Document:

EXHIBIT 4.2

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                 [NAME OF MASTER SERVICER], as Master Servicer,

                                       and

                           MORTGAGEIT SECURITIES CORP.
                                  as Depositor

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

                               SERVICING AGREEMENT

                           Dated as of _______________

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

                         ________________Mortgage Loans

                MortgageIT Securities Corp. Trust Series 200_-__

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<PAGE>

                                TABLE OF CONTENTS

                                    ARTICLE I

                                   Definitions

Section 1.01     Definitions
Section 1.02     Other Definitional Provisions
Section 1.03     Interest Calculations

                             ARTICLE II

                   Representations and Warranties

Section 2.01     Representations and Warranties Regarding the Master Servicer
Section 2.02     Representations and Warranties of the Depositor
Section 2.03     Enforcement of Representations and Warranties

                             ARTICLE III

                 Administration and Servicing of Mortgage Loans

Section 3.01     The Master Servicer
Section 3.02     Collection of Certain Mortgage Loan Payments
Section 3.03     Withdrawals from the Collection Account
Section 3.04     Maintenance of Hazard Insurance; Property Protection Expenses
Section 3.05     Modification Agreements
Section 3.06     Trust Estate; Related Documents
Section 3.07     Realization upon Defaulted Mortgage Loans
Section 3.08     Depositor and Indenture Trustee to Cooperate
Section 3.09     Servicing Compensation; Payment of Certain Expenses by Master
                 Servicer
Section 3.10     Annual Statement as to Compliance
Section 3.11     Assessment of Compliance and Attestation Reports
Section 3.12     Access to Certain Documentation and Information Regarding the
                 Mortgage Loans
Section 3.13     Maintenance of Certain Servicing Insurance Policies
Section 3.14     Information Required by the Internal Revenue Service Generally
                 and Reports of Foreclosures and Abandonments of Mortgaged
                 Property
Section 3.15     Optional Repurchase of Defaulted Mortgage Loans

                                   ARTICLE IV

                              Servicing Certificate

Section 4.01     Statements to Securityholders

                                    ARTICLE V

                        Distribution and Payment Accounts

Section 5.01     Distribution Account
Section 5.02     Payment Account

                                   ARTICLE VI

                               The Master Servicer

Section 6.01     Liability of the Master Servicer
Section 6.02     Merger or Consolidation of, or Assumption of the Obligations
                 of, the Master Servicer
Section 6.03     Limitation on Liability of the Master Servicer and Others
Section 6.04     Master Servicer Not to Resign
Section 6.05     Delegation of Duties
Section 6.06     Master Servicer to Pay Indenture Trustee's and Owner Trustee's
                 Fees and Expenses; Indemnification

                                   ARTICLE VII

                                     Default

Section 7.01     Servicing Default
Section 7.02     Indenture Trustee to Act; Appointment of Successor
Section 7.03     Notification to Securityholders

                             ARTICLE VIII

                       Miscellaneous Provisions

Section 8.01     Amendment
Section 8.02     Governing Law
Section 8.03     Notices
Section 8.04     Severability of Provisions
Section 8.05     Third-Party Beneficiaries
Section 8.06     Counterparts
Section 8.07     Effect of Headings and Table of Contents
Section 8.08     Termination upon Purchase by the Master Servicer or Liquidation
                 of All Mortgage Loans
Section 8.09     Certain Matters Affecting the Indenture Trustee
Section 8.10     Authority of the Administrator
Section 8.10     Authority of the Administrator

EXHIBIT A - MORTGAGE LOAN SCHEDULE
EXHIBIT B - POWER OF ATTORNEY
EXHIBIT C - CERTIFICATE PURSUANT TO SECTION 3.08
EXHIBIT D - FORM OF REQUEST FOR RELEASE

Schedule 1 - Mortgage Insurance Component Schedule

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         This Servicing Agreement, dated as of _______________, between [Name of
Master Servicer], as Master Servicer (the "Master Servicer") and MortgageIT
Securities Corp., as Depositor (the "Depositor"),

                     W I T N E S S E T H     T H A T:

         WHEREAS, MortgageIT Securities Corp., will create MortgageIT Securities
Corp. Trust Series 200_-__, an owner trust (the "Issuing Entity") under Delaware
law, and will transfer the Mortgage Loans and all of its rights under the
Mortgage Loan Purchase Agreement to the Issuing Entity,;

         WHEREAS, pursuant to the terms of a Trust Agreement dated as of
_______________ (the "Owner Trust Agreement") between the Depositor, as
depositor, and ______________________, as owner trustee (the "Owner Trustee"),
the Depositor will sell the Mortgage Collateral to Issuing Entity in exchange
for the cash proceeds of the Securities;

         WHEREAS, pursuant to the terms of the Trust Agreement between the
Depositor and the Owner Trustee, the Issuing Entity will issue and transfer to
or at the direction of the Depositor, the Mortgage-Backed Certificates, Series
200_-__ (the "Certificates");

         WHEREAS, pursuant to the terms of an Indenture dated as of
_______________ (the "Indenture") between the Issuing Entity and the Indenture
Trustee, the Issuing Entity will issue and transfer to or at the direction of
the Purchaser the Mortgage-Backed Notes, Series 200_-__ (the "Notes"),
consisting of the Notes and secured by the Mortgage Collateral;

         WHEREAS, pursuant to the terms of the Mortgage Loan Purchase Agreement,
the Depositor will acquire the Initial Loans; and

         WHEREAS, pursuant to the terms of this Servicing Agreement, the Master
Servicer will service the Mortgage Loans directly or through one or more
Subservicers;

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

                                    ARTICLE I

                                   Definitions

         Section 1.01 DEFINITIONS. For all purposes of this Servicing 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 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 Servicing 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 Servicing Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Servicing Agreement or in any such certificate or other
document, and accounting terms partly defined in this Servicing 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
Servicing 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 Servicing 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 Servicing Agreement shall refer to this Servicing
Agreement as a whole and not to any particular provision of this Servicing
Agreement; Section and Exhibit references contained in this Servicing Agreement
are references to Sections and Exhibits in or to this Servicing Agreement unless
otherwise specified; and the term "including" shall mean "including without
limitation".

         (d) The definitions contained in this Servicing 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 Mortgage Loan
shall be made on a daily basis using a 365- day year. All calculations of
interest on the Securities shall be made on the basis of the actual number of
days in an Interest Period 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
down.

                                   ARTICLE II

                         Representations and Warranties

         Section 2.01 REPRESENTATIONS AND WARRANTIES REGARDING THE MASTER
SERVICER. The Master Servicer represents and warrants to the Depositor, the
Issuing Entity and for the benefit of the Indenture Trustee, as pledgee of the
Mortgage Collateral, and the Securityholders, as of the Cut-Off Date, [the date
of the Servicing Agreement], the Closing Date [and any Deposit Date], that:

                  (i) The Master Servicer is a corporation duly organized,
         validly existing and in good standing under the laws of the State of
         [_______] and has the corporate power to own its assets and to transact
         the business in which it is currently engaged. The Master 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 on the business, properties, assets, or
         condition (financial or other) of the Master Servicer;

                  (ii) The Master Servicer has the power and authority to make,
         execute, deliver and perform this Servicing Agreement and all of the
         transactions contemplated under this Servicing Agreement, and has taken
         all necessary corporate action to authorize the execution, delivery and
         performance of this Servicing Agreement. When executed and delivered,
         this Servicing Agreement will constitute the legal, valid and binding
         obligation of the Master 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;

                  (iii) The Master 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
         Servicing 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;

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

                  (v) No litigation or administrative proceeding of or before
         any court, tribunal or governmental body is currently pending, or to
         the knowledge of the Master Servicer threatened, against the Master
         Servicer or any of its properties or with respect to this Servicing
         Agreement or the Notes or the Certificates which in the opinion of the
         Master Servicer has a reasonable likelihood of resulting in a material
         adverse effect on the transactions contemplated by this Servicing
         Agreement.

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

         Section 2.02 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR. The
Depositor hereby represents and warrants to the Master Servicer for the benefit
of the Indenture Trustee, as pledgee of the Mortgage Collateral, and the
Securityholders, as of the Cut-Off Date, the Closing Date and any Deposit Date,
that:

                  (i) The Depositor is a corporation in good standing under the
         laws of the State of Delaware;

                  (ii) The Depositor has full power, authority and legal right
         to execute and deliver this Servicing Agreement and to perform its
         obligations under this Servicing Agreement, and has taken all necessary
         action to authorize the execution, delivery and performance by it of
         this Servicing Agreement; and

                  (iii) The execution and delivery by the Depositor of this
         Servicing Agreement and the performance by the Depositor of its
         obligations under this Servicing Agreement will not violate any
         provision of any law or regulation governing the Depositor or any
         order, writ, judgment or decree of any court, arbitrator or
         governmental authority or agency applicable to the Depositor 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 Depositor is
         bound.

         Section 2.03 ENFORCEMENT OF REPRESENTATIONS AND WARRANTIES. The Master
Servicer, on behalf of and subject to the direction of the Indenture Trustee, as
pledgee of the Mortgage Collateral, or the Credit Enhancer, shall enforce the
representations and warranties of the Seller pursuant to the Mortgage Loan
Purchase Agreement. Upon the discovery by the Seller, the Master Servicer, the
Indenture Trustee, the Credit Enhancer, the Depositor or any Custodian of a
breach of any of the representations and warranties made in the Mortgage Loan
Purchase Agreement, in respect of any Mortgage 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 (any Custodian being so obligated under a Custodial Agreement). The
Master Servicer shall promptly notify the Seller of such breach and request
that, pursuant to the terms of the Mortgage Loan Purchase Agreement, the Seller
either (i) cure such breach in all material respects within 45 days (with
respect to a breach of the representations and warranties contained in Section
3.1(a) of the Mortgage Loan Purchase Agreement) or 90 days (with respect to a
breach of the representations and warranties contained in Section 3.1(b) of the
Mortgage Loan Purchase Agreement) from the date the Seller was notified of such
breach or (ii) purchase such Mortgage Loan from the Depositor at the price and
in the manner set forth in Section 3.1(b) of the Mortgage Loan Purchase
Agreement; PROVIDED that the Seller shall, subject to the conditions set forth
in the Mortgage Loan Purchase Agreement, have the option to substitute an
Eligible Substitute Mortgage Loan or Loans for such Mortgage Loan. In the event
that the Seller elects to substitute one or more Eligible Substitute Mortgage
Loans pursuant to Section 3.1(b) of the Mortgage Loan Purchase Agreement, the
Seller shall deliver to the Depositor with respect to such Eligible Substitute
Mortgage Loans, the original Mortgage Note, the Mortgage, and such other
documents and agreements as are required by the Mortgage Loan Purchase
Agreement. No substitution will be made in any calendar month after the
Determination Date for such month. Payments due with respect to Eligible
Substitute Mortgage Loans in the month of substitution shall not be transferred
to the Depositor and will be retained by the Master Servicer and remitted by the
Master Servicer to the Seller on the next succeeding Payment Date provided a
payment has been received by the Depositor for such month in respect of the
Mortgage Loan to be removed. The Master Servicer shall amend or cause to be
amended the Mortgage Loan Schedule to reflect the removal of such Mortgage Loan
and the substitution of the Eligible Substitute Mortgage Loans and the Master
Servicer shall promptly deliver the amended Mortgage Loan Schedule to the Owner
Trustee and Indenture Trustee.

         It is understood and agreed that the obligation of the Seller to cure
such breach or purchase or substitute for such Mortgage Loan as to which such a
breach has occurred and is continuing shall constitute the sole remedy
respecting such breach available to the Depositor and the Indenture Trustee, as
pledgee of the Mortgage Collateral, against the Seller. In connection with the
purchase of or substitution for any such Mortgage Loan by the Seller, the
Depositor shall assign to the Seller all of the right, title and interest in
respect of the Mortgage Loan Purchase Agreement applicable to such Mortgage
Loan. Upon receipt of the Repurchase Price, or upon completion of such
substitution, the applicable Custodian shall deliver the Mortgage Files to the
Master Servicer, together with all relevant endorsements and assignments.

<PAGE>

                                  ARTICLE III

                 Administration and Servicing of Mortgage Loans

         Section 3.01 THE MASTER SERVICER. (a) The Master Servicer shall service
and administer the Mortgage Loans in the same manner as would prudent
institutional mortgage lenders servicing comparable mortgage loans for their own
account in the jurisdictions where the related Mortgaged Properties are located
and in a manner consistent with the terms of this Servicing Agreement and which
shall be normal and usual in its general mortgage servicing activities and 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, how ever, that the Master
Servicer shall at all times remain responsible to the Depositor, the Indenture
Trustee, as pledgee of the Mortgage Collateral, and the Securityholders for the
performance of its duties and obligations hereunder in accordance with the terms
hereof and the servicing standard set forth above. Without limiting the
generality of the foregoing, the Master Servicer shall continue, and is hereby
authorized and empowered by the Depositor and the Indenture Trustee, as pledgee
of the Mortgage Collateral, to execute and deliver, on behalf of itself, the
Depositor, the Securityholders and 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 Mortgage
Loans and with respect to the Mortgaged Properties. The Depositor, the Indenture
Trustee and the Custodian, as applicable, shall furnish the Master Servicer with
any powers of attorney and other documents necessary or appropriate to enable
the Master Servicer to carry out its servicing and administrative duties
hereunder. On the Closing Date, the Depositor shall deliver to the Master
Servicer a power of attorney substantially in the form of Exhibit B hereto.

         If the Mortgage relating to a Mortgage Loan did not have a lien senior
on the related Mortgaged Property as of the Cut-Off Date, then the Master
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 relating
to a Mortgage Loan had a lien senior to the Mortgage Loan on the related
Mortgaged Property as of the Cut-Off Date, then the Master Servicer, in such
capacity, may consent to the refinancing of such senior lien; PROVIDED that (i)
the resulting Combined Loan-to-Value Ratio of such Mortgage Loan is no higher
than the Combined Loan-to-Value Ratio prior to such refinancing and (ii) the
interest rate for the loan evidencing the refinanced senior lien on the date of
such refinancing is no higher than the interest rate on the loan evidencing the
existing senior lien immediately prior to the date of such refinancing.

         The relationship of the Master Servicer (and of any successor to the
Master Servicer as servicer under this Servicing Agreement) to the Depositor
under this Servicing 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 Master Servicer has entered into Initial Subservicing
Agreements with the Initial Subservicers for the servicing and administration of
the Mortgage Loans and may enter into additional Sub servicing Agreements with
Subservicers for the servicing and administration of certain of the Mortgage
Loans. References in this Servicing Agreement to actions taken or to be taken by
the Master Servicer in servicing the Mortgage Loans include actions taken or to
be taken by a Subservicer on behalf of the Master Servicer and any amount
received by such Subservicer in respect of a Mortgage Loan shall be deemed to
have been received by the Master Servicer whether or not actually received by
the Master Servicer. Each Subservicing Agreement will be upon such terms and
conditions as are not inconsistent with this Servicing Agreement and as the
Master Servicer and the Subservicer have agreed. With the approval of the Master
Servicer, a Subservicer may delegate its servicing obligations to third-party
servicers, but such Subservicers will remain obligated under the related
Subservicing Agreements. The Master Servicer and the Subservicer may enter into
amendments to the related Subservicing Agreements; provided, HOWEVER, that any
such amendments shall be consistent with and not violate the provisions of this
Servicing Agreement. The Master 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 Servicing Agreement; PROVIDED, HOWEVER,
that in the event of termination of any Subservicing Agreement by the Master
Servicer or the Subservicer, the Master Servicer shall either act as servicer of
the related Mortgage Loan or enter into a Subservicing Agreement with a
successor Subservicer which will be bound by the terms of the related
Subservicing Agreement. The Master Servicer shall be entitled to enter into any
agreement with a Subservicer for indemnification of the Master Servicer and
nothing contained in this Servicing Agreement shall be deemed to limit or modify
such indemnification.

         In the event that the rights, duties and obligations of the Master
Servicer are terminated hereunder, any successor to the Master 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 Master
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 Master Servicer, for
the benefit of the Depositor, 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 material and
adverse effect on a Mortgage 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 Master Servicer, in
its good faith business judgment, would require were it the owner of the related
Mortgage Loans. The Master Servicer shall pay the costs of such enforcement at
its own expense, and shall be reimbursed therefor only (i) from a general
recovery resulting from such enforcement to the extent, if any, that such
recovery exceeds all amounts due in respect of the related Mortgage Loan or (ii)
from a specific recovery of costs, expenses or attorneys fees against the party
against whom such enforcement is directed.

         Section 3.02 COLLECTION OF CERTAIN MORTGAGE LOAN PAYMENTS. (a) The
Master Servicer shall make reasonable efforts to collect all payments called for
under the terms and provisions of the Mortgage Loans, and shall, to the extent
such procedures shall be consistent with this Servicing Agreement, 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 Master 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 such Mortgage Loan and (ii) arrange with a
Mortgagor a schedule for the payment of principal and interest due and unpaid;
PROVIDED such arrangement is consistent with the Master Servicer's policies with
respect to home equity mortgage loans; PROVIDED, FURTHER, that notwithstanding
such arrangement such Mortgage Loans will be included in the information
regarding delinquent Mortgage Loans set forth in the Servicing Certificate. The
Master Servicer may also extend the Due Date for payment due on a Mortgage Loan,
PROVIDED, HOWEVER, that the Master Servicer shall first determine that any such
waiver or extension will not adversely affect the lien of the related Mortgage.
Consistent with the terms of this Servicing Agreement, the Master Servicer may
also waive, modify or vary any term of any Mortgage Loan or consent to the
postponement of strict compliance with any such term or in any manner grant
indulgence to any Mortgagor if in the Master Servicer's determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Securityholders or the Credit Enhancer, PROVIDED, HOWEVER,
that the Master Servicer may not modify or permit any Subservicer to modify any
Mortgage Loan (including without limitation any modification that would change
the Mortgage Rate, forgive the payment of any principal or interest (unless in
connection with the liquidation of the related Mortgage Loan) or extend the
final maturity date of such Mortgage Loan) unless such Mortgage Loan is in
default or, in the judgment of the Master Servicer, such default is reasonably
foreseeable.

         (b) The Master Servicer shall establish an account (the "Collection
Account") in which the Master Servicer shall deposit or cause to be deposited
any amounts representing payments on and any collections in respect of the
Mortgage Loans received by it subsequent to the Cut-off Date as to any Initial
Loan or the related Deposit Date as to any Additional Loan (other than in
respect of the payments referred to in the following paragraph) within __
Business Day[s] 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 Mortgage
         Loans received by the Master Servicer from the respective Subservicer,
         net of any portion of the interest thereof retained by the Subservicer
         as Subservicing Fees;

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

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

                  (iv) all proceeds of any Mortgage Loans repurchased by the
         Seller pursuant to the Mortgage Loan Purchase Agreement, and all
         Substitution Adjustment Amounts required to be deposited in connection
         with the substitution of an Eligible Substitute Mortgage Loan pursuant
         to the Mortgage Loan 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 Master Servicer
         pursuant to Section 8.08.

PROVIDED, HOWEVER, that with respect to each Collection Period, the Master
Servicer shall be permitted to retain from payments in respect of interest on
the Mortgage Loans, the Servicing Fee for such Collection Period. The foregoing
requirements respecting deposits to the Collection Account are exclusive, it
being understood that, without limiting the generality of the foregoing, the
Master Servicer need not deposit in the Collection Account amounts representing
Foreclosure Profits, fees (including annual fees) or late charge penalties,
payable by Mortgagors, or amounts received by the Master 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 Collection Account is so deposited, the Master Servicer may
at any time withdraw such amount from the Collection Account, any provision
herein to the contrary notwithstanding. The Collection Account may contain funds
that belong to one or more trust funds created for the notes or certificates of
other series and may contain other funds respecting payments on mortgage loans
belonging to the Master Servicer or serviced or serviced by it on behalf of
others. Notwithstanding such commingling of funds, the Master Servicer shall
keep records that accurately reflect the funds on deposit in the Collection
Account that have been identified by it as being attributable to the Mortgage
Loans and shall hold all collections in the Collection Account to the extent
they represent collections on the Mortgage Loans for the benefit of the
Depositor, the Indenture Trustee, the Securityholders and the Credit Enhancer,
as their interests may appear. The Master Servicer shall remit all Foreclosure
Profits to itself as additional servicing compensation.

         The Master Servicer may cause the institution maintaining the
Collection Account to invest any funds in the Collection Account in Eligible
Investments (including obligations of the Master Servicer or any of its
Affiliates, if such obligations otherwise qualify as Eligible Investments),
which shall mature not later than the Business Day next preceding the Payment
Date and shall not be sold or disposed of prior to its maturity. Except as
provided above, all income and gain realized from any such investment shall be
for the benefit of the Master Servicer and shall be subject to its withdrawal or
order from time to time. The amount of any losses incurred in respect of the
principal amount of any such investments shall be deposited in the Collection
Account by the Master Servicer out of its own funds immediately as realized.

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

         Section 3.03 WITHDRAWALS FROM THE COLLECTION ACCOUNT. The Master
Servicer shall, from time to time as provided herein, make withdrawals from the
Collection Account of amounts on deposit therein pursuant to Section 3.02 that
are attributable to the Mortgage Loans for the following purposes:

                  (i) to deposit in the Distribution Account, on the Business
         Day prior to each Payment Date, an amount equal to the Security
         Collections required to be distributed on such Payment Date;

                  (ii) to the extent deposited to the Collection 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 Servicing
         Agreement (to the extent not payable pursuant to Section 3.09), such
         withdrawal right being limited to amounts received on particular
         Mortgage Loans (other than any Repurchase Price in respect thereof)
         which represent late recoveries of the payments for which such advances
         were made, or from related Liquidation Proceeds or the proceeds of the
         purchase of such Mortgage Loan;

                  (iii) to pay to itself out of each payment received on account
         of interest on a Mortgage 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 the Subservicer;

                  (iv) to the extent deposited in the Collection Account to pay
         to itself as additional servicing compensation any interest or
         investment income earned on funds deposited in the Collection Account
         and Payment Account that it is entitled to withdraw pursuant to
         Sections 3.02(b) and 5.01;

                  (v) to the extent deposited in the Collection Account, to pay
         to itself as additional servicing compensation any Foreclosure Profits;

                  (vi) to pay to itself or the Seller, with respect to any
         Mortgage Loan or property acquired in respect thereof that has been
         purchased or otherwise transferred to the Seller, the Master 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;

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

                  (viii) to pay to the Seller the amount, if any, deposited in
         the Collection Account by the Indenture Trustee upon release thereof
         from the Funding Account representing payments for Additional Loans;
         and

                  (ix) after the occurrence of an Amortization Event, to pay to
         the Seller, the Excluded Amount.

