Document:

EXHIBIT 10.1
                                 EXECUTION COPY

                   RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,

                                  as Purchaser,

                           GMAC MORTGAGE CORPORATION,

                                   as Seller,

                        GMACM HOME LOAN TRUST 2000-HLTV2,

                                   as Issuer,

                                       and

                              THE BANK OF NEW YORK,

                              as Indenture Trustee

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

                          HOME LOAN PURCHASE AGREEMENT
                  --------------------------------------------

                           Dated as of August 29, 2000

<PAGE>

        This Home Loan Purchase Agreement (the "Agreement"),  dated as of August
29, 2000, is made among GMAC  Mortgage  Corporation,  as seller (the  "Seller"),
Residential Asset Mortgage Products, Inc., as purchaser (the "Purchaser"), GMACM
Home Loan Trust 2000-HLTV2,  as issuer (the "Issuer"), and The Bank of New York,
as indenture trustee (the "Indenture Trustee").

                                   WITNESSETH:

        WHEREAS,  the Seller owns the Cut-Off  Date  Principal  Balances and the
Related  Documents for the home equity loans indicated on the Home Loan Schedule
attached as Exhibit 1 hereto (the "Initial Home Loans"), including rights to (a)
any  property  acquired  by  foreclosure  or  deed in  lieu  of  foreclosure  or
otherwise,  and (b) the proceeds of any insurance  policies covering the Initial
Home Loans;

        WHEREAS,  the parties hereto desire that the Seller (i) sell the Cut-Off
Date  Principal  Balances  of the  Initial  Home Loans to the  Purchaser  on the
Closing Date pursuant to the terms of this  Agreement  together with the Related
Documents,  (ii) may sell  Subsequent  Home  Loans to the  Issuer on one or more
Subsequent  Transfer  Dates  pursuant  to the  terms of the  related  Subsequent
Transfer Agreement, and (iii) make certain representations and warranties on the
Closing Date and on each Subsequent Transfer Date;

        WHEREAS,  pursuant to the Trust  Agreement,  the Purchaser will sell the
Initial Home Loans and  transfer  all of its rights under this  Agreement to the
Issuer on the Closing Date;

     WHEREAS,  pursuant to the terms of the  Servicing  Agreement,  the Servicer
will service the Home Loans;

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

     WHEREAS,  pursuant to the terms of the Indenture, the Issuer will issue the
Notes, secured by the Trust Estate;

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

                                   ARTICLE I

                                   DEFINITIONS

Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise
expressly provided herein or unless the context otherwise requires,  capitalized
terms not  otherwise  defined  herein shall have the  meanings  assigned to such
terms in the  Definitions  contained in Appendix A to the indenture  dated as of
August 29, 2000 (the "Indenture"), between the Issuer and the Indenture Trustee,
which is  incorporated by reference  herein.  All other  capitalized  terms used
herein shall have the meanings specified herein.

<PAGE>

Section 1.2 Other Definitional  Provisions.  All terms defined in this Agreement
shall have the defined  meanings when used in any  certificate or other document
made or delivered pursuant hereto unless otherwise defined therein.

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

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

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

        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.

                                   ARTICLE II

                    SALE OF HOME LOANS AND RELATED PROVISIONS

Section 2.1    Sale of Initial Home Loans.

(a) The Seller,  by the  execution and delivery of this  Agreement,  does hereby
sell, assign, set over, and otherwise convey to the Purchaser, without recourse,
all of its  right,  title and  interest  in, to and  under  the  following,  and
wherever  located:  (i) the  Initial  Home Loans  (including  the  Cut-Off  Date
Principal Balances),  all interest accruing thereon, all monies due or to become
due thereon,  and all  collections in respect  thereof  received on or after the
Cut-Off Date (other than interest  thereon in respect of any period prior to the
Cut-Off  Date);  (ii) the  interest of the Seller in any  insurance  policies in
respect of the Initial Home Loans; and (iii) all proceeds of the foregoing. Such
conveyance  shall be  deemed  to be  made:  with  respect  to the  Cut-Off  Date
Principal Balances, as of the Closing Date, subject to the receipt by the Seller
of consideration therefor as provided herein under clause (a) of Section 2.3.

<PAGE>

        In addition,  the Issuer shall deposit with the  Indenture  Trustee from
proceeds of the issuance of the  Securities on the Closing Date (i) the Original
Pre-Funded  Amount for deposit in the Pre-Funding  Account and (ii) the Interest
Coverage Amount for deposit in the Capitalized Interest Account.

(b) In  connection  with the  conveyance by the Seller of the Initial Home Loans
and any Subsequent Home Loans, the Seller further agrees, at its own expense, on
or prior to the  Closing  Date with  respect to the  Principal  Balances  of the
Initial Home Loans and on or prior to the related Subsequent Cut-Off Date in the
case of any Subsequent Home Loans, to indicate in its books and records that the
Initial Home Loans have been sold to the Purchaser  pursuant to this  Agreement,
and, in the case of the  Subsequent  Home Loans,  to the Issuer  pursuant to the
related Subsequent Transfer Agreement,  and to deliver to the Purchaser true and
complete  lists of all of the Home Loans  specifying  for each Home Loan (i) its
account number,  (ii) its Cut-Off Date Principal  Balance or Subsequent  Cut-Off
Date  Principal  Balance  and (iii) the Loan Group or Loan  Groups to which such
Subsequent  Home  Loans  relate.  Such  lists,  which form part of the Home Loan
Schedule,  shall  be  marked  as  Exhibit  1 to this  Agreement  and are  hereby
incorporated into and made a part of this Agreement.

(c) In  connection  with the  conveyance by the Seller of the Initial Home Loans
and any  Subsequent  Home  Loans,  the Seller  shall on behalf of the  Purchaser
deliver to, and deposit  with the  Custodian,  at least five (5)  Business  Days
before the Closing Date in the case of an Initial  Home Loan,  and, on behalf of
the Issuer,  three (3) Business  Days prior to the related  Subsequent  Transfer
Date in the case of a Subsequent Home Loan, with respect to (i) below, or within
90 days of the Closing Date or the Subsequent Transfer Date, as the case may be,
with respect to (ii) through (v) below,  the following  documents or instruments
with respect to each related Home Loan:

(i) the  original  Mortgage  Note  endorsed  without  recourse  in blank  (which
endorsement shall contain either an original signature or a facsimile  signature
of an authorized  officer of the Seller) or, with respect to any Home Loan as to
which the original  Mortgage Note has been permanently lost or destroyed and has
not been replaced, a Lost Note Affidavit;

(ii) the  original  Mortgage  with  evidence of  recording  thereon,  or, if the
original  Mortgage has not yet been returned from the public recording office, a
copy of the original  Mortgage  certified  by the Seller that such  Mortgage has
been sent for  recording,  or a county  certified  copy of such  Mortgage in the
event the recording office keeps the original or if the original is lost;

(iii) assignments  (which may be included in one or more blanket  assignments if
permitted by applicable  law) of the Mortgage in recordable form from the Seller
to "The Bank of New York,  as Indenture  Trustee  under that  certain  Indenture
dated as of  August  29,  2000,  for  GMACM  Home Loan  Trust  2000-HLTV2,  Home
Loan-Backed  Term  Notes"  c/o  the  Servicer  at an  address  specified  by the
Servicer;

(iv)  originals  of  any  intervening  assignments  of  the  Mortgage  from  the
originator  to the  Seller,  with  evidence  of  recording  thereon,  or, if the
original of any such  intervening  assignment has not yet been returned from the
public  recording  office,  a  copy  of  such  original  intervening  assignment
certified by the Seller that such original intervening  assignment has been sent
for recording; and

<PAGE>

(v) a true and correct copy of each assumption,  modification,  consolidation or
substitution agreement, if any, relating to such Home Loan.

        Within the time period for the review of each Mortgage File set forth in
Section 2.2 of the  Custodial  Agreement,  if a material  defect in any Mortgage
File is discovered  which may materially  and adversely  affect the value of the
related Home Loan, or the interests of the Indenture  Trustee (as pledgee of the
Home Loans), the Noteholders,  the  Certificateholders or the Credit Enhancer in
such Home Loan,  including the Seller's failure to deliver any document required
to be delivered to the Custodian on behalf of the Indenture  Trustee  (provided,
that a Mortgage  File will not be deemed to  contain a defect for an  unrecorded
assignment  under clause (iv) above if the Seller has submitted such  assignment
for  recording  pursuant to the terms of the  following  paragraph),  the Seller
shall cure such defect, repurchase the related Home Loan at the Repurchase Price
or  substitute  an Eligible  Substitute  Loan  therefor  upon the same terms and
conditions set forth in Section 3.1 hereof for breaches of  representations  and
warranties as to the Home Loans.

        In  instances  where an original  Mortgage or any  original  intervening
assignment of Mortgage was not, in  accordance  with clauses (ii) or (iv) above,
delivered by the Seller to the  Custodian  contemporaneously  with the execution
and delivery of this Agreement, the Seller will deliver or cause to be delivered
the originals or certified  copies of such  documents to the Custodian  promptly
upon receipt thereof.

        Upon sale of the Initial  Home Loans,  the  ownership  of each  Mortgage
Note, each related  Mortgage and the contents of the related Mortgage File shall
be vested in the Purchaser  and the ownership of all records and documents  with
respect to the  Initial  Home Loans that are  prepared  by or that come into the
possession of the Seller as seller of the Initial Home Loans hereunder or in its
capacity as Servicer under the Servicing Agreement shall immediately vest in the
Purchaser,  and shall be retained and  maintained  in trust by the Seller or the
Servicer at the will of the Purchaser,  in such custodial  capacity only. In the
event that any original document held by the Seller hereunder in its capacity as
Servicer  is  required  pursuant  to the terms of this  Section  to be part of a
Mortgage File, such document shall be delivered  promptly to the Custodian.  The
Seller's  records will accurately  reflect the sale of each Initial Home Loan to
the Purchaser.

