Document:

EXHIBIT 10.4

                                    AGREEMENT

         THIS AGREEMENT is dated as of November 7, 2001, between BlueStone
Capital Corp. ("BlueStone"), BlueStone Holding Corp., formerly known as
HealthStar Corp. ("BHC"), SSI Securities Corp., formerly Shochet Securities,
Inc. ("SSI"), Shochet Holding Corp. and Sands Brothers & Co., Ltd. ("Sands").

         WHEREAS, the parties (other than Sands) entered into a purchase
agreement dated as of August 1, 2001, which was amended on August 31, 2001 (the
"August Agreement"); and

         WHEREAS, BlueStone is entering into an agreement with Sands Brothers &
Co., Ltd. pursuant to which BlueStone will transfer (the "Transfer") the
Accounts (as defined in the August Agreement) to Sands (the "Sands Agreement");

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, intending to be legally bound hereby, the parties hereto do hereby
agree as follows:

         1. Simultaneously with the Transfer, Sands will pay to SSI $250,000
(the "Sands Payment") payable by wire transfer.

         2. Simultaneously with the Transfer, BlueStone will pay to SSI $64,000
(the "BlueStone Payment") by wire transfer, in full satisfaction of any amounts
due under Section 6.1 of the August Agreement.

         3. Effective as of the Transfer, BlueStone and BHC shall have no
further obligations, and Sands shall have no obligations, under Sections 6.1, 10
and 11 of the Agreement.

         4. SSI will sublease or assign (or cause to be subleased or assigned)
to Sands, all of SSI's right, title and interest under the leases identified as
the Hallandale Beach, Miami Beach, South Miami and Tamarac leases set forth on
Schedule 5(a) to the August Agreement (the "Sands Leases"). Regardless of
whether any such sublease or assignment is allowed or effected by the lessor of
each property subject to the Sands Leases, Sands assumes SSI's obligation to pay
the monthly rental payments required under each Sands Lease, and will make such
payments directly to the lessor for the remaining terms of each such Sands
Lease. Sands shall indemnify SSI against all claims arising under the terms of
the Sands Leases on or after the date of the Transfer.

         5. SSI and BlueStone agree that BlueStone was obligated to accept
sublease or assignment of the BlueStone Leases (defined below). SSI will
sublease or assign, or caused to be subleased or assigned to BlueStone all of
SSI's rights, title and interest under the leases identified as the Boca Raton,
Delray Beach and Weston on Schedule 5(a) to the August Agreement (the "BlueStone
Leases"). Regardless of whether any such sublease or assignment is allowed or

<Page>

effected by the lessor of each property subject to the BlueStone Leases,
BlueStone assumes SSI's obligation to pay the monthly rental payments required
under each BlueStone Lease, and will make such payments directly to the lessor
for the remaining terms of each such BlueStone Lease. BlueStone shall indemnify
SSI against all claims arising under the terms of the BlueStone Leases from
August 31, 2001 onward.

         6. Each of Sands and BlueStone, at their respective cost, shall fully
cooperate with SSI and its counsel in securing the necessary lessor consents and
documentation required to effect the actions contemplated in Sections 4 and 5
above.

         7. This Agreement will become effective only upon SSI's receipt of the
Sands Payment and the BlueStone Payment. If the Sands Payment and the BlueStone
Payment are not received by SSI by the next business day following the date of
the Transfer, this Agreement will become automatically and immediately null and
void.

         8. Except as expressly provided herein, the August Agreement shall
remain in full force and effect.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       2
<Page>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date first written above.

                             BLUESTONE CAPITAL CORP.

                                /s/
                             By: _________________________________
                                 Name:
                                 Date:

                             BLUESTONE HOLDING CORP.

                                /s/
                             By:__________________________________
                                Name:
                                Date:

                            SHOCHET SECURITIES, INC.

                                /s/
                             By:__________________________________
                                Name:
                                Date:

                              SHOCHET HOLDING CORP.

                                /s/
                             By:__________________________________
                                Name:
                                Date:

                           SANDS BROTHERS & CO., LTD.

                                /s/
                             By:__________________________________
                                Name:
                                Date:

                                       3EXHIBIT 4.1

==============================================================================

                            GMAC MORTGAGE CORPORATION
                                  as Servicer,

                        GMACM HOME LOAN TRUST 2001-HLTV2,
                                    as Issuer

                                       and

                         BANK ONE, NATIONAL ASSOCIATION
                              as Indenture Trustee

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

                               SERVICING AGREEMENT

                          Dated as of October 30, 2001
                            -------------------------

===============================================================================

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          Page

<S>                                                                                        <C>
ARTICLE I         Definitions...............................................................2

        Section 1.01  Definitions...........................................................2

        Section 1.02  Other Definitional Provisions.........................................2

        Section 1.03  Interest Calculations.................................................3

ARTICLE II        Representations and Warranties............................................4

        Section 2.01  Representations and Warranties Regarding the Servicer.................4

        Section 2.02  Representations and Warranties of the Issuer..........................5

        Section 2.03  Enforcement of Representations and Warranties.........................5

ARTICLE III       Administration and Servicing of Home Loans................................7

        Section 3.01  The Servicer..........................................................7

        Section 3.02  Collection of Certain Home Loan Payments..............................9

        Section 3.03  Withdrawals from the Custodial Account...............................12

        Section 3.04  Maintenance of Hazard Insurance; Property Protection Expenses........14

        Section 3.05  Modification Agreements; Release or Substitution of Lien.............15

        Section 3.06  Trust Estate; Related Documents......................................16

        Section 3.07  Realization Upon Defaulted Home Loans; Loss Mitigation...............17

        Section 3.08  Issuer and Indenture Trustee to Cooperate............................18

        Section 3.09  Servicing Compensation; Payment of Certain Expenses by Servicer......19

        Section 3.10  Annual Statement as to Compliance....................................19

        Section 3.11  Annual Servicing Report..............................................20

        Section 3.12  Access to Certain Documentation and Information Regarding the
               Home Loans..................................................................20

        Section 3.13  Maintenance of Certain Servicing Insurance Policies..................20

        Section 3.14  Information Required by the Internal Revenue Service and
               Reports of Foreclosures and Abandonments of Mortgaged Property..............21

        Section 3.15  Optional Repurchase or Transfer of Home Loans........................21

        Section 3.16  Reserved.............................................................22

        Section 3.17  Pre-Funding Account..................................................22

        Section 3.18  Capitalized Interest Account.........................................24

                                        i
<PAGE>

Section 3.19      Enforcement of Due-on-Sale Clauses; Assumption and Modification
                  Agreements; Certain Assignments..........................................25

ARTICLE IV        Servicing Certificate....................................................27

        Section 4.01  Statements to Securityholders........................................27

        Section 4.02  Tax Returns and 1934 Act Reports.....................................29

ARTICLE V         Note Payment Account.....................................................30

        Section 5.01  Note Payment Account.................................................30

ARTICLE VI        The Servicer.............................................................30

        Section 6.01  Liability of the Servicer............................................30

        Section 6.02  Merger or Consolidation of, or Assumption of the Obligations
               of, the Servicer............................................................30

        Section 6.03  Limitation on Liability of the Servicer and Others...................31

        Section 6.04  Servicer Not to Resign...............................................32

        Section 6.05  Delegation of Duties.................................................32

        Section 6.06  Payment of Indenture Trustee's and Owner Trustee's Fees and
               Expenses; Indemnification...................................................32

ARTICLE VII       Default..................................................................35

        Section 7.01  Servicing Default....................................................35

        Section 7.02  Indenture Trustee to Act; Appointment of Successor...................37

        Section 7.03  Notification to Securityholders......................................39

ARTICLE VIII      Miscellaneous Provisions.................................................40

        Section 8.01  Amendment............................................................40

        Section 8.02  GOVERNING LAW........................................................40

        Section 8.03  Notices..............................................................40

        Section 8.04  Severability of Provisions...........................................40

        Section 8.05  Third-Party Beneficiaries............................................41

        Section 8.06  Counterparts.........................................................41

        Section 8.07  Effect of Headings and Table of Contents.............................41

        Section 8.08  Termination Upon Purchase by the Servicer or Liquidation of All
               Home Loans; Partial Redemption..............................................41

        Section 8.09  Certain Matters Affecting the Indenture Trustee......................42

        Section 8.10  Owner Trustee Not Liable for Related Documents.......................42

                                        ii
<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

EXHIBIT A - HOME LOAN SCHEDULE                                                         A-1

EXHIBIT B - LIMITED POWER OF ATTORNEY                                                  B-1

EXHIBIT C - FORM OF REQUEST FOR RELEASE                                                C-1

</TABLE>

                                        iii
<PAGE>

        This   Servicing   Agreement,   dated  as  of  October   30,  2001  (the
"Agreement"),  is among GMAC Mortgage Corporation, as servicer (the "Servicer"),
the GMACM Home Loan Trust  2001-HLTV2,  as issuer (the "Issuer"),  and Bank One,
National Association, as indenture trustee (the "Indenture Trustee").

                                   WITNESSETH:

        WHEREAS,  pursuant to the terms of the  Purchase  Agreement  (as defined
herein), GMAC Mortgage Corporation, as seller (in such capacity, "GMACM") and as
servicer and Walnut Grove Mortgage Loan Trust 2001-A,  as seller ("WG Trust" and
together with GMACM,  the  "Sellers"),  will sell to Residential  Asset Mortgage
Products,  Inc. ("RAMP"), as purchaser (in such capacity, the "Purchaser"),  the
Initial Home Loans on the Closing Date,  and may sell  Subsequent  Home Loans on
one or more  Subsequent  Transfer  Dates, in each case together with the Related
Documents on the Closing Date and any Subsequent Transfer Date;

        WHEREAS,  RAMP, as depositor (in such capacity,  the "Depositor"),  will
sell the  Initial  Home Loans and assign  all of its rights  under the  Purchase
Agreement  to the Issuer,  together  with the Related  Documents  on the Closing
Date;

     WHEREAS,  pursuant  to the terms of the Trust  Agreement,  the Issuer  will
issue the Certificates;

     WHEREAS,  pursuant to the terms of the Indenture, the Issuer will issue the
Notes; and

     WHEREAS, pursuant to the terms of this Agreement, the Servicer will service
the Home Loans directly or through one or more Subservicers.

     NOW, THEREFORE,  in consideration of the mutual covenants herein contained,
the parties hereto agree as follows:

                                       1
<PAGE>

                                   ARTICLE I

                                   Definitions

Section  1.01  Definitions.  For all  purposes  of  this  Agreement,  except  as
otherwise  expressly  provided herein or unless the context otherwise  requires,
capitalized  terms not otherwise defined herein shall have the meanings assigned
to such terms in the Definitions  contained in Appendix A to the indenture dated
as of October 30, 2001 (the  "Indenture"),  between the Issuer and the Indenture
Trustee,  which is incorporated by reference herein. All other capitalized terms
used herein shall have the meanings specified herein.

Section 1.02   Other Definitional Provisions.

(a)  All terms defined in this  Agreement  shall have the defined  meanings when
     used in any certificate or other document made or delivered pursuant hereto
     unless otherwise defined therein.

(b)  As used in this Agreement and in any  certificate or other document made or
     delivered pursuant hereto or thereto,  accounting terms not defined in this
     Agreement or in any such  certificate  or other  document,  and  accounting
     terms partly defined in this Agreement or in any such  certificate or other
     document,  to the extent not defined,  shall have the  respective  meanings
     given to them under generally accepted accounting principles. To the extent
     that the  definitions of accounting  terms in this Agreement or in any such
     certificate  or other document are  inconsistent  with the meanings of such
     terms under  generally  accepted  accounting  principles,  the  definitions
     contained in this  Agreement or in any such  certificate  or other document
     shall control.

(c)  The words "hereof," "herein,"  "hereunder" and words of similar import when
     used in this Agreement  shall refer to this Agreement as a whole and not to
     any particular provision of this Agreement;  Section and Exhibit references
     contained in this  Agreement are  references to Sections and Exhibits in or
     to this Agreement unless otherwise  specified;  the term "including"  shall
     mean "including without limitation";  "or" shall include "and/or";  and the
     term "proceeds" shall have the meaning ascribed thereto in the UCC.

                                       2
<PAGE>

(d)  The definitions  contained in this Agreement are applicable to the singular
     as well as the plural  forms of such terms and to the  masculine as well as
     the feminine and neuter genders of such terms.

(e)  Any  agreement,  instrument or statute  defined or referred to herein or in
     any instrument or certificate  delivered in connection  herewith means such
     agreement,  instrument or statute as from time to time amended, modified or
     supplemented  and  includes  (in the  case of  agreements  or  instruments)
     references to all attachments thereto and instruments incorporated therein;
     references to a Person are also to its permitted successors and assigns.

Section 1.03 Interest Calculations.  All calculations of interest hereunder that
are made in respect of the Principal  Balance of a Home Loan shall be made under
an actuarial interest method. All calculations of interest on the Notes shall be
made on the basis of a 30-day  month and a year  assumed to consist of 360 days.
The  calculation  of the  Servicing  Fee shall be made on the basis of a 360-day
year consisting of twelve 30-day months. All dollar amounts calculated hereunder
shall be rounded to the nearest  penny with  one-half of one penny being rounded
up.

                                       3
<PAGE>

                                   ARTICLE II

                         Representations and Warranties

Section 2.01 Representations and Warranties Regarding the Servicer. The Servicer
represents  and  warrants  to the  Issuer and for the  benefit of the  Indenture
Trustee, as pledgee of the Home Loans, as of the Closing Date:

(a)  the Servicer is a corporation duly organized,  validly existing and in good
     standing under the laws of the  Commonwealth  of  Pennsylvania  and has the
     corporate  power to own its assets and to transact the business in which it
     is currently  engaged.  The Servicer is duly  qualified to do business as a
     foreign  corporation and is in good standing in each  jurisdiction in which
     the  character  of the business  transacted  by it or  properties  owned or
     leased by it  requires  such  qualification  and in which the failure to so
     qualify would have a material adverse effect (not in the ordinary course of
     business) on the business,  properties,  assets, or condition (financial or
     other) of the Servicer;

(b)  the Servicer  has the power and  authority  to make,  execute,  deliver and
     perform this Agreement and all of the transactions  contemplated under this
     Agreement,  and has taken all necessary  corporate  action to authorize the
     execution,  delivery and performance of this  Agreement.  When executed and
     delivered,  this Servicing  Agreement will constitute the legal,  valid and
     binding  obligation  of the Servicer  enforceable  in  accordance  with its
     terms,  except as  enforcement  of such terms may be limited by bankruptcy,
     insolvency or similar laws affecting the  enforcement of creditors'  rights
     generally and by the availability of equitable remedies;

(c)  the  Servicer is not  required to obtain the consent of any other Person or
     any consent,  license,  approval or authorization  from, or registration or
     declaration  with,  any  governmental   authority,   bureau  or  agency  in
     connection  with  the  execution,   delivery,   performance,   validity  or
     enforceability  of  this  Agreement,  except  for  such  consent,  license,
     approval or  authorization,  or registration or declaration,  as shall have
     been obtained or filed, as the case may be;

(d)  the execution and delivery of this  Agreement  and the  performance  of the
     transactions  contemplated  hereby by the  Servicer  will not  violate  any
     material provision of any existing law or regulation or any order or decree
     of any court applicable to the Servicer or any provision of the Articles of
     Incorporation or Bylaws of the Servicer, or constitute a material breach of
     any material mortgage,  indenture, contract or other agreement to which the
     Servicer is a party or by which the Servicer may be bound;

(e)  no litigation or administrative proceeding of or before any court, tribunal
     or  governmental  body is  currently  pending,  or to the  knowledge of the
     Servicer threatened,  against the Servicer or any of its properties or with
     respect to this  Agreement  or the  Securities  which in the opinion of the
     Servicer has a  reasonable  likelihood  of resulting in a material  adverse
     effect on the transactions contemplated by this Agreement; and

                                       4
<PAGE>

(f)  the 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 Home Loans that are registered with MERS.

        The  foregoing   representations   and  warranties   shall  survive  any
termination of the Servicer hereunder.