Since, in connection with withdrawals pursuant to clauses (iii), (iv), (vi) and
(vii), the Master Servicer's entitlement thereto is limited to collections or
other recoveries on the related Mortgage Loan, the Master Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Collection Account pursuant to
such clauses. Notwithstanding any other provision of this Servicing Agreement,
the Master 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 Servicing Agreement that the Master
Servicer determines to be otherwise nonrecoverable (except with respect to any
Mortgage Loan as to which the Repurchase Price has been paid), by withdrawal
from the Collection Account of amounts on deposit therein attributable to the
Mortgage 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. The Master Servicer shall cause to be maintained for each Mortgage
Loan hazard insurance naming the Master 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 Mortgage Loan from time to time or (ii) the combined principal
balance owing on such Mortgage Loan and any mortgage loan senior to such
Mortgage Loan from time to time. The Master Servicer shall also cause to be
maintained on property acquired upon foreclosure, or deed in lieu of
foreclosure, of any Mortgage 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 Master Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Master Servicer's normal servicing procedures) shall be
deposited in the Collection 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 Mortgage Loan in a federally designated flood area, the hazard insurance to be
maintained for the related Mortgage 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
Mortgaged Property on a replacement cost basis and (ii) the maximum amount of
such insurance available for the related Mortgaged Property under the national
flood insurance program (assuming that the area in which such Mortgaged Property
is located is participating in such program). The Master 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 Mortgage Loan,
other than pursuant to such applicable laws and regulations as shall at any time
be in force and as shall require such additional insurance. If the Master
Servicer shall obtain and maintain a blanket policy consistent with its general
mortgage servicing activities insuring against hazard losses on all of the
Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first sentence of this Section 3.04, it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master Servicer shall, in the event that there shall not have been
maintained on the related Mortgaged Property a policy complying with the first
sentence of this Section 3.04 and there shall have been a loss which would have
been covered by such policy, deposit in the Collection Account the amount not
otherwise payable under the blanket policy because of such deductible clause.
Any such deposit by the Master Servicer shall be made on the last Business Day
of the Collection Period in the month in which payments under any such policy
would have been deposited in the Collection Account. In connection with its
activities as administrator and servicer of the Mortgage Loans, the Master
Servicer agrees to present, on behalf of itself, the Depositor, the Issuing
Entity, the Indenture Trustee and the Securityholders, claims under any such
blanket policy.

         Section 3.05 MODIFICATION AGREEMENTS. The Master 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 Servicing Agreement and other comparable
instruments with respect to the Mortgage Loans and with respect to the Mortgaged
Properties subject to the Mortgages (and the Depositor shall promptly execute
any such documents on request of the Master Servicer) and (B) approve the
granting of an easement thereon in favor of another Person, any alteration or
demolition of the related Mortgaged Property or other similar matters, if it has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related Mortgage Loan, that the security for,
and the timely and full collectability of, such Mortgage Loan would not be
adversely affected thereby. A partial release pursuant to this Section 3.05
shall be permitted only if the Combined Loan-to-Value Ratio for such Mortgage
Loan after such partial release does not exceed the Combined Loan-to-Value Ratio
for such Mortgage Loan as of the Cut-Off Date. Any fee collected by the Master
Servicer or the related Subservicer for processing such request will be retained
by the Master Servicer or such Subservicer as additional servicing compensation.

         Section 3.06 TRUST ESTATE; RELATED DOCUMENTS. (a) When required by the
provisions of this Servicing Agreement, the Depositor shall execute instruments
to release property from the terms of this Servicing Agreement, or convey the
Depositor's interest in the same, in a manner and under circumstances which are
not inconsistent with the provisions of this Servicing Agreement. No party
relying upon an instrument executed by the Depositor as provided in this Article
III shall be bound to ascertain the Depositor's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
moneys.

         (b) If from time to time the Master Servicer shall deliver to the
Depositor or the related Custodian copies of any written assurance, assumption
agreement or substitution agreement or other similar agreement pursuant to
Section 3.05, the Depositor or the related Custodian 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. If any
such documents submitted by the Master Servicer do not meet the above
qualifications, such documents shall promptly be returned by the Depositor or
the related Custodian to the Master Servicer, with a direction to the Master
Servicer to forward the correct documentation.

         (c) Upon Depositor Request accompanied by an Officers' Certificate of
the Master Servicer pursuant to Section 3.09 of this Servicing Agreement to the
effect that a Mortgage Loan has been the subject of a final payment or a
prepayment in full and the related Mortgage Loan has been terminated or that
substantially all Liquidation Proceeds which have been determined by the Master
Servicer in its reasonable judgment to be finally recoverable have been
recovered, and upon deposit to the Collection Account of such final monthly
payment, prepayment in full together with accrued and unpaid interest to the
date of such payment with respect to such Mortgage Loan or, if applicable,
Liquidation Proceeds, the Depositor shall promptly release the Related Documents
to the Master Servicer, along with such documents as the Master Servicer or the
Mortgagor may request as contemplated by the Servicing Agreement to evidence
satisfaction and discharge of such Mortgage Loan. If from time to time and as
appropriate for the servicing or foreclosure of any Mortgage Loan, the Master
Servicer requests the Depositor or the related Custodian to release the Related
Documents and delivers to the Depositor or the related Custodian a trust receipt
reasonably satisfactory to the Depositor or the related Custodian and signed by
a Responsible Officer of the Master Servicer, the Depositor or the related
Custodian shall release the Related Documents to the Master Servicer. If such
Mortgage Loans shall be liquidated and the Depositor or the related Custodian
receives a certificate from the Master Servicer as provided above, then, upon
request of the Depositor or the related Custodian shall release the trust
receipt to the Master Servicer.

         Section 3.07 REALIZATION UPON DEFAULTED MORTGAGE LOANS. With respect to
such of the Mortgage Loans as come into and continue in default, the Master
Servicer will decide whether to foreclose upon the Mortgaged Properties securing
such Mortgage Loans or write off the unpaid principal balance of the Mortgage
Loans as bad debt; provided that if the Master 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 Master Servicer will not cause the Depositor
to acquire title to such Mortgaged Property in a foreclosure or similar
proceeding. In connection with such foreclosure or other conversion, the Master
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)
and procedures as it shall deem necessary or advisable and as shall be normal
and usual in its general mortgage servicing activities; PROVIDED that the Master
Servicer shall not be liable in any respect hereunder if the Master Servicer is
acting in connection with any such foreclosure or attempted foreclosure which is
not completed or other conversion in a manner that is consistent with the
provisions of this Servicing Agreement. The foregoing is subject to the proviso
that the Master Servicer shall not be required to expend its own funds in
connection with any fore closure 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 Net Liquidation Proceeds. In the event of a determination by the Master
Servicer that any such expenditure previously made pursuant to this Section 3.07
will not be reimbursable from Net Liquidation Proceeds, the Master Servicer
shall be entitled to reimbursement of its funds so expended pursuant to Section
3.03.

         Notwithstanding any provision of this Servicing Agreement, a Mortgage
Loan may be deemed to be finally liquidated if substantially all amounts
expected by the Master Servicer to be received in connection with the related
defaulted Mortgage Loan have been received; PROVIDED, HOWEVER, any subsequent
collections with respect to any such Mortgage Loan shall be deposited to the
Collection Account. For purposes of determining the amount of any Liquidation
Proceeds or Insurance Proceeds, or other unscheduled collections, the Master
Servicer may take into account minimal amounts of additional receipts expected
to be received or any estimated additional liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan.

         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 Depositor and the Indenture Trustee as their interests
may appear, or to their respective nominee on behalf of Securityholders.
Notwithstanding any such acquisition of title and cancellation of the related
Mortgage Loan, such Mortgaged Property shall (except as otherwise expressly
provided herein) be considered to be an outstanding Mortgage Loan held as an
asset of the Depositor until such time as such property shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder, so
long as such Mortgaged Property shall be considered to be an outstanding
Mortgage Loan it shall be assumed that, notwithstanding that the indebtedness
evidenced by the related Mortgage Note shall have been discharged, such Mortgage
Note 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 Mortgage Loan pursuant to the terms of this Servicing Agreement, as well
as any recovery resulting from a collection of Liquidation Proceeds or Insurance
Proceeds, will be applied in the following order of priority: first, to
reimburse the Master Servicer or the related Subservicer in accordance with
Section 3.07; second, to all Servicing Fees payable therefrom; third, to the
extent of accrued and unpaid interest on the related Mortgage Loan, at the Net
Mortgage Rate to the Due Date prior to the Payment Date on which such amounts
are to be deposited in the Payment Account; fourth, as a recovery of principal
on the Mortgage Loan; and fifth, to Foreclosure Profits.

         Section 3.08 DEPOSITOR AND INDENTURE TRUSTEE TO COOPERATE. On or before
each Payment Date, the Master Servicer will notify the Indenture Trustee or the
relevant Custodian, with a copy to the Depositor, of the termination of or the
payment in full and the termination of any Mortgage Loan during the preceding
Collection Period, which notification shall be by a certification in
substantially the form attached hereto as Exhibit C (which certification shall
include a statement to the effect that all amounts received in connection with
such payment which are required to be deposited in the Collection Account
pursuant to Section 3.02 have been so deposited or credited) of a Servicing
Officer. Upon receipt of payment in full, the Master Servicer is authorized to
execute, pursuant to the authorization contained in Section 3.01, if the
assignments of Mortgage have been recorded as required under the Mortgage Loan
Purchase Agreement, an instrument of satisfaction regarding the related
Mortgage, which instrument of satisfaction shall be recorded by the Master
Servicer if required by applicable law and be delivered to the Person entitled
thereto. 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 Collection Account. From time to time and as
appropriate for the servicing or foreclosure of any Mortgage Loan, the Indenture
Trustee or the relevant Custodian shall, upon request of the Master Servicer and
delivery to the Indenture Trustee or relevant Custodian, with a copy to the
Depositor, of a Request for Release, in the form annexed hereto as Exhibit D,
signed by a Servicing Officer, release or cause to be released the related
Mortgage File to the Master Servicer and the Depositor and Indenture Trustee
shall promptly execute such documents, in the forms provided by the Master
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
Master Servicer to return the Mortgage File to the Indenture Trustee or the
related Custodian (as specified in such receipt) when the need therefor by the
Master Servicer no longer exists unless the Mortgage Loan shall be liquidated,
in which case, upon receipt of a certificate of a Servicing Officer similar to
that hereinabove specified, the trust receipt shall be released to the Master
Servicer.

         In order to facilitate the foreclosure of the Mortgage securing any
Mortgage Loan that is in default following recordation of the assignments of
Mortgage in accordance with the provisions of the Mortgage Loan Purchase
Agreement, the Depositor shall, if so requested in writing by the Master
Servicer, promptly execute an appropriate assignment in the form provided by the
Master Servicer to assign such Mortgage Loan for the purpose of collection to
the Master 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 the Mortgage Loan and deposit or
credit the Net Liquidation Proceeds, exclusive of Foreclosure Profits, received
with respect thereto in the Collection Account. In the event that all delinquent
payments due under any such Mortgage Loan are paid by the Mortgagor and any
other defaults are cured then the assignee for collection shall promptly
reassign such Mortgage Loan to the Depositor and return all Related Documents to
the place where the related Mortgage File was being maintained.

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

         Section 3.09 SERVICING COMPENSATION; PAYMENT OF CERTAIN EXPENSES BY
MASTER SERVICER. The Master 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 Mortgage Loans. Moreover, additional servicing
compensation in the form of late payment charges and certain other receipts not
required to be deposited in the Collection Account as specified in Section 3.02
shall be retained by the Master Servicer. The Master 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, without limitation, the
fees and expenses of the Administrator, Owner Trustee, Indenture Trustee and any
Custodian) and shall not be entitled to reimbursement therefor except as
specifically provided herein.

         Section 3.10 ANNUAL STATEMENT AS TO COMPLIANCE. (a) The Master Servicer
will deliver to the Depositor, the Issuing Entity and the Indenture Trustee,
with a copy to the Credit Enhancer, not later than [February 28] of each
calendar year beginning in 2006, an Officers' Certificate (an "Annual Statement
of Compliance") stating, as to each signatory thereof, that (i) a review of the
activities of the Master Servicer during the preceding calendar year and of
performance under this Agreement or other applicable servicing agreement has
been made under such officers' supervision and (ii) to the best of such
officers' knowledge, based on such review, the Master Servicer has fulfilled all
of its obligations under this Agreement or other applicable servicing agreement
in all material respects throughout such year, or, if there has been a failure
to fulfill any such obligation in any material respect, specifying each such
failure known to such officer and the nature and status of cure provisions
thereof. Such Annual Statement of Compliance shall contain no restrictions or
limitations on its use. Copies of such statement shall be provided by the Master
Servicer to the Depositor upon request and by the Depositor to any Person
identified as a prospective purchaser of the Mortgage Loans. In the event that
the Master Servicer has delegated any servicing responsibilities with respect to
the Mortgage Loans to a Subservicer, the Master Servicer shall deliver an
officer's certificate of the Subservicer as described above as to each
Subservicer as and when required with respect to the Master Servicer.

         (b) If the Servicer cannot deliver the related Annual Statement of
Compliance by [February 28th] of such year, the Indenture Trustee, at its sole
option, may permit a cure period for the Servicer to deliver such Annual
Statement of Compliance, but in no event later than [March 10th] of such year.

         Failure of the Servicer to timely comply with this Section 3.10 shall
be deemed a Servicing Default, and the Indenture Trustee may, in addition to
whatever rights the Indenture Trustee may have under this Agreement and at law
or equity or to damages, including injunctive relief and specific performance,
upon notice immediately terminate all the rights and obligations of the Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof
without compensating the Servicer for the same. This paragraph shall supercede
any other provision in this Agreement or any other agreement to the contrary.

         Section 3.11 ASSESSMENT OF COMPLIANCE AND ATTESTATION REPORTS. On and
after January 1, 2006, the Servicer shall service and administer the Mortgage
Loans in accordance with all applicable requirements of the Servicing Criteria.
Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1123 of
Regulation AB, the Servicer shall deliver to the Issuing Entity, the Indenture
Trustee, the Depositor, the Credit Enhancer and each Rating Agency on or before
[February 28] of each calendar year beginning in 2007, a report regarding the
Servicer's assessment of compliance (an "Assessment of Compliance") with the
Servicing Criteria during the preceding calendar year. The Assessment of
Compliance must be reasonably satisfactory to the Indenture Trustee, and as set
forth in Regulation AB, the Assessment of Compliance must contain the following:

         (a) A statement by such officer of its responsibility for assessing
compliance with the Servicing Criteria applicable to the Servicer;

         (b) A statement by such officer that such officer used the Servicing
Criteria attached as Exhibit E hereto, and which will also be attached to the
Assessment of Compliance, to assess compliance with the Servicing Criteria
applicable to the Servicer;

         (c) An assessment by such officer of the Servicer's compliance with the
applicable Servicing Criteria for the period consisting of the preceding
calendar year, including disclosure of any material instance of noncompliance
with respect thereto during such period, which assessment shall be based on the
activities it performs with respect to asset-backed securities transactions
taken as a whole involving the Servicer, that are backed by the same asset type
as the Mortgage Loans;

         (d) A statement that a registered public accounting firm has issued an
attestation report on the Servicer's Assessment of Compliance for the period
consisting of the preceding calendar year; and

         (e) A statement as to which of the Servicing Criteria, if any, are not
applicable to the Servicer, which statement shall be based on the activities it
performs with respect to asset-backed securities transactions taken as a whole
involving the Servicer, that are backed by the same asset type as the Mortgage
Loans.

         Such report at a minimum shall address each of the Servicing Criteria
specified on Exhibit E hereto which are indicated as applicable to the Servicer.

         On or before [February 28] of each calendar year beginning in 2007, the
Servicer shall furnish to the Issuing Entity, the Indenture Trustee, the
Depositor, the Credit Enhancer and each Rating Agency a report (an "Attestation
Report") by a registered public accounting firm that attests to, and reports on,
the Assessment of Compliance made by the Depositor, as required by Rules 13a-18
and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which
Attestation Report must be made in accordance with standards for attestation
reports issued or adopted by the Public Company Accounting Oversight Board.

         The Servicer shall cause any subservicer, and each subcontractor
determined by the Servicer to be "participating in the servicing function"
within the meaning of Item 1122 of Regulation AB, to deliver to the Issuing
Entity, the Indenture Trustee, the Depositor, the Credit Enhancer and each
Rating Agency an Assessment of Compliance and Attestation Report as and when
provided above.

         Such Assessment of Compliance, as to any subservicer, shall at a
minimum address each of the Servicing Criteria specified on Exhibit E hereto
which are indicated as applicable to any "primary servicer." Notwithstanding the
foregoing, as to any subcontractor, an Assessment of Compliance is not required
to be delivered unless it is required as part of a Form 10-K with respect to the
Trust Fund.

         If the Servicer cannot deliver any Assessment of Compliance or
Attestation Report by [February 28th] of such year, the Indenture Trustee, at
its sole option, may permit a cure period for the Servicer to deliver such
Assessment of Compliance or Attestation Report, but in no event later than
[March 10th] of such year.

         Failure of the Master Servicer to timely comply with this Section 3.11
shall be deemed a Servicing Default, and the Indenture Trustee may, in addition
to whatever rights the Indenture Trustee may have under this Agreement and at
law or equity or to damages, including injunctive relief and specific
performance, upon notice immediately terminate all the rights and obligations of
the Servicer under this Agreement and in and to the Mortgage Loans and the
proceeds thereof without compensating the Servicer for the same. This paragraph
shall supercede any other provision in this Agreement or any other agreement to
the contrary.

         The Indenture Trustee shall also provide an Assessment of Compliance
and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit E hereto which are
indicated as applicable to the "indenture trustee" or "securities
administrator." In addition, the Indenture Trustee shall cause the Custodian to
deliver to the Indenture Trustee and the Depositor an Assessment of Compliance
and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit E hereto which are
indicated as applicable to a "custodian." Notwithstanding the foregoing, as to
any Custodian, an Assessment of Compliance is not required to be delivered
unless it is required as part of a Form 10-K with respect to the Trust Fund.

         Section 3.12 ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE MORTGAGE LOANS. Whenever required by statute or regulation, the Master
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 Mortgage Loans
such access being afforded without charge but only upon reasonable request and
during normal business hours at the offices of the Master Servicer. Nothing in
this Section 3.12 shall derogate from the obligation of the Master Servicer to
observe any applicable law prohibiting disclosure of information regarding the
Mortgagors and the failure of the Master 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
Master Servicer shall during the term of its service as servicer maintain in
force (i) a policy or policies of insurance covering errors and omissions in the
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
bond shall be at least equal to the coverage that would be required by FNMA or
FHLMC, whichever is greater, for Persons performing servicing for mortgage loans
purchased by such entity.

         Section 3.14 INFORMATION REQUIRED BY THE INTERNAL REVENUE SERVICE
GENERALLY AND REPORTS OF FORECLOSURES AND ABANDONMENTS OF MORTGAGED PROPERTY.
The Master Servicer shall prepare and deliver all federal and state information
reports 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 Master Servicer or Subservicer shall make reports of
foreclosures and abandonments of any mortgaged property for each year beginning
in ____, the Master Servicer or Subservicer shall file reports relating to each
instance occurring during the previous calendar year in which the Master
Servicer (i) on behalf of the Depositor, acquires an interest in any Mortgaged
Property through foreclosure or other comparable conversion in full or partial
satisfaction of a Mortgage Loan, or (ii) knows or has reason to know that any
Mortgaged Property has been abandoned. The reports from the Master 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 OF DEFAULTED MORTGAGE LOANS.
Notwithstanding any provision in Section 3.07 to the contrary, the Master
Servicer may repurchase any Mortgage Loan delinquent in payment for a period of
60 days or longer for a price equal to the Repurchase Price.