        The Purchaser hereby acknowledges its acceptance of all right, title and
interest to the property conveyed to it pursuant to this Section 2.1.

(d) The parties hereto intend that the transactions set forth herein  constitute
a sale by the  Seller to the  Purchaser  of all the  Seller's  right,  title and
interest  in and to the  Initial  Home  Loans and other  property  as and to the
extent  described  above.  In the event the  transactions  set forth  herein are
deemed not to be a sale,  the Seller  hereby  grants to the Purchaser a security
interest in all of the Seller's  right,  title and interest in, to and under all
accounts, chattel papers, general intangibles,  contract rights, certificates of
deposit,  deposit accounts,  instruments,  documents,  letters of credit, money,
advices of credit,  investment property, goods and other property consisting of,

<PAGE>

arising under or related to the Initial Home Loans and such other  property,  to
secure all of the Seller's obligations  hereunder,  and this Agreement shall and
hereby does  constitute a security  agreement  under  applicable law. The Seller
agrees to take or cause to be taken such actions and to execute such  documents,
including  without  limitation the filing of any  continuation  statements  with
respect to the UCC-1 financing statements filed with respect to the Initial Home
Loans by the Purchaser on the Closing Date, and any amendments  thereto required
to  reflect a change in the name or  corporate  structure  of the  Seller or the
filing of any  additional  UCC-1  financing  statements due to the change in the
principal  office of the  Seller,  as are  necessary  to perfect and protect the
Purchaser's interests in each Initial Home Loan and the proceeds thereof.

Section 2.2    Sale of Subsequent Home Loans.
               -----------------------------

(a) Subject to the  conditions  set forth in  paragraphs  (b) and (c) below (the
satisfaction of which (other than the conditions specified in paragraphs (b)(i),
(b)(ii),  (b)(iii),  (b)(vi),  (b)(vii) and  (c)(iii))  shall be evidenced by an
Officer's  Certificate  of the Seller  dated the date of the related  Subsequent
Transfer Date), in  consideration  of the Issuer's payment of the purchase price
provided  for in Section  2.3 on one or more  Subsequent  Transfer  Dates  using
amounts on deposit in the  Pre-Funding  Account,  the Seller may, on the related
Subsequent  Transfer Date, sell,  transfer,  assign, set over and convey without
recourse  to the Issuer but subject to the other  terms and  provisions  of this
Agreement  all of the  right,  title and  interest  of the  Seller in and to (i)
Subsequent Home Loans  identified on the related Home Loan Schedule  attached to
the  related  Subsequent  Transfer  Agreement  delivered  by the  Seller on such
Subsequent  Transfer Date (ii) all money due or to become due on such Subsequent
Home Loan and after the related Subsequent Cut-Off Date and (iii) all items with
respect to such  Subsequent  Home Loans to be delivered  pursuant to Section 2.1
above and the other items in the related Mortgage Files; provided, however, that
the  Seller  reserves  and  retains  all  right,  title and  interest  in and to
principal  received and interest  accruing on any Subsequent  Home Loan prior to
the related Subsequent Cut-Off Date. Any transfer to the Issuer by the Seller of
Subsequent  Home Loans shall be absolute,  and is intended by the Issuer and the
Seller to constitute and to be treated as a sale of such  Subsequent  Home Loans
by the Seller to the Issuer.  In the event that any such  transaction  is deemed
not to be a sale,  the Seller hereby grants to the Issuer as of each  Subsequent
Transfer  Date a  security  interest  in all of the  Seller's  right,  title and
interest in, to and under all accounts,  chattel  papers,  general  intangibles,
contract  rights,  certificates  of  deposit,  deposit  accounts,   instruments,
documents,  letters of credit,  money,  advices of credit,  investment property,
goods and other property  consisting of, arising under or related to the related
Subsequent  Home Loans and such other  property,  to secure all of the  Seller's
obligations hereunder,  and this Agreement shall constitute a security agreement
under  applicable  law.  The  Seller  agrees  to take or cause to be taken  such
actions and to execute such  documents,  including  the filing of all  necessary
UCC-1 financing  statements  filed in the State of Delaware and the Commonwealth
of  Pennsylvania  (which  shall  be  submitted  for  filing  as of  the  related
Subsequent Transfer Date), any continuation  statements with respect thereto and
any  amendments  thereto  required to reflect a change in the name or  corporate
structure  of  the  Seller  or the  filing  of any  additional  UCC-1  financing
statements  due to the  change in the  principal  office of the  Seller,  as are
necessary to perfect and protect the  interests of the Issuer and its  assignees
in each Subsequent Home Loan and the proceeds thereof.

<PAGE>

        The Seller hereby designates  $54,823,664.92 of the Original  Pre-Funded
Amount for Loan Group I and $11,343,001.77 of the Original Pre-Funded Amount for
Loan Group II.

        The  Issuer on each  Subsequent  Transfer  Date  shall  acknowledge  its
acceptance of all right, title and interest to the related Subsequent Home Loans
and other  property,  existing on the  Subsequent  Transfer Date and  thereafter
created, conveyed to it pursuant to this Section 2.2.

        The Issuer  shall be entitled to all  scheduled  principal  payments due
after each  Subsequent  Cut-Off  Date,  all other  payments of principal due and
collected  after each  Subsequent  Cut-Off Date, and all payments of interest on
any related  Subsequent  Home  Loans,  minus that  portion of any such  interest
payment that is allocable to the period prior to the related  Subsequent Cut-Off
Date.  No scheduled  payments of principal  due on  Subsequent  Home Loans on or
before the related  Subsequent  Cut-Off Date and collected after such Subsequent
Cut-Off Date shall belong to the Issuer pursuant to the terms of this Agreement.

(b) The Seller may  transfer to the Issuer  Subsequent  Home Loans and the other
property and rights related thereto described in Section 2.2(a) above during the
Pre-Funding  Period,  and the Issuer  shall cause to be released  funds from the
Pre-Funding  Account,  only  upon  the  satisfaction  of each  of the  following
conditions on or prior to the related Subsequent Transfer Date:

(i) the Seller shall have provided the Indenture  Trustee,  the Rating  Agencies
and the Credit Enhancer with a timely Addition Notice  substantially in the form
of Exhibit  3, which  notice  shall be given no later than seven  Business  Days
prior  to  the  related  Subsequent  Transfer  Date,  and  shall  designate  the
Subsequent Home Loans to be sold to the Issuer, the aggregate  Principal Balance
of such  Subsequent  Home Loans as of the related  Subsequent  Cut-Off Date, the
Loan Group or Groups to which  such  Subsequent  Home Loans have been  assigned,
which  shall be the Loan  Group or Groups to which the money on  deposit  in the
Pre-Funding Account relates,  and any other information  reasonably requested by
the Indenture  Trustee or the Credit  Enhancer  with respect to such  Subsequent
Home Loans;

(ii) the Seller  shall have  delivered to the  Indenture  Trustee and the Credit
Enhancer a duly executed Subsequent Transfer Agreement substantially in the form
of Exhibit 2, (A) confirming the  satisfaction  of each condition  precedent and
representations  specified in this Section  2.2(b) and in Section  2.2(c) and in
the related Subsequent Transfer Agreement and (B) including a Home Loan Schedule
listing the Subsequent Home Loans;

(iii) as of each  Subsequent  Transfer  Date,  as  evidenced  by delivery to the
Indenture Trustee of the Subsequent Transfer Agreement in the form of Exhibit 2,
the Seller shall not be insolvent,  made  insolvent by such transfer or aware of
any pending insolvency;

(iv)  such  sale and  transfer  shall  not  result  in a  material  adverse  tax
consequence  to the Issuer or, due to any action or  inaction on the part of the
Seller to the Securityholders; and

(v) the Credit  Enhancer  shall have  approved the sale of the  Subsequent  Home
Loans  (which  approval  shall not be  unreasonably  withheld)  within  five (5)
Business Days of receipt of the Home Loan  Schedule  reflecting  the  Subsequent
Home Loans;  provided,  that if the Credit  Enhancer shall not have notified the

<PAGE>

Seller  within  five (5)  Business  Days that the  Credit  Enhancer  does not so
approve,  such sale of  Subsequent  Home Loans  shall be deemed  approved by the
Credit Enhancer.

        In  addition,  the  Seller  shall  have  delivered  to the  Issuer,  the
Indenture  Trustee and the Credit Enhancer an Opinion of Counsel with respect to
certain  bankruptcy  matters relating to the transfers of Subsequent Home Loans,
which  Opinion of Counsel shall be  substantially  in the form of the Opinion of
Counsel  delivered  to the  Credit  Enhancer  and the  Rating  Agencies  and the
Indenture  Trustee on the Closing Date  regarding  certain  bankruptcy  matters,
within  30  days  after  the  end  of the  Pre-Funding  Period  relating  to all
Subsequent Home Loans transferred to the Trust during the Pre-Funding Period and
purchased, from funds on deposit in the Pre-Funding Account.