Section 2.02  Representations  and  Warranties of the Issuer.  The Issuer hereby
represents  and warrants to the  Servicer  and for the benefit of the  Indenture
Trustee, as pledgee of the Home Loans, as of the Closing Date:

(a)  the Issuer is a business  trust duly formed and in good standing  under the
     laws of the State of Delaware and has full power, authority and legal right
     to execute and deliver this Agreement and to perform its obligations  under
     this  Agreement,  and has  taken all  necessary  action  to  authorize  the
     execution, delivery and performance by it of this Agreement; and

(b)  the  execution  and  delivery  by the  Issuer  of  this  Agreement  and the
     performance by the Issuer of its obligations  under this Agreement will not
     violate any provision of any law or regulation  governing the Issuer or any
     order,  writ,  judgment or decree of any court,  arbitrator or governmental
     authority  or agency  applicable  to the Issuer or any of its assets.  Such
     execution,  delivery,  authentication  and performance will not require the
     authorization,  consent or approval of, the giving of notice to, the filing
     or  registration  with,  or the taking of any other action with respect to,
     any governmental  authority or agency  regulating the activities of limited
     liability   companies.   Such  execution,   delivery,   authentication  and
     performance  will not conflict with, or result in a breach or violation of,
     any  mortgage,  deed of trust,  lease or other  agreement or  instrument to
     which the Issuer is bound.

Section 2.03 Enforcement of  Representations  and Warranties.  The Servicer,  on
behalf of and subject to the direction of the Indenture  Trustee,  as pledgee of
the Home Loans, or the Issuer,  shall enforce the representations and warranties
of GMAC Mortgage  Corporation  or WG Trust  pursuant to the Purchase  Agreement.
Upon the discovery by the Sellers,  the Depositor,  the Servicer,  the Indenture
Trustee, the Credit Enhancer, the Issuer, or the Custodian of a breach of any of
the representations  and warranties made by either GMAC Mortgage  Corporation or
WG Trust in the Purchase Agreement, in respect of any Home Loan which materially
and  adversely  affects  the  interests  of the  Securityholders  or the  Credit
Enhancer,  the party discovering such breach shall give prompt written notice to
the  other  parties  (the  Custodian  being so  obligated  under  the  Custodial
Agreement).  The Servicer shall promptly notify either GMAC Mortgage Corporation
or WG Trust,  as  applicable,  of such breach and request that,  pursuant to the
terms of the  Purchase  Agreement,  the  respective  party  either (i) cure such
breach in all  material  respects  within  90 days from the date such  party was
notified of such breach or (ii)  purchase  such Home Loan from the Issuer at the

                                       5
<PAGE>

price and in the manner set forth in Section  3.1(d) of the Purchase  Agreement;
provided,  that either GMAC Mortgage  Corporation or WG Trust shall,  subject to
the  conditions  set  forth  in the  Purchase  Agreement,  have  the  option  to
substitute an Eligible Substitute Loan or Loans for such Home Loan. In the event
that either GMAC Mortgage  Corporation  or WG Trust elects to substitute  one or
more  Eligible  Substitute  Loans  pursuant  to Section  3.1(d) of the  Purchase
Agreement,  such  party  shall  deliver to the  Custodian  or the  Servicer,  in
accordance with the Purchase Agreement, with respect to such Eligible Substitute
Loans,  the original  Mortgage Note, the Mortgage,  and such other documents and
agreements as are required by the Purchase Agreement.  Payments due with respect
to  Eligible  Substitute  Loans  in  the  month  of  substitution  shall  not be
transferred  to the Issuer and will be retained by the  Servicer and remitted by
the  Servicer to such party on the next  succeeding  Payment  Date except to the
extent that a payment less than the applicable Monthly Payment has been received
by the Issuer for such  month in  respect  of the Home Loan to be  removed.  The
Servicer  shall amend or cause to be amended  the Home Loan  Schedule to reflect
the removal of such Home Loan and the  substitution  of the Eligible  Substitute
Loans and the Servicer shall promptly  deliver the amended Home Loan Schedule to
the Owner Trustee and Indenture Trustee.

        It is  understood  and  agreed  that  the  obligation  of GMAC  Mortgage
Corporation  and WG Trust to cure such breach or purchase or substitute for such
Home  Loan as to which  such a  breach  has  occurred  and is  continuing  shall
constitute the sole remedy  respecting  such breach  available to the Issuer and
the  Indenture  Trustee,  as  pledgee of the Home  Loans,  against  either  GMAC
Mortgage  Corporation  or WG  Trust.  In  connection  with  the  purchase  of or
substitution  for any such Home Loan by either GMAC Mortgage  Corporation  or WG
Trust,  the  Issuer  shall  assign  to such  party all of its  right,  title and
interest in respect of the Purchase Agreement applicable to such Home Loan. Upon
receipt of the Repurchase  Price, or upon completion of such  substitution,  the
Servicer  shall  notify the  Custodian,  and the  Custodian  shall  deliver  the
Mortgage  Notes to the  Servicer,  together with all relevant  endorsements  and
assignments prepared by the Servicer that the Indenture Trustee shall execute.

                                       6
<PAGE>

                                  ARTICLE III

                   Administration and Servicing of Home Loans

Section 3.01   The Servicer.

(a) The  Servicer  shall  service  and  administer  the  Home  Loans in a manner
generally  consistent  with  the  terms  of the  Program  Guide  and in a manner
consistent  with the terms of this  Agreement and that shall be normal and usual
in its general mortgage servicing activities. The Servicer shall have full power
and authority,  acting alone or through a Subservicer,  to do any and all things
in connection with such servicing and administration which it may deem necessary
or desirable, it being understood, however, that the Servicer shall at all times
remain  responsible to the Issuer and the Indenture  Trustee,  as pledgee of the
Home Loans,  for the  performance  of its duties and  obligations  hereunder  in
accordance  with the terms hereof and the Program  Guide.  Without  limiting the
generality  of the  foregoing,  the  Servicer  shall  continue,  and  is  hereby
authorized and empowered by the Issuer and the Indenture Trustee,  as pledgee of
the Home Loans,  to execute and deliver,  on behalf of itself,  the Issuer,  the
Indenture  Trustee or any of them, any and all  instruments of  satisfaction  or
cancellation,  or of  partial  or  full  release  or  discharge  and  all  other
comparable  instruments  with  respect  to the  Home  Loans  and  the  Mortgaged
Properties.  The Issuer, the Indenture Trustee and the Custodian, as applicable,
shall  furnish  the  Servicer  with any powers of attorney  and other  documents
necessary or  appropriate  to enable the Servicer to carry out its servicing and
administrative  duties  hereunder.  In addition,  the  Servicer  may, at its own
discretion and on behalf of the Indenture Trustee,  obtain credit information in
the form of a "credit score" from a credit repository.  On the Closing Date, the
Indenture  Trustee  shall  deliver to the  Servicer a limited  power of attorney
substantially  in the  form  of  Exhibit  B  hereto.  The  Servicer  is  further
authorized and empowered by the Issuer and the Indenture  Trustee,  on behalf of
the Noteholders and the Indenture Trustee, in its own name or in the name of the
Subservicer,  when the Servicer or the Subservicer, as the case may be, believes
it  appropriate  in its best  judgment to register  any Home Loan on the MERS(R)
System,  or cause  the  removal  from the  registration  of any Home Loan on the
MERS(R) System,  to execute and deliver,  on behalf of the Indenture Trustee and
the  Noteholders 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  Indenture  Trustee and
its successors and assigns. Any expenses incurred in connection with the actions
described in the  preceding  sentence  shall be borne by the  Servicer,  with no
right of reimbursement.

               If the  Mortgage  did not have a Lien senior to the related  Home
Loan on the related Mortgaged  Property as of the related Cut-Off Date, then the
Servicer,  in such capacity,  may not consent to the placing of a Lien senior to
that of the Mortgage on the related  Mortgaged  Property.  If the Mortgage had a
Lien senior to the related Home Loan on the related Mortgaged Property as of the
related  Cut-Off Date, then the Servicer,  in such capacity,  may consent to the
refinancing of such prior senior Lien, provided that the following  requirements
are met:

               (i) (A) the Mortgagor's  debt-to-income ratio resulting from such
        refinancing is less than the original  debt-to-income ratio as set forth
        on the Home Loan Schedule  and, in the event that the resulting  CLTV of
        such Home Loan  increases  by more than 10% above the CLTV prior to such
        refinancing,  the Servicer  shall obtain the prior consent of the Credit
        Enhancer,  which consent shall not be unreasonably  withheld;  provided,
        however,  that in no instance shall the resulting CLTV of such Home Loan
        be higher than that permitted by the Program Guide; or

                                       7
<PAGE>

(B)  the  resulting  CLTV of such Home Loan is no higher than the greater of the
     CLTV prior to such  refinancing  and 70% (or 80% for borrowers  with a FICO
     "credit score" of 690 or higher);  provided,  however,  if such  refinanced
     mortgage loan is a "rate and term"  mortgage loan  (meaning,  the Mortgagor
     does not receive any cash from the  refinancing),  the CLTV may increase to
     the extent of either (a) the reasonable  closing costs of such  refinancing
     or (b) any decrease in the value of the related Mortgaged Property,  if the
     Mortgagor is in good standing as defined by the Program Guide;

     (ii) the interest  rate,  or, in the case of an  adjustable  rate  existing
          senior Lien, the maximum  interest  rate, for the loan  evidencing the
          refinanced  senior  Lien is no higher  than the  interest  rate or the
          maximum  interest rate, as the case may be, on the loan evidencing the
          existing   senior  Lien   immediately   prior  to  the  date  of  such
          refinancing; provided, however (a) if the loan evidencing the existing
          senior Lien prior to the date of  refinancing  has an adjustable  rate
          and the loan  evidencing the refinanced  senior Lien has a fixed rate,
          then the current  interest rate on the loan  evidencing the refinanced
          senior Lien may be up to 2.0% higher than the  then-current  loan rate
          of the loan  evidencing  the existing  senior Lien and (b) if the loan
          evidencing  the existing  senior Lien prior to the date of refinancing
          has a fixed rate and the loan  evidencing the  refinanced  senior Lien
          has an  adjustable  rate,  then the maximum  interest rate on the loan
          evidencing the  refinanced  senior Lien shall be less than or equal to
          (x) the interest rate on the loan  evidencing the existing senior Lien
          prior to the date of refinancing plus (y) 2.0%; and

(iii)the loan  evidencing the refinanced  senior Lien is not subject to negative
     amortization.

        The  relationship  of the Servicer (and of any successor to the Servicer
as servicer under this Agreement) to the Issuer under this Agreement is intended
by the parties to be that of an  independent  contractor and not that of a joint
venturer, partner or agent.

(b) The Servicer may enter into  Subservicing  Agreements with  Subservicers for
the servicing  and  administration  of certain of the Home Loans.  References in
this  Agreement to actions taken or to be taken by the Servicer in servicing the
Home Loans include  actions  taken or to be taken by a Subservicer  on behalf of
the Servicer and any amount actually  received by such Subservicer in respect of
a Home Loan shall be deemed to have been received by the Servicer whether or not
actually received by the Servicer. Each Subservicing Agreement will be upon such
terms and  conditions  as are not  inconsistent  with this  Agreement and as the
Servicer and the Subservicer have agreed.  With the approval of the Servicer,  a
Subservicer may delegate its servicing obligations to third-party servicers, but
such  Subservicers   will  remain  obligated  under  the  related   Subservicing
Agreements.  The Servicer and the  Subservicer  may enter into amendments to the
related Subservicing  Agreements;  provided,  however,  that any such amendments
shall  not  cause  the Home  Loans to be  serviced  in a  manner  that  would be
materially  inconsistent  with the  standards set forth in this  Agreement.  The

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<PAGE>

Servicer shall be entitled to terminate any Subservicing Agreement in accordance
with the terms and  conditions  thereof and without any  limitation by virtue of
this  Agreement;  provided,  however,  that in the event of  termination  of any
Subservicing  Agreement by the Servicer or the  Subservicer,  the Servicer shall
either act as  servicer of the  related  Home Loan or enter into a  Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related Subservicing Agreement. The Servicer shall be entitled to enter into any
agreement  with a Subservicer  for  indemnification  of the Servicer and nothing
contained  in  this   Agreement   shall  be  deemed  to  limit  or  modify  such
indemnification.

        In the event that the rights, duties and obligations of the Servicer are
terminated hereunder,  any successor to the Servicer in its sole discretion may,
to the extent permitted by applicable law,  terminate the existing  Subservicing
Agreement with any  Subservicer  in accordance  with the terms of the applicable
Subservicing   Agreement  or  assume  the  terminated   Servicer's   rights  and
obligations under such subservicing arrangements which termination or assumption
will not violate the terms of such arrangements.

        As part of its servicing  activities  hereunder,  the Servicer,  for the
benefit of the Indenture Trustee,  the Credit Enhancer and the  Securityholders,
shall use  reasonable  efforts to enforce the  obligations  of each  Subservicer
under the related Subservicing Agreement, to the extent that the non-performance
of any such obligation would have a material adverse effect on a Home Loan. Such
enforcement,  including,  without  limitation,  the legal prosecution of claims,
termination  of  Subservicing  Agreements  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 Servicer, in its good faith business judgment, would require were it
the owner of the related Home Loans.  The  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  Home Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such enforcement is directed.

(c) All  other  documents  contained  in the  Mortgage  File  and  any  original
documents  relating  to the Home Loans not  contained  in the  Mortgage  File or
delivered to the  Custodian,  if any, or the Indenture  Trustee are and shall be
held by the  Servicer in trust as agent for the  Indenture  Trustee on behalf of
the Noteholders.

Section 3.02   Collection of Certain Home Loan Payments.

(a)  The Servicer shall make  reasonable  efforts to collect all payments called
     for under the terms and  provisions  of the Home Loans,  and shall,  to the
     extent  such  procedures  shall  be  consistent  with  this  Agreement  and
     generally  consistent  with  the  Program  Guide,  follow  such  collection
     procedures as shall be normal and usual in its general  mortgage  servicing
     activities.  Consistent  with  the  foregoing,  and  without  limiting  the
     generality of the  foregoing,  the Servicer may in its discretion (i) waive
     any late  payment  charge,  penalty  interest  or other  fees  which may be
     collected in the ordinary  course of servicing a Home Loan and (ii) arrange
     with a Mortgagor a schedule for the payment of  principal  and interest due

                                       9
<PAGE>

     and  unpaid;  provided,  that  such  arrangement  is  consistent  with  the
     Servicer's  policies  with  respect  to home  equity  mortgage  loans;  and
     provided further,  that notwithstanding  such arrangement,  such Home Loans
     will be included in the  information  regarding  delinquent  Home Loans set
     forth in the  Servicing  Certificate.  The Servicer may also extend the Due
     Date for payment due on a Home Loan in accordance  with the Program  Guide;
     provided,  however,  that the Servicer shall first  determine that any such
     waiver or extension  will not impair the coverage of any related  insurance
     policy or materially  adversely  affect the Lien of the related Mortgage or
     the interests of the  Securityholders  or the Credit  Enhancer.  Consistent
     with the terms of this Agreement, the Servicer may also:

               (i)    waive, modify or vary any term of any Home Loan;

     (ii) consent to the postponement of strict compliance with any such term or
in any manner grant indulgence to any Mortgagor;

     (iii)  arrange with a Mortgagor a schedule for the payment of principal and
interest due and unpaid;

     (iv) forgive any portion of the amounts  contractually  owed under the Home
Loan;

     (v)  capitalize  past due  amounts  owed  under the Home Loan by adding any
amounts  in  arrearage  to the  existing  principal  balance of the Home Loan (a
"Capitalization  Workout")  which will result in an  increased  Monthly  Payment
amount, provided that: (A) the amount added to the existing principal balance of
the Home Loan (the "Capitalized Amount") shall be no greater than five times the
Mortgagor's current Monthly Payment amount; and (B) the Servicer shall not enter
into a  Capitalization  Workout  unless  the CLTV of the Home Loan  prior to the
Capitalization Workout equals or exceeds 80% and the Mortgagor has qualified for
the Capitalization Workout under the Servicer's servicing guidelines; or

     (vi) reset the due date for the Home Loan;

or any  combination of the foregoing,  if in the Servicer's  determination  such
waiver,  modification,  postponement or indulgence is not materially  adverse to
the interests of the Securityholders or the Credit Enhancer;  provided, however,
that the  Servicer may not modify or permit any  Subservicer  to modify any Home
Loan (including  without  limitation any modification that would change the Loan
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the liquidation of the related Home Loan) or extend the final maturity date
of such Home Loan)  unless such Home Loan is in default  or, in the  judgment of
the  Servicer,  such  default is  reasonably  foreseeable.  Notwithstanding  the
foregoing,  any  permitted  extension of the final  maturity date of a Home Loan
shall not exceed the end of the  Collection  Period  preceding the Final Payment
Date. The general terms of any waiver, modification,  postponement or indulgence
with  respect  to any of the  Home  Loans  will  be  included  in the  Servicing
Certificate,  and such Home Loans will not be  considered  "delinquent"  for the
purposes of the Basic Documents so long as the Mortgagor complies with the terms
of such waiver, modification, postponement or indulgence.