<PAGE>

                                   ARTICLE IV

                              Servicing Certificate

         Section 4.01 STATEMENTS TO SECURITYHOLDERS. (a) With respect to each
Payment Date, the Master 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, Noteholder, the Credit
Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and
each Rating Agency, a statement setting forth the following information as to
the Notes and Certificates, to the extent applicable:

                  (i) the aggregate amount of (a) Security Interest Collections
         with respect to the Notes and the Certificates, (b) aggregate Security
         Principal Collections with respect to the Notes and the Certificates
         and (c) Security Collections for the related Collection Period with
         respect to the Notes and the Certificates;

                  (ii) the amount of such distribution to the Securityholders of
         the Notes and the Certificates applied to reduce the principal balance
         thereof and separately stating the portion thereof in respect of the
         Accelerated Principal Distribution Amount and the amount to be
         deposited in the Funding Account on such Payment Date;

                  (iii) the amount of such distribution to the Securityholders
         of the Notes and the Certificates allocable to interest and separately
         stating the portion thereof in respect of overdue accrued interest;

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

                  (v) the aggregate Principal Balance of (a) the ________ Loans,
         (b) the ______ Loans, (c) the _________ Loans, as of the end of the
         preceding Collection Period and (d) all of the Mortgage Loans;

                  (vi) the Weighted Average Net Mortgage Rate for the related
         Collection Period and the Weighted Average Net Mortgage Rate for the
         aggregate of the Stated Principal Balance of (A) all of the Mortgage
         Loans and (B) the Adjustable Rate Mortgage Loans, for the following
         Collection Period;

                  (vii) the Special Capital Distribution Amount and the Required
         Special Capital Distribution Amount, in each case as the end of the
         related Collection Period; and

                  (viii) the aggregate amount of Additional Loans acquired
         during the previous Collection Period with amounts in respect of Net
         Principal Collections from the Funding Account;

                  (ix) the aggregate Liquidation Loss Amounts with respect to
         the related Collection Period, the amount of any remaining Carryover
         Loss Amount with respect to the Notes and Certificates, respectively,
         and the aggregate of the Liquidation Loss Amounts from all Collection
         Periods to date expressed as a percentage of the sum of (a) the Cut-Off
         Date Pool Balance and (b) the amount by which the Pool Balance as of
         the latest date that the Additional Loans have been transferred to the
         Depositor exceeds the Cut-Off Date Pool Balance;

                  (x) any unpaid interest on the Notes and Certificates,
         respectively, after such Distribution Date;

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

                  (xii) the respective Security Percentage applicable to the
         Notes and Certificates, after application of payments made on such
         Payment Date;

                  (xiii) the amount distributed pursuant to Section 3.05(a)(xi)
         of the Indenture on such Payment Date;

                  (xiv) the applicable record dates, accrual periods,
         determination dates for calculating distributions and general
         distribution dates;

                  (xv) the total cash flows received and the general sources
         thereof;

                  (xvi) the related amount of the Servicing Fees paid to or
         retained by the Master Servicer for the related Due Period;

                  (xvii) the amount of any Net Swap Payment payable to the
         Derivative Administrator, any Net Swap Payment payable to the Swap
         Provider, any Swap Termination Payment payable to the Derivative
         Administrator and any Swap Termination Payment payable to the Swap
         Provider;

                  (xviii) the Interest Carry Forward Amount and any Basis Risk
         Shortfall Carry Forward Amount for each Class of Certificates;

                  (xix) the Certificate Principal Balance or Certificate
         Notional Amount, as applicable, of each Class after giving effect (i)
         to all distributions allocable to principal on such Distribution Date
         and (ii) the allocation of any Applied Realized Loss Amounts for such
         Distribution Date;

                  (xx) the number and Stated Principal Balance of the Mortgage
         Loans in each Loan Group in respect of which (A) one Scheduled Payment
         is Delinquent, (B) two Scheduled Payments are Delinquent, (C) three or
         more Scheduled Payments are Delinquent and (D) foreclosure proceedings
         have been commenced, in each case as of the close of business on the
         last day of the calendar month preceding such Distribution Date and
         separately identifying such information for the (1) first lien Mortgage
         Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage
         Loans, in each such Loan Group; PROVIDED, HOWEVER, that such
         information will not be provided on the statements relating to the
         first Payment Date;

                  (xxi) the amount of Advances included in the distribution on
         such Distribution Date (including the general purpose of such
         Advances), the aggregate amount of unreimbursed Advances at the close
         of business on the Distribution Date, and the general source of funds
         for reimbursements;

                  (xxii) the cumulative amount of Applied Realized Loss Amounts
         to date;

                  (xxiii) if applicable, material modifications, extensions or
         waivers to Mortgage Loan terms, fees, penalties or payments during the
         preceding calendar month or that have become material over time;

                  (xxiv) with respect to any Mortgage Loan that was liquidated
         during the preceding calendar month, the loan number and Stated
         Principal Balance of, and Realized Loss on, such Mortgage Loan as of
         the close of business on the Determination Date preceding such
         Distribution Date;

                  (xxv) the total number and principal balance of any real
         estate owned or REO Properties as of the close of business on the
         Determination Date preceding such Distribution Date;

                  (xxvi) the three month rolling average of the percent
         equivalent of a fraction, the numerator of which is the aggregate
         Stated Principal Balance of the Mortgage Loans that are 60 days or more
         delinquent or are in bankruptcy or foreclosure or are REO Properties,
         and the denominator of which is the aggregate Stated Principal Balance
         of all of the Mortgage Loans in each case as of the close of business
         on the last day of the calendar month preceding such Distribution Date
         and separately identifying such information for the (1) first lien
         Mortgage Loans, and (2) Adjustable Rate Mortgage Loans;

                  (xxvii) the Realized Losses during the related Prepayment
         Period and the cumulative Realized Losses through the end of the
         preceding month;

                  (xxviii) whether a Trigger Event exists;

                  (xxix) updated pool composition data including the following
         with respect to each Loan Group: average loan balance, weighted average
         mortgage rate, weighted average loan-to-value ratio at origination,
         weighted average FICO at origination weighted average remaining term;
         and [NOTE - Item 1121(a)(8) requires updated pool composition
         information, the foregoing is a suggestion of what to provide]

                  (xxx) information about any additions of, substitutions for or
         removal of any Mortgage Loans from the Trust Fund, and any changes in
         the underwriting, acquisition or selection criteria as to any Mortgage
         Loans added to the Trust Fund.

         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 with a $1,000 denomination.

         Prior to the close of business on the Business Day next succeeding each
Determination Date, the Servicer shall furnish a written statement to the Owner
Trustee, the Depositor, the Certificate Paying Agent and the Indenture Trustee
setting forth (i) all the foregoing information, (ii) the aggregate amounts
required to be withdrawn from the Collection Account and deposited into the
Payment Account on the Business Day preceding the Payment Date pursuant to
Section 3.03 and (iii) the amounts (A) withdrawn from the Payment Account and
deposited to the Funding Account pursuant to Section 8.02(b) of the Indenture
and (B) withdrawn from the Funding Account and deposited to the Collection
Account pursuant to Section 8.02(c)(i) of the Indenture. The determination by
the Servicer of such amounts shall, in the absence of obvious error, be
presumptively deemed to be correct for all purposes hereunder and the Owner
Trustee and Indenture Trustee shall be protected in relying upon the same
without any independent check or verification. In addition, upon the Depositor's
written request, the Servicer shall promptly furnish information reasonably
requested by the Depositor that is reasonably available to the Servicer to
enable the Depositor to perform its federal and state income tax reporting
obligations.

<PAGE>

                                   ARTICLE V

                        Distribution and Payment Accounts

         Section 5.01 DISTRIBUTION ACCOUNT. The Master Servicer shall establish
and maintain a separate trust account (the "Distribution Account") titled
"MortgageIT Securities Corp. Trust Series 2000_-_, [for the benefit of the
Noteholders, the Certificateholders and the Credit Enhancer pursuant to the
Indenture, dated as of _______________, between MortgageIT Securities Corp.
Trust Series 200_-_ and [Name of Indenture Trustee]. The Distribution Account
shall be an Eligible Account. On the Business Day prior to each Payment Date,
(i) amounts deposited into the Distribution Account pursuant to Section 3.03(i)
hereof will be distributed by the Master Servicer in accordance with Section
____ of the [Trust] Agreement, and (ii) the portion of such amounts then
distributable with respect to the Mortgage Collateral shall be deposited into
the Payment Account. [The Master Servicer shall invest or cause the institution
maintaining the Distribution Account to invest the funds in the Distribution
Account in Eligible Investments designated in the name of the [Master Servicer],
which shall mature not later than the Business Day next preceding the Payment
Date next following the date of such investment (except that (i) any investment
in the institution with which the Distribution Account is maintained may mature
on such Payment Date and (ii) any other investment may mature on such Payment
Date if the Master Servicer shall advance funds on such Payment Date to the
Payment Account in the amount payable on such investment on such Payment Date,
pending receipt thereof to the extent necessary to make distributions on the
Securities) and shall not be sold or disposed of prior to maturity. All income
and gain realized from any such investment shall be for the benefit of the
Master Servicer and shall be subject to its withdrawal or order from time to
time. The amount of any losses incurred in respect of any such investments shall
be deposited in the Distribution Account by the Master Servicer out of its own
funds immediately as realized.]

         Section 5.02 PAYMENT ACCOUNT. The Indenture Trustee shall establish and
maintain a separate trust account (the "Payment Account") titled
"________________________________, as Indenture Trustee, for the benefit of the
Noteholders, the Certificate Paying Agent and the Credit Enhancer pursuant to
the Indenture, dated as of _______________, between MortgageIT Securities Corp.
Trust Series 200_-__ and __________________________________". The Payment
Account shall be an Eligible Account. On each Payment Date, amounts on deposit
in the Payment Account will be distributed by the Indenture Trustee in
accordance with Section 3.05 of the Indenture. The Indenture Trustee shall, upon
written request from the Master Servicer, invest or cause the institution
maintaining the Payment Account to invest the funds in the Payment Account in
Eligible Investments designated in the name of the Indenture Trustee, which
shall mature not later than the Business Day next preceding the Payment Date
next following the date of such investment (except that (i) any investment in
the institution with which the Payment Account is maintained may mature on such
Payment Date and (ii) any other investment may mature on such Payment Date if
the Indenture Trustee shall advance funds on such Payment Date to the Payment
Account in the amount payable on such investment on such Payment Date, pending
receipt thereof to the extent necessary to make distributions on the Securities)
and shall not be sold or disposed of prior to maturity. All income and gain
realized from any such investment shall be for the benefit of the Master
Servicer and shall be subject to its withdrawal or order from time to time. The
amount of any losses incurred in respect of any such investments shall be
deposited in the Payment Account by the Master Servicer out of its own funds
immediately as realized.

<PAGE>

                                   ARTICLE VI

                               The Master Servicer

         Section 6.01 LIABILITY OF THE MASTER SERVICER. The Master Servicer
shall be liable in accordance herewith only to the extent of the obligations
specifically imposed upon and undertaken by the Master Servicer herein.

         Section 6.02 MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, THE MASTER SERVICER. Any corporation into which the Master
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
Master Servicer shall be a party, or any corporation succeeding to the business
of the Master Servicer, shall be the successor of the Master 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.

         The Master Servicer may assign its rights and delegate its duties and
obligations under this Servicing Agreement; PROVIDED that the Person accepting
such assignment or delegation shall be a Person which is qualified to service
mortgage loans on behalf of FNMA or FHLMC, is reasonably satisfactory to the
Indenture Trustee (as pledgee of the Mortgage Collateral), the Depositor and the
Credit Enhancer, is willing to service the Mortgage Loans and executes and
delivers to the Indenture Trustee and the Depositor an agreement, in form and
substance reasonably satisfactory to the Credit Enhancer, the Indenture Trustee
and the Depositor, which contains an assumption by such Person of the due and
punctual performance and observance of each covenant and condition to be
performed or observed by the Master Servicer under this Servicing Agreement;
PROVIDED further that each Rating Agency's rating of the Securities in effect
immediately prior to such assignment and delegation will not be qualified,
reduced, or withdrawn as a result of such assignment and delegation (as
evidenced by a letter to such effect from each Rating Agency) or considered to
be below investment grade without taking into account the Credit Enhancement
Instrument.

         Section 6.03 LIMITATION ON LIABILITY OF THE MASTER SERVICER AND OTHERS.
Neither the Master Servicer nor any of the directors or officers or employees or
agents of the Master Servicer shall be under any liability to the Depositor, the
Issuing Entity, 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 Servicing Agreement, provided, HOWEVER, that this
provision shall not protect the Master Servicer or any such Person against any
liability which 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
Master Servicer and any director or officer or employee or agent of the Master
Servicer may rely in good faith on any document of any kind PRIMA FACIE properly
executed and submitted by any Person respecting any matters arising hereunder.
The Master Servicer and any director or officer or employee or agent of the
Master Servicer shall be indemnified by the Depositor and held harmless against
any loss, liability or expense incurred in connection with any legal action
relating to this Servicing 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 Mortgage Loan
or Mortgage Loans (except as any such loss, liability or expense shall be
otherwise reimbursable pursuant to this Servicing 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 Master Servicer
shall not be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its duties to service the Mortgage Loans in
accordance with this Servicing Agreement, and which in its opinion may involve
it in any expense or liability; PROVIDED, HOWEVER, that the Master Servicer may
in its sole discretion undertake any such action which it may deem necessary or
desirable in respect of this Servicing Agreement, and the rights and duties of
the parties hereto and the interests of the Securityholders hereunder. 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 Depositor,
and the Master Servicer shall be entitled to be reimbursed therefor. The Master
Servicer's right to indemnity or reimbursement pursuant to this Section 6.03
shall survive any resignation or termination of the Master 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).

         Section 6.04 MASTER SERVICER NOT TO RESIGN. Subject to the provisions
of Section 6.02, the Master Servicer shall not resign from the obligations and
duties hereby imposed on it except (i) 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 Master Servicer so causing such a conflict being of a type and
nature carried on by the Master Servicer or its subsidiaries or Affiliates at
the date of this Servicing Agreement or (ii) upon satisfaction of the following
conditions: (a) the Master Servicer has proposed a successor master servicer to
the Depositor, the Administrator and the Indenture Trustee in writing and such
proposed successor master servicer is reasonably acceptable to the Depositor,
the Administrator, the Indenture Trustee and the Credit Enhancer; (b) each
Rating Agency shall have delivered a letter to the Depositor, the Credit
Enhancer and the Indenture Trustee prior to the appointment of the successor
master servicer stating that the proposed appointment of such successor master
servicer as Master Servicer hereunder will not result in the reduction or
withdrawal of the then current rating of the Securities; and (c) such proposed
successor master servicer is reasonably acceptable to the Credit Enhancer, as
evidenced by a letter to the Depositor and the Indenture Trustee; PROVIDED,
HOWEVER, that no such resignation by the Master Servicer shall become effective
until such successor master servicer or, in the case of (i) above, the Indenture
Trustee, as pledgee of the Mortgage Collateral, shall have assumed the Master
Servicer's responsibilities and obligations hereunder or the Indenture Trustee,
as pledgee of the Mortgage Collateral, shall have designated a successor master
servicer in accordance with Section 7.02. Any such resignation shall not relieve
the Master 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 Master Servicer. The Master Servicer shall have no claim
(whether by subrogation or otherwise) or other action against any Securityholder
or the Credit Enhancer for any amounts paid by the Master Servicer pursuant to
any provision of this Servicing Agreement. Any such determination permitting the
resignation of the Master 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 Master Servicer at any time may delegate any of its duties hereunder to any
Person, including any of its Affiliates, who agrees to conduct such duties in
accordance with standards comparable to those with which the Master Servicer
complies pursuant to Section 3.01. Such delegation shall not relieve the Master
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 MASTER SERVICER TO PAY INDENTURE TRUSTEE'S AND OWNER
TRUSTEE'S FEES AND EXPENSES; INDEMNIFICATION. (a) The Master Servicer covenants
and agrees to pay to the Owner Trustee, the Indenture Trustee and any co-trustee
of the Indenture 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) 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 Trustee and any co-trustee, and the Master 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 Servicing Agreement except any such expense, disbursement or advance as may
arise from its negligence or bad faith.

         (b) The Master 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 or willful misconduct on its part, arising out of, or in
connection with, the acceptance and administration of the Depositor and the
assets thereof, including the costs and expenses (including reasonable legal
fees and expenses) of defending itself against any claim in connection with the
exercise or performance of any of its powers or duties under 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 Master 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
         Depositor, the Indenture Trustee or Owner Trustee, as the case may be,
         shall cooperate and consult fully with the Master Servicer in preparing
         such defense; and

                  (iii) notwithstanding anything in this Servicing Agreement to
         the contrary, the Master 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 Master Servicer,
         which consent shall not be unreasonably withheld.

No termination of this Servicing Agreement shall affect the obligations created
by this Section 6.06 of the Master 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
Master 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 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 Servicing Agreement.

<PAGE>

                                  ARTICLE VII

                                     Default

         Section 7.01 SERVICING DEFAULT. If any one of the following events
("Servicing Default") shall occur and be continuing:

                  (i) Any failure by the Master Servicer to deposit in the
         Collection Account, the Funding Account or Payment Account any deposit
         required to be made under the terms of this Servicing Agreement which
         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
         Master Servicer by the Depositor, the Issuing Entity or the Indenture
         Trustee or to the Master Servicer, the Depositor, the Issuing Entity
         and the Indenture Trustee by the Credit Enhancer; or

                  (ii) Failure on the part of the Master Servicer duly to
         observe or perform in any material respect any other covenants or
         agreements of the Master Servicer set forth in the Securities or in
         this Servicing Agreement, which failure, in each case, materially and
         adversely affects the interests of Securityholders or the Credit
         Enhancer and which 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 Master Servicer by the
         Depositor, the Issuing Entity or the Indenture Trustee or to the Master
         Servicer, the Depositor, the Issuing Entity and the Indenture Trustee
         by the Credit Enhancer; or

                  (iii) The entry against the Master Servicer of a decree or
         order by a court or agency or supervisory authority having jurisdiction
         in the premises for the appointment of a trustee, conservator, receiver
         or liquidator in any insolvency, conservatorship, receivership,
         readjustment of debt, marshalling of assets and liabilities or similar
         proceedings, or for the winding up or liquidation of its affairs, and
         the continuance of any such decree or order unstayed and in effect for
         a period of 60 consecutive days; or

                  (iv) The Master Servicer shall voluntarily go into
         liquidation, consent to the appointment of a conservator, receiver,
         liquidator or similar person in any insolvency, readjustment of debt,
         marshalling of assets and liabilities or similar proceedings of or
         relating to the Master Servicer or of or relating to all or
         substantially all of its property, or a decree or order of a court,
         agency or supervisory authority having jurisdiction in the premises for
         the appointment of a conservator, receiver, liquidator or similar
         person in any insolvency, readjustment of debt, marshalling of assets
         and liabilities or similar proceedings, or for the winding-up or
         liquidation of its affairs, shall have been entered against the Master
         Servicer and such decree or order shall have remained in force
         undischarged, unbonded or unstayed for a period of 60 days; or the
         Master Servicer shall admit in writing its inability to pay its debts
         generally as they become due, file a petition to take advantage of any
         applicable insolvency or reorganization statute, make an assignment for
         the benefit of its creditors or voluntarily suspend payment of its
         obligations; or

                  (v) Any failure by the Seller (so long as the Seller is the
         Master Servicer) or the Master Servicer, as the case may be, to pay
         when due any amount payable by it under the terms of the Insurance
         Agreement which continues unremedied for a period of three (3) Business
         Days after the date upon which written notice of such failure shall
         have been given to the Seller (so long as the Seller is the Master
         Servicer) or the Master Servicer, as the case may be; or

                  (vi) Failure on the part of the Seller or the Master Servicer
         to duly perform in any material respect any covenant or agreement set
         forth in the Insurance Agreement, which failure in each case materially
         and adversely affects the interests of the Credit Enhancer and
         continues unremedied for a period of 60 days after the date on which
         written notice of such failure, requiring the same to be remedied,
         shall have been given to the Depositor, the Indenture Trustee, the
         Seller or the Master Servicer, as the case may be, by the Credit
         Enhancer.

then, and in every such case, other than that set forth in (vi) hereof, so long
as a Servicing Default shall not have been remedied by the Master Servicer,
either the Depositor, subject to the direction of the Indenture Trustee as
pledgee of the Mortgage Collateral, with the consent of the Credit Enhancer, or
the Credit Enhancer, by notice then given in writing to the Master Servicer (and
to the Depositor and the Issuing Entity if given by the Credit Enhancer) and in
the case of the event set forth in (vi) hereof, the Credit Enhancer with the
consent of Securityholders at least 51% of the aggregate Principal Balance of
the Notes and the Certificates may terminate all of the rights and obligations
of the Master Servicer as servicer under this Servicing Agreement other than its
right to receive servicing compensation and expenses for servicing the Mortgage
Loans hereunder during any period prior to the date of such termination and the
Depositor, subject to the direction of the Indenture Trustee as pledgee of the
Mortgage Collateral, with the consent of the Credit Enhancer, or the Credit
Enhancer may exercise any and all other remedies available at law or equity. Any
such notice to the Master Servicer shall also be given to each Rating Agency,
the Credit Enhancer, the Depositor and the Issuing Entity. On or after the
receipt by the Master Servicer of such written notice, all authority and power
of the Master Servicer under this Servicing Agreement, whether with respect to
the Securities or the Mortgage Loans or otherwise, shall pass to and be vested
in the Depositor, subject to the direction of the Indenture Trustee as pledgee
of the Mortgage Collateral, pursuant to and under this Section 7.01; and,
without limitation, the Depositor is hereby authorized and empowered to execute
and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other
acts or things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of each Mortgage
Loan and related documents, or otherwise. The Master Servicer agrees to
cooperate with the Depositor in effecting the termination of the
responsibilities and rights of the Master Servicer hereunder, including, without
limitation, the transfer to the Indenture Trustee for the administration by it
of all cash amounts relating to the Mortgage Loans that shall at the time be
held by the Master Servicer and to be deposited by it in the Collection Account,
or that have been deposited by the Master Servicer in the Collection Account or
thereafter received by the Master Servicer with respect to the Mortgage Loans.
All reasonable costs and expenses (including, but not limited to, attorneys'
fees) incurred in connection with amending this Servicing Agreement to reflect
such succession as Master Servicer pursuant to this Section 7.01 shall be paid
by the predecessor Master Servicer (or if the predecessor Master Servicer is the
Indenture Trustee, the initial Master Servicer) upon presentation of reasonable
documentation of such costs and expenses.

         Notwithstanding any termination of the activities of the Master
Servicer hereunder, the Master Servicer shall be entitled to receive, out of any
late collection of a payment on a Mortgage Loan which was due prior to the
notice terminating the Master Servicer's rights and obligations hereunder and
received after such notice, that portion to which the Master 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 Master 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 Section 7.01(i) or under Section 7.01(ii) after the applicable grace
periods specified in such Sections, shall not constitute a Master Servicer
Default if such delay or failure could not be prevented by the exercise of
reasonable diligence by the Master 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 Master Servicer from using reasonable efforts to perform its
respective obligations in a timely manner in accordance with the terms of this
Servicing Agreement and the Master Servicer shall provide the Indenture Trustee,
the Credit Enhancer and the Securityholders with notice of such failure or delay
by it, together with a description of its efforts to so perform its obligations.
The Master Servicer shall immediately notify the Indenture Trustee, the Credit
Enhancer and the Owner Trustee in writing of any Master Servicer Default.