(c) The  obligation  of the  Issuer to  purchase a  Subsequent  Home Loan on any
Subsequent Transfer Date is subject to the following  conditions:  (i) each such
Subsequent Home Loan must satisfy the representations  and warranties  specified
in the related Subsequent Transfer Agreement and this Agreement; (ii) the Seller
will not  select  such  Subsequent  Home  Loans in a manner  that it  reasonably
believes is adverse to the interests of the Noteholders or the Credit  Enhancer;
(iii) the Seller will deliver to the Credit  Enhancer and the Indenture  Trustee
certain  Opinions of Counsel  described in Section  2.2(b) and acceptable to the
Credit Enhancer and the Indenture Trustee with respect to the conveyance of such
Subsequent Home Loans; and (iv) as of the related  Subsequent  Cut-Off Date each
Subsequent  Home Loan will satisfy the following  criteria:  (A) such Subsequent
Home Loan may not be 30 or more days contractually  delinquent as of the related
Subsequent  Cut-Off  Date;  (B) such  Subsequent  Home Loan must be secured by a
mortgage in a first or second lien position;  (C) such Subsequent Home Loan must
have a CLTV at  origination  of no more than 125.00%;  (D) the remaining term to
stated  maturity of such  Subsequent  Home Loan may not extend  beyond August 1,
2025; (E) following the purchase of such Subsequent Home Loans by the Issuer, as
of each Subsequent Cut-Off Date, the Home Loans included in the Trust Estate (by
aggregate  Principal Balance) must have a weighted average Loan Rate of not less
than 14.930%,  an average principal balance of not more than $44,450, a weighted
average CLTV at origination of not more than 112.95%, a concentration in any one
state  not in excess of  28.00%,  the  percentage  of Home  Loans (by  aggregate
Principal  Balance)  that are secured by second  liens on the related  Mortgaged
Properties  shall be no greater than the  percentage  of Initial Home Loans that
are  secured by second  liens and the  percentage  of Home  Loans (by  aggregate
Principal  Balance) that are REMIC  Ineligible  Loans in the Loan Group to which
Subsequent  Home Loan is added,  shall not be lesser than 65%; and (F)(i) if the
Subsequent Home Loan is included in Loan Group I, such Subsequent Home Loan will
comply with the  restrictions  applicable to Loan Group I set forth in the tenth
paragraph  under  "Description  of the Home  Loans-Initial  Home  Loans"  in the
Prospectus Supplement,  and (ii) if the Subsequent Home Loan is included in Loan
Group II, such Subsequent Home Loan will comply with the restrictions applicable
to Loan Group II set forth in the tenth paragraph under "Description of the Home
Loans-Initial  Home Loans" in the Prospectus  Supplement.  Subsequent Home Loans
with  characteristics  materially  varying  from  those set  forth  above may be
purchased by the Issuer and included in the Trust Estate if they are  acceptable
to the Credit Enhancer, in its reasonable  discretion;  provided,  however, that
the  addition  of such  Subsequent  Home  Loans will not  materially  affect the
aggregate  characteristics  of the Home  Loans in the Trust  Estate.  The Seller
shall not transfer  Subsequent  Home Loans with the intent to mitigate losses on
Home Loans previously transferred.

<PAGE>

(d) Within five Business Days after each  Subsequent  Transfer  Date, the Seller
shall  deliver to the Rating  Agencies,  the  Indenture  Trustee  and the Credit
Enhancer a copy of the updated Home Loan Schedule reflecting the Subsequent Home
Loans in electronic format (to be followed by a hard copy).

(e) In the  event  that a home  equity  loan  is not  acceptable  to the  Credit
Enhancer as a Subsequent  Home Loan pursuant to Section  2.2(b)(v)  hereof,  the
Credit  Enhancer and the Seller may mutually  agree to the transfer of such home
equity loan to the Issuer as a Subsequent Home Loan,  subject to any increase in
the  Overcollateralization  Amount  that may be agreed to by the  Seller and the
Credit  Enhancer  pursuant to the  Indenture,  in which  event the Seller  shall
deliver  to the  Issuer  and the  Indenture  Trustee,  with a copy to the Credit
Enhancer, an Officer's  Certificate  confirming the agreement to the transfer of
such  Subsequent  Home Loan and  specifying  the amount of such  increase in the
Overcollateralization Amount, which additional  Overcollateralization Amount may
not be contributed by the Seller.

Section 2.3    Payment of Purchase Price.

(a) The sale of the Initial  Home Loans  shall take place on the  Closing  Date,
subject to and  simultaneously  with the deposit of the Initial  Home Loans into
the Trust Estate, the deposit of the Original Pre-Funded Amount and the Interest
Coverage  Amount  into the  Pre-Funding  Account  and the  Capitalized  Interest
Account,  respectively,  and the issuance of the Securities.  The purchase price
(the "Purchase Price") for the Initial Home Loans to be paid by the Purchaser to
the Seller on the Closing  Date shall be an amount equal to  $207,176,507.92  in
immediately available funds,  together with the Certificates,  in respect of the
Cut-Off  Date  Principal  Balances  thereof.  The  Purchase  Price  paid for any
Subsequent  Home Loan by the  Indenture  Trustee  from  funds on  deposit in the
Pre-Funding  Account,  at the  direction  of the  Issuer,  shall be  one-hundred
percent (100%) of the  Subsequent  Cut-Off Date  Principal  Balance  thereof (as
identified on the Home Loan Schedule attached to the related Subsequent Transfer
Agreement provided by the Seller).

(b) In  consideration of the sale of the Initial Home Loans by the Seller to the
Purchaser  on the Closing  Date,  the  Purchaser  shall pay to the Seller on the
Closing Date by wire transfer of immediately  available  funds to a bank account
designated by the Seller,  the amount  specified above in paragraph (a) for each
Initial Home Loan; provided,  that such payment may be on a net funding basis if
agreed by the  Seller and the  Purchaser.  In  consideration  of the sale of any
Subsequent  Home Loan by the Seller to the Issuer,  the Issuer  shall pay to the
Seller  by wire  transfer  of  immediately  available  funds  to a bank  account
designated by the Seller,  the amount  specified above in paragraph (a) for each
Subsequent Home Loan.

<PAGE>

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES;
                               REMEDIES FOR BREACH

Section 3.1 Seller  Representations  and Warranties.  The Seller  represents and
warrants  to the  Purchaser,  as of the Closing  Date and as of each  Subsequent
Transfer Date (or if otherwise specified below, as of the date so specified):

(a)     As to the Seller:

(i) The Seller is a corporation  duly  organized,  validly  existing and in good
standing under the laws of the jurisdiction governing its creation and existence
and is or will be in  compliance  with  the  laws of each  state  in  which  any
Mortgaged   Property  is  located  to  the  extent   necessary   to  ensure  the
enforceability of each Home Loan; (ii) The Seller has the power and authority to
make, execute, deliver and perform its obligations under this Agreement and each
Subsequent  Transfer  Agreement and all of the transactions  contemplated  under
this  Agreement  and each  Subsequent  Transfer  Agreement,  and has  taken  all
necessary corporate action to authorize the execution,  delivery and performance
of this Agreement and each Subsequent Transfer Agreement;

(iii) The Seller is not  required to obtain the  consent of any other  Person or
any consents,  licenses,  approvals or authorizations  from, or registrations or
declarations  with, any governmental  authority,  bureau or agency in connection
with the execution,  delivery,  performance,  validity or enforceability of this
Agreement  or any  Subsequent  Transfer  Agreement,  except  for such  consents,
licenses,  approvals or  authorizations,  or registrations  or declarations,  as
shall have been obtained or filed, as the case may be;

(iv)  The  execution  and  delivery  of this  Agreement  by the  Seller  and its
performance and compliance with the terms of this Agreement will not violate the
Seller's Certificate of Incorporation or Bylaws or constitute a material default
(or an event which,  with notice or lapse of time, or both,  would  constitute a
material  default)  under,  or result in the  material  breach of, any  material
contract,  agreement or other instrument to which the Seller is a party or which
may be applicable to the Seller or any of its assets;

(v) No litigation  before any court,  tribunal or governmental body is currently
pending,  or to the  knowledge of the Seller  threatened,  against the Seller or
with respect to this Agreement or any Subsequent  Transfer Agreement that in the
opinion of the Seller has a  reasonable  likelihood  of  resulting in a material
adverse  effect  on the  transactions  contemplated  by  this  Agreement  or any
Subsequent Transfer Agreement;

(vi)    Reserved;

(vii) This Agreement and each Subsequent Transfer Agreement constitutes a legal,
valid and binding  obligation of the Seller,  enforceable  against the Seller in
accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization,  moratorium or other similar laws now or

<PAGE>

hereafter in effect  affecting the  enforcement of creditors'  rights in general
and except as such enforceability may be limited by general principles of equity
(whether  considered  in a proceeding  at law or in equity) or by public  policy
with respect to indemnification under applicable securities laws;

(viii)  This  Agreement  constitutes  a valid  transfer  and  assignment  to the
Purchaser  of all right,  title and interest of the Seller in and to the Initial
Home Loans,  including the Cut-Off Date  Principal  Balances with respect to the
Initial Home Loans,  all monies due or to become due with respect  thereto,  and
all proceeds of such Cut-Off Date Principal Balances with respect to the Initial
Home Loans; and this Agreement and the related  Subsequent  Transfer  Agreement,
when executed,  will constitute a valid transfer and assignment to the Issuer of
all right, title and interest of the Seller in and to the Subsequent Home Loans,
including the Cut-Off Date Principal  Balances of the Subsequent Home Loans, all
monies due or to become  due with  respect  thereto,  and all  proceeds  of such
Subsequent  Cut-Off Date  Principal  Balances and such funds as are from time to
time  deposited in the Custodial  Account  (excluding  any  investment  earnings
thereon)  as  assets  of the  Trust  and all  other  property  specified  in the
definition  of "Trust" as being part of the corpus of the Trust  conveyed to the
Purchaser by the Seller; and

(ix) The  Seller 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 otherwise) or operations of the
Seller or its  properties  or might  have  consequences  that  would  materially
adversely affect its performance hereunder;

(b) As to each Initial Home Loan as of the Closing Date and with respect to each
Subsequent  Home Loan as of the  related  Subsequent  Transfer  Date  (except as
otherwise specified below):

(i) The  information  set forth in the Home Loan  Schedule  with respect to each
Home Loan or the Home Loans is true and correct in all  material  respects as of
the date or dates respecting which such information is initially furnished;

(ii) The Cut-Off Date  Principal  Balances or Subsequent  Cut-Off Date Principal
Balances  have not been  assigned or pledged,  the Seller has good title thereto
and the  Seller is the sole  owner and  holder of such  Cut-Off  Date  Principal
Balances and Subsequent  Cut-Off Date  Principal  Balances free and clear of any
and all liens,  encumbrances,  pledges,  security  interests  (other than,  with
respect  to any Home Loan in a second  lien  position,  the lien of the  related
first  mortgage)  of any  nature  and has full  right and  authority,  under all
governmental and regulatory bodies having jurisdiction over the ownership of the
applicable Home Loans to sell and assign the same pursuant to this Agreement;