(b)  The  Servicer  shall  establish  a  Custodial  Account,  which  shall be an
     Eligible Account,  titled "GMACM Home Loan Trust  2001-HLTV2,"in  which the

                                       10
<PAGE>

     Servicer  shall deposit or cause to be deposited  any amounts  representing
     payments and  collections  in respect of the Initial Home Loans received by
     it subsequent to or on the Cut-Off Date or, with respect to the  Subsequent
     Home  Loans,  the  Subsequent  Cut-Off  Date  (other than in respect of the
     payments referred to in the following  paragraph),  within one Business Day
     following  receipt  thereof (or otherwise on or prior to the Closing Date),
     including the  following  payments and  collections  received or made by it
     (without duplication):

(i)  all  payments of  principal  of or  interest on the Home Loans  received or
     advanced  by the  Servicer,  net of any  portion  of the  interest  thereof
     retained by any Subservicer as subservicing fees;

(ii) the aggregate  Repurchase Price of the Home Loans purchased by the Servicer
     pursuant to Section 3.15;

(iii)   Net Liquidation Proceeds, net of any related Foreclosure Profit;

(iv) all proceeds of any Home Loans  repurchased  by the Seller  pursuant to the
     Purchase Agreement,  and all Substitution Adjustment Amounts required to be
     deposited in connection  with the  substitution  of an Eligible  Substitute
     Loan pursuant to the Purchase Agreement;

(v)  Insurance Proceeds, other than Net Liquidation Proceeds, resulting from any
     insurance policy maintained on a Mortgaged Property; and

(vi) amounts required to be paid by the Servicer pursuant to Section 8.08;

provided,  however,  that with respect to each Collection  Period,  the Servicer
shall be  permitted  to retain from  payments in respect of interest on the Home
Loans, the Servicing Fee for such Collection Period. The foregoing  requirements
respecting deposits to the Custodial Account are exclusive,  it being understood
that,  without  limiting the generality of the foregoing,  the Servicer need not
deposit in the Custodial Account amounts representing  Foreclosure Profits, fees
(including  annual fees) or late charge  penalties,  payable by Mortgagors (such
amounts to be retained as additional  servicing  compensation in accordance with
Section 3.09  hereof),  or amounts  received by the Servicer for the accounts of
Mortgagors for  application  towards the payment of taxes,  insurance  premiums,
assessments  and  similar  items.  In the event any  amount not  required  to be
deposited in the Custodial Account is so deposited, the Servicer may at any time
withdraw such amount from the  Custodial  Account,  any provision  herein to the
contrary  notwithstanding.  The Servicer shall retain all Foreclosure Profits as
additional servicing compensation.

        The  Servicer,  in its sole  discretion,  may deposit into the Custodial
Account  amounts  representing  installments of principal of or interest on Home
Loans that were delinquent as of the end of any Collection Period, provided that
the Servicer  reasonably  believes  that such amounts will be  recoverable  from
Collections on the related Home Loan. If the Servicer makes any such advances of
delinquent  principal  and/or  interest,  the  Servicer  shall  be  entitled  to
reimburse itself by withdrawing from the Custodial Account,  as provided herein,
any amounts so advanced.

                                       11
<PAGE>

        The Servicer may cause the institution maintaining the Custodial Account
to invest any funds in the Custodial Account in Permitted Investments (including
obligations  of the  Servicer  or any of its  Affiliates,  if  such  obligations
otherwise qualify as Permitted Investments),  which investments shall mature not
later than the Business Day preceding  the next  succeeding  Payment  Date,  and
which  investments  shall  not be sold or  disposed  of  prior to  maturity.  In
addition,  no such Permitted  Investment shall be purchased at a price in excess
of par.  Except as provided  above,  all income and gain  realized from any such
investment  shall inure to the benefit of the  Servicer  and shall be subject to
its withdrawal or order from time to time. The amount of any losses  incurred in
respect of the principal  amount of any such  investments  shall be deposited in
the  Custodial  Account  by the  Servicer  out of its own funds  immediately  as
realized.

(c)            The Servicer  shall  require each  Subservicer  to hold all funds
               constituting  collections on the Home Loans,  pending  remittance
               thereof to the  Servicer,  in one or more  accounts  meeting  the
               requirements of an Eligible  Account,  and shall require all such
               funds to be invested in  Permitted  Investments,  unless all such
               collections  are  remitted on a daily basis to the  Servicer  for
               deposit into the Custodial Account.

Section 3.03 Withdrawals from the Custodial  Account.  The Servicer shall,  from
time to time as provided herein,  make withdrawals from the Custodial Account of
amounts on deposit therein pursuant to Section 3.02 that are attributable to the
Home Loans for the following purposes:

(a)  on each  Determination  Date,  the Servicer  shall  determine the aggregate
     amounts to be withdrawn from the Custodial  Account and applied pursuant to
     Section 3.05(a) of the Indenture and, prior to the close of business on the
     Business Day prior to the related Payment Date, shall withdraw such amounts
     from the  Custodial  Account and deposit such amounts into the Note Payment
     Account to be distributed by the Paying Agent in accordance with and in the
     order or priority set forth in Section  3.05(a) of the  Indenture  for such
     Payment Date, in accordance with the Servicing Certificate;

(b)  to pay to itself from any monthly  payments  received from the  Mortgagors,
     the amount of such payment that represents  interest accrued on the related
     Home Loan for any period prior to the Cut-Off Date;

(c)  to the extent  deposited to the Custodial  Account,  to reimburse itself or
     the related  Subservicer for previously  unreimbursed  expenses incurred in
     maintaining  individual  insurance  policies  pursuant to Section  3.04, or
     Liquidation   Expenses,   paid   pursuant  to  Section  3.07  or  otherwise
     reimbursable  pursuant  to the terms of this  Agreement  (to the extent not
     payable  pursuant to Section 3.09),  such withdrawal right being limited to
     amounts  received on particular Home Loans (other than any Repurchase Price
     in respect  thereof)  that  represent  late  recoveries of the payments for
     which such advances were made, or from related Net Liquidation  Proceeds or
     the proceeds of the purchase of such Home Loan;

                                       12
<PAGE>

(d)  to pay to itself out of each  payment  received on account of interest on a
     Home Loan as  contemplated  by Section 3.09, an amount equal to the related
     Servicing Fee (to the extent not retained pursuant to Section 3.02), and to
     pay to any Subservicer  any  subservicing  fees not previously  withheld by
     such Subservicer;

(e)  to the  extent  deposited  in the  Custodial  Account,  to pay to itself as
     additional  servicing  compensation  any (i) interest or investment  income
     earned on funds  deposited in the Custodial  Account that it is entitled to
     withdraw  pursuant  to  Sections  3.02(b)  and 5.01,  and (ii)  Foreclosure
     Profits (to the extent permitted by law);

(f)  to pay to itself or the Seller,  with  respect to any Home Loan or property
     acquired  in  respect   thereof  that  has  been   purchased  or  otherwise
     transferred  to such  Seller,  the  Servicer or other  entity,  all amounts
     received thereon and not required to be distributed to  Securityholders  as
     of the date on which the  related  Purchase  Price or  Repurchase  Price is
     determined;

(g)  to withdraw any other amount  deposited in the  Custodial  Account that was
     not required to be deposited therein pursuant to Section 3.02;

(h)  to pay to  itself,  with  respect to any Home Loan for which it has made an
     advance  of  delinquent   principal   and/or   interest,   any   previously
     unreimbursed  advances of such  amounts  theretofore  made to the extent of
     receipts of late  recoveries of such payments from the related  Mortgagors,
     out of related Net Liquidation  Proceeds or the proceeds of the purchase of
     such Home Loans;

(i)  to  reimburse  itself for the amount of any  investment  earnings  advanced
     prior to  maturity  pursuant  to Section  3.17(c) or Section  5.01,  to the
     extent not reimbursed from earnings  received on the related  investment at
     maturity;

(j)  at its option, for so long as it is the sole  Certificateholder,  to pay to
     itself from amounts  otherwise  required to be remitted to the Distribution
     Account in  accordance  with  Section  3.05(a)(ix)  of the  Indenture,  all
     amounts payable to it as a  Certificateholder  on the related Payment Date;
     and

(k)  to reimburse itself for advances of delinquent principal and/or interest on
     a Home Loan or other advances that are made pursuant to this Agreement that
     are not reimbursed pursuant to clauses (c) and (h) of this Section 3.03.

        Since, in connection with withdrawals  pursuant to clauses (c), (d), (f)
and (h), the Servicer's  entitlement  thereto is limited to collections or other
recoveries  on the  related  Home Loan,  the  Servicer  shall keep and  maintain
separate  accounting,  on a Home Loan by Home Loan  basis,  for the  purpose  of
justifying any withdrawal from the Custodial  Account  pursuant to such clauses.
Notwithstanding  any other  provision of this  Agreement,  the Servicer shall be
entitled to reimburse itself for any previously  unreimbursed  expenses incurred
pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this
Agreement that the Servicer  determines to be otherwise  nonrecoverable  (except
with respect to any Home Loan as to which the  Repurchase  Price has been paid),

                                       13
<PAGE>

by  withdrawal  from  the  Custodial  Account  of  amounts  on  deposit  therein
attributable  to the Home Loans on any  Business  Day prior to the Payment  Date
succeeding the date of such determination.

Section 3.04 Maintenance of Hazard Insurance;  Property Protection Expenses.  To
the extent  permitted under the related  Mortgage Note and Mortgage,  and to the
extent the  Servicer  receives  notice that a hazard  insurance  policy has been
cancelled,  the Servicer  shall cause to be maintained for each Home Loan hazard
insurance  naming the Servicer or related  Subservicer as loss payee  thereunder
providing  extended  coverage in an amount which is at least equal to the lesser
of (i) the maximum  insurable value of the improvements  securing such Home Loan
from time to time or (ii) the combined principal balance owing on such Home Loan
and any  mortgage  loan  senior to such  Home Loan from time to time;  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.  The
Servicer  shall  use its best  efforts  to  monitor  that  hazard  insurance  is
maintained as described in the previous  sentence in the same manner as it would
for mortgage  loans in its own  portfolio.  The Servicer  shall also cause to be
maintained  on  property  acquired  upon   foreclosure,   or  deed  in  lieu  of
foreclosure,  of any Home 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.
Amounts collected by the 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 Servicer's normal servicing  procedures) shall be deposited in the Custodial
Account  to the  extent  called  for by  Section  3.02.  In cases  in which  any
Mortgaged  Property  is located at any time  during the life of a Home Loan in a
federally  designated  flood  area,  to the extent  permitted  under the related
Mortgage Note and Mortgage,  and to the extent the Servicer receives notice that
the related  flood  insurance  has been  cancelled,  the hazard  insurance to be
maintained  for the related  Home Loan shall  include  flood  insurance  (to the
extent  available).  All such flood  insurance  shall be in amounts equal to the
lesser of (i) the amount  required to  compensate  for any loss or damage to the
related  Mortgaged  Property  on a  replacement  cost basis and (ii) the maximum
amount  of such  insurance  available  for such  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is  participating  in such program).  The Servicer shall use
its best  efforts to monitor  such flood  insurance as described in the previous
sentence in the same manner as it would for mortgage loans in its own portfolio.
The Servicer shall be under no obligation to require that any Mortgagor maintain
earthquake or other additional insurance and shall be under no obligation itself
to maintain any such additional  insurance on property  acquired in respect of a
Home 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.  If the
Servicer shall obtain and maintain a blanket policy  consistent with its general
mortgage servicing  activities insuring against hazard losses on all of the Home
Loans, it shall  conclusively be deemed to have satisfied its obligations as set
forth in the first sentence of this Section 3.04, it being understood and agreed
that such policy may contain a  deductible  clause,  in which case the  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
3.04 and there  shall  have been a loss which  would  have been  covered by such
policy,  deposit in the Custodial Account the amount not otherwise payable under
the blanket policy because of such  deductible  clause.  Any such deposit by the
Servicer shall be made on the last Business Day of the Collection  Period in the
month in which  payments  under any such policy would have been deposited in the
Custodial  Account.  In connection  with its  activities as servicer of the Home
Loans, the Servicer agrees to present,  on behalf of itself,  the Issuer and the
Indenture Trustee, claims under any such blanket policy.

                                       14
<PAGE>

Section 3.05   Modification Agreements; Release or Substitution of Lien.

(a) The  Servicer  or the  related  Subservicer,  as the case  may be,  shall be
entitled to (a) execute  assumption  agreements,  substitution  agreements,  and
instruments of  satisfaction  or  cancellation  or of partial or full release or
discharge,  or any  other  document  contemplated  by this  Agreement  and other
comparable  instruments  with  respect to the Home Loans and with respect to the
related  Mortgaged  Properties  (and the Issuer and the  Indenture  Trustee each
shall  promptly  execute any such  documents on request of the Servicer) and (b)
approve  the  granting of an easement  thereon in favor of another  Person,  any
alteration or demolition of such Mortgaged  Properties 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  Home  Loans,  that the
security for, and the timely and full  collectability  of, such Home Loans would
not be adversely  affected  thereby.  A partial release pursuant to this Section
3.05 shall be  permitted  only if the CLTV for the related  Home Loan after such
partial  release  does not exceed the CLTV for such Home Loan as of the  related
Cut-Off Date. Any fee collected by the Servicer or the related  Subservicer  for
processing such request will be retained by the Servicer or such  Subservicer as
additional servicing compensation.

(b) The  Servicer  may enter into an  agreement  with a Mortgagor to release the
lien on the Mortgaged Property relating to a Home Loan (the "Existing Lien"), if
at the time of such  agreement  the Home Loan is current in payment of principal
and interest, under any of the following circumstances:

                      (i) in any case in which,  simultaneously with the release
        of the  Existing  Lien,  the  Mortgagor  executes  and  delivers  to the
        Servicer a Mortgage on a substitute  Mortgaged  Property,  provided that
        the CLTV of the Home Loan  (calculated  based on the Appraised  Value of
        the substitute Mortgaged Property) is not greater than the CLTV prior to
        releasing the Existing Lien;

                      (ii) in any case in which, simultaneously with the release
        of the  Existing  Lien,  the  Mortgagor  executes  and  delivers  to the
        Servicer a Mortgage on a substitute  Mortgaged Property,  provided that:
        (A) the CLTV of the Home Loan  (calculated  based on the Appraised Value
        of the substitute  Mortgaged Property) is not greater than the lesser of
        (1) 125% and (2) 105% of the CLTV prior to releasing the Existing  Lien;
        and  (B)  the  Servicer   determines   that  at  least  two  appropriate
        compensating  factors are  present  (compensating  factors may  include,
        without  limitation,  an increase in the  Mortgagor's  monthly cash flow
        after  debt  service,  the  Mortgagor's  debt-to-income  ratio  has  not
        increased since  origination,  or an increase in the Mortgagor's  credit
        score); or

                      (iii) in any case in which,  at the time of release of the
        Existing  Lien,  the  Mortgagor  does not  provide the  Servicer  with a
        Mortgage on a substitute  Mortgaged Property (any Home Loan that becomes
        and remains unsecured in accordance with this subsection,  an "Unsecured
        Loan"),  provided that: (A) the Servicer shall not permit the release of

                                       15
<PAGE>

        an Existing  Lien under this clause (iii) as to more than 100 Home Loans
        in any  calendar  year;  (B) at no time  shall the  aggregate  Principal
        Balance of Unsecured  Loans exceed 5% of the then Pool Balance;  (C) the
        Mortgagor  agrees  to an  automatic  debit  payment  plan;  and  (D) the
        Servicer  shall  provide  notice to each  Rating  Agency  and the Credit
        Enhancer that has requested notice of such releases.