         Section 7.02 INDENTURE TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. (a) On
and after the time the Master Servicer receives a notice of termination pursuant
to Section 7.01 or sends a notice pursuant to Section 6.04, the Indenture
Trustee on behalf of the Noteholders shall be the successor in all respects to
the Master Servicer in its capacity as master servicer under this Servicing
Agreement and the transactions set forth or provided for herein and shall be
subject to all the responsibilities, duties and liabilities relating thereto
placed on the Master Servicer by the terms and provisions hereof. Nothing in
this Servicing 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 Master Servicer in its capacity as Seller under
the Mortgage Loan Purchase Agreement, (ii) be responsible or accountable for any
act or omission of the Master Servicer prior to the issuance of a notice of
termination hereunder, (iii) require or obligate the Indenture Trustee, in its
capacity as successor Master Servicer, to purchase, repurchase or substitute any
Mortgage Loan, (iv) fund any losses on any Eligible Investment directed by any
other Master Servicer, or (v) be responsible for the representations and
warranties of the Master Servicer. As compensation therefor, the Indenture
Trustee shall be entitled to such compensation as the Master Servicer would have
been entitled to hereunder if no such notice of termination had been given.
Notwithstanding the above, (i) if the Indenture Trustee is unwilling to act as
successor Master Servicer, or (ii) if the Indenture Trustee is legally unable so
to act, the Indenture Trustee on behalf of the Mortgage Collateral holders may
(in the situation described in clause (i)) or shall (in the situation described
in clause (ii)) appoint or petition a court of competent jurisdiction to appoint
any established housing and home finance institution, bank or other mortgage
loan or home equity loan servicer having a net worth of not less than
$10,000,000 as the successor to the Master Servicer hereunder in the assumption
of all or any part of the responsibilities, duties or liabilities of the Master
Servicer hereunder; provided that any such successor Master 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 Master Servicer will not
result in the qualification, reduction or withdrawal of the ratings assigned to
the Securities by the Rating Agencies. Pending appointment of a successor to the
Master Servicer hereunder, unless the Indenture Trustee is prohibited by law
from so acting, the Indenture Trustee shall act in such capacity as hereinabove
provided. In connection with such appointment and assumption, the successor
shall be entitled to receive compensation out of payments on Mortgage Loans in
an amount equal to the compensation which the Master Servicer would otherwise
have received pursuant to Section 3.09 (or such lesser compensation as the
Indenture Trustee and such successor shall agree). The appointment of a
successor Master Servicer shall not affect any liability of the predecessor
Master Servicer which may have arisen under this Servicing Agreement prior to
its termination as Master Servicer (including, without limitation, the
obligation to purchase Mortgage 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 Master
Servicer be liable for any acts or omissions of the predecessor Master Servicer
or for any breach by such Master 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 Servicing Agreement, as shall be necessary to effectuate any such
succession.

         (b) Any successor, including the Indenture Trustee on behalf of the
Noteholders, to the Master Servicer as servicer shall during the term of its
service as servicer (i) continue to service and administer the Mortgage 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 Master Servicer hereunder and a fidelity bond in respect of its
officers, employees and agents to the same extent as the Master Servicer is so
required pursuant to Section 3.13.

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

         Section 7.03 NOTIFICATION TO SECURITYHOLDERS. Upon any termination or
appointment of a successor to the Master 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 Depositor, the Issuing Entity
and each Rating Agency.

<PAGE>

                                  ARTICLE VIII

                            Miscellaneous Provisions

         Section 8.01 AMENDMENT. This Servicing Agreement may be amended from
time to time by the parties hereto, provided that any amendment be accompanied
by a letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to the Securities and the
consent of the Credit Enhancer and the Indenture Trustee.

         Section 8.02 GOVERNING LAW. THIS SERVICING 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 Master Servicer, [Name and Address of Master Servicer], (b) in
the case of the Credit Enhancer, ________________, ________, ______________,
Attention: _________________, ___________________________, (c) in the case of
[Moody's, ___________, 4th Floor, 99 Church Street, New York, New York 10007],
(d) in the case of [Standard & Poor's, 26 Broadway, 15th Floor, New York, New
York 10004, Attention: Residential Mortgage Surveillance Group], (e) in the case
of the Owner Trustee, the Corporate Trust Office, and (f) in the case of the
Issuing Entity, to MortgageIT Securities Corp. Trust Series 200_-__, c/o
______________________, __________________, __________, ______________,
Attention: __________________________, with a copy to the Administrator at
______________ or, as to each party, at such other address as shall be
designated by such party in a written notice to each other party. [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 Register. Any notice so mailed within the time prescribed in this Servicing
Agreement shall be conclusively presumed to have been duly given, whether or not
the 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 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 Servicing 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 Servicing Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Servicing
Agreement or of the Securities or the rights of the Securityholders thereof.

         Section 8.05 THIRD-PARTY BENEFICIARIES. This Servicing Agreement will
inure to the benefit of and be binding upon the parties hereto, the
Securityholders, the Credit Enhancer, the Owner Trustee, the Indenture Trustee
and their respective successors and permitted assigns. Except as otherwise
provided in this Servicing Agreement, no other Person will 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 MASTER SERVICER OR
LIQUIDATION OF ALL MORTGAGE LOANS. The respective obligations and
responsibilities of the Master Servicer and the Depositor created hereby shall
terminate upon the last action required to be taken by the Issuing Entity
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 Trust
         Agreement is terminated, or

                  (ii) the purchase by the Master Servicer from the Depositor of
         all Mortgage Loans and all property acquired in respect of any Mortgage
         Loan at a price equal to the greater of (a) 100% of the unpaid
         Principal Balance of each Mortgage Loan, plus accrued and unpaid
         interest thereon at the Weighted Average Net Mortgage Rate up to the
         day preceding the Payment Date on which such amounts are to be
         distributed to Securityholders, plus any amounts due and owing to the
         Credit Enhancer under the Insurance Agreement and (b) the fair market
         value of the Mortgage Loans as determined by two bids from competitive
         participants in the adjustable home equity loan market.

The right of the Master Servicer to purchase the assets of the Depositor
pursuant to clause (ii) above is conditioned upon the Pool Balance as of the
Final Scheduled Payment Date being less than ten percent of the aggregate of the
Cut-Off Date Principal Balances of the Mortgage Loans. If such right is
exercised by the Master Servicer, the Master Servicer shall deposit the amount
calculated pursuant to clause (ii) above with the Indenture Trustee pursuant to
Section 4.10 of the Indenture and, upon the receipt of such deposit, the
Indenture Trustee or relevant Custodian shall release to the Master Servicer,
the files pertaining to the Mortgage Loans being purchased.

         The Master Servicer, at its expense, shall prepare and deliver to the
Indenture Trustee and the Owner Trustee for execution, at the time the Mortgage
Loans are to be released to the Master Servicer, appropriate documents assigning
each such Mortgage Loan from the Depositor to the Master Servicer or the
appropriate party.

         Section 8.09 CERTAIN MATTERS AFFECTING THE INDENTURE TRUSTEE. For all
purposes of this Servicing 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 AUTHORITY OF THE ADMINISTRATOR. Each of the parties to
this Agreement acknowledges that the Issuing Entity and the Owner Trustee have
each appointed the Administrator to act as its agent to perform the duties and
obligations of the Issuing Entity hereunder. Unless otherwise instructed by the
Issuing Entity or the Owner Trustee, copies of all notices, requests, demands
and other documents to be delivered to the Issuing Entity or the Owner Trustee
pursuant to the terms hereof shall be delivered to the Administrator. Unless
otherwise instructed by the Issuing Entity or the Owner Trustee, all notices,
requests, demands and other documents to be executed or delivered, and any
action to be taken, by the Issuing Entity or the Owner Trustee pursuant to the
terms hereof may be executed, delivered and/or taken by the Administrator
pursuant to the Administration Agreement.

<PAGE>

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

                                          [NAME OF MASTER SERVICER],
                                          as Master Servicer

                                          By ___________________________________
                                             Title:

                                          MORTGAGEIT SECURITIES CORP.
                                          as Depositor

                                          By ___________________________________
                                             Title:

<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

                             (Provided Upon Request)

<PAGE>

                                    EXHIBIT B

                                POWER OF ATTORNEY

                             (Provided Upon Request)

<PAGE>

                                    EXHIBIT C

                      CERTIFICATE PURSUANT TO SECTION 3.08

                             (Provided Upon Request)

<PAGE>

                                    EXHIBIT D

                           FORM OF REQUEST FOR RELEASE

DATE:

TO:

RE:      REQUEST FOR RELEASE OF DOCUMENTS

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

Servicing Agreement Dated:
Series #:
Account #:
Pool #:
Loan #:
Borrower Name(s):
Reason for Document Request: (circle one)              Mortgage Loan
                                                       Prepaid in Full
                                                       Mortgage Loan Repurchased

"We hereby certify that all amounts received or to be received in connection
with such payments which are required to be deposited have been or will be so
deposited as provided in the Servicing Agreement."

____________________________________
[Name of Master Servicer]
Authorized Signature

TO CUSTODIAN/INDENTURE TRUSTEE: Please acknowledge this request, and check off
documents being enclosed with a copy of this form. You should retain this form
for your files in accordance with the terms of the Servicing Agreement.

                  Enclosed Documents:      [  ]   Promissory Note
                                           [  ]   Primary Insurance Policy
                                           [  ]   Mortgage or Deed of Trust
                                           [  ]   Assignment(s) of Mortgage or
                                                           Deed of Trust
                                           [  ]   Title Insurance Policy
                                           [  ]   Other:  ______________________

_________________________________
Name

_________________________________
Title

_________________________________
Date

<PAGE>

                                   Schedule 1

                      Mortgage Insurance Component Schedule

                             (Provided Upon Request)

<PAGE>

                                    EXHIBIT E

                       SERVICING CRITERIA TO BE ADDRESSED
                           IN ASSESSMENT OF COMPLIANCE

DEFINITIONS

Primary Servicer - transaction party having borrower contact Master Servicer -
aggregator of pool assets
Securities Administrator - waterfall calculator (may be the Trustee, or may be
the Master Servicer) Back-up Servicer - named in the transaction (in the event a
Back up Servicer becomes the Primary Servicer, follow Primary Servicer
obligations) Custodian - safe keeper of pool assets Paying Agent - distributor
of funds to ultimate investor Trustee - fiduciary of the transaction

Note: The definitions above describe the essential function that the party
performs, rather than the party's title. So, for example, in a particular
transaction, the trustee may perform the "paying agent" and "securities
administrator" functions, while in another transaction, the securities
administrator may perform these functions.

Where there are multiple checks for criteria the attesting party will identify
in their management assertion that they are attesting only to the portion of the
distribution chain they are responsible for in the related transaction
agreements.

KEY:     X - OBLIGATION
         [X] - UNDER CONSIDERATION FOR OBLIGATION

<TABLE>
<CAPTION>
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                                                             PRIMARY      MASTER    SECURITIES                 PAYING
REG AB REFERENCE SERVICING CRITERIA                          SERVICER    SERVICER      ADMIN      CUSTODIAN    AGENT      TRUSTEE
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------

                 GENERAL SERVICING CONSIDERATIONS

---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
<C>              <C>                                            <C>          <C>         <C>         <C>        <C>          <C>
1122(d)(1)(i)    Policies and  procedures  are instituted       X            X           X                                   X
                 to  monitor  any  performance  or  other                                                               (Sec. 9.01)
                 triggers   and   events  of  default  in
                 accordance    with    the    transaction
                 agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(1)(ii)   If  any  material  servicing  activities       X            X           X
                 are   outsourced   to   third   parties,
                 policies and  procedures  are instituted
                 to    monitor    the    third    party's
                 performance  and  compliance  with  such
                 servicing activities.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Any   requirements  in  the  transaction
                 agreements   to   maintain   a   back-up
                 servicer   for  the  Pool   Assets   are
1122(d)(1)(iii)  maintained.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(1)(iv)   A   fidelity   bond   and   errors   and       X            X
                 omissions  policy  is in  effect  on the
                 party  participating  in  the  servicing
                 function    throughout   the   reporting
                 period  in  the   amount   of   coverage
                 required by and  otherwise in accordance
                 with  the   terms  of  the   transaction
                 agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------

                 CASH COLLECTION AND ADMINISTRATION

---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(2)(i)    Payments  on pool  assets are  deposited       X            X           X                       X
                 into  the  appropriate   custodial  bank
                 accounts  and  related   bank   clearing
                 accounts no more than two business  days
                 following receipt,  or such other number
                 of  days  specified  in the  transaction
                 agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Disbursements  made via wire transfer on       X            X           X                       X           X
                 behalf of an obligor  or to an  investor
1122(d)(2)(ii)   are made only by authorized personnel.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Advances   of   funds   or    guarantees       X            X           X                       X           X
                 regarding  collections,  cash  flows  or                                                               (Sec. 8.01)
                 distributions,   and  any   interest  or
                 other fees  charged  for such  advances,
                 are  made,   reviewed  and  approved  as
                 specified     in     the     transaction
1122(d)(2)(iii)  agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 The    related    accounts    for    the                   [X]                                              X
                 transaction,   such  as   cash   reserve
                 accounts  or accounts  established  as a
                 form  of  over  collateralization,   are
                 separately    maintained   (e.g.,   with
                 respect to  commingling  of cash) as set
1122(d)(2)(iv)   forth in the transaction agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Each custodial  account is maintained at       X            X           X                                   X
                 a    federally    insured     depository
                 institution   as   set   forth   in  the
                 transaction agreements.  For purposes of
                 this   criterion,   "federally   insured
                 depository  institution" with respect to
                 a foreign financial  institution means a
                 foreign   financial   institution   that
                 meets   the    requirements    of   Rule
                 13k-1(b)(1) of the  Securities  Exchange
1122(d)(2)(v)    Act.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Unissued  checks are  safeguarded  so as       X
1122(d)(2)(vi)   to prevent unauthorized access.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(2)(vii)  Reconciliations   are   prepared   on  a       X            X           X                       X           X
                 monthly   basis  for  all   asset-backed
                 securities    related   bank   accounts,
                 including    custodial    accounts   and
                 related bank  clearing  accounts.  These
                 reconciliations  are (A)  mathematically
                 accurate;   (B)   prepared   within   30
                 calendar  days after the bank  statement
                 cutoff  date,  or such  other  number of
                 days   specified   in  the   transaction
                 agreements;  (C)  reviewed  and approved
                 by  someone  other  than the  person who
                 prepared  the  reconciliation;  and  (D)
                 contain   explanations  for  reconciling
                 items.   These   reconciling  items  are
                 resolved  within  90  calendar  days  of
                 their original  identification,  or such
                 other  number of days  specified  in the
                 transaction agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------

                 INVESTOR REMITTANCES AND REPORTING

---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(3)(i)    Reports to  investors,  including  those       X            X           X                                   X
                 to be  filed  with the  Commission,  are
                 maintained   in   accordance   with  the
                 transaction  agreements  and  applicable
                 Commission  requirements.  Specifically,
                 such   reports   (A)  are   prepared  in
                 accordance  with  timeframes  and  other
                 terms  set  forth  in  the   transaction
                 agreements;   (B)  provide   information
                 calculated in accordance  with the terms
                 specified     in     the     transaction
                 agreements;   (C)  are  filed  with  the
                 Commission  as required by its rules and
                 regulations;    and   (D)   agree   with
                 investors' or the  trustee's  records as
                 to the total  unpaid  principal  balance
                 and number of Pool  Assets  serviced  by
                 the Servicer.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Amounts due to investors  are  allocated       X            X           X                       X           X
                 and   remitted   in   accordance    with
                 timeframes,  distribution  priority  and
                 other    terms    set   forth   in   the
1122(d)(3)(ii)   transaction agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Disbursements  made to an  investor  are       X            X           X                       X           X
                 posted  within two business  days to the
                 Servicer's  investor  records,  or  such
                 other  number of days  specified  in the
1122(d)(3)(iii)  transaction agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Amounts  remitted to  investors  per the       X            X           X                       X           X
                 investor  reports  agree with  cancelled
                 checks,  or other  form of  payment,  or
1122(d)(3)(iv)   custodial bank statements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------

                 POOL ASSET ADMINISTRATION

---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(4)(i)    Collateral  or  security  on pool assets       X            X
                 is   maintained   as   required  by  the
                 transaction  agreements  or related pool
                 asset documents.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(4)(ii)   Pool  assets and related  documents  are       X            X
                 safeguarded    as    required   by   the
                 transaction agreements
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(4)(iii)  Any      additions,      removals     or       X            X                                               X
                 substitutions  to  the  asset  pool  are
                 made,    reviewed    and   approved   in
                 accordance   with  any   conditions   or
                 requirements    in    the    transaction
                 agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(4)(iv)   Payments on pool assets,  including  any       X
                 payoffs,  made in  accordance  with  the
                 related pool asset  documents are posted
                 to  the   Servicer's   obligor   records
                 maintained  no more  than  two  business
                 days  after   receipt,   or  such  other
                 number   of   days   specified   in  the
                 transaction  agreements,  and  allocated
                 to  principal,  interest  or other items
                 (e.g.,  escrow) in  accordance  with the
                 related pool asset documents.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 The  Servicer's  records  regarding  the       X
                 pool  assets  agree with the  Servicer's
                 records  with  respect  to an  obligor's
1122(d)(4)(v)    unpaid principal balance.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Changes  with  respect  to the  terms or       X            X
                 status  of  an  obligor's   pool  assets
                 (e.g., loan  modifications or re-agings)
                 are  made,   reviewed  and  approved  by
                 authorized  personnel in accordance with
                 the  transaction  agreements and related
1122(d)(4)(vi)   pool asset documents.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Loss  mitigation  or  recovery   actions       X            X
                 (e.g., forbearance plans,  modifications
                 and   deeds  in  lieu  of   foreclosure,
                 foreclosures   and   repossessions,   as
                 applicable)  are  initiated,   conducted
                 and  concluded  in  accordance  with the
                 timeframes    or   other    requirements
                 established    by    the     transaction
1122(d)(4)(vii)  agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(4)(viii) Records  documenting  collection efforts       X
                 are maintained  during the period a pool
                 asset is delinquent  in accordance  with
                 the   transaction    agreements.    Such
                 records  are  maintained  on at  least a
                 monthly  basis,  or  such  other  period
                 specified     in     the     transaction
                 agreements,  and  describe  the entity's
                 activities  in   monitoring   delinquent
                 pool  assets  including,   for  example,
                 phone   calls,   letters   and   payment
                 rescheduling   plans  in   cases   where
                 delinquency is deemed  temporary  (e.g.,
                 illness or unemployment).
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(4)(ix)   Adjustments  to interest  rates or rates       X            X
                 of return for pool assets with  variable
                 rates are computed  based on the related
                 pool asset documents.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
1122(d)(4)(x)    Regarding  any  funds  held in trust for       X
                 an  obligor  (such as escrow  accounts):
                 (A)  such   funds   are   analyzed,   in
                 accordance   with  the  obligor's   pool
                 asset  documents,  on at least an annual
                 basis,  or such other  period  specified
                 in  the  transaction   agreements;   (B)
                 interest  on  such  funds  is  paid,  or
                 credited,   to  obligors  in  accordance
                 with  applicable  pool  asset  documents
                 and state  laws;  and (C) such funds are
                 returned  to  the   obligor   within  30
                 calendar  days of full  repayment of the
                 related  pool  assets,   or  such  other
                 number   of   days   specified   in  the
                 transaction agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Payments  made on behalf  of an  obligor       X
                 (such as tax or insurance  payments) are
                 made on or before  the  related  penalty
                 or  expiration  dates,  as  indicated on
                 the  appropriate  bills or  notices  for
                 such   payments,   provided   that  such
                 support   has  been   received   by  the
                 servicer  at  least  30  calendar   days
                 prior  to  these  dates,  or such  other
                 number   of   days   specified   in  the
1122(d)(4)(xi)   transaction agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Any   late   payment   penalties   in  X
                 connection  with any  payment to be made
                 on  behalf of an  obligor  are paid from
                 the Servicer's  funds and not charged to
                 the obligor, unless the late payment was
                 due to the obligor's error or
1122(d)(4)(xii)  omission.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Disbursements  made  on  behalf  of an X
                 obligor are posted  within two  business
                 days to the obligor's records maintained
                 by the servicer, or such other number of
                 days   specified   in  the   transaction
1122(d)(4)(xiii) agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Delinquencies,      charge-offs      and                    X           X                                   X
                 uncollectible  accounts  are  recognized
                 and  recorded  in  accordance  with  the
1122(d)(4)(xiv)  transaction agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
                 Any  external  enhancement  or other X X
                 support,  identified in Item  1114(a)(1)
                 through  (3) or Item 1115 of  Regulation
                 AB,  is  maintained  as set forth in the
1122(d)(4)(xv)   transaction agreements.
---------------- ----------------------------------------- ------------ ----------- ------------ ----------- ---------- ------------
</TABLE>EXHIBIT 4.3

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

                           MORTGAGEIT SECURITIES CORP.

                                  as Depositor

                                       and

                             ---------------------,

                                as Owner Trustee

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

                                 TRUST AGREEMENT

                          Dated as of ________________

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

                    $_________ Mortgage-Backed Certificates,
                                 Series 200_-__

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

<PAGE>

                               TABLE OF CONTENTS

                                    ARTICLE I
                                   DEFINITIONS

Section 1.01      Definitions
Section 1.02      Other Definitional Provisions.