(iii) (A) The related  Mortgage  Note and the Mortgage have not been assigned or
pledged,  except  for any  assignment  or  pledge  that has been  satisfied  and
released,  (B)  immediately  prior to the  assignment  of the Home  Loans to the
Trustee  the Seller has good title  thereto and (C) the Seller is the sole owner
and holder of the Home Loan free and clear of any and all  liens,  encumbrances,
pledges,  or security  interests (other than, with respect to any Home Loan in a
second lien position,  the lien of the related first mortgage) of any nature and
has full right and  authority,  under all  governmental  and  regulatory  bodies

<PAGE>

having  jurisdiction over the ownership of the applicable Home Loans to sell and
assign the same pursuant to this  Agreement or the related  Subsequent  Transfer
Agreement, as applicable;

(iv) To the best of the Seller's knowledge, there is no valid offset, defense or
counterclaim of any obligor under any Mortgage Note or Mortgage;

     (v) To the best of the Seller's knowledge, there is no delinquent recording
or other tax or fee or assessment lien against any related Mortgaged Property;

(vi) To the best of the Seller's  knowledge,  there is no proceeding  pending or
threatened  for the  total or  partial  condemnation  of the  related  Mortgaged
Property;

(vii) To the best of the Seller's knowledge,  there are no mechanics' or similar
liens or claims which have been filed for work, labor or material  affecting the
related  Mortgaged  Property  which are,  or may be liens  prior or equal to, or
subordinate with, the lien of the related Mortgage, except liens which are fully
insured against by the title insurance policy referred to in clause (xi);

(viii) As of the Cut-Off Date or related  Subsequent  Cut-Off Date, no Home Loan
was 30 days or more delinquent in payment of principal or interest;

(ix) For each Home Loan, the related Mortgage File contains or will contain,  in
accordance  with  Section  2.1(c)(ii),  each of the  documents  and  instruments
specified to be included therein;

(x) To the best of the Seller's  knowledge,  the related  Mortgage  Note and the
related Mortgage at the time it was made complied in all material  respects with
applicable local, state and federal laws;

(xi) A title  search  or other  assurance  of title  customary  in the  relevant
jurisdiction was obtained with respect to each Home Loan;

     (xii) None of the Mortgaged  Properties is a mobile home or a  manufactured
housing unit that is not permanently attached to its foundation;

(xiii) As of the Cut-Off  Date, no more than  approximately  22.03% and 6.33% of
the Home Loans in Loan Group I, by Cut-Off Date Principal  Balance,  are secured
by Mortgaged Properties located in California and Florida,  respectively, and no
more than approximately  57.21% and 5.15% of the Home Loans in Loan Group II, by
Cut-Off Date Principal Balance,  are secured by Mortgaged  Properties located in
California and Virginia, respectively;

(xiv)  As  of  the  Cut-Off  Date  or  Subsequent  Cut-Off  Date,  the  Combined
Loan-to-Value Ratio for each Home Loan was not in excess of 125%;

(xv) As of the Cut-Off Date,  not less than 65% of the Home Loans in either Loan
Group, by Cut-Off Date Principal Balance, are REMIC Ineligible Loans;

<PAGE>

(xvi) The Seller has not  transferred the Initial Home Loans to the Purchaser or
any  Subsequent  Home  Loans to the Issuer  with any intent to hinder,  delay or
defraud any of its creditors;

(xvii)  Reserved;

(xviii)  Within a loan type,  and except as required  by  applicable  law,  each
Mortgage  Note and each  Mortgage is an  enforceable  obligation  of the related
Mortgagor;

(xix) To the best knowledge of the Seller, the physical property subject to each
Mortgage is free of material damage and is in acceptable repair;

(xx) The Seller has not received a notice of default of any senior mortgage loan
related to a Mortgaged  Property  which has not been cured by a party other than
the Servicer;

(xxi)   Reserved;

(xxii)  None of the Home Loans is a reverse mortgage loan;

(xxiii) No Home Loan has an original term to maturity in excess of 300 months;

(xxiv) All of the Home Loans are fixed rate and are fully amortizing.  As of the
Cut-off  Date,  the Loan Rates on the Home  Loans in Loan Group I range  between
8.950% per annum and  17.990% per annum and the Loan Rates on Home Loans in Loan
Group II range  between  10.250% per annum and 17.990% per annum.  The  weighted
average  remaining term to stated  maturity of the Home Loans in Loan Group I as
of the  Cut-off  Date is  approximately  250  months  and the  weighted  average
remaining  term to stated  maturity of the Home Loans in Loan Group II as of the
Cut-off Date is approximately 263 months;

(xxv) (A) Each Mortgaged  Property  consists of a single parcel of real property
with a single family or an individual  condominium unit; (B) with respect to the
Home Loans in Loan Group I (a)  approximately  7.73% (by Cut-Off Date  Principal
Balance) are secured by real property improved by individual  condominium units,
and (b) approximately  91.50% (by Cut-Off Date Principal Balance) are secured by
real property  with a single  family  residence  erected  thereon;  and (C) with
respect to the Home Loans in Loan Group II (a)  approximately  6.20% (by Cut-Off
Date  Principal  Balance) are secured by real  property  improved by  individual
condominium  units,  and (b)  approximately  91.16% (by Cut-Off  Date  Principal
Balance) are secured by real  property with a single  family  residence  erected
thereon;

(xxvi)  As of the  Cut-Off  Date no  Initial  Home  Loan  in Loan  Group I had a
principal  balance in excess of  $149,920.97  and no  Initial  Home Loan in Loan
Group II had a principal balance in excess of $150,000.00;

(xxvii)  No more  than  approximately  99.78%  of the  Initial  Home  Loans,  by
aggregate Principal Balance as of the Cut-Off Date, are secured by second liens;

<PAGE>

(xxviii) A policy of hazard  insurance and flood insurance,  if applicable,  has
been  required  from the  Mortgagor  for the Home  Loan  when the Home  Loan was
originated;

(xxix)  Other  than with  respect  to a payment  default,  there is no  material
default,  breach, violation or event of acceleration existing under the terms of
any Mortgage  Note or Mortgage  and, to the best of the Seller's  knowledge,  no
event  which,  with notice and  expiration  of any grace or cure  period,  would
constitute a material default,  breach, violation or event of acceleration under
the  terms of any  Mortgage  Note or  Mortgage,  and no such  material  default,
breach,  violation  or  event of  acceleration  has been  waived  by the  Seller
involved in originating or servicing the related Home Loan;

(xxx) No instrument  of release or waiver has been  executed in connection  with
the Home Loans, and no Mortgagor has been released, in whole or in part from its
obligations in connection therewith;

(xxxi) With respect to each Home Loan  secured by a second  lien,  either (a) no
consent for such Home Loan was  required by the holder or holders of the related
prior lien,  (b) such consent has been  obtained and is contained in the related
Mortgage File or (c) no consent for such Home Loan was required by relevant law;
and

(xxxii) With respect to each Home Loan,  to the extent  permitted by  applicable
law, the related Mortgage contains a customary provision for the acceleration of
the  payment of the unpaid  Principal  Balance of the Home Loan in the event the
related  Mortgaged  Property is sold without the prior  consent of the mortgagee
thereunder.

        Upon  discovery  by the Seller or upon  notice from the  Purchaser,  the
Credit Enhancer,  the Issuer,  the Owner Trustee,  the Indenture  Trustee or the
Custodian,  as  applicable,  of a breach of any  representation  or  warranty in
paragraph (a) above that  materially and adversely  affects the interests of the
Securityholders  or the Credit  Enhancer,  as applicable,  in any Home Loan, the
Seller  shall,  within 90 days of its discovery or its receipt of notice of such
breach,  either (i) cure such  breach in all  material  respects  or (ii) to the
extent  that such breach is with  respect to a Home Loan or a Related  Document,
either (A) repurchase such Home Loan from the Issuer at the Repurchase Price, or
(B) substitute one or more Eligible Substitute Loans for such Home Loan, in each
case in the  manner and  subject to the  conditions  and  limitations  set forth
below.

        Upon  discovery  by the Seller or upon  notice from the  Purchaser,  the
Credit Enhancer,  the Issuer,  the Owner Trustee,  the Indenture  Trustee or the
Custodian, as applicable,  of a breach of any representation or warranty in this
paragraph (b) above with respect to any Home Loan,  or upon the  occurrence of a
Repurchase  Event,  that  materially and adversely  affects the interests of the
Securityholders,  the Credit Enhancer or the Purchaser in such Home Loan (notice
of which shall be given to the  Purchaser  by the Seller,  if it  discovers  the
same),  notwithstanding  the  Seller's  lack of  knowledge  with  respect to the
substance of such representation and warranty,  the Seller shall, within 90 days
after the earlier of its  discovery  or receipt of notice  thereof,  either cure
such  breach  or  Repurchase  Event  in all  material  respects  or  either  (i)
repurchase  such Home Loan from the  Issuer  at the  Repurchase  Price,  or (ii)
substitute  one or more  Eligible  Substitute  Loans for such Home Loan, in each
case in the manner and subject to the conditions set forth below. The Repurchase
Price for any such Home Loan  repurchased  by the Seller  shall be  deposited or
caused to be deposited by the Servicer into the Custodial Account.