In connection with any Unsecured Loan, the Servicer may require the Mortgagor to
enter  into an  agreement  under  which:  (i) the  Loan  Rate  may be  increased
effective  until a substitute  Mortgage  meeting the criteria  under (i) or (ii)
above is provided;  or (ii) any other  provision  may be made which the Servicer
considers to be  appropriate.  Thereafter,  the Servicer shall  determine in its
discretion  whether to accept any proposed Mortgage on any substitute  Mortgaged
Property  as  security  for the Home Loan,  and the  Servicer  may  require  the
Mortgagor  to agree to any  further  conditions  which  the  Servicer  considers
appropriate in connection with such substitution,  which may include a reduction
of the Loan Rate (but not  below the Loan Rate in effect at the  Closing  Date).
Any Home Loan as to which a  Mortgage  on a  substitute  Mortgaged  Property  is
provided in accordance with the preceding  sentence shall no longer be deemed to
be an Unsecured Loan.

Section 3.06   Trust Estate; Related Documents.

(a)  When  required  by the  provisions  of this  Agreement,  the  Issuer or the
     Indenture  Trustee shall execute  instruments to release  property from the
     terms  of  the  Trust  Agreement,  Indenture  or  Custodial  Agreement,  as
     applicable,  or convey the Issuer's or the Indenture  Trustee's interest in
     the same,  in a manner and under  circumstances  that are not  inconsistent
     with the provisions of this Agreement.  No party relying upon an instrument
     executed by the Issuer or the Indenture Trustee as provided in this Section
     3.06 shall be bound to ascertain  the Issuer's or the  Indenture  Trustee's
     authority, inquire into the satisfaction of any conditions precedent or see
     to the application of any moneys.

(b)  If  from  time to time  any  written  assurance,  assumption  agreement  or
     substitution  agreement  or  other  similar  agreement  shall  be  executed
     pursuant  to  Section  3.05,  the  Servicer  shall  check that each of such
     documents  purports  to be an  original  executed  copy  (or a copy  of the
     original executed document if the original executed copy has been submitted
     for  recording and has not yet been  returned)  and, if so, shall file such
     documents,  and  upon  receipt  of the  original  executed  copy  from  the
     applicable  recording office or receipt of a copy thereof  certified by the
     applicable  recording  office shall file such originals or certified copies
     with the Related Documents held by the Servicer.

(c)  Upon receipt of a Request for Release from the Servicer,  substantially  in
     the form of Exhibit C hereto,  to the effect  that a Home Loan has been the
     subject of a final  payment or a prepayment  in full and such Home Loan has
     been terminated or that  substantially  all Net  Liquidation  Proceeds that
     have been  determined  by the  Servicer  in its  reasonable  judgment to be
     finally recoverable have been recovered,  and upon deposit to the Custodial
     Account of such final  monthly  payment,  prepayment  in full together with
     accrued and unpaid  interest to the date of such  payment  with  respect to

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<PAGE>

     such Home Loan or, if applicable,  Net Liquidation Proceeds,  the Custodian
     shall promptly  release the Related  Documents held by the Custodian to the
     Servicer. The Indenture Trustee shall execute such Related Documents, along
     with such documents as the Servicer or the related Mortgagor may request to
     evidence  satisfaction and discharge of such Home Loan, upon request of the
     Servicer.  If from time to time and as  appropriate  for the  servicing  or
     foreclosure  of any Home Loan,  the  Servicer  requests  the  Custodian  to
     release the Related  Documents  held by the  Custodian  and delivers to the
     Custodian a trust  receipt  reasonably  satisfactory  to the  Custodian and
     signed by a  Responsible  Officer  of the  Servicer,  the  Custodian  shall
     release such Related Documents to the Servicer. If such Home Loans shall be
     liquidated  and the Custodian  receives a certificate  from the Servicer as
     provided  above,  then,  upon request of the Servicer,  the Custodian shall
     release the trust receipt to the Servicer.

Section 3.07  Realization  Upon  Defaulted  Home Loans;  Loss  Mitigation.  With
respect to any Home Loan that comes into and continues in default,  the Servicer
shall decide whether to (i) foreclose upon the related Mortgaged Property,  (ii)
write off the unpaid Principal Balance thereof as bad debt, (iii) take a deed in
lieu of foreclosure,  (iv) accept a short sale (a payoff of the Home Loan for an
amount less than the total amount  contractually  owed in order to  facilitate a
sale of the Mortgaged Property by the Mortgagor), (v) permit a short refinancing
(a  payoff  of  the  Home  Loan  for  an  amount  less  than  the  total  amount
contractually  owed in  order  to  facilitate  refinancing  transactions  by the
Mortgagor not involving a sale of the  Mortgaged  Property),  (vi) arrange for a
repayment plan,  (vii) agree to a modification in accordance with this Agreement
or (viii)  take an  unsecured  note in each case  subject  to the  rights of any
related first Lien holder;  provided,  that in connection with the foregoing, if
the Servicer has actual  knowledge  that any  Mortgaged  Property is affected by
hazardous  or toxic  wastes  or  substances  and that  the  acquisition  of such
Mortgaged Property would not be commercially reasonable, then the Servicer shall
not cause the Issuer or the Indenture Trustee to acquire title to such Mortgaged
Property  in a  foreclosure  or  similar  proceeding.  In  connection  with such
decision,  the Servicer shall follow such practices  (including,  in the case of
any default on a related senior mortgage loan, the advancing of funds to correct
such default if deemed to be  appropriate  by the Servicer) and procedures as it
shall  deem  necessary  or  advisable  and 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  Servicer  shall  not be liable in any
respect  hereunder  if the  Servicer  is  acting  in  connection  with  any such
foreclosure or attempted  foreclosure which is not completed or other conversion
in a manner  that is  consistent  with the  provisions  of this  Agreement.  The
foregoing is subject to the proviso  that the Servicer  shall not be required to
expend its own funds in connection with any foreclosure or attempted foreclosure
which is not  completed  or towards the  correction  of any default on a related
senior  mortgage loan or restoration of any property  unless it shall  determine
that such expenditure will increase the related Net Liquidation Proceeds. In the
event of a determination  by the Servicer that any such  expenditure  previously
made pursuant to this Section 3.07 will not be reimbursable from Net Liquidation
Proceeds,  the  Servicer  shall be  entitled  to  reimbursement  of its funds so
expended pursuant to Section 3.03.

        Notwithstanding  any  provision  of this  Agreement,  a Home Loan may be
deemed to be finally  liquidated if  substantially  all amounts  expected by the
Servicer to be received in connection  therewith have been  received;  provided,
however,  the  Servicer  may  treat  any  Home  Loan  that  is 180  days or more
delinquent as having been finally  liquidated.  Any subsequent  collections with

                                       17
<PAGE>

respect to any such Home Loan shall be deposited into the Custodial Account.  If
the Servicer  continues to pursue  recovery,  the Servicer  shall continue to be
entitled  to the  Servicing  Fee  with  respect  to  that  Home  Loan  and to be
reimbursed  for any advances and expenses as though such Home Loan  continued to
be an Outstanding Home Loan hereunder. For purposes of determining the amount of
any  Net  Liquidation   Proceeds,   Insurance   Proceeds  or  other  unscheduled
collections,  the 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 such Home Loan.

        In the  event  that  title to any  Mortgaged  Property  is  acquired  in
foreclosure or by deed in lieu of  foreclosure,  the deed or certificate of sale
shall be issued to the Indenture Trustee, which shall hold the same on behalf of
the Issuer in accordance with Section 3.13 of the Indenture. Notwithstanding any
such  acquisition  of title and  cancellation  of the  related  Home Loan,  such
Mortgaged  Property  shall (except as otherwise  expressly  provided  herein) be
considered to be an  outstanding  Home Loan held as an asset of the Issuer until
such time as such  property  shall be sold.  Consistent  with the  foregoing for
purposes of all calculations  hereunder,  so long as the related Home Loan shall
be  considered  to be an  outstanding  Home  Loan,  it  shall be  assumed  that,
notwithstanding  that the  indebtedness  evidenced by the related  Mortgage Note
shall have been discharged, such Mortgage Note in effect at the time of any such
acquisition of title before any  adjustment  thereto by reason of any bankruptcy
or similar  proceeding or any  moratorium or similar waiver or grace period will
remain in effect.

        Any proceeds from foreclosure  proceedings or the purchase or repurchase
of any  Home  Loan  pursuant  to the  terms  of this  Agreement,  as well as any
recovery  resulting from a collection of Net  Liquidation  Proceeds or Insurance
Proceeds,  shall be  applied  in the  following  order of  priority:  first,  to
reimburse  the  Servicer  or the related  Subservicer  in  accordance  with this
Section  3.07;  second,  to pay the  Servicer  or the  related  Subservicer  all
Servicing Fees payable  therefrom;  third, to pay accrued and unpaid interest on
such Home Loan,  at the Net Loan Rate to the Payment  Date on which such amounts
are to be deposited in the Note Payment  Account or  Distribution  Account;  and
fourth, as a recovery of principal on such Home Loan. Any remaining amount shall
constitute Foreclosure Profits.

Section  3.08  Issuer and  Indenture  Trustee to  Cooperate.  On or before  each
Payment Date,  the Servicer will notify the Indenture  Trustee or the Custodian,
with a copy to the Issuer,  of the termination of or the payment in full and the
termination  of any Home Loan  during  the  preceding  Collection  Period.  Upon
receipt of payment in full,  the Servicer is authorized to execute,  pursuant to
the  authorization  contained in Section 3.01,  an  instrument  of  satisfaction
regarding  the related  Mortgage,  which  instrument  of  satisfaction  shall be
recorded by the Servicer if required by  applicable  law and be delivered to the
Person  entitled  thereto and to cause the removal from the  registration on the
MERS(R) System of such  Mortgage.  It is understood and agreed that any expenses
incurred in connection with such instrument of satisfaction or transfer shall be
reimbursed from amounts  deposited in the Custodial  Account.  From time to time
and as  appropriate  for the  servicing  or  foreclosure  of any Home Loan,  the
Custodian  shall,  upon request of the  Servicer and delivery to the  Custodian,
with a copy to the Issuer, of a Request for Release, in the form attached hereto
as Exhibit C, signed by a Servicing Officer, release or cause to be released the
related  Mortgage  Note to the Servicer.  The Issuer or Indenture  Trustee shall

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<PAGE>

promptly execute such documents, in the forms provided by the Servicer, as shall
be necessary for the prosecution of any such  proceedings or the taking of other
servicing actions. Such trust receipt shall obligate the Servicer to return such
Mortgage  Note to the  Custodian  (as  specified in such  receipt) when the need
therefor  by the  Servicer  no longer  exists,  unless  the Home  Loan  shall be
liquidated,  in which case, upon receipt of a certificate of a Servicing Officer
similar to that  specified  above,  such trust  receipt shall be released to the
Servicer.

        In order to facilitate the foreclosure of the Mortgage securing any Home
Loan that is in default  following  recordation  of the  related  Assignment  of
Mortgage in  accordance  with the  provisions  of the  Purchase  Agreement,  the
Indenture  Trustee  or the  Issuer  shall,  if so  requested  in  writing by the
Servicer, promptly execute an appropriate assignment in the form provided by the
Servicer to assign such Home Loan for the purpose of  collection to the Servicer
(any such assignment shall unambiguously indicate that the assignment is for the
purpose of  collection  only),  and,  upon such  assignment,  such  assignee for
collection  will  thereupon  bring  all  required  actions  in its own  name and
otherwise  enforce  the terms of such Home Loan and  deposit  or credit  the Net
Liquidation  Proceeds,  exclusive of Foreclosure Profits,  received with respect
thereto into the Custodial  Account.  In the event that all delinquent  payments
due under any such Home Loan are paid by the  Mortgagor  and any other  defaults
are cured,  then the assignee for collection  shall promptly  reassign such Home
Loan to the  Indenture  Trustee  and return all Related  Documents  to the place
where the related Mortgage File was being maintained.

        In connection  with the Issuer's  obligation to cooperate as provided in
this Section  3.08 and all other  provisions  of this  Agreement  requiring  the
Issuer to  authorize  or permit any actions to be taken with respect to the Home
Loans,  the Indenture  Trustee,  as pledgee of the Home Loans and as assignee of
record of the Home Loans on behalf of the Issuer pursuant to Section 3.13 of the
Indenture,  expressly  agrees, on behalf of the Issuer, to take all such actions
on behalf of the  Issuer and to  promptly  execute  and  return all  instruments
reasonably required by the Servicer in connection therewith;  provided,  that if
the Servicer  requests a signature of the  Indenture  Trustee,  on behalf of the
Issuer,  then the Servicer  shall deliver to the Indenture  Trustee an Officer's
Certificate  stating that such  signature is necessary or  appropriate to enable
the Servicer to carry out its  servicing  and  administrative  duties under this
Agreement.

Section 3.09 Servicing  Compensation;  Payment of Certain  Expenses by Servicer.
The Servicer  shall be entitled to receive the Servicing Fee in accordance  with
Section 3.03 as  compensation  for its services in connection with servicing the
Home Loans. Moreover, late payment charges and other receipts not required to be
deposited  in the  Custodial  Account  as  specified  in  Section  3.02 shall be
retained by the  Servicer as  additional  servicing  compensation.  The Servicer
shall be required to pay all  expenses  incurred  by it in  connection  with its
activities  hereunder  (including  payment  of all other fees and  expenses  not
expressly  stated  hereunder  to be for  the  account  of the  Securityholders),
including the fees and expenses of the Owner Trustee,  Indenture Trustee and the
Custodian, and shall not be entitled to reimbursement therefor.

Section 3.10   Annual Statement as to Compliance.

(a)  The  Servicer  shall  deliver to the Issuer,  the  Indenture  Trustee,  the
     Depositor  and  the  Underwriter,  with a  copy  to  the  Credit  Enhancer,
     beginning  March  31,  2002,  and  on  or  before  March  31 of  each  year
     thereafter,  an  Officer's  Certificate  stating  that (i) a review  of the
     activities of the Servicer  during the  preceding  calendar year and of its
     performance  under  any  servicing  agreements  to  which  it  is a  party,

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<PAGE>

     including this  Agreement,  has been made under such officer's  supervision
     and (ii) to the best of such officer's knowledge, based on such review, the
     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  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  Servicing
     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.

(b)  The Servicer shall deliver to the Issuer and the Indenture Trustee,  with a
     copy to the Credit  Enhancer,  promptly  after  having  obtained  knowledge
     thereof, but in no event later than five Business Days thereafter,  written
     notice by means of an  Officer's  Certificate  of any event  which with the
     giving of notice or the  lapse of time or both,  would  become a  Servicing
     Default.

Section 3.11 Annual Servicing Report. Beginning March 31, 2002, and on or before
March 31 of each year thereafter, the Servicer at its expense shall cause a firm
of nationally  recognized  independent  public  accountants (which firm may also
render other  services to the  Servicer) to furnish a report to the Issuer,  the
Indenture Trustee, the Depositor, the Underwriter,  the Credit Enhancer and each
Rating Agency 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 3.10 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 Home 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.

Section 3.12 Access to Certain  Documentation and Information Regarding the Home
Loans. Whenever required by statute or regulation, the Servicer shall provide to
the Credit Enhancer,  any Securityholder upon reasonable request (or a regulator
for a  Securityholder)  or  the  Indenture  Trustee,  reasonable  access  to the
documentation  regarding the Home Loans.  Such access shall be afforded  without
charge, but only upon reasonable request and during normal business hours at the
offices of the  Servicer.  Nothing in this Section 3.12 shall  derogate from the
obligation of the Servicer to observe any applicable law prohibiting  disclosure
of information regarding Mortgagors,  and the failure of the Servicer to provide
access as provided in this Section 3.12 as a result of such obligation shall not
constitute a breach of this Section 3.12.

