250            681.94       89,000.00
    PENSACOLA        FL   32514          2            04/03/00         00
    0017296674                           05           05/01/00          0
    0017296674                           O            04/01/15
    0

    3627659          J95/J95             F           43,550.00         ZZ
                                         180         43,099.78          2
    1801 & 1801 1/2 N. FLORIDA AVE     9.375            451.48         65
    E                                  9.125            451.48       67,000.00
    ALAMOGORDO       NM   88310          2            04/13/00         00
    0022435739                           05           06/01/00          0
    0022435739                           N            05/01/15
    0

    3627660          J95/J95             F          105,300.00         ZZ
                                         180        104,420.60          4
    4187,4191,4195,4199 CAMELLIA       8.500          1,036.94         47
                                       8.250          1,036.94      225,000.00
    SPRINGFIELD      OR   97478          2            05/08/00         00
    0017359910                           05           07/01/00          0
    0017359910                           N            06/01/15
    0

    3627661          J95/J95             F           64,000.00         ZZ
                                         180         63,177.16          1
    2853 WAGON TRAIL                   8.125            616.24         77
                                       7.875            616.24       84,000.00
    PEARLAND         TX   77584          1            04/26/00         00
    0020044285                           05           06/01/00          0
    0020044285                           O            05/01/15
    0

    3627662          J95/J95             F           37,800.00         ZZ
                                         180         37,417.55          3
    534 SOUTH HARRISON                 8.500            372.24         90
                                       8.250            372.24       42,000.00
    KANKAKEE         IL   60901          1            05/22/00         10
    0017368614                           05           07/01/00         25
    0017368614                           N            06/01/15
    0

    3627663          J95/J95             F           96,000.00         ZZ
                                         180         95,473.31          2
1

    336/336 1/2 OAK STREET             8.625            952.40         80
                                       8.375            952.40      120,000.00
    ELKO             NV   89801          5            06/05/00         00
    0014920987                           05           08/01/00          0
    0014920987                           O            07/01/15
    0

    3627664          J95/J95             F           77,500.00         ZZ
                                         180         76,845.58          1
    318 WIND RUSH BLVD#2               8.375            757.51         50
                                       8.125            757.51      157,500.00
    INDIAN ROCKS BE  FL   33785          1            05/19/00         00
    0020055950                           01           07/01/00          0
    0020055950                           O            06/01/15
    0

    3627665          J95/J95             F           75,200.00         ZZ
                                         180         74,782.80          1
    916 DOGWOOD DRIVE                  8.500            740.53         80
                                       8.250            740.53       94,000.00
    COLONIAL HEIGHT  VA   23834          1            06/08/00         00
    0018232132                           05           08/01/00          0
    0018232132                           N            07/01/15
    0

    3627666          J95/J95             F           75,000.00         ZZ
                                         180         74,387.42          1
    246 N SUNSHINE                     8.750            749.59         50
                                       8.500            749.59      151,000.00
    MCCAMMON         ID   83250          5            05/25/00         00
    0017392374                           05           07/01/00          0
    0017392374                           O            06/01/15
    0

    3627667          J95/J95             F           36,400.00         ZZ
                                         180         36,215.41          3
    3723 N 17TH STREET                 9.500            380.10         70
                                       9.250            380.10       52,000.00
    PHILADELPHIA     PA   19104          5            06/07/00         00
    0020058533                           05           08/01/00          0
    0020058533                           N            07/01/15
    0

    3627668          J95/J95             F           71,000.00         ZZ
                                         180         70,606.11          1
    6541 COUNTY HIGHWAY 73             8.500            699.17         31
                                       8.250            699.17      236,000.00
    EVERGREEN        CO   80439          5            06/02/00         00
    0022769269                           05           08/01/00          0
1

    0022769269                           O            07/01/15
    0

    3627669          J95/J95             F           82,500.00         ZZ
                                         180         82,086.35          2
    521 SW 3RD AVENUE                  9.625            867.72         64
                                       9.375            867.72      130,000.00
    FORT LAUDERDALE  FL   33315          5            06/22/00         00
    0017419524                           05           08/01/00          0
    0017419524                           N            07/01/15
    0

    3627670          J95/J95             F           27,000.00         ZZ
                                         180         26,866.15          2
    2223 DORR STREET                   9.750            286.03         90
                                       9.500            286.03       30,000.00
    TOLEDO           OH   43607          1            06/23/00         10
    0017437260                           05           08/01/00         25
    0017437260                           N            07/01/15
    0

    3627671          J95/J95             F           54,000.00         ZZ
                                         180         53,703.73          1
    617 WYLDWOOD LANE                  8.625            535.73         80
                                       8.375            535.73       67,500.00
    POCATELLO        ID   83201          1            06/30/00         00
    0017453358                           05           08/01/00          0
    0017453358                           N            07/01/15
    0

    3631558          815/G02             F          300,000.00         ZZ
                                         180        299,179.06          2
    65-46 ELLWELL CRESCENT             8.625          2,976.25         63
                                       8.375          2,976.25      480,000.00
    REGO PARK        NY   11374          1            07/06/00         00
    0432168615                           05           09/01/00          0
    314839                               O            08/01/15
    0

    3632896          E22/G02             F          105,000.00         ZZ
                                         180        104,737.82          1
    4521 FM 1283                       9.625          1,104.37         65
                                       9.375          1,104.37      163,000.00
    PIPE CREEK       TX   78063          5            07/18/00         00
    0412018558                           05           09/01/00          0
    0412018558                           O            08/01/15
    0

1

    3632905          E22/G02             F           68,000.00         ZZ
                                         180         67,830.21          1
    532 NW 13TH AVENUE                 9.625            715.21         80
                                       9.375            715.21       85,000.00
    FT. LAUDERDALE   FL   33311          1            07/24/00         00
    0412033250                           05           09/01/00          0
    0412033250                           N            08/01/15
    0

    3636962          E22/G02             F          152,000.00         ZZ
                                         180        151,579.87          1
    1210 NORTH MARKET STREET           8.500          1,496.80         80
                                       8.250          1,496.80      190,000.00
    JACKSONVILLE     FL   32206          5            07/20/00         00
    0412044232                           05           09/01/00          0
    0412044232                           O            08/01/15
    0

    3636967          E22/G02             F           45,500.00         ZZ
                                         120         45,271.45          1
    106 MEADOW LANE                    9.500            588.76         54
                                       9.250            588.76       85,500.00
    LAFAYETTE        LA   70506          1            07/25/00         00
    0412049942                           05           09/01/00          0
    0412049942                           O            08/01/10
    0

    3640135          E22/G02             F           91,150.00         ZZ
                                         180         90,919.79          1
    203 MARTIN ROAD                    9.500            951.81         90
                                       9.250            951.81      101,300.00
    BRANDON          MS   39042          5            07/18/00         04
    0412043655                           05           09/01/00         12
    0412043655                           O            08/01/15
    0

    3644145          S48/S48             F          340,000.00         ZZ
                                         180        335,286.07          1
    1330 ALA MOANA BLVD #2513          8.625          3,373.08         56
                                       8.375          3,373.08      610,000.00
    HONOLULU         HI   96814          1            04/18/00         00
    28705697                             06           06/01/00          0
    28705697                             O            05/01/15
    0

    3646367          286/286             F          115,000.00         ZZ
                                         180        114,131.61          4
    236 SCHENECTADY AVE                9.625          1,209.55         45
                                       9.375          1,209.55      260,000.00
1

    BROOKLYN         NY   11213          5            05/24/00         00
    0000003220                           05           07/01/00          0
    0000003220                           O            06/01/15
    0

    3646368          286/286             F           21,000.00         ZZ
                                         180         20,822.67          1
    215 HAUSMAN ST                     8.375            205.26         68
                                       8.125            205.26       31,000.00
    TOLEDO           OH   43608          5            05/19/00         00
    0000021433                           05           07/01/00          0
    0000021433                           N            06/01/15
    0

    3646369          286/286             F           19,800.00         ZZ
                                         180         19,650.47          1
    26 N 13TH ST                       9.625            208.26         90
                                       9.375            208.26       22,000.00
    BELLEVILLE       IL   62220          1            05/30/00         14
    0000043697                           05           07/01/00         20
    0000043697                           N            06/01/15
    0

    3646370          286/286             F           71,250.00         ZZ
                                         180         70,674.48          1
    16690 182ND ST                     8.875            717.38         75
                                       8.625            717.38       95,000.00
    TONGANOXIE       KS   66086          5            05/23/00         00
    0000043709                           05           07/01/00          0
    0000043709                           N            06/01/15
    0

    3646371          286/286             F           69,000.00         ZZ
                                         180         68,442.64          1
    16720 182ND ST                     8.875            694.73         75
                                       8.625            694.73       92,000.00
    TONGANOXIE       KS   66048          5            05/23/00         00
    0000043710                           05           07/01/00          0
    0000043710                           N            06/01/15
    0

    3646372          286/286             F           71,250.00         ZZ
                                         180         70,674.48          1
    16677 182ND ST                     8.875            717.38         75
                                       8.625            717.38       95,000.00
    TONGANOXIE       KS   66086          5            05/23/00         00
    0000043787                           05           07/01/00          0
    0000043787                           N            06/01/15
    0
1

    3646373          286/286             F           71,250.00         ZZ
                                         180         70,638.09          1
    16760 182ND ST                     8.875            717.38         75
                                       8.625            717.38       95,000.00
    TONGANOXIE       KS   66048          5            05/23/00         00
    0000043788                           05           07/01/00          0
    0000043788                           N            06/01/15
    0

    3646374          286/286             F           34,200.00         ZZ
                                         180         33,941.75          1
    120 5TH AVE                        9.625            359.71         90
                                       9.375            359.71       38,000.00
    ALTOONA          PA   16602          1            05/16/00         12
    0000047154                           05           07/01/00         25
    0000047154                           N            06/01/15
    0

    3646375          286/286             F          113,500.00         ZZ
                                         180        112,897.85          3
    118 SOUTH MAIN ST                  9.000          1,151.20         70
                                       8.750          1,151.20      164,000.00
    WATERBURY        VT   05676          5            06/28/00         00
    0000054488                           05           08/01/00          0
    0000054488                           N            07/01/15
    0

    3646376          286/286             F          113,500.00         ZZ
                                         180        112,897.85          3
    120 SOUTH MAIN ST                  9.000          1,151.20         69
                                       8.750          1,151.20      165,000.00
    WATERBURY        VT   05676          5            06/28/00         00
    0000054496                           05           08/01/00          0
    0000054496                           N            07/01/15
    0

    3646377          286/286             F           35,600.00         ZZ
                                         180         35,292.68          2
    3353 ELM ST                        8.125            342.79         90
                                       7.875            342.79       39,600.00
    TOLEDO           OH   43608          1            05/11/00         12
    0000057196                           05           07/01/00         25
    0000057196                           N            06/01/15
    0

    3646378          286/286             F          125,800.00         ZZ
                                         180        124,762.66          2
1

    1183-85 ANDREWS AVENUE             9.375          1,304.17         85
                                       9.125          1,304.17      148,000.00
    LAKEWOOD         OH   44107          1            05/31/00         10
    0000063480                           05           07/01/00         20
    0000063480                           N            06/01/15
    0

    3646379          286/286             F           99,200.00         ZZ
                                         180         98,643.51          1
    104 TIMBER TRL                     8.375            969.61         80
                                       8.125            969.61      124,000.00
    STREAMWOOD       IL   60107          1            06/02/00         00
    0000064582                           05           08/01/00          0
    0000064582                           N            07/01/15
    0

    3646380          286/286             F           59,200.00         ZZ
                                         180         57,950.61          1
    1282 NEAL ST NE                    9.375            613.73         80
                                       9.125            613.73       74,000.00
    WASHINGTON       DC   20002          5            06/21/00         00
    0000065680                           05           08/01/00          0
    0000065680                           O            07/01/15
    0

    3646381          286/286             F           80,000.00         ZZ
                                         180         79,556.17          1
    41 SOUTH VALLEY RD                 8.500            787.80         38
                                       8.250            787.80      215,000.00
    PELHAM           MA   01002          5            06/28/00         00
    0000071375                           05           08/01/00          0
    0000071375                           O            07/01/15
    0

    3646382          286/286             F           67,500.00         ZZ
                                         180         67,161.54          4
    935 S QUEEN ST                     9.625            709.96         90
                                       9.375            709.96       75,000.00
    YORK             PA   17403          1            06/20/00         12
    0000071462                           05           08/01/00         20
    0000071462                           N            07/01/15
    0

    3646383          286/286             F           35,250.00         ZZ
                                         180         34,977.87          1
    805 N 18TH ST                     10.000            378.80         75
                                       9.750            378.80       47,000.00
    KANSAS CITY      KS   66102          5            06/01/00         00
    0000079353                           05           07/01/00          0
1

    0000079353                           N            06/01/15
    0

    3646384          286/286             F           35,250.00         ZZ
                                         180         34,986.81          1
    803 N 18TH ST                      9.750            373.43         75
                                       9.500            373.43       47,000.00
    KANSAS CITY      KS   66102          5            06/01/00         00
    0000079354                           05           07/01/00          0
    0000079354                           N            06/01/15
    0

    3646385          286/286             F           33,750.00         ZZ
                                         180         33,498.00          1
    2840 N 34TH ST                     9.750            357.54         75
                                       9.500            357.54       45,000.00
    KANSAS CITY      KS   66104          5            06/01/00         00
    0000079355                           05           07/01/00          0
    0000079355                           N            06/01/15
    0

    3646386          286/286             F           36,000.00         ZZ
                                         180         35,731.19          1
    2634 N 43RD                        9.750            381.38         75
                                       9.500            381.38       48,000.00
    KANSAS CITY      KS   66104          5            06/01/00         00
    0000079356                           05           07/01/00          0
    0000079356                           N            06/01/15
    0

    3646387          286/286             F           25,875.00         ZZ
                                         180         25,745.26          1
    3816 E 60TH ST                     9.625            272.15         90
                                       9.375            272.15       28,750.00
    KANSAS CITY      MO   64130          1            06/26/00         11
    0000079550                           05           08/01/00         25
    0000079550                           N            07/01/15
    0

    3646388          286/286             F           53,010.00         ZZ
                                         180         52,735.02          1
    130 LOU ANN ST                     9.250            545.58         90
                                       9.000            545.58       58,900.00
    FLORENCE         MS   39073          5            06/26/00         11
    0000079973                           05           08/01/00         25
    0000079973                           O            07/01/15
    0

1

    3646389          286/286             F           54,000.00         ZZ
                                         180         53,707.02          1
    5757 CHATHAM AVE                   8.750            539.71         90
                                       8.500            539.71       60,000.00
    HANAHAN          SC   29406          1            06/19/00         10
    0000085772                           05           08/01/00         25
    0000085772                           N            07/01/15
    0

    3646390          286/286             F           56,250.00         ZZ
                                         180         55,954.91          3
    263 HAMILTON AVENUE                9.125            574.72         90
                                       8.875            574.72       62,500.00
    PATERSON         NJ   07501          1            06/21/00         11
    0009376001                           05           08/01/00         25
    0009376001                           N            07/01/15
    0

    3646391          286/286             F           57,000.00         ZZ
                                         180         56,534.43          1
    1604 VIRGINIA COURT                8.750            569.69         44
                                       8.500            569.69      130,000.00
    MARLTON          NJ   08053          2            05/23/00         00
    0009619090                           09           07/01/00          0
    0009619090                           N            06/01/15
    0

    3646392          286/286             F           80,000.00         ZZ
                                         180         79,395.89          2
    655 W. GRAND AVE                   9.625            841.43         58
                                       9.375            841.43      140,000.00
    RAHWAY           NJ   07065          5            05/31/00         00
    0009647950                           05           07/01/00          0
    0009647950                           N            06/01/15
    0

    3646393          286/286             F           59,400.00         ZZ
                                         180         58,840.17          2
    217-219 ARCTIC ST                  9.625            624.76         90
                                       9.375            624.76       66,000.00
    BRIDGEPORT       CT   06608          1            05/25/00         11
    0009648212                           05           07/01/00         25
    0009648212                           N            06/01/15
    0

    3647748          E22/G02             F           60,000.00         ZZ
                                         180         59,850.18          1
    29  SOUTH RANGE ROAD               9.625            631.07         80
                                       9.375            631.07       75,000.00
1

    NORTH LIMA       OH   44452          5            07/28/00         00
    0411995608                           05           09/01/00          0
    0411995608                           N            08/01/15
    0

    3652649          E82/G02             F          142,800.00         ZZ
                                         180        142,422.63          1
    6342 REMINGTON COVE                9.000          1,448.37         80
                                       8.750          1,448.37      178,506.00
    BURLINGTON       KY   41005          1            07/31/00         00
    0400298121                           05           09/01/00          0
    0400298121                           O            08/01/15
    0

    3652657          E82/G02             F           75,000.00         ZZ
                                         180         74,788.02          1
    54 HASTINGS LANE                   8.250            727.61         65
                                       8.000            727.61      117,000.00
    LANTANA          FL   33462          1            07/31/00         00
    0400300521                           03           09/01/00          0
    0400300521                           O            08/01/15
    0

    3652664          T35/G02             F           79,950.00         ZZ
                                         180         79,733.91          2
    216/218 NELL LEONE DR.             8.750            799.06         56
                                       8.500            799.06      143,950.00
    BRUNSWICK        GA   31520          1            07/28/00         00
    0400301859                           03           09/01/00          0
    0400301859                           N            08/01/15
    0

    3656683          E22/G02             F           29,700.00         ZZ
                                         180         29,625.84          1
    4620 EAST VESTA                    9.625            312.38         90
                                       9.375            312.38       33,000.00
    WICHITA          KS   67208          1            07/31/00         01
    0412023731                           05           09/01/00         25
    0412023731                           N            08/01/15
    0

    3656711          E22/G02             F           52,500.00         ZZ
                                         180         52,368.91          1
    219 FERN STREET                    9.625            552.18         55
                                       9.375            552.18       97,000.00
    WILLOWS          CA   95988          5            07/26/00         00
    0412051385                           05           09/01/00          0
    0412051385                           N            08/01/15
    0
1

    3656716          E22/G02             F          115,000.00         ZZ
                                         180        114,699.51          1
    325 HAROLDSON DRIVE                9.125          1,174.97         77
                                       8.875          1,174.97      150,000.00
    CORPUS CHRISTI   TX   78412          1            07/26/00         00
    0412054124                           05           09/01/00          0
    0412054124                           N            08/01/15
    0

    3656739          E22/G02             F           63,000.00         ZZ
                                         180         62,840.89          1
    2845 POPLAR DRIVE                  9.500            657.86         90
                                       9.250            657.86       70,000.00
    OKLAHOMA CITY    OK   73160          5            07/26/00         04
    0412065583                           05           09/01/00         12
    0412065583                           O            08/01/15
    0

    3657022          E84/G02             F           81,000.00         ZZ
                                         180         80,793.09          1
    609 SHADYGLEN DRIVE                9.375            839.72         90
                                       9.125            839.72       90,000.00
    ALLEN            TX   75002          2            07/19/00         10
    0432170280                           05           09/01/00         25
    32601421                             N            08/01/15
    0

    3657512          U05/G02             F          244,000.00         ZZ
                                         180        243,347.88          1
    5135 COTTAGE FARM ROAD             8.875          2,456.70         72
                                       8.625          2,456.70      340,000.00
    ALPHARETTA       GA   30022          2            07/18/00         00
    0432175081                           03           09/01/00          0
    3054349                              O            08/01/15
    0

    3657687          738/G02             F           43,110.00         ZZ
                                         180         42,993.47          1
    7420 KIMBERLY BOULEVARD C101       8.750            430.87         90
                                       8.500            430.87       47,900.00
    NORTH LAUDERDAL  FL   33068          1            07/07/00         10
    0432222859                           01           09/01/00         12
    5335059                              O            08/01/15
    0

    3662840          637/G02             F           38,000.00         ZZ
                                         180         37,904.02          2
1

    8 CAMDEN STREET                    9.500            396.81         87
                                       9.250            396.81       44,000.00
    ROCKLAND         ME   04841          1            07/05/00         01
    0432222602                           05           09/01/00         12
    0021226378                           N            08/01/15
    0

    3665459          K88/G02             F           71,750.00         ZZ
                                         180         71,547.20          1
    90 KEYSTONE COURT                  8.250            696.08         70
                                       8.000            696.08      102,500.00
    EDISON           NJ   08817          1            07/24/00         00
    0432181642                           01           09/01/00          0
    13080                                N            08/01/15
    0

    3668378          E22/G02             F           27,750.00         ZZ
                                         180         27,675.83          1
    1050 LUBEL AVENUE                  8.875            279.40         75
                                       8.625            279.40       37,000.00
    MOBILE           AL   36617          5            07/31/00         00
    0412025025                           05           09/01/00          0
    0412025025                           O            08/01/15
    0

    3669790          461/461             F          131,300.00         ZZ
                                         180        130,924.74          1
    9 SYLVANIA HEIGHTS                 8.125          1,264.27         48
                                       7.875          1,264.27      274,000.00
    CAMP MEEKER      CA   95465          2            07/18/00         00
    9023422330                           05           09/01/00          0
    9023422330                           O            08/01/15
    0

    3669813          461/461             F           83,000.00         ZZ
                                         180         82,675.66          1
    8998 INDIANA AVENUE                8.750            829.55         79
                                       8.500            829.55      106,000.00
    RIVERSIDE        CA   92503          2            07/25/00         00
    9023449127                           05           09/01/00          0
    9023449127                           O            08/01/15
    0

    3673500          E22/G02             F          109,200.00         ZZ
                                         180        108,898.16          1
    1825 RUSTIC DRIVE                  8.500          1,075.34         80
                                       8.250          1,075.34      136,500.00
    PLANO            TX   75075          5            08/01/00         00
    0412036584                           05           09/01/00          0
1

    0412036584                           O            08/01/15
    0

    3673523          E22/G02             F           74,500.00         ZZ
                                         180         74,500.00          1
    126 MONROE COURT                   9.625            783.58         88
                                       9.375            783.58       85,000.00
    NORMAN           OK   73071          5            08/02/00         04
    0412075194                           05           10/01/00         12
    0412075194                           O            09/01/15
    0

    3680311          E22/G02             F           44,100.00         ZZ
                                         180         44,100.00          1
    329 SOUTH 7TH STREET               9.625            463.84         90
                                       9.375            463.84       49,000.00
    NEWARK           NJ   07103          1            08/08/00         04
    0412045635                           05           10/01/00         25
    0412045635                           N            09/01/15
    0

    3680321          E22/G02             F           80,000.00         ZZ
                                         180         80,000.00          1
    22 OWL POND ROAD                   8.875            805.48         49
                                       8.625            805.48      165,000.00
    BREWSTER         MA   02631          5            08/03/00         00
    0412064016                           05           10/01/00          0
    0412064016                           O            09/01/15
    0

    3684447          E22/G02             F           43,000.00         ZZ
                                         180         43,000.00          1
    320 EAST HAMPTON ROAD              9.625            452.27         54
                                       9.375            452.27       80,000.00
    CROWLEY          TX   76036          5            08/04/00         00
    0412036311                           05           10/01/00          0
    0412036311                           O            09/01/15
    0

    3684460          E22/G02             F           36,700.00         ZZ
                                         180         36,607.31          1
    4500 E OLTORF STREET UNIT#302      9.500            383.23         80
                                       9.250            383.23       45,950.00
    AUSTIN           TX   78741          1            08/01/00         00
    0412070575                           01           09/01/00          0
    0412070575                           N            08/01/15
    0

1

    3685085          G56/G02             F           30,000.00         ZZ
                                         180         29,917.08          1
    620 EAST UNIVERSITY DRIVE          8.500            295.42         51
                                       8.250            295.42       59,500.00
    AUBURN           AL   36830          1            07/31/00         00
    0432210789                           05           09/01/00          0
    160260505                            N            08/01/15
    0

    3688490          E22/G02             F           56,650.00         T
                                         180         56,650.00          1
    15875 AUDREY LANE                  9.625            595.83         80
                                       9.375            595.83       71,000.00
    ARP              TX   75750          4            08/08/00         00
    0412080640                           05           10/01/00          0
    0412080640                           O            09/01/15
    0

    3692639          E22/G02             F           25,000.00         ZZ
                                         180         25,000.00          1
    139 N. 11TH, UNIT # 706            9.625            262.95         50
                                       9.375            262.95       50,000.00
    LINCOLN          NE   68508          5            08/07/00         00
    0412058026                           06           10/01/00          0
    0412058026                           O            09/01/15
    0

    3692653          E22/G02             F           54,000.00         ZZ
                                         180         54,000.00          1
    1572 W. 9TH STREET                 9.625            567.96         90
                                       9.375            567.96       60,000.00
    RIVIERA BEACH    FL   33404          2            08/11/00         10
    0412073223                           05           10/01/00         25
    0412073223                           N            09/01/15
    0

    3692660          E22/G02             F           82,800.00         ZZ
                                         180         82,800.00          4
    404 SOUTHERN PLACE                 9.625            870.87         90
                                       9.375            870.87       92,000.00
    CHALMETTE        LA   70043          2            08/11/00         01
    0412077497                           05           10/01/00         25
    0412077497                           N            09/01/15
    0

    3694919          623/623             F          100,000.00         ZZ
                                         180         96,388.29          1
    4784 KETCHUM ROAD                  8.125            962.88         17
                                       7.875            962.88      600,000.00
1

    SAINT CLAIR      MI   48079          5            08/11/99         00
    1374754                              05           10/01/99          0
    1374754                              O            09/01/14
    0

    3694920          623/623             F           41,250.00         ZZ
                                         180         40,122.42          2
    912   VOSBURG                      9.000            418.38         75
                                       8.750            418.38       55,000.00
    FLINT            MI   48503          2            10/08/99         00
    1375899                              07           12/01/99          0
    1375899                              N            11/01/14
    0

    3694921          623/623             F          136,000.00         ZZ
                                         180        134,463.47          1
    3910 EAST CAMPBELL AVENUE          8.375          1,329.30         80
                                       8.125          1,329.30      170,000.00
    PHOENIX          AZ   85018          5            04/24/00         00
    1523637                              05           06/01/00          0
    1523637                              O            05/01/15
    0

    3694922          623/623             F           99,450.00         ZZ
                                         180         98,646.71          1
    14002E UTAH CIRCLE                 8.875          1,001.31         85
                                       8.625          1,001.31      117,000.00
    AURORA           CO   80012          5            05/31/00         01
    1532627                              01           07/01/00         25
    1532627                              O            06/01/15
    0

    3694923          623/623             F          162,500.00         ZZ
                                         180        162,084.90          4
    6121 KEARNEY STREET                9.375          1,684.63         65
                                       9.125          1,684.63      250,000.00
    COMMERCE CITY    CO   80022          5            07/06/00         00
    1539553                              07           09/01/00          0
    1539553                              N            08/01/15
    0

    3694924          623/623             F           55,000.00         ZZ
                                         180         54,733.50          1
    331 5TH ST N EXT                  10.000            591.03         60
                                       9.750            591.03       92,727.00
    NAMPA            ID   83687          2            06/08/00         00
    1719162                              05           08/01/00          0
    1719162                              N            07/01/15
    0
1

    3694925          623/623             F          109,600.00         ZZ
                                         180        107,709.14          1
    9911NE112TH COURT                  8.250          1,063.27         78
                                       8.000          1,063.27      140,686.00
    VANCOUVER        WA   98662          1            03/17/00         00
    1930548                              05           04/01/00          0
    1930548                              N            03/01/15
    0

    3694926          623/623             F           62,000.00         ZZ
                                         180         61,322.32          1
    808 W WELLS STREET                 8.750            619.66         78
                                       8.500            619.66       80,000.00
    BLYTHE           CA   92225          5            04/25/00         00
    1932511                              05           06/01/00          0
    1932511                              N            05/01/15
    0

    3694927          623/623             F           50,000.00         ZZ
                                         180         49,587.05          1
    432 CAPRI DRIVE                    8.625            496.04         16
                                       8.375            496.04      325,000.00
    SOUTH LAKE TAHO  CA   96150          5            05/11/00         00
    1934251                              03           07/01/00          0
    1934251                              N            06/01/15
    0

    3694928          623/623             F          138,600.00         ZZ
                                         180        137,553.40          4
    3407 NORTH 11TH AVENUE             9.625          1,457.77         90
                                       9.375          1,457.77      154,000.00
    PHOENIX          AZ   85013          1            05/30/00         01
    1935871                              07           07/01/00         25
    1935871                              N            06/01/15
    0

    3694929          623/623             F           30,000.00         ZZ
                                         180         28,125.67          1
    119 SAM LEE DRIVE                  9.750            317.81         29
                                       9.500            317.81      105,000.00
    WEAVERVILLE      CA   96093          2            05/10/00         00
    1935916                              05           07/01/00          0
    1935916                              O            06/01/15
    0

    3694930          623/623             F          156,200.00         ZZ
                                         180        152,621.75          1
1

    64 SUNDANCE DRIVE                  9.000          1,584.29         85
                                       8.750          1,584.29      184,000.00
    POMONA           CA   91766          1            05/10/00         10
    1936085                              05           07/01/00         12
    1936085                              O            06/01/15
    0

    3694932          623/623             F          236,750.00         ZZ
                                         180        235,479.82          1
    13888 FREEPORT ROAD                8.875          2,383.71         70
                                       8.625          2,383.71      340,000.00
    SAN DIEGO        CA   91219          5            06/09/00         00
    1937693                              05           08/01/00          0
    1937693                              O            07/01/15
    0

    3694933          623/623             F           68,000.00         ZZ
                                         180         67,812.04          1
    300 SOUTH 9TH STREET               8.500            669.63         80
                                       8.250            669.63       85,000.00
    SUNNYSIDE        WA   98944          5            06/29/00         00
    1939856                              05           09/01/00          0
    1939856                              O            08/01/15
    0

    3694934          623/623             F           40,000.00         ZZ
                                         180         39,469.37          1
    2733 TIMBERLANE TRAIL              9.125            408.69         67
                                       8.875            408.69       60,000.00
    GRAYLING         MI   49738          2            03/24/00         00
    5244611                              05           05/01/00          0
    5244611                              O            04/01/15
    0

    3694935          623/623             F           86,250.00         ZZ
                                         180         85,338.19          1
    42 JANE LANE                       9.125            881.23         74
                                       8.875            881.23      117,000.00
    FRIENDSHIP       OH   45630          5            04/06/00         00
    5246990                              05           06/01/00          0
    5246990                              O            05/01/15
    0

    3694936          623/623             F           44,000.00         ZZ
                                         180         42,964.45          1
    709 US ROUTE 224                   8.375            430.07         80
                                       8.125            430.07       55,000.00
    NOVA             OH   44859          1            03/17/00         00
    5247962                              05           05/01/00          0
1

    5247962                              O            04/01/15
    0

    3694937          623/623             F           62,000.00         ZZ
                                         180         61,149.80          1
    901 TURTLE MOUND DRIVE             8.750            619.66         80
                                       8.500            619.66       77,500.00
    CASSELBERRY      FL   32707          1            03/28/00         00
    5251357                              05           05/01/00          0
    5251357                              N            04/01/15
    0

    3694938          623/623             F           85,000.00         T
                                         180         84,321.05          1
    20557 OAK SHADE DRIVE              9.000            862.13         57
                                       8.750            862.13      151,000.00
    NEW CANEY        TX   77357          5            05/30/00         00
    5251401                              05           07/01/00          0
    5251401                              O            06/01/15
    0

    3694939          623/623             F          113,000.00         ZZ
                                         180        111,737.29          1
    4725 MOORE ROAD                    8.500          1,112.76         58
                                       8.250          1,112.76      196,000.00
    ADRIAN           MI   49221          5            04/24/00         00
    5252850                              05           06/01/00          0
    5252850                              O            05/01/15
    0