<PAGE>

        In the event that the Seller elects to substitute an Eligible Substitute
Loan or Loans for a Deleted Loan  pursuant to this Section 3.1, the Seller shall
deliver to the Custodian on behalf of the Issuer,  with respect to such Eligible
Substitute Loan or Loans, the original Mortgage Note and all other documents and
agreements as are required by Section 2.1(c), with the Mortgage Note endorsed as
required by Section 2.1(c).  No substitution  will be made in any calendar month
after the Determination  Date for such month.  Monthly Payments due with respect
to Eligible  Substitute Loans in the month of substitution  shall not be part of
the Trust  Estate and will be  retained  by the  Servicer  and  remitted  by the
Servicer to the Seller on the next  succeeding  Payment  Date,  provided  that a
payment equal to the applicable Monthly Payment for such month in respect of the
Deleted  Loan has been  received by the Issuer.  For the month of  substitution,
distributions  to the Note Payment Account  pursuant to the Servicing  Agreement
will  include  the  Monthly  Payment  due on a Deleted  Loan for such  month and
thereafter  the Seller  shall be  entitled  to retain all  amounts  received  in
respect of such Deleted  Loan.  The Servicer  shall amend or cause to be amended
the Home Loan  Schedule  to reflect  the  removal of such  Deleted  Loan and the
substitution  of the Eligible  Substitute  Loan or Loans and the Servicer  shall
deliver  the amended  Home Loan  Schedule to the Owner  Trustee,  the  Indenture
Trustee and the Credit Enhancer. Upon such substitution, the Eligible Substitute
Loan or Loans shall be subject to the terms of this  Agreement and the Servicing
Agreement  in all  respects,  the  Seller  shall  be  deemed  to have  made  the
representations  and  warranties  with respect to the Eligible  Substitute  Loan
contained herein set forth in Section 3.1(b) (other than clauses (xiii),  (xiv),
(xxiv),  (xxv)  and  (xxvii)  thereof)  as of the  date  of  substitution  and a
representation  and warranty that each Home Loan so  substituted  is an Eligible
Substitute  Loan  as of the  date  of  substitution,  and the  Seller  shall  be
obligated to  repurchase or substitute  for any Eligible  Substitute  Loan as to
which a Repurchase Event has occurred as provided herein. In connection with the
substitution  of one or more Eligible  Substitute  Loans for one or more Deleted
Loans,  the Servicer shall  determine the amount (such amount,  a  "Substitution
Adjustment  Amount"),  if any, by which the aggregate  principal  balance of all
such Eligible  Substitute  Loans as of the date of substitution is less than the
aggregate  principal balance of all such Deleted Loans (after application of the
principal  portion of the Monthly Payments due in the month of substitution that
are to be distributed to the Note Payment Account in the month of substitution).
The Seller shall deposit the amount of such shortfall into the Custodial Account
on the date of substitution, without any reimbursement therefor.

        Upon  receipt by the  Indenture  Trustee on behalf of the Issuer and the
Custodian of written notification, signed by a Servicing Officer, of the deposit
of such Repurchase Price or of such substitution of an Eligible  Substitute Loan
(together with the complete related Mortgage File) and deposit of any applicable
Substitution  Adjustment  Amount as provided above, the Custodian,  on behalf of
the Indenture Trustee, shall release to the Seller the related Mortgage File for
the Home Loan being  repurchased or substituted for and the Indenture Trustee on
behalf of the Issuer shall execute and deliver such  instruments  of transfer or
assignment prepared by the Servicer,  in each case without recourse, as shall be
necessary to vest in the Seller or its designee such Home Loan released pursuant
hereto and thereafter such Home Loan shall not be an asset of the Issuer.

<PAGE>

        It is  understood  and agreed that the  obligation of the Seller to cure
any breach,  or to repurchase or substitute for any Home Loan as to which such a
breach  has  occurred  and is  continuing,  shall  constitute  the  sole  remedy
respecting   such  breach   available  to  the   Purchaser,   the  Issuer,   the
Certificateholders  (or the Owner  Trustee on behalf of the  Certificateholders)
and the  Noteholders  (or the  Indenture  Trustee on behalf of the  Noteholders)
against the Seller.

        It is understood and agreed that the  representations and warranties set
forth in this  Section 3.1 shall  survive  delivery of the  respective  Mortgage
Files to the Issuer or the Custodian.

<PAGE>

                                   ARTICLE IV

                               SELLER'S COVENANTS

Section 4.1 Covenants of the Seller.  The Seller hereby  covenants that,  except
for the transfer  hereunder and as of any  Subsequent  Transfer Date, the Seller
will not sell, pledge, assign or transfer to any other Person, or grant, create,
incur or assume any Lien on any Home Loan, or any interest  therein.  The Seller
shall notify the Issuer (in the case of the Initial  Home Loans,  as assignee of
the  Purchaser),  of the existence of any Lien (other than as provided above) on
any Home Loan  immediately upon discovery  thereof;  and the Seller shall defend
the right,  title and  interest of the Issuer (in the case of the  Initial  Home
Loans, as assignee of the Purchaser) in, to and under the Home Loans against all
claims of third parties claiming through or under the Seller; provided, however,
that  nothing  in this  Section  4.1  shall be  deemed to apply to any Liens for
municipal or other local taxes and other  governmental  charges if such taxes or
governmental  charges  shall not at the time be due and payable or if the Seller
shall currently be contesting the validity  thereof in good faith by appropriate
Proceedings.

                                   ARTICLE V

                                    SERVICING

Section 5.1  Servicing.  The Seller shall service the Home Loans pursuant to the
terms and conditions of the Servicing  Agreement and the Program Guide and shall
service  the  Home  Loans  directly  or  through  one or more  sub-servicers  in
accordance therewith.

ARTICLE VI

                          INDEMNIFICATION BY THE SELLER
                       WITH RESPECT TO THE MORTGAGE LOANS

Section  6.1  Limitation  on  Liability  of the Seller.  None of the  directors,
officers,  employees or agents of the Seller shall be under any liability to the
Purchaser,  it being  expressly  understood that all such liability is expressly
waived and released as a condition of, and as  consideration  for, the execution
of this Agreement and any Subsequent  Transfer  Agreement.  Except as and to the
extent expressly  provided in the Servicing  Agreement,  the Seller shall not be
under any liability to the Issuer,  the Owner Trustee,  the Indenture Trustee or
the Securityholders.  The Seller and any director, officer, employee or agent of
the  Seller  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.

                                  ARTICLE VII

                                   TERMINATION

     Section  7.1  Termination.  The  obligations  and  responsibilities  of the
parties hereto shall terminate upon the termination of the Trust Agreement.

<PAGE>

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

Section 8.1  Amendment.  This  Agreement may be amended from time to time by the
parties hereto by written agreement with the prior written consent of the Credit
Enhancer (which consent shall not be unreasonably withheld).

Section 8.2 GOVERNING LAW. THIS AGREEMENT  SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE  WITH THE LAWS OF THE STATE OF NEW YORK AND THE  OBLIGATIONS,  RIGHTS
AND REMEDIES OF THE PARTIES  HEREUNDER  SHALL BE DETERMINED  IN ACCORDANCE  WITH
SUCH LAWS.

Section 8.3 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 registered mail, postage prepaid, addressed as follows:

(i)     if to the Seller:

                          GMAC Mortgage Corporation
                          100 Witmer Road
                          Horsham, Pennsylvania  10944
                          Attention:  Barry Bier, Senior Vice President
                      Re: GMACM Home Loan Trust 2000-HLTV2;

(ii)    if to the Purchaser:

                    Residential Asset Mortgage Products, Inc.
                          8400 Normandale Lake Boulevard
                          Minneapolis, Minnesota 55437
                          Attention:President
                      Re: GMACM Home Loan Trust 2000-HLTV2;

(iii)   if to the Indenture Trustee:

                          The Bank of New York
                          101 Barclay Street, 12-E
                          New York, New York 10286
                          Attention:  GMACM Home Loan Trust 2000-HLTV2;

(iv)    if to the Issuer:

                          c/o Wilmington Trust Company, as Owner Trustee
                          Rodney Square North
                          1100 North Market Street
                          Wilmington, Delaware 19890-0001
                    Re: GMACM Home Loan Trust 2000-HLTV2; or

<PAGE>

(v)     if to the Credit Enhancer:

                          Ambac Assurance Corporation
                       One State Street Plaza, 19th Floor
                          New York, New York  10004
                          Attention:Consumer Asset-Backed Securities Group
                      Re: GMACM Home Loan Trust 2000-HLTV2;

or, with respect to any of the foregoing  Persons,  at such other address as may
hereafter be furnished to the other foregoing Persons in writing.

Section 8.4  Severability  of  Provisions.  If any one or more of the covenants,
agreements,  provisions or terms of this Agreement shall be held invalid for any
reason whatsoever, then such covenants, agreements, provisions or terms shall be
deemed severable from the remaining covenants,  agreements,  provisions or terms
of this Agreement and shall in no way affect the validity of  enforceability  of
the other provisions of this Agreement.

Section 8.5 Relationship of Parties. Nothing herein contained shall be deemed or
construed to create a partnership or joint venture among the parties hereto, and
the services of the Seller shall be rendered as an  independent  contractor  and
not as agent for the Purchaser.

Section  8.6  Counterparts.  This  Agreement  may be  executed  in any number of
counterparts, each of which, when so executed, shall be deemed to be an original
and such counterparts, together, shall constitute one and the same agreement.

Section 8.7  Further  Agreements.  The parties  hereto each agree to execute and
deliver to the other such additional documents, instruments or agreements as may
be necessary or appropriate to effectuate the purposes of this Agreement.

Section 8.8 Intention of the Parties.  It is the intention of the parties hereto
that the Purchaser  will be purchasing on the Closing Date,  and the Seller will
be  selling on the  Closing  Date,  the  Initial  Home  Loans,  rather  than the
Purchaser  providing a loan to the Seller  secured by the Initial  Home Loans on
the Closing  Date;  and that the Issuer will be  purchasing  on each  Subsequent
Transfer Date, and the Seller will be selling on each Subsequent  Transfer Date,
the related  Subsequent Home Loans,  rather than the Issuer  providing a loan to
the  Seller  secured by the  related  Subsequent  Home Loans on each  Subsequent
Transfer  Date.  Accordingly,  the  parties  hereto  each  intend to treat  this
transaction  for federal income tax purposes as (i) a sale by the Seller,  and a
purchase by the  Purchaser,  of the Initial  Home Loans on the Closing  Date and
(ii) a sale  by the  Seller,  and a  purchase  by  the  Issuer,  of the  related
Subsequent  Home Loans on each  Subsequent  Transfer Date. The Purchaser and the
Issuer  shall  each  have the  right to review  the Home  Loans and the  Related
Documents to determine the  characteristics  of the Home Loans which will affect
the federal  income tax  consequences  of owning the Home Loans,  and the Seller
shall cooperate with all reasonable requests made by the Purchaser or the Issuer
in the course of such review.