Section 3.13 Maintenance of Certain Servicing Insurance  Policies.  The Servicer
shall, during the term of its service as servicer,  maintain in force and effect
(i) a policy or policies  of  insurance  covering  errors and  omissions  in the

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<PAGE>

performance of its obligations as Servicer hereunder and (ii) a fidelity bond in
respect of its officers,  employees or agents.  Each such policy or policies and
fidelity  bond shall be at least equal to the coverage that would be required by
Fannie  Mae or  Freddie  Mac,  whichever  is  greater,  for  Persons  performing
servicing for mortgage loans purchased by such entity.

Section 3.14 Information Required by the Internal Revenue Service and Reports of
Foreclosures and Abandonments of Mortgaged Property.  The Servicer shall prepare
and deliver all federal and state  information  reports with respect to the Home
Loans when and as required by all applicable  state and federal income tax laws.
In particular,  with respect to the requirement  under Section 6050J of the Code
to  the  effect  that  the  Servicer  or  Subservicer   shall  make  reports  of
foreclosures and abandonments of any mortgaged  property for each year beginning
in 2001,  the  Servicer  or  Subservicer  shall file  reports  relating  to each
instance  occurring during the previous  calendar year in which the Servicer (a)
on behalf of the Issuer,  acquired an interest in any Mortgaged Property through
foreclosure or other comparable  conversion in full or partial satisfaction of a
Home Loan,  or (b) knew or had reason to know that any  Mortgaged  Property  had
been  abandoned.  The reports from the Servicer or Subservicer  shall be in form
and substance  sufficient to meet the reporting  requirements imposed by Section
6050J and Section 6050H (reports relating to mortgage interest  received) of the
Code.

Section 3.15   Optional Repurchase or Transfer of Home Loans.

(a)  Notwithstanding  any  provision  in  Section  3.07  to  the  contrary,  the
     Servicer, at its option and in its sole discretion, may repurchase any Home
     Loan delinquent in payment for a period of ninety (90) days or longer for a
     price equal to the  Repurchase  Price,  provided  that any such  repurchase
     shall  occur only during the 60 day period  commencing  on the first day of
     the next calendar month.

(b)  The Servicer, at its option and in its sole discretion,  may repurchase any
     Home Loan for a price  equal to the  Repurchase  Price  (i) if the  related
     Mortgage did not have a Lien senior to it as of the related  Cut-Off  Date,
     and at the request of the related  Mortgagor,  the  Servicer  agrees to the
     placement  of a Lien on the related  Mortgaged  Property  senior to that of
     such Mortgage or (ii) at the request of the Mortgagor,  the Servicer agrees
     to the  refinancing  of the Lien  senior  to that of the  related  Mortgage
     resulting in a CLTV above the previous CLTV for such Home Loan.

(c)  Subject to the  conditions set forth below,  the Servicer,  upon receipt of
     written notice and direction from the Issuer, shall cause the retransfer of
     Home Loans from the Trust  Estate to the Issuer as of the close of business
     on a Payment Date (the  "Transfer  Date").  On the fifth  Business Day (the
     "Transfer  Notice  Date") prior to the  Transfer  Date  designated  in such
     notice, the Servicer shall give the Indenture Trustee,  the Rating Agencies
     and the Credit Enhancer a notice of the proposed retransfer that contains a
     list of the Home Loans to be retransferred.  Such retransfers of Home Loans
     shall be permitted upon satisfaction of the following conditions:

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<PAGE>

(i)                   On the Transfer  Date,  the  Overcollateralization  Amount
                      (after  giving effect to the removal from the Trust Estate
                      of the Home Loans proposed to be retransferred) will equal
                      or exceed the Required Overcollateralization Amount;

(ii)                  On or before the Transfer  Date,  the Servicer  shall have
                      delivered  to the  Indenture  Trustee a revised  Home Loan
                      Schedule  showing that the Home Loans  transferred  to the
                      Issuer are no longer owned by the Trust Estate;

(iii)                 The  Servicer  shall  represent  and warrant that the Home
                      Loans to be removed from the Trust Estate were selected at
                      random and the Servicer shall have received the consent of
                      the Credit  Enhancer as to the selection of the particular
                      Home Loans to be removed; and

(iv)                  The Servicer shall have delivered to the Indenture Trustee
                      and  the  Credit   Enhancer   an   officer's   certificate
                      certifying that the items set forth in  subparagraphs  (i)
                      through (iii), inclusive,  have been performed or are true
                      and correct, as the case may be. The Indenture Trustee may
                      conclusively  rely on such  officer's  certificate,  shall
                      have no duty to make  inquiries with regard to the matters
                      set forth  therein  and  shall  incur no  liability  in so
                      relying.

        The Servicer shall not be permitted to effect the retransfer of any Home
Loan except under the conditions  specified above.  Upon receiving the requisite
notice and  direction  from the Issuer,  the Servicer  shall perform in a timely
manner those acts required of it, as specified above.  Upon  satisfaction of the
above conditions,  on the Transfer Date the Indenture Trustee shall deliver,  or
cause to be  delivered,  to the Issuer a written  itemization  of each Home Loan
being transferred,  together with the Mortgage File for each such Home Loan, and
the  Indenture  Trustee  shall execute and deliver to the Issuer or its designee
such other documents  prepared by the Servicer as shall be reasonably  necessary
to transfer such Home Loans to the Certificateholders.  Any such transfer of the
Trust Estate's  right,  title and interest in and to Home Loans shall be without
recourse, representation or warranty by or of the Indenture Trustee or the Trust
Estate to the Issuer or its designee.

Section 3.16   Reserved.

Section 3.17 Pre-Funding Account.

(a)  No later than the Closing Date, the Indenture  Trustee shall  establish and
     maintain on behalf of itself one or more segregated  trust accounts,  which
     shall be Eligible Accounts, titled "Pre-Funding Account, Bank One, National
     Association,  as  Indenture  Trustee for GMACM Home Loan Trust  2001-HLTV2"
     (the "Pre-Funding  Account"). On the Closing Date, GMACM shall deposit into
     the Pre-Funding  Account an amount equal to the Original  Pre-Funded Amount
     from the proceeds of the sale of the  Securities,  and shall  designate the
     amount that relates to each Loan Group. On each  Subsequent  Transfer Date,

                                       22
<PAGE>

     the Servicer  shall  instruct the Indenture  Trustee in writing to withdraw
     from the  Pre-Funding  Account an amount equal to the  aggregate  Principal
     Balance as of the related  Subsequent  Cut-Off Date of the Subsequent  Home
     Loans  to be sold  to the  Trust  on  such  Subsequent  Transfer  Date  and
     purchased with funds on deposit in the Pre-Funding Account, and to pay such
     amount to or upon the order of the related Seller upon  satisfaction of the
     conditions set forth in this  Agreement,  in the Purchase  Agreement and in
     the related Subsequent Transfer Agreement with respect thereto.

(b)  If the  Pre-Funded  Amount  has not been  reduced  to zero at the  close of
     business on the last day of the Pre-Funding Period,  after giving effect to
     any withdrawal therefrom on such day, any remaining Pre-Funded Amount shall
     be  deposited  in the Note  Payment  Account  and  applied  as a  principal
     distribution on the Notes on the next succeeding Payment Date in accordance
     with the terms of the Indenture.

(c)  The Servicer may cause the institution  maintaining the Pre-Funding Account
     to invest any funds therein in Permitted  Investments  having a maturity of
     up to 90 days or  maturing  or  otherwise  available  not  later  than  the
     Business  Day  preceding  the  related  Payment  Date on  which  funds  are
     scheduled to be withdrawn to purchase Subsequent Home Loans; provided, that
     any  investment  in  an  obligation  of  the  institution  with  which  the
     Pre-Funding  Account is maintained  may mature on or before 10:30 a.m., New
     York  time,  on such  Payment  Date;  and  provided  further,  that no such
     investment  may be sold or disposed of prior to maturity.  In addition,  no
     such Permitted  Investment  shall be purchased at a price in excess of par.
     Notwithstanding  the foregoing,  in the event investment  earnings have not
     matured on any Payment Date, the amount of such earnings accrued as of such
     Payment  Date shall be advanced by the  Servicer  for deposit into the Note
     Payment  Account  (which  advance  shall be reimbursed to the Servicer from
     such  investment  earnings  at  maturity).  At any time when the  Indenture
     Trustee is maintaining the Pre-Funding Account, any request by the Servicer
     to invest funds on deposit  therein  shall be in writing,  delivered to the
     Indenture  Trustee  at or  before  10:30  a.m.,  New  York  time,  if  such
     investment  is to be made on such day. The Servicer  shall certify that the
     requested  investment is a Permitted Investment maturing at or prior to the
     time required  hereby.  Any such investment shall be registered in the name
     of the  Indenture  Trustee or its nominee,  and to the extent that any such
     investment is  certificated,  such investment  shall be maintained with the
     Indenture  Trustee at its Corporate  Trust Office.  All net income or other
     gain received from any such investment  shall be deposited into or credited
     to the Note Payment Account,  and may be withdrawn  therefrom in accordance
     with Section 3.05 of the Indenture. In no event shall the Indenture Trustee
     be liable for any  investment  losses on Permitted  Investments  held in or
     credited to the  Pre-Funding  Account,  provided that such  investments are
     made in accordance  with the provisions of this Agreement and the Indenture
     Trustee is not the obligor under the Permitted Investment.

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<PAGE>

Section 3.18   Capitalized Interest Account.

(a)  No later than the Closing Date, the Indenture  Trustee shall  establish and
     maintain on behalf of itself one or more segregated  trust accounts,  which
     shall be Eligible Accounts, titled "Capitalized Interest Account, Bank One,
     National  Association,  as  Indenture  Trustee  for GMACM  Home Loan  Trust
     2001-HLTV2" (the  "Capitalized  Interest  Account").  The Indenture Trustee
     shall,  promptly upon receipt,  deposit in the Capitalized Interest Account
     and retain therein the Interest Coverage Amount. In addition, the Indenture
     Trustee shall promptly,  upon receipt,  deposit in the Capitalized Interest
     Account,  an additional amount equal to $109,201.39,  which amount is equal
     to one month's interest on the Cut-Off Date Principal  Balances of the Home
     Loans for which the first  monthly  payment is due on or after  November 1,
     2001.  If the  Indenture  Trustee  shall not have  received  an  investment
     direction from GMACM,  the Indenture  Trustee shall invest funds on deposit
     in the Capitalized  Interest  Account in Permitted  Investments of the kind
     described in clause (v) of the definition of Permitted Investments having a
     maturity date no later than the next succeeding  Payment Date. In addition,
     no such  Permitted  Investment  shall be  purchased at a price in excess of
     par. GMACM shall be entitled to retain any  investment  earnings on amounts
     on deposit in the Capitalized  Interest  Account and shall deposit into the
     Capitalized Interest Account the amount of any net loss incurred in respect
     of any such Permitted Investment  immediately upon realization of such loss
     without any right of  reimbursement  therefor.  GMACM shall be the owner of
     the  Capitalized  Interest  Account  and shall  report all items of income,
     deduction, gain or loss arising therefrom.

(b)  On each Payment Date during the Pre-Funding  Period and on the Payment Date
     immediately after the end of the Pre-Funding Period, the Indenture Trustee,
     at  the  written  direction  of  the  Servicer,  shall  withdraw  from  the
     Capitalized  Interest  Account and deposit into the Note Payment Account an
     amount equal to the lesser of (i) the Capitalized  Interest Requirement for
     such Payment Date and (ii) the excess,  if any, of (A) the amount necessary
     to pay interest for the related Interest Period at the applicable Note Rate
     on the related Note Balances of the Notes immediately prior to such Payment
     Date over (B) the funds on  deposit  in the Note  Payment  Account  on such
     Payment Date (after giving  effect to all other  deposits of funds into the
     Note Payment Account on such Payment Date other than any Policy Draw Amount
     pursuant to Section 3.28(a) of the Indenture in respect of accrued interest
     on the Notes).  In  addition,  on the first  Payment  Date,  the  Indenture
     Trustee will transfer  $109,201.39 from the Capitalized Interest Account to
     the Note Payment  Account to be applied in accordance  with Section 3.05 of
     the Indenture.

(c)  In  connection  with  each  Subsequent   Transfer  Date  occurring  in  the
     Pre-Funding  Period,  the  Servicer,  at its option,  may  recalculate  the
     Interest  Coverage  Amount taking into account the amount  remaining in the
     Pre-Funding  Account  following  the sale of  Subsequent  Home Loans to the

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<PAGE>

     Trust on such date. The recomputed  Interest  Coverage  Amount shall be not
     less  than  the  amount   necessary  to  cover  the  Capitalized   Interest
     Requirement for each remaining Payment Date in the Pre-Funding Period. With
     the written  consent of the Credit  Enhancer  (which  consent  shall not be
     unreasonably  withheld),  on any such Subsequent Transfer Date, GMACM shall
     instruct  in writing the  Indenture  Trustee to pay to it from funds in the
     Capitalized  Interest  Account the excess of the amount on deposit  therein
     over the recomputed Interest Coverage Amount.

(d)  Upon the earlier of (i)  termination  of the Trust  Agreement in accordance
     with Section 8.01  thereof and (ii) the Payment Date  following  the end of
     the Pre-Funding  Period, any amount remaining on deposit in the Capitalized
     Interest  Account shall be withdrawn by the  Indenture  Trustee and paid to
     GMACM.

     Section  3.19   Enforcement   of   Due-on-Sale   Clauses;   Assumption  and
     Modification Agreements; Certain Assignments.

        (a)    When any  Mortgaged  Property is conveyed by the  Mortgagor,  the
               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  Servicer  shall not be deemed to be in default  under
                      this  Section   3.19(a)  by  reason  of  any  transfer  or
                      assumption  which the Servicer is  restricted  by law from
                      preventing; and

               (ii)   if the 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  Servicer  shall  not be
                      required to enforce the  due-on-sale  clause or to contest
                      such action.

               (b) Subject to the  Servicer's  duty to enforce  any  due-on-sale
               clause to the extent set forth in Section 3.19(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 Indenture  Trustee,
               or if an instrument of release signed by the Indenture Trustee is
               required releasing the Mortgagor from liability on the Home Loan,
               the Servicer is authorized,  subject to the  requirements  of the
               sentence next following, to execute and deliver, on behalf of the
               Indenture  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.  The 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

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<PAGE>

               unpaid balance and interest on the Home 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  transaction  involving  the
               assumption  or transfer (A) such  transaction  will not adversely
               affect the coverage under any Required  Insurance  Policies,  (B)
               the  Home  Loan  will  fully  amortize  over the  remaining  term
               thereof,  (C) no material  term of the Home Loan  (including  the
               interest rate on the Home Loan) will be altered nor will the term
               of the Home Loan be changed and (D) if the  seller/transferor  of
               the Mortgaged  Property is to be released  from  liability on the
               Home Loan,  such  release  will not (based on the  Servicer's  or
               Subservicer's  good  faith  determination)  adversely  affect the
               collectability  of the Home Loan.  Upon  receipt  of  appropriate
               instructions  from the Servicer in accordance with the foregoing,
               the Indenture Trustee shall execute any necessary instruments for
               such  assumption  or  substitution  of  liability  as directed in
               writing by the  Servicer.  Upon the  closing of the  transactions
               contemplated  by such  documents,  the  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  Indenture
               Trustee or the Custodian and deposited with the Mortgage File for
               such Home Loan. Any fee collected by the Servicer or such related
               Subservicer  for entering into an assumption or  substitution  of
               liability  agreement  will be  retained  by the  Servicer or such
               Subservicer as additional servicing compensation.

                                       26
<PAGE>

                                   ARTICLE IV

                              Servicing Certificate

Section 4.01   Statements to Securityholders.