    3694940          623/623             F           47,000.00         ZZ
                                         180         46,872.97          1
    48 RIVERVIEW ROAD                  8.750            469.74         37
                                       8.500            469.74      127,000.00
    MANSFIELD CENTE  CT   06250          1            07/14/00         00
    5253908                              05           09/01/00          0
    5253908                              O            08/01/15
    0

    3694941          623/623             F           90,000.00         ZZ
                                         180         89,264.92          1
    16371 TIMBERVIEW DRIVE             8.750            899.50         44
                                       8.500            899.50      207,500.00
    CLINTON TOWNSHI  MI   48036          1            05/19/00         00
    5256172                              05           07/01/00          0
    5256172                              O            06/01/15
    0

1

    3694942          623/623             F          168,400.00         ZZ
                                         180        166,583.63          1
    15009 LONG MEADOW DRIVE            9.500          1,758.47         75
                                       9.250          1,758.47      224,636.00
    LOCKPORT         IL   60441          1            05/31/00         00
    5256844                              05           07/01/00          0
    5256844                              O            06/01/15
    0

    3694943          623/623             F           55,000.00         ZZ
                                         180         54,550.77          1
    15152 TAYLOR STREET                8.750            549.70         34
                                       8.500            549.70      165,000.00
    WEST OLIVE       MI   49460          2            05/04/00         00
    5257059                              05           07/01/00          0
    5257059                              O            06/01/15
    0

    3694944          623/623             F           30,000.00         ZZ
                                         180         29,693.31          3
    1511 MILLER STREET                 9.500            313.27         43
                                       9.250            313.27       70,000.00
    PORT HURON       MI   48060          5            04/27/00         00
    5257367                              05           06/01/00          0
    5257367                              N            05/01/15
    0

    3694945          623/623             F           94,500.00         ZZ
                                         180         93,993.01          2
    91 BELLEVUE STREET                 8.875            951.47         70
                                       8.625            951.47      135,000.00
    LOWELL           MA   01851          1            06/29/00         00
    5257851                              05           08/01/00          0
    5257851                              N            07/01/15
    0

    3694946          623/623             F          121,500.00         T
                                         180        120,257.94          1
    206 OHARA DRIVE                    9.500          1,268.73         75
                                       9.250          1,268.73      162,000.00
    PHARR            TX   78577          2            04/14/00         00
    5258010                              03           06/01/00          0
    5258010                              O            05/01/15
    0

    3694947          623/623             F           46,000.00         ZZ
                                         180         45,474.58          1
    2545 FAIRVIEW ROAD                 8.250            446.26         42
                                       8.000            446.26      110,000.00
1

    COVINGTON        GA   30016          5            04/20/00         00
    5258148                              05           06/01/00          0
    5258148                              O            05/01/15
    0

    3694948          623/623             F          207,000.00         ZZ
                                         180        206,427.84          1
    1929 CLIFTON AVENUE                8.500          2,038.41         51
                                       8.250          2,038.41      407,000.00
    HIGHLAND PARK    IL   60035          1            07/07/00         00
    5259079                              05           09/01/00          0
    5259079                              O            08/01/15
    0

    3694949          623/623             F          143,250.00         ZZ
                                         180        142,092.94          1
    15024 OAKWOOD DRIVE                8.875          1,442.30         75
                                       8.625          1,442.30      191,000.00
    BIG RAPIDS       MI   49307          1            05/31/00         00
    5260161                              01           07/01/00          0
    5260161                              O            06/01/15
    0

    3694950          623/623             F           97,500.00         ZZ
                                         180         93,698.65          2
    15229 16231 CRUISER STREET         9.000            988.91         75
                                       8.750            988.91      130,000.00
    CORPUS CHRISTI   TX   78418          1            05/15/00         00
    5260219                              03           07/01/00          0
    5260219                              O            06/01/15
    0

    3694951          623/623             F           50,000.00         ZZ
                                         180         49,740.64          1
    440 HICKORY PLACE                  9.250            514.60         65
                                       9.000            514.60       77,250.00
    ELGIN            IL   60120          1            06/20/00         00
    5260576                              05           08/01/00          0
    5260576                              N            07/01/15
    0

    3694952          623/623             F          100,000.00         ZZ
                                         180         99,445.23          1
    18942 SHARON                       8.500            984.74         65
                                       8.250            984.74      156,000.00
    LANSING          IL   60438          1            06/16/00         00
    5262693                              05           08/01/00          0
    5262693                              O            07/01/15
    0
1

    3694954          623/623             F          123,000.00         T
                                         180        122,017.52          1
    1000 PADRE BOULEVARD               9.000          1,247.55         75
                                       8.750          1,247.55      164,000.00
    SOUTH PADRE ISL  TX   78597          1            05/25/00         00
    5263681                              01           07/01/00          0
    5263681                              O            06/01/15
    0

    3694955          623/623             F           45,900.00         ZZ
                                         180         45,537.44          1
    3128 NW 50TH STREET                9.125            468.97         90
                                       8.875            468.97       51,000.00
    OKLAHOMA CITY    OK   73112          1            05/19/00         10
    5263696                              05           07/01/00         25
    5263696                              N            06/01/15
    0

    3694956          623/623             F           52,325.00         ZZ
                                         180         51,925.40          1
    10422 HUNTINGTON DALE DRIV         9.500            546.39         65
                                       9.250            546.39       80,500.00
    HOUSTON          TX   77099          1            05/24/00         00
    5264662                              03           07/01/00          0
    5264662                              O            06/01/15
    0

    3694957          623/623             F          102,000.00         ZZ
                                         180        101,255.53          1
    4300SEWEYMOUTH DRIVE              10.000          1,096.10         69
                                       9.750          1,096.10      148,000.00
    GRAND RAPIDS     MI   49546          1            06/01/00         00
    5265249                              05           07/01/00          0
    5265249                              O            06/01/15
    0

    3694958          623/623             F          231,000.00         ZZ
                                         180        229,195.74          1
    235N BERKSHIRE ROAD                9.250          2,377.43         75
                                       9.000          2,377.43      308,000.00
    BLOOMFIELD       MI   48302          1            05/30/00         00
    5265294                              05           07/01/00          0
    5265294                              O            06/01/15
    0

    3694959          623/623             F           56,625.00         ZZ
                                         180         56,167.61          1
1

    6000 REIMS RD 2303                 8.875            570.13         75
                                       8.625            570.13       75,500.00
    HOUSTON          TX   77036          1            05/26/00         00
    5265791                              01           07/01/00          0
    5265791                              O            06/01/15
    0

    3694960          623/623             F           51,750.00         ZZ
                                         180         50,684.49          1
    111 NORWOOD DRIVE                  9.250            532.61         76
                                       9.000            532.61       68,500.00
    STATESBORO       GA   30458          1            05/30/00         00
    5266171                              05           07/01/00          0
    5266171                              N            06/01/15
    0

    3694961          623/623             F           59,900.00         ZZ
                                         180         59,745.24          1
    1648 GLASGOW DR                    9.250            616.49         75
                                       9.000            616.49       79,900.00
    BUSHKILL         PA   18324          1            07/05/00         00
    5268083                              03           09/01/00          0
    5268083                              O            08/01/15
    0

    3694962          623/623             F           43,500.00         ZZ
                                         180         43,269.22          3
    1111 SANFORD STREET                9.000            441.21         75
                                       8.750            441.21       58,000.00
    MUSKEGON         MI   49441          5            06/30/00         00
    5268976                              05           08/01/00          0
    5268976                              N            07/01/15
    0

    3694963          623/623             F           75,000.00         ZZ
                                         180         74,610.97          1
    2109 BELMONT BLVD                  9.250            771.89         75
                                       9.000            771.89      100,000.00
    INDEPENDENCE     MO   64057          1            06/29/00         00
    5270479                              05           08/01/00          0
    5270479                              O            07/01/15
    0

    3694964          623/623             F           30,000.00         T
                                         180         29,919.81          1
    250 PADRE BOULEVARD 201            8.875            302.06         75
                                       8.625            302.06       40,000.00
    SOUTH PADRE ISL  TX   78597          1            07/06/00         00
    5270845                              01           09/01/00          0
1

    5270845                              O            08/01/15
    0

    3694965          623/623             F          100,000.00         ZZ
                                         180         99,747.45          1
    12406 ASHFORD MEADOWS              9.500          1,044.22         55
                                       9.250          1,044.22      183,300.00
    SUGAR LAND       TX   77478          1            07/14/00         00
    5271860                              03           09/01/00          0
    5271860                              O            08/01/15
    0

    3694966          623/623             F           54,000.00         ZZ
                                         180         53,556.09          2
    16452 SPRUCE STREET                9.625            567.97         90
                                       9.375            567.97       60,000.00
    HESPERIA         CA   92345          1            05/11/00         10
    6226779                              05           07/01/00         25
    6226779                              N            06/01/15
    0

    3694967          623/623             F           53,000.00         ZZ
                                         180         52,599.76          2
    9269 W 2ND AVENUE A & B            9.625            557.45         90
                                       9.375            557.45       59,000.00
    HESPERIA         CA   92345          1            05/11/00         04
    6226815                              05           07/01/00         25
    6226815                              O            06/01/15
    0

    3694968          623/623             F           86,850.00         ZZ
                                         180         86,194.16          2
    16411 SPRUCE STREET #A,B,C,& D     9.625            913.48         90
                                       9.375            913.48       96,500.00
    HESPERIA         CA   92345          1            05/11/00         10
    6226816                              05           07/01/00         25
    6226816                              N            06/01/15
    0

    3694969          623/623             F           64,950.00         ZZ
                                         180         60,963.38          1
    1663 HIGHWAY 95 #C-1               7.375            597.49         80
                                       7.125            597.49       81,200.00
    BULLHEAD CITY    AZ   86442          1            02/04/99         00
    6393120                              01           04/01/99          0
    6393120                              O            03/01/14
    0

1

    3696130          964/G02             F           86,250.00         ZZ
                                         180         80,826.37          1
    2208 2208A WISTERIA WAY            7.125            781.28         66
                                       6.875            781.28      131,000.00
    ARCATA           CA   95521          2            06/21/99         00
    0432224301                           05           08/01/99          0
    58305                                N            07/01/14
    0

    3697645          E22/G02             F           80,250.00         ZZ
                                         180         80,250.00          1
    1600 NE 35TH STREET                9.125            819.93         75
                                       8.875            819.93      107,000.00
    POMPANO BEACH    FL   33064          2            08/09/00         00
    0412077471                           05           10/01/00          0
    0412077471                           O            09/01/15
    0

    3697653          E22/G02             F           54,900.00         ZZ
                                         180         54,900.00          2
    1229 WALNUT STREET                 9.625            577.43         69
                                       9.375            577.43       80,000.00
    ALLENTOWN        PA   18102          5            08/14/00         00
    0412080566                           05           10/01/00          0
    0412080566                           N            09/01/15
    0

    3701888          E22/G02             F           55,000.00         ZZ
                                         180         55,000.00          1
    3250 N.W. 175 ST.                  9.625            578.48         60
                                       9.375            578.48       92,000.00
    MIAMI            FL   33056          5            08/15/00         00
    0412084394                           05           10/01/00          0
    0412084394                           N            09/01/15
    0

    3701936          168/168             F           56,000.00         ZZ
                                         180         56,000.00          2
    9 ARLINGTON STREET                 9.625            589.00         80
                                       9.375            589.00       70,000.00
    ROCHESTER        NY   14607          1            08/08/00         00
    0789617454                           05           10/01/00          0
    0789617454                           N            09/01/15
    0

    3706548          E22/G02             F           32,000.00         ZZ
                                         180         32,000.00          1
    4513 LAWN AVENUE                   9.625            336.57         80
                                       9.375            336.57       40,000.00
1

    KANSAS CITY      MO   64130          5            08/16/00         00
    0412089559                           05           10/01/00          0
    0412089559                           N            09/01/15
    0

    3706549          E22/G02             F           32,000.00         ZZ
                                         180         32,000.00          1
    4511 LISTER AVENUE                 9.625            336.57         80
                                       9.375            336.57       40,000.00
    KANSAS CITY      MO   64130          5            08/16/00         00
    0412089609                           05           10/01/00          0
    0412089609                           N            09/01/15
    0

    3707568          664/G02             F           69,000.00         ZZ
                                         180         68,817.65          1
    1230 NORTH CENTRAL PARK AVENUE     9.000            699.85         77
                                       8.750            699.85       90,000.00
    CHICAGO          IL   60651          5            07/19/00         00
    0432237238                           05           09/01/00          0
    0003604741                           O            08/01/15
    0

    3707611          J33/G02             F          171,500.00         ZZ
                                         180        171,500.00          1
    220 WHITE ROAD                     8.250          1,663.79         70
                                       8.000          1,663.79      245,000.00
    FAYETTEVILLE     GA   30214          1            08/04/00         00
    0432232619                           05           10/01/00          0
    000101730115                         O            09/01/15
    0

    3710761          196/G02             F          104,000.00         ZZ
                                         180        103,722.05          1
    5464 MACLAIN LANE                  8.875          1,047.12         76
                                       8.625          1,047.12      138,000.00
    HANOVER PARK     IL   60103          2            07/11/00         00
    0432220200                           05           09/01/00          0
    1378065                              O            08/01/15
    0

    3711140          225/G02             F           18,000.00         ZZ
                                         180         17,951.88          1
    4674 N 10 AVENUE                   8.875            181.24         48
                                       8.625            181.24       38,000.00
    LAKE WORTH       FL   33463          1            07/12/00         00
    0432250512                           05           09/01/00          0
    7200463                              O            08/01/15
    0
1

    3711328          225/G02             F           48,800.00         ZZ
                                         180         48,475.85          1
    16649 RED ARROW HIGHWAY            9.375            505.91         80
                                       9.125            505.91       61,000.00
    UNION PIER       MI   49129          1            06/15/00         00
    0432226793                           05           08/01/00          0
    7195502                              O            07/01/15
    0

    3711574          196/G02             F          150,000.00         ZZ
                                         180        149,594.57          1
    1286 EAST 130TH AVENUE             8.750          1,499.18         80
                                       8.500          1,499.18      188,000.00
    THORNTON         CO   80241          5            07/26/00         00
    0432220135                           09           09/01/00          0
    1379064                              O            08/01/15
    0

    3713078          E22/G02             F          105,000.00         ZZ
                                         180        105,000.00          1
    9921 NIVER AVENUE                  7.875            995.87         75
                                       7.625            995.87      140,000.00
    ALLEN PARK       MI   48101          5            08/08/00         00
    0412070955                           05           10/01/00          0
    0412070955                           O            09/01/15
    0

    3713094          E22/G02             F           46,000.00         ZZ
                                         180         46,000.00          1
    3003 POOLSIDE DRIVE                9.000            466.56         80
                                       8.750            466.56       57,500.00
    GREENACRES       FL   33463          1            08/18/00         00
    0412085219                           09           10/01/00          0
    0412085219                           N            09/01/15
    0

    3714322          G56/G02             F           93,600.00         ZZ
                                         180         93,600.00          1
    5832 CARMICHAEL ROAD               8.625            928.59         80
                                       8.375            928.59      117,000.00
    MONTGOMERY       AL   36117          1            08/15/00         00
    0432217776                           05           10/01/00          0
    160217703                            N            09/01/15
    0

    3714781          E82/G02             F          160,000.00         ZZ
                                         180        160,000.00          1
1

    133 HIGHLAND LAKE ROAD             8.375          1,563.88         72
                                       8.125          1,563.88      225,000.00
    HIGHLAND         NY   12743          1            08/21/00         00
    0400300117                           05           10/01/00          0
    0400300117                           O            09/01/15
    0

    3716572          526/526             F           52,450.00         ZZ
                                         180         52,035.72          3
    172  CRYSTAL AVENUE                9.125            535.89         45
                                       8.875            535.89      119,000.00
    NEW LONDON       CT   06320          5            05/12/00         00
    0403106                              05           07/01/00          0
    0403106                              N            06/01/15
    0

    3716573          526/526             F           95,000.00         ZZ
                                         180         94,501.65          1
    201"  SQUAW PEAK RD, "             9.125            970.63         39
                                       8.875            970.63      245,000.00
    OLYMPIC VAL      CA   96146          2            06/28/00         00
    0409501                              01           08/01/00          0
    0409501                              O            07/01/15
    0

    3716574          526/526             F          118,500.00         ZZ
                                         180        118,183.30          3
    2422-2  E 36TH AVE                 8.875          1,193.11         75
                                       8.625          1,193.11      158,000.00
    DENVER           CO   80205          5            07/03/00         00
    0412125                              05           09/01/00          0
    0412125                              O            08/01/15
    0

    3716575          526/526             F          160,000.00         ZZ
                                         180        159,552.79          3
    528  S 1300 E                      8.375          1,563.88         79
                                       8.125          1,563.88      205,000.00
    SALT LAKE C      UT   84102          1            07/21/00         00
    0415302                              05           09/01/00          0
    0415302                              O            08/01/15
    0

    3716576          526/526             F           42,500.00         ZZ
                                         180         42,035.70          1
    RT  172 SURRY RD                   8.750            424.77         50
                                       8.500            424.77       85,000.00
    SURRY            ME   04684          5            05/05/00         00
    0404628                              05           06/01/00          0
1

    0404628                              N            05/01/15
    0

    3716577          526/526             F           54,500.00         ZZ
                                         180         54,346.48          1
    110  WEST MAIN STREE               8.625            540.68         62
                                       8.375            540.68       88,000.00
    ASPEN            CO   81611          2            07/05/00         00
    0406823                              01           09/01/00          0
    0406823                              N            08/01/15
    0

    3716578          526/526             F           33,259.00         ZZ
                                         180         33,167.07          1
    9326  BENTHOS DR                   8.500            327.51         95
                                       8.250            327.51       35,010.00
    HOUSTON          TX   77083          1            07/14/00         12
    0409166                              07           09/01/00         30
    0409166                              O            08/01/15
    0

    3716579          526/526             F           37,800.00         ZZ
                                         180         37,601.71          1
    2415  HEMLOCK ST    #              9.125            386.21         90
                                       8.875            386.21       42,000.00
    KETCHIKAN        AK   99901          1            07/06/00         12
    0409462                              06           08/01/00         25
    0409462                              O            07/01/15
    0

    3716581          526/526             F           78,000.00         ZZ
                                         180         77,789.18          1
    3411  BRISTOL ROAD                 8.750            779.57         65
                                       8.500            779.57      120,000.00
    FORT WORTH       TX   76107          1            07/27/00         00
    0410608                              05           09/01/00          0
    0410608                              N            08/01/15
    0

    3716582          526/526             F           23,200.00         ZZ
                                         120         23,080.11          1
    9700  LEAWOOD BOULEVA              9.000            293.89         80
                                       8.750            293.89       29,000.00
    HOUSTON          TX   77099          1            07/13/00         00
    0411142                              01           09/01/00          0
    0411142                              O            08/01/10
    0

1

    3716583          526/526             F           40,500.00         ZZ
                                         180         40,285.14          1
    1515  ZORA STREET                  9.000            410.78         90
                                       8.750            410.78       45,000.00
    HOUSTON          TX   77055          1            06/30/00         12
    0411227                              05           08/01/00         25
    0411227                              N            07/01/15
    0

    3716584          526/526             F           54,000.00         ZZ
                                         180         53,860.49          3
    23  HOLLIS ST                      9.250            555.76         90
                                       9.000            555.76       60,000.00
    WORCESTER        MA   01610          1            07/21/00         11
    0412012                              05           09/01/00         25
    0412012                              N            08/01/15
    0

    3716586          526/526             F          141,600.00         ZZ
                                         180        141,195.31          1
    20  LABADINE ST                    8.125          1,363.44         80
                                       7.875          1,363.44      177,000.00
    QUINCY           MA   02170          1            07/20/00         00
    0412943                              05           09/01/00          0
    0412943                              O            08/01/15
    0

    3716587          526/526             F           74,000.00         ZZ
                                         180         73,804.44          1
    11528  FOREST HEIGHTS              9.000            750.56         72
                                       8.750            750.56      103,000.00
    DALLAS           TX   75229          2            07/27/00         00
    0413332                              05           09/01/00          0
    0413332                              N            08/01/15
    0

    3716588          526/526             F           40,000.00         ZZ
                                         180         39,891.89          1
    160  HUNTINGTON CT                 8.750            399.78         67
                                       8.500            399.78       60,000.00
    GARY             IN   46403          1            07/11/00         00
    0413551                              05           09/01/00          0
    0413551                              O            08/01/15
    0

    3716589          526/526             F          155,000.00         ZZ
                                         180        154,571.57          1
    33  STONELEDGE RD                  8.500          1,526.35         47
                                       8.250          1,526.35      330,000.00
1

    DARTMOUTH        MA   02748          2            07/21/00         00
    0413683                              05           09/01/00          0
    0413683                              O            08/01/15
    0

    3716590          526/526             F          161,250.00         ZZ
                                         180        160,814.17          1
    20281  E COUNTRY CLUB              8.750          1,611.61         75
                                       8.500          1,611.61      215,000.00
    AVENTURA         FL   33180          1            07/18/00         00
    0413964                              06           09/01/00          0
    0413964                              O            08/01/15
    0

    3716591          526/526             F           35,550.00         ZZ
                                         180         35,453.92          1
    3306W KENTUCKY ST                  8.750            355.30         90
                                       8.500            355.30       39,500.00
    LOUISVILLE       KY   40211          1            07/20/00         12
    0414514                              05           09/01/00         25
    0414514                              O            08/01/15
    0

    3716592          526/526             F           55,800.00         ZZ
                                         180         55,647.48          1
    5295  DEXTER AVE                   8.625            553.58         60
                                       8.375            553.58       93,000.00
    HILLIARD         OH   43026          5            07/21/00         00
    0414781                              05           09/01/00          0
    0414781                              N            08/01/15
    0

    3716593          526/526             F           69,300.00         ZZ
                                         180         69,110.58          1
    3427  KROEHLER DRIVE               8.625            687.51         60
                                       8.375            687.51      115,500.00
    HILLIARD         OH   43026          5            07/21/00         00
    0414785                              05           09/01/00          0
    0414785                              N            08/01/15
    0

    3716594          526/526             F           55,800.00         ZZ
                                         180         55,647.48          1
    5160  DRIVEMERE                    8.625            553.58         60
                                       8.375            553.58       93,000.00
    HILLIARD         OH   43026          5            07/21/00         00
    0414786                              05           09/01/00          0
    0414786                              N            08/01/15
    0
1

    3716595          526/526             F           62,100.00         ZZ
                                         180         61,932.15          1
    14703  BARRYKNOLL LANE             8.750            620.66         87
                                       8.500            620.66       72,000.00
    HOUSTON          TX   77079          1            07/24/00         11
    0415515                              01           09/01/00         25
    0415515                              N            08/01/15
    0

    3718448          E22/G02             F           70,000.00         ZZ
                                         180         70,000.00          1
    56447 TWIN LAKES ROAD              8.000            668.96         70
                                       7.750            668.96      100,000.00
    CASSOPOLIS       MI   49031          2            08/04/00         00
    0412074122                           05           10/01/00          0
    0412074122                           O            09/01/15
    0

    3720525          168/168             F           20,700.00         ZZ
                                         180         20,700.00          1
    165 NORTH MAIN STREET              9.000            209.95         90
                                       8.750            209.95       23,000.00
    HORNELL          NY   14843          1            08/15/00         10
    0249609711                           05           10/01/00         20
    0249609711                           N            09/01/15
    0

    3720723          623/G02             F          144,000.00         ZZ
                                         180        143,253.05          1
    2671 FIELDVIEW DRIVE               9.250          1,482.04         80
                                       9.000          1,482.04      181,500.00
    MACUNGIE         PA   18062          4            07/03/00         00
    0432244093                           05           08/01/00          0
    5247045                              O            07/01/15
    0

    3721091          758/G02             F          125,000.00         ZZ
                                         180        125,000.00          1
    501 W 26TH STREET 209              8.750          1,249.31         66
                                       8.500          1,249.31      190,000.00
    AUSTIN           TX   78705          1            08/04/00         00
    0432223022                           04           10/01/00          0
    282429835                            N            09/01/15
    0

    3722761          E22/G02             F           38,000.00         ZZ
                                         180         38,000.00          3
1

    496 NORTH MAIN STREET              9.500            396.81         59
                                       9.250            396.81       65,000.00
    NORWICH          CT   06360          2            08/22/00         00
    0411936255                           05           10/01/00          0
    0411936255                           N            09/01/15
    0

    3727124          E22/G02             F          174,000.00         ZZ
                                         180        174,000.00          1
    23804 ANDREW BLVD                  8.750          1,739.04         75
                                       8.500          1,739.04      232,845.00
    BROWNSTOWN       MI   48134          1            08/23/00         00
    0411922750                           05           10/01/00          0
    0411922750                           O            09/01/15
    0

    3736104          E22/G02             F           35,000.00         ZZ
                                         180         35,000.00          1
    1013 CEDAR STREET                  9.500            365.48         55
                                       9.250            365.48       64,000.00
    HATTIESBURG      MS   39401          5            08/25/00         00
    0412109522                           05           10/01/00          0
    0412109522                           N            09/01/15
    0

    3737662          286/286             F          106,200.00         ZZ
                                         180        105,931.78          3
    3730,3732 & 3734 SHORE BLVD        9.500          1,108.97         90
                                       9.250          1,108.97      118,000.00
    OLDSMAR          FL   34677          1            07/31/00         10
    0000070079                           05           09/01/00         25
    0000070079                           N            08/01/15
    0

    3737663          286/286             F           26,800.00         ZZ
                                         180         26,730.75          1
    519 WOODBURY ST                    9.250            275.83         80
                                       9.000            275.83       33,500.00
    MARSHALLTOWN     IA   50158          1            07/07/00         00
    0000079923                           05           09/01/00          0
    0000079923                           N            08/01/15
    0

    3737664          286/286             F           20,000.00         ZZ
                                         180         19,947.14          1
    324 LINCOLN                        9.000            202.86         76
                                       8.750            202.86       26,500.00
    OSAWATOMIE       KS   66064          1            07/20/00         00
    0000080524                           05           09/01/00          0
1

    0000080524                           O            08/01/15
    0

    3737666          286/286             F          175,000.00         T
                                         180        174,537.53          1
    5760 GORHAM GLEN LN                9.000          1,774.97         70
                                       8.750          1,774.97      250,000.00
    AUSTIN           TX   78739          1            07/10/00         00
    0009540412                           03           09/01/00          0
    0009540412                           O            08/01/15
    0

    3737668          286/286             F          107,900.00         ZZ
                                         180        107,608.36          1
    7 EAST LAKE DRIVE                  8.750          1,078.41         60
                                       8.500          1,078.41      180,000.00
    ANNAPOLIS        MD   21403          1            07/14/00         00
    0009649977                           05           09/01/00          0
    0009649977                           O            08/01/15
    0

    3737669          286/286             F          110,700.00         ZZ
                                         180        110,420.42          4
    2242-2248 SOUTHERN SPRINGS WAY     9.500          1,155.96         90
                                       9.250          1,155.96      123,000.00
    MORROW           GA   30260          1            07/21/00         11
    0009981801                           05           09/01/00         25
    0009981801                           N            08/01/15
    0

    3738176          E82/G02             F          175,000.00         T
                                         180        175,000.00          1
    11 CANAL STREET                    9.125          1,788.00         50
                                       8.875          1,788.00      350,000.00
    HIGH FALLS       NY   12440          1            08/22/00         00
    0400304564                           05           10/01/00          0
    0400304564                           O            09/01/15
    0

    3740554          E22/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
    834 WEST 74 STREET                 9.000            507.13         52
                                       8.750            507.13       98,000.00
    HIALEAH          FL   33014          5            08/23/00         00
    0412092397                           09           10/01/00          0
    0412092397                           O            09/01/15
    0

1

    3744811          E22/G02             F           50,000.00         ZZ
                                         180         50,000.00          1
    209 SOUTH CHEBAHTAH                8.875            503.42         77
                                       8.625            503.42       65,000.00
    INDIAHOMA        OK   73552          5            08/24/00         00
    0412100620                           05           10/01/00          0
    0412100620                           O            09/01/15
    0

    3745012          696/G02             F          157,000.00         ZZ
                                         180        157,000.00          1
    20910 TALL FOREST DRIVE            8.750          1,569.13         44
                                       8.500          1,569.13      357,457.00
    GERMANTOWN       MD   20876          1            08/28/00         00
    0432238830                           03           10/01/00          0
    31200049                             O            09/01/15
    0

    3747077          076/076             F          185,000.00         ZZ
                                         180        184,051.15          1
    1121  BRUNSWICK RD                 9.375          1,917.89         75
                                       9.125          1,917.89      247,000.00
    GARDINER         NY   12525          1            06/29/00         00
    0103045                              05           08/01/00          0
    0103045                              O            07/01/15
    0

    3748262          286/286             F           71,000.00         ZZ
                                         180         70,812.37          1
    5040 COUNTY LINE RD                9.000            720.13         50
                                       8.750            720.13      143,000.00
    KANSAS CITY      KS   66106          5            06/28/00         00
    0000042657                           05           09/01/00          0
    0000042657                           O            08/01/15
    0

   TOTAL NUMBER OF LOANS   :        747

   TOTAL ORIGINAL BALANCE  :    63,756,734.00

   TOTAL PRINCIPAL BALANCE :    62,611,893.50

   TOTAL ORIGINAL P+I      :       643,137.32

   TOTAL CURRENT P+I       :       643,137.32

                             ***************************
                             *      END OF REPORT      *
                             ***************************

1

  RUN ON     : 09/26/00           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 15.18.22           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2000 QS11 GROUP 2                         CUTOFF : 09/01/00
  POOL       : 0004462
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  --------------------------------------------------------------------------

      1973278                              .2500
      372,823.91                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000

      1973857                              .2500
      378,205.96                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      1973916                              .2500
      428,734.54                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      1974113                              .2500
      241,635.72                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000

      1977351                              .2500
      285,753.47                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      1977749                              .2500
      259,827.89                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.5000                        1.4200
1

      1978360                              .2500
      395,914.56                           .0300
            7.6250                         .0000
            7.3750                         .0000
            7.3450                         .0000
            7.3450                         .0000

      1978593                              .2500
      544,545.49                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.5000                         .5450

      1979026                              .2500
      292,552.94                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      1979030                              .2500
      332,473.17                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      1981227                              .2500
      529,829.04                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      1982072                              .2500
      344,985.27                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      1982800                              .2500
      343,326.70                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      1983483                              .2500
      304,373.69                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950
1

      1984207                              .2500
      279,458.36                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      1984982                              .2500
      388,708.50                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      1985506                              .2500
      403,490.91                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      1986118                              .2500
      396,696.41                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      1986573                              .2500
      414,822.75                           .0300
            7.3750                         .0000
            7.1250                         .0000
            7.0950                         .0000
            7.0950                         .0000

      1987145                              .2500
      638,244.08                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      1987267                              .2500
      331,201.19                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      1989603                              .2500
      481,432.31                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700
1

      1989860                              .2500
      275,761.73                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      1990245                              .2500
      329,114.47                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      1992045                              .2500
      355,168.98                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.5000                        1.5450

      1993877                              .2500
      269,527.69                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      1994320                              .2500
      325,172.90                           .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000

      1995664                              .2500
      300,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      1997443                              .2500
      354,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      1997500                              .2500
      397,921.58                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200
1

      1997501                              .2500
      263,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      1998985                              .2500
      306,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      2962099                              .2500
      339,686.68                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      2985360                              .2500
      314,571.04                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      2985361                              .2500
      304,964.16                           .0300
            7.6250                         .0000
            7.3750                         .0000
            7.3450                         .0000
            7.3450                         .0000