                                   ARTICLE II
                                  ORGANIZATION

Section 2.01      Name
Section 2.02      Office
Section 2.03      Purposes and Powers
Section 2.04      Appointment of Owner Trustee
Section 2.05      Initial Capital Contribution of Owner Trust Estate
Section 2.06      Declaration of Trust
Section 2.07      Liability of the Holder of the Certificates
Section 2.08      Title to Trust Property
Section 2.09      Situs of Trust
Section 2.10      Representations and Warranties of the Depositor
Section 2.11      Payment of Trust Fees

                                   ARTICLE III
               CONVEYANCE OF THE MORTGAGE COLLATERAL; CERTIFICATES

Section 3.01      Conveyance of the Mortgage Collateral
Section 3.02      Initial Ownership
Section 3.03      The Certificates
Section 3.04      Authentication of Certificates
Section 3.05      Registration of and Limitations on Transfer and Exchange of
                  Certificates
Section 3.06      Mutilated, Destroyed, Lost or Stolen Certificates
Section 3.07      Persons Deemed Certificateholders
Section 3.08      Access to List of Certificateholders' Names and Addresses
Section 3.09      Maintenance of Office or Agency
Section 3.10      Certificate Paying Agent
Section 3.11      [Ownership

                                   ARTICLE IV
                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 4.01      General Authority
Section 4.02      General Duties
Section 4.03      Action Upon Instruction
Section 4.04      No Duties Except as Specified under Specified Documents or in
                  Instructions
Section 4.05      Restrictions
Section 4.06      Prior Notice to Certificateholders with Respect to Certain
                  Matters
Section 4.07      Action by Certificateholders with Respect to Certain Matters
Section 4.08      Action by Certificateholders with Respect to Bankruptcy
Section 4.09      Restrictions on Certificateholders' Power
Section 4.10      Majority Control

                                    ARTICLE V
                           APPLICATION OF TRUST FUNDS

Section 5.01      Distributions
Section 5.02      Method of Payment
Section 5.03      Signature on Returns
Section 5.04      Statements to Certificateholders
Section 5.05      Tax Reporting; Tax Elections

                                   ARTICLE VI
                          CONCERNING THE OWNER TRUSTEE

Section 6.01      Acceptance of Trusts and Duties
Section 6.02      Furnishing of Documents
Section 6.03      Representations and Warranties
Section 6.04      Reliance; Advice of Counsel
Section 6.05      Not Acting in Individual Capacity
Section 6.06      Owner Trustee Not Liable for Certificates or Related Documents
Section 6.07      Owner Trustee May Own Certificates and Notes

                                   ARTICLE VII
                          COMPENSATION OF OWNER TRUSTEE

Section 7.01      Owner Trustee's Fees and Expenses
Section 7.02      Indemnification

                                  ARTICLE VIII
                         TERMINATION OF TRUST AGREEMENT

Section 8.01      Termination of Trust Agreement
Section 8.02      Dissolution upon Bankruptcy of the Holder of the Designated
                  Certificate

                                   ARTICLE IX
             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 9.01      Eligibility Requirements for Owner Trustee
Section 9.02      Replacement of Owner Trustee
Section 9.03      Successor Owner Trustee
Section 9.04      Merger or Consolidation of Owner Trustee
Section 9.05      Appointment of Co-trustee or Separate Trustee

                                    ARTICLE X
                                  MISCELLANEOUS

Section 10.01     Amendments
Section 10.02     No Legal Title to Owner Trust Estate
Section 10.03     Limitations on Rights of Others
Section 10.04     Notices
Section 10.05     Severability
Section 10.06     Separate Counterparts
Section 10.07     Successors and Assigns
Section 10.08     [No Petition
Section 10.09     No Recourse
Section 10.10     Headings
Section 10.11     GOVERNING LAW
Section 10.12     Integration

EXHIBITS

Exhibit A - Form of Certificate
Exhibit B - Certificate of Trust of MortgageIT Trust 200_ - __
Exhibit C - Form of Certificate of Non-Foreign Status
Exhibit D - Form of Investment Letter
Exhibit E - Form of Investment Letter for Certificates

<PAGE>

         This Trust Agreement, dated as of ________________ (as amended from
time to time, this "Trust Agreement"), between MortgageIT Securities Corp., a
Delaware corporation, as Depositor (the "Depositor") and ______________________,
a Delaware ___________________, as Owner Trustee (the "Owner Trustee"),

                                WITNESSETH THAT:

         In consideration of the mutual agreements herein contained, the
Depositor and the Owner Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01 DEFINITIONS. For all purposes of this Trust 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 Indenture. All other capitalized terms used herein
shall have the meanings specified herein.

         Section 1.02 OTHER DEFINITIONAL PROVISIONS.

         (a) All terms defined in this Trust 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 Trust Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Trust Agreement or in any such certificate or other document,
and accounting terms partly defined in this Trust 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 Trust
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 Trust 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 Trust Agreement shall refer to this Trust Agreement as
a whole and not to any particular provision of this Trust Agreement; Section and
Exhibit references contained in this Trust Agreement are references to Sections
and Exhibits in or to this Trust Agreement unless otherwise specified; and the
term "including" shall mean "including without limitation".

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

<PAGE>

                                   ARTICLE II

                                  ORGANIZATION

         Section 2.01 NAME. The trust created hereby (the "Trust") shall be
known as "MortgageIT Trust 200_ - __," in which name the Owner Trustee may
conduct the business of the Trust, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

         Section 2.02 OFFICE. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in Delaware
as the Owner Trustee may designate by written notice to the Certificateholders
and the Depositor.

         Section 2.03 PURPOSES AND POWERS. The purpose of the Trust is to engage
in the following activities:

                  (i) to issue the Notes pursuant to the Indenture and the
         Certificates pursuant to this Trust Agreement and to sell the Notes and
         the Certificates;

                  (ii) to pay the organizational, start-up and transactional
         expenses of the Trust;

                  (iii) to assign, grant, transfer, pledge and convey the
         Mortgage Collateral pursuant to the Indenture and to hold, manage and
         distribute to the Certificateholders pursuant to Section 5.01 any
         portion of the Mortgage Collateral released from the Lien of, and
         remitted to the Trust pursuant to the Indenture;

                  (iv) to enter into and perform its obligations under the Basic
         Documents to which it is to be a party;

                  (v) to engage in those activities, including entering into
         agreements, that are necessary, suitable or convenient to accomplish
         the foregoing or are incidental thereto or connected therewith,
         including, without limitation, to accept additional contributions of
         equity that are not subject to the Lien of the Indenture; and

                  (vi) subject to compliance with the Basic Documents, to engage
         in such other activities as may be required in connection with
         conservation of the Owner Trust Estate and the making of distributions
         to the Certificateholders and the Noteholders.

The Trust is hereby authorized to engage in the foregoing activities. The Trust
shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Trust Agreement or the
Basic Documents [while any Note is outstanding and] [without the consent of __%
of the Certificateholders].

         Section 2.04 APPOINTMENT OF OWNER TRUSTEE. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

         Section 2.05 INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Trust,
as of the date hereof, the sum of $1.00. The Owner Trustee hereby acknowledges
receipt in trust from the Depositor, as of the date hereof, of the foregoing
contribution, which shall constitute the initial corpus of the Trust and shall
be deposited in the Certificate Distribution Account. The Owner Trustee also
acknowledges on behalf of the trust receipt of the Mortgage Collateral and a
Surety Bond assigned to the Trust pursuant to Section 3.01, which shall
constitute the Owner Trust Estate.

         Section 2.06 DECLARATION OF TRUST. The Owner Trustee hereby declares
that it shall hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholders,
subject to the obligations of the Trust under the Basic Documents. It is the
intention of the parties hereto that the Trust constitute a statutory trust
under the Statutory Trust Statute and that this Trust Agreement constitute the
governing instrument of such statutory trust. It is the intention of the parties
hereto that, for income and franchise tax purposes, the Trust shall be treated
as a corporation, with the assets of the corporation being the Owner Trust
Estate, the [equity interest in the corporation] being the Certificates and the
Notes being debt of the corporation and the provisions of this Agreement shall
be interpreted to further this intention. Except as otherwise provided in this
Trust Agreement, the rights of the Certificateholders will be those of [equity
owners of the Trust] formed under the Delaware [corporation law]. The parties
agree that, unless otherwise required by appropriate tax authorities, the Trust
will file or cause to be filed annual or other necessary returns, reports and
other forms consistent with the characterization of the Trust as a corporation
for such tax purposes. Effective as of the date hereof, the Owner Trustee shall
have all rights, powers and duties set forth herein and in the Statutory Trust
Statute with respect to accomplishing the purposes of the Trust.

         Section 2.07 LIABILITY OF THE HOLDER OF THE CERTIFICATES. (a) The
Holders of the Certificates shall be liable directly to and shall indemnify any
injured party for all losses, claims, damages, liabilities and expenses of the
Trust (including Expenses, to the extent not paid out of the Owner Trust Estate)
to the extent that the Holders of the Certificates would be liable if the Trust
were a corporation under [Delaware corporate law]; provided, however, that the
Holders of the Certificates shall not be liable for payments required to be made
on the Notes or the Certificates, or for any losses incurred by a
Certificateholder in the capacity of an investor in the Certificates or a
Noteholder in the capacity of an investor in the Notes. The Holders of the
Certificates shall be liable for any entity level taxes imposed on the Trust. In
addition, any third party creditors of the Trust, including the Credit Enhancer
(other than in connection with the obligations described in the preceding
sentence for which the Holders of the Certificates shall not be liable) shall be
deemed third party beneficiaries of this paragraph. The obligations of the
Holders of the Certificates under this paragraph shall be evidenced by the
Certificates.

         (b) Subject to subsection (a) above, the Certificateholders shall be
entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law
of the State of Delaware.

         Section 2.08 TITLE TO TRUST PROPERTY. Legal title to the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

         Section 2.09 SITUS OF TRUST. The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware or the State of
________. The Trust shall not have any employees in any state other than
Delaware; provided, however, that nothing herein shall restrict or prohibit the
Owner Trustee from having employees within or without the State of Delaware or
taking actions outside the State of Delaware in order to comply with Section
2.03. Payments will be received by the Trust only in Delaware, New York or
________, and payments will be made by the Trust only from Delaware, New York or
________. The only office of the Trust will be at the Corporate Trust Office in
Delaware.

         Section 2.10 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR. The
Depositor hereby represents and warrants to the Owner Trustee that:

                  (i) The Depositor is duly organized and validly existing as a
         corporation in good standing under the laws of the State of Delaware,
         with power and authority to own its properties and to conduct its
         business as such properties are currently owned and such business is
         presently conducted.

                  (ii) The Depositor is duly qualified to do business as a
         foreign corporation in good standing and has obtained all necessary
         licenses and approvals in all jurisdictions in which the ownership or
         lease of its property or the conduct of its business shall require such
         qualifications and in which the failure to so qualify would have a
         material adverse effect on the business, properties, assets or
         condition (financial or other) of the Depositor.

                  (iii) The Depositor has the power and authority to execute and
         deliver this Trust Agreement and to carry out its terms; the Depositor
         has full power and authority to sell and assign the property to be sold
         and assigned to and deposited with the Trust as part of the Trust and
         the Depositor has duly authorized such sale and assignment and deposit
         to the Trust by all necessary corporate action; and the execution,
         delivery and performance of this Trust Agreement have been duly
         authorized by the Depositor by all necessary corporate action.

                  (iv) The consummation of the transactions contemplated by this
         Trust Agreement and the fulfillment of the terms hereof do not conflict
         with, result in any breach of any of the terms and provisions of, or
         constitute (with or without notice or lapse of time) a default under,
         the articles of incorporation or bylaws of the Depositor, or any
         indenture, agreement or other instrument to which the Depositor is a
         party or by which it is bound; nor result in the creation or imposition
         of any Lien upon any of its properties pursuant to the terms of any
         such indenture, agreement or other instrument (other than pursuant to
         the Basic Documents); nor violate any law or, to the best of the
         Depositor's knowledge, any order, rule or regulation applicable to the
         Depositor of any court or of any federal or state regulatory body,
         administrative agency or other governmental instrumentality having
         jurisdiction over the Depositor or its properties.

         Section 2.11 PAYMENT OF TRUST FEES. The Owner Trustee shall cause the
Administrator (i) to pay the Trust's fees and expenses incurred with respect to
the performance of the Trust's duties under the Indenture from amounts received
pursuant to Section 3.05(x) under the Indenture and (ii) to notify the
Certificate Paying Agent of such fees and expenses incurred thereunder.

<PAGE>

                                  ARTICLE III

               CONVEYANCE OF THE MORTGAGE COLLATERAL; CERTIFICATES

         Section 3.01 CONVEYANCE OF THE MORTGAGE COLLATERAL. The Depositor,
concurrently with the execution and delivery hereof, does hereby transfer,
convey, sell and assign to the Trust, on behalf of the Holders of the Notes and
the Certificates and the Credit Enhancer, without recourse, all its right, title
and interest in and to the Mortgage Collateral. The Depositor will also provide
the Trust with a Surety Bond.

         The parties hereto intend that the transaction set forth herein be a
sale by the Depositor to the Trust of all of its right, title and interest in
and to the Mortgage Collateral. In the event that the transaction set forth
herein is not deemed to be a sale, the Depositor hereby grants to the Trust a
security interest in all of its right, title and interest in, to and under the
Owner Trust Estate, all distributions thereon and all proceeds thereof; and this
Trust Agreement shall constitute a security agreement under applicable law.

         Section 3.02 INITIAL OWNERSHIP. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and until the conveyance
of the Mortgage Collateral pursuant to Section 3.01 and the issuance of the
Certificates, the Depositor shall be the sole Certificateholder.

         Section 3.03 THE CERTIFICATES. The Certificates shall be issued in
minimum denominations of $[250,000] and in integral multiples of $10,000 in
excess thereof; except for one Certificate that may not be in an integral
multiple of $10,000; provided, however, that the Designated Certificate issued
pursuant to Section 3.11 may be issued in the amount of $_________. The
Certificates shall be executed on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Owner Trustee and authenticated in the
manner provided in Section 3.04. Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall have
been affixed, authorized to sign on behalf of the Trust, shall be validly issued
and entitled to the benefit of this Trust Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at
the date of authentication and delivery of such Certificates. A Person shall
become a Certificateholder and shall be entitled to the rights and subject to
the obligations of a Certificateholder hereunder upon such Person's acceptance
of a Certificate duly registered in such Person's name, pursuant to Section
3.05.

         A transferee of a Certificate shall become a Certificateholder and
shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee's acceptance of a Certificate
duly registered in such transferee's name pursuant to and upon satisfaction of
the conditions set forth in Section 3.05.

         Section 3.04 AUTHENTICATION OF CERTIFICATES. Concurrently with the
acquisition of the Mortgage Collateral by the Trust, the Owner Trustee shall
cause the Certificates in an aggregate principal amount equal to the Initial
Principal Balance of the Certificates to be executed on behalf of the Trust,
authenticated and delivered to or upon the written order of the Depositor,
signed by its chairman of the board, its president or any vice president,
without further corporate action by the Depositor, in authorized denominations.
No Certificate shall entitle its holder to any benefit under this Trust
Agreement or be valid for any purpose unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A, executed by the Owner Trustee or ____________________, by manual
signature; such authentication shall constitute conclusive evidence that such
Certificate shall have been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

         Section 3.05 REGISTRATION OF AND LIMITATIONS ON TRANSFER AND EXCHANGE
OF CERTIFICATES. The Certificate Registrar shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.09, a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the [Owner
Trustee] shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided. _____________________________
shall be the initial Certificate Registrar. If the Certificate Registrar resigns
or is removed, the Owner Trustee shall appoint a successor Certificate
Registrar.

         Subject to satisfaction of the conditions set forth below and to the
provisions of Section 3.11 with respect to the Designated Certificate, upon
surrender for registration of transfer of any Certificate at the office or
agency maintained pursuant to Section 3.09, the Owner Trustee shall execute,
authenticate and deliver (or shall cause __________________________________ as
its authenticating agent to authenticate and deliver) in the name of the
designated transferee or transferees, one or more new Certificates in authorized
denominations of a like aggregate amount dated the date of authentication by the
Owner Trustee or any authenticating agent. At the option of a Holder,
Certificates may be exchanged for other Certificates of authorized denominations
of a like aggregate amount upon surrender of the Certificates to be exchanged at
the office or agency maintained pursuant to Section 3.09.

         Every Certificate presented or surrendered for registration of transfer
or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar duly executed by the Holder or such
Holder's attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Certificate Registrar in accordance with its customary
practice.

         No service charge shall be made for any registration of transfer or
exchange of Certificates, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that
may be imposed in connection with any transfer or exchange of Certificates.

         No Person shall become a Certificateholder until it shall establish its
non-foreign status by submitting to the Certificate Paying Agent an IRS Form W-9
and the Certificate of Non-Foreign Status set forth in Exhibit C hereto.

         No transfer of a Certificate shall be made unless such transfer is
exempt from the registration requirements of the Securities Act and any
applicable state securities laws or is made in accordance with said Act and
laws. In the event of any such transfer, the Certificate Registrar or the
Depositor shall prior to such transfer require the transferee to execute (i) (a)
an investment letter (in substantially the form attached hereto as Exhibit D) in
form and substance reasonably satisfactory to the Certificate Registrar and the
Depositor certifying to the Trust, the Owner Trustee, the Certificate Registrar
and the Depositor that such transferee is a "qualified institutional buyer"
under Rule 144A under the Securities Act, or (b) solely with respect to the
Designated Certificate, an investment letter (in substantially the form attached
hereto as Exhibit E), acceptable to and in form and substance reasonably
satisfactory to the Certificate Registrar and the Depositor, which investment
letters shall not be an expense of the Trust, the Owner Trustee, the Certificate
Registrar, the Servicer or the Depositor and (ii) the Certificate of Non-Foreign
Status (in substantially the form attached hereto as Exhibit C) acceptable to
and in form and substance reasonably satisfactory to the Certificate Registrar
and the Depositor, which certificate shall not be an expense of the Trust, the
Owner Trustee, the Certificate Registrar or the Depositor. The Holder of a
Certificate desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trust, the Owner Trustee, the Certificate Registrar, the Servicer
and the Depositor against any liability that may result if the transfer is not
so exempt or is not made in accordance with such federal and state laws.

         No transfer of a Certificate shall be made unless the Certificate
Registrar shall have received either (i) a representation letter from the
proposed transferee of such Certificate to the effect that such proposed
transferee is not an employee benefit plan subject to the fiduciary
responsibility provisions of ERISA, or Section 4975 of the Code, or a Person
acting on behalf of any such plan or using the assets of any such plan, which
representation letter shall not be an expense of the Trust, Owner Trustee, the
Certificate Registrar, the Servicer or the Depositor or (ii) in the case of any
such certificate presented for registration in the name of an employee benefit
plan subject to the fiduciary responsibility provisions of ERISA, or Section
4975 of the Code (or comparable provisions of any subsequent enactments), or a
trustee of any such plan, or any other Person who is using the assets of any
such plan to effect such acquisition, an Opinion of Counsel, in form and
substance reasonably satisfactory to, and addressed and delivered to, the Trust,
the Certificate Registrar and the Depositor, to the effect that the purchase or
holding of such Certificate will not result in the assets of the Owner Trust
Estate being deemed to be "plan assets" and subject to the fiduciary
responsibility provisions of ERISA or the prohibited transaction provisions of
the Code, will not constitute or result in a prohibited transaction within the
meaning of Section 406 or Section 407 of ERISA or Section 4975 of the Code, and
will not subject the Trust, the Owner Trustee, the Certificate Registrar or the
Depositor to any obligation or liability (including obligations or liabilities
under ERISA or Section 4975 of the Code) in addition to those explicitly
undertaken in this Trust Agreement which Opinion of Counsel shall not be an
expense of the Trust, the Owner Trustee, the Certificate Registrar or Depositor.

         Section 3.06 MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If (a)
any mutilated Certificate shall be surrendered to the Certificate Registrar, or
if the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then in the absence of
notice to the Certificate Registrar or the Owner Trustee that such Certificate
has been acquired by a bona fide purchaser, the Owner Trustee shall execute on
behalf of the Trust and the Owner Trustee or ________________, as the Trust's
authenticating agent, shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
of like tenor and denomination. In connection with the issuance of any new
Certificate under this Section 3.06, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section 3.06 shall constitute conclusive
evidence of ownership in the Trust, as if originally issued, whether or not the
lost, stolen or destroyed Certificate shall be found at any time.

         Section 3.07 PERSONS DEEMED CERTIFICATEHOLDERS. Prior to due
presentation of a Certificate for registration of transfer, the Owner Trustee,
the Certificate Registrar or any Certificate Paying Agent may treat the Person
in whose name any Certificate is registered in the Certificate Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes whatsoever, and none of the Trust, the
Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by
any notice to the contrary.

         Section 3.08 ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES.
The Certificate Registrar shall furnish or cause to be furnished to the
Depositor or the Owner Trustee, within 15 days after receipt by the Certificate
Registrar of a written request therefor from the Depositor or the Owner Trustee,
a list, in such form as the Depositor or the Owner Trustee, as the case may be,
may reasonably require, of the names and addresses of the Certificateholders as
of the most recent Record Date. Each Holder, by receiving and holding a
Certificate, shall be deemed to have agreed not to hold any of the Trust, the
Depositor, the Holder of the Designated Certificate, the Certificate Registrar
or the Owner Trustee accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

         Section 3.09 MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee on
behalf of the Trust, shall maintain in the Borough of Manhattan, The City of New
York, an office or offices or agency or agencies where Certificates may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Owner Trustee in respect of the Certificates and the
Basic Documents may be served. The Owner Trustee initially designates the
Corporate Trust Office of the Owner Trustee as its office for such purposes. The
Owner Trustee shall give prompt written notice to the Depositor, the Holder of
the Designated Certificate and the Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

         Section 3.10 CERTIFICATE PAYING AGENT. (a) The Certificate Paying Agent
shall make distributions to Certificateholders from the Certificate Distribution
Account on behalf of the Trust in accordance with the provisions of the
Certificates and Section 5.01 hereof from payments remitted to the Certificate
Paying Agent by the Indenture Trustee pursuant to Section 3.05 of the Indenture.
The Trust hereby appoints __________________ as Certificate Paying Agent and
_________________ hereby accepts such appointment and further agrees that it
will be bound by the provisions of this Trust Agreement relating to the
Certificate Paying Agent and shall:

                  (i) hold all sums held by it for the payment of amounts due
         with respect to the Certificates in trust for the benefit of the
         Persons entitled thereto until such sums shall be paid to such Persons
         or otherwise disposed of as herein provided;

                  (ii) give the Owner Trustee notice of any default by the Trust
         of which it has actual knowledge in the making of any payment required
         to be made with respect to the Certificates;

                  (iii) at any time during the continuance of any such default,
         upon the written request of the Owner Trustee forthwith pay to the
         Owner Trustee on behalf of the Trust all sums so held in Trust by such
         Certificate Paying Agent;

                  (iv) immediately resign as Certificate Paying Agent and
         forthwith pay to the Owner Trustee on behalf of the Trust all sums held
         by it in trust for the payment of Certificates if at any time it ceases
         to meet the standards required to be met by the Certificate Paying
         Agent at the time of its appointment;

                  (v) comply with all requirements of the Code with respect to
         the withholding from any payments made by it on any Certificates of any
         applicable withholding taxes imposed thereon and with respect to any
         applicable reporting requirements in connection therewith; and

                  (vi) deliver to the Owner Trustee a copy of the report to
         Certificateholders prepared with respect to each Payment Date by the
         Servicer pursuant to Section 4.01 of the Servicing Agreement.