(a)  With  respect to each Payment  Date,  on the  Business  Day  following  the
     related  Determination  Date,  the  Servicer  shall  forward the  Servicing
     Certificate and a computer file containing  mutually agreed upon loan level
     information to the Indenture Trustee,  and the Indenture Trustee,  pursuant
     to Section 3.26 of the  Indenture,  shall make such  Servicing  Certificate
     available to each Certificateholder,  each Noteholder, the Credit Enhancer,
     the Depositor,  the Owner Trustee,  the Certificate  Paying Agent, the ISDA
     Counterparty and each Rating Agency.  The Servicing  Certificate  shall set
     forth the following  information as to the Notes and  Certificates,  to the
     extent applicable:

(i)  for each Loan Group, the aggregate amount of (a) Interest Collections,  (b)
     Principal  Collections,  and (c) Substitution  Adjustment  Amounts for such
     Collection Period;

(ii) the amount of such  distribution  as principal to the  Noteholders  of each
     Class of Notes;

(iii)the amount of such  distribution  as  interest to the  Noteholders  of each
     Class of Notes;

(iv) the Policy Draw Amount,  if any,  for such  Payment Date and the  aggregate
     amount of prior draws on the Policy thereunder not yet reimbursed;

(v)     the amount of such distribution to the Certificateholders;

(vi) the aggregate  Principal Balance of the Home Loans in each Loan Group as of
     the end of the preceding Collection Period;

(vii)the number and aggregate  Principal  Balances of Home Loans (a) as to which
     the Monthly Payment is delinquent for 30-59 days, 60-89 days,  90-119 days,
     120-149  days and 150-179  days,  respectively,  (b) the related  Mortgaged
     Property of which has been  foreclosed upon and (c) as to which the related
     Mortgaged  Property has become REO Property,  in each case as of the end of
     the preceding Collection Period;  provided,  however, that such information
     shall not be provided on the statements relating to the first Payment Date;

(viii) the  aggregate  Liquidation  Loss  Amounts  with  respect to the  related
     Collection  Period,  the amount  distributed as principal to Noteholders in
     respect of  Liquidation  Loss Amounts and the aggregate of the  Liquidation
     Loss Amounts from all Collection Periods to date expressed as dollar amount
     and as a percentage of the aggregate Cut-Off Date Principal Balances of the
     Home Loans;

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<PAGE>

(ix) the  aggregate  Note  Balance  of each  Class of Notes and the  Certificate
     Balance of the  Certificates  after giving  effect to the  distribution  of
     principal on such Payment Date;

(x)  the amount on deposit in each of the  Pre-Funding  Account and  Capitalized
     Interest Account as of the end of the preceding Collection Period;

(xi) the  Percentage  Interest  applicable  to  each  of the  Securities,  after
     application of payments made on such Payment Date;

(xii)the Overcollateralization  Amount as of the end of the preceding Collection
     Period;

(xiii) the amount of any payment to be made to the  designee or designees of the
     Credit  Enhancer  with respect to such  Payment  Date  pursuant to Sections
     3.05(a)(i)  and  3.30  of  the  Indenture  and  the  Limited  Reimbursement
     Agreement;

(xiv)the  weighted  average  of the Net Loan  Rates  for the Home  Loans for the
     related Collection Period;

(xv) the  number and  aggregate  Principal  Balance  of Home  Loans  repurchased
     pursuant to Section  3.15(a) herein during the related  Collection  Period;
     and

(xvi)the aggregate  Principal  Balance of Subsequent  Home Loans  transferred to
     the Trust Estate for each Loan Group.

        In the case of information  furnished pursuant to clauses (ii) and (iii)
above,  the amounts shall be expressed as an aggregate dollar amount per Note or
Certificate, as applicable, with a $25,000 denomination.

        If a Servicing  Default  shall occur,  on the Business Day following the
related Determination Date, the Servicer shall forward to the Indenture Trustee,
and the  Indenture  Trustee,  pursuant to Section 3.26 of the  Indenture,  shall
forward  or  cause  to be  forwarded  by mail to  each  Certificateholder,  each
Noteholder,   the  Credit  Enhancer,  the  Depositor,  the  Owner  Trustee,  the
Certificate  Paying  Agent and each Rating  Agency,  a statement to such effect,
including the nature of such Servicing  Default.  Such statement may be included
in, or separate from, the regular statement sent to Securityholders.

        The Indenture Trustee will make the monthly statement to Securityholders
(and, at its option,  any additional files containing the same information in an
alternative format) available each month to  Securityholders,  and other parties
to this Agreement via the Indenture  Trustee's  internet website.  The Indenture
Trustee's internet website shall initially be located at  "www.abs.bankone.com".
Assistance in using the website can be obtained by calling  Indenture  Trustee's
customer service desk at 800-524-9472.  Parties that are unable to use the above
website are entitled to have a paper copy mailed to them via first class mail by

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<PAGE>

calling the customer  service desk and indicating  such.  The Indenture  Trustee
shall have the right to change the way the  statements  to  Securityholders  are
distributed  in order to make such  distribution  more  convenient  and/or  more
accessible to the above parties and the Indenture  Trustee shall provide  timely
and adequate notification to all above parties regarding any such changes.

(b)            In addition,  with respect to each Payment  Date, on the Business
               Day following the related  Determination Date, the Servicer shall
               forward  to the  Credit  Enhancer  and the  Rating  Agencies  the
               following  information  for each  Capitalization  Workout entered
               into during the related Collection Period:

               (i)    the original Home Equity Loan amount;

               (ii)   the Home Loan amount after the Capitalization Workout;

               (iii)  the original Monthly Payment amount;

               (iv) the Monthly Payment amount after the Capitalization Workout;

               (v)  the  Capitalized  Amount as defined  in  Section  3.02(a)(v)
                    herein;

               (vi)   the CLTV prior to the Capitalization Workout;

               (vii)  the CLTV after the Capitalization Workout; and

               (viii) if an appraisal was used in determining  the CLTV referred
                    to in (vii) above, the type and date of appraisal.

(c)  The Servicer shall forward to the Indenture  Trustee any other  information
     reasonably   requested  by  the   Indenture   Trustee   necessary  to  make
     distributions pursuant to Section 3.05 of the Indenture. Prior to the close
     of business on the Business Day next  succeeding each  Determination  Date,
     the Servicer shall furnish a written  statement to the  Certificate  Paying
     Agent  and the  Indenture  Trustee  setting  forth  the  aggregate  amounts
     required to be withdrawn from the Custodial  Account and deposited into the
     Note  Payment  Account  and/or  Distribution  Account on the  Business  Day
     preceding  the  related   Payment  Date  pursuant  to  Section  3.03.   The
     determination  by the  Servicer of such  amounts  shall,  in the absence of
     obvious  error,  be deemed to be  presumptively  correct  for all  purposes
     hereunder,  and the  Owner  Trustee  and the  Indenture  Trustee  shall  be
     protected  in  relying  upon  the same  without  any  independent  check or
     verification.  In addition, upon the Issuer's written request, the Servicer
     shall promptly furnish such information  reasonably requested by the Issuer
     that is  reasonably  available  to the  Servicer  to enable  the  Issuer to
     perform its federal and state income tax reporting obligations.

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<PAGE>

Section 4.02   Tax Returns and 1934 Act Reports

(a)  The  Servicer  will  prepare and file or cause to be prepared and filed all
     tax and information returns of the Trust Estate.

(b)  The  Servicer  shall  prepare  all  reports on behalf of the Trust  Estate,
     including,  but not  limited  to,  all Forms  8-K,  Forms  10-K  and,  when
     applicable,  a Form 15 that are required under the Securities  Exchange Act
     of 1934, as amended.  The Servicer shall continue to file all Forms 8-K and
     Forms 10-K with respect to the Trust Estate until directed by the Depositor
     in writing to discontinue such filings.

                                   ARTICLE V

                              Note Payment Account

Section 5.01 Note Payment  Account.  The Indenture  Trustee shall  establish and
maintain  an Eligible  Account  entitled  "Bank One,  National  Association,  as
Indenture  Trustee,  for the  benefit of the  Securityholders,  the  Certificate
Paying Agent and the Credit  Enhancer,  pursuant to the  Indenture,  dated as of
October  30,  2001,  between  GMACM  Home Loan  Trust  2001-HLTV2  and Bank One,
National  Association"  (the "Note  Payment  Account").  On each  Payment  Date,
amounts on deposit  in the Note  Payment  Account  shall be  distributed  by the
Indenture  Trustee  in  accordance  with  Section  3.05  of the  Indenture.  The
Indenture  Trustee shall invest or cause the  institution  maintaining  the Note
Payment Account to invest the funds therein in Permitted Investments selected in
writing by the Servicer and  designated  in the name of the  Indenture  Trustee,
which  investments  shall mature not later than the Business Day next  preceding
the Payment Date next  following  the date of such  investment  (except that any
investment in the institution  with which the Note Payment Account is maintained
may mature on such  Payment  Date) and shall not be sold or disposed of prior to
maturity.  In addition,  no such  Permitted  Investment  shall be purchased at a
price in excess of par. All income and gain  realized  from any such  investment
shall be for the benefit of the 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 Note Payment Account by the Servicer
out of its own funds immediately as realized.

                                   ARTICLE VI

                                  The Servicer

Section  6.01  Liability  of the  Servicer.  The  Servicer  shall be  liable  in
accordance herewith only to the extent of the obligations  specifically  imposed
upon and undertaken by the Servicer herein.

Section 6.02 Merger or  Consolidation  of, or Assumption of the  Obligations of,
the Servicer. Any corporation into which the Servicer may be merged or converted
or with which it may be  consolidated,  or any  corporation  resulting  from any
merger,  conversion or  consolidation to which the Servicer shall be a party, or
any  corporation  succeeding  to the  business  of the  Servicer,  shall  be the
successor  of the  Servicer  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.

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<PAGE>

        The  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 qualified to service mortgage loans,
is reasonably  satisfactory to the Credit Enhancer (provided,  that such consent
to assignment may not be unreasonably  withheld), is willing to service the Home
Loans  and  executes  and  delivers  to the  Issuer  (with a copy to the  Credit
Enhancer) an agreement,  in form and substance  reasonably  satisfactory  to the
Credit  Enhancer,  that  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  Servicer  under this  Agreement;  and  provided
further,  that no Rating  Event  will occur as a result of such  assignment  and
delegation (as evidenced by a letter to such effect from each Rating Agency), if
determined  without regard to the Policy;  and provided further,  that the Owner
Trustee shall  receive an Opinion of Counsel to the effect that such  assignment
or delegation  will not cause the Issuer to be treated as an  association  (or a
publicly-traded  partnership)  taxable as a corporation  for federal  income tax
purposes.

Section 6.03  Limitation  on  Liability of the Servicer and Others.  Neither the
Servicer  nor any of the  directors  or officers or  employees  or agents of the
Servicer  shall be under any  liability to the Issuer,  the Owner  Trustee,  the
Indenture Trustee or the  Securityholders for any action taken or for refraining
from  the  taking  of any  action  in good  faith  pursuant  to this  Agreement;
provided,  however,  that this  provision  shall not protect the Servicer or any
such Person against any liability  that would  otherwise be imposed by reason of
its willful misfeasance, bad faith or gross negligence in the performance of its
duties  hereunder or by reason of its reckless  disregard of its obligations and
duties hereunder.  The Servicer and any director or officer or employee or agent
of the  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 Servicer  and any  director,  officer,  employee or agent of the
Servicer shall be indemnified by the Issuer and held harmless  against any loss,
liability or expense  incurred in connection  with any legal action  relating to
this Agreement or the Securities, including any amount paid to the Owner Trustee
or the  Indenture  Trustee  pursuant  to Section  6.06(b),  other than any loss,
liability or expense  related to any specific Home Loan or Home 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 its
willful  misfeasance,  bad faith or gross  negligence in the  performance of its
duties  hereunder or by reason of its reckless  disregard of its obligations and
duties  hereunder.  The Servicer shall not be under any obligation to appear in,
prosecute  or defend any legal  action that is not  incidental  to its duties to
service  the Home  Loans in  accordance  with  this  Agreement,  and that in its
opinion may involve it in any expense or liability;  provided, however, that the
Servicer may in its sole  discretion  undertake any such action that it may deem
necessary or desirable  in respect of this  Agreement,  the rights and duties of
the parties hereto and the interests of the Securityholders.  In such event, the
reasonable  legal expenses and costs of such action and any liability  resulting
therefrom  shall be  expenses,  costs and  liabilities  of the  Issuer,  and the
Servicer shall be entitled to be reimbursed  therefor.  The Servicer's  right to
indemnity  or  reimbursement  pursuant to this  Section  6.03 shall  survive any
resignation or termination of the Servicer pursuant to Section 6.04 or 7.01 with
respect to any losses,  expenses,  costs or  liabilities  arising  prior to such
resignation or  termination  (or arising from events that occurred prior to such
resignation or termination).

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<PAGE>

Section 6.04 Servicer Not to Resign.  Subject to the provisions of Section 6.02,
the Servicer shall not resign from the  obligations and duties hereby imposed on
it except (a) upon  determination  that the  performance  of its  obligations or
duties  hereunder  are no  longer  permissible  under  applicable  law or are in
material conflict by reason of applicable law with any other activities  carried
on by it or its subsidiaries or Affiliates, the other activities of the Servicer
so causing such a conflict being of a type and nature carried on by the Servicer
or its  subsidiaries  or  Affiliates  at the date of this  Agreement or (b) upon
satisfaction of the following conditions: (i) the Servicer shall have proposed a
successor  servicer to the Issuer and the Indenture  Trustee in writing and such
proposed  successor  servicer  is  reasonably  acceptable  to  the  Issuer,  the
Indenture  Trustee and the Credit  Enhancer;  (ii) each Rating Agency shall have
delivered a letter to the Issuer,  the Credit Enhancer and the Indenture Trustee
prior to the  appointment  of the successor  servicer  stating that the proposed
appointment  of such successor  servicer as Servicer  hereunder will not cause a
Rating  Event,  if  determined  without  regard to the  Policy;  and (iii)  such
proposed successor servicer is reasonably  acceptable to the Credit Enhancer, as
evidenced  by a  letter  to the  Issuer  and the  Indenture  Trustee;  provided,
however,  that no such  resignation by the Servicer shall become effective until
such successor servicer or, in the case of (a) above, the Indenture Trustee,  as
pledgee of the Home Loans,  shall have assumed the  Servicer's  responsibilities
and  obligations  hereunder  or the  Indenture  Trustee,  as pledgee of the Home
Loans,  shall have  designated a successor  servicer in accordance  with Section
7.02. Any such resignation shall not relieve the Servicer of responsibility  for
any of the obligations  specified in Sections 7.01 and 7.02 as obligations  that
survive the resignation or termination of the Servicer.  Any such  determination
permitting  the  resignation of the Servicer shall be evidenced by an Opinion of
Counsel  to such  effect  delivered  to the  Indenture  Trustee  and the  Credit
Enhancer.

Section  6.05  Delegation  of Duties.  In the ordinary  course of business,  the
Servicer at any time may  delegate  any of its duties  hereunder  to any Person,
including  any  of its  Affiliates,  that  agrees  to  conduct  such  duties  in
accordance with standards  comparable to those with which the Servicer  complies
pursuant to Section 3.01. Such delegation  shall not relieve the Servicer of its
liabilities  and  responsibilities  with  respect  to such  duties and shall not
constitute a resignation within the meaning of Section 6.04.

     Section 6.06 Payment of Indenture  Trustee's and Owner  Trustee's  Fees and
     Expenses; Indemnification.