      3048137                              .2500
      303,170.11                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3137867                              .2500
      534,891.79                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3194586                              .2500
      484,969.56                           .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000
1

      3194590                              .2500
      332,118.91                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3194592                              .2500
      400,751.42                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000

      3194625                              .2500
      488,039.99                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3218536                              .2500
      476,037.07                           .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      3262989                              .2500
      274,497.55                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3267789                              .2500
      248,245.71                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3276265                              .2500
      966,094.80                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      3294886                              .2500
      331,379.14                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450
1

      3294888                              .2500
      403,914.95                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      3294905                              .2500
      335,878.18                           .0300
            7.6250                         .0000
            7.3750                         .0000
            7.3450                         .0000
            7.3450                         .0000

      3295005                              .2500
      285,141.52                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      3306273                              .2500
      266,190.36                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3322755                              .2500
      457,150.40                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3323305                              .2500
      310,810.95                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.5000                        1.6700

      3323308                              .2500
      295,931.32                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      3341378                              .2500
      379,226.22                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950
1

      3341382                              .2500
      492,678.33                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      3364451                              .2500
      383,430.79                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3364469                              .2500
      578,126.17                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      3364491                              .2500
      308,523.11                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      3364503                              .2500
      404,736.17                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      3364512                              .2500
      311,017.96                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000

      3364513                              .2500
      329,932.76                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3364518                              .2500
      391,383.42                           .0300
            7.5000                         .0000
            7.2500                         .0000
            7.2200                         .0000
            7.2200                         .0000
1

      3372309                              .2500
      319,674.38                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3372312                              .2500
      426,118.62                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      3372314                              .2500
      469,878.74                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3372320                              .2500
      685,239.79                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3372337                              .2500
      638,663.42                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      3374454                              .2500
      296,720.95                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3385944                              .2500
      306,198.11                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3408599                              .2500
      325,233.63                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700
1

      3412558                              .2500
      300,677.23                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3429343                              .2500
      282,227.52                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      3442928                              .2500
      254,022.81                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.5000                        1.5450

      3465889                              .2500
      387,933.07                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3475060                              .2500
      258,587.29                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.5000                        1.5450

      3476813                              .2500
      276,801.60                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      3500437                              .2500
      286,212.13                           .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      3500440                              .2500
      280,852.91                           .0300
            7.3750                         .0000
            7.1250                         .0000
            7.0950                         .0000
            7.0950                         .0000
1

      3500442                              .2500
      281,430.76                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3500445                              .2500
      346,680.87                           .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      3500458                              .2500
      481,874.87                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3502130                              .2500
      310,170.68                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3525780                              .2500
      283,702.19                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      3536019                              .2500
      395,329.78                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      3536020                              .2500
      380,455.57                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.5000                         .0450

      3536022                              .2500
      277,258.27                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700
1

      3536023                              .2500
      279,644.99                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3536024                              .2500
      285,276.19                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3536025                              .2500
      334,518.20                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.5000                         .5450

      3536027                              .2500
      277,788.34                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.5000                        1.2950

      3536029                              .2500
      325,958.19                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.5000                         .5450

      3544364                              .2500
      553,317.68                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3544365                              .2500
      294,420.54                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3548661                              .2500
      277,738.37                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450
1

      3548667                              .2500
      322,916.89                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950

      3552446                              .2500
      396,509.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.5000                         .1700

      3552447                              .2500
      409,663.03                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      3552448                              .2500
      644,201.59                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3552451                              .2500
      397,780.91                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3610914                              .2500
      648,301.56                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.5000                        1.2950

      3615480                              .2500
      299,719.97                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      3615482                              .2500
      340,594.02                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.5000                         .2950
1

      3615483                              .2500
      343,694.64                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3622289                              .2500
      356,013.22                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3631514                              .2500
      541,808.69                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.5000                         .5450

      3644146                              .2500
      306,686.04                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.5000                        1.1700

      3654537                              .2500
      325,350.65                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      3669811                              .2500
      311,655.37                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3694931                              .2500
      310,617.16                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3701856                              .2500
      301,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.5000                         .5450
1

      3706647                              .2500
      306,252.96                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.5000                         .4200

      3706648                              .2500
      295,208.91                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

      3716580                              .2500
      288,824.48                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.5000                         .9200

      3736052                              .2500
      292,100.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.5000                         .6700

      3747078                              .2500
      381,454.51                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950

      3748263                              .2500
      355,000.00                           .0300
            7.7500                         .0000
            7.5000                         .0000
            7.4700                         .0000
            7.4700                         .0000

      3759132                              .2500
      395,400.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.5000                         .7950
1

      3775785                              .2500
      308,000.00                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.5000                        1.0450

  TOTAL NUMBER OF LOANS:      118
  TOTAL BALANCE........:         43,357,556.04

1

  RUN ON     : 09/26/00            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 15.18.22            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2000 QS11 GRO   FIXED SUMMARY REPORT      CUTOFF : 09/01/00
  POOL       : 0004462
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        8.2533            6.6250      9.5000
  RFC NET RATE                          8.0033            6.3750      9.2500
  NET MTG RATE(INVSTR RATE)             7.9345            6.3450      9.1700
  POST STRIP RATE                       7.4406            6.3450      7.5000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0688             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .4939             .0000      1.6700

  TOTAL NUMBER OF LOANS:   118
  TOTAL BALANCE........:      43,357,556.04

                             ***************************
                             *      END OF REPORT      *
                             ***************************
1

  RUN ON     : 09/26/00           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 15.18.22          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2000 QS11                                 CUTOFF : 09/01/00
  POOL       : 0004462
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ADDRESS                          ORIG RATE     ORIGINAL P+I     LTV
  ADDRESS LINE 2                   CURR NET      CURRENT P+I      VALUE
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    1973278          286/286             F          380,000.00         ZZ
                                         180        372,823.91          1
    19416 KINZIE ST                    7.500          3,522.65         80
                                       7.250          3,522.65      475,000.00
    NORTHRIDGE       CA   91234          1            02/09/00         00
    648812                               05           04/01/00          0
    648812                               O            03/01/15
    0

    1973857          E47/G02             F          384,700.00         ZZ
                                         180        378,205.96          1
    6204 SOUTH RIVIERA COURT           8.500          3,788.29         80
                                       8.250          3,788.29      480,985.00
    AURORA           CO   80016          1            02/11/00         00
    0431882224                           03           04/01/00          0
    DEN13732                             O            03/01/15
    0

    1973916          K15/G02             F          436,600.00         ZZ
                                         180        428,734.54          1
    13325 WILDOAK DRIVE                7.750          4,109.61         81
                                       7.500          4,109.61      540,000.00
    COLORADO SPRING  CO   80908          5            02/24/00         10
    0431879253                           05           04/01/00         12
    021805300201                         O            03/01/15
    0

    1974113          025/025             F          264,600.00         ZZ
                                         180        241,635.72          1
    7750 NW 84TH AVENUE                6.750          2,341.47         49
                                       6.500          2,341.47      540,000.00
    PARKLAND         FL   33067          1            03/29/99         00
    1427038                              05           04/01/99          0
1

    1427038                              O            03/01/14
    0

    1977351          665/G02             F          290,000.00         ZZ
                                         180        285,753.47          1
    3046 BALBOA STREET                 8.000          2,771.39         65
                                       7.750          2,771.39      448,000.00
    SAN FRANCISCO    CA   94121          1            03/01/00         00
    0431923259                           07           05/01/00          0
    0001237087                           O            04/01/15
    0

    1977749          286/286             F          264,000.00         ZZ
                                         180        259,827.89          1
    2932 EAST HILLCREST AVENUE         9.250          2,717.07         74
                                       9.000          2,717.07      360,000.00
    ORANGE           CA   92867          5            01/27/00         00
    09699264                             05           04/01/00          0
    09699264                             O            03/01/15
    0

    1978360          944/G02             F          405,000.00         ZZ
                                         180        395,914.56          1
    7800 CASTELLI LANE                 7.625          3,783.23         60
                                       7.375          3,783.23      679,000.00
    HEALDSBURG       CA   95448          5            01/21/00         00
    0431937960                           05           03/01/00          0
    W00010173GBM                         O            02/01/15
    0

    1978593          286/286             F          554,000.00         ZZ
                                         180        544,545.49          1
    43864 CALLE DE VELARDO             8.375          5,414.94         80
                                       8.125          5,414.94      695,000.00
    TEMECULA         CA   92592          2            02/25/00         00
    9708693                              05           04/01/00          0
    9708693                              O            03/01/15
    0

    1979026          163/G02             F          306,000.00         ZZ
                                         180        292,552.94          1
    488 WHITEWOOD ROAD                 8.500          3,013.31         80
                                       8.250          3,013.31      382,500.00
    ENGLEWOOD        NJ   07631          1            03/09/00         00
    0431945815                           05           05/01/00          0
    1000148786                           O            04/01/15
    0

1

    1979030          956/G02             F          350,000.00         ZZ
                                         180        332,473.17          1
    1452 SADDLE RIDGE COURT            9.500          3,654.79         74
                                       9.250          3,654.79      474,275.00
    BARTLETT         IL   60103          1            01/28/00         00
    0431950484                           03           03/01/00          0
    2310010194                           O            02/01/15
    0

    1981227          G81/G02             F          535,750.00         ZZ
                                         180        529,829.04          1
    1516 GARCIA AVENUE                 8.625          5,315.08         80
                                       8.375          5,315.08      676,000.00
    CORAL GABLES     FL   33146          5            04/13/00         00
    0431990472                           05           06/01/00          0
    200004011                            O            05/01/15
    0

    1982072          637/G02             F          350,000.00         ZZ
                                         180        344,985.27          1
    16313 AVILA BLVD                   8.250          3,395.50         44
                                       8.000          3,395.50      800,000.00
    TAMPA            FL   33613          1            04/03/00         00
    0431993161                           03           05/01/00          0
    0020022661                           O            04/01/15
    0

    1982800          828/G02             F          346,218.00         ZZ
                                         180        343,326.70          1
    18742 GRAND HARBER POINT           8.500          3,409.35         70
                                       8.250          3,409.35      496,218.00
    MONTGOMERY       TX   77356          1            05/24/00         00
    0432072825                           03           07/01/00          0
    00002136                             O            06/01/15
    0

    1983483          624/G02             F          308,000.00         ZZ
                                         180        304,373.69          1
    20162 RUNNING SPRINGS LANE         8.125          2,965.68         80
                                       7.875          2,965.68      385,000.00
    HUNTINGTON BEAC  CA   92646          1            04/20/00         00
    0432021160                           05           06/01/00          0
    35004700073F                         O            05/01/15
    0

    1984207          633/G02             F          281,000.00         ZZ
                                         180        279,458.36          1
    3663 TURNER COURT                  8.625          2,787.75         67
                                       8.375          2,787.75      420,000.00
1

    FREEMONT         CA   94536          5            06/07/00         00
    0432105989                           05           08/01/00          0
    699188                               O            07/01/15
    0

    1984982          637/G02             F          393,250.00         ZZ
                                         180        388,708.50          1
    21050 POINT PLACE #2802            8.125          3,786.54         80
                                       7.875          3,786.54      491,620.00
    AVENTURA         FL   33180          1            04/28/00         00
    0432213627                           06           06/01/00          0
    19161538                             O            05/01/15
    0

    1985506          286/286             F          408,000.00         ZZ
                                         180        403,490.91          1
    1145 ESTES AVENUE                  8.625          4,047.69         80
                                       8.375          4,047.69      510,000.00
    LAKE FOREST      IL   60045          5            04/06/00         00
    09718682                             05           06/01/00          0
    09718682                             O            05/01/15
    0

    1986118          975/G02             F          400,000.00         ZZ
                                         180        396,696.41          1
    1660 SOUTH RUNYAN STREET           8.625          3,968.32         64
                                       8.375          3,968.32      634,385.00
    LA HABRA         CA   90631          1            05/18/00         00
    0432056018                           03           07/01/00          0
    2001099                              O            06/01/15
    0

    1986573          225/225             F          420,000.00         T
                                         180        414,822.75          1
    1307 VILLAGE WATCH                 7.375          3,863.68         80
                                       7.125          3,863.68      525,000.00
    STRATTON         VT   05155          1            04/14/00         00
    8795204                              01           06/01/00          0
    8795204                              O            05/01/15
    0

    1987145          144/144             F          643,500.00         ZZ
                                         180        638,244.08          1
    1 NORTH TWEED BOULEVARD            8.750          6,431.45         65
                                       8.500          6,431.45      990,000.00
    UPPER GRANDVIEW  NY   10960          1            05/25/00         00
    160654970                            05           07/01/00          0
    160654970                            O            06/01/15
    0
1

    1987267          F62/G02             F          333,750.00         ZZ
                                         180        331,201.19          1
    12040 SW 22ND COURT                9.500          3,485.10         75
                                       9.250          3,485.10      445,000.00
    DAVIE            FL   33325          1            06/01/00         00
    0432075364                           03           07/01/00          0
    BROWN                                O            06/01/15
    0

    1989603          E84/G02             F          484,000.00         ZZ
                                         180        481,432.31          1
    12083 NORTHWEST BLACKHAWK          9.000          4,909.05         80
    DRIVE                              8.750          4,909.05      605,000.00
    PORTLAND         OR   97229          1            06/07/00         00
    0432109833                           03           08/01/00          0
    60103100                             O            07/01/15
    0

    1989860          227/G02             F          277,283.00         ZZ
                                         180        275,761.73          1
    404 ESCANDON                       8.625          2,750.88         70
                                       8.375          2,750.88      400,000.00
    RANCHO VIEJO     TX   78785          4            07/06/00         00
    0432166098                           05           08/01/00          0
    1910888                              O            07/01/15
    0

    1990245          964/G02             F          332,000.00         ZZ
                                         180        329,114.47          1
    5239 NORTH SEQUOIA DRIVE           8.250          3,220.87         80
                                       8.000          3,220.87      415,000.00
    FRESNO           CA   93711          5            05/11/00         00
    0432120525                           05           07/01/00          0
    76268                                O            06/01/15
    0

    1992045          M66/G02             F          357,000.00         ZZ
                                         180        355,168.98          1
    777 CROWN POINT CIRCLE             9.375          3,701.01         65
                                       9.125          3,701.01      551,000.00
    COROLLA          NC   27927          5            06/30/00         00
    0432139251                           03           08/01/00          0
    138004                               O            07/01/15
    0

    1993877          U05/G02             F          270,450.00         ZZ
                                         180        269,527.69          1
1

    9852 WOODLAND HILLS DRIVE          8.875          2,723.01         90
                                       8.625          2,723.01      300,500.00
    CORDOVA          TN   38018          1            07/21/00         01
    0432169514                           05           09/01/00         25
    3048385                              O            08/01/15
    0

    1994320          025/025             F          346,465.27         ZZ
                                         180        325,172.90          1
    442 SUN VALLEY DRIVE               6.625          3,041.94         79
                                       6.375          3,041.94      440,000.00
    MARYVILLE        TN   37801          2            05/25/99         00
    782010                               05           07/01/99          0
    782010                               O            06/01/14
    0

    1995664          757/G02             F          300,000.00         ZZ
                                         180        300,000.00          1
    7 NOWLIN COURT                     8.125          2,888.65         70
                                       7.875          2,888.65      430,000.00
    DEARBORN         MI   48124          1            08/09/00         00
    0432197945                           05           10/01/00          0
    ABRAHAM                              O            09/01/15
    0

    1997443          J40/G02             F          354,000.00         ZZ
                                         180        354,000.00          1
    1458 HIGHLAND PARK DRIVE           8.875          3,564.23         45
                                       8.625          3,564.23      800,000.00
    JACKSON          MS   39211          5            08/11/00         00
    0432239291                           03           10/01/00          0
    7676591                              O            09/01/15
    0

    1997500          637/G02             F          399,000.00         ZZ
                                         180        397,921.58          3
    21-01 41ST STREET                  8.750          3,987.80         67
                                       8.500          3,987.80      600,000.00
    ASTORIA          NY   11103          1            07/28/00         00
    0432223956                           05           09/01/00          0
    0018774950                           O            08/01/15
    0

    1997501          637/G02             F          263,000.00         ZZ
                                         180        263,000.00          1
    835 SHERRY DRIVE                   8.000          2,513.37         76
                                       7.750          2,513.37      350,000.00
    VALLEY COTTAGE   NY   10989          5            07/28/00         00
    0432224749                           05           10/01/00          0
1

    0013326459                           O            09/01/15
    0

    1998985          Q59/G02             F          306,000.00         ZZ
                                         180        306,000.00          1
    3104 MARKRIDGE ROAD                8.250          2,968.63         78
                                       8.000          2,968.63      396,000.00
    LA CRESCENTA     CA   91214          1            08/22/00         00
    0432261204                           05           10/01/00          0
    201704                               O            09/01/15
    0

    2962099          E22/G02             F          350,000.00         ZZ
                                         180        339,686.68          1
    731 SAN VICENTE BOULEVARD          8.125          3,370.09         32
                                       7.875          3,370.09    1,100,000.00
    SANTA MONICA     CA   90402          5            10/05/99         00
    0411479199                           05           12/01/99          0
    0411479199                           N            11/01/14
    0

    2985360          S48/S48             F          330,000.00         ZZ
                                         180        314,571.04          1
    15327 BLUFF VIEW AVE               8.250          3,201.47         60
                                       8.000          3,201.47      555,000.00
    CLOVIS           CA   93611          1            09/07/99         00
    6915201849                           03           11/01/99          0
    6915201849                           O            10/01/14
    0

    2985361          S48/S48             F          315,000.00         ZZ
                                         180        304,964.16          1
    5457 EAST ESTATE RIDGE ROAD        7.625          2,942.51         75
                                       7.375          2,942.51      420,000.00
    ANAHEIM          CA   92807          1            10/06/99         00
    6936570552                           03           12/01/99          0
    6936570552                           O            11/01/14
    0

    3048137          S48/S48             F          316,750.00         T
                                         180        303,170.11          1
    28 ALGONQUIN COURT                 7.875          3,004.22         87
                                       7.625          3,004.22      366,750.00
    MARCO ISLAND     FL   34145          1            10/22/99         01
    6467442056                           05           12/01/99         30
    6467442056                           O            11/01/14
    0

1

    3137867          286/286             F          548,000.00         ZZ
                                         180        534,891.79          1
    53 WINDSOR ROAD                    7.875          5,197.51         74
                                       7.625          5,197.51      747,000.00
    WELLESLEY        MA   02481          5            12/09/99         00
    08881936                             05           02/01/00          0
    08881936                             O            01/01/15
    0

    3194586          943/943             F          496,000.00         T
                                         180        484,969.56          1
    36618 N PEACEFUL PLACE             7.125          4,492.93         80
                                       6.875          4,492.93      620,000.00
    CAREFREE         AZ   85377          1            01/10/00         00
    2000001563                           05           03/01/00          0
    2000001563                           O            02/01/15
    0

    3194590          943/943             F          500,000.00         T
                                         180        332,118.91          1
    3600 WAILEA ALANUI DRIVE           7.750          4,706.38         69
                                       7.500          4,706.38      725,000.00
    KIHEI            HI   96753          1            10/15/99         00
    9080038415                           01           12/01/99          0
    9080038415                           O            11/01/14
    0

    3194592          943/943             F          413,600.00         T
                                         180        400,751.42          1
    610 SNOW CREEK CANYON              7.500          3,834.13         80
                                       7.250          3,834.13      517,010.00
    PALM DESERT      CA   92211          1            10/01/99         00
    9080039269                           03           12/01/99          0
    9080039269                           O            11/01/14
    0

    3194625          943/943             F          500,000.00         T
                                         180        488,039.99          1
    43 COVE VIEW DRIVE                 7.875          4,742.25         62
                                       7.625          4,742.25      807,000.00
    SOUTH YARMOUTH   MA   02664          1            12/15/99         00
    9090096637                           05           02/01/00          0
    9090096637                           O            01/01/15
    0

    3218536          U03/181             F          495,200.00         ZZ
                                         180        476,037.07          1
    4709 WELFORD DRIVE                 7.125          4,485.68         80
                                       6.875          4,485.68      619,000.00
1

    BELLAIRE         TX   77401          1            08/18/99         00
    0609402326                           05           10/01/99          0
    0609402326                           O            09/01/14
    0

    3262989          E22/G02             F          278,400.00         ZZ
                                         180        274,497.55          1
    710 VIENNA STREET                  8.500          2,741.51         80
                                       8.250          2,741.51      348,000.00
    SAN FRANCISCO    CA   94112          5            02/28/00         00
    0411854334                           05           05/01/00          0
    0411854334                           O            04/01/15
    0

    3267789          601/G02             F          252,800.00         ZZ
                                         180        248,245.71          1
    110 MIDTOWN RD                     7.750          2,379.55         46
                                       7.500          2,379.55      550,000.00
    GAITHERSBURG     MD   20878          2            02/22/00         00
    0431890201                           03           04/01/00          0
    60157971110                          O            03/01/15
    0

    3276265          526/526             F          982,500.00         ZZ
                                         180        966,094.80          1
    5390 EAST SAN MIGUEL AVE           8.625          9,747.20         60
                                       8.375          9,747.20    1,637,500.00
    PARADISE VALLEY  AZ   85253          1            02/25/00         00
    0394260                              05           04/01/00          0
    0394260                              O            03/01/15
    0

    3294886          623/G02             F          339,500.00         ZZ
                                         180        331,379.14          1
    5810 WATERWALK COURT               7.875          3,219.99         48
                                       7.625          3,219.99      720,000.00
    RICHMOND         TX   77469          2            12/30/99         00
    0431933803                           03           02/01/00          0
    1133863                              O            01/01/15
    0

    3294888          623/623             F          420,000.00         ZZ
                                         180        403,914.95          1
    6659 OLEANDER LANE                 8.250          4,074.59         60
                                       8.000          4,074.59      700,000.00
    PORTAGE          MI   49024          1            07/01/99         00
    1212194                              05           09/01/99          0
    1212194                              O            08/01/14
    0
1

    3294905          623/623             F          350,000.00         ZZ
                                         180        335,878.18          1
    4796 CROOKED STICK CT              7.625          3,269.45         80
                                       7.375          3,269.45      439,000.00
    BRIGHTON         MI   48116          1            07/30/99         00
    1374825                              05           09/01/99          0
    1374825                              O            08/01/14
    0

    3295005          623/G02             F          292,200.00         ZZ
                                         180        285,141.52          1
    225 COUNTY DOWN COURT              8.000          2,792.42         70
                                       7.750          2,792.42      417,415.00
    ROSEVILLE        CA   95678          1            12/28/99         00
    0431935352                           03           02/01/00          0
    5233797                              O            01/01/15
    0

    3306273          G81/G02             F          270,190.00         ZZ
                                         180        266,190.36          1
    91 BAY HEIGHTS DRIVE               7.875          2,562.62         61
                                       7.625          2,562.62      445,000.00
    MIAMI            FL   33133          5            03/16/00         00
    0431929223                           05           05/01/00          0
    022003048                            O            04/01/15
    0

    3322755          286/286             F          465,000.00         ZZ
                                         180        457,150.40          1
    799 MONROE DRIVE                   8.500          4,579.04         78
                                       8.250          4,579.04      600,000.00
    ATLANTA          GA   30308          5            02/03/00         00
    0009645019                           05           04/01/00          0
    0009645019                           O            03/01/15
    0

    3323305          074/G02             F          316,000.00         ZZ
                                         180        310,810.95          1
    2540 YORKSHIRE ROAD                9.500          3,299.75         80
                                       9.250          3,299.75      395,000.00
    BIRMINGHAM       MI   48009          5            03/01/00         00
    0431956580                           05           04/01/00          0
    1581382539                           O            03/01/15
    0

    3323308          074/074             F          300,000.00         ZZ
                                         180        295,931.32          1
1

    24 SPRING LANE                     8.875          3,020.54         75
                                       8.625          3,020.54      400,000.00
    HAGUE            NY   12836          5            03/01/00         00
    1111357096                           05           05/01/00          0
    1111357096                           O            04/01/15
    0

    3341378          461/461             F          384,800.00         ZZ
                                         180        379,226.22          1
    21802 HERMOSA LANE                 8.125          3,705.18         80
                                       7.875          3,705.18      481,000.00
    TRABUCO CANYON   CA   92679          5            03/06/00         00
    9023235427                           03           05/01/00          0
    9023235427                           O            04/01/15
    0

    3341382          461/461             F          500,000.00         ZZ
                                         180        492,678.33          1
    3916 CALLE ANDALUCIA               8.000          4,778.27         73
                                       7.750          4,778.27      685,000.00
    SAN CLEMENTE     CA   92673          5            03/20/00         00
    9023289945                           05           05/01/00          0
    9023289945                           O            04/01/15
    0

    3364451          943/943             F          391,600.00         ZZ
                                         180        383,430.79          1
    244 AVENEL CT                      7.875          3,714.13         80
                                       7.625          3,714.13      489,500.00
    HOLMDEL          NJ   07733          1            01/27/00         00
    2000001605                           01           03/01/00          0
    2000001605                           O            02/01/15
    0

    3364469          943/943             F          588,000.00         ZZ
                                         180        578,126.17          1
    795 REMSENS LANE                   8.625          5,833.44         80
                                       8.375          5,833.44      735,000.00
    MUTTONTOWN       NY   11771          1            02/11/00         00
    9080048361                           05           04/01/00          0
    9080048361                           O            03/01/15
    0

    3364491          943/943             F          314,000.00         ZZ
                                         180        308,523.11          1
    1206 HYMEADOW                      8.125          3,023.44         84
                                       7.875          3,023.44      375,000.00
    SAN ANTONIO      TX   78258          2            02/10/00         10
    9080050853                           03           04/01/00          6
1

    9080050853                           O            03/01/15
    0

    3364503          943/943             F          412,000.00         ZZ
                                         180        404,736.17          1
    1848 GROVE TRAIL COVE              8.000          3,937.29         80
                                       7.750          3,937.29      515,000.00
    GERMANTOWN       TN   38139          1            02/28/00         00
    9080052381                           03           04/01/00          0
    9080052381                           O            03/01/15
    0

    3364512          943/943             F          316,850.00         ZZ
                                         180        311,017.96          1
    212 ZEPHYR LANE LOT 12 TWIN        7.500          2,937.24         80
    BRIDGES AT LANDENBERG              7.250          2,937.24      396,111.00
    LANDENBERG       PA   19350          1            02/24/00         00
    9111192821                           03           04/01/00          0
    9111192821                           O            03/01/15
    0

    3364513          943/943             F          350,736.00         ZZ
                                         180        329,932.76          1
    8146 WEST CAMINO DE ORO            7.875          3,326.56         80
                                       7.625          3,326.56      438,421.00
    PEORIA           AZ   85382          1            12/16/99         00
    9111193713                           03           02/01/00          0
    9111193713                           O            01/01/15
    0

    3364518          943/943             F          400,000.00         ZZ
                                         180        391,383.42          1
    419 NEWBURGH COURT                 7.500          3,708.05         80
                                       7.250          3,708.05      505,000.00
    WEST NEW YORK    NJ   07093          1            01/21/00         00
    9510601359                           01           03/01/00          0
    9510601359                           O            02/01/15
    0

    3372309          U03/181             F          328,500.00         ZZ
                                         180        319,674.38          1
    90 ALTON RD # 2602                 7.875          3,115.66         80
                                       7.625          3,115.66      410,637.00
    MIAMI BEACH      FL   33139          1            01/27/00         00
    0610222013                           06           03/01/00          0
    0610222013                           O            02/01/15
    0

1

    3372312          U03/181             F          435,000.00         ZZ
                                         180        426,118.62          1
    174 N EUCLID                       8.125          4,188.54         75
                                       7.875          4,188.54      580,000.00
    OAK PARK         IL   60302          5            01/25/00         00
    0610254604                           05           03/01/00          0
    0610254604                           O            02/01/15
    0

    3372314          U03/181             F          480,000.00         ZZ
                                         180        469,878.74          1
    1000 CLIFTON RD                    7.750          4,518.12         80
                                       7.500          4,518.12      600,000.00
    ATLANTA          GA   30307          1            01/18/00         00
    0610256310                           05           03/01/00          0
    0610256310                           O            02/01/15
    0

    3372320          U03/181             F          700,000.00         ZZ
                                         180        685,239.79          1
    19 GROTON STREET                   7.750          6,588.93         78
                                       7.500          6,588.93      900,000.00
    FOREST HILLS     NY   11375          1            01/13/00         00
    0610293678                           05           03/01/00          0
    0610293678                           O            02/01/15
    0

    3372337          U03/181             F          650,000.00         ZZ
                                         180        638,663.42          1
    319 LYNWOOD BLVD                   8.125          6,258.74         79
                                       7.875          6,258.74      830,000.00
    NASHVILLE        TN   37205          1            02/15/00         00
    0610465277                           05           04/01/00          0
    0610465277                           O            03/01/15
    0

    3374454          F96/G02             F          300,000.00         ZZ
                                         180        296,720.95          1
    50 GLENVIEW TERRACE                8.750          2,998.35         94
                                       8.500          2,998.35      320,000.00
    BOROUGH OF CRES  NJ   07626          1            04/07/00         10
    0431988518                           05           06/01/00         30
    0001434                              O            05/01/15
    0

    3385944          J95/J95             F          314,950.00         ZZ
                                         180        306,198.11          1
    4450 OCCOQUAN OVERLOOK             7.750          2,964.55         60
                                       7.500          2,964.55      525,000.00
1

    WOODBRIDGE       VA   22192          1            03/23/00         00
    0018190835                           09           05/01/00          0
    0018190835                           O            04/01/15
    0

    3408599          E22/G02             F          358,000.00         ZZ
                                         180        325,233.63          1
    7417 ROLLING BEND COURT            8.500          3,525.37         77
                                       8.250          3,525.37      470,000.00
    COLUMBUS         GA   31904          5            04/24/00         00
    0411934284                           05           06/01/00          0
    0411934284                           O            05/01/15
    0

    3412558          074/074             F          304,000.00         ZZ
                                         180        300,677.23          1
    32 - 34 RIDGE ST                   8.750          3,038.33         80
                                       8.500          3,038.33      380,000.00
    GREENWICH        CT   06807          1            04/14/00         00
    1580192050                           05           06/01/00          0
    1580192050                           O            05/01/15
    0

    3429343          E22/G02             F          284,500.00         ZZ
                                         180        282,227.52          1
    48 TELFORD COURT                   9.000          2,885.59         80
                                       8.750          2,885.59      356,000.00
    TROY             MI   48098          5            05/04/00         00
    0411944317                           05           07/01/00          0
    0411944317                           O            06/01/15
    0

    3442928          E22/G02             F          256,000.00         ZZ
                                         180        254,022.81          1
    13431 SW 36 STREET                 9.375          2,653.94         80
                                       9.125          2,653.94      320,000.00
    MIAMI            FL   33175          1            05/15/00         00
    0411946312                           05           07/01/00          0
    0411946312                           O            06/01/15
    0

    3465889          E22/G02             F          391,200.00         ZZ
                                         180        387,933.07          1
    7733 YAUPON DRIVE                  8.500          3,852.30         80
                                       8.250          3,852.30      489,000.00
    AUSTIN           TX   78759          1            05/23/00         00
    0411976426                           05           07/01/00          0
    0411976426                           O            06/01/15
    0
1

    3475060          637/G02             F          260,600.00         ZZ
                                         180        258,587.29          1
    1192 LONGMEADOW LANE               9.375          2,701.63         75
                                       9.125          2,701.63      349,500.00
    YARDLEY          PA   19067          2            05/10/00         00
    0432050359                           05           07/01/00          0
    0014560247                           O            06/01/15
    0