         (b) On the second LIBOR Business Day immediately preceding (i) the
Closing Date in the case of the first Interest Period and (ii) the first day of
each succeeding Interest Period, the Certificate Paying Agent shall determine
LIBOR and the Certificate Rate for such Interest Period and shall inform the
Servicer and the Depositor at their respective facsimile numbers given to the
Certificate Paying Agent in writing thereof.

         (c) The Trust may revoke such power and remove the Certificate Paying
Agent if the Administrator determines in its sole discretion that the
Certificate Paying Agent shall have failed to perform its obligations under this
Trust Agreement in any material respect. __________________ shall be permitted
to resign as Certificate Paying Agent upon 30 days written notice to the Owner
Trustee; provided ________________ is also resigning as Paying Agent under the
Indenture at such time. In the event that ___________________ shall no longer be
the Certificate Paying Agent under this Trust Agreement and Paying Agent under
the Indenture, the Administrator shall appoint a successor to act as Certificate
Paying Agent (which shall be a bank or trust company) and which shall also be
the successor Paying Agent under the Indenture. The Administrator shall cause
such successor Certificate Paying Agent or any additional Certificate Paying
Agent appointed by the Administrator to execute and deliver to the Owner Trustee
an instrument to the effect set forth in this Section 3.10 as it relates to the
Certificate Paying Agent. The Certificate Paying Agent shall return all
unclaimed funds to the Trust and upon removal of a Certificate Paying Agent such
Certificate Paying Agent shall also return all funds in its possession to the
Trust. The provisions of Sections 6.01, 6.03, 6.04 and 7.01 shall apply to the
Certificate Paying Agent to the extent applicable. Any reference in this
Agreement to the Certificate Paying Agent shall include any co-paying agent
unless the context requires otherwise.

         (d) The Certificate Paying Agent shall establish and maintain with
itself a trust account (the "Certificate Distribution Account") in which the
Certificate Paying Agent shall, deposit, on the same day as it is received from
the Indenture Trustee, each remittance received by the Certificate Paying Agent
with respect to payments made pursuant to the Indenture. The Certificate Paying
Agent shall make all distributions of principal of and interest on the
Certificates, from moneys on deposit in the Certificate Distribution Account.

         Section 3.11 [OWNERSHIP. The Certificates shall, for income and
franchise tax purposes, be treated as the equity interest of the Trust. The
Certificates shall not be transferred unless (a) the transferee shall be an
Affiliate of the Seller, unless the prior written consent of the Credit Enhancer
is obtained, which will not be unreasonably withheld, (b) the applicable
provisions of Section 3.05 are satisfied, (c) the Certificate Registrar receives
an Opinion of Counsel to the effect that the transfer of the Certificates shall
not cause the Trust to be subject to an entity level tax and (d) the Rating
Agencies shall consent to such transfer.]

<PAGE>

                                   ARTICLE IV

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

         Section 4.01 GENERAL AUTHORITY. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Trust is to be
a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party and any
amendment or other agreement or instrument described herein, in each case, in
such form as the Administrator shall approve, as evidenced conclusively by the
Owner Trustee's execution thereof. In addition to the foregoing, the Owner
Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator directs
with respect to the Basic Documents.

         Section 4.02 GENERAL DUTIES. It shall be the duty of the Owner Trustee
to discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Trust Agreement and the Basic Documents to which the Trust is
a party and to administer the Trust in the interest of the Certificateholders,
subject to the Basic Documents and in accordance with the provisions of this
Trust Agreement. Notwithstanding the foregoing, the Owner Trustee shall be
deemed to have discharged its duties and responsibilities hereunder and under
the Basic Documents to the extent the Administrator has agreed in the
Administration Agreement to perform such acts or to discharge such duties of the
Owner Trustee or the Trust hereunder or under any Basic Document, and the Owner
Trustee shall not be held liable for the default or failure of the Administrator
to carry out its obligations under the Administration Agreement.

         Section 4.03 ACTION UPON INSTRUCTION. (a) Subject to Article IV and in
accordance with the terms of the Basic Documents, the Certificateholders may by
written instruction direct the Owner Trustee in the management of the Trust.
Such direction may be exercised at any time by written instruction of the
Certificateholders pursuant to Article IV.

         (b) Notwithstanding the foregoing, the Owner Trustee shall not be
required to take any action hereunder or under any Basic Document if the Owner
Trustee shall have reasonably determined, or shall have been advised by counsel,
that such action is likely to result in liability on the part of the Owner
Trustee or is contrary to the terms hereof or of any Basic Document or is
otherwise contrary to law.

         (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Trust Agreement or
under any Basic Document, or in the event that the Owner Trustee is unsure as to
the application of any provision of this Trust Agreement or any Basic Document
or any such provision is ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that this
Trust Agreement permits any determination by the Owner Trustee or is silent or
is incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee shall promptly
give notice (in such form as shall be appropriate under the circumstances) to
the Certificateholders (with a copy to the Credit Enhancer) requesting
instruction as to the course of action to be adopted, and to the extent the
Owner Trustee acts in good faith in accordance with any written instruction of
the Certificateholders received, the Owner Trustee shall not be liable on
account of such action to any Person. If the Owner Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such
shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Trust Agreement or
the Basic Documents, as it shall deem to be in the best interests of the
Certificateholders, and the Owner Trustee shall have no liability to any Person
for such action or inaction.

         Section 4.04 NO DUTIES EXCEPT AS SPECIFIED UNDER SPECIFIED DOCUMENTS OR
IN INSTRUCTIONS. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Trust Agreement, (ii) in accordance with the Basic
Documents and (iii) in accordance with any document or instruction delivered to
the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations
shall be read into this Trust Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Securities and Exchange Commission filing
for the Trust or to record this Trust Agreement or any Basic Document. The Owner
Trustee nevertheless agrees that it will, at its own cost and expense, promptly
take all action as may be necessary to discharge any liens on any part of the
Owner Trust Estate that result from actions by, or claims against, the Owner
Trustee that are not related to the ownership or the administration of the Owner
Trust Estate.

         Section 4.05 RESTRICTIONS. (a) The Owner Trustee shall not take any
action (x) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (y) that, to the actual knowledge of the Owner Trustee, would
result in the Trust becoming taxable as a corporation for federal income tax
purposes. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 4.06.

         (b) The Owner Trustee shall not convey or transfer any of the Trust's
properties or assets, including those included in the Trust Estate, to any
person unless (a) it shall have received an Opinion of Counsel to the effect
that such transaction will not have any material adverse tax consequence to the
Trust or any Certificateholder and (b) such conveyance or transfer shall not
violate the provisions of Section 3.16(b) of the Indenture.

         Section 4.06 PRIOR NOTICE TO CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN
MATTERS. With respect to the following matters, the Owner Trustee shall not take
action unless at least 30 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholders in writing of the proposed
action and the Certificateholders shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction:

         (a) the initiation of any claim or lawsuit by the Trust (except claims
or lawsuits brought in connection with the collection of cash distributions due
and owing under the Mortgage Collateral) and the compromise of any action, claim
or lawsuit brought by or against the Trust (except with respect to the
aforementioned claims or lawsuits for collection of cash distributions due and
owing under the Mortgage Collateral);

         (b) the election by the Trust to file an amendment to the Certificate
of Trust (unless such amendment is required to be filed under the Statutory
Trust Statute);

         (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

         (d) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Certificateholders;

         (e) the amendment, change or modification of the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or add any provision that would not materially adversely affect the
interests of the Certificateholders; or

         (f) the appointment pursuant to the Indenture of a successor Note
Registrar, Paying Agent or Indenture Trustee or pursuant to this Trust Agreement
of a successor Certificate Registrar or Certificate Paying Agent or the consent
to the assignment by the Note Registrar, Paying Agent, Indenture Trustee,
Certificate Registrar or Certificate Paying Agent of its obligations under the
Indenture or this Trust Agreement, as applicable.

         Section 4.07 ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN
MATTERS. The Owner Trustee shall not have the power, except upon the direction
of the Certificateholders, and with the consent of the Credit Enhancer, to (a)
remove the Administrator under the Administration Agreement pursuant to Section
8 thereof, (b) appoint a successor Administrator pursuant to Section 8 of the
Administration Agreement, (c) remove the Servicer under the Servicing Agreement
pursuant to Sections 7.01 and 8.05 thereof or (d) except as expressly provided
in the Basic Documents, sell the Mortgage Collateral after the termination of
the Indenture. The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by the
Certificateholders and with the consent of the Credit Enhancer.

         Section 4.08 ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO BANKRUPTCY.
The Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the unanimous prior approval of all
Certificateholders and with the consent of the Credit Enhancer and the delivery
to the Owner Trustee by each such Certificateholder of a certificate certifying
that such Certificateholder reasonably believes that the Trust is insolvent.

         Section 4.09 RESTRICTIONS ON CERTIFICATEHOLDERS' POWER. The
Certificateholders shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Trust Agreement or any of the Basic
Documents or would be contrary to Section 2.03, nor shall the Owner Trustee be
obligated to follow any such direction, if given.

         Section 4.10 MAJORITY CONTROL. Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Trust Agreement
may be taken by the Holders of Certificates evidencing not less than a majority
of the outstanding Principal Balance of the Certificates. Except as expressly
provided herein, any written notice of the Certificateholders delivered pursuant
to this Trust Agreement shall be effective if signed by holders of Certificates
evidencing not less than a majority of the outstanding Principal Balance of the
Certificates at the time of the delivery of such notice.

<PAGE>

                                    ARTICLE V

                           APPLICATION OF TRUST FUNDS

         Section 5.01 DISTRIBUTIONS. (a) On each Payment Date, the Certificate
Paying Agent shall distribute to the Certificateholders all funds on deposit in
the Certificate Distribution Account and available therefor (as provided in
Section 3.05 of the Indenture), as principal and the Certificate Distribution
Amount for such Payment Date. All distributions made pursuant to this Section
shall be made on a pro rata basis to the Certificateholders based on the
Certificate Principal Balances thereof; provided however that any amount on
deposit in the Certificate Distribution Account relating to a payment to the
Certificate Paying Agent pursuant to Section 3.05(xi) of the Indenture shall be
distributed solely to the Designated Certificate.

         (b) In the event that any withholding tax is imposed on the
distributions (or allocations of income) to a Certificateholder, such tax shall
reduce the amount otherwise distributable to the Certificateholder in accordance
with this Section 5.01. The Certificate Paying Agent is hereby authorized and
directed to retain or cause to be retained from amounts otherwise distributable
to the Certificateholders sufficient funds for the payment of any tax that is
legally owed by the Trust (but such authorization shall not prevent the Owner
Trustee from contesting any such tax in appropriate proceedings, and withholding
payment of such tax, if permitted by law, pending the outcome of such
proceedings). The amount of any withholding tax imposed with respect to a
Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the Certificate Paying Agent and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is
payable with respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Certificate Paying Agent may in its sole discretion
withhold such amounts in accordance with this paragraph (b).

         (c) All calculations of the Certificate Distribution Amount on the
Certificates shall be made on the basis of the actual number of days in an
Interest Period and a year assumed to consist of 360 days.

         (d) Distributions to Certificateholders shall be subordinated to the
creditors of the Trust, including the Noteholders.

         Section 5.02 METHOD OF PAYMENT. Subject to Section 8.01(c),
distributions required to be made to Certificateholders on any Payment Date as
provided in Section 5.01 shall be made to each Certificateholder of record on
the preceding Record Date either by, in the case of any Certificateholder owning
Certificates having denominations aggregating at least $1,000,000, wire
transfer, in immediately available funds, to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if such
Certificateholder shall have provided to the Certificate Registrar appropriate
written instructions at least five Business Days prior to such Payment Date or,
if not, by check mailed to such Certificateholder at the address of such Holder
appearing in the Certificate Register.

         Section 5.03 SIGNATURE ON RETURNS. The Owner Trustee shall sign on
behalf of the Trust the tax returns of the Trust.

         Section 5.04 STATEMENTS TO CERTIFICATEHOLDERS. On each Payment Date,
the Certificate Paying Agent shall send to each Certificateholder the statement
or statements provided to the Owner Trustee and the Certificate Paying Agent by
the Servicer pursuant to Section 4.01 of the Servicing Agreement with respect to
such Distribution Date.

         Section 5.05 TAX REPORTING; TAX ELECTIONS. The Holder of the
Certificate shall cause the Trust to file federal and state income tax returns
and information statements as a corporation for each of its taxable years.
Within 90 days after the end of each calendar year, the Holder of the Designated
Certificate shall cause the Trust to provide to each Certificateholder an
Internal Revenue Service "K-1" or any successor schedule and supplemental
information, if required by law, to enable each Certificateholder to file its
federal and state income tax returns. The Holder of the Designated Certificate
may from time to time make and revoke such tax elections with respect to the
Trust as it deems necessary or desirable in its sole discretion to carry out the
business of the Trust or the purposes of this Trust Agreement if permitted by
applicable law. Notwithstanding the foregoing, an election under Section 754 of
the Code shall not be made without the written consent of a majority in interest
of the Holders of the Certificates. The Holder of the Designated Certificate
shall serve as tax matters partner for the Trust.

<PAGE>

                                   ARTICLE VI

                          CONCERNING THE OWNER TRUSTEE

         Section 6.01 ACCEPTANCE OF TRUSTS AND DUTIES. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts but only upon the terms of this Trust Agreement. The
Owner Trustee and the Certificate Paying Agent also agree to disburse all moneys
actually received by it constituting part of the Owner Trust Estate upon the
terms of the Basic Documents and this Trust Agreement. The Owner Trustee shall
not be answerable or accountable hereunder or under any Basic Document under any
circumstances, except (i) for its own willful misconduct, negligence or bad
faith or negligent failure to act or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 6.03 expressly made by the Owner
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

         (a) The Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in accordance with the instructions of the
Administrator or the Certificateholders;

         (b) No provision of this Trust Agreement or any Basic Document shall
require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights, duties or powers
hereunder or under any Basic Document if the Owner Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured or provided to it;

         (c) Under no circumstances shall the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

         (d) The Owner Trustee shall not be responsible for or in respect of the
validity or sufficiency of this Trust Agreement or for the due execution hereof
by the Depositor or the Holder of the Designated Certificate or for the form,
character, genuineness, sufficiency, value or validity of any of the Owner Trust
Estate, or for or in respect of the validity or sufficiency of the Basic
Documents, the Notes, the Certificates, other than the certificate of
authentication on the Certificates, if executed by the Owner Trustee and the
Owner Trustee shall in no event assume or incur any liability, duty, or
obligation to any Noteholder or to any Certificateholder, other than as
expressly provided for herein or expressly agreed to in the Basic Documents;

         (e) The execution, delivery, authentication and performance by it of
this Trust Agreement 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;

         (f) The Owner Trustee shall not be liable for the default or misconduct
of the Administrator, the Holder of the Designated Certificate, the Depositor,
Indenture Trustee or the Servicer under any of the Basic Documents or otherwise
and the Owner Trustee shall have no obligation or liability to perform the
obligations of the Trust under this Trust Agreement or the Basic Documents that
are required to be performed by the Administrator under the Administration
Agreement, the Indenture Trustee under the Indenture or the Seller under the
Mortgage Loan Purchase Agreement; and

         (g) The Owner Trustee shall be under no obligation to exercise any of
the rights or powers vested in it or duties imposed by this Trust Agreement, or
to institute, conduct or defend any litigation under this Trust Agreement or
otherwise or in relation to this Trust Agreement or any Basic Document, at the
request, order or direction of any of the Certificateholders, unless such
Certificateholders have offered to the Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be
incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee
to perform any discretionary act enumerated in this Trust Agreement or in any
Basic Document shall not be construed as a duty, and the Owner Trustee shall not
be answerable for other than its negligence or willful misconduct in the
performance of any such act.

         Section 6.02 FURNISHING OF DOCUMENTS. The Owner Trustee shall furnish
to the Securityholders promptly upon receipt of a written reasonable request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Trust under the Basic Documents.

         Section 6.03 REPRESENTATIONS AND WARRANTIES. The Owner Trustee hereby
represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

         (a) It is a banking corporation duly organized and validly existing in
good standing under the laws of the State of Delaware. It has all requisite
corporate power and authority to execute, deliver and perform its obligations
under this Trust Agreement.

         (b) It has taken all corporate action necessary to authorize the
execution and delivery by it of this Trust Agreement, and this Trust Agreement
will be executed and delivered by one of its officers who is duly authorized to
execute and deliver this Trust Agreement on its behalf.

         (c) Neither the execution nor the delivery by it of this Trust
Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will contravene
any federal or Delaware law, governmental rule or regulation governing the
banking or trust powers of the Owner Trustee or any judgment or order binding on
it, or constitute any default under its charter documents or bylaws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound.

         (d) This Trust Agreement, assuming due authorization, execution and
delivery by the Owner Trustee and the Depositor, constitutes a valid, legal and
binding obligation of the Owner Trustee, enforceable against it in accordance
with the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally and to general principles of equity, regardless of
whether such enforcement is considered in a proceeding in equity or at law;

         (e) The Owner Trustee is not in default with respect to any order or
decree of any court or any order, regulation or demand of any Federal, state,
municipal or governmental agency, which default might have consequences that
would materially and adversely affect the condition (financial or other) or
operations of the Owner Trustee or its properties or might have consequences
that would materially adversely affect its performance hereunder;

         (f) No litigation is pending or, to the best of the Owner Trustee's
knowledge, threatened against the Owner Trustee which would prohibit its
entering into this Trust Agreement or performing its obligations under this
Trust Agreement;

         Section 6.04 RELIANCE; ADVICE OF COUNSEL. (a) The Owner Trustee shall
incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or
other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a certified
copy of a resolution of the board of directors or other governing body of any
corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of determination of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on a
certificate, signed by the president or any vice president or by the treasurer
or other authorized officers of the relevant party, as to such fact or matter
and such certificate shall constitute full protection to the Owner Trustee for
any action taken or omitted to be taken by it in good faith in reliance thereon.

         (b) In the exercise or administration of the trusts hereunder and in
the performance of its duties and obligations under this Trust Agreement or the
Basic Documents, the Owner Trustee (i) may act directly or through its agents,
attorneys, custodians or nominees (including persons acting under a power of
attorney) pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents,
attorneys , custodians or nominees (including persons acting under a power of
attorney) if such persons have been selected by the Owner Trustee with
reasonable care, and (ii) may consult with counsel, accountants and other
skilled persons to be selected with reasonable care and employed by it. The
Owner Trustee shall not be liable for anything done, suffered or omitted in good
faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such Persons and not contrary to this Trust
Agreement or any Basic Document.

         Section 6.05 NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided in
this Article VI, in accepting the trusts hereby created ______________________
acts solely as Owner Trustee hereunder and not in its individual capacity, and
all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Trust Agreement or any Basic Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

         Section 6.06 OWNER TRUSTEE NOT LIABLE FOR CERTIFICATES OR RELATED
DOCUMENTS. The recitals contained herein and in the Certificates (other than the
signatures of the Owner Trustee on the Certificates) shall be taken as the
statements of the Depositor, and the Owner Trustee assumes no responsibility for
the correctness thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this Trust Agreement, of any Basic Document or of the
Certificates (other than the signatures of the Owner Trustee on the
Certificates) or the Notes, or of any Related Documents. The Owner Trustee shall
at no time have any responsibility or liability with respect to the sufficiency
of the Owner Trust Estate or its ability to generate the payments to be
distributed to Certificateholders under this Trust Agreement or the Noteholders
under the Indenture, including, the compliance by the Depositor or the Seller
with any warranty or representation made under any Basic Document or in any
related document or the accuracy of any such warranty or representation, or any
action of the Administrator, the Certificate Paying Agent, the Certificate
Registrar or the Indenture Trustee taken in the name of the Owner Trustee.

         Section 6.07 OWNER TRUSTEE MAY OWN CERTIFICATES AND NOTES. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee
of Certificates or Notes and may deal with the Depositor, the Seller, the
Certificate Paying Agent, the Certificate Registrar, the Administrator and the
Indenture Trustee in transactions with the same rights as it would have if it
were not Owner Trustee.

<PAGE>

                                  ARTICLE VII

                         COMPENSATION OF OWNER TRUSTEE

         Section 7.01 OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee shall
receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof, and the Owner Trustee shall be
reimbursed for its reasonable expenses hereunder and under the Basic Documents,
including the reasonable compensation, expenses and disbursements of such
agents, representatives, experts and counsel as the Owner Trustee may reasonably
employ in connection with the exercise and performance of its rights and its
duties hereunder and under the Basic Documents pursuant to Section 3.08 of the
Servicing Agreement.