(a)  After the Closing  Date,  the Servicer  covenants  and agrees to pay to the
     Owner  Trustee,  the Indenture  Trustee and any co-trustee of the Indenture
     Trustee or the Owner Trustee from time to time, and the Owner Trustee,  the
     Indenture  Trustee and any such 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 and, in the case of
     the  Indenture  Trustee,  for so long as GMAC Mortgage  Corporation  is the
     Servicer  shall  be as  set  forth  in the  letter  agreement  between  the
     Indenture  Trustee and the  Servicer  dated as of October 26, 2001) for all
     services  rendered by each of them in the  execution of the trusts  created
     under  the  Trust  Agreement  and the  Indenture  and in the  exercise  and
     performance  of any of the powers and duties  under the Trust  Agreement or
     the  Indenture,  as the case may be, of the Owner  Trustee,  the  Indenture

                                       32
<PAGE>

     Trustee and any  co-trustee,  and the Servicer  will pay or  reimburse  the
     Indenture  Trustee  and any  co-trustee  upon  request  for all  reasonable
     expenses,  disbursements  and  advances  incurred or made by the  Indenture
     Trustee or any co-trustee in accordance  with any of the provisions of this
     Agreement,  the Indenture or the Trust  Agreement  except any such expense,
     disbursement  or  advance  as  may  arise  from  its  negligence,   willful
     misfeasance  or bad faith.  In addition,  the  Indenture  Trustee  shall be
     entitled  to be  reimbursed  from the  Servicer  for all  reasonable  costs
     associated  with the transfer of servicing  from the  predecessor  servicer
     pursuant to Section 7.02  hereunder,  including,  without  limitation,  any
     reasonable costs or expenses  associated with the complete  transfer of all
     servicing  data and the  completion,  correction  or  manipulation  of such
     servicing  data as may be required by the Indenture  Trustee to correct any
     errors or  insufficiencies in the servicing data or otherwise to enable the
     Indenture Trustee to service the Home Loans properly and effectively.

(b)  The  Servicer  agrees to  indemnify  the  Indenture  Trustee  and the Owner
     Trustee for, and to hold the Indenture  Trustee and the Owner  Trustee,  as
     the case may be, harmless against,  any loss, liability or expense incurred
     without  negligence,  bad faith or  willful  misconduct  on the part of the
     Indenture Trustee or the Owner Trustee, as the case may be, arising out of,
     or in connection with, the acceptance and  administration of the Issuer and
     the assets thereof,  including the costs and expenses (including reasonable
     legal fees and expenses) of defending  the  Indenture  Trustee or the Owner
     Trustee,  as the case may be,  against  any  claim in  connection  with the
     exercise  or  performance  of any of its  powers or duties  under any Basic
     Document; provided that:

(i)                   with respect to any such claim,  the Indenture  Trustee or
                      Owner  Trustee,  as the case may be,  shall have given the
                      Servicer   written  notice  thereof   promptly  after  the
                      Indenture  Trustee or Owner  Trustee,  as the case may be,
                      shall have actual knowledge thereof;

(ii)                  while  maintaining  control  over  its  own  defense,  the
                      Issuer,  the Indenture  Trustee or Owner  Trustee,  as the
                      case may be, shall  cooperate  and consult  fully with the
                      Servicer in preparing such defense; and

(iii)                 notwithstanding   anything  in  this   Agreement   to  the
                      contrary,  the Servicer shall not be liable for settlement
                      of  any  claim  by the  Indenture  Trustee  or  the  Owner
                      Trustee,  as the case may be,  entered  into  without  the
                      prior consent of the Servicer.

No  termination  of this  Agreement or  resignation  or removal of the Indenture
Trustee  shall  affect  the  obligations  created  by this  Section  6.06 of the
Servicer to indemnify  the  Indenture  Trustee and the Owner  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Servicer in this  Section  6.06(b)  shall not pertain to any loss,  liability or
expense of the Indenture  Trustee or the Owner Trustee,  including the costs and

                                       33
<PAGE>

expenses of defending itself against any claim,  incurred in connection with any
actions taken by the Indenture  Trustee or the Owner Trustee at the direction of
the Noteholders or Certificateholders, as the case may be, pursuant to the terms
of this Agreement.

                                       34
<PAGE>

                                  ARTICLE VII

                                     Default

Section 7.01   Servicing Default.

(a)  If any one of the following  events  (each,  a "Servicing  Default")  shall
     occur and be continuing:

     (i)  any failure by the Servicer to deposit in the Custodial  Account,  the
          Note Payment Account or the Distribution  Account any deposit required
          to be made under the terms of this Agreement that continues unremedied
          for a period of five  Business  Days after the date upon which written
          notice of such  failure  shall have been given to the  Servicer by the
          Issuer or the Indenture  Trustee,  or to the Servicer,  the Issuer and
          the Indenture Trustee by the Credit Enhancer;

     (ii) any failure on the part of the Servicer  duly to observe or perform in
          any material respect any other covenants or agreements of the Servicer
          set forth in the Securities or in this  Agreement,  which failure,  in
          each case,  materially  and  adversely  affects the  interests  of the
          Securityholders  or the Credit Enhancer,  and which failure  continues
          unremedied  for a period of 45 days  after  the date on which  written
          notice of such failure, requiring the same to be remedied, and stating
          that such notice is a "Notice of Default"  hereunder,  shall have been
          given to the Servicer by the Issuer or the  Indenture  Trustee,  or to
          the  Servicer,  the  Issuer  and the  Indenture  Trustee by the Credit
          Enhancer;

     (iii)the  entry  against  the  Servicer  of a decree or order by a court or
          agency or supervisory  authority having jurisdiction under Title 11 of
          the  United  States  Code or any  other  applicable  federal  or state
          bankruptcy,  insolvency  or  other  similar  law,  or  if a  receiver,
          assignee  or  trustee in  bankruptcy  or  reorganization,  liquidator,
          sequestrator  or similar  official  shall have been  appointed  for or
          taken possession of the Servicer or its property,  and the continuance
          of any such decree or order  unstayed and in effect for a period of 60
          consecutive days;

     (iv) the Servicer shall voluntarily submit to Proceedings under Title 11 of
          the  United  States  Code or any  other  applicable  federal  or state
          bankruptcy,  insolvency  or other similar law relating to the Servicer
          or of or relating to all or substantially all of its property;  or the
          Servicer  shall  admit  in  writing  its  inability  to pay its  debts
          generally as they become due, file a petition to take advantage of any
          applicable  insolvency or reorganization  statute,  make an assignment
          for the benefit of its creditors or voluntarily suspend payment of its
          obligations;

                                       35
<PAGE>

then, and in every such case, so long as a Servicing Default shall not have been
remedied by the Servicer,  either the Issuer,  the  Indenture  Trustee (with the
consent of the Credit Enhancer) or the Credit Enhancer,  by notice then given in
writing to the Servicer, the Issuer and the Indenture Trustee, may terminate all
of the rights and  obligations  of the Servicer as servicer under this Agreement
other  than  its  right to  receive  servicing  compensation  and  expenses  for
servicing the Home Loans  hereunder  during any period prior to the date of such
termination,  and the Issuer, the Credit Enhancer or the Indenture Trustee (with
the consent of the Credit  Enhancer),  may exercise  any and all other  remedies
available at law or equity.  Any such notice to the Servicer shall also be given
to each Rating  Agency,  the Credit  Enhancer  and the  Issuer.  On or after the
receipt by the Servicer of such written  notice,  all authority and power of the
Servicer  under this  Agreement,  whether with respect to the  Securities or the
Home Loans or otherwise,  shall pass to and be vested in the Indenture  Trustee,
as pledgee of the Home Loans,  pursuant  to and under this  Section  7.01;  and,
without limitation,  the Indenture Trustee is hereby authorized and empowered to
execute  and  deliver,  on  behalf  of  the  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 of each
Home Loan and related documents, or otherwise.  The Servicer agrees to cooperate
with the Issuer, the Credit Enhancer and Indenture Trustee,  as the case may be,
in effecting the termination of the  responsibilities and rights of the Servicer
hereunder,  including, without limitation, the transfer to the Indenture Trustee
for the administration by it of all cash amounts relating to the Home Loans that
shall  at the  time be held by the  Servicer  and to be  deposited  by it in the
Custodial Account,  or that have been deposited by the Servicer in the Custodial
Account or  thereafter  received by the Servicer with respect to the Home Loans,
the recordation of Assignments of Mortgages to the Indenture  Trustee if MERS is
not the  mortgagee  of a Home Loan,  and the  delivery of Mortgage  Files in its
possession  to  the  Indenture  Trustee.   All  reasonable  costs  and  expenses
(including,  but not limited to,  attorneys'  fees) incurred in connection  with
amending this Agreement to reflect such succession as Servicer  pursuant to this
Section 7.01 shall be paid by the  predecessor  Servicer (or if the  predecessor
Servicer is the Indenture  Trustee,  the initial  Servicer) upon presentation of
reasonable documentation of such costs and expenses.

(b) Notwithstanding any termination of the activities of the Servicer hereunder,
the  Servicer  shall be  entitled to receive,  out of any late  collection  of a
payment  on a Home  Loan  which  was due  prior to the  notice  terminating  the
Servicer's rights and obligations hereunder and received after such notice, that
portion to which the Servicer would have been entitled pursuant to Sections 3.03
and 3.09 as well as its Servicing Fee in respect thereof,  and any other amounts
payable to the Servicer  hereunder the  entitlement  to which arose prior to the
termination of its activities hereunder.

        Notwithstanding  the  foregoing,  a delay in or failure  of  performance
under  paragraph  (a)(i) or (ii)  above,  after  the  applicable  grace  periods
specified  therein,  shall not  constitute a Servicing  Default if such delay or
failure  could not be prevented by the exercise of  reasonable  diligence by the
Servicer  and such  delay or  failure  was caused by an act of God or the public
enemy,  acts of  declared or  undeclared  war,  public  disorder,  rebellion  or
sabotage,  epidemics,  landslides,  lightning,  fire,  hurricanes,  earthquakes,
floods or similar causes.  The preceding sentence shall not relieve the Servicer
from using reasonable efforts to perform its respective  obligations in a timely

                                       36
<PAGE>

manner  in  accordance  with the terms of this  Agreement.  The  Servicer  shall
provide the Indenture Trustee,  the Credit Enhancer and the Securityholders with
notice of any such failure or delay by it,  together with a  description  of its
efforts to so perform its obligations. The Servicer shall immediately notify the
Indenture  Trustee,  the  Credit  Enhancer  and the  Issuer  in  writing  of any
Servicing Default.

Section 7.02   Indenture Trustee to Act; Appointment of Successor.

(a) On and after the time the Servicer receives a notice of termination pursuant
to Section  7.01 or sends a notice  pursuant  to  Section  6.04,  the  Indenture
Trustee as pledgee of the Home Loans shall itself  become,  or shall  appoint an
affiliate of the  Indenture  Trustee to become the  successor in all respects to
the  Servicer  in  its  capacity  as  servicer  under  this  Agreement  and  the
transactions set forth or provided for herein and shall  immediately  assume all
of the  obligations of the Servicer to make advances on Home Loans under Section
3.02(b)  and  will  be  subject  to  all  other  responsibilities,   duties  and
liabilities  relating thereto placed on the Servicer by the terms and provisions
hereof as soon as  practicable,  but in no event  later  than 90 days  after the
Indenture Trustee becomes  successor  servicer.  During such 90 day period,  the
Indenture  Trustee,  with the  consent of the Credit  Enhancer,  may require the
Servicer being terminated to continue to perform such servicing responsibilities
(other than making  advances  on the Home Loans  under  Section  3.02(b)) as the
Indenture  Trustee  deems  appropriate.   In  such  event,  the  Servicer  being
terminated  shall  provide such  services as directed by the  Indenture  Trustee
until the earliest of the date the Indenture  Trustee  notifies such Servicer to
discontinue  providing such services,  the date on which a successor servicer or
the Indenture Trustee has assumed all  responsibilities,  duties and liabilities
of the Servicer  hereunder or the expiration of the 90 day period.  The Servicer
shall be entitled to the Servicing Fee hereunder for any period during which the
Servicer is  obligated  to provide  such  services as if no  termination  of the
Servicer had occurred. Nothing in this Agreement or in the Trust Agreement shall
be  construed to permit or require the  Indenture  Trustee to (i) succeed to the
responsibilities, duties and liabilities of the initial Servicer in its capacity
as Seller under the Purchase  Agreement,  (ii) be responsible or accountable for
any act or  omission  of the  Servicer  prior to the  issuance  of a  notice  of
termination  hereunder,  (iii) require or obligate the Indenture Trustee, in its
capacity as successor Servicer,  to purchase,  repurchase or substitute any Home
Loan,  (iv) fund any losses on any  Permitted  Investment  directed by any other
Servicer,  or (v) be responsible for the  representations  and warranties of the
Servicer. As compensation  therefor,  the Indenture Trustee shall be entitled to
such  compensation  as the Servicer  would have been entitled to hereunder if no
such notice of termination had been given. Notwithstanding the foregoing, if the
Indenture  Trustee is (x)  unwilling to act as successor  Servicer  itself or to
appoint an affiliate to become successor  Servicer,  or (y) legally unable so to
act, the  Indenture  Trustee as pledgee of the Home Loans may (in the  situation
described  in clause (x)) or shall (in the  situation  described  in clause (y))
appoint or petition a court of competent jurisdiction to appoint any established
housing and home  finance  institution,  bank or other  mortgage  loan  servicer
having a net worth of not less than $10,000,000 as the successor to the Servicer
hereunder in the assumption of all or any part of the  responsibilities,  duties
or  liabilities  of the Servicer  hereunder;  provided,  that any such successor
Servicer shall be acceptable to the Credit Enhancer,  as evidenced by the Credit
Enhancer's  prior  written  consent,  which  consent  shall not be  unreasonably
withheld;  and provided  further,  that the  appointment  of any such  successor
Servicer will not result in a Rating Event, if determined  without regard to the
Policy. Pending appointment of a successor to the Servicer hereunder, unless the
Indenture  Trustee is  prohibited by law from so acting,  the Indenture  Trustee
itself  shall act or appoint an  affiliate  to act in such  capacity as provided
above. In connection with such  appointment and assumption,  the successor shall

                                       37
<PAGE>

be entitled to receive  compensation  out of payments on Home Loans in an amount
equal to the  compensation  that the  Servicer  would  otherwise  have  received
pursuant to Section 3.09 (or such other  compensation  as the Indenture  Trustee
and such successor shall agree).  The appointment of a successor  Servicer shall
not affect any liability of the predecessor  Servicer that may have arisen under
this Agreement prior to its termination as Servicer (including the obligation to
purchase Home Loans  pursuant to Section 3.01,  to pay any  deductible  under an
insurance policy pursuant to Section 3.04 or to indemnify the Indenture  Trustee
pursuant to Section  6.06),  nor shall any successor  Servicer be liable for any
acts or omissions of the predecessor Servicer or for any breach by such Servicer
of any of its  representations or warranties  contained herein or in any related
document or agreement.  The Indenture Trustee and such successor shall take such
action,  consistent  with this  Agreement and the  requirements  (including  any
notice  requirements) of applicable law, as shall be necessary to effectuate any
such succession.  Notwithstanding  the foregoing,  the Indenture Trustee, in its
capacity  as  successor  Servicer,  shall  not be  responsible  for the  lack of
information and/or documents that it cannot obtain through reasonable efforts or
for failing to take any action that the Indenture Trustee is legally  prohibited
from taking by applicable law.

     (b)  Any  successor,  including the Indenture  Trustee,  to the Servicer as
          servicer shall during its term as Servicer (i) continue to service and
          administer the Home Loans for the benefit of the Securityholders, (ii)
          maintain in force a policy or policies of  insurance  covering  errors
          and  omissions  in the  performance  of its  obligations  as  Servicer
          hereunder and a fidelity  bond in respect of its  officers,  employees
          and agents to the same extent as the Servicer is so required  pursuant
          to  Section  3.13 and  (iii) be  bound by the  terms of the  Insurance
          Agreement.

     (c)  Any successor Servicer,  including the Indenture Trustee, shall not be
          deemed in default or to have  breached  its  duties  hereunder  if the
          predecessor Servicer shall fail to deliver any required deposit to the
          Custodial Account or otherwise  cooperate with any required  servicing
          transfer or succession hereunder.