Section 8.9    Successors and Assigns; Assignment of This Agreement.
 <PAGE>

(a) This Agreement  shall bind and inure to the benefit of and be enforceable by
the parties hereto and their respective  permitted  successors and assigns.  The
obligations of the Seller under this  Agreement  cannot be assigned or delegated
to a third party  without the consent of the Credit  Enhancer and the  Purchaser
(and the Issuer with  respect to the  transfer of any  Subsequent  Home  Loans),
which consent shall be at the Purchaser's sole discretion (and the Issuer's sole
discretion with respect to the transfer of any Subsequent Home Loans); provided,
that the Seller may assign its  obligations  hereunder  to any  Affiliate of the
Seller,  to any Person  succeeding to the business of the Seller,  to any Person
into which the Seller is merged and to any  Person  resulting  from any  merger,
conversion or  consolidation  to which the Seller is a party. The parties hereto
acknowledge  that (i) the  Purchaser is acquiring the Initial Home Loans for the
purpose of  contributing  them to the GMACM Home Loan Trust  2000-HLTV2 and (ii)
the Issuer is acquiring  the  Subsequent  Home Loans for the purpose of pledging
the  Subsequent  Home  Loans to the  Indenture  Trustee  for the  benefit of the
Noteholders and the Credit Enhancer.

(b) As an  inducement  to the  Purchaser  and the Issuer to purchase the Initial
Home Loans and to the Issuer to purchase any Subsequent  Home Loans,  the Seller
acknowledges  and consents to (i) the  assignment by the Purchaser to the Issuer
of all of the  Purchaser's  rights against the Seller pursuant to this Agreement
insofar as such  rights  relate to the  Initial  Home Loans  transferred  to the
Issuer and to the  enforcement  or exercise  of any right or remedy  against the
Seller  pursuant  to this  Agreement  by the  Issuer,  (ii) the  enforcement  or
exercise of any right or remedy against the Seller pursuant to this Agreement by
or on behalf of the Issuer and (iii) the Issuer's pledge of its interest in this
Agreement to the Indenture  Trustee and the enforcement by the Indenture Trustee
of any such right or remedy  against  the Seller  following  an Event of Default
under the Indenture.  Such  enforcement of a right or remedy by the Issuer,  the
Owner  Trustee,  the Credit  Enhancer or the Indenture  Trustee,  as applicable,
shall have the same force and effect as if the right or remedy had been enforced
or exercised by the Purchaser or the Issuer directly.

Section 8.10 Survival.  The  representations  and warranties  made herein by the
Seller and the provisions of Article VI hereof shall survive the purchase of the
Initial Home Loans  hereunder and any transfer of Subsequent Home Loans pursuant
to this Agreement and the related Subsequent Transfer Agreement.

Section 8.11 Third Party Beneficiary. The Credit Enhancer shall be a third party
beneficiary  hereof and shall be  entitled  to enforce  the  provisions  of this
Agreement as if a party hereto.

<PAGE>

        IN WITNESS  WHEREOF,  the parties  hereto have caused  their names to be
signed  to this  Home  Loan  Purchase  Agreement  by their  respective  officers
thereunto duly authorized as of the day and year first above written.

                              RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC., as
                              Purchaser

                              By: /s/ Patricia C. Taylor
                                  Name:  Patricia C. Taylor
                                  Title:    Vice President

                              GMAC MORTGAGE CORPORATION,
                                 as Seller

                              By: /s/ Thomas J. O'Hara
                                  Name:  Thomas J. O'Hara
                                  Title:     Vice President

                              GMACM HOME LOAN TRUST 2000-HLTV2, as Issuer

                              By: WILMINGTON TRUST COMPANY,
                                     not in its individual capacity but solely
                                     as
                                     Owner Trustee

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

                              THE BANK OF NEW YORK, as Indenture Trustee

                              By: /s/ John Polito
                                  Name:  John Polito
                                  Title:    Vice President

<PAGE>

                                    EXHIBIT 1

                               HOME LOAN SCHEDULE

                          [See Exhibit A to the Servicing Agreement]

<PAGE>

                                    EXHIBIT 2

                      FORM OF SUBSEQUENT TRANSFER AGREEMENT

     Pursuant to this Subsequent  Transfer  Agreement No. ___ (the "Agreement"),
dated as of , , between GMAC Mortgage Corporation, as seller (the "Seller"), and
GMACM Home Loan Trust 2000-HLTV2,  as issuer (the "Issuer"), and pursuant to the
loan  purchase  agreement  dated as of August 29, 2000 (the "Home Loan  Purchase
Agreement"),  among the Seller,  Residential Asset Mortgage  Products,  Inc., as
purchaser (the  "Purchaser"),  the Issuer and The Bank of New York, as indenture
trustee (the "Indenture  Trustee"),  the Seller and the Issuer agree to the sale
by the Seller and the purchase by the Issuer of the mortgage loans listed on the
attached Schedule of Subsequent Home Loans (the "Subsequent Home Loans").

        Capitalized  terms used and not  defined  herein  have their  respective
meanings  as set forth in  Appendix  A to the  indenture  dated as of August 29,
2000,  between  the  Issuer  and  the  Indenture  Trustee,  which  meanings  are
incorporated by reference herein.  All other capitalized terms used herein shall
have the meanings specified herein.

        Section 1.    Sale of Subsequent Home Loans.

        (a) The Seller does hereby sell,  transfer,  assign, set over and convey
to the Issuer,  without recourse, all of its right, title and interest in and to
the Subsequent Home Loans, all principal  received and interest  accruing on the
Subsequent  Home Loans on and after the Subsequent  Cut-Off Date, all monies due
or to become  due  relating  to such  Subsequent  Home  Loans and all items with
respect to the Subsequent Home Loans to be delivered  pursuant to Section 2.2 of
the Home Loan Purchase Agreement;  provided,  however,  that the Seller reserves
and  retains all right,  title and  interest in and to  principal  received  and
interest  accruing on the Subsequent Home Loans prior to the Subsequent  Cut-Off
Date. The Seller,  contemporaneously  with the delivery of this  Agreement,  has
delivered or caused to be delivered to the Indenture Trustee each item set forth
in Section 2.2 of the Home Loan Purchase Agreement.

        The  transfer to the Issuer by the Seller of the  Subsequent  Home Loans
identified  on the Home Loan  Schedule  shall be absolute and is intended by the
parties  hereto  to  constitute  a sale  by the  Seller  to  the  Issuer  on the
Subsequent Transfer Date of all the Seller's right, title and interest in and to
the Subsequent  Home Loans,  and other  property as and to the extent  described
above,  and the  Issuer  hereby  acknowledges  such  transfer.  In the event the
transactions  set forth  herein  shall be deemed  not to be a sale,  the  Seller
hereby  grants  to the  Issuer as of the  Subsequent  Transfer  Date a  security
interest in all of the Seller's  right,  title and interest in, to and under all
accounts, chattel papers, general intangibles,  contract rights, certificates of
deposit,  deposit accounts,  instruments,  documents,  letters of credit, money,
advices of credit,  investment property, goods and other property consisting of,
arising under or related to the Subsequent Home Loans,  and such other property,
to secure all of the Issuer's  obligations  hereunder,  and this Agreement shall
constitute a security  agreement under applicable law. The Seller agrees to take
or cause to be taken such  actions  and to  execute  such  documents,  including
without limitation the filing of all necessary UCC-1 financing  statements filed
in the State of Delaware and the  Commonwealth of  Pennsylvania  (which shall be
submitted  for filing as of the  Subsequent  Transfer  Date),  any  continuation

<PAGE>

statements with respect thereto and any amendments thereto required to reflect a
change in the name or  corporate  structure  of the  Seller or the filing of any
additional UCC-1 financing  statements due to the change in the principal office
of the Seller, as are necessary to perfect and protect the Issuer's interests in
each Subsequent Home Loan and the proceeds thereof.

        (b) The  expenses and costs  relating to the delivery of the  Subsequent
Home Loans,  this Agreement and the Home Loan Purchase  Agreement shall be borne
by the Seller.

      (c)    Additional terms of the sale are set forth on Attachment A hereto.

        Section 2.    Representations and Warranties; Conditions Precedent.

        (a) The Seller hereby  affirms the  representations  and  warranties set
forth in Section  3.1 of the Home Loan  Purchase  Agreement  that  relate to the
Seller or the  Subsequent  Home Loans as of the date hereof.  The Seller  hereby
confirms  that each of the  conditions  set forth in Section  2.2(b) of the Home
Loan  Purchase  Agreement  are  satisfied  as of the  date  hereof  and  further
represents  and  warrants  that  each  Subsequent  Home Loan  complies  with the
requirements  of this  Agreement  and Section  2.2(c) of the Home Loan  Purchase
Agreement.

        (b) The Seller is  solvent,  is able to pay its debts as they become due
and has  capital  sufficient  to  carry  on its  business  and  its  obligations
hereunder;  it will not be rendered  insolvent by the  execution and delivery of
this  Instrument or by the  performance of its  obligations  hereunder nor is it
aware  of  any  pending  insolvency;  no  petition  of  bankruptcy  (or  similar
insolvency proceeding) has been filed by or against the Seller prior to the date
hereof.