         Section 7.02 INDEMNIFICATION. The Holder of the Designated Certificate
shall indemnify, defend and hold harmless the Owner Trustee and its successors,
assigns, agents and servants (collectively, the "Indemnified Parties") from and
against, any and all liabilities, obligations, losses, damages, taxes, claims,
actions and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "Expenses") which may at any time be imposed on, incurred by, or
asserted against the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Trust Agreement, the Basic Documents, the Owner Trust
Estate, the administration of the Owner Trust Estate or the action or inaction
of the Owner Trustee hereunder, provided, that:

                  (i) the Holder of the Designated Certificate shall not be
         liable for or required to indemnify an Indemnified Party from and
         against Expenses arising or resulting from the Owner Trustee's willful
         misconduct, negligence or bad faith or as a result of any inaccuracy of
         a representation or warranty contained in Section 6.03 expressly made
         by the Owner Trustee;

                  (ii) with respect to any such claim, the Indemnified Party
         shall have given the Holder of the Designated Certificate written
         notice thereof promptly after the Indemnified Party shall have actual
         knowledge thereof;

                  (iii) while maintaining control over its own defense, the
         Holder of the Designated Certificate shall consult with the Indemnified
         Party in preparing such defense; and

                  (iv) notwithstanding anything in this Agreement to the
         contrary, the Holder of the Designated Certificate shall not be liable
         for settlement of any claim by an Indemnified Party entered into
         without the prior consent of the Holder of the Designated Certificate
         which consent shall not be unreasonably withheld.

         The indemnities contained in this Section shall survive the resignation
or termination of the Owner Trustee or the termination of this Trust Agreement.
In the event of any claim, action or proceeding for which indemnity will be
sought pursuant to this Section, the Owner Trustee's choice of legal counsel, if
other than the legal counsel retained by the Owner Trustee in connection with
the execution and delivery of this Trust Agreement, shall be subject to the
approval of the Holder of the Designated Certificate, which approval shall not
be unreasonably withheld. In addition, upon written notice to the Owner Trustee
and with the consent of the Owner Trustee which consent shall not be
unreasonably withheld, the Holder of the Designated Certificate has the right to
assume the defense of any claim, action or proceeding against the Owner Trustee.

<PAGE>

                                  ARTICLE VIII

                         TERMINATION OF TRUST AGREEMENT

         Section 8.01 TERMINATION OF TRUST AGREEMENT. (a) This Trust Agreement
(other than Article VIII) and the Trust shall terminate and be of no further
force or effect upon the earliest of (i) upon the final distribution of all
moneys or other property or proceeds of the Owner Trust Estate in accordance
with the terms of the Indenture and this Trust Agreement, (ii) the Payment Date
in ____________, (iii) at the time provided in Section 8.02 or (iv) purchase by
the Servicer of all Mortgage Loans pursuant to Section 8.08 of the Servicing
Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any
Certificateholder, other than the Holder of the Designated Certificate as
described in Section 8.02, shall not (x) operate to terminate this Trust
Agreement or the Trust or (y) entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations
and liabilities of the parties hereto.

         (b) Except as provided in Section 8.01(a), none of the Depositor, the
Holder of the Designated Certificate or any other Certificateholder shall be
entitled to revoke or terminate the Trust.

         (c) Notice of any termination of the Trust, specifying the Payment Date
upon which Certificateholders shall surrender their Certificates to the
Certificate Paying Agent for payment of the final distribution and cancellation,
shall be given by the Certificate Paying Agent by letter to Certificateholders
and the Credit Enhancer mailed within five Business Days of receipt of notice of
such termination from the Administrator, stating (i) the Payment Date upon or
with respect to which final payment of the Certificates shall be made upon
presentation and surrender of the Certificates at the office of the Certificate
Paying Agent therein designated, (ii) the amount of any such final payment and
(iii) that the Record Date otherwise applicable to such Payment Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Certificate Payment Agent therein specified.
The Certificate Paying Agent shall give such notice to the Owner Trustee and the
Certificate Registrar at the time such notice is given to Certificateholders.
Upon presentation and surrender of the Certificates, the Certificate Paying
Agent shall cause to be distributed to Certificateholders amounts distributable
on such Payment Date pursuant to Section 5.01.

         In the event that all of the Certificateholders shall not surrender
their Certificates for cancellation within six months after the date specified
in the above mentioned written notice, the Certificate Paying Agent shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. Subject to applicable laws with respect to escheat of funds, if within
one year following the Payment Date on which final payment of the Certificates
was to have been made pursuant to Section 3.03 of the Indenture, all the
Certificates shall not have been surrendered for cancellation, the Certificate
Paying Agent may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of the
funds and other assets that shall remain subject to this Trust Agreement. Any
funds remaining in the Certificate Distribution Account after exhaustion of such
remedies shall be distributed by the Certificate Paying Agent to the Holder of
the Designated Certificate.

         (d) Upon the winding up of the Trust and its termination, the Owner
Trustee shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810(c) of the Statutory Trust Statute.

         Section 8.02 DISSOLUTION UPON BANKRUPTCY OF THE HOLDER OF THE
DESIGNATED CERTIFICATE. In the event that an Insolvency Event shall occur with
respect to the Holder of the Designated Certificate, this Trust Agreement and
the Trust shall be terminated in accordance with Section 8.01, 90 days after the
date of such Insolvency Event, unless, before the end of such 90-day period, the
Owner Trustee shall have received written instructions from (a) if no Credit
Enhancer Default shall have occurred and be continuing, Holders of Certificates
(other than the Holder of the Designated Certificate) representing more than 50%
of the Principal Balance of the Certificates (not including the Principal
Balance of the Designated Certificate), to the effect that such Holders
disapprove of the termination of the Trust or (b) if a Credit Enhancer Default
shall have occurred and be continuing, (i) each of the Holders of Certificates
and (ii) each of the Holders of the Notes, to the effect that such Holders
disapprove of the termination of the Trust. Promptly after the occurrence of any
Insolvency Event with respect to the Holder of the Designated Certificate (A)
the Holder of the Designated Certificate shall give the Indenture Trustee, the
Credit Enhancer and the Owner Trustee written notice of such Insolvency Event,
(B) the Owner Trustee shall, upon the receipt of such written notice from the
Holder of the Designated Certificate, give prompt written notice to the
Certificateholders of the occurrence of such event and (C) the Indenture Trustee
shall give prompt written notice of such event to the Noteholders; provided,
however, that any failure to give a notice required by this sentence shall not
prevent or delay, in any manner, a termination of the Trust pursuant to the
first sentence of this Section 8.02. Upon a termination pursuant to this
Section, the Owner Trustee shall direct the Indenture Trustee promptly to sell
the assets of the Trust (other than the Payment Account) in a commercially
reasonable manner and on commercially reasonable terms. The proceeds of any such
sale of the assets of the Trust shall be deposited to the Payment Account for
distribution in accordance with Section 5.04(b) of the Indenture.

<PAGE>

                                   ARTICLE IX

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         Section 9.01 ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust
powers; having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authorities; and
having (or having a parent that has) a rating of at least [Baa3] by [Moody's].
If such corporation shall publish reports of condition at least annually
pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance with
the provisions of this Section 9.01, the Owner Trustee shall resign immediately
in the manner and with the effect specified in Section 9.02.

         Section 9.02 REPLACEMENT OF OWNER TRUSTEE. The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving 30 days
prior written notice thereof to the Administrator, the Credit Enhancer and the
Depositor. Upon receiving such notice of resignation, the Administrator shall
promptly appoint a successor Owner Trustee with the consent of the Credit
Enhancer which will not be unreasonably withheld, by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning
Owner Trustee and to the successor Owner Trustee. If no successor Owner Trustee
shall have been so appointed and have accepted appointment within 30 days after
the giving of such notice of resignation, the resigning Owner Trustee may
petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee.

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 9.01 and shall fail to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the authority
of the immediately preceding sentence, the Administrator shall promptly appoint
a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing
Owner Trustee.

         Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Administrator shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

         Section 9.03 SUCCESSOR OWNER TRUSTEE. Any successor Owner Trustee
appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the
Administrator and to its predecessor Owner Trustee an instrument accepting such
appointment under this Trust Agreement, and thereupon the resignation or removal
of the predecessor Owner Trustee shall become effective, and such successor
Owner Trustee, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor
under this Trust Agreement, with like effect as if originally named as Owner
Trustee. The predecessor Owner Trustee shall upon payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Trust Agreement; and the Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

         No successor Owner Trustee shall accept appointment as provided in this
Section 9.03 unless at the time of such acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section 9.03, the Administrator shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating
Agencies. If the Administrator shall fail to mail such notice within 10 days
after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Administrator.

         Section 9.04 MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
the execution or filing of any instrument or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such Person shall be eligible pursuant to Section 9.01 and,
provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

         Section 9.05 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Trust Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Owner Trust Estate may at the time be located, the Administrator and
the Owner Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the
Administrator and Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or as separate trustee or trustees, of all or any part of the Owner
Trust Estate, and to vest in such Person, in such capacity, such title to the
Trust or any part thereof and, subject to the other provisions of this Section,
such powers, duties, obligations, rights and trusts as the Administrator and the
Owner Trustee may consider necessary or desirable. If the Administrator shall
not have joined in such appointment within 15 days after the receipt by it of a
request so to do, the Owner Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee under this Trust Agreement shall
be required to meet the terms of eligibility as a successor Owner Trustee
pursuant to Section 9.01 and no notice of the appointment of any co-trustee or
separate trustee shall be required pursuant to Section 9.03.

         Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

         (a) All rights, powers, duties and obligations conferred or imposed
upon the Owner Trustee shall be conferred upon and exercised or performed by the
Owner Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee is not authorized to act
separately without the Owner Trustee joining in such act), except to the extent
that under any law of any jurisdiction in which any particular act or acts are
to be performed, the Owner Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and
obligations (including the holding of title to the Owner Trust Estate or any
portion thereof in any such jurisdiction) shall be exercised and performed
singly by such separate trustee or co-trustee, but solely at the direction of
the Owner Trustee;

         (b) No trustee under this Trust Agreement shall be personally liable by
reason of any act or omission of any other trustee under this Trust Agreement;
and

         (c) The Administrator and the Owner Trustee acting jointly may at any
time accept the resignation of or remove any separate trustee or co-trustee.

         Any notice, request or other writing given to the Owner Trustee shall
be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Trust
Agreement and the conditions of this Article. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, either
jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Trust Agreement, specifically including
every provision of this Trust Agreement relating to the conduct of, affecting
the liability of, or affording protection to, the Owner Trustee. Each such
instrument shall be filed with the Owner Trustee and a copy thereof given to the
Administrator.

         Any separate trustee or co-trustee may at any time appoint the Owner
Trustee as its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Trust Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Owner Trustee, to the extent permitted by law, without the
appointment of a new or successor co-trustee or separate trustee.

<PAGE>

                                    ARTICLE X

                                  MISCELLANEOUS

         Section 10.01 AMENDMENTS. (a) This Trust Agreement may be amended from
time to time by the parties hereto as specified in this Section [, provided that
any amendment, except as provided in subparagraph (e) below, be accompanied by
an Opinion of Counsel to the Owner Trustee to the effect that such amendment (i)
complies with the provisions of this Section and (ii) will not cause the Trust
to be subject to an entity level tax].

         (b) If the purpose of the amendment (as detailed therein) is to correct
any mistake, eliminate any inconsistency, cure any ambiguity or deal with any
matter not covered (i.e. to give effect to the intent of the parties and, if
applicable, to the expectations of the Holders), it shall not be necessary to
obtain the consent of any Holders, but the Owner Trustee shall be furnished with
(A) a letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to any Security and (B) an
Opinion of Counsel to the effect that such action will not adversely affect in
any material respect the interests of any Holders, and the consent of the Credit
Enhancer shall be obtained.

         (c) If the purpose of the amendment is to prevent the imposition of any
federal or state taxes at any time that any Security is outstanding (i.e.
technical in nature), it shall not be necessary to obtain the consent of any
Holder, but the Owner Trustee shall be furnished with an Opinion of Counsel that
such amendment is necessary or helpful to prevent the imposition of such taxes
and is not materially adverse to any Holder and the consent of the Credit
Enhancer shall be obtained.

         (d) If the purpose of the amendment is to add or eliminate or change
any provision of the Trust Agreement other than as contemplated in (b) and (c)
above, the amendment shall require (A) an Opinion of Counsel to the effect that
such action will not adversely affect in any material respect the interests of
any Holders and (B) either (a) a letter from the Rating Agency that the
amendment will not result in the downgrading or withdrawal of the rating then
assigned to any security or (b) the consent of Holders of Certificates
evidencing a majority of the Principal Balance of the Certificates and the
Indenture Trustee; provided, however, that no such amendment shall (i) reduce in
any manner the amount of, or delay the timing of, payments received that are
required to be distributed on any Certificate without the consent of the related
Certificateholder and the Credit Enhancer, or (ii) reduce the aforesaid
percentage of Certificates the Holders of which are required to consent to any
such amendment, without the consent of the Holders of all such Certificates then
outstanding.

         (e) If the purpose of the amendment is to provide for the holding of
any of the Certificates in book-entry form, it shall require the consent of
Holders of all such Certificates then outstanding; provided, that the Opinion of
Counsel specified in subparagraph (a) above shall not be required.

         (f) If the purpose of the amendment is to provide for the issuance of
additional certificates representing an interest in the Trust, it shall not be
necessary to obtain the consent of any Holder, but the Owner Trustee shall be
furnished with (A) an Opinion of Counsel to the effect that such action will not
adversely affect in any material respect the interests of any Holders and (B) a
letter from the Rating Agencies that the amendment will not result in the
downgrading or withdrawal of the rating then assigned to any Security and the
consent of the Credit Enhancer shall be obtained.

         (g) Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or consent to each Certificateholder, the Indenture Trustee, the
Credit Enhancer and each of the Rating Agencies. It shall not be necessary for
the consent of Certificateholders or the Indenture Trustee pursuant to this
Section 10.01 to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of
Certificateholders provided for in this Trust Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable requirements as the Owner
Trustee may prescribe.

         (h) In connection with the execution of any amendment to any agreement
to which the Trust is a party, other than this Trust Agreement, the Owner
Trustee shall be entitled to receive and conclusively rely upon an Opinion of
Counsel to the effect that such amendment is authorized or permitted by the
documents subject to such amendment and that all conditions precedent in the
Basic Documents for the execution and delivery thereof by the Trust or the Owner
Trustee, as the case may be, have been satisfied.

         Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State of the State of Delaware.

         Section 10.02 NO LEGAL TITLE TO OWNER TRUST ESTATE. The
Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with
respect to their undivided beneficial interest therein only in accordance with
Articles V and IX. No transfer, by operation of law or otherwise, of any right,
title or interest of the Certificateholders to and in their ownership interest
in the Owner Trust Estate shall operate to terminate this Trust Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer
to it of legal title to any part of the Owner Trust Estate.

         Section 10.03 LIMITATIONS ON RIGHTS OF OTHERS. Except for Section 2.07,
the provisions of this Trust Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Holder of the Designated Certificate, the
Certificateholders, the Administrator, the Credit Enhancer and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Trust Agreement (other than Section 2.07), whether express or
implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Owner Trust Estate or under or in respect of this
Trust Agreement or any covenants, conditions or provisions contained herein.

         Section 10.04 NOTICES. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given upon receipt , if to the Owner Trustee, addressed to the Corporate
Trust Office; if to the Depositor, addressed to MortgageIT Securities Corp.,
______________________________; Attention: _________________; if to the Credit
Enhancer, addressed to ___________, Attention: _________________, if to the
Rating Agencies, addressed to ________________________ Attention: __________or,
as to each party, at such other address as shall be designated by such party in
a written notice to each other party.

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

         (c) A copy of any notice delivered to the Owner Trustee or the Trust
shall also be delivered to the Depositor and the Administrator.

         Section 10.05 SEVERABILITY. Any provision of this Trust Agreement that
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

         Section 10.06 SEPARATE COUNTERPARTS. This Trust Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

         Section 10.07 SUCCESSORS AND ASSIGNS. All representations, warranties,
covenants and agreements contained herein shall be binding upon, and inure to
the benefit of, each of the Depositor, the Owner Trustee and its successors and
each Certificateholder and its successors and permitted assigns, all as herein
provided and the Credit Enhancer. Any request, notice, direction, consent,
waiver or other instrument or action by a Certificateholder shall bind the
successors and assigns of such Certificateholder.

         Section 10.08 [NO PETITION. The Owner Trustee, by entering into this
Trust Agreement and each Certificateholder, by accepting a Certificate, hereby
covenant and agree that they will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust of, any bankruptcy proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations to the
Certificates, the Notes, this Trust Agreement or any of the Basic Documents.]

         Section 10.09 NO RECOURSE. Each Certificateholder by accepting a
Certificate acknowledges that such Certificateholder's Certificates represent
beneficial interests in the Trust only and do not represent interests in or
obligations of the Depositor, the Holder of the Designated Certificate, the
Seller, the Administrator, the Owner Trustee, the Indenture Trustee or any
Affiliate thereof and no recourse may be had against such parties or their
assets, except as may be expressly set forth or contemplated in this Trust
Agreement, the Certificates or the Basic Documents.

         Section 10.10 HEADINGS. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         Section 10.11 GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 10.12 INTEGRATION. This Trust Agreement constitutes the entire
agreement among the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements and understanding pertaining thereto.

<PAGE>

         IN WITNESS WHEREOF, the Depositor and the Owner Trustee have caused
their names to be signed hereto by their respective officers thereunto duly
authorized, all as of the day and year first above written.

                                   MORTGAGEIT SECURITIES CORP.

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

                                   ______________________, not in its individual
                                   capacity but solely as Owner Trustee,

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

Acknowledged and Agreed:

_______________________________________
   __________, as Certificate Registrar
   and Certificate Paying Agent

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

<PAGE>

                                    EXHIBIT A

                              [Form Of Certificate]

                                     [Face]

         THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 3.05 OF THE TRUST AGREEMENT REFERRED
TO HEREIN.

         NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED EITHER (I) A REPRESENTATION LETTER FROM THE
TRANSFEREE OF THIS CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN
EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A
PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN,
OR (II) IF THIS CERTIFICATE IS PRESENTED FOR REGISTRATION IN THE NAME OF A PLAN
SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA, OR SECTION 4975 OF
THE CODE (OR COMPARABLE PROVISIONS OF ANY SUBSEQUENT ENACTMENTS), OR A TRUSTEE
OF ANY SUCH PLAN, OR ANY OTHER PERSON WHO IS USING THE ASSETS OF ANY SUCH PLAN
TO EFFECT SUCH ACQUISITION, AN OPINION OF COUNSEL TO THE EFFECT THAT THE
PURCHASE OR HOLDING OF THIS CERTIFICATE WILL NOT RESULT IN THE ASSETS OF THE
OWNER TRUST ESTATE BEING DEEMED TO BE "PLAN ASSETS" AND SUBJECT TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR THE PROHIBITED TRANSACTION PROVISIONS OF
THE CODE, WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION WITHIN THE
MEANING OF SECTION 406 OR SECTION 407 OF ERISA OR SECTION 4975 OF THE CODE, AND
WILL NOT SUBJECT THE OWNER TRUSTEE OR THE DEPOSITOR TO ANY OBLIGATION OR
LIABILITY.

         NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE
REGISTRAR SHALL HAVE RECEIVED A CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS
TO THE TRANSFEREE'S STATUS AS A U.S. PERSON OR CORPORATION UNDER U.S. LAW.

         THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
SELLER, THE DEPOSITOR, THE SERVICER, THE INDENTURE TRUSTEE, OR THE OWNER TRUSTEE
OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE TRUST
AGREEMENT OR THE BASIC DOCUMENTS.

<PAGE>

Certificate No. _____                 Original principal amount ("Denomination")
                                      of this Certificate:  $______________

Aggregate Denominations of all Certificates: $

Pass-Through Rate:  Floating

Cut-Off Date:

First Payment Date:  ________, ____

CUSIP NO. __________

                           MORTGAGEIT TRUST 200_ - __

         Evidencing a fractional undivided equity interest in the Owner Trust
Estate, the property of which consists primarily of the Mortgage Collateral in
_________________________, a corporation sold by MORTGAGEIT SECURITIES CORP., as
depositor.

         This certifies that [name of Holder] is the registered owner of the
Percentage Interest represented hereby in the MortgageIT Trust 200_ - __ (the
"Trust").

         The Trust was created pursuant to an Trust Agreement dated as of (as
amended and supplemented from time to time, the "Trust Agreement") between the
Depositor and ______________________, as owner trustee (as amended and
supplemented from time to time, the "Owner Trustee", which term includes any
successor entity under the Trust Agreement), a summary of certain of the
pertinent provisions of which is set forth hereinafter. This Certificate is
issued under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the Holder of this Certificate by virtue of
the acceptance hereof assents and by which such Holder is bound.

         This Certificate is one of a duly authorized issue of Mortgage-Backed
Certificates, Series 200_-__ (herein called the "Certificates") issued under the
Trust Agreement to which reference is hereby made for a statement of the
respective rights thereunder of the Depositor, the Owner Trustee and the Holders
of the Certificates and the terms upon which the Certificates are executed and
delivered. All terms used in this Certificate which are defined in the Trust
Agreement shall have the meanings assigned to them in the Trust Agreement. The
Owner Trust Estate consists of the Mortgage Collateral in the MortgageIT Trust
200_ - __ and a Surety Bond. The rights of the Holders of the Certificates are
subordinated to the rights of the Holders of the Notes, as set forth in the
[Indenture].

         There will be distributed on the [twenty-fifth] day of each month or,
if such day is not a Business Day, the next Business Day (each, a "Payment
Date"), commencing in _____________, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month of such Payment Date (the "Record Date"), such
Certificateholder's Percentage Interest (obtained by dividing the Denomination
of this Certificate by the aggregate Denominations of all Certificates) in the
amount to be distributed to Certificateholders on such Payment Date.

         The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Payment Account that
have been released from the Lien of the Indenture for payment hereunder and that
neither the Owner Trustee in its individual capacity nor the Depositor is
personally liable to the Certificateholders for any amount payable under this
Certificate or the Trust Agreement or, except as expressly provided in the Trust
Agreement, subject to any liability under the Trust Agreement.

         The Holder of this Certificate acknowledges and agrees that its rights
to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Indenture, dated as of _________,
____, between the Trust and __________________________________, as Indenture
Trustee (the "Indenture").