    3476813          286/286             F          280,000.00         ZZ
                                         180        276,801.60          1
    95 LONG HILL RD                    8.250          2,716.40         75
                                       8.000          2,716.40      375,000.00
    GILLETTE         NJ   07933          5            04/12/00         00
    0000003388                           05           06/01/00          0
    0000003388                           O            05/01/15
    0

    3500437          F28/G02             F          304,000.00         ZZ
                                         180        286,212.13          1
    48 PINE HILL DRIVE                 7.250          2,775.10         80
                                       7.000          2,775.10      380,000.00
    WALPOLE          MA   02081          5            02/03/99         00
    0432105609                           05           04/01/99          0
    4582518                              O            03/01/14
    0

    3500440          F28/G02             F          296,000.00         ZZ
                                         180        280,852.91          1
    5413 S POINTER COURT               7.375          2,722.98         80
                                       7.125          2,722.98      370,000.00
    BATON ROUGE      LA   70808          5            04/12/99         00
    0432105641                           03           06/01/99          0
    4718601                              O            05/01/14
    0

    3500442          F28/G02             F          295,000.00         ZZ
                                         180        281,430.76          1
    310 N OAK ST                       7.875          2,797.93         70
                                       7.625          2,797.93      425,000.00
    MOUNT PROSPECT   IL   60056          5            05/14/99         00
    0432105674                           05           07/01/99          0
    4813972                              O            06/01/14
    0

    3500445          F28/G02             F          363,000.00         T
                                         180        346,680.87          1
1

    480 DULTON DISTRICT RD             7.250          3,313.69         80
                                       7.000          3,313.69      453,750.00
    SPRINGFIELD      VT   05156          1            06/04/99         00
    0432105708                           05           08/01/99          0
    4838583                              O            07/01/14
    0

    3500458          F28/G02             F          487,200.00         ZZ
                                         180        481,874.87          1
    3761 EAST RIVER ROAD               8.750          4,869.31         80
                                       8.500          4,869.31      609,000.00
    TUCSON           AZ   85718          1            04/13/00         00
    0432105856                           05           06/01/00          0
    5573880                              O            05/01/15
    0

    3502130          F18/G02             F          312,000.00         ZZ
                                         180        310,170.68          1
    1341 MOKELUMNE DRIVE               7.875          2,959.17         80
                                       7.625          2,959.17      390,000.00
    ANTIOCH          CA   94509          2            06/01/00         00
    0432072155                           05           08/01/00          0
    R02629                               O            07/01/15
    0

    3525780          601/G02             F          286,200.00         ZZ
                                         180        283,702.19          1
    506 1ST ST S                       8.000          2,735.08         90
                                       7.750          2,735.08      318,000.00
    JACKSONVILLE BE  FL   32250          1            05/30/00         11
    0432091080                           05           07/01/00         12
    60157765                             O            06/01/15
    0

    3536019          S48/S48             F          400,000.00         ZZ
                                         180        395,329.78          1
    5210 CEDAR BEND CREEK              8.000          3,822.61         77
                                       7.750          3,822.61      525,000.00
    HOUSTON          TX   77041          1            04/19/00         00
    28526721                             03           06/01/00          0
    28526721                             O            05/01/15
    0

    3536020          S48/S48             F          385,000.00         ZZ
                                         180        380,455.57          1
    131 LINCOLN DRIVE                  7.875          3,651.53         74
                                       7.625          3,651.53      525,000.00
    SAUSALITO        CA   94965          5            04/21/00         00
    28536415                             03           06/01/00          0
1

    28536415                             O            05/01/15
    0

    3536022          S48/S48             F          281,200.00         ZZ
                                         180        277,258.27          1
    15146 ARABIAN WAY                  8.500          2,769.09         78
                                       8.250          2,769.09      365,000.00
    MONTVERDE        FL   34756          5            03/09/00         00
    6108647246                           05           05/01/00          0
    6108647246                           O            04/01/15
    0

    3536023          S48/S48             F          282,000.00         ZZ
                                         180        279,644.99          1
    22626 PACIFIC COAST HWY 19         8.500          2,776.97         54
                                       8.250          2,776.97      530,000.00
    MALIBU           CA   90265          1            05/30/00         00
    6135932504                           01           07/01/00          0
    6135932504                           N            06/01/15
    0

    3536024          S48/S48             F          288,500.00         ZZ
                                         180        285,276.19          1
    8236 NORTH ARMSTRONG AVENUE        8.500          2,840.98         79
                                       8.250          2,840.98      366,000.00
    CLOVIS           CA   93611          2            04/24/00         00
    6167957437                           05           06/01/00          0
    6167957437                           O            05/01/15
    0

    3536025          S48/S48             F          337,500.00         T
                                         180        334,518.20          1
    5 SEATUCK LANE                     8.375          3,298.82         54
                                       8.125          3,298.82      625,000.00
    REMSENBURG       NY   11960          1            05/15/00         00
    6221690701                           05           07/01/00          0
    6221690701                           O            06/01/15
    0

    3536027          S48/S48             F          280,000.00         ZZ
                                         180        277,788.34          1
    5415 MALLARD LANE                  9.125          2,860.81         77
                                       8.875          2,860.81      366,365.00
    HOFFMAN ESTATES  IL   60194          1            05/30/00         00
    6296538488                           05           07/01/00          0
    6296538488                           O            06/01/15
    0

1

    3536029          S48/S48             F          340,000.00         ZZ
                                         180        325,958.19          1
    933 HARDEE ROAD                    8.375          3,323.25         63
                                       8.125          3,323.25      540,000.00
    CORAL GABLE      FL   33146          1            05/03/00         00
    6529362714                           05           07/01/00          0
    6529362714                           O            06/01/15
    0

    3544364          943/943             F          560,000.00         ZZ
                                         180        553,317.68          1
    15 PASTORAL POND                   7.750          5,271.15         75
                                       7.500          5,271.15      754,000.00
    THE WOODLANDS    TX   77380          1            05/01/00         00
    2000004862                           03           06/01/00          0
    2000004862                           O            05/01/15
    0

    3544365          943/943             F          296,900.00         ZZ
                                         180        294,420.54          1
    18 TIMBERLINE ROAD                 8.500          2,923.70         56
                                       8.250          2,923.70      535,000.00
    MILLWOOD         NY   10546          2            05/03/00         00
    2000004914                           05           07/01/00          0
    2000004914                           N            06/01/15
    0

    3548661          074/074             F          280,000.00         ZZ
                                         180        277,738.37          1
    27843 AMBERWOOD LANE               8.875          2,819.16         79
                                       8.625          2,819.16      355,000.00
    VALENCIA         CA   91354          2            05/18/00         00
    1233083484                           03           07/01/00          0
    1233083484                           O            06/01/15
    0

    3548667          074/074             F          325,000.00         ZZ
                                         180        322,916.89          1
    1 POND PATH                        8.125          3,129.37         78
                                       7.875          3,129.37      420,000.00
    SMITHTOWN        NY   11787          1            06/07/00         00
    1106326989                           05           08/01/00          0
    1106326989                           O            07/01/15
    0

    3552446          074/G02             F          400,000.00         ZZ
                                         180        396,509.00          1
    2483 VIA DEL AGUACATE              8.000          3,822.61         69
                                       7.750          3,822.61      586,000.00
1

    FALLBROOK        CA   92028          1            05/22/00         00
    0432128346                           05           07/01/00          0
    1526052238                           O            06/01/15
    0

    3552447          074/G02             F          412,000.00         ZZ
                                         180        409,663.03          1
    302 BELVIDERE DRIVE                8.250          3,996.98         80
                                       8.000          3,996.98      515,000.00
    SAN ANTONIO      TX   78212          1            06/16/00         00
    0432128361                           05           08/01/00          0
    1526051075                           O            07/01/15
    0

    3552448          074/G02             F          650,000.00         ZZ
                                         180        644,201.59          1
    621 POINSETTIA AVEN                7.750          6,118.29         76
                                       7.500          6,118.29      859,000.00
    NEWPORT BEACH    CA   92625          1            05/17/00         00
    0432128387                           05           07/01/00          0
    1236024335                           O            06/01/15
    0

    3552451          074/074             F          400,000.00         ZZ
                                         180        397,780.91          1
    25 OAK POINT DRIVE                 8.500          3,938.96         49
                                       8.250          3,938.96      825,000.00
    BAYVILLE         NY   11709          1            06/02/00         00
    1111367330                           05           08/01/00          0
    1111367330                           O            07/01/15
    0

    3610914          E22/G02             F          650,000.00         ZZ
                                         180        648,301.56          1
    5182 HUCKLEBERRY CIRCLE            9.125          6,641.15         55
                                       8.875          6,641.15    1,200,000.00
    HOUSTON          TX   77056          5            07/11/00         00
    0412038069                           05           09/01/00          0
    0412038069                           O            08/01/15
    0

    3615480          G75/G75             F          304,400.00         ZZ
                                         180        299,719.97          1
    8281 WATERFORD MILL COURT          8.625          3,019.90         80
                                       8.375          3,019.90      380,985.00
    PASADENA         MD   21122          1            06/30/00         00
    04054057                             05           08/01/00          0
    04054057                             O            07/01/15
    0
1

    3615482          G75/G75             F          345,600.00         T
                                         180        340,594.02          1
    525 VANDERBILT AVENUE              8.125          3,327.73         80
                                       7.875          3,327.73      432,000.00
    VIRGINIA BEACH   VA   23451          1            05/17/00         00
    04058358                             05           07/01/00          0
    04058358                             O            06/01/15
    0

    3615483          G75/G75             F          350,000.00         ZZ
                                         180        343,694.64          1
    229 VICTORY ROAD                   7.750          3,294.47         63
                                       7.500          3,294.47      555,905.00
    NORTH QUINCY     MA   02171          1            03/02/00         00
    04037253                             01           04/01/00          0
    04037253                             O            03/01/15
    0

    3622289          957/G02             F          357,000.00         ZZ
                                         180        356,013.22          1
    4709 BLUFF VIEW BOULEVARD          8.500          3,515.53         21
                                       8.250          3,515.53    1,700,000.00
    DALLAS           TX   75209          2            07/10/00         00
    0432151298                           05           09/01/00          0
    409269                               O            08/01/15
    0

    3631514          815/G02             F          548,000.00         ZZ
                                         180        541,808.69          1
    303 EAST 43RD STREET   NO 8B       8.375          5,356.30         80
                                       8.125          5,356.30      685,000.00
    NEW YORK         NY   10017          1            04/05/00         00
    0432168474                           06           06/01/00          0
    312747                               O            05/01/15
    0

    3644146          S48/S48             F          310,000.00         ZZ
                                         180        306,686.04          1
    8621  HILLCREST ROAD               9.000          3,144.23         47
                                       8.750          3,144.23      665,000.00
    BUENA PARK       CA   90621          1            05/16/00         00
    28706240                             05           07/01/00          0
    28706240                             O            06/01/15
    0

    3654537          461/461             F          328,000.00         ZZ
                                         180        325,350.65          1
1

    27245 HUNTWOOD AVENUE              8.875          3,302.45         80
                                       8.625          3,302.45      410,000.00
    HAYWARD          CA   94544          1            04/27/00         00
    9023380520                           05           07/01/00          0
    9023380520                           O            06/01/15
    0

    3669811          461/461             F          312,500.00         ZZ
                                         180        311,655.37          1
    48 LONGRIDGE ROAD                  8.750          3,123.28         75
                                       8.500          3,123.28      420,000.00
    ORINDA           CA   94563          2            07/10/00         00
    9023448889                           05           09/01/00          0
    9023448889                           O            08/01/15
    0

    3694931          623/623             F          312,350.00         ZZ
                                         180        310,617.16          1
    373 S REDWOOD AVE                  8.500          3,075.84         75
                                       8.250          3,075.84      416,500.00
    SAN JOSE         CA   95128          1            06/19/00         00
    1937165                              05           08/01/00          0
    1937165                              N            07/01/15
    0

    3701856          E22/G02             F          301,000.00         ZZ
                                         180        301,000.00          1
    426 N. HIGHWAY 377                 8.375          2,942.05         70
                                       8.125          2,942.05      430,000.00
    AUBREY           TX   76227          2            08/10/00         00
    0412042509                           05           10/01/00          0
    0412042509                           O            09/01/15
    0

    3706647          S48/S48             F          308,000.00         ZZ
                                         180        306,252.96          1
    1464 BELL MANOR DRIVE              8.250          2,988.03         80
                                       8.000          2,988.03      385,000.00
    GERMANTOWN       TN   38138          1            06/15/00         00
    28714962                             03           08/01/00          0
    28714962                             O            07/01/15
    0

    3706648          S48/S48             F          296,000.00         ZZ
                                         180        295,208.91          1
    8618  GREAT COVE DR                8.875          2,980.26         80
                                       8.625          2,980.26      370,000.00
    ORLANDO          FL   32819          1            08/01/00         00
    6433477350                           05           09/01/00          0
1

    6433477350                           O            08/01/15
    0

    3716580          526/526             F          290,400.00         ZZ
                                         180        288,824.48          1
    6701  NORTH SCOTTSDAL              8.750          2,902.40         80
                                       8.500          2,902.40      363,000.00
    SCOTTSDALE       AZ   85250          1            06/27/00         00
    0410017                              07           08/01/00          0
    0410017                              O            07/01/15
    0

    3736052          E22/G02             F          292,100.00         ZZ
                                         180        292,100.00          1
    2625 MARINA POINT LANE             8.500          2,876.42         70
                                       8.250          2,876.42      417,325.00
    ELK GROVE        CA   95758          1            08/23/00         00
    0411937766                           03           10/01/00          0
    0411937766                           O            09/01/15
    0

    3747078          076/076             F          382,500.00         ZZ
                                         180        381,454.51          1
    4 CAYUGA LA                        8.625          3,794.71         85
                                       8.375          3,794.71      455,000.00
    IRVINGTON        NY   10533          5            07/25/00         10
    0125919                              05           09/01/00         12
    0125919                              O            08/01/15
    0

    3748263          286/286             F          355,000.00         ZZ
                                         180        355,000.00          1
    7 DEEP RUN CT                      7.750          3,341.53         59
                                       7.500          3,341.53      610,000.00
    COCKEYSVILLE     MD   21030          1            08/18/00         00
    0000122875                           05           10/01/00          0
    0000122875                           O            09/01/15
    0

    3759132          461/461             F          395,400.00         ZZ
                                         180        395,400.00          1
    4113 ASHBROOK CIRCLE               8.625          3,922.69         60
                                       8.375          3,922.69      659,000.00
    SAN JOSE         CA   95124          2            08/30/00         00
    9023490972                           05           10/01/00          0
    9023490972                           O            09/01/15
    0

1

    3775785          601/G02             F          308,000.00         ZZ
                                         180        308,000.00          1
    145 SPRING VALLEY DRIVE            8.875          3,101.08         80
                                       8.625          3,101.08      385,000.00
    BLOOMINGTON      MN   55420          5            08/25/00         00
    0432262368                           05           10/01/00          0
    60239449                             O            09/01/15
    0

   TOTAL NUMBER OF LOANS   :        118

   TOTAL ORIGINAL BALANCE  :    44,283,192.27

   TOTAL PRINCIPAL BALANCE :    43,357,556.04

   TOTAL ORIGINAL P+I      :       429,663.80

   TOTAL CURRENT P+I       :       429,663.80

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                   Exhibit TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate  Discount FractionPO Balance
1986020 "$126,367.94 "  0.0572  0.237333333     "$29,991.32 "
1994320 "$325,172.90 "  0.06345 0.154   "$50,076.63 "
3060551 "$41,918.68 "   0.06345 0.154   "$6,455.48 "
1974113 "$241,635.72 "  0.0647  0.137333333     "$33,184.64 "
1974105 "$82,010.85 "   0.0647  0.137333333     "$11,262.82 "
1523762 "$81,726.19 "   0.0647  0.137333333     "$11,223.73 "
1974009 "$70,756.67 "   0.06595 0.120666667     "$8,537.97 "
1974045 "$33,497.88 "   0.06595 0.120666667     "$4,042.08 "
1895701 "$180,347.13 "  0.06845 0.087333333     "$15,750.32 "
3218536 "$476,037.07 "  0.06845 0.087333333     "$41,573.90 "
2906862 "$33,291.52 "   0.06845 0.087333333     "$2,907.46 "
3068810 "$51,326.94 "   0.06845 0.087333333     "$4,482.55 "
3696130 "$80,826.37 "   0.06845 0.087333333     "$7,058.84 "
3194586 "$484,969.56 "  0.06845 0.087333333     "$42,354.01 "
1698979 "$65,270.85 "   0.06845 0.087333333     "$5,700.32 "
3500445 "$346,680.87 "  0.0697  0.070666667     "$24,498.78 "
3500443 "$131,433.84 "  0.0697  0.070666667     "$9,287.99 "
1698980 "$53,706.11 "   0.0697  0.070666667     "$3,795.23 "
1914289 "$118,960.56 "  0.0697  0.070666667     "$8,406.55 "
3500437 "$286,212.13 "  0.0697  0.070666667     "$20,225.66 "
1986573 "$414,822.75 "  0.07095 0.054   "$22,400.43 "
3294992 "$79,953.33 "   0.07095 0.054   "$4,317.48 "
3500440 "$280,852.91 "  0.07095 0.054   "$15,166.06 "
3694969 "$60,963.38 "   0.07095 0.054   "$3,292.02 "
3194592 "$400,751.42 "  0.0722  0.037333333     "$14,961.39 "
1995183 "$148,862.31 "  0.0722  0.037333333     "$5,557.53 "
1986097 "$82,877.61 "   0.0722  0.037333333     "$3,094.10 "
3294948 "$136,997.34 "  0.0722  0.037333333     "$5,114.57 "
3294981 "$67,496.32 "   0.0722  0.037333333     "$2,519.86 "
1986084 "$91,318.81 "   0.0722  0.037333333     "$3,409.24 "
1986083 "$136,343.53 "  0.0722  0.037333333     "$5,090.16 "
3364512 "$311,017.96 "  0.0722  0.037333333     "$11,611.34 "
3364518 "$391,383.42 "  0.0722  0.037333333     "$14,611.65 "
1973994 "$85,039.51 "   0.0722  0.037333333     "$3,174.81 "
1818583 "$50,516.15 "   0.0722  0.037333333     "$1,885.94 "
1974102 "$26,443.91 "   0.0722  0.037333333     $987.24
3441189 "$164,766.35 "  0.0722  0.037333333     "$6,151.28 "
1974015 "$80,699.60 "   0.0722  0.037333333     "$3,012.79 "
1973278 "$372,823.91 "  0.0722  0.037333333     "$13,918.76 "
1872839 "$41,935.05 "   0.0722  0.037333333     "$1,565.58 "
3429347 "$67,287.66 "   0.07345 0.020666667     "$1,390.61 "
1973986 "$152,082.22 "  0.07345 0.020666667     "$3,143.03 "
3294895 "$77,373.45 "   0.07345 0.020666667     "$1,599.05 "
3294905 "$335,878.18 "  0.07345 0.020666667     "$6,941.48 "
3294946 "$133,370.19 "  0.07345 0.020666667     "$2,756.32 "
3294950 "$74,113.23 "   0.07345 0.020666667     "$1,531.67 "
3241096 "$177,953.26 "  0.07345 0.020666667     "$3,677.70 "
3500439 "$66,488.94 "   0.07345 0.020666667     "$1,374.10 "
1974040 "$46,135.95 "   0.07345 0.020666667     $953.48
1986098 "$40,506.13 "   0.07345 0.020666667     $837.13
1978360 "$395,914.56 "  0.07345 0.020666667     "$8,182.23 "
1982841 "$66,243.51 "   0.07345 0.020666667     "$1,369.03 "
2985361 "$304,964.16 "  0.07345 0.020666667     "$6,302.59 "
3748263 "$355,000.00 "  0.0747  0.004   "$1,420.00 "
3194590 "$332,118.91 "  0.0747  0.004   "$1,328.48 "
3615483 "$343,694.64 "  0.0747  0.004   "$1,374.78 "
3267789 "$248,245.71 "  0.0747  0.004   $992.98
3552448 "$644,201.59 "  0.0747  0.004   "$2,576.81 "
3544364 "$553,317.68 "  0.0747  0.004   "$2,213.27 "
3515048 "$133,481.43 "  0.0747  0.004   $533.93
3500441 "$40,767.32 "   0.0747  0.004   $163.07
3372314 "$469,878.74 "  0.0747  0.004   "$1,879.52 "
3372320 "$685,239.79 "  0.0747  0.004   "$2,740.96 "
3385944 "$306,198.11 "  0.0747  0.004   "$1,224.79 "
3398912 "$108,353.97 "  0.0747  0.004   $433.42
1973916 "$428,734.54 "  0.0747  0.004   "$1,714.94 "
3198416 "$47,699.22 "   0.0747  0.004   $190.80

        "$13,373,258.44 "                       "$541,504.63 "

                                4.04915995%

<PAGE>

                                  Exhibit THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i)     (a) the amount of such  distribution to the  Certificateholders  of such
        Class applied to reduce the Certificate  Principal Balance thereof,  and
        (b)  the  aggregate  amount  included  therein  representing   Principal
        Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
     allocable to interest;

(iii)   if the distribution to the Holders of such Class of Certificates is less
        than the full  amount  that would be  distributable  to such  Holders if
        there  were  sufficient  funds  available  therefor,  the  amount of the
        shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v)  the number and Pool Stated  Principal  Balance of the Mortgage  Loans after
     giving effect to the distribution of principal on such Distribution Date;

(vi)    the   aggregate   Certificate   Principal   Balance  of  each  Class  of
        Certificates,  and each of the  related  Class CB  Percentage,  Class NB
        Percentage and Subordinate Class Percentage,  after giving effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

(vii)the  related  Subordinate  Principal  Distribution  Amount  and  Prepayment
     Distribution Percentage, if applicable;

(viii)  on  the  basis  of  the  most  recent   reports   furnished   to  it  by
        Sub-Servicers,  the number and aggregate  principal balances of Mortgage
        Loans that are  Delinquent  (A) 30-59 days, (B) 60-89 days and (C) 90 or
        more days and the number and  aggregate  principal  balance of  Mortgage
        Loans that are in foreclosure;

(ix) the  number,  aggregate  principal  balance  and  book  value  of  any  REO
     Properties;

(x)     the aggregate Accrued Certificate Interest remaining unpaid, if any, for
        each Class of Certificates, after giving effect to the distribution made
        on such Distribution Date;

(xi)    the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of
        the close of business on such Distribution Date and a description of any
        change in the calculation of such amounts;

(xii)   the weighted average Pool Strip Rate for such  Distribution Date and the
        Pass-Through Rate with respect to the Class A-V Certificates;

(xiii) the  Notional  Amount  with  respect  to  each  class  of  Interest  Only
     Certificates;

<PAGE>

(xiv)   the occurrence of the Credit Support Depletion Date;

(xv) the related Senior Accelerated  Distribution  Percentage applicable to such
     distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  the aggregate amount of Realized Losses for such Distribution Date;

(xviii) the aggregate  amount of any recoveries on previously  foreclosed  loans
        from Sellers due to a breach of a representation or warranty assigned to
        the Trustee pursuant to Section 2.04;

(xix)   the weighted  average  remaining  term to maturity of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date;

(xx)    the weighted  average  Mortgage Rates of the Mortgage Loans after giving
        effect to the amounts distributed on such Distribution Date; and

(xxi)   if any of the Class M  Certificates  are held by a Depository,  a legend
        substantially  in  the  form  of  Exhibit  H-3 to  the  Standard  Terms,
        referencing such Certificates.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

<PAGE>

                               Exhibit FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                     AGREEMENT DATED AS OF SEPTEMBER 1, 2000

===============================================================================

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                          Dated as of September 1, 2000

                        Residential Accredit Loans, Inc.
                 Mortgage Asset-Backed Pass-Through Certificates

===============================================================================

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            Page

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01.   Definitions.........................................................2

        Section 1.02.   Use of Words and Phrases...........................................30

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........31

        Section 2.01.   Conveyance of Mortgage Loans.......................................31

        Section 2.02.   Acceptance by Trustee..............................................37

        Section 2.03.   Representations, Warranties and Covenants of the Master
               Servicer and the Company....................................................38

        Section 2.04.   Representations and Warranties of Sellers..........................40

        Section 2.05.   Execution and Authentication of Certificates/Issuance of
               Certificates Evidencing Interests in REMIC I Certificates...................42

        Section 2.06.   [Conveyance of Uncertificated REMIC I and REMIC II Regular
               Interests; Acceptance by the Trustee........................................42

        Section 2.07.   Issuance of Certificates Evidencing Interests in REMIC II..........42

        Section 2.08.   Negative Covenants of the Trust Fund...............................42

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................43

        Section 3.01.   Master Servicer to Act as Servicer.................................43

        Section 3.02.   Subservicing Agreements Between Master Servicer and
               Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........44

        Section 3.03.   Successor Subservicers.............................................45

        Section 3.04.   Liability of the Master Servicer...................................46

        Section 3.05.   No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................46

        Section 3.06.   Assumption or Termination of Subservicing Agreements by Trustee....46

        Section 3.07.   Collection of Certain Mortgage Loan Payments;  Deposits to
               Custodial Account...........................................................47

        Section 3.08.   Subservicing Accounts; Servicing Accounts..........................49

        Section 3.09.   Access to Certain Documentation and  Information Regarding the
               Mortgage Loans..............................................................50

        Section 3.10.   Permitted Withdrawals from the Custodial Account...................51

<PAGE>

        Section 3.11.   Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................52

        Section 3.12.   Maintenance of Fire Insurance and  Omissions and Fidelity
               Coverage 53

        Section 3.13.   Enforcement of Due-on-Sale Clauses; Assumption and
               Modification Agreements; Certain Assignments................................55

        Section 3.14.   Realization Upon Defaulted Mortgage Loans..........................57

        Section 3.15.   Trustee to Cooperate; Release of Mortgage Files....................60

        Section 3.16.   Servicing and Other Compensation; Compensating Interest............61

        Section 3.17.   Reports to the Trustee and the Company.............................62

        Section 3.18.   Annual Statement as to Compliance..................................63

        Section 3.19.   Annual Independent Public Accountants' Servicing Report............63

        Section 3.20.   Rights of the Company in Respect of the Master Servicer............64

        Section 3.21.   Administration of Buydown Funds....................................64

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................66

        Section 4.01.   Certificate Account................................................66

        Section 4.02.   Distributions......................................................66

        Section 4.03.   Statements to Certificateholders...................................66

        Section 4.04.   Distribution of Reports to the Trustee and  the Company;
               Advances by the Master Servicer.............................................67

        Section 4.05.   Allocation of Realized Losses......................................69

        Section 4.06.   Reports of Foreclosures and Abandonment of Mortgaged Property......69

        Section 4.07.   Optional Purchase of Defaulted Mortgage Loans......................69

        Section 4.08.   Surety Bond........................................................69

Article V         THE CERTIFICATES.........................................................71

        Section 5.01.   The Certificates...................................................71

        Section 5.02.   Registration of Transfer and Exchange of Certificates..............73

        Section 5.03.   Mutilated, Destroyed, Lost or Stolen Certificates..................78

        Section 5.04.   Persons Deemed Owners..............................................79

        Section 5.05.   Appointment of Paying Agent........................................79

<PAGE>

        Section 5.06.   Optional Purchase of Certificates..................................79

Article VI        THE COMPANY AND THE MASTER SERVICER......................................82

        Section 6.01.   Respective Liabilities of the Company and the Master Servicer......82

        Section 6.02.   Merger or Consolidation of the Company or the Master Servicer;
               Assignment of Rights and Delegation of Duties by Master Servicer............82

        Section 6.03.   Limitation on Liability of the Company,  the Master Servicer
               and Others..................................................................83

        Section 6.04.   Company and Master Servicer Not to Resign..........................84

Article VII       DEFAULT..................................................................85

        Section 7.01.   Events of Default..................................................85

        Section 7.02.   Trustee or Company to Act; Appointment of Successor................87

        Section 7.03.   Notification to Certificateholders.................................88

        Section 7.04.   Waiver of Events of Default........................................88

Article VIII      CONCERNING THE TRUSTEE...................................................89

        Section 8.01.   Duties of Trustee..................................................89

        Section 8.02.   Certain Matters Affecting the Trustee..............................90

        Section 8.03.   Trustee Not Liable for Certificates or Mortgage Loans..............92

        Section 8.04.   Trustee May Own Certificates.......................................92

        Section 8.05.   Master Servicer to Pay Trustee's Fees  and Expenses;
               Indemnification.............................................................92

        Section 8.06.   Eligibility Requirements for Trustee...............................93

        Section 8.07.   Resignation and Removal of the Trustee.............................93

        Section 8.08.   Successor Trustee..................................................94

        Section 8.09.   Merger or Consolidation of Trustee.................................95

        Section 8.10.   Appointment of Co-Trustee or Separate Trustee......................95

        Section 8.11.   Appointment of Custodians..........................................96

        Section 8.12.   Appointment of Office or Agency....................................96

Article IX        TERMINATION..............................................................98

        Section 9.01.   Termination Upon Purchase by the Master Servicer  or the
               Company or Liquidation of All Mortgage Loans................................98

<PAGE>

        Section 9.02.   Additional Termination Requirements...............................100

        Section 9.03.   Termination of Multiple REMICs....................................101

Article X         REMIC PROVISIONS........................................................102

        Section 10.01.  REMIC Administration..............................................102

        Section 10.02.  Master Servicer, REMIC Administrator and Trustee
               Indemnification............................................................105

        Section 10.03.  Designation of REMIC(s)...........................................106

Article XI        MISCELLANEOUS PROVISIONS................................................107

        Section 11.01.  Amendment.........................................................107

        Section 11.02.  Recordation of Agreement; Counterparts............................109

        Section 11.03.  Limitation on Rights of Certificateholders........................110

        Section 11.04.  Governing Law.....................................................110

        Section 11.05.  Notices...........................................................111

        Section 11.06.  Required Notices to Rating Agency and Subservicer.................111

        Section 11.07.  Severability of Provisions........................................111

        Section 11.08.  Supplemental Provisions for Resecuritization......................112

        Section 11.09.  Allocation of Voting Rights.......................................112

        Section 11.10.  No Petition.......................................................112

</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H-1:          Form of Investor Representation Letter
Exhibit H-2:          Form of ERISA Representation Letter
Exhibit H-3:          Form of ERISA Legend
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement
                        Pursuant to Section 11.01(e) for a Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of
                        Mortgage Loan Exhibit N:     Request for Exchange Form

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of September 1, 2000 (the "Standard  Terms",  and as  incorporated  by reference
into a  Series  Supplement  dated  as of the  Cut-off  Date,  the  "Pooling  and
Servicing Agreement" or "Agreement"), among RESIDENTIAL ACCREDIT LOANS, INC., as
the company (together with its permitted successors and assigns, the "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

<PAGE>

                                   Article I

                                   DEFINITIONS

Section 1.01.  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

         (ii)  the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

         (iii) the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property  and other  property of whatever  kind or  description  now existing or
hereafter  acquired  which is  pledged as  security  for the  repayment  of such
Mortgage  Loan,  (ii)  third-party  guarantees,  and (A) all money,  securities,
security entitlements,  accounts, general intangibles,  instruments,  documents,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds,  Principal Prepayments,  Mortgage Loan
purchases  made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and Mortgage Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding  month in accordance  with Section  3.07(b))
and (ii)  payments  which  represent  early  receipt of  scheduled  payments  of
principal  and  interest  due on a date or dates  subsequent  to the related Due
Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding

<PAGE>

Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the  immediately  preceding  Determination  Date of (w)
aggregate Foreclosure Profits, (x) the Amount Held for Future Distribution,  and
(y) amounts  permitted to be withdrawn by the Master Servicer from the Custodial
Account  in  respect  of  the  Mortgage  Loans  pursuant  to  clauses  (ii)-(x),
inclusive,  of Section 3.10(a).  Such amount shall be determined  separately for
each  Loan  Group.  Additionally,  with  respect  to any  Mortgage  Pool that is
comprised of two or more Loan Groups,  if on any Distribution  Date Compensating
Interest  provided  pursuant  to this  Section  3.16(e) is less than  Prepayment
Interest  Shortfalls  incurred on the Mortgage  Loans in the related  Prepayment
Period, such Compensating  Interest shall be allocated on such Distribution Date
to the Available  Distribution Amount for each Loan Group on a pro rata basis in
accordance  with  the  respective  amounts  of  Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce

<PAGE>

the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in the  Certificate  Register,  except that  neither a  Disqualified
Organization  nor a  Non-United  States  Person  shall be a holder  of a Class R
Certificate  for  purposes  hereof  and,  solely  for the  purpose of giving any
consent or direction pursuant to this Agreement,  any Certificate,  other than a
Class R Certificate,  registered in the name of the Company, the Master Servicer
or  any  Subservicer  or  any  Affiliate  thereof  shall  be  deemed  not  to be
outstanding and the Percentage Interest or Voting Rights evidenced thereby shall
not be taken  into  account  in  determining  whether  the  requisite  amount of
Percentage  Interests or Voting  Rights  necessary to effect any such consent or
direction   has  been   obtained.   All   references   herein  to  "Holders"  or
"Certificateholders"  shall reflect the rights of Certificate Owners as they may
indirectly exercise such rights through the Depository and participating members
thereof,  except as otherwise  specified  herein;  provided,  however,  that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the  Person  in  whose  name a  Certificate  is  registered  in the  Certificate
Register.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

         (ii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

         (iii) the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

<PAGE>

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full during the related  Prepayment  Period, but not more than the lesser of (a)
one-twelfth  of 0.125% of the Stated  Principal  Balance of the  Mortgage  Loans
immediately  preceding such  Distribution  Date and (b) the sum of the Servicing
Fee,  all income  and gain on  amounts  held in the  Custodial  Account  and the
Certificate Account and payable to the  Certificateholders  with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi);  provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced  pursuant to
Section  7.02  except as may be required  pursuant to the last  sentence of such
Section.