        (c) All  terms  and  conditions  of the  Home  Loan  Purchase  Agreement
relating  to the  Subsequent  Home  Loans are  hereby  ratified  and  confirmed;
provided,  however,  that in the event of any  conflict the  provisions  of this
Agreement  shall  control  over the  conflicting  provisions  of the  Home  Loan
Purchase Agreement.

        Section  3.  Recordation  of  Instrument.  To the  extent  permitted  by
applicable law or a memorandum  thereof if permitted under  applicable law, this
Agreement is subject to recordation in all  appropriate  public offices for real
property  records in all of the counties or other  comparable  jurisdictions  in
which  any or all  of the  properties  subject  to  the  related  Mortgages  are
situated,  and in any other  appropriate  public  recording office or elsewhere,
such recordation to be effected by the Servicer at the  Noteholders'  expense on
direction  of the Majority  Noteholders  or the Credit  Enhancer,  but only when
accompanied  by an  Opinion  of  Counsel  to the  effect  that such  recordation
materially  and  beneficially  affects the interests of the  Noteholders  or the
Credit  Enhancer or is  necessary  for the  administration  or  servicing of the
Subsequent Home Loans.

        Section  4.  GOVERNING  LAW.  THIS  INSTRUMENT  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 5.  Counterparts.  This Instrument may be executed in counterparts,
each of which, when so executed,  shall be deemed to be an original and together
shall constitute one and the same instrument.

<PAGE>

     Section 6.  Successors  and  Assigns.  This  Agreement  shall  inure to the
benefit  of and be binding  upon the Seller and the Issuer and their  respective
successors and assigns.

                             GMAC MORTGAGE CORPORATION,
                                as Seller

                             By:
                                 Name:
                                 Title:

                             GMACM HOME LOAN TRUST 2000-HLTV2, as Issuer

                             By: WILMINGTON TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as
                                    Owner Trustee

                             By:
                                 Name:
                                 Title:

                                   Attachments

A. Additional terms of sale.
B. Schedule of Subsequent Home Loans.
C. Seller's Officer's Certificate.
D. Seller's Officer's Certificate (confirmation of Credit Enhancer approval).

<PAGE>

                        GMACM HOME LOAN TRUST 2000-HLTV2

              ATTACHMENT A TO FORM OF SUBSEQUENT TRANSFER AGREEMENT

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

<TABLE>
<CAPTION>

A.
      1.   Subsequent Cut-Off Date:
      2.   Pricing Date:
      3.   Subsequent Transfer Date:
      4.   Aggregate Principal Balance of the Subsequent Home Loans as of
           the Subsequent Cut-Off Date:
      5.   Purchase Price:                                                   100.00%
B.
As to all Subsequent Home Loans:
<S>   <C>                                                                     <C>
      1.   Longest stated term to maturity:                                             months
                                                                             ----------
      2.   Minimum Loan Rate:                                                           %
                                                                             ----------
      3.   Maximum Loan Rate:                                                           %
                                                                             ----------
      4.   WAC of all Subsequent Home Loans:                                            %
                                                                             ----------
      5.   WAM of all Subsequent Home Loans:                                            %
                                                                             ----------
      6.   Largest Principal Balance:                                        $__________
      7.   Non-owner occupied Mortgaged Properties:                                     %
                                                                             ----------
      8.   California zip code concentrations:                                   % and      %
                                                                             ----      ----
      9.   Condominiums:                                                                %
                                                                             ----------
      10.  Single-family:                                                               %
                                                                             ----------
      11.  Weighted average term since origination:                                    %
                                                                             ----------
      12.  Principal balance of Subsequent Home Loans with respect to        $_________
           which the Mortgagor is an employee of GMACM or an affiliate of
           GMACM:
      13.  Number of Subsequent Home Loans with respect to which the
           Mortgagor is an employee of GMACM or an affiliate of GMACM:

</TABLE>

<PAGE>

                                    EXHIBIT 3

                             FORM OF ADDITION NOTICE

DATE:

The Bank of New York                             Moody's Investors Service, Inc.
101 Barclay Street, 12-E                          99 Church Street
New York, New York 10286                          New York, New York 10007

Ambac Assurance Corporation                       Wilmington Trust Company
One State Street Plaza, 19th Floor                1100 North Market Street
New York, New York  10004                         Wilmington, Delaware 19890
Attention: Structured Finance -- Mortgage
Backed Securities
Re: GMACM Home Loan Trust 2000-HLTV2;

Standard & Poor's, a division of The
McGraw-Hill Companies, Inc.
26 Broadway
New York, New York 10004-1064

                      Re: GMACM Home Loan Trust 2000-HLTV2

Ladies and Gentlemen:

        Pursuant to Section 2.2 of the home loan purchase  agreement dated as of
August 29, 2000 (the "Purchase Agreement"),  among GMAC Mortgage Corporation, as
Seller, Residential Asset Mortgage Products, Inc., as Purchaser, GMACM Home Loan
Trust 2000-HLTV2,  as Issuer and The Bank of New York, as Indenture Trustee, the
Seller has  designated  the  Subsequent  Home Loans  identified on the Home Loan
Schedule  attached  hereto  to be sold to the  Issuer  on , , with an  aggregate
Principal Balance of $ . Capitalized terms not otherwise defined herein have the
meaning  set forth in the  Appendix  A to the  indenture  dated as of August 29,
2000, between the Issuer and the Indenture Trustee.

<PAGE>

        Please  acknowledge  your receipt of this notice by  countersigning  the
enclosed copy in the space  indicated below and returning it to the attention of
the undersigned.

                                            Very truly yours,

                                            GMAC MORTGAGE CORPORATION,
                                               as Seller

                                            By:
                                                Name:
                                                Title:

ACKNOWLEDGED AND AGREED:

THE BANK OF NEW YORK,
    as Indenture Trustee

By:
    Name:
    Title:

<PAGE>

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            Page

<S>                                                                                        <C>
ARTICLE I         DEFINITIONS...............................................................1

        Section 1.1   Definitions...........................................................1

        Section 1.2   Other Definitional Provisions.........................................2

ARTICLE II        SALE OF HOME LOANS AND RELATED PROVISIONS.................................2

        Section 2.1   Sale of Initial Home Loans............................................2

        Section 2.2   Sale of Subsequent Home Loans.........................................5

        Section 2.3   Payment of Purchase Price.............................................8

ARTICLE III       REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH.......................9

        Section 3.1   Seller Representations and Warranties.................................9

ARTICLE IV        SELLER'S COVENANTS.......................................................16

        Section 4.1   Covenants of the Seller..............................................16

ARTICLE V         SERVICING................................................................16

        Section 5.1   Servicing............................................................16

ARTICLE VI        INDEMNIFICATION BY THE SELLER WITH RESPECT TO THE MORTGAGE LOANS.........16

        Section 6.1   Indemnification with Respect to the Home Loans.......................16

        Section 6.2   Limitation on Liability of the Seller................................16

ARTICLE VII       TERMINATION..............................................................17

        Section 7.1   Termination..........................................................17

ARTICLE VIII      MISCELLANEOUS PROVISIONS.................................................17

        Section 8.1   Amendment............................................................17

        Section 8.2   GOVERNING LAW........................................................17

        Section 8.3   Notices..............................................................17

        Section 8.4   Severability of Provisions...........................................18

        Section 8.5   Relationship of Parties..............................................18

        Section 8.6   Counterparts.........................................................18

        Section 8.7   Further Agreements...................................................18

        Section 8.8   Intention of the Parties.............................................18

        Section 8.9   Successors and Assigns; Assignment of This Agreement.................19

        Section 8.10  Survival.............................................................19

        Section 8.11  Third Party Beneficiary..............................................20

<PAGE>

EXHIBIT 1  HOME LOAN SCHEDULE...............................................................0

EXHIBIT 2  FORM OF SUBSEQUENT TRANSFER AGREEMENT............................................1

EXHIBIT 3  FORM OF ADDITION NOTICE..........................................................2

</TABLE>

<PAGE>Ambac

Certificate Guaranty Insurance Policy

    Ambac Assurance Corporation
    c/o CT Corporation Systems
    44 East Mifflin Street, Madison, Wisconsin  53703

    Administrative Office:
    One State Street Plaza, New York, New York 10004
    Telephone: (212) 668-0340

Insured Obligations:                               Policy Number:
GMACM Home Loan Trust 2000-HLTV2                   AB0385BE
GMACM Home Loan-Backed Term
Notes, Series 2000-HLTV2

                                    Premium:
                                                   As     specified    in    the
endorsement attached hereto.

Ambac  Assurance  Corporation  (Ambac) A Wisconsin  Stock  Insurance  Company in
consideration  of the  payment of the  premium  and subject to the terms of this
Policy, hereby agrees  unconditionally and irrevocably to pay to the Trustee for
the  benefit of the  Holders of the  Insured  Obligations,  that  portion of the
Insured Amounts which shall become Due for Payment but shall be unpaid by reason
of Nonpayment.

Ambac will make such  payments to the Trustee from its own funds on the later of
(a) one (1) Business Day  following  notification  to Ambac of Nonpayment or (b)
the Business Day on which the Insured Amounts are Due for Payment. Such payments
of principal or interest shall be made only upon  presentation  of an instrument
of assignment in form and substance satisfactory to Ambac, transferring to Ambac
all rights  under such  Insured  Obligations  to receive  the  principal  of and
interest  on the  Insured  Obligation.  Ambac  shall  be  subrogated  to all the
Holders'  rights to  payment  on the  Insured  Obligations  to the extent of the
insurance  disbursements so made. Once payments of the Insured Amounts have been
made to the Trustee, Ambac shall have no further obligation hereunder in respect
of such Insured Amounts.

In the event the Trustee for the Insured Obligations has notice that any payment
of  principal  or  interest  on an Insured  Obligation  which has become Due for
Payment  and which is made to a Holder by or on behalf of the  Trustee  has been
deemed a  preferential  transfer  and  theretofore  recovered  from  its  Holder
pursuant  to the  United  States  Bankruptcy  Code in  accordance  with a final,
nonappealable  order of a court of competent  jurisdiction,  such Holder will be
entitled  to payment  from Ambac to the extent of such  recovery  if  sufficient
funds are not otherwise available.