     (d)  In connection  with the  termination  or  resignation  of the Servicer
          hereunder, either (i) the successor Servicer,  including the Indenture
          Trustee  if the  Indenture  Trustee is acting as  successor  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
          Home  Loans  that  are  registered   with  MERS,  in  which  case  the
          predecessor  Servicer shall  cooperate with the successor  Servicer in
          causing  MERS to  revise  its  records  to  reflect  the  transfer  of
          servicing to the successor Servicer as necessary under MERS' rules and
          regulations, or (ii) the predecessor Servicer shall cooperate with the
          successor   Servicer  in  causing  MERS  to  execute  and  deliver  an
          assignment  of Mortgage in  recordable  form to transfer  the Mortgage
          from MERS to the  Indenture  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 Home Loan or servicing of such
          Home  Loan  on  the  MERS(R)System  to  the  successor  Servicer.  The
          predecessor  Servicer  shall  file  or  cause  to be  filed  any  such

                                       38
<PAGE>

          assignment  in  the  appropriate  recording  office.  The  predecessor
          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  (d).  The
          successor  Servicer shall cause such assignment to be delivered to the
          Indenture  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  Securityholders.  Upon  any  termination  of or
appointment  of a successor  to the  Servicer  pursuant  to this  Article VII or
Section 6.04, the Indenture  Trustee shall give prompt written notice thereof to
the Securityholders, the Credit Enhancer, the Issuer and each Rating Agency.

                                       39
<PAGE>

                                  ARTICLE VIII

                            Miscellaneous Provisions

Section 8.01  Amendment.  This Agreement may be amended from time to time by the
parties  hereto;  provided,  that any such  amendment  shall be accompanied by a
letter from each Rating Agency to the effect that such amendment will not result
in a Rating Event,  if  determined  without  regard to the Policy;  and provided
further,  that the Credit  Enhancer  and the  Indenture  Trustee  shall  consent
thereto.

Section 8.02 GOVERNING LAW. THIS AGREEMENT SHALL BE 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.

Section 8.03 Notices. All demands, notices and communications hereunder shall be
in writing and shall be deemed to have been duly given if  personally  delivered
at or mailed by certified mail, return receipt requested,  to (a) in the case of
the Servicer, 100 Witmer Road, Horsham,  Pennsylvania 19044, Attention:  Anthony
Renzi, (b) in the case of the Credit Enhancer, Ambac Assurance Corporation,  One
State Street Plaza, 19th Floor, New York, New York 10004, Attention:  Consumer -
Asset-Backed  Securities  Group (GMACM Home Loan Trust  2001-HLTV2),  (c) in the
case of Moody's,  Home  Mortgage Loan  Monitoring  Group,  4th Floor,  99 Church
Street, New York, New York 10007, (d) in the case of Standard & Poor's, 55 Water
Street, New York, New York 10004,  Attention:  Residential Mortgage Surveillance
Group, (e) in the case of the Owner Trustee,  Wilmington  Trust Company,  Rodney
Square North, 1100 North Market Street, Wilmington,  Delaware 19890-0001, (f) in
the case of the Issuer, GMACM Home Loan Trust 2001-HLTV2,  c/o the Owner Trustee
at the  address  set  forth  in  clause  (e)  above,  and (g) in the case of the
Indenture Trustee, at the Corporate Trust Office of the Indenture Trustee,  with
a copy to Bank One,  National  Association,  1 Bank One Plaza,  Suite  IL1-0481,
Chicago, Illinois 60670-0481,  Attention:  GMACM 2001-HLTV2; or, with respect to
each of the foregoing  Persons,  at such other address as shall be designated by
such  Person in a written  notice to the other  foregoing  Persons.  Any  notice
required or permitted to be mailed to a  Securityholder  shall be given by first
class mail, postage prepaid,  at the address of such  Securityholder as shown in
the Note  Register or  Certificate  Register,  as the case may be. Any notice so
mailed  within  the time  prescribed  in this  Agreement  shall be  conclusively
presumed  to have been duly  given,  whether or not the  related  Securityholder
receives such notice.  Any notice or other document  required to be delivered or
mailed  by the  Indenture  Trustee  to any  Rating  Agency  shall  be given on a
reasonable efforts basis and only as a matter of courtesy and accommodation, and
the  Indenture  Trustee  shall have no liability for failure to deliver any such
notice or document to any Rating Agency.

Section 8.04  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 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 the Securities or
the rights of the Securityholders.

                                       40
<PAGE>

Section  8.05  Third-Party  Beneficiaries.  This  Agreement  shall  inure to the
benefit of and be binding  upon the parties  hereto,  the  Securityholders,  the
Credit Enhancer, the Owner Trustee and their respective successors and permitted
assigns.  Except as otherwise provided in this Agreement,  no other Person shall
have any right or obligation hereunder.

Section  8.06  Counterparts.  This  instrument  may be executed in any number of
counterparts,  each of which so executed shall be deemed to be an original,  but
all such counterparts shall together constitute but one and the same instrument.

Section 8.07 Effect of Headings  and Table of Contents.  The Article and Section
headings herein and the Table of Contents are for convenience only and shall not
affect the construction hereof.

Section 8.08  Termination  Upon Purchase by the Servicer or  Liquidation  of All
Home Loans; Partial Redemption.

(a)            The respective  obligations and responsibilities of the Servicer,
               the  Issuer  and  the  Indenture  Trustee  created  hereby  shall
               terminate upon the last action required to be taken by the Issuer
               pursuant  to the Trust  Agreement  and by the  Indenture  Trustee
               pursuant to the Indenture following the earlier of:

          (i)  the date on or before which the Indenture or the Trust  Agreement
               is terminated, or

          (ii) the  purchase by the  Servicer  from the Issuer of all Home Loans
               and REO Property in accordance with Section 8.08(b).

(b)  The  Servicer  shall have the right to purchase  from the Issuer all of the
     Home Loans and REO  Property if the Pool  Balance as of any Payment Date is
     less than 10% of the Pool Balance as of the Cut-Off Date  (provided  that a
     draw on the  Policy  would  not  occur as a  result  of such  purchase  and
     provided  further that the purchase price will provide  sufficient funds to
     pay the  outstanding  Note  Balance and accrued and unpaid  interest on the
     Notes to the Payment  Date on which such amounts are to be  distributed  to
     Securityholders),  at a  price  equal  to  100%  of  the  aggregate  unpaid
     Principal Balance of all such remaining Home Loans, plus accrued and unpaid
     interest  thereon at the weighted  average of the Loan Rates  thereon up to
     the date  preceding  the  Payment  Date on  which  such  amounts  are to be
     distributed to the Securityholders  (and, in the case of REO Property,  the
     fair market value of the REO  Property),  plus any amounts due and owing to
     the Credit Enhancer under the Insurance Agreement (and any unpaid Servicing
     Fee shall be deemed to have been paid at such time).

If such right is  exercised by the  Servicer,  the  Servicer  shall  deposit the
amount  calculated  pursuant to this Section 8.08(b) with the Indenture  Trustee
pursuant to Section 4.10 of the Indenture and, upon the receipt of such deposit,
the Indenture  Trustee or Custodian  shall  release to the  Servicer,  the files

                                       41
<PAGE>

pertaining  to the Home Loans being  purchased.  The  Servicer,  at its expense,
shall prepare and deliver to the Indenture  Trustee for  execution,  at the time
the related Home Loans are to be released to the Servicer, appropriate documents
assigning  each such Home Loans from the Indenture  Trustee or the Issuer to the
Servicer or the appropriate party.

Section 8.09 Certain Matters Affecting the Indenture  Trustee.  For all purposes
of this Agreement, in the performance of any of its duties or in the exercise of
any of its  powers  hereunder,  the  Indenture  Trustee  shall be subject to and
entitled to the benefits of Article VI of the Indenture.

Section  8.10 Owner  Trustee  Not Liable for  Related  Documents.  The  recitals
contained herein shall be taken as the statements of the Servicer, and the Owner
Trustee and the Indenture Trustee assume no  responsibility  for the correctness
thereof.  The Owner Trustee and the Indenture Trustee make no representations as
to the  validity or  sufficiency  of this  Agreement,  of any Basic  Document or
Related Document, or of the Certificates (other than the signatures of the Owner
Trustee and the Indenture  Trustee on the  Certificates) or the Notes. The Owner
Trustee and the Indenture  Trustee shall at no time have any  responsibility  or
liability with respect to the  sufficiency of the Trust Estate or its ability to
generate the payments to be  distributed to  Certificateholders  under the Trust
Agreement or the  Noteholders  under the Indenture,  including the compliance by
the Depositor,  the Sellers or the Servicer with any warranty or  representation
made  under  any  Basic  Document  or the  accuracy  of  any  such  warranty  or
representation,  or any  action  of any  person  taken in the name of the  Owner
Trustee or the Indenture Trustee.

                                       42
<PAGE>

<PAGE>

        IN WITNESS WHEREOF,  the Servicer,  the Issuer and the Indenture Trustee
have caused this Agreement to be duly executed by their  respective  officers or
representatives all as of the day and year first above written.

                            GMAC MORTGAGE CORPORATION,
                               as Servicer

                            By:    /s/ Barry Bier
                                   ----------------------------------------
                                   Name:  Barry Bier
                                   Title:    Chief Operating Officer

                            GMACM HOME LOAN TRUST 2001-HLTV2, as Issuer

                            By:    Wilmington Trust Company, not in its
                                   individual capacity but solely as
                                   Owner Trustee

                            By:    /s/ Donald G. MacKelcan
                                   ----------------------------------------
                                   Name: Donald G. MacKelcan
                                   Title: Vice President

                            BANK ONE, NATIONAL ASSOCIATION,
                               as Indenture Trustee

                            By:    /s/ Keith Richardson
                                   ----------------------------------------
                                   Name: Keith Richardson
                                   Title: Vice President

                                       43
<PAGE>

                                    EXHIBIT A

                               HOME LOAN SCHEDULE

                     [See Exhibit 1 to the Home Loan Purchase Agreement]

<PAGE>

                                    EXHIBIT B

                            LIMITED POWER OF ATTORNEY

                         KNOW ALL MEN BY THESE PREMISES:

        That  Bank  One,  National   Association,   as  indenture  trustee  (the
"Indenture  Trustee"),  under the  indenture  dated as of October  30, 2001 (the
"Indenture"),  between  GMACM  Home Loan  Trust  2001-HLTV2,  as issuer  and the
Indenture Trustee, a national banking  association  organized and existing under
the laws of the  United  States of  America,  and having  its  principal  office
located at 1 Bank One Plaza, Suite IL1-0126,  Chicago, Illinois 60670-0126, hath
made, constituted and appointed, and does by these presents make, constitute and
appoint GMAC Mortgage  Corporation,  a corporation  organized and existing under
the  laws  of  the   Commonwealth   of   Pennsylvania,   its  true  and   lawful
Attorney-in-Fact,  with full power and authority to sign, execute,  acknowledge,
deliver, file for record, and record any instrument on its behalf and to perform
such  other  act or acts as may be  customarily  and  reasonably  necessary  and
appropriate to effectuate the following  enumerated  transactions  in respect of
any of the  Mortgages  securing a Home Loan and the related  Mortgage  Notes for
which the undersigned is acting as Indenture Trustee for various Securityholders
(whether the  undersigned  is named therein as mortgagee or  beneficiary  or has
become  mortgagee by virtue of  endorsement of such Mortgage Note secured by any
such  Mortgage)  and for which GMAC Mortgage  Corporation  is acting as Servicer
pursuant to a Servicing  Agreement  dated as of October 30, 2001 (the "Servicing
Agreement").

This appointment shall apply to the following enumerated transactions only:

1.      The modification or re-recording of a Mortgage,  where said modification
        or re-recording is for the purpose of correcting the Mortgage to conform
        same to the original  intent of the parties  thereto or to correct title
        errors  discovered  after  such  title  insurance  was  issued  and said
        modification or  re-recording,  in either  instance,  does not adversely
        affect the Lien of the Mortgage as insured.

2.      The subordination of the Lien of a Mortgage to an easement in favor of a
        public  utility  company or a  government  agency or unit with powers of
        eminent  domain;  this section shall include,  without  limitation,  the
        execution of partial  satisfactions/releases,  partial  reconveyances or
        the execution of requests to trustees to accomplish same.

3.      With  respect to a Mortgage,  the  foreclosure,  the taking of a deed in
        lieu of  foreclosure,  or the  completion  of judicial  or  non-judicial
        foreclosure  or  termination,  cancellation  or  rescission  of any such
        foreclosure, including, without limitation, any and all of the following
        acts:

          a.   The  substitution  of  trustee(s)  serving  under a Mortgage,  in
               accordance with state law and the Mortgage;

        b.     Statements of breach or non-performance;

        c.     Notices of default;

<PAGE>

          d.   Cancellations/rescissions of notices of default and/or notices of
               sale;

          e.   The taking of a deed in lieu of foreclosure; and

          f.   Such other  documents  and actions as may be necessary  under the
               terms of the Mortgage or state law to expeditiously complete said
               transactions.

4.   The conveyance of the properties to the mortgage insurer, or the closing of
     the  title  to the  property  to be  acquired  as  real  estate  owned,  or
     conveyance of title to real estate owned.

5.   The completion of loan assumption agreements.

6.   The full  satisfaction/release  of a  Mortgage  or full  reconveyance  upon
     payment and  discharge  of all sums  secured  thereby,  including,  without
     limitation, cancellation of the related Mortgage Note.

7.   The assignment of any Mortgage and the related Mortgage Note, in connection
     with the repurchase of the Home Loan secured and evidenced thereby.

8.   The full  assignment  of a Mortgage  upon payment and discharge of all sums
     secured  thereby in conjunction  with the refinancing  thereof,  including,
     without limitation, the endorsement of the related Mortgage Note.

9.   The modification or re-recording of a Mortgage,  where said modification or
     re-recording  is for the  purpose of any  modification  pursuant to Section
     3.01 of the Servicing Agreement.

10.  The subordination of the Lien of a Mortgage, where said subordination is in
     connection with any modification  pursuant to Section 3.01 of the Servicing
     Agreement,   and  the  execution  of  partial   satisfactions/releases   in
     connection with such same Section 3.01.

        The undersigned gives said  Attorney-in-Fact full power and authority to
execute  such  instruments  and to do and  perform  all and  every act and thing
necessary  and  proper to carry into  effect  the power or powers  granted by or
under this Limited Power of Attorney as fully as the undersigned  might or could
do, and hereby does ratify and confirm to all that said  Attorney-in-Fact  shall
lawfully do or cause to be done by authority hereof.

        Capitalized  terms used herein that are not otherwise defined shall have
the meanings ascribed thereto in Appendix A to the Indenture.

                                        B-2
<PAGE>

        Third  parties  without  actual notice may rely upon the exercise of the
power granted under this Limited  Power of Attorney;  and may be satisfied  that
this Limited Power of Attorney  shall  continue in full force and effect has not
been revoked  unless an instrument of revocation has been made in writing by the
undersigned.

                                   BANK ONE, NATIONAL ASSOCIATION,
                                       not in its individual capacity
                                       but solely as Indenture Trustee

                                   By:
                                          -----------------------------------
                                          Name:
                                          Title:

                                        B-3

<PAGE>

STATE OF                     )
                             SS.
COUNTY OF                    )

        On this day of October,  2001, before me the undersigned,  Notary Public
of  said  State,  personally  appeared  ,  personally  known  to me  to be  duly
authorized  officers of Bank One, National  Association that executed the within
instrument and personally  known to me to be the persons who executed the within
instrument  on behalf of Bank  One,  National  Association  therein  named,  and
acknowledged  to me such Bank One,  National  Association  executed  the  within
instrument pursuant to its by-laws.

                                               WITNESS  my  hand  and   official
seal.

                                               Notary Public in and for the
                                               State of_________________

After recording, please mail to:

Attn:
     -------------------------------

                                        B-4
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                                    EXHIBIT C

                           FORM OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with your administration of the Home Loans, we request the release
of the Mortgage File described below.

Servicing Agreement Dated:  October 30, 2001
Series #:
Account #:
Pool #:
Loan #:
Borrower Name(s):
Reason for Document Request: (circle one)          Home Loan Prepaid in Full
                                                   Home 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 Servicing Agreement."

__________________________________
GMAC Mortgage Corporation
Authorized Signature

******************************************************************************
TO CUSTODIAN:  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 Servicing Agreement.

Enclosed Documents:       [  ]   Mortgage Note

Name
    --------------------------------

Title
     -------------------------------

Date
    ------------------

                                        C-1
<PAGE>

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