<PAGE>

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

<PAGE>

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        DCR:  Duff & Phelps Credit Rating Company, or its successor in interest.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

<PAGE>

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination  Date: With respect to any Distribution Date, the 20th day
(or if such  20th  day is not a  Business  Day,  the  Business  Day  immediately
following such 20th day) of the month of the related Distribution Date.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
FHLMC, a majority of its board of directors is not selected by such governmental
unit), (ii) a foreign government, any international organization,  or any agency
or instrumentality of any of the foregoing,  (iii) any organization  (other than
certain  farmers'  cooperatives  described  in Section 521 of the Code) which is
exempt from the tax imposed by Chapter 1 of the Code  (including the tax imposed
by Section 511 of the Code on unrelated  business  taxable  income),  (iv) rural
electric and telephone  cooperatives  described in Section  1381(a)(2)(C) of the
Code, (v) any "electing large  partnership," as defined in Section 775(a) of the
Code and (vi) any other  Person  so  designated  by the  Trustee  based  upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

<PAGE>

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of

<PAGE>

Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

1.   by any  government  or  sovereign  power,  de jure or de  facto,  or by any
     authority maintaining or using military, naval or air forces; or

2.      by military, naval or air forces; or

3.      by an agent of any such government, power, authority or forces;

(d)  any weapon of war employing atomic fission or radioactive  force whether in
     time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

<PAGE>

        FHLMC:   Federal   Home   Loan   Mortgage   Corporation,   a   corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch IBCA:  Fitch IBCA, Inc. or its successor in interest.

        FNMA: Federal National Mortgage  Association,  a federally chartered and
privately owned  corporation  organized and existing under the Federal  National
Mortgage Association Charter Act, or any successor thereto.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

<PAGE>

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

<PAGE>

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

<PAGE>

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

<PAGE>

       Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

<PAGE>

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

(i)     obligations  of or guaranteed as to principal and interest by the United
        States or any agency or  instrumentality  thereof when such  obligations
        are backed by the full faith and credit of the United States;

(ii) repurchase  agreements on obligations  specified in clause (i) maturing not
     more than one month from the date of acquisition thereof, provided that the
     unsecured  obligations of the party agreeing to repurchase such obligations
     are at the time  rated by each  Rating  Agency  in its  highest  short-term
     rating available;

(iii)federal funds,  certificates of deposit, demand deposits, time deposits and
     bankers'  acceptances  (which  shall each have an original  maturity of not
     more than 90 days and,  in the case of  bankers'  acceptances,  shall in no
     event  have an  original  maturity  of more  than 365  days or a  remaining
     maturity of more than 30 days)  denominated in United States dollars of any
     U.S. depository institution or trust company incorporated under the laws of
     the  United  States or any state  thereof  or of any  domestic  branch of a
     foreign  depository  institution or trust  company;  provided that the debt
     obligations  of such  depository  institution  or trust company (or, if the
     only  Rating  Agency is  Standard  & Poor's,  in the case of the  principal
     depository  institution in a depository  institution holding company,  debt
     obligations of the depository  institution  holding company) at the date of
     acquisition  thereof  have been rated by each Rating  Agency in its highest
     short-term rating available;  and provided further that, if the only Rating
     Agency is  Standard & Poor's and if the  depository  or trust  company is a
     principal  subsidiary of a bank holding company and the debt obligations of
     such subsidiary are not separately  rated,  the applicable  rating shall be
     that of the bank  holding  company;  and,  provided  further  that,  if the
     original maturity of such short-term  obligations of a domestic branch of a
     foreign  depository  institution or trust company shall exceed 30 days, the
     short-term rating of such institution shall be A-1+ in the case of Standard
     & Poor's if Standard & Poor's is the Rating Agency;

(iv)    commercial  paper and demand notes  (having  original  maturities of not
        more than 365 days) of any  corporation  incorporated  under the laws of
        the United States or any state thereof which on the date of  acquisition
        has been rated by each Rating  Agency in its highest  short-term  rating
        available;  provided that such  commercial  paper shall have a remaining
        maturity of not more than 30 days;

<PAGE>

(v)  a money  market  fund or a qualified  investment  fund rated by each Rating
     Agency in its highest long-term rating available; and

(vi)    other  obligations  or  securities  that are  acceptable  to each Rating
        Agency as a  Permitted  Investment  hereunder  and will not  reduce  the
        rating assigned to any Class of Certificates by such Rating Agency below
        the lower of the  then-current  rating or the  rating  assigned  to such
        Certificates as of the Closing Date by such Rating Agency,  as evidenced
        in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term  debt shall mean AAA in the case of Standard & Poor's,  Fitch IBCA and
DCR and Aaa in the case of Moody's,  and references herein to the highest rating
available on unsecured  commercial paper and short-term debt  obligations  shall
mean A-1 in the case of Standard & Poor's,  P-1 in the case of  Moody's,  D-1 in
the case of DCR and  either A-1 by  Standard & Poor's,  P-1 by Moody's or F-1 by
Fitch IBCA in the case of Fitch IBCA.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or description  pledged by Combined
Collateral LLC as security in respect of any Realized  Losses in connection with
such Mortgage  Loan up to the Pledged  Amount for such  Mortgage  Loan,  and any
related  collateral,  or such other collateral as may be set forth in the Series
Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

<PAGE>

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the subject of (a) a Principal  Prepayment in Full during the related Prepayment
Period,  an  amount  equal to the  excess  of one  month's  interest  at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified  Mortgage
Loan) on the Stated  Principal  Balance of such Mortgage Loan over the amount of
interest  (adjusted to the Net Mortgage  Rate (or Modified Net Mortgage  Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment
Period to the date of such  Principal  Prepayment  in Full or (b) a  Curtailment
during the prior calendar month, an amount equal to one month's  interest at the
Net  Mortgage  Rate (or  Modified  Net  Mortgage  Rate in the case of a Modified
Mortgage Loan) on the amount of such Curtailment.

     Prepayment  Period:  As  to  any  Distribution  Date,  the  calendar  month
preceding the month of distribution.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan.

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

<PAGE>

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

<PAGE>

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

     (a)  as to which a Cash  Liquidation or REO  Disposition  has occurred,  an
          amount (not less than zero) equal to (i) the Stated Principal  Balance
          of the  Mortgage  Loan  (or  REO  Property)  as of the  date  of  Cash
          Liquidation  or REO  Disposition,  plus (ii) interest (and REO Imputed
          Interest,  if any) at the Net  Mortgage  Rate  from the Due Date as to
          which interest was last paid or advanced to  Certificateholders  up to
          the Due Date in the Due  Period  related to the  Distribution  Date on
          which such Realized Loss will be allocated pursuant to Section 4.05 on
          the Stated  Principal  Balance of such Mortgage Loan (or REO Property)
          outstanding  during each Due Period that such interest was not paid or
          advanced,  minus (iii) the proceeds, if any, received during the month
          in which such Cash Liquidation (or REO Disposition)  occurred,  to the
          extent  applied as recoveries of interest at the Net Mortgage Rate and
          to  principal  of  the  Mortgage  Loan,  net of  the  portion  thereof
          reimbursable to the Master Servicer or any Subservicer with respect to
          related  Advances  or  expenses  as to which the  Master  Servicer  or
          Subservicer is entitled to reimbursement thereunder but which have not
          been previously reimbursed,

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

<PAGE>

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

<PAGE>

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

<PAGE>

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage: As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

<PAGE>

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

<PAGE>

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

(i)  the Mortgage Loans and the related  Mortgage Files and collateral  securing
     such Mortgage Loans,

(ii)    all payments on and  collections  in respect of the  Mortgage  Loans due
        after the Cut-off Date as shall be on deposit in the  Custodial  Account
        or in the  Certificate  Account and identified as belonging to the Trust
        Fund,   including  the  proceeds  from  the  liquidation  of  Additional
        Collateral for any Additional  Collateral Loan or Pledged Assets for any
        Pledged Asset Loan, but not including  amounts on deposit in the Initial
        Monthly Payment Fund,

(iii)   property that secured a Mortgage Loan and that has been acquired for the
        benefit  of the  Certificateholders  by  foreclosure  or deed in lieu of
        foreclosure,

(iv)    the hazard insurance  policies and Primary Insurance  Policies,  if any,
        the Pledged  Assets with  respect to each  Pledged  Asset Loan,  and the
        interest  in the Surety  Bond  transferred  to the  Trustee  pursuant to
        Section 2.01, and

(v)     all proceeds of clauses (i) through (iv) above.

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

<PAGE>

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," `hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definition  set forth herein  include both the singular and the
plural.

<PAGE>

                                   Article II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.

(a) The Company,  concurrently  with the  execution  and delivery  hereof,  does
hereby assign to the Trustee without recourse all the right,  title and interest
of the  Company  in and  to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

(b) In connection with such  assignment,  except as set forth in Section 2.01(c)
and subject to Section  2.01(d)  below,  the Company does hereby deliver to, and
deposit with, the Trustee,  or to and with one or more  Custodians,  as the duly
appointed  agent or  agents  of the  Trustee  for such  purpose,  the  following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee,  and showing an unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the  Mortgage  certified  by the  public  recording
        office in which such Mortgage has been recorded;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment  certified by
        the public recording office in which such assignment has been recorded;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment or assignments of the Mortgage  certified by the public
        recording  office in which  such  assignment  or  assignments  have been
        recorded; and

<PAGE>

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement certified
        by the public recording office in which such document has been recorded.

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv) The original  recognition  agreement by the Cooperative of the interests of
     the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     An executed UCC-1  financing  statement  showing the Master  Servicer as
        debtor,  the Company as secured party and the Trustee as assignee and an
        executed UCC-1 financing statement showing the Company as debtor and the
        Trustee  as  secured  party,  each  in a  form  sufficient  for  filing,
        evidencing the interest of such debtors in the Cooperative Loans.

<PAGE>

(c) The Company may, in lieu of  delivering  the  documents set forth in Section
2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and (x) to the
Trustee or the  Custodian or  Custodians,  deliver such  documents to the Master
Servicer, and the Master Servicer shall hold such documents in trust for the use
and benefit of all present and future  Certificateholders  until such time as is
set forth below.  Within thirty  Business Days  following the earlier of (i) the
receipt of the  original of each of the  documents or  instruments  set forth in
Section  2.01(b)(I)(iv) and (v) and Section  (b)(II)(ii),  (iv), (vii), (ix) and
(x) (or copies  thereof as permitted by such  Section) for any Mortgage Loan and
(ii) a written request by the Trustee to deliver those documents with respect to
any or all of the  Mortgage  Loans then being held by the Master  Servicer,  the
Master Servicer shall deliver a complete set of such documents to the Trustee or
the Custodian or Custodians  that are the duly appointed  agent or agents of the
Trustee.

(d) In  connection  with any Mortgage  Loan, if the Company  cannot  deliver the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy  thereof  certified  by the public  recording  office)  with
evidence of recording  thereon  concurrently  with the execution and delivery of
this  Agreement  because of (i) a delay  caused by the public  recording  office
where such Mortgage, assignment, modification, assumption agreement or preferred
loan agreement as the case may be, has been delivered for recordation, or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the  respective  Custodian a true and  correct  photocopy  of such  Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof  certified by the public  recording  office) with  evidence of recording
indicated  thereon upon receipt thereof from the public recording office or from
the related Subservicer.  In connection with its servicing of Cooperative Loans,
the  Master  Servicer  will use its best  efforts  to file  timely  continuation
statements  with regard to each financing  statement and assignment  relating to
Cooperative  Loans as to which the  related  Cooperative  Apartment  is  located
outside of the State of New York.

<PAGE>

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the  name  of  the  Trustee  within  45  days  after  the  Closing  Date,  as
contemplated by Section 2.02.

        Any of the  items  set  forth  in  Sections  2.01(b)(I)(iv)  and (v) and
(II)(vi)  and (vii) and that may be delivered as a copy rather than the original
may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  on or prior to the Closing  Date,  the MERS(R)  System to indicate
that such  Mortgage  Loans have been  assigned  by the Company to the Trustee in
accordance  with this  Agreement  for the benefit of the  Certificateholders  by
including (or deleting,  in the case of Mortgage Loans which are  repurchased in
accordance  with this  Agreement) in such computer files (a) the code "[IDENTIFY
TRUSTEE  SPECIFIC  CODE]" in the field  "[IDENTIFY  THE FIELD NAME FOR TRUSTEE]"
which  identifies the Trustee and (b) the code  "[IDENTIFY  SERIES SPECIFIC CODE
NUMBER]"  in  the  field  "Pool  Field"  which  identifies  the  series  of  the
Certificates  issued in connection with such Mortgage Loans. The Company further
agrees  that it will not,  and will not permit the Master  Servicer  to, and the
Master  Servicer  agrees that it will not,  alter the codes  referenced  in this
paragraph  with respect to any Mortgage  Loan during the term of this  Agreement
unless and until such Mortgage Loan is repurchased in accordance  with the terms
of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided  for in Section  2.01 shall be deemed to be, and hereby is, (1) a grant
by the  Company to the Trustee of a security  interest  in all of the  Company's
right (including the power to convey title thereto), title and interest, whether
now owned or  hereafter  acquired,  in and to any and all  general  intangibles,
accounts,  chattel  paper,  instruments,  documents,  money,  deposit  accounts,
certificates  of  deposit,  goods,  letters  of  credit,  advices  of credit and

<PAGE>

investment  property  and other  property of whatever  kind or  description  now
existing or hereafter acquired consisting of, arising from or relating to any of
the  following:  (A) the  Mortgage  Loans,  including  (i) with  respect to each
Cooperative Loan, the related Mortgage Note, Security  Agreement,  Assignment of
Proprietary  Lease,  Cooperative Stock  Certificate and Cooperative  Lease, (ii)
with respect to each Mortgage Loan other than a  Cooperative  Loan,  the related
Mortgage  Note and  Mortgage,  and (iii) any  insurance  policies  and all other
documents in the related  Mortgage File, (B) all amounts payable pursuant to the
Mortgage  Loans in accordance  with the terms  thereof,  (C) any  Uncertificated
REMIC  Regular  Interests and (D) all proceeds of the  conversion,  voluntary or
involuntary,  of the  foregoing  into  cash,  instruments,  securities  or other
property,  including  without  limitation  all amounts from time to time held or
invested in the  Certificate  Account or the Custodial  Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest,  whether now owned or hereafter  acquired,  in and to the property
described  in the  foregoing  clauses  (1)(A),  (B),  (C)  and  (D)  granted  by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession  by the Trustee,  the  Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
negotiable documents,  goods, letters of credit,  advices of credit,  investment
property,  certificated  securities  or  chattel  paper  shall be  deemed  to be
"possession  by the secured  party," or  possession  by a purchaser  or a person
designated  by such  secured  party,  for  purposes of  perfecting  the security
interest  pursuant  to the  Minnesota  Uniform  Commercial  Code and the Uniform
Commercial  Code  of  any  other  applicable  jurisdiction  (including,  without
limitation,  Sections 8-106, 9-305 and 9-115 thereof);  and (d) notifications to
persons holding such property,  and  acknowledgments,  receipts or confirmations
from  persons  holding  such  property,  shall be  deemed  notifications  to, or
acknowledgments,  receipts or  confirmations  from,  securities  intermediaries,
bailees or agents of, or persons holding for (as applicable) the Trustee for the
purpose of perfecting such security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential

<PAGE>

Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan with  respect to all money,  securities,  security  entitlements,
accounts, general intangibles,  instruments, documents, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever kind or  description  consisting of, arising from or related to (i) the
Assigned Contracts, (ii) all rights, powers and remedies of the Company as owner
of such  Mortgage  Loan  under or in  connection  with the  Assigned  Contracts,
whether arising under the terms of such Assigned  Contracts,  by statute, at law
or in equity,  or otherwise arising out of any default by the Mortgagor under or
in connection with the Assigned Contracts,  including all rights to exercise any
election  or  option  or to make any  decision  or  determination  or to give or
receive any notice, consent,  approval or waiver thereunder,  (iii) all security
interests  in and lien of the  Company  as owner  of such  Mortgage  Loan in the
Pledged  Amounts and all money,  securities,  security  entitlements,  accounts,
general   intangibles,   instruments,   documents,   certificates   of  deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or  other  distributions  of cash or  other  property  that is  credited  to the
Custodial  Account,  (iv)  all  documents,  books  and  records  concerning  the
foregoing  (including  all computer  programs,  tapes,  disks and related  items
containing  any such  information)  and (v) all  insurance  proceeds  (including
proceeds  from the  Federal  Deposit  Insurance  Corporation  or the  Securities
Investor  Protection  Corporation or any other insurance  company) of any of the
foregoing  or  replacements  thereof  or  substitutions  therefor,  proceeds  of
proceeds and the  conversion,  voluntary  or  involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company,  or any other person in  connection  with the Pledged
Assets or under any  agreement or  instrument  relating  thereto,  including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.

<PAGE>

Section 2.02.  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be in blank) and declares  that it, or a Custodian as its agent,  holds and will
hold such documents and the other documents  constituting a part of the Mortgage
Files  delivered  to it,  or a  Custodian  as  its  agent,  and  the  rights  of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as  supplemented,  that have been  conveyed to it. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents  referred to in Section 2.01(c) above. The Trustee or Custodian
(such Custodian being so obligated under a Custodial Agreement) agrees to review
each Mortgage File  delivered to it pursuant to Section  2.01(c)  within 45 days
after receipt  thereof to ascertain that all documents  required to be delivered
pursuant to such Section have been received,  and that such documents  relate to
the Mortgage Loans  identified on the Mortgage Loan Schedule,  as  supplemented,
that have been conveyed to it.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver

<PAGE>

such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the
Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

Section 2.03.  Representations, Warranties and Covenants
                      of the Master Servicer and the Company.

     (a) The Master Servicer  hereby  represents and warrants to the Trustee for
the benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

(ii)    The execution and delivery of this Agreement by the Master  Servicer and
        its performance and compliance with the terms of this Agreement will not
        violate the Master Servicer's  Certificate of Incorporation or Bylaws or
        constitute a material  default (or an event which,  with notice or lapse
        of time, or both, would constitute a material  default) under, or result
        in the  material  breach of, any material  contract,  agreement or other
        instrument  to which  the  Master  Servicer  is a party or which  may be
        applicable to the Master Servicer or any of its assets;

(iii)   This Agreement,  assuming due  authorization,  execution and delivery by
        the  Trustee and the  Company,  constitutes  a valid,  legal and binding
        obligation of the Master Servicer,  enforceable against it in accordance
        with the terms  hereof  subject to  applicable  bankruptcy,  insolvency,
        reorganization,  moratorium and other laws affecting the  enforcement of
        creditors'  rights  generally  and  to  general  principles  of  equity,
        regardless of whether such  enforcement is considered in a proceeding in
        equity or at law;

<PAGE>

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;

(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

<PAGE>

     (b)  Representations  and warranties relating to the Mortgage Loans are set
forth in Section 2.03(b) of the Series Supplement.

Section 2.04.  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the  Company's  right under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to

<PAGE>

reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

<PAGE>

Section  2.05.   Execution  and  Authentication  of   Certificates/Issuance   of
     Certificates Evidencing Interests in REMIC I Certificates.

               As provided in Section 2.05 of the Series Supplement.

Section  2.06.  [Conveyance  of  Uncertificated  REMIC I and  REMIC  II  Regular
     Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Negative Covenants of the Trust Fund.

               As provided in Section 2.08 of the Series Supplement.

<PAGE>

                                  Article III

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee  shall  furnish the Master  Servicer with any powers of attorney and

<PAGE>

other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such

<PAGE>

Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such  obligation  would have a material and adverse  effect on a Mortgage  Loan,
including,  without  limitation,  the  obligation to purchase a Mortgage Loan on
account of defective documentation,  as described in Section 2.02, or on account
of a breach of a representation or warranty,  as described in Section 2.04. Such
enforcement,  including,  without  limitation,  the legal prosecution of claims,
termination of Subservicing  Agreements or Seller's Agreements,  as appropriate,
and the pursuit of other appropriate remedies, shall be in such form and carried
out to such an extent and at such time as the Master  Servicer  would  employ in
its good faith  business  judgment and which are normal and usual in its general
mortgage servicing  activities.  The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such  enforcement is directed.  For purposes of clarification
only,  the parties  agree that the  foregoing  is not intended to, and does not,
limit the ability of the Master  Servicer to be reimbursed for expenses that are
incurred in connection with the enforcement of a Seller's  obligations  (insofar
as the  Company's  rights with respect to such  Seller's  obligations  have been
assigned  to the Trustee  hereunder)  and are  reimbursable  pursuant to Section
3.10(a)(viii).

Section 3.03.  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

<PAGE>

Section 3.04.  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

<PAGE>

Section 3.07.  Collection of Certain Mortgage Loan Payments;
                      Deposits to Custodial Account.

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; provided, however, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  Classes  of
Certificates affected thereby;  provided,  however, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

(b) The Master  Servicer  shall  establish  and maintain a Custodial  Account in
which the Master  Servicer  shall  deposit or cause to be  deposited  on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

<PAGE>

(i)     All payments on account of principal,  including  Principal  Prepayments
        made by Mortgagors on the Mortgage Loans and the principal  component of
        any  Subservicer  Advance or of any REO Proceeds  received in connection
        with an REO Property for which an REO Disposition has occurred;

(ii)    All payments on account of interest at the Adjusted Mortgage Rate on the
        Mortgage  Loans,  including  Buydown  Funds,  if any,  and the  interest
        component of any Subservicer  Advance or of any REO Proceeds received in
        connection  with  an REO  Property  for  which  an REO  Disposition  has
        occurred;

(iii)Insurance  Proceeds and Liquidation  Proceeds (net of any related  expenses
     of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

(v)  Any amounts required to be deposited pursuant to Section 3.07(c) or 3.21;

(vi) All  amounts  transferred  from the  Certificate  Account to the  Custodial
     Account in accordance with Section 4.02(a);

(vii)Any  amounts  realized  by the  Subservicer  and  received  by  the  Master
     Servicer in respect of any Additional Collateral; and

(viii) Any amounts received by the Master Servicer in respect of Pledged Assets.

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received

<PAGE>

(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

Section 3.08.  Subservicing Accounts; Servicing Accounts.

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer
shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

<PAGE>

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

Section 3.09.  Access to Certain Documentation and
                      Information Regarding the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the

<PAGE>

supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances or expenses made pursuant to Sections 3.01,  3.07(a),  3.08, 3.11,
     3.12(a),  3.14 and 4.04 or otherwise  reimbursable pursuant to the terms of
     this Agreement,  such withdrawal right being limited to amounts received on
     particular  Mortgage  Loans  (including,  for this  purpose,  REO Proceeds,
     Insurance Proceeds,  Liquidation Proceeds and proceeds from the purchase of
     a  Mortgage  Loan  pursuant  to Section  2.02,  2.03,  2.04 or 4.07)  which
     represent  (A) Late  Collections  of  Monthly  Payments  for which any such
     advance was made in the case of Subservicer  Advances or Advances  pursuant
     to  Section  4.04 and (B)  recoveries  of  amounts in respect of which such
     advances were made in the case of Servicing Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate
     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv)    to pay to itself as additional  servicing  compensation  any interest or
        investment  income  earned on funds and other  property  deposited in or
        credited  to the  Custodial  Account  that it is  entitled  to  withdraw
        pursuant to Section 3.07(c);

(v)  to pay to itself  as  additional  servicing  compensation  any  Foreclosure
     Profits, and any amounts remitted by Subservicers as interest in respect of
     Curtailments pursuant to Section 3.08(b);

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof

<PAGE>

        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection (c) below, any Advance made in connection with a modification
        of a Mortgage  Loan that is in default or, in the judgment of the Master
        Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
        to  the  extent  the  amount  of  the  Advance  has  been  added  to the
        outstanding  principal  balance of the  Mortgage  Loan,  or any  Advance
        reimbursable to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)  to withdraw  any amount  deposited  in the  Custodial  Account that was not
     required to be deposited therein pursuant to Section 3.07.

(b) Since, in connection with withdrawals  pursuant to clauses (ii),  (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other  recoveries on the related  Mortgage Loan, the Master  Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial  Account pursuant to
such clauses.

(c) The Master  Servicer  shall be entitled to  reimburse  itself or the related
Subservicer  for any advance made in respect of a Mortgage  Loan that the Master
Servicer  determines  to be a  Nonrecoverable  Advance  by  withdrawal  from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is

<PAGE>

available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
                      Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,

<PAGE>

the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage that would be required by FNMA or FHLMC,

<PAGE>

whichever is greater, with respect to the Master Servicer if the Master Servicer
were servicing and  administering  the Mortgage Loans for FNMA or FHLMC.  In the
event that any such bond or policy ceases to be in effect,  the Master  Servicer
shall obtain a comparable  replacement bond or policy from an issuer or insurer,
as the case may be, meeting the  requirements,  if any, of the Program Guide and
acceptable  to the Company.  Coverage of the Master  Servicer  under a policy or
bond obtained by an Affiliate of the Master  Servicer and providing the coverage
required by this Section 3.12(b) shall satisfy the  requirements of this Section
3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

(b) Subject to the Master  Servicer's duty to enforce any due-on-sale  clause to
the  extent  set  forth in  Section  3.13(a),  in any case in which a  Mortgaged
Property  is to be conveyed  to a Person by a  Mortgagor,  and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note  or  Mortgage  which  requires  the  signature  of  the  Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the

<PAGE>

transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled  to approve a request  from a  Mortgagor  for a partial  release of the
related  Mortgaged  Property,  the  granting of an easement  thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

(d) Subject to any other applicable terms and conditions of this Agreement,  the
Trustee and Master  Servicer  shall be entitled to approve an assignment in lieu
of  satisfaction  with respect to any Mortgage  Loan,  provided the obligee with
respect to such Mortgage Loan  following such proposed  assignment  provides the
Trustee and Master  Servicer  with a "Lender  Certification  for  Assignment  of
Mortgage  Loan" in the form attached  hereto as Exhibit M, in form and substance
satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)
that the substance of the assignment is, and is intended to be, a refinancing of
such  Mortgage;  (ii) that the Mortgage Loan  following the proposed  assignment
will have a rate of  interest at least 0.25  percent  below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and (iii) that
such  assignment  is at the request of the borrower  under the related  Mortgage

<PAGE>

Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master  Servicer shall receive cash in an amount equal to the
unpaid  principal  balance of and accrued interest on such Mortgage Loan and the
Master  Servicer shall treat such amount as a Principal  Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant  to  Section  3.07.  In  connection  with  such  foreclosure  or  other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing
loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

<PAGE>

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter
such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining

<PAGE>

the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property  within
three full years after the taxable year of its acquisition by the Trust Fund for
purposes of Section  860G(a)(8)  of the Code (or such  shorter  period as may be
necessary under  applicable state (including any state in which such property is
located) law to maintain the status of any portion of any REMIC formed under the
Series  Supplement  as a  REMIC  under  applicable  state  law and  avoid  taxes
resulting from such property failing to be foreclosure property under applicable
state law) or, at the  expense  of the Trust  Fund,  request,  more than 60 days
before the day on which such grace period would otherwise  expire,  an extension
of such grace period unless the Master  Servicer  (subject to Section  10.01(f))
obtains for the Trustee an Opinion of Counsel,  addressed to the Trustee and the
Master  Servicer,  to the effect  that the holding by the Trust Fund of such REO
Property subsequent to such period will not result in the imposition of taxes on
"prohibited  transactions"  as defined in Section  860F of the Code or cause any
REMIC  formed  under the  Series  Supplement  to fail to qualify as a REMIC (for
federal (or any applicable State or local) income tax purposes) at any time that
any Certificates  are outstanding,  in which case the Trust Fund may continue to
hold such REO Property  (subject to any conditions  contained in such Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

<PAGE>

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The
Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or

<PAGE>

cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

Section 3.16.  Servicing and Other Compensation; Compensating Interest.

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts

<PAGE>

reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled  pursuant to Section  3.10(a)(iii);  second,  to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively; and third, to any amounts
of servicing  compensation to which the Master Servicer is entitled  pursuant to
Section  3.10(a)(v) or (vi). In making such  reduction,  the Master Servicer (i)
will not withdraw from the Custodial Account any such amount representing all or
a portion  of the  Servicing  Fee to which it is  entitled  pursuant  to Section
3.10(a)(iii);  (ii) will not withdraw from the Custodial  Account or Certificate
Account any such amount to which it is entitled  pursuant to Section  3.07(c) or
4.01(b) and (iii) will not withdraw from the  Custodial  Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi).

Section 3.17.  Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits

<PAGE>

in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.

        The Master  Servicer  will  deliver to the Company and the Trustee on or
before March 31 of each year,  beginning  with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof,  that (i) a review of the activities of the Master Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material
respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

<PAGE>

Section 3.20.  Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

<PAGE>

                                   Article IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

Section 4.02.  Distributions.

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03.  Statements to Certificateholders.

     (a) Concurrently with each distribution  charged to the Certificate Account
and with respect to each  Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee shall forward by mail to each Holder and the Company
a statement  setting forth  information  as to each Class of  Certificates,  the
Mortgage Pool and, if the Mortgage Pool is comprised of two or more Loan Groups,
each Loan Group,  to the extent  applicable.  This  statement  will  include the
information set forth in an exhibit to the Series Supplement.  In addition,  the
Master  Servicer shall provide to any manager of a trust fund consisting of some
or all of the Certificates, upon reasonable request, such additional information
as is reasonably  obtainable by the Master Servicer at no additional  expense to
the Master Servicer.