         It is the intent of the Depositor and the Certificateholders that, for
purposes of federal income, state and local income and single business tax and
any other income taxes, the Trust will be treated as a corporation. The
Depositor and each Certificateholder, by acceptance of a Certificate, agree to
treat, and to take no action inconsistent with the treatment of, the
Certificates for such tax purposes as an equity interest in a corporation.

         Each Certificateholder, by its acceptance of a Certificate, covenants
and agrees that such Certificateholder will not at any time institute against
the Depositor, or join in any institution against the Depositor or the Trust of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

         Distributions on this Certificate will be made as provided in the Trust
Agreement by the Certificate Paying Agent by wire transfer or check mailed to
the Certificateholder of record in the Certificate Register without the
presentation or surrender of this Certificate or the making of any notation
hereon. Except as otherwise provided in the Trust Agreement and notwithstanding
the above, the final distribution on this Certificate will be made after due
notice by the Certificate Paying Agent of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained by the Certificate Registrar for that purpose by the Trust in the
Borough of Manhattan, The City of New York.

         Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, or an authenticating
agent by manual signature, this Certificate shall not entitle the Holder hereof
to any benefit under the Trust Agreement or be valid for any purpose.

         THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

<PAGE>

         IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not
in its individual capacity, has caused this Certificate to be duly executed.

                                 MORTGAGEIT TRUST 200_ - __

                                 by    _____________________, not in its
                                 individual capacity but solely as Owner Trustee

Dated: ____________________      _______________________________________________
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within mentioned Trust
Agreement.

____________________________________________,
not in its individual capacity
but solely as Owner Trustee

By:_________________________________________
         Authorized Signatory

or _________________________________________
   as Authenticating Agent of the Trust

By:_________________________________________
         Authorized Signatory

<PAGE>

                            [REVERSE OF CERTIFICATE]

         The Certificates do not represent an obligation of, or an interest in,
the Depositor, the Seller, the Servicer, the Indenture Trustee, the Owner
Trustee or any Affiliates of any of them and no recourse may be had against such
parties or their assets, except as expressly set forth or contemplated herein or
in the Trust Agreement or the Basic Documents. In addition, this Certificate is
not guaranteed by any governmental agency or instrumentality and is limited in
right of payment to certain collections and recoveries with respect to the
Mortgage Collateral, all as more specifically set forth herein. A copy of the
Trust Agreement may be examined by any Certificateholder upon written request
during normal business hours at the principal office of the Depositor and at
such other places, if any, designated by the Depositor.

         The Trust Agreement permits the amendment thereof as specified below,
provided that any amendment be accompanied by the consent of the Credit Enhancer
and an Opinion of Counsel to the Owner Trustee to the effect that such amendment
complies with the provisions of the Trust Agreement and will not cause the Trust
to be subject to an entity level tax. If the purpose of the amendment is to
correct any mistake, eliminate any inconsistency, cure any ambiguity or deal
with any matter not covered, it shall not be necessary to obtain the consent of
any Holder, but the Owner Trustee shall be furnished with a letter from the
Rating Agencies that the amendment will not result in the downgrading or
withdrawal of the rating then assigned to any Security. If the purpose of the
amendment is to prevent the imposition of any federal or state taxes at any time
that any Security is outstanding, it shall not be necessary to obtain the
consent of the any Holder, but the Owner Trustee shall be furnished with an
Opinion of Counsel that such amendment is necessary or helpful to prevent the
imposition of such taxes and is not materially adverse to any Holder. If the
purpose of the amendment is to add or eliminate or change any provision of the
Trust Agreement, other than as specified in the preceding two sentences, the
amendment shall require either (a) a letter from the Rating Agencies that the
amendment will not result in the downgrading or withdrawal of the rating then
assigned to any Security or (b) the consent of Holders of the Certificates
evidencing a majority of the Percentage Interests of the Certificates and the
Indenture Trustee; PROVIDED, HOWEVER, that no such amendment shall (i) reduce in
any manner the amount of, or delay the time of, payments received that are
required to be distributed on any Certificate without the consent of the related
Certificateholder, or (ii) reduce the aforesaid percentage of Certificates the
Holders of which are required to consent to any such amendment without the
consent of the Holders of all such Certificates then outstanding.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registerable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies of the Certificate Registrar maintained by
the Trust in the Borough of Manhattan, The City of New York, accompanied by a
written instrument of transfer in form satisfactory to the Certificate Registrar
duly executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of authorized denominations
evidencing the same aggregate interest in the Trust will be issued to the
designated transferee. The initial Certificate Registrar appointed under the
Trust Agreement is __________________________________.

         Except as provided in the Trust Agreement, the Certificates are
issuable only in minimum denominations of $10,000 and in integral multiples of
$10,000 in excess thereof, except for one Certificate that may not be in an
integral multiple of $10,000. As provided in the Trust Agreement and subject to
certain limitations therein set forth, Certificates are exchangeable for new
Certificates of authorized denominations evidencing the same aggregate
denomination, as requested by the Holder surrendering the same. No service
charge will be made for any such registration of transfer or exchange, but the
Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

         The Owner Trustee, the Certificate Paying Agent, the Certificate
Registrar and any agent of the Owner Trustee, the Certificate Paying Agent, or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and none of the Owner Trustee,
the Certificate Paying Agent, the Certificate Registrar or any such agent shall
be affected by any notice to the contrary.

         The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate (i) upon the final distribution of all
moneys or other property or proceeds of the Owner Trust Estate in accordance
with the terms of the Indenture and the Trust Agreement, (ii) the Payment Date
in ____________, or (iii) upon the bankruptcy or insolvency of the Holder of the
Designated Certificate and the satisfaction of other conditions specified in
Section 8.02 of the Trust Agreement.

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing to transfer said Certificate on the books of the
Certificate Registrar, with full power of substitution in the premises.

Dated:

                                            _________________________________ */
                                                   Signature Guaranteed:

                                            _________________________________ */

----------
*/ NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

<PAGE>

                            DISTRIBUTION INSTRUCTIONS

         The assignee should include the following for the information of the
Certificate Paying Agent:

         Distribution shall be made by wire transfer in immediately available
funds to ___________________________________________________________ for the
account of _____________________________________, account number ______________,
or, if mailed by check, to ______________.

         Applicable statements should be mailed to__________________.

                                       _________________________________________
                                       Signature of assignee or agent
                                       (for authorization of wire transfer only)

<PAGE>

                                    EXHIBIT B
                             TO THE TRUST AGREEMENT

                             CERTIFICATE OF TRUST OF
                           MORTGAGEIT TRUST 200_ - __

         THIS Certificate of Trust of MortgageIT Trust 200_ - __ (the "Trust"),
dated ___________, ____, is being duly executed and filed by
______________________, a Delaware banking corporation, as trustee, to form a
statutory trust under the Delaware Statutory Trust Act (12 DEL. CODE, ss. 3801
ET SEQ.).

         1. NAME. The name of the statutory trust formed hereby is MortgageIT
Trust 200_ - __.

         2. DELAWARE TRUSTEE. The name and business address of the trustee of
the Trust in the State of Delaware is _______________, _______________,
_______________, _______________, Attention: _________________________________.

         IN WITNESS WHEREOF, the undersigned, being the sole trustee of the
Trust, has executed this Certificate of Trust as of the date first above
written.

                                       not in its individual capacity but
                                       solely as owner trustee under a Trust
                                       Agreement dated as of _________, ___,

                                       By:______________________________________
                                       Name:
                                       Title:

<PAGE>

                                    EXHIBIT C

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

                         _______________________________
                         _______________________________
                         _______________________________
                         _______________________________

         The undersigned seller, as registered holder (the "Seller"), intends to
transfer the Rule 144A Securities described above to the undersigned buyer (the
"Buyer").

         1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.

         2. The Buyer warrants and represents to, and covenants with, the Owner
Trustee and the Depositor (as defined in the Trust Agreement (the "Agreement"),
dated as of _________, ____ between MortgageIT Securities Corp., as Depositor
and ______________________, as Owner Trustee pursuant to Section 3.05 of the
Agreement and __________________________________ as indenture trustee, as
follows:

                  a. The Buyer understands that the Rule 144A Securities have
         not been registered under the 1933 Act or the securities laws of any
         state.

                  b. The Buyer considers itself a substantial, sophisticated
         institutional investor having such knowledge and experience in
         financial and business matters that it is capable of evaluating the
         merits and risks of investment in the Rule 144A Securities.

                  c. The Buyer has been furnished with all information regarding
         the Rule 144A Securities that it has requested from the Seller, the
         Indenture Trustee, the Owner Trustee or the Servicer.

                  d. Neither the Buyer nor anyone acting on its behalf has
         offered, transferred, pledged, sold or otherwise disposed of the Rule
         144A Securities, any interest in the Rule 144A Securities or any other
         similar security to, or solicited any offer to buy or accept a
         transfer, pledge or other disposition of the Rule 144A Securities, any
         interest in the Rule 144A Securities or any other similar security
         from, or otherwise approached or negotiated with respect to the Rule
         144A Securities, any interest in the Rule 144A Securities or any other
         similar security with, any person in any manner, or made any general
         solicitation by means of general advertising or in any other manner, or
         taken any other action, that would constitute a distribution of the
         Rule 144A Securities under the 1933 Act or that would render the
         disposition of the Rule 144A Securities a violation of Section 5 of the
         1933 Act or require registration pursuant thereto, nor will it act, nor
         has it authorized or will it authorize any person to act, in such
         manner with respect to the Rule 144A Securities.

                  e. The Buyer is a "qualified institutional buyer" as that term
         is defined in Rule 144A under the 1933 Act and has completed either of
         the forms of certification to that effect attached hereto as Annex 1 or
         Annex 2. The Buyer is aware that the sale to it is being made in
         reliance on Rule 144A. The Buyer is acquiring the Rule 144A Securities
         for its own account or the accounts of other qualified institutional
         buyers, understands that such Rule 144A Securities may be resold,
         pledged or transferred only (i) to a person reasonably believed to be a
         qualified institutional buyer that purchases for its own account or for
         the account of a qualified institutional buyer to whom notice is given
         that the resale, pledge or transfer is being made in reliance on Rule
         144A, or (ii) pursuant to another exemption from registration under the
         1933 Act.

         [3. The Buyer warrants and represents to, and covenants with, the
Seller, the Indenture Trustee, Owner Trustee, Servicer and the Depositor that
either (1) the Buyer is (A) not an employee benefit plan (within the meaning of
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")), or a plan (within the meaning of Section 4975(e)(1) of the Internal
Revenue Code of 1986 ("Code")), which (in either case) is subject to ERISA or
Section 4975 of the Code (both a "Plan"), and (B) is not directly or indirectly
purchasing the Rule 144A Securities on behalf of, as investment manager of, as
named fiduciary of, as trustee of, or with "plan assets" of a Plan, or (2) the
Buyer understands that registration of transfer of any Rule 144A Securities to
any Plan, or to any Person acting on behalf of any Plan, will not be made unless
such Plan delivers an opinion of its counsel, addressed and satisfactory to the
Certificate Registrar and the Depositor, to the effect that the purchase and
holding of the Rule 144A Securities by, on behalf of or with "plan assets" of
any Plan would not constitute or result in a prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and would not subject the
Depositor, the Servicer, the Indenture Trustee or the Trust to any obligation or
liability (including liabilities under ERISA or Section 4975 of the Code) in
addition to those undertaken in the Agreement or any other liability.]

         4. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.

<PAGE>

         IN WITNESS WHEREOF, each of the parties has executed this document as
of the date set forth below.

Print Name of Seller                         Print Name of Buyer

By:_________________________________         By:________________________________
   Name:                                        Name:
   Title:                                       Title:

Taxpayer Identification:                     Taxpayer Identification:

No. ________________________________         No. _______________________________

Date:_______________________________         Date:______________________________

<PAGE>
                                                            ANNEX 1 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

         The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

         1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

         2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $____________________(1) in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.

         ___      CORPORATION, ETC. The Buyer is a corporation (other than a
                  bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or
                  charitable organization described in Section 501(c)(3) of the
                  Internal Revenue Code.

         ___      BANK. The Buyer (a) is a national bank or banking institution
                  organized under the laws of any State, territory or the
                  District of Columbia, the business of which is substantially
                  confined to banking and is supervised by the State or
                  territorial banking commission or similar official or is a
                  foreign bank or equivalent institution, and (b) has an audited
                  net worth of at least $25,000,000 as demonstrated in its
                  latest annual financial statements, a copy of which is
                  attached hereto.

         ___      SAVINGS AND LOAN. The Buyer (a) is a savings and loan
                  association, building and loan association, cooperative bank,
                  homestead association or similar institution, which is
                  supervised and examined by a State or Federal authority having
                  supervision over any such institutions or is a foreign savings
                  and loan association or equivalent institution and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements.

         ___      BROKER-DEALER. The Buyer is a dealer registered pursuant to
                  Section 15 of the Securities Exchange Act of 1934.

         ___      INSURANCE COMPANY. The Buyer is an insurance company whose
                  primary and predominant business activity is the writing of
                  insurance or the reinsuring of risks underwritten by insurance
                  companies and which is subject to supervision by the insurance
                  commissioner or a similar official or agency of a State or
                  territory or the District of Columbia.

----------
    (1) Buyer must own and/or invest on a discretionary basis at least
$100,000,000 in securities unless Buyer is a dealer, and, in that case, Buyer
must own and/or invest on a discretionary basis at least $10,000,000 in
securities.

<PAGE>

         ___      STATE OR LOCAL PLAN. The Buyer is a plan established and
                  maintained by a State, its political subdivisions, or any
                  agency or instrumentality of the State or its political
                  subdivisions, for the benefit of its employees.

         ___      ERISA PLAN. The Buyer is an employee benefit plan within the
                  meaning of Title I of the Employee Retirement Income Security
                  Act of 1974.

         ___      INVESTMENT ADVISER. The Buyer is an investment adviser
                  registered under the Investment Advisers Act of 1940.

         ___      SBIC. The Buyer is a Small Business Investment Company
                  licensed by the U.S. Small Business Administration under
                  Section 301(c) or (d) of the Small Business Investment Act of
                  1958.

         ___      BUSINESS DEVELOPMENT COMPANY. The Buyer is a business
                  development company as defined in Section 202(a)(22) of the
                  Investment Advisers Act of 1940.

         ___      TRUST FUND. The Buyer is a trust fund whose trustee is a bank
                  or trust company and whose participants are exclusively (a)
                  plans established and maintained by a State, its political
                  subdivisions, or any agency or instrumentality of the State or
                  its political subdivisions, for the benefit of its employees,
                  or (b) employee benefit plans within the meaning of Title I of
                  the Employee Retirement Income Security Act of 1974, but is
                  not a trust fund that includes as participants individual
                  retirement accounts or H.R. 10 plans.

         3. The term "SECURITIES" as used herein DOES NOT INCLUDE (i) securities
of issuers that are affiliated with the Buyer, (ii) securities that are part of
an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

         4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

         5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

         ___      ___      Will the Buyer be purchasing the Rule 144A
         Yes      No       Securities only for the Buyer's own account?

         6. If the answer to the foregoing question is "no", the Buyer agrees
that, in connection with any purchase of securities sold to the Buyer for the
account of a third party (including any separate account) in reliance on Rule
144A, the Buyer will only purchase for the account of a third party that at the
time is a "qualified institutional buyer" within the meaning of Rule 144A. In
addition, the Buyer agrees that the Buyer will not purchase securities for a
third party unless the Buyer has obtained a current representation letter from
such third party or taken other appropriate steps contemplated by Rule 144A to
conclude that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

         7. The Buyer will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of Rule 144A Securities will
constitute a reaffirmation of this certification as of the date of such
purchase.

                                       _________________________________________
                                       Print Name of Buyer

                                       By:______________________________________
                                          Name:
                                          Title:

                                       Date:____________________________________

<PAGE>

                                                            ANNEX 2 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

         The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

         1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

         2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

         ____     The Buyer owned $___________________ in securities (other than
                  the excluded securities referred to below) as of the end of
                  the Buyer's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

         ____     The Buyer is part of a Family of Investment Companies which
                  owned in the aggregate $______________ in securities (other
                  than the excluded securities referred to below) as of the end
                  of the Buyer's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

         3. The term "FAMILY OF INVESTMENT COMPANIES" as used herein means two
or more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

         4. The term "SECURITIES" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer or are part of the Buyer's Family
of Investment Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

         5. The Buyer is familiar with Rule 144A and understands that each of
the parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.

         6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.

                                       _________________________________________
                                       Print Name of Buyer

                                       By:______________________________________
                                          Name:
                                          Title:

                                       Date:____________________________________

                                 IF AN ADVISER:

                                       _________________________________________
                                       Print Name of Advisor

                                       Date:____________________________________

<PAGE>

                                    EXHIBIT D

                        CERTIFICATE OF NON-FOREIGN STATUS

         This Certificate of Non-Foreign Status ("certificate") is delivered
pursuant to Section 3.03 of the Trust Agreement, dated as of _________, ____
(the "Trust Agreement"), between MortgageIT Securities Corp., as depositor and
______________________, as Owner Trustee, in connection with the acquisition of,
transfer to or possession by the undersigned, whether as beneficial owner (the
"Beneficial Owner"), or nominee on behalf of the Beneficial Owner of the
Mortgage-Backed Certificates, Series 200_-__ (the "Certificate"). Capitalized
terms used but not defined in this certificate have the respective meanings
given them in the Trust Agreement.

         Each holder must complete Part I, Part II (if the holder is a nominee),
and in all cases sign and otherwise complete Part III. In addition, each holder
shall submit with the Certificate an IRS Form W-9 relating to such holder.

         To confirm to the Trust that the provisions of Sections 871, 881 or
1446 of the Internal Revenue Code (relating to withholding tax on foreign
partners) do not apply in respect of the Certificate held by the undersigned,
the undersigned hereby certifies:

Part I-  Complete Either A or B

         A.    Individual as Beneficial Owner

               1.   I am (The Beneficial Owner is ) not a non-resident alien for
                    purposes of U.S. income taxation;

               2.   My (The Beneficial Owner's) name and home address are:

                    ____________________________________
                    ____________________________________
                    ____________________________________; and

               3.   My (The Beneficial Owner's) U.S. taxpayer identification
                    number (Social Security Number) is _______________________.

         B.    Corporate, Partnership or Other Entity as Beneficial Owner

               1.   __________________________ (Name of the Beneficial Owner) is
                    not a foreign corporation, foreign partnership, foreign
                    trust or foreign estate (as those terms are defined in the
                    Code and Treasury Regulations;

               2.   The Beneficial Owner's office address and place of
                    incorporation (if applicable) is
                    _______________________________; and

               3.   The Beneficial Owner's U.S. employer identification number
                    is __________________________.

Part II- Nominees

         If the undersigned is the nominee for the Beneficial Owner, the
undersigned certifies that this certificate has been made in reliance upon
information contained in:

         _____    an IRS Form W-9

         _____    a form such as this or substantially similar

         provided to the undersigned by an appropriate person and (i) the
         undersigned agrees to notify the Trust at least thirty (30) days prior
         to the date that the form relied upon becomes obsolete, and (ii) in
         connection with change in Beneficial Owners, the undersigned agrees to
         submit a new Certificate of Non-Foreign Status to the Trust promptly
         after such change.

Part III - Declaration

         The undersigned, as the Beneficial Owner or a nominee thereof, agrees
to notify the Trust within sixty (60) days of the date that the Beneficial Owner
becomes a foreign person. The undersigned understands that this certificate may
be disclosed to the Internal Revenue Service by the Trust and any false
statement contained therein could be punishable by fines, imprisonment or both.

         Under penalties of perjury, I declare that I have examined this
certificate and to the best of my knowledge and belief it is true, correct and
complete and will further declare that I will inform the Trust of any change in
the information provided above, and, if applicable, I further declare that I
have the authority* to sign this document.

__________________________
Name

__________________________
Title (if applicable)

__________________________
Signature and Date

    *Note: If signed pursuant to a power of attorney, the power of attorney must
accompany this certificate.

<PAGE>

                                    EXHIBIT E

                    FORM OF INVESTMENT LETTER [NON-RULE 144A]

                                     [DATE]

[Certificate Registrar]

     Re:  MortgageIT Trust 200_ - __ ,
          MORTGAGE-BACKED CERTIFICATES, SERIES 200_-__, (THE "CERTIFICATES")

Ladies and Gentlemen:

         In connection with our acquisition of the above-captioned Certificates,
we certify that (a) we understand that the Certificates are not being registered
under the Securities Act of 1933, as amended (the "Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Act and any such laws, (b) we are an
"accredited investor," as defined in Regulation D under the Act, and have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of investments in the Certificates, (c) we
have had the opportunity to ask questions of and receive answers from the
Depositor concerning the purchase of the Certificates and all matters relating
thereto or any additional information deemed necessary to our decision to
purchase the Certificates, (d) we are not an employee benefit plan that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or a
plan that is subject to Section 4975 of the Internal Revenue Code of 1986, as
amended, nor are we acting on behalf of any such plan, (e) we are acquiring the
Certificates for investment for our own account and not with a view to any
distribution of such Certificates (but without prejudice to our right at all
times to sell or otherwise dispose of the Certificates in accordance with clause
(g) below), (f) we have not offered or sold any Certificates to, or solicited
offers to buy any Certificates from, any person, or otherwise approached or
negotiated with any person with respect thereto, or taken any other action which
would result in a violation of Section 5 of the Act, and (g) we will not sell,
transfer or otherwise dispose of any Certificates unless (1) such sale, transfer
or other disposition is made pursuant to an effective registration statement
under the Act or is exempt from such registration requirements, and if
requested, we will at our expense provide an opinion of counsel satisfactory to
the addressees of this certificate that such sale, transfer or other disposition
may be made pursuant to an exemption from the Act, (2) the purchaser or
transferee of such Certificate has executed and delivered to you a certificate
to substantially the same effect as this certificate, and (3) the purchaser or
transferee has otherwise complied with any conditions for transfer set forth in
the Trust Agreement.

                                       Very truly yours,

                                       [TRANSFEREE]

                                       By:______________________________________
                                                     Authorized Officer

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