<PAGE>

     (b) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year was the  Holder  of a  Certificate,  other  than a Class R  Certificate,  a
statement  containing  the  information  set  forth in  clauses  (i) and (ii) of
subsection  (a) above  aggregated  for such calendar year or applicable  portion
thereof during which such Person was a Certificateholder. Such obligation of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

     (c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year  was the  Holder  of a Class R  Certificate,  a  statement  containing  the
applicable  distribution  information  provided  pursuant to this  Section  4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

     (d) Upon the written request of any Certificateholder, the Master Servicer,
as   soon   as   reasonably   practicable,    shall   provide   the   requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

     Section 4.04.  Distribution  of Reports  to the  Trustee  and the  Company;
          Advances by the Master Servicer.

(a) Prior to the close of  business on the  Business  Day next  succeeding  each
Determination Date, the Master Servicer shall furnish a written statement to the
Trustee,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related

<PAGE>

Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

<PAGE>

Section 4.05.  Allocation of Realized Losses.

                             As   provided   in  Section   4.05  of  the  Series
Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice
and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.

(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

<PAGE>

                                   Article V

                                THE CERTIFICATES

Section 5.01.  The Certificates.

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be

<PAGE>

deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

<PAGE>

Section 5.02.  Registration of Transfer and Exchange of Certificates.

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,
substantially  in the form of Exhibit H-1 hereto,  and the Trustee shall require
the transferor to execute a representation letter,  substantially in the form of
Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense

<PAGE>

of the Trustee, the Company or the Master Servicer; provided, however, that such
representation  letters will not be required in connection  with any transfer of
any such  Certificate by the Company or any Affiliate  thereof to the Company or
an Affiliate of the Company,  and the Trustee shall be entitled to  conclusively
rely upon a representation  (which, upon the request of the Trustee,  shall be a
written representation) from the Company, of the status of such transferee as an
Affiliate  of  the  Company  or  (ii)  the  prospective  transferee  of  such  a
Certificate shall be required to provide the Trustee, the Company and the Master
Servicer  with an  investment  letter  substantially  in the form of  Exhibit  J
attached hereto (or such other form as the Company in its sole discretion  deems
acceptable), which investment letter shall not be an expense of the Trustee, the
Company or the Master Servicer,  and which investment  letter states that, among
other  things,  such  transferee  (A) is a  "qualified  institutional  buyer" as
defined  under Rule 144A,  acting for its own  account or the  accounts of other
"qualified  institutional  buyers" as defined under Rule 144A,  and (B) is aware
that the proposed  transferor intends to rely on the exemption from registration
requirements  under the  Securities  Act of 1933,  as amended,  provided by Rule
144A. The Holder of any such  Certificate  desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate  Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.

     (e)  (i) In the case of any  Senior  Support,  Class M,  Class B or Class R
          Certificate  presented  for  registration  in the name of any  Person,
          either (A) the Trustee shall require an Opinion of Counsel  acceptable
          to and in form and substance  satisfactory to the Trustee, the Company
          and the Master  Servicer to the effect that the purchase or holding of
          such  Senior  Support,  Class  M,  Class B or Class R  Certificate  is
          permissible under applicable law, will not constitute or result in any
          non-exempt  prohibited  transaction  under Section 406 of the Employee
          Retirement  Income  Security  Act of 1974,  as amended  ("ERISA"),  or
          Section 4975 of the Code (or  comparable  provisions of any subsequent
          enactments),  and will not  subject  the  Trustee,  the Company or the
          Master Servicer to any obligation or liability (including  obligations
          or liabilities under ERISA or Section 4975 of the Code) in addition to
          those undertaken in this Agreement, which Opinion of Counsel shall not
          be an expense of the  Trustee,  the Company or the Master  Servicer or
          (B) the  prospective  Transferee  shall be  required  to  provide  the
          Trustee,  the Company and the Master Servicer with a certification  to
          the effect set forth in paragraph  six of Exhibit H-1 (with respect to
          any Class B  Certificate),  Exhibit  H-2 (with  respect  to any Senior
          Support  Certificate or Class M Certificate) or paragraph  fourteen of
          Exhibit  G-1  (with  respect  to any Class R  Certificate),  which the
          Trustee may rely upon without  further  inquiry or  investigation,  or
          such  other  certifications  as the  Trustee  may  deem  desirable  or
          necessary in order to establish that such  Transferee or the Person in
          whose  name  such  registration  is  requested  either  (a)  is not an
          employee  benefit  plan  or  other  plan  subject  to  the  prohibited
          transaction  provisions  of ERISA or Section 4975 of the Code,  or any
          Person  (including  an  investment  manager,  a named  fiduciary  or a
          trustee of any such plan) who is using "plan  assets" of any such plan
          to effect such  acquisition  (each,  a "Plan  Investor") or (b) in the
          case of any  Senior  Support,  Class M or  Class  B  Certificate,  the

<PAGE>

          following  conditions  are  satisfied:   (i)  such  Transferee  is  an
          insurance  company,  (ii) the source of funds used to purchase or hold
          such  Certificate  (or  interest  therein)  is an  "insurance  company
          general  account" (as defined in U.S.  Department of Labor  Prohibited
          Transaction  Class Exemption  ("PTCE") 95-60, and (iii) the conditions
          set forth in  Sections  I and III of PTCE  95-60  have been  satisfied
          (each entity that  satisfies  this clause (b), a "Complying  Insurance
          Company").

               (ii)  Notwithstanding  the  foregoing,  an  Opinion of Counsel or
               certification  will not be required  with respect to the transfer
               of any Senior  Support  Certificate  or Class M Certificate  to a
               Depository,  or for any subsequent  transfer of any interest in a
               Senior Support  Certificate or Class M Certificate for so long as
               such  Certificate is a Book-Entry  Certificate  (each such Senior
               Support  Certificate  or  Class  M  Certificate,   a  "Book-Entry
               Mezzanine Certificate"). Any Transferee of a Book-Entry Mezzanine
               Certificate  will be deemed to have  represented by virtue of its
               purchase or holding of such  Certificate  (or  interest  therein)
               that  either (a) such  Transferee  is not a Plan  Investor or (b)
               such Transferee is a Complying Insurance Company.

               (iii)  (A)  If  any  Senior   Support   Certificate  or  Class  M
               Certificate  (or any  interest  therein)  is  acquired or held in
               violation of the provisions of Section (ii) above,  then the last
               preceding  Transferee  that either (i) is not a Plan  Investor or
               (ii) is a Complying  Insurance Company shall be restored,  to the
               extent  permitted  by  law,  to all  rights  and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer  of  such  Senior   Support   Certificate   or  Class  M
               Certificate.  The  Trustee  shall be under  no  liability  to any
               Person for making any  payments due on such  Certificate  to such
               preceding Transferee.

                      (B) Any purported  Certificate  Owner whose acquisition or
               holding of any  Book-Entry  Mezzanine  Certificate  (or  interest
               therein) was effected in  violation of the  restrictions  in this
               Section  5.02(e)  shall  indemnify and hold harmless the Company,
               the Trustee, the Master Servicer, any Subservicer,  and the Trust
               Fund from and against any and all liabilities,  claims,  costs or
               expenses incurred by such parties as a result of such acquisition
               or holding.

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class R  Certificate  shall be a Permitted  Transferee  and shall
               promptly notify the Trustee of any change or impending  change in
               its status as a Permitted Transferee.

<PAGE>

(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)            Notwithstanding   the  delivery  of  a  Transfer   Affidavit  and
               Agreement by a proposed  Transferee  under clause (B) above, if a
               Responsible  Officer  of the  Trustee  who is  assigned  to  this
               Agreement has actual  knowledge  that the proposed  Transferee is
               not a Permitted Transferee,  no Transfer of an Ownership Interest
               in a Class R  Certificate  to such proposed  Transferee  shall be
               effected.

(D)            Each Person  holding or  acquiring  any  Ownership  Interest in a
               Class  R  Certificate  shall  agree  (x) to  require  a  Transfer
               Affidavit and Agreement from any other Person to whom such Person
               attempts  to  transfer  its  Ownership  Interest  in  a  Class  R
               Certificate and (y) not to transfer its Ownership Interest unless
               it provides a  certificate  to the  Trustee in the form  attached
               hereto as Exhibit G-2.

(E)            Each Person holding or acquiring an Ownership Interest in a Class
               R  Certificate,  by  purchasing  an  Ownership  Interest  in such
               Certificate, agrees to give the Trustee written notice that it is
               a "pass-through  interest holder" within the meaning of Temporary
               Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon
               acquiring an Ownership  Interest in a Class R Certificate,  if it
               is, or is holding an Ownership  Interest in a Class R Certificate
               on behalf of, a "pass-through interest holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

     (B)  If any  purported  Transferee  shall  become  a  Holder  of a  Class R
          Certificate in violation of the  restrictions  in this Section 5.02(f)
          and to the extent that the  retroactive  restoration  of the rights of
          the Holder of such Class R Certificate as described in clause (iii)(A)
          above  shall be  invalid,  illegal or  unenforceable,  then the Master
          Servicer  shall  have the right,  without  notice to the holder or any
          prior  holder  of such  Class R  Certificate,  to  sell  such  Class R
          Certificate  to a purchaser  selected  by the Master  Servicer on such
          terms as the Master  Servicer may choose.  Such  purported  Transferee
          shall  promptly  endorse  and  deliver  each  Class R  Certificate  in
          accordance  with  the  instructions  of  the  Master  Servicer.   Such
          purchaser  may be the Master  Servicer  itself or any Affiliate of the
          Master  Servicer.  The proceeds of such sale,  net of the  commissions
          (which may include  commissions  payable to the Master Servicer or its
          Affiliates),  expenses and taxes due, if any,  will be remitted by the
          Master Servicer to such purported Transferee. The terms and conditions
          of any sale under this clause (iii)(B) shall be determined in the sole
          discretion of the Master  Servicer,  and the Master Servicer shall not
          be liable to any  Person  having an  Ownership  Interest  in a Class R
          Certificate as a result of its exercise of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified

<PAGE>

     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

(A)  written  notification  from  each  Rating  Agency  to the  effect  that the
     modification,  addition to or elimination of such provisions will not cause
     such Rating Agency to downgrade its  then-current  ratings,  if any, of any
     Class of the Senior, Class M or Class B Certificates below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency; and

(B)  subject  to  Section  10.01(f),  an  Officers'  Certificate  of the  Master
     Servicer  stating  that the  Master  Servicer  has  received  an Opinion of
     Counsel, in form and substance  satisfactory to the Master Servicer, to the
     effect that such  modification,  addition to or absence of such  provisions
     will not cause any portion of any REMIC formed under the Series  Supplement
     to cease to  qualify  as a REMIC and will not cause (x) any  portion of any
     REMIC formed under the Series  Supplement to be subject to an  entity-level
     tax caused by the Transfer of any Class R Certificate to a Person that is a
     Disqualified  Organization or (y) a Certificateholder  or another Person to
     be  subject to a  REMIC-related  tax  caused by the  Transfer  of a Class R
     Certificate to a Person that is not a Permitted Transferee.

(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class,  but the Trustee may require  payment of a sum sufficient to cover
any tax or  governmental  charge  that may be  imposed  in  connection  with any
transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company, the Master Servicer, the Trustee, the Certificate Registrar and any
agent of the  Company,  the Master  Servicer,  the  Trustee  or the  Certificate
Registrar  may treat the Person in whose name any  Certificate  is registered as
the  owner  of such  Certificate  for the  purpose  of  receiving  distributions
pursuant to Section 4.02 and for all other purposes whatsoever, except as and to
the extent  provided in the definition of  "Certificateholder,"  and neither the
Company,  the Master Servicer,  the Trustee,  the Certificate  Registrar nor any
agent of the  Company,  the Master  Servicer,  the  Trustee  or the  Certificate
Registrar  shall be  affected  by notice to the  contrary  except as provided in
Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

Section 5.06.  Optional Purchase of Certificates.

(a) On any Distribution Date on which the Pool Stated Principal  Balance,  prior
to giving effect to distributions to be made on such Distribution  Date, is less
than ten percent of the Cut-off Date  Principal  Balance of the Mortgage  Loans,
either the Master  Servicer or the Company shall have the right,  at its option,
to purchase the  Certificates in whole, but not in part, at a price equal to the
outstanding  Certificate  Principal Balance of such Certificates plus the sum of
Accrued Certificate Interest thereon for the related Interest Accrual Period and
any previously unpaid Accrued Certificate Interest.

(b) The Master  Servicer or the Company,  as applicable,  shall give the Trustee
not less than 60 days' prior notice of the Distribution Date on which the Master
Servicer or the Company,  as applicable,  anticipates  that it will purchase the
Certificates  pursuant  to  Section  5.06(a).   Notice  of  any  such  purchase,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment in  accordance  with this Section 5.06,

<PAGE>

shall be given promptly by the Master Servicer or the Company, as applicable, by
letter to Certificateholders  (with a copy to the Certificate Registrar and each
Rating  Agency) mailed not earlier than the 15th day and not later than the 25th
day  of  the  month  next  preceding  the  month  of  such  final  distribution,
specifying:

(i)     the  Distribution  Date  upon  which  purchase  of the  Certificates  is
        anticipated  to  be  made  upon   presentation  and  surrender  of  such
        Certificates at the office or agency of the Trustee therein designated,

(ii)    the purchase price therefor, if known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable, payments being made only upon presentation and surrender
        of the  Certificates  at the  office or agency  of the  Trustee  therein
        specified.

If either the Master Servicer or the Company gives the notice  specified  above,
the  Master  Servicer  or the  Company,  as  applicable,  shall  deposit  in the
Certificate  Account before the Distribution Date on which the purchase pursuant
to Section  5.06(a) is to be made, in  immediately  available  funds,  an amount
equal to the purchase price for the Certificates computed as provided above.

(c) Upon presentation and surrender of the Certificates to be purchased pursuant
to Section 5.06(a) by the Holders thereof,  the Trustee shall distribute to such
Holders an amount equal to the outstanding Certificate Principal Balance thereof
plus the sum of Accrued  Certificate  Interest  thereon for the related Interest
Accrual  Period and any  previously  unpaid  Accrued  Certificate  Interest with
respect thereto.

(d) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase pursuant to this Section 5.06 is to be
made, the Trustee shall on such date cause all funds in the Certificate  Account
deposited therein by the Master Servicer or the Company, as applicable, pursuant
to Section 5.06(b) to be withdrawn  therefrom and deposited in a separate escrow
account for the benefit of such  Certificateholders,  and the Master Servicer or
the  Company,  as  applicable,  shall  give a  second  written  notice  to  such
Certificateholders  to surrender their  Certificates for payment of the purchase
price  therefor.  If within six months after the second  notice any  Certificate
shall not have  been  surrendered  for  cancellation,  the  Trustee  shall  take
appropriate  steps  as  directed  by the  Master  Servicer  or the  Company,  as
applicable,  to contact the Holders of such Certificates concerning surrender of
their Certificates. The costs and expenses of maintaining the escrow account and
of contacting Certificateholders shall be paid out of the assets which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this Section 5.06, the Trustee shall pay to the Master  Servicer or the Company,
as applicable,  all amounts  distributable to the Holders thereof and the Master
Servicer or the Company, as applicable, shall thereafter hold such amounts until
distributed  to such  Holders.  No  interest  shall  accrue or be payable to any
Certificateholder  on any  amount  held in the  escrow  account or by the Master
Servicer or the Company, as applicable,  as a result of such Certificateholder's
failure to surrender  its  Certificate(s)  for payment in  accordance  with this
Section 5.06. Any Certificate that is not surrendered on the  Distribution  Date
on which a purchase  pursuant to this Section 5.06 occurs as provided above will
be  deemed to have been  purchased  and the  Holder as of such date will have no
rights with respect  thereto except to receive the purchase price therefor minus
any costs and expenses associated with such escrow account and notices allocated
thereto.  Any Certificates so purchased or deemed to have been purchased on such
Distribution Date shall remain outstanding hereunder. The Master Servicer or the
Company, as applicable,  shall be for all purposes the Holder thereof as of such
date.

<PAGE>

                                   Article VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

     Section  6.02.  Merger  or  Consolidation  of the  Company  or  the  Master
          Servicer;  Assignment  of Rights  and  Delegation  of Duties by Master
          Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified  to service  mortgage  loans on behalf of FNMA or FHLMC;  and
provided further that each Rating Agency's ratings, if any, of the Senior, Class
M or  Class B  Certificates  in  effect  immediately  prior  to such  merger  or
consolidation  will not be qualified,  reduced or withdrawn as a result  thereof
(as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage  loans on behalf of FNMA or FHLMC,  is reasonably  satisfactory  to the
Trustee and the Company,  is willing to service the Mortgage  Loans and executes
and delivers to the Company and the Trustee an agreement,  in form and substance
reasonably  satisfactory  to the  Company  and the  Trustee,  which  contains an
assumption by such Person of the due and punctual  performance and observance of
each covenant and  condition to be performed or observed by the Master  Servicer
under this Agreement;  provided  further that each Rating Agency's rating of the
Classes of Certificates that have been rated in effect immediately prior to such
assignment  and  delegation  will not be  qualified,  reduced or  withdrawn as a

<PAGE>

result of such  assignment  and  delegation  (as  evidenced  by a letter to such
effect  from  each  Rating  Agency).  In the  case of any  such  assignment  and
delegation,  the Master  Servicer shall be released from its  obligations  under
this  Agreement,  except that the Master  Servicer  shall remain  liable for all
liabilities and obligations incurred by it as Master Servicer hereunder prior to
the  satisfaction  of the conditions to such assignment and delegation set forth
in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

<PAGE>

Section 6.04.  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

<PAGE>

                                  Article VII

                                     DEFAULT

Section 7.01.  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)  the Master  Servicer shall fail to distribute or cause to be distributed to
     the Holders of  Certificates of any Class any  distribution  required to be
     made under the terms of the  Certificates  of such Class and this Agreement
     and, in either case, such failure shall continue unremedied for a period of
     5 days after the date upon which written notice of such failure,  requiring
     such failure to be remedied,  shall have been given to the Master  Servicer
     by the  Trustee or the Company or to the Master  Servicer,  the Company and
     the  Trustee  by the  Holders  of  Certificates  of such  Class  evidencing
     Percentage Interests aggregating not less than 25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its
        creditors, or voluntarily suspend payment of its obligations; or

<PAGE>

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

<PAGE>

Section 7.02.  Trustee or Company to Act; Appointment of Successor.

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which is also a FNMA- or FHLMC-approved mortgage servicing institution, having a
net worth of not less than  $10,000,000 as the successor to the Master  Servicer
hereunder in the assumption of all or any part of the  responsibilities,  duties
or  liabilities  of the Master  Servicer  hereunder.  Pending  appointment  of a
successor to the Master Servicer  hereunder,  the Trustee shall become successor
to the Master  Servicer and shall act in such capacity as hereinabove  provided.
In connection with such  appointment  and assumption,  the Trustee may make such
arrangements  for the compensation of such successor out of payments on Mortgage
Loans as it and such  successor  shall agree;  provided,  however,  that no such
compensation  shall be in excess of that permitted the initial  Master  Servicer
hereunder. The Company, the Trustee, the Custodian and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate
any  such  succession.  The  Servicing  Fee for any  successor  Master  Servicer
appointed  pursuant to this  Section  7.02 will be lowered with respect to those
Mortgage  Loans,  if any, where the  Subservicing  Fee accrues at a rate of less
than  0.20% per annum in the event that the  successor  Master  Servicer  is not
servicing  such Mortgage Loans directly and it is necessary to raise the related
Subservicing  Fee to a rate of 0.20%  per  annum in order to hire a  Subservicer
with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the

<PAGE>

transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage  Loan or servicing of such Mortgage  Loan on the  MERS(R)System  to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

<PAGE>

                                  Article VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on

<PAGE>

     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,
     upon any  certificates or opinions  furnished to the Trustee by the Company
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

(ii)    The Trustee shall not be personally liable for an error of judgment made
        in good faith by a Responsible  Officer or  Responsible  Officers of the
        Trustee,  unless it shall be proved that the Trustee  was  negligent  in
        ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d) The Trustee shall timely pay, from its own funds,  the amount of any and all
federal,  state and local  taxes  imposed  on the  Trust  Fund or its  assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code,  if, when and as the same shall be
due and payable,  (B) any tax on contributions to a REMIC after the Closing Date
imposed  by  Section  860G(d)  of the Code and (C) any tax on "net  income  from
foreclosure  property"  as defined in Section  860G(c) of the Code,  but only if
such taxes  arise out of a breach by the Trustee of its  obligations  hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

<PAGE>

(ii) The Trustee may consult  with  counsel and any Opinion of Counsel  shall be
     full and complete  authorization  and  protection  in respect of any action
     taken  or  suffered  or  omitted  by it  hereunder  in  good  faith  and in
     accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv)    The  Trustee  shall  not be  personally  liable  for any  action  taken,
        suffered  or  omitted  by it in  good  faith  and  believed  by it to be
        authorized or within the  discretion or rights or powers  conferred upon
        it by this Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi)    The Trustee may execute any of the trusts or powers hereunder or perform
        any  duties  hereunder  either  directly  or by  or  through  agents  or
        attorneys; and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax

<PAGE>

     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section 8.05.  Master Servicer to Pay Trustee's Fees
                      and Expenses; Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

<PAGE>

(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

<PAGE>

written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder,  with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the

<PAGE>

successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

<PAGE>

(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

<PAGE>

                                   Article IX

                                   TERMINATION

Section 9.01.  Termination Upon Purchase by the Master Servicer
                      or the Company or Liquidation of All Mortgage Loans.

(a) Subject to Section 9.02, the respective  obligations and responsibilities of
the Company,  the Master  Servicer and the Trustee  created hereby in respect of
the  Certificates  (other than the  obligation  of the  Trustee to make  certain
payments  after  the  Final  Distribution  Date  to  Certificateholders  and the
obligation  of the Company to send  certain  notices as  hereinafter  set forth)
shall  terminate upon the last action required to be taken by the Trustee on the
Final Distribution Date pursuant to this Article IX following the earlier of:

(i)     the later of the final payment or other liquidation (or any Advance with
        respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund
        or the disposition of all property  acquired upon foreclosure or deed in
        lieu of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer or the Company of all  Mortgage  Loans
     and all property  acquired in respect of any Mortgage Loan remaining in the
     Trust Fund at a price equal to 100% of the unpaid principal balance of each
     Mortgage  Loan or, if less than such  unpaid  principal  balance,  the fair
     market value of the related underlying  property of such Mortgage Loan with
     respect to Mortgage  Loans as to which title has been acquired if such fair
     market  value  is less  than  such  unpaid  principal  balance  (net of any
     unreimbursed  Advances  attributable to principal) on the day of repurchase
     plus accrued  interest  thereon at the Net  Mortgage  Rate (or Modified Net
     Mortgage  Rate in the  case of any  Modified  Mortgage  Loan)  to,  but not
     including,  the first day of the month in which  such  repurchase  price is
     distributed,  provided,  however,  that in no event shall the trust created
     hereby  continue  beyond the  expiration  of 21 years from the death of the
     last survivor of the descendants of Joseph P. Kennedy,  the late ambassador
     of the United States to the Court of St.  James,  living on the date hereof
     and  provided  further  that the  purchase  price set forth  above shall be
     increased as is necessary,  as determined by the Master Servicer,  to avoid
     disqualification  of any  portion  of any REMIC  formed  under  the  Series
     Supplement as a REMIC.

        The right of the Master  Servicer  or the  Company to  purchase  all the
assets of the Trust Fund pursuant to clause (ii) above is  conditioned  upon the
Pool Stated Principal Balance as of the Final Distribution Date, prior to giving
effect to  distributions to be made on such  Distribution  Date, being less than
ten percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
right is exercised by the Master  Servicer,  the Master Servicer shall be deemed
to have  been  reimbursed  for the  full  amount  of any  unreimbursed  Advances
theretofore  made by it with respect to the  Mortgage  Loans.  In addition,  the
Master Servicer or the Company, as applicable,  shall provide to the Trustee the
certification  required by Section 3.15 and the Trustee and any Custodian shall,
promptly following payment of the purchase price, release to the Master Servicer
or the Company,  as applicable,  the Mortgage  Files  pertaining to the Mortgage
Loans being purchased.

<PAGE>

(b) The Master  Servicer or, in the case of a final  distribution as a result of
the  exercise by the  Company of its right to  purchase  the assets of the Trust
Fund,  the Company shall give the Trustee not less than 60 days' prior notice of
the  Distribution  Date  on  which  the  Master  Servicer  or  the  Company,  as
applicable,   anticipates   that  the  final   distribution   will  be  made  to
Certificateholders  (whether as a result of the exercise by the Master  Servicer
or the  Company  of its  right to  purchase  the  assets  of the  Trust  Fund or
otherwise).  Notice  of  any  termination,   specifying  the  anticipated  Final
Distribution  Date (which shall be a date that would otherwise be a Distribution
Date) upon which the  Certificateholders may surrender their Certificates to the
Trustee  (if  so  required  by the  terms  hereof)  for  payment  of  the  final
distribution and cancellation, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust  Fund),  or by the  Trustee  (in any  other  case) by letter to the
Certificateholders  mailed not earlier  than the 15th day and not later than the
25th day of the  month  next  preceding  the  month of such  final  distribution
specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated,

(ii)    the amount of any such final payment, if known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        Certificates,  that  payment  will be made  only upon  presentation  and
        surrender  of the  Certificates  at the office or agency of the  Trustee
        therein specified.

If the Master  Servicer or the  Company,  as  applicable,  is  obligated to give
notice to  Certificateholders  as  aforesaid,  it shall give such  notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, shall deposit in the Certificate Account
before the Final  Distribution  Date in  immediately  available  funds an amount
equal to the purchase  price for the assets of the Trust Fund  computed as above
provided.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master Servicer's or the Company's election to repurchase, or (ii) if the Master
Servicer  or the  Company  elected to so  repurchase,  an amount  determined  as
follows:  (A) with  respect  to each  Certificate  the  outstanding  Certificate
Principal  Balance thereof,  plus Accrued  Certificate  Interest for the related
Interest  Accrual Period thereon and any previously  unpaid Accrued  Certificate
Interest,  subject to the  priority set forth in Section  4.02(a),  and (B) with
respect to the Class R  Certificates,  any excess of the amounts  available  for
distribution  (including  the  repurchase  price  specified  in  clause  (ii) of
subsection  (a) of this  Section)  over the total amount  distributed  under the
immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the

<PAGE>

benefit of such  Certificateholders,  and the Master Servicer or the Company, as
applicable (if it exercised its right to purchase the assets of the Trust Fund),
or the Trustee (in any other  case)  shall give a second  written  notice to the
remaining  Certificateholders  to surrender their  Certificates for cancellation
and receive the final  distribution  with respect thereto.  If within six months
after the second  notice any  Certificate  shall not have been  surrendered  for
cancellation, the Trustee shall take appropriate steps as directed by the Master
Servicer   or  the   Company,   as   applicable,   to  contact   the   remaining
Certificateholders  concerning  surrender of their  Certificates.  The costs and
expenses of maintaining the escrow account and of contacting  Certificateholders
shall be paid out of the assets  which remain in the escrow  account.  If within
nine  months  after  the  second  notice  any  Certificates  shall not have been
surrendered  for  cancellation,  the Trustee shall pay to the Master Servicer or
the Company, as applicable, all amounts distributable to the holders thereof and
the Master Servicer or the Company,  as applicable,  shall  thereafter hold such
amounts  until  distributed  to such  holders.  No interest  shall  accrue or be
payable to any  Certificateholder on any amount held in the escrow account or by
the  Master  Servicer  or the  Company,  as  applicable,  as a  result  of  such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

Section 9.02.  Additional Termination Requirements.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during
        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

<PAGE>

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

<PAGE>

                                   Article X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

<PAGE>

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action

<PAGE>

as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

<PAGE>

(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

<PAGE>

(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

<PAGE>

                                   Article XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii)    to correct or supplement any provisions herein or therein,  which may be
        inconsistent  with any other provisions  herein or therein or to correct
        any error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi)    to make any other  provisions  with  respect  to  matters  or  questions
        arising under this Agreement or such Custodial Agreement which shall not

<PAGE>

        be  materially  inconsistent  with  the  provisions  of this  Agreement,
        provided  that such  action  shall not,  as  evidenced  by an Opinion of
        Counsel,  adversely  affect in any material respect the interests of any
        Certificateholder or

               (vii)to  amend  any  provision  herein  or  therein  that  is not
          material to any of the Certificateholders.

(b) This  Agreement or any Custodial  Agreement may also be amended from time to
time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of  Certificates  evidencing  in the  aggregate not less than 66% of the
Percentage  Interests  of each Class of  Certificates  affected  thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or such Custodial  Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income

<PAGE>

tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit L, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

<PAGE>

Section 11.05. Notices.

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

(a)     a material change or amendment to this Agreement,

(b)     the occurrence of an Event of Default,

(c)  the termination or appointment of a successor Master Servicer or Trustee or
     a change in the majority ownership of the Trustee,

(d)     the filing of any claim  under the Master  Servicer's  blanket  fidelity
        bond and the errors and omissions  insurance  policy required by Section
        3.12 or the  cancellation  or  modification  of coverage  under any such
        instrument,

(e)  the  statement  required  to be  delivered  to the Holders of each Class of
     Certificates pursuant to Section 4.03,

(f)  the statements required to be delivered pursuant to Sections 3.18 and 3.19,

(g)  a change  in the  location  of the  Custodial  Account  or the  Certificate
     Account,

(h)     the  occurrence of any monthly cash flow shortfall to the Holders of any
        Class of Certificates  resulting from the failure by the Master Servicer
        to make an Advance pursuant to Section 4.04,

(i)     the occurrence of the Final Distribution Date, and

(j)     the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

Section 11.07. Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such

<PAGE>

covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.

               As provided in Section 11.10 of the Series Supplement.

<PAGE>

                                    EXHIBIT A

FORM  OF  CLASS  A  CERTIFICATE,  [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
[INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

<PAGE>

Certificate No.                  [        %][Variable] Pass-Through Rate
                --------          --------
                                 [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing    [Percentage Interest:       %]
                                                       ------
Agreement and Cut-off Date:
___________ 1, ____              Aggregate Initial [Certificate Principal
                                 Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:         Amount] [Subclass Notional Amount] of the
_________ 25, ____               Class A-     Certificates:
                                         ----

Master Servicer:                 [Initial] [Certificate Principal
Residential Funding              Balance] [Interest Only/Class A-V] [Subclass]
Corporation                      Notional Amount] of this Certificate:
                                 $                          ]
Assumed Final
Distribution Date:               CUSIP 76110F-
___________ 25, ____

                        MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This  certifies  that  _________________  is the  registered  owner  of the
Percentage  Interest  evidenced by this  Certificate  [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement  dated as specified  above (the  "Agreement")  among the Company,  the
Master Servicer and __________________, as trustee (the "Trustee"), a summary of

<PAGE>

certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

<PAGE>

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                       By:__________________________________
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                       By:__________________________________
                                                 Authorized Signatory

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                _______________________________________
Dated:                          Signature by or on behalf of assignor

                                ______________________________________
                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds    to     ____________________for     the     account     of
_______________________  account  number____________________,  or,  if mailed by
check,  to  ________________________________.  Applicable  statements  should be
mailed to ___________________________________.

This information is provided by  __________________________,  the assignee named
     above, or ________________________, as its agent.

<PAGE>

                                  EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        No transfer of this Class M Certificate  will be made unless the Trustee
has  received  either (A) an opinion  of counsel  acceptable  to and in form and
substance  satisfactory to the Trustee, the Company and the Master Servicer with
respect to the  permissibility  of such transfer  under the Employee  Retirement
Income  Security Act of 1974, as amended  ("ERISA") and Section 4975 of the Code
and stating,  among other  things,  that the  transferee's  acquisition  of THIS
Certificate will not constitute or result in a non-exempt prohibited transaction
under  Section 406 of ERISA or Section 4975 of the Code or (B) a  representation

<PAGE>

letter,  in the  form  described  IN the  Agreement,  either  stating  that  the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan (a "plan investor"),  or stating that
(I) the transferee is an insurance company,  (II) the source of funds to be used
by it to purchase the  Certificate  is an "insurance  company  general  account"
(within  the  meaning  of  Department  of  Labor  Prohibited  Transaction  Class
Exemption  ("PTCE") 95-60), and (iii) the CONDITIONS SET FORTH IN SECTIONS I AND
III OF PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE
(B), A "cOMPLYING INSURANCE COMPANY").

        NOTWITHSTANDING  THE  ABOVE,  WITH  RESPECT  TO  THE  TRANSFER  OF  THIS
CERTIFICATE TO A DEPOSITORY OR ANY  SUBSEQUENT  TRANSFER OF ANY INTEREST IN THIS
CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY A DEPOSITORY, (I) NEITHER
AN OPINION OF COUNSEL NOR A  CERTIFICATION,  EACH AS DESCRIBED IN THE  FOREGOING
PARAGRAPH, SHALL BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:

               1. Any  Transferee  of this  Certificate  will be  deemed to have
        represented by virtue of its purchase or holding of this Certificate (or
        interest  herein) that either (a) such Transferee is not a Plan Investor
        or (b) SUCH TRANSFEREE IS a Complying Insurance Company; and

               2. If this  Certificate  (OR ANY INTEREST  HEREIN) IS ACQUIRED OR
        HELD IN VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, then the
        last preceding Transferee that either (i) is not a Plan Investor or (ii)
        is a  Complying  Insurance  Company  shall be  restored,  to the  extent
        permitted by law, to all rights and  obligations  as  Certificate  Owner
        thereof  retroactive  to the date of such Transfer of this  Certificate.
        The  Trustee  shall be under no  liability  to any Person for making any
        payments due on this Certificate to such preceding Transferee.

        Any purported  Certificate  Owner whose  acquisition  or holding of this
Certificate (or interest  herein) was effected in violation of the  restrictions
in Section  5.02(e) of the Pooling and Servicing  Agreement  shall indemnify and
hold harmless the Company,  the Trustee,  the Master Servicer,  any Subservicer,
and the Trust Fund from and against any and all  liabilities,  claims,  costs or
expenses incurred by such parties as a result of such acquisition or holding.

<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate
                ------                             ------

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies  that  ____________________  is the registered  owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal  Balance of all Class M-  Certificates,  both as  specified  above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Accredit  Loans,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among

<PAGE>

the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the
"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

<PAGE>

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

<PAGE>

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                       By:____________________________________
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                       By:___________________________________
                                                 Authorized Signatory

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

                                     _________________________________________
Dated:                                 Signature by or on behalf of assignor

                                        _____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds    to     ____________________for     the     account     of
_______________________  account  number____________________,  or,  if mailed by
check,  to  ________________________________.  Applicable  statements  should be
mailed to ___________________________________.

This information is provided by  __________________________,  the assignee named
     above, or ________________________, as its agent.

<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

<PAGE>

Certificate No.____                               [____]% Pass-Through Rate

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $____________________
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $___________________
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

               This  certifies  that  Residential  Accredit  Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate  Principal Balance of all Class B- Certificates,  both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the

<PAGE>

pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

<PAGE>
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                                as Trustee

                                       By:___________________________________
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                       By:___________________________________
                                                 Authorized Signatory

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:                                  ____________________________________
                                        Signature by or on behalf of assignor

                                        ____________________________________
                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds    to     ____________________for     the     account     of
_______________________  account  number____________________,  or,  if mailed by
check,  to  ________________________________.  Applicable  statements  should be
mailed to ___________________________________.

This information is provided by  __________________________,  the assignee named
     above, or ________________________, as its agent.

<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR THE FHLMC,  A MAJORITY  OF ITS BOARD OF  DIRECTORS  IS NOT  SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE
PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

Certificate No._____                             [_____]% Pass-Through Rate

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $________________

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                    _______________%

Assumed Final Distribution Date:                  CUSIP 76110F-___
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

<PAGE>

     This  certifies  that_________________  is  the  registered  owner  of  the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Initial  Certificate  Principal  Balance of this  Certificate  by the  aggregate
Initial  Certificate  Principal  Balance  of all Class R  Certificates,  both as
specified  above) in  certain  distributions  with  respect  to the  Trust  Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the

<PAGE>

Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

<PAGE>

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                       By:_________________________________
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [----------------------------],
                                                 as Certificate Registrar

                                       By:___________________________________
                                                 Authorized Signatory

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto__________________  (Please print or typewrite name and address
including  postal zip code of assignee) a Percentage  Interest  evidenced by the
within Mortgage Asset-Backed  Pass-Through Certificate and hereby authorizes the
transfer  of  registration  of such  interest  to  assignee  on the  Certificate
Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:                          ___________________________________________
                                   Signature by or on behalf of assignor

                                __________________________________________
                                   Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds    to     ____________________for     the     account     of
_______________________  account  number____________________,  or,  if mailed by
check,  to  ________________________________.  Applicable  statements  should be
mailed to ___________________________________.

This information is provided by  __________________________,  the assignee named
     above, or ________________________, as its agent.

<PAGE>

                                       E-5

                                    EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified from time to time, this "Contract") is made this day of , 19
, by and between  Residential  Funding  Corporation,  its successors and assigns
("Residential   Funding")  and  (the   "Seller/Servicer,"   and,  together  with
Residential Funding, the "parties" and each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      Incorporation of Guides by Reference.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      Amendments.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      Representations and Warranties.

a.      Reciprocal Representations and Warranties.

<PAGE>

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

(1)  Each party is duly organized,  validly existing, and in good standing under
     the laws of its jurisdiction of organization,  is qualified,  if necessary,
     to do business  and in good  standing in each  jurisdiction  in which it is
     required to be so qualified,  and has the requisite  power and authority to
     enter into this Contract and all other agreements which are contemplated by
     this  Contract  and to carry out its  obligations  hereunder  and under the
     Guides and under such other agreements.

(2)  This  Contract has been duly  authorized,  executed  and  delivered by each
     party and constitutes a valid and legally  binding  agreement of each party
     enforceable in accordance with its terms.

(3)  There is no action, proceeding or investigation pending or threatened,  and
     no basis therefor is known to either party,  that could affect the validity
     or prospective validity of this Contract.

(4)  Insofar as its capacity to carry out any obligation  under this Contract is
     concerned,  neither  party is in  violation  of any  charter,  articles  of
     incorporation,   bylaws,  mortgage,  indenture,  indebtedness,   agreement,
     instrument,  judgment,  decree, order, statute, rule or regulation and none
     of the  foregoing  adversely  affects  its  capacity  to fulfill any of its
     obligations under this Contract. Its execution of, and performance pursuant
     to, this Contract will not result in a violation of any of the foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      Remedies of Residential Funding.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      Seller/Servicer's Status as Independent Contractor.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      Prior Agreements Superseded.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

<PAGE>

7.      Assignment.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      Notices.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

        _____________________________________________
        _____________________________________________
        _____________________________________________

      Attention:___________________________________
      Telefacsimile Number:  (____) _____ -  __________________

9.      Jurisdiction and Venue.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     Miscellaneous.

<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]
                                        _______________________________________
                                                      (Name of Seller/Servicer)
By:________________________________     By_____________________________________
      (Signature)                                        (Signature)
By:________________________________     By:____________________________________
      (Typed Name)                                       (Typed Name)
Title:_____________________________     Title:_________________________________

======================================= ========================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:________________________________     By:____________________________________
      (Signature)                                        (Signature)
By:________________________________     By:____________________________________
      (Typed Name)                                       (Typed Name)
Title:_____________________________     Title:_________________________________

<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

____________________________________
Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ] Primary Insurance Policy
                             [ ] Mortgage or Deed of Trust
                             [ ]  Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:__________________________
Title:_________________________
Date:__________________________

<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing  under the laws of [the State of ] [the  United  States],  on behalf of
which he makes this affidavit and agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the

<PAGE>

meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the if at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is a citizen or  resident  of the  United  States,  a  corporation,
partnership  or other entity  created or organized in, or under the laws of, the
United  States or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.

6. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

7. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

8. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

9.      The Owner's Taxpayer Identification Number is ______________________ .

10. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

11. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax.

12.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate

<PAGE>

that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

13. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

14. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"),  or an investment  manager,  named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.

<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of ___________, 199__ .

                                            [NAME OF OWNER]

                                            By:_______________________________
                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

______________________________
[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this day of _____, 199__ .

                                        _________________________________
                                                 NOTARY PUBLIC

                                    COUNTY OF __________________
                                    STATE OF ___________________
                                    My Commission  expires the day of _____,
                                                19___ .

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                    ______________, 19____

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
__________________ (the "Seller") to _____________________  (the "Purchaser") of
$_______  Initial  Certificate   Principal  Balance  of  Mortgage   Asset-Backed
Pass-Through  Certificates,  Series  ____-___,  Class  R  (the  "Certificates"),
pursuant to Section 5.02 of the Pooling and  Servicing  Agreement  (the "Pooling
and Servicing  Agreement"),  dated as of ___________  1, ____ among  Residential
Accredit  Loans,   Inc.,  as  seller  (the   "Company"),   Residential   Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

15. No purpose of the Seller  relating to the transfer of the Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

16. The Seller  understands  that the Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

17.  The  Seller  has at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R

<PAGE>

Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

18. The Seller has no actual knowledge that the proposed  Transferee is not both
a United States Person and a Permitted Transferee.

                                     Very truly yours,

                                   ____________________________________
                                    (Seller)

                                       By:_____________________________
                                      Name:____________________________
                                     Title:____________________________

<PAGE>

                                   EXHIBIT H-1

                     FORM OF INVESTOR REPRESENTATION LETTER

                                         _____________, 19___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     ___________________________-  (the  "Purchaser")  intends to purchase  from
_______________________  (the "Seller")  $_________________  Initial Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
____-___,  Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and __________________,  as trustee (the "Trustee"). All terms used
herein  and not  otherwise  defined  shall  have the  meanings  set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies,  represents and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement
     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

<PAGE>

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a) [a copy of the Private  Placement  Memorandum,  dated  _______________,
     19____,  relating  to  the  Certificates  (b)] a copy  of the  Pooling  and
     Servicing  Agreement  and [b] [c] such  other  information  concerning  the
     Certificates,  the Mortgage  Loans and the Company as has been requested by
     the  Purchaser  from the  Company  or the  Seller  and is  relevant  to the
     Purchaser's  decision to purchase the  Certificates.  The Purchaser has had
     any  questions  arising  from such  review  answered  by the Company or the
     Seller to the  satisfaction  of the  Purchaser.  [If the  Purchaser did not
     purchase the  Certificates  from the Seller in connection  with the initial
     distribution  of the  Certificates  and  was  provided  with a copy  of the
     Private Placement  Memorandum (the  "Memorandum")  relating to the original
     sale  (the  "Original  Sale")  of  the  Certificates  by the  Company,  the
     Purchaser  acknowledges  that such  Memorandum  was  provided  to it by the
     Seller,  that the  Memorandum was prepared by the Company solely for use in
     connection with the Original Sale and the Company did not participate in or
     facilitate  in any way the purchase of the  Certificates  by the  Purchaser
     from the Seller,  and the Purchaser  agrees that it will look solely to the
     Seller and not to the Company with respect to any damage, liability,  claim
     or expense  arising out of,  resulting from or in connection with (a) error
     or omission, or alleged error or omission,  contained in the Memorandum, or
     (b) any  information,  development  or event  arising after the date of the
     Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any
     other action,  that (as to any of (a) through (e) above) would constitute a

<PAGE>

     distribution  of any  Certificate  under the Act,  that  would  render  the
     disposition  of any  Certificate a violation of Section 5 of the Act or any
     state  securities law, or that would require  registration or qualification
     pursuant thereto.  The Purchaser will not sell or otherwise transfer any of
     the  Certificates,  except in compliance with the provisions of the Pooling
     and Servicing Agreement.

6.      The Purchaser

(a)  is  not an  employee  benefit  or  other  plan  subject  to the  prohibited
     transaction  provisions of the Employee  Retirement  Income Security Act of
     1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
     1986, as amended (a "Plan"),  or any other person  (including an investment
     manager,  a named  fiduciary or a trustee of any Plan) acting,  directly or
     indirectly,  on behalf of or purchasing any Certificate  with "plan assets"
     of  any  Plan  within  the  meaning  of the  Department  of  Labor  ("DOL")
     regulation at 29 C.F.R. ss.2510.3-101; or

(b)  is an insurance  company,  the source of funds to be used by it to purchase
     the  Certificates  is an "insurance  company general  account"  (within the
     meaning of DOL Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
     the  purchase  is  being  made in  reliance  upon the  availability  of the
     exemptive relief afforded under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                                Very truly yours,

                                                ___________________________

                                       By:_________________________________
                                      Name:________________________________
                                     Title:________________________________

<PAGE>

                                   EXHIBIT H-2

                       FORM OF ERISA REPRESENTATION LETTER

                                            ___________ , 199___

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Attention:     Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class M-

Ladies and Gentlemen:

     _______________________   (the   "Purchaser")   intends  to  purchase  from
_________________  (the "Seller")  $_____________  Initial Certificate Principal
Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series ____-___,
Class M- (the  "Certificates"),  issued  pursuant to the  Pooling and  Servicing
Agreement  (the "Pooling and Servicing  Agreement"),  dated as of ___________ 1,
____,  among  Residential  Accredit  Loans,  Inc.,  as seller  (the  "Company"),
Residential Funding Corporation,  as master servicer (the "Master Servicer") and
__________________,  as (the "Trustee"). All terms used herein and not otherwise
defined  shall  have  the  meanings  set  forth  in the  Pooling  and  Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with the Company, the Trustee and the Master Servicer that either:

(a)  The  Purchaser  is not an  employee  benefit or other  plan  subject to the
     prohibited   transaction  provisions  of  the  Employee  Retirement  Income
     Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal
     Revenue Code of 1986, as amended (a "Plan"), or any other person (including
     an investment  manager, a named fiduciary or a trustee of any Plan) acting,
     directly or  indirectly,  on behalf of or purchasing any  Certificate  with
     "plan  assets" of any Plan  within the meaning of the  Department  of Labor
     ("DOL") regulation at 29 C.F.R. ss.2510.3-101; or

<PAGE>

(b)  The Purchaser is an insurance company, the source of funds to be used by it
     to purchase the  Certificates  is an "insurance  company  general  account"
     (within the meaning of DOL Prohibited  Transaction Class Exemption ("PTCE")
     95-60), ), and the conditions set forth in Sections I and III of PTCE 95-60
     have been satisfied.

          In addition,  the Purchaser hereby certifies,  represents and warrants
     to, and covenants  with, the Company,  the Trustee and the Master  Servicer
     that the  Purchaser  will not  transfer  such  Certificates  to any Plan or
     person  unless  such Plan or person  meets  the  requirements  set forth in
     either (a) or (b) above.

                                            Very truly yours,

                                        ____________________________________

                                       By:_________________________________
                                      Name:________________________________
                                     Title:________________________________

<PAGE>

                                   EXHIBIT H-3

                              FORM OF ERISA LEGEND

        Each  beneficial  owner  of a  book-entry  Class M  Certificate  (or any
interest  therein)  shall  be  deemed  to have  represented,  by  virtue  of its
acquisition or holding of such Certificate (or interest therein), that either:

               (a) it is not an  employee  benefit or other plan  subject to the
        prohibited  transaction  provisions  of the Employee  Retirement  Income
        Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
        Internal  Revenue  Code of 1986,  as  amended (a  "Plan"),  or any other
        person (including an investment  manager, a named fiduciary or a trustee
        of any Plan) acting, directly or indirectly,  on behalf of or purchasing
        any Certificate with "plan assets" of any Plan; or

               (b) (i) the transferee is an insurance  company,  (ii) the source
        of funds to be used by it to purchase the  Certificate  is an "insurance
        company  general  account"  (within the meaning of  Department  of Labor
        Prohibited  Transaction Class Exemption  ("PTCE") 95-60),  and (iii) the
        conditions  set  forth in  Sections  I and III of PTCE  95-60  have been
        satisfied.

        Any purported  beneficial  owner of a book-entry Class M Certificate (or
interest therein) to whom either (a) or (b) above does not apply shall indemnify
and  hold  harmless  the  Company,  the  Trustee,   the  Master  Servicer,   any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of  its
acquisition or holding of such Certificate.

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                  ______________, 19___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     In  connection  with  the  sale  by  _________________  (the  "Seller")  to
_________________(the   "Purchaser")  of  $_______________  Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
____-___,  Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),   Residential   Funding   Corporation,   as  master  servicer,   and
__________________,  as trustee (the  "Trustee").  The Seller hereby  certifies,
represents  and warrants  to, and  covenants  with,  the Company and the Trustee
that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

                                            Very truly yours,

                                    _________________________________________
                                    (Seller)

                                       By:__________________________________
                                      Name:_________________________________
                                     Title:_________________________________

<PAGE>

                                    EXHIBIT J

                        [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                   Description of Rule 144A Securities, including numbers:

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1. In  connection  with such  transfer  and in  accordance  with the  agreements
pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller  hereby
certifies  the  following  facts:  Neither  the Seller nor anyone  acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A  Securities,  any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition  of  the  Rule  144A  Securities,  any  interest  in the  Rule  144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer  warrants and represents  to, and covenants  with, the Seller,  the
Trustee  and the Master  Servicer  (as  defined  in the  Pooling  and  Servicing
Agreement (the  "Agreement"),  dated as of ___________ 1, ____ among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor pursuant to Section 5.02 of the Agreement and  __________________,  as
trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

<PAGE>

(c)     The Buyer has been  furnished  with all  information  regarding the Rule
        144A  Securities  that it has requested from the Seller,  the Trustee or
        the Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3.    The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as  amended  (the  "Code")  (a  "Plan"),  or any other  person
        (including an investment  manager, a named fiduciary or a trustee of any
        Plan) acting,  directly or  indirectly,  on behalf of or purchasing  any
        Certificate  with "plan  assets" of any Plan  within the  meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

     4. This  document  may be executed in one or more  counterparts  and by the
different  parties  hereto on  separate  counterparts,  each of  which,  when so
executed, shall be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

<PAGE>

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

____________________________________________    ______________________________
Print Name of Seller                              Print Name of Buyer
By:_________________________________________      By:_________________________
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No._________________________________________      No:_________________________
Date:_______________________________________      Date:_______________________

<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

     1. As indicated  below,  the undersigned is the President,  Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

     2. In  connection  with  purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

--   Corporation,  etc. The Buyer is a corporation  (other than a bank,  savings
     and loan  association  or similar  institution),  Massachusetts  or similar
     business  trust,  partnership,  or  charitable  organization  described  in
     Section 501(c)(3) of the Internal Revenue Code.

--   Bank.  The Buyer (a) is a national  bank or banking  institution  organized
     under the laws of any State,  territory or the  District of  Columbia,  the
     business of which is substantially confined to banking and is supervised by
     the State or  territorial  banking  commission or similar  official or is a
     foreign bank or equivalent institution, and (b) has an audited net worth of
     at  least  $25,000,000  as  demonstrated  in its  latest  annual  financial
     statements, a copy of which is attached hereto.

--             Savings   and  Loan.   The  Buyer  (a)  is  a  savings  and  loan
               association,  building and loan  association,  cooperative  bank,
               homestead association or similar institution, which is supervised
               and examined by a State or Federal  authority having  supervision
               over any  such  institutions  or is a  foreign  savings  and loan
               association or equivalent  institution and (b) has an audited net
               worth of at  least  $25,000,000  as  demonstrated  in its  latest
               annual financial statements.

--   Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15 of
     the Securities Exchange Act of 1934.

--   Insurance  Company.  The Buyer is an insurance  company  whose  primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

<PAGE>

--   State or Local Plan.  The Buyer is a plan  established  and maintained by a
     State, its political subdivisions,  or any agency or instrumentality of the
     State or its political subdivisions, for the benefit of its employees.

--   ERISA  Plan.  The Buyer is an employee  benefit  plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

--   Investment Adviser. The Buyer is an investment adviser registered under the
     Investment Advisers Act of 1940.

--   SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
     Small  Business  Administration  under  Section  301(c) or (d) of the Small
     Business Investment Act of 1958.

--   Business  Development  Company. The Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

--   Trust  Fund.  The Buyer is a trust  fund  whose  trustee is a bank or trust
     company and whose  participants  are exclusively (a) plans  established and
     maintained  by a  State,  its  political  subdivisions,  or any  agency  or
     instrumentality of the State or its political subdivisions, for the benefit
     of its employees, or (b) employee benefit plans within the meaning of Title
     I of the Employee  Retirement  Income  Security  Act of 1974,  but is not a
     trust fund that includes as participants  individual retirement accounts or
     H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

<PAGE>

_____        _____         Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?
6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                                        ______________________________________
                                            Print Name of Buyer

                                            By:______________________________
                                                 Name:
                                                 Title:

                                      Date:__________________________________

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--   The Buyer owned  $________________  in securities  (other than the excluded
     securities  referred  to below) as of the end of the  Buyer's  most  recent
     fiscal year (such amount being calculated in accordance with Rule 144A).

--   The Buyer is part of a Family of  Investment  Companies  which owned in the
     aggregate $______________ in securities (other than the excluded securities
     referred  to below) as of the end of the Buyer's  most  recent  fiscal year
     (such amount being calculated in accordance with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                        ______________________________________
                                            Print Name of Buyer

                                            By:______________________________
                                                 Name:
                                                 Title:

                                            IF AN ADVISER:

                                        _____________________________________
                                            Print Name of Buyer

                                      Date:__________________________________

<PAGE>

                                       K-3

                                    EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                   ARTICLE XII

                   Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b)....Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c)....Demands  for payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X) minus the sum of (i) all

<PAGE>

previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d)....The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f)....The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of

<PAGE>

Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

<PAGE>

                                    EXHIBIT L

                                  [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                               RESIDENTIAL ACCREDIT LOANS, INC.

                       Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                         __________ , 199___

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________ (the "Trustee") as amended by Amendment No. thereto, dated as
of , with respect to the Mortgage Asset-Backed Pass-Through Certificates, Series
____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

14.  Provision  of Funds.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to

<PAGE>

perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

               (b)....The  agreement set forth in the preceding clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

15.  Waiver.  GMAC hereby waives any failure or delay on the part of Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

16.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

17.  Successor.  Except as otherwise  expressly  provided herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

18.  Governing  Law. This Limited  Guaranty shall be governed by the laws of the
State of New York.

19.  Authorization  and Reliance.  GMAC  understands that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

20.  Definitions.  Capitalized terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

21.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

<PAGE>

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                       By:____________________________________
                                      Name:___________________________________
                                     Title:___________________________________

Acknowledged by:

_______________________,
    as Trustee

By:___________________________________
Name:_________________________________
Title:________________________________

RESIDENTIAL ACCREDIT LOANS, INC.

By:__________________________________
Name:________________________________
Title:_______________________________

<PAGE>

                                    EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                              __________, 19___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                   Series ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This  letter is  delivered  to you in  connection  with the  assignment  by
____________________-  (the "Trustee") to ______________________  (the "Lender")
of (the  "Mortgage  Loan")  pursuant  to  Section  3.13(d)  of the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),  Residential  Funding  Corporation,  as  master  servicer,  and  the
Trustee. All terms used herein and not otherwise defined shall have the meanings
set forth in the Pooling and Servicing  Agreement.  The Lender hereby certifies,
represents  and warrants to, and  covenants  with,  the Master  Servicer and the
Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

                                            Very truly yours,

                                   _________________________________________
                                    (Lender)

                                       By:__________________________________
                                      Name:_________________________________
                                     Title:_________________________________

<PAGE>

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                      [DATE]

_______________

_______________

_______________

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

1.   [Interest  Only/Class  A-V]-  Certificates,  corresponding to the following
     Uncertificated REMIC Regular Interests:  [List numbers corresponding to the
     related  loans and Pool Strip Rates from the Mortgage Loan  Schedule].  The
     initial Subclass  Notional Amount and the Initial  Pass-Through Rate on the
     [Interest  Only/Class A-V]- Certificates will be $_________  and_________%,
     respectively.

2.      [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                       By:____________________________________
                                      Name:___________________________________
                                     Title:___________________________________

<PAGE><PAGE>

     WARRANT AGREEMENT dated as of _________, 2000 between Delcath Systems,
Inc., a Delaware corporation (the "Company"), and Whale Securities Co., L.P.
(hereinafter referred to as the "Underwriter").

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS, the Company proposes to issue to the Underwriter warrants (the
"Warrants") to purchase up to 120,000 (as such number may be adjusted from time
to time pursuant to Article 8 of this Agreement) "Units" (as herewith defined in
Article 1 hereof); and

     WHEREAS, the Underwriter has agreed, pursuant to the underwriting agreement
(the "Underwriting Agreement") dated ____________, 2000 between the Underwriter
and the Company, to act as the underwriter in connection with the Company's
proposed public offering (the "Public Offering") of 1,200,000 Units at an
initial public offering price of $6.00 per Public Share; and

     WHEREAS, the Warrants issued pursuant to this Agreement are being issued by
the Company to the Underwriter or to its designees who are officers and partners
of the Underwriter or to members of the selling group participating in the
distribution of the Public Shares to the public in the Public Offering and/or
their respective officers or partners (collectively, the "Designees"), in
consideration for, and as part of the Underwriter's compensation in connection
with, the Underwriter acting as the Underwriter pursuant to the Underwriting
Agreement;

     NOW, THEREFORE, in consideration of the premises, the payment by the
Underwriter to the Company of ONE HUNDRED DOLLARS ($100.00), the agreements
herein set forth and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

<PAGE>

     1. Grant.

     The Underwriter and/or the Designees are hereby granted the right to
purchase, at any time from ____________, 2000 until 5:00 P.M., New York time, on
_______, 2005 (the "Warrant Exercise Term"), up to 120,000 Units at an initial
exercise price (subject to adjustment as provided in Article 8 hereof) of $6.60
per Unit. Each Unit consists of 120,000 fully-paid and non-assessable shares
(the "Shares") of the Company's Common stock, $.01 par value ("Common Stock"),
and 120,000 Common Stock Purchase Warrants (the "Unit Warrants"). The Unit
Warrants are each exercisable to purchase one fully-paid and non-assessable
share of Common Stock at a price of $10.50 per share (the "Unit Warrant
Shares"). The Unit Warrants are exercisable commencing October __, 2001 (or such
earlier date as to which the Underwriter consents to the Units becoming
detachable and separately transferable) (the "Separation Date") until 5:00 P.M.,
New York City time on _______, 2005. Except as provided in Section 13 hereof,
the Units and the Unit Warrants are in all respects identical to the units and
warrants being sold to the public pursuant to the terms and provisions of the
Underwriting Agreement.

     2. Warrant Certificates.

     The warrant certificates delivered and to be delivered pursuant to this
Agreement (the "Warrant Certificates") shall be in the form set forth in Exhibit
A attached hereto and made a part hereof, with such appropriate insertions,
omissions, substitutions and other variations as required or permitted by this
Agreement.

                                       2
<PAGE>

     3. Exercise of Warrant.

     3.1. Cash Exercise. The Warrants initially are exercisable at a price of
$6.60 per Unit, payable in cash or by check to the order of the Company, or any
combination thereof, subject to adjustment as provided in Article 8 hereof. Upon
surrender of the Warrant Certificate with the annexed Form of Election to
Purchase duly executed, together with payment of the Exercise Price (as
hereinafter defined) for the Shares purchased, at the Company's principal
offices in New York (currently located at 1100 Summer Street, Stamford,
Connecticut 06905) the registered holder of a Warrant Certificate ("Holder" or
"Holders") shall be entitled to receive a certificate or certificates for the
Shares so purchased and a certificate or certificates for the Unit Warrants so
purchased. The purchase rights represented by each Warrant Certificate are
exercisable at the option of the Holder thereof, in whole or in part (but not as
to fractional Shares or fractional Unit Warrants). In the case of the purchase
of less than all the Units purchasable under any Warrant Certificate, the
Company shall cancel said Warrant Certificate upon the surrender thereof and
shall execute and deliver a new Warrant Certificate of like tenor for the
balance of the Units purchasable thereunder.

     3.2. Cashless Exercise. At any time during the Warrant Exercise Term, the
Holder may, at the Holder's option, exchange, in whole or in part, the Warrants
represented by such Holder's Warrant Certificate (a "Warrant Exchange"), into
the number of shares of Common Stock determined in accordance with this Section
3.2, by surrendering such Warrant Certificate at the principal office of the
Company or at the office of its transfer agent, accompanied by a notice stating
such Holder's intent to effect such exchange, the number of Units to be so
exchanged and the date on which the Holder requests that such Warrant Exchange

                                       3
<PAGE>

occur (the "Notice of Exchange"). The Warrant Exchange shall take place on the
date specified in the Notice of Exchange or, if later, the date the Notice of
Exchange is received by the Company (the "Exchange Date"). Certificates for the
shares of Common Stock issuable upon such Warrant Exchange and, if applicable, a
new Warrant Certificate of like tenor representing the Warrants which were
subject to the surrendered Warrant Certificate and not included in the Warrant
Exchange, shall be issued as of the Exchange Date and delivered to the Holder
within three (3) days following the Exchange Date. In connection with any
Warrant Exchange, the Holder shall be entitled to subscribe for and acquire the
number of shares of Common Stock (rounded to the next higher integer) equal to
the sum of (i) (A) the number of Units specified by the Holder in its Notice of
Exchange (the "Total Number") less (B) the number of Units equal to the quotient
obtained by dividing (I) the product of the Total Number and the existing
Exercise Price (as hereinafter defined) by (II) the Market Price (as hereinafter
defined) of a share of Common Stock, plus (ii) the Total Number less (B) the
number of Units equal to the quotient obtained by dividing (I) the product of
the Total Number and the exercise price of the Unit Warrant by (II) the current
Market Price (as hereinafter defined) of a share of Common Stock. "Market Price"
at any date shall be deemed to be the last reported sale price, or, in case no
such reported sales takes place on such day, the average of the last reported
sale prices for the last three (3) trading days, in either case as officially
reported by the principal securities exchange on which the Common Stock is
listed or admitted to trading or as reported in the NASDAQ National Market
System, or, if the Common Stock is not listed or admitted to trading on any
national securities exchange or quoted on the NASDAQ National Market System, the
closing bid

                                       4
<PAGE>

price as furnished by (i) the National Association of Securities Dealers, Inc.
through Nasdaq or (ii) a similar organization if Nasdaq is no longer reporting
such information.

     4. Issuance of Certificates.

     Upon the exercise of the Warrants, the issuance of certificates for the
Shares purchased and certificates for the Unit Warrants purchased, and upon
exercise of the Unit Warrants, the issuance of certificates for the Unit Warrant
Shares purchased shall be made forthwith (and in any event within three (3)
business days thereafter) without charge to the Holder thereof including,
without limitation, any tax which may be payable in respect of the issuance
thereof, and such certificates shall (subject to the provisions of Article 5
hereof) be issued in the name of, or in such names as may be directed by, the
Holder thereof; provided, however, that the Company shall not be required to pay
any tax which may be payable in respect of any transfer involved in the issuance
and delivery of any such certificates in a name other than that of the Holder
and the Company shall not be required to issue or deliver such certificates
unless or until the person or persons requesting the issuance thereof shall have
paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid.

     The Warrant Certificates and the certificates representing the Shares and
the Unit Warrants shall be executed on behalf of the Company by the manual or
facsimile signature of the present or any future Chairman or Vice Chairman of
the Board of Directors, Chief Executive Officer or President or Vice President
of the Company under its corporate seal reproduced thereon, attested to by the
manual or facsimile signature of the present or any future Secretary or
Assistant Secretary of the Company. Warrant Certificates shall be dated the date
of execution by the Company upon initial issuance, division, exchange,
substitution or transfer.

                                       5
<PAGE>

     Upon exercise, in part or in whole, of the Warrants, certificates
representing the Shares and the Unit Warrants purchased, and upon exercise, in
whole or in part, of the Unit Warrants, certificates representing the Unit
Warrant Shares purchased (collectively, the "Warrant Securities"), shall bear a
legend substantially similar to the following:

     "The securities represented by this certificate have not been registered
     for purposes of public distribution under the Securities Act of 1933, as
     amended (the "Act"), and may not be offered or sold except (i) pursuant to
     an effective registration statement under the Act, (ii) to the extent
     applicable, pursuant to Rule 144 under the Act (or any similar rule under
     such Act relating to the disposition of securities), or (iii) upon the
     delivery by the holder to the Company of an opinion of counsel, reasonably
     satisfactory to counsel to the Company, stating that an exemption from
     registration under such Act is available."

     5. Restriction on Transfer of Warrants.

     The Holder of a Warrant Certificate, by the Holder's acceptance thereof,
covenants and agrees that the Warrants are being acquired as an investment and
not with a view to the distribution thereof, and that the Warrants may not be
sold, transferred, assigned, hypothecated or otherwise disposed of, in whole or
in part, for a period of one (1) year from the date hereof, except to the
Designees.

     6. Price.

     6.1. Initial and Adjusted Exercise Price. The initial exercise price of
each Warrant shall be $6.60 per Unit. The adjusted exercise price shall be the
price which shall result from time to time from any and all adjustments of the
initial exercise price in accordance with the provisions of Article 8 hereof.

     6.2. Exercise Price. The term "Exercise Price" herein shall mean the
initial exercise price or the adjusted exercise price, depending upon the
context.

                                       6
<PAGE>

     7. Registration Rights.

     7.1. Registration Under the Securities Act of 1933. None of the Warrants,
Shares, Unit Warrants or Unit Warrant Shares have been registered for purposes
of public distribution under the Securities Act of 1933, as amended (the "Act").

     7.2. Registrable Securities. As used herein the term "Registrable Security"
means each of the Warrants, the Shares, the Unit Warrants, the Unit Warrant
Shares and any shares of Common Stock issued upon any stock split or stock
dividend in respect of such Shares or Unit Warrant Shares; provided, however,
that with respect to any particular Registrable Security, such security shall
cease to be a Registrable Security when, as of the date of determination, (i) it
has been effectively registered under the Act and disposed of pursuant thereto,
(ii) registration under the Act is no longer required for the subsequent public
distribution of such security or (iii) it has ceased to be outstanding. The term
"Registrable Securities" means any and/or all of the securities falling within
the foregoing definition of a "Registrable Security." In the event of any
merger, reorganization, consolidation, recapitalization or other change in
corporate structure affecting the Common Stock, such adjustment shall be made in
the definition of "Registrable Security" as is appropriate in order to prevent
any dilution or enlargement of the rights granted pursuant to this Article 7.

     7.3. Piggyback Registration. If, at any time during the seven (7) years
following the effective date of the Public Offering, the Company proposes to
prepare and file one or more post-effective amendments to the registration
statement filed in connection with the Public Offering or any new registration
statement or post-effective amendments thereto covering equity or debt
securities of the Company, or any such securities of the Company held by its

                                       7
<PAGE>

stockholders (in any such case, other than in connection with a merger,
acquisition or pursuant to Form S-8 or successor form), (for purposes of this
Article 7, collectively, the "Registration Statement"), it will give written
notice of its intention to do so by registered mail ("Notice"), at least thirty
(30) business days prior to the filing of each such Registration Statement, to
all holders of the Registrable Securities. Upon the written request of such a
holder (a "Requesting Holder"), made within twenty (20) business days after
receipt of the Notice, that the Company include any of the Requesting Holder's
Registrable Securities in the proposed Registration Statement, the Company
shall, as to each such Requesting Holder, use its best efforts to effect the
registration under the Act of the Registrable Securities which it has been so
requested to register ("Piggyback Registration"), at the Company's sole cost and
expense and at no cost or expense to the Requesting Holders (except as provided
in Section 7.5(b) hereof).

     7.4. Demand Registration.

          (a) At any time during the Warrant Exercise Term, any "Majority
Holder" (as such term is defined in Section 7.4(c) below) of the Registrable
Securities shall have the right (which right is in addition to the piggyback
registration rights provided for under Section 7.3 hereof), exercisable by
written notice to the Company (the "Demand Registration Request"), to have the
Company prepare and file with the Securities and Exchange Commission (the
"Commission"), on one occasion, at the sole expense of the Company (except as
provided in Section 7.5(b) hereof), a Registration Statement and such other
documents, including a prospectus, as may be necessary (in the opinion of both
counsel for the Company and counsel for such Majority Holder), in order to
comply with the provisions of the Act, so as to permit a public offering and
sale of the Registrable Securities by the holders thereof. The Company shall use
its

                                       8
<PAGE>

best efforts to cause the Registration Statement to become effective under the
Act, so as to permit a public offering and sale of the Registrable Securities by
the holders thereof. Once effective, the Company will use its best efforts to
maintain the effectiveness of the Registration Statement until the earlier of
(i) the date that all of the Registrable Securities have been sold or (ii) the
date that the holders of the Registrable Securities receive an opinion of
counsel to the Company that all of the Registrable Securities may be freely
traded (without limitation or restriction as to quantity or timing and without
registration under the Act) under Rule 144(k) promulgated under the Act or
otherwise.

          (b) The Company covenants and agrees to give written notice of any
Demand Registration Request to all holders of the Registrable Securities within
ten (10) business days from the date of the Company's receipt of any such Demand
Registration Request. After receiving notice from the Company as provided in
this Section 7.4(b), holders of Registrable Securities may request the Company
to include their Registrable Securities in the Registration Statement to be
filed pursuant to Section 7.4(a) hereof by notifying the Company of their
decision to have such securities included within ten (10) days of their receipt
of the Company's notice.

          (c) The term "Majority Holder" as used in Section 7.4 hereof shall
mean any holder or any combination of holders of Registrable Securities, if
included in such holders' Registrable Securities are that aggregate number of
shares of Common Stock (including Shares already issued and Shares issuable
pursuant to the exercise of outstanding Warrants, Unit Warrant Shares already
issued and Unit Warrant Shares issuable pursuant to the exercise of outstanding
Unit Warrants) as would constitute a majority of the aggregate number of Shares

                                       9
<PAGE>

(including Shares already issued and Shares issuable pursuant to the exercise of
outstanding Warrants, Unit Warrant Shares already issued and Unit Warrant Shares
issuable pursuant to the issue of outstanding Unit Warrants) included in all the
Registrable Securities.

     7.5. Covenants of the Company With Respect to Registration. The Company
covenants and agrees as follows:

          (a) In connection with any registration under Section 7.4 hereof, the
Company shall file the Registration Statement as expeditiously as possible, but
in any event no later than twenty (20) days following receipt of any demand
therefor, shall use its best efforts to have any such Registration Statement
declared effective at the earliest possible time, and shall furnish each holder
of Registrable Securities such number of prospectuses as shall reasonably be
requested.

          (b) The Company shall pay all costs, fees and expenses (other than
underwriting fees, discounts and nonaccountable expense allowance applicable to
the Registrable Securities and the fees and expenses of counsel retained by the
holders of Registrable Securities) in connection with all Registration
Statements filed pursuant to Sections 7.3 and 7.4(a) hereof including, without
limitation, the Company's legal and accounting fees, printing expenses, and blue
sky fees and expenses.

          (c) The Company will take all necessary action which may be required
in qualifying or registering the Registrable Securities included in the
Registration Statement for offering and sale under the securities or blue sky
laws of such states as are reasonably requested by the holders of such
securities.

                                       10
<PAGE>

          (d) The Company shall indemnify any holder of the Registrable
Securities to be sold pursuant to any Registration Statement and any underwriter
or person deemed to be an underwriter under the Act and each person, if any, who
controls such holder or underwriter or person deemed to be an underwriter within
the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange
Act of 1934, as amended ("Exchange Act"), against all loss, claim, damage,
expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which any
of them may become subject under the Act, the Exchange Act or otherwise, arising
from such Registration Statement to the same extent and with the same effect as
the provisions pursuant to which the Company has agreed to indemnify the
Underwriter as set forth in Section 7 of the Underwriting Agreement and to
provide for just and equitable contribution as set forth in Section 8 of the
Underwriting Agreement.

          (e) Any holder of Registrable Securities to be sold pursuant to a
Registration Statement, and such holder's successors and assigns, shall
severally, and not jointly, indemnify, the Company, its officers and directors
and each person, if any, who controls the Company within the meaning of Section
15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim,
damage or expense or liability (including all expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such holder, or such holder's
successors or assigns, for specific inclusion in such Registration Statement to
the same extent and with the same effect as the provisions pursuant to which the
Underwriter has agreed to indemnify the Company as set forth

                                       11
<PAGE>

in Section 7 of the Underwriting Agreement and to provide for just and equitable
contribution as set forth in Section 8 of the Underwriting Agreement.

          (f) Nothing contained in this Agreement shall be construed as
requiring any Holder to exercise the Warrants or the Unit Warrants included in
the Units underlying such Warrants prior to the initial filing of any
Registration Statement or the effectiveness thereof.

          (g) If the Company shall fail to comply with the provisions of this
Article 7, the Company shall, in addition to any other equitable or other relief
available to the holders of Registrable Securities, be liable for any or all
incidental, special and consequential damages sustained by the holders of
Registrable Securities, requesting registration of their Registrable Securities.

          (h) The Company shall promptly deliver copies of all correspondence
between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect
to the Registration Statement to each holder of Registrable Securities included
for such registration in such Registration Statement pursuant to Section 7.3
hereof or Section 7.4 hereof requesting such correspondence and memoranda and to
the managing underwriter, if any, of the offering in connection with which such
holder's Registrable Securities are being registered and shall permit each
holder of Registrable Securities and such underwriter to do such reasonable
investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the Registration Statement as it deems reasonably
necessary to comply with applicable securities laws or rules of the National
Association of Securities Dealers, Inc. Such investigation shall include access
to

                                       12
<PAGE>

books, records and properties and opportunities to discuss the business of the
Company with its officers and independent auditors, all to such reasonable
extent and at such reasonable times and as often as any such holder of
Registrable Securities or underwriter shall reasonably request.

     8. Adjustments of Exercise Price and Number of Units.

     8.1. Computation of Adjusted Price. In case the Company shall at any time
after the date hereof pay a dividend in shares of Common Stock or make a
distribution in shares of Common Stock, then upon such dividend or distribution
the Exercise Price in effect immediately prior to such dividend or distribution
shall forthwith be reduced to a price determined by dividing:

          (a) an amount equal to the total number of shares of Common Stock
outstanding immediately prior to such dividend or distribution multiplied by the
Exercise Price in effect immediately prior to such dividend or distribution, by

          (b) the total number of shares of Common Stock outstanding immediately
after such issuance or sale.

     For the purposes of any computation to be made in accordance with the
provisions of this Section 8.1, the Common Stock issuable by way of dividend or
other distribution on any stock of the Company shall be deemed to have been
issued immediately after the opening of business on the date following the date
fixed for the determination of stockholders entitled to receive such dividend or
other distribution.

     8.2. Subdivision and Combination. In case the Company shall at any time
subdivide or combine the outstanding shares of Common Stock, the Exercise Price
shall forthwith be proportionately decreased in the case of subdivision or
increased in the case of combination.

                                       13
<PAGE>

     8.3. Adjustment in Number of Units. Upon each adjustment of the Exercise
Price pursuant to the provisions of this Article 8, the number of Units issuable
upon the exercise of each Warrant shall be adjusted to the nearest full number
of Units by multiplying a number equal to the Exercise Price in effect
immediately prior to such adjustment by the number of Units issuable upon
exercise of the Warrants immediately prior to such adjustment and dividing the
product so obtained by the adjusted Exercise Price.

     8.4. Reclassification, Consolidation, Merger, etc. In case of any
reclassification or change of the outstanding shares of Common Stock (other than
a change in par value to no par value, or from no par value to par value, or as
a result of a subdivision or combination), or in the case of any consolidation
of the Company with, or merger of the Company into, another corporation (other
than a consolidation or merger in which the Company is the surviving corporation
and which does not result in any reclassification or change of the outstanding
shares of Common Stock, except a change as a result of a subdivision or
combination of such shares or a change in par value, as aforesaid), or in the
case of a sale or conveyance to another corporation of the property of the
Company as an entirety, the Holders shall thereafter have the right to purchase
the kind and number of shares of stock and other securities and property
receivable upon such reclassification, change, consolidation, merger, sale or
conveyance as if the Holders were the owners of the shares of Common Stock
underlying the Warrants and the Unit Warrant Shares contained in the Unit
Warrants underlying such Warrants immediately prior to any such events at a
price equal to the product of (x) the number of shares of Common Stock issuable
upon exercise of the Warrants and the Unit Warrants underlying such

                                       14
<PAGE>

Warrants and (y) the Exercise Price in effect immediately prior to the record
date for such reclassification, change, consolidation, merger, sale or
conveyance as if such Holders had exercised the Warrants and the Unit Warrants
underlying such Warrants.

     8.5. Adjustment of Unit Warrants Exercise Price and Securities on Exercise
of Unit Warrant. With respect to any of the Unit Warrants underlying the
Warrants, whether or not the Warrants have been exercised and whether or not the
Warrants are issued and outstanding, the exercise price for, and the number of,
shares of Common Stock issuable upon exercise of the Unit Warrants shall be
automatically adjusted in accordance with Section 9 of the Unit Warrant
Agreement, upon the occurrence of any of the events described therein.
Thereafter, the underlying Unit Warrants shall be exercisable at such adjusted
exercise price and for such adjustment number of underlying shares of Common
Stock.

     8.6. Determination of Outstanding Shares of Common Stock. The number of
shares of Common Stock at any one time outstanding shall include the aggregate
number of shares of Common Stock issued and the aggregate number of shares of
Common Stock issuable upon the exercise of options, rights, warrants and upon
the conversion or exchange of convertible or exchangeable securities.

     8.7. Dividends and Other Distributions with Respect to Outstanding
Securities. In the event that the Company shall at any time prior to the
exercise of all Warrants make any distribution of its assets to holders of its
Common Stock as a liquidating or a partial liquidating dividend, then the holder
of Warrants who exercises its Warrants after the record date for the
determination of those holders of Common Stock entitled to such distribution of
assets as a liquidating or partial liquidating dividend shall be entitled to
receive for the Warrant Price per

                                       15
<PAGE>

Warrant, in addition to each share of Common Stock, the amount of such
distribution (or, at the option of the Company, a sum equal to the value of any
such assets at the time of such distribution as determined by the Board of
Directors of the Company in good faith) which would have been payable to such
holder had he been the holder of record of the Common Stock receivable upon
exercise of his Warrant on the record date for the determination of those
entitled to such distribution. At the time of any such dividend or distribution,
the Company shall make appropriate reserves to ensure the timely performance of
the provisions of this Subsection 8.6.

     8.8. Subscription Rights for Shares of Common Stock or Other Securities. In
the case that the Company or an affiliate of the Company shall at any time after
the date hereof and prior to the exercise of all the Warrants issue any rights,
warrants or options to subscribe for shares of Common Stock or any other
securities of the Company or of such affiliate to all the stockholders of the
Company, the Holders of unexercised Warrants on the record date set by the
Company or such affiliate in connection with such issuance of rights, warrants
or options shall be entitled, in addition to the shares of Common Stock or other
securities receivable upon the exercise of the Warrants, to receive such rights,
warrants or options that such Holders would have been entitled to receive had
they been, on such record date, the holders of record of the number of whole
shares of Common Stock then issuable upon exercise of their outstanding Warrants
(assuming for purposes of this Section 8.8), that the exercise of the Warrants
is permissible immediately upon issuance).

     9. Exchange and Replacement of Warrant Certificates.

     Each Warrant Certificate is exchangeable without expense, upon the
surrender thereof by the registered Holder at the principal executive office of
the Company, for a new

                                       16
<PAGE>

Warrant Certificate of like tenor and date representing in the aggregate the
right to purchase the same number of securities in such denominations as shall
be designated by the Holder thereof at the time of such surrender.

     Upon receipt by the Company of evidence reasonably satisfactory to it of
the loss, theft, destruction or mutilation of any Warrant Certificate, and, in
case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it, and reimbursement to the Company of all reasonable expenses
incidental thereto, and upon surrender and cancellation of the Warrant
Certificate, if mutilated, the Company will make and deliver a new Warrant
Certificate of like tenor, in lieu thereof.

     10. Elimination of Fractional Interests.

     The Company shall not be required to issue certificates representing
fractions of Shares, nor shall it be required to issue scrip or pay cash in lieu
of fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated by rounding any fraction up to the nearest whole
number of Shares and Unit Warrants.

     11. Reservation and Listing of Securities.

     The Company shall at all times reserve and keep available out of its
authorized shares of Common Stock, solely for the purpose of issuance upon the
exercise of the Warrants and the Unit Warrants, such number of shares of Common
Stock as shall be issuable upon the exercise thereof. The Company covenants and
agrees that, upon exercise of the Warrants and payment of the Exercise Price
therefor, all Shares issuable upon such exercise shall be duly and validly
issued, fully paid, non-assessable and not subject to the preemptive rights of
any stockholder. The Company further covenants and agrees that upon exercise of
the Unit Warrants

                                       17
<PAGE>

underlying the Warrants and payment of the Unit Warrant exercise price therefor,
all Unit Warrant Shares issuable upon such exercise shall be duly and validly
issued, fully paid, non-assessable and not subject to the preemptive rights of
any stockholder. As long as the Warrants shall be outstanding, the Company shall
use its best efforts to cause all shares of Common Stock issuable upon the
exercise of the Warrants and Unit Warrants underlying the Warrants to be listed
on or quoted by Nasdaq or listed on such national securities exchange, in the
event the Common Stock is listed on a national securities exchange.

     12. Notices to Warrant Holders.

     Nothing contained in this Agreement shall be construed as conferring upon
the Holder or Holders the right to vote or to consent or to receive notice as a
stockholder in respect of any meetings of stockholders for the election of
directors or any other matter, or as having any rights whatsoever as a
stockholder of the Company. If, however, at any time prior to the expiration of
the Warrants and their exercise, any of the following events shall occur:

          (a) the Company shall take a record of the holders of its shares of
Common Stock for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution
payable otherwise than out of current or retained earnings, as indicated by the
accounting treatment of such dividend or distribution on the books of the
Company; or

          (b) the Company shall offer to all the holders of its Common Stock any
additional shares of capital stock of the Company or securities convertible into
or exchangeable for shares of capital stock of the Company, or any option, right
or warrant to subscribe therefor; or

                                       18
<PAGE>

          (c) a dissolution, liquidation or winding up of the Company (other
than in connection with a consolidation or merger) or a sale of all or
substantially all of its property, assets and business as an entirety shall be
proposed; or

          (d) reclassification or change of the outstanding shares of Common
Stock (other than a change in par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination), consolidation of the
Company with, or merger of the Company into, another corporation (other than a
consolidation or merger in which the Company is the surviving corporation and
which does not result in any reclassification or change of the outstanding
shares of Common Stock, except a change as a result of a subdivision or
combination of such shares or a change in par value, as aforesaid), or a sale or
conveyance to another corporation of the property of the Company as an entirety
is proposed; or

          (e) The Company or an affiliate of the Company shall propose to issue
any rights to subscribe for shares of Common Stock or any other securities of
the Company or of such affiliate to all the shareholders of the Company;

then, in any one or more of said events, the Company shall give written notice
to the Holder or Holders of such event at least fifteen (15) days prior to the
date fixed as a record date or the date of closing the transfer books for the
determination of the stockholders entitled to such dividend, distribution,
convertible or exchangeable securities or subscription rights, options or
warrants, or entitled to vote on such proposed dissolution, liquidation, winding
up or sale. Such notice shall specify such record date or the date of closing
the transfer books, as the case may be. Failure to

                                       19
<PAGE>

give such notice or any defect therein shall not affect the validity of any
action taken in connection with the declaration or payment of any such dividend
or distribution, or the issuance of any convertible or exchangeable securities
or subscription rights, options or warrants, or any proposed dissolution,
liquidation, winding up or sale.

     13. Unit Warrants

     The form of the certificates representing the Unit Warrants (and the form
of election to purchase shares of Common Stock upon the exercise of the Unit
Warrants and the form of assignment printed on the reverse thereof) shall be
substantially as set forth in Exhibit "A" to the Unit Warrant Agreement;
provided, however, (i) each Unit Warrant issuable upon exercise of the Warrants
shall evidence the right to initially purchase one fully paid and non-assessable
share of Common Stock in respect of the Unit Warrant at an initial purchase
price of $10.50 per share from the Separation Date until ______________, 2005
and (ii) the Target Redemption Price (as defined in the Public Warrant
Agreement) of the Unit Warrants is 150% of the then effective exercise price of
the Unit Warrants. As set forth in Section 8.5 of this Agreement, the exercise
price of the Unit Warrants and the number of shares of Common Stock issuable
upon the exercise of the Unit Warrants are subject to adjustment, whether or not
the Warrants have been exercised and the Unit Warrants have been issued, in the
manner and upon the occurrence of the events set forth in Section 9 of the Unit
Warrant Agreement, which is hereby incorporated herein by reference and made a
part hereof as is set forth in its entirety herein. Subject to the provisions of
this Agreement and upon issuance of the Unit Warrants underlying the Warrants,
each registered holder of such Unit Warrants shall have the right to purchase
from the Company (and the Company shall issue to such registered holders) up to
the number of fully paid and non-assessable shares of Common Stock underlying
such Unit Warrants (subject to adjustment as provided herein and in the Unit
Warrant Agreement), free and

                                       20
<PAGE>

clear of all preemptive rights of shareholders, provided that such registered
holder complies with the terms governing exercise of the Unit Warrants set forth
in the Unit Warrant Agreement, and pays the applicable exercise price,
determined in accordance with the terms of the Unit Warrant Agreement. Upon
exercise of the Unit Warrants, the Company shall forthwith issue to the
registered holder of any such Unit Warrant in his name or in such name as may be
directed by him, certificates for the number of shares of Common Stock and the
number of Unit Warrants so purchased. Except as otherwise provided in Section
8.5 hereof, the Unit Warrants underlying the Warrants shall be governed in all
respects by the terms of the Unit Warrant Agreement. The Unit Warrants shall be
transferable in the manner provided in the Unit Warrant Agreement, and upon any
such transfer, a new Unit Warrant shall be issued promptly to the transferee.
The Company covenants to, and agrees with, each Holder that without the prior
written consent of all the Holders, the Unit Warrant Agreement will not be
modified, amended, cancelled, altered or superseded, and that the Company will
send to each Holder, irrespective of whether or not the Warrants have been
exercised, any and all notices required by the Unit Warrant Agreement to be sent
to holders of the Unit Warrants.

     14. Notices.

     All notices, requests, consents and other communications hereunder shall be
in writing and shall be deemed to have been duly made when delivered, or mailed
by registered or certified mail, return receipt requested:

          (a) If to a registered Holder of the Warrants, to the address of such
Holder as shown on the books of the Company; or

                                       21
<PAGE>

          (b) If to the Company, to the address set forth in Section 3 of this
Agreement or to such other address as the Company may designate by notice to the
Holders.

     15. Supplements and Amendments.

     The Company and the Underwriter may from time to time supplement or amend
this Agreement without the approval of any Holders of Warrant Certificates
and/or Warrant Securities in order to cure any ambiguity, to correct or
supplement any provision contained herein which may be defective or inconsistent
with any provisions herein, or to make any other provisions in regard to matters
or questions arising hereunder which the Company and the Underwriter may deem
necessary or desirable and which the Company and the Underwriter deem not to
adversely affect the interests of the Holders of Warrant Certificates and/or
Warrant Securities.

     16. Successors.

     All the covenants and provisions of this Agreement by or for the benefit of
the Company and the Holders inure to the benefit of their respective successors
and assigns hereunder.

     17. Termination.

     This Agreement shall terminate at the close of business on __________,
2008. Notwithstanding the foregoing, this Agreement will terminate on any
earlier date when all Warrants have been exercised and all the Shares issuable
upon exercise of the Warrants have been resold to the public; provided, however,
that the provisions of Section 7 shall survive any termination pursuant to this
Section 16 until the close of business on _________, 2011.

                                       22
<PAGE>

     18. Governing Law.

     This Agreement and each Warrant Certificate issued hereunder shall be
deemed to be a contract made under the laws of the State of New York and for all
purposes shall be construed in accordance with the laws of said State.

     19. Benefits of This Agreement.

     Nothing in this Agreement shall be construed to give to any person or
corporation other than the Company and the Underwriter and any other registered
holder or holders of the Warrant Certificates or Warrant Securities any legal or
equitable right, remedy or claim under this Agreement; and this Agreement shall
be for the sole and exclusive benefit of the Company and the Underwriter and any
other holder or holders of the Warrant Certificates or Warrant Securities.

     20. Counterparts.

     This Agreement may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and such
counterparts shall together constitute but one and the same instrument.

                                       23
<PAGE>

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

                                         DELCATH SYSTEMS, INC.

                                         By: __________________________________
                                             Name: M.S. Koly
                                             Title: Chief Executive Officer

                                         WHALE SECURITIES CO., L.P.

                                         By: Whale Securities Corp.,
                                             General Partner

                                         By: __________________________________
                                             Name: William G. Walters
                                             Title: Chairman

                                       24
<PAGE>

                                                                       EXHIBIT A

THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES ISSUABLE
UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED FOR PURPOSES OF PUBLIC
DISTRIBUTION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY
NOT BE OFFERED OR SOLD EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT, (ii) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144
UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION
OF SECURITIES), OR (iii) UPON THE DELIVERY BY THE HOLDER TO THE COMPANY OF AN
OPINION OF COUNSEL, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, STATING
THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

THE TRANSFER OR EXCHANGE OF THE WARRANTS REPRESENTED BY THIS CERTIFICATE IS
RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO HEREIN.

                            EXERCISABLE ON OR BEFORE
                    5:00 P.M., NEW YORK TIME, _________, 2005

No. W-                                                        _______ Warrants

                               WARRANT CERTIFICATE

     This Warrant Certificate certifies that _______________ ___________________
or registered assigns, is the registered holder of ____________ (________)
Warrants to purchase, at any time from ____________, 2000 until 5:00 P.M. New
York City time on ___________, 2005 ("Expiration Date"), up to _________ units
("Units"), each consisting of one fully-paid and non-assessable share of common
stock, par value $.01 per share (the "Common Stock"), of Delcath Systems, Inc.,
a Delaware corporation (the "Company"), and one Common Stock Purchase Warrant,
each Common Stock Purchase Warrant entitling the holder thereof to purchase one
share of Common Stock (collectively, the "Unit Warrants") at the initial
exercise price, subject to adjustment in certain events (the "Exercise Price"),
of $6.60 per Unit upon surrender of this Warrant Certificate and payment of the
Exercise Price at an office or agency of the Company, but subject to the
conditions set forth herein and in the warrant agreement dated as of
____________, 2000 between the Company and Whale Securities Co., L.P. (the
"Warrant Agreement"). Payment of the Exercise Price may be made in cash, or by
certified or official bank check in New York Clearing House funds payable to the
order of the Company, or any combination thereof.

     Each Unit Warrant issuable upon the exercise of a Warrant is initially
exercisable from the Separation Date through ________, 2005, for one fully-paid
and non-assessable share of Common Stock at an initial exercise price of $10.50
per share. The Unit Warrants are issuable pursuant to the terms and provisions
of a certain agreement dated as of ________, 2000

<PAGE>

by and among the Company, the Underwriter and American Stock Transfer & Trust
Company (the "Unit Warrant Agreement"). The Unit Warrant Agreement is hereby
incorporated by reference in and made a part of this instrument and is hereby
referred to (except as otherwise provided in the Warrant Agreement) for a
description of the rights, limitations of rights, manner of exercise,
anti-dilution provisions and other provisions with respect to the Unit Warrants.

     No Warrant may be exercised after 5:00 P.M., New York City time, on the
Expiration Date, at which time all Warrants evidenced hereby, unless exercised
prior thereto, shall thereafter be void.

     The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants issued pursuant to the Warrant Agreement, which
Warrant Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights, limitation
of rights, obligations, duties and immunities thereunder of the Company and the
holders (the words "holders" or "holder" meaning the registered holders or
registered holder) of the Warrants.

     The Warrant Agreement provides that upon the occurrence of certain events,
the Exercise Price and the type and/or number of the Company's securities
issuable thereupon may, subject to certain conditions, be adjusted. In such
event, the Company will, at the request of the holder, issue a new Warrant
Certificate evidencing the adjustment in the Exercise Price and the number
and/or type of securities issuable upon the exercise of the Warrants; provided,
however, that the failure of the Company to issue such new Warrant Certificates
shall not in any way change, alter, or otherwise impair, the rights of the
holder as set forth in the Warrant Agreement.

     Upon due presentment for registration of transfer of this Warrant
Certificate at an office or agency of the Company, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided herein and in the Warrant
Agreement, without any charge except for any tax, or other governmental charge
imposed in connection therewith.

     Upon the exercise of less than all of the Warrants evidenced by this
Certificate, the Company shall forthwith issue to the holder hereof a new
Warrant Certificate representing such number of unexercised Warrants.

     The Company may deem and treat the registered holder(s) hereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, and of any distribution to the holder(s) hereof, and for all
other purposes, and the Company shall not be affected by any notice to the
contrary.

     All terms used in this Warrant Certificate which are defined in the Warrant
Agreement shall have the meanings assigned to them in the Warrant Agreement.

                                       2
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be
duly executed under its corporate seal.

Dated:  ___________, 2000

                                          DELCATH SYSTEMS, INC.

                                          By: __________________________
                                              Name: M.S. Koly
                                              Title: Chief Executive Officer

                                       3
<PAGE>

                         [FORM OF ELECTION TO PURCHASE]

     The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase _________ Units and
herewith tenders in payment for such securities cash or a certified or official
bank check payable in New York Clearing House Funds to the order of Delcath
Systems, Inc. in the amount of $ _____, all in accordance with the terms hereof.
The undersigned requests that a certificate for such securities be registered in
the name of __________, whose address is __________________, and that such
Certificate be delivered to __________________, whose address is _____________.

Dated:                        Signature: _______________________________

                                    (Signature must conform in all respects to
                                    name of holder as specified on the face of
                                    the Warrant Certificate.)

                        --------------------------------

                        --------------------------------
                        (Insert Social Security or Other
                          Identifying Number of Holder)

<PAGE>

                              [FORM OF ASSIGNMENT]

             (To be executed by the registered holder if such holder
                  desires to transfer the Warrant Certificate.)

            FOR VALUE RECEIVED _________________

hereby sells, assigns and transfers unto

---------------------------------------------
(Please print name and address of transferee)

this Warrant Certificate, together with all right, title and interest therein,

and does hereby irrevocably constitute and appoint _______________, Attorney, to

transfer the within Warrant Certificate on the books of the within-named

Company, with full power of substitution.

Dated:                        Signature: ________________________________

                                    (Signature must conform in all respects to
                                    name of holder as specified on the face of
                                    the Warrant Certificate)

-------------------------------

-------------------------------
(Insert Social Security or Other
Identifying Number of Assignee)

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