This  Policy is  noncancelable  by Ambac for any  reason,  including  failure to
receive payment of any premium due hereunder.  The premium on this Policy is not
refundable  for any reason.  This Policy does not insure against the loss of any
prepayment  or other  acceleration  payment  which at any time may become due in
respect of any Insured  Obligation,  other than at the sole option of Ambac, nor
against any risk other than Nonpayment, including failure of the Trustee to make
any payment due Holders of Insured Amounts.

To the fullest  extent  permitted by  applicable  law,  Ambac hereby  waives and
agrees not to assert any and all rights and defenses,  to the extent such rights
and  defenses may be available  to Ambac,  to avoid  payment of its  obligations
under this Policy in accordance with the express provisions hereof.

Any capitalized terms not defined herein shall have the meaning given such terms
in the endorsement attached hereto or in the Agreement.

In  witness  whereof,  Ambac  has  caused  this  Policy to be  affixed  with its
corporate seal and to be signed by its duly authorized  officers in facsimile to
become  effective as their original  signatures and binding upon Ambac by virtue
of the countersignature of its duly authorized representative.

/s/ Phillip B. Lassiter                                 /s/ Anne G. Gill
    -------------------                                 ------------
President                                               Secretary

Effective Date: August 29, 2000                  /s/ Thomas J. Adams
                                                 ---------------
                                                 Authorized Representative

<PAGE>

                CERTIFICATE GUARANTY INSURANCE POLICY ENDORSEMENT

Attached to and forming                           Effective Date of Endorsement:
part of Policy No. AB0385BE                                      August 29, 2000
issued to:

The Bank of New York,  as  Indenture  Trustee on behalf of GMACM Home Loan Trust
2000-HLTV2,  and for the  benefit of the  Holders of the GMACM Home  Loan-Backed
Term Notes, Series 2000-HLTV2

        For all  purposes of this  Policy,  the  following  terms shall have the
following meanings:

        "Due for Payment" shall mean, with respect to any Insured Amounts,  such
amount that is due and payable under the Indenture on the related Payment Date.

        "Final Payment Date" shall mean the Payment Date in November 2025.

        "First Payment Date" shall mean September 18, 2000.

        "Holder" shall mean any person who is the registered owner or beneficial
owner of any of the Notes.

        "Indenture"  shall  mean the  Indenture,  dated as of August  29,  2000,
between GMACM Home Loan Trust 2000-HLTV2,  as Issuer,  and The Bank of New York,
as Indenture Trustee, as such Indenture may be amended, modified or supplemented
from time to time as set forth in the Indenture.

        "Indenture   Trustee"   shall  mean  The  Bank  of  New  York,   or  its
successor-in-interest, in its capacity as indenture trustee under the Indenture,
or if any  successor  indenture  trustee or any  co-indenture  trustee  shall be
appointed as provided  therein,  then  "Indenture  Trustee" shall also mean such
successor  indenture trustee or such co-indenture  trustee,  as the case may be,
subject to the provisions thereof.

<PAGE>

        "Insurance  Agreement" shall mean the Insurance and Indemnity  Agreement
(as may be  amended,  modified  or  supplemented  from time to time) dated as of
August 29, 2000, by and among the Insurer, GMAC Mortgage Corporation,  as Seller
and Servicer,  the Depositor,  the Issuer and The Bank of New York, as Indenture
Trustee.

        "Insurance Draw Amount" (1) shall mean, with respect to any Payment Date
(other than the Final Payment Date),  the sum of (x) the amount by which accrued
interest  on the  Notes  at the  applicable  Note  Rates  on such  Payment  Date
(exclusive  of any Relief Act  Shortfalls)  exceeds the amount on deposit in the
Note Payment Account  available for interest  distributions on such Payment Date
and (y) any  Liquidation  Loss Amount to the extent not  currently  covered by a
Liquidation Loss Distribution Amount or a reduction in the Overcollateralization
Amount and (2) shall mean, with respect to the Final Payment Date, the amount by
which the Note Balance on the Notes,  together with interest on the Notes at the
applicable  Note Rates  during the related  Interest  Period  (exclusive  of any
Relief Act Shortfalls)  exceeds the payments  otherwise  available to be made to
the Holders thereof on the Final Payment Date. The Insurance Draw Amount for any
date shall be reduced by the  amount of any  payments  made to the Trust  Estate
with respect to that date from the Limited Reimbursement  Agreement.  Any Relief
Act Shortfalls shall not be included in an Insurance Draw Amount.

        "Insurance  Policy" or  "Policy"  shall mean this  Certificate  Guaranty
Insurance Policy together with each and every endorsement hereto.

        "Insured  Amounts"  shall mean,  with respect to any Payment  Date,  the
Insurance Draw Amount for such Payment Date and shall mean,  with respect to the
Final Payment Date, the Insurance Draw Amount for the Final Payment Date.

        "Insured  Payments"  shall mean,  with respect to any Payment Date,  the
aggregate  amount  actually  paid by the  Insurer  to the  Indenture  Trustee in
respect of Insured Amounts for such Payment Date.

        "Insurer"  shall  mean Ambac  Assurance  Corporation,  or any  successor
thereto, as issuer of the Insurance Policy.

        "Late  Payment Rate" shall mean the lesser of (a) the greater of (i) the
per annum rate of interest  publicly  announced  from time to time by  Citibank,
N.A. as its prime or base  lending  rate (any change in such rate of interest to
be effective on the date such change is announced by Citibank,  N.A.),  and (ii)
the then  applicable  rate of  interest  on any of the Notes and (b) the maximum
rate permissible under applicable usury or similar laws limiting interest rates.
The Late  Payment  Rate shall be computed  on the basis of the actual  number of
days elapsed over a year of 360 days for any Payment Date.

<PAGE>

        "Nonpayment"  shall  mean,  with  respect  to any  Payment  Date or with
respect to the Final Payment  Date,  an Insured  Amount which is Due for Payment
but has not and  will  not be paid in  respect  of such  Payment  Date or  Final
Payment Date pursuant to the Indenture.

        "Notice"  shall mean the  telephonic  or  telegraphic  notice,  promptly
confirmed in writing by telecopy  substantially  in the form of Exhibit A to the
Policy,  the  original  of which is  subsequently  delivered  by  registered  or
certified mail, from the Indenture  Trustee  specifying the Insured Amount which
shall be due and owing on the applicable Payment Date.

        "Payment  Date"  shall  mean the 18th day of each month (or if such 18th
day is not a  Business  Day,  the  first  Business  Day  immediately  following)
beginning with the First Payment Date.

        "Reimbursement  Amount" shall mean,  as to any Payment Date,  the sum of
(x) (i) all Insured Payments paid by the Insurer,  but for which the Insurer has
not been  reimbursed  prior to such Payment Date pursuant to Section  3.05(a) of
the  Indenture,  plus (ii)  interest  accrued  thereon,  calculated  at the Late
Payment Rate from the date the Indenture  Trustee  received the related  Insured
Payments,  and (y) (i) any other amounts then due and owing to the Insurer under
the Insurance Agreement, but for which the Insurer has not been reimbursed prior
to such  Payment Date  pursuant to Section  3.05(a) of the  Indenture  plus (ii)
interest on such amounts at the Late Payment Rate.

        "Trustee"  shall mean,  for the  purposes of the Policy,  the  Indenture
Trustee.

        Capitalized  terms used herein and not otherwise  defined shall have the
meaning assigned to them in the Indenture (including Appendix A thereto).

        The Insurer hereby agrees that if, as of any Payment Date, it has become
subrogated  to the rights of Holders by virtue of a previous  payment under this
Policy,  no recovery of such  payment  will occur  unless the full amount of the
Holders' allocable distributions for such Payment Date can be made. In so doing,
the Insurer does not waive its rights to seek full payment of all  Reimbursement
Amounts owed to it under the Indenture.

        As  provided  by the Policy,  the  Insurer  will pay any amount  payable
hereunder  no later than  12:00  noon,  New York City time,  on the later of the
Payment  Date on which the related  Insured  Amount is due or the  Business  Day
following  receipt in New York,  New York on a Business  Day by the Insurer of a
Notice;  provided  that, if such Notice is received  after 12:00 noon,  New York
City  time,  on such  Business  Day,  it will be  deemed to be  received  on the
following Business Day. If any such Notice is not in proper form or is otherwise
insufficient  for the purpose of making a claim  under the  Policy,  it shall be
deemed not to have been received for purposes of this paragraph, and the Insurer
shall  promptly so advise the Indenture  Trustee and the  Indenture  Trustee may
submit an amended Notice.

        The terms and  provisions of the Indenture  constitute the instrument of
assignment referred to in the second paragraph of the face of this Policy.

        A  premium  will be  payable  on this  Policy  on each  Payment  Date as
provided in Section  3.05(a) of the Indenture,  beginning with the First Payment
Date, in the amount specified in Section 3.02(c) of the Insurance Agreement.

        The   insurance   provided   by  the  Policy  is  not   covered  by  the
Property/Casualty  Insurance  Security  Fund  specified in Article 76 of the New
York Insurance Law.

        The Policy to which this Endorsement is attached and of which it forms a
part is hereby  amended to provide that there shall be no  acceleration  payment
due under the  Policy  unless  such  acceleration  is at the sole  option of the
Insurer.  The Policy is further  hereby  amended,  to the extent  necessary,  to
clarify that the reference to "loss of any prepayment or any other  acceleration
payment"  in the fourth  paragraph  of the face of the Policy  does not refer to
that portion of any shortfall, if any, in interest on any Home Loan in any month
in which such Home Loan is paid prior to its stated maturity.

        Nothing herein contained shall be held to vary,  alter,  waive or extend
any of the terms, conditions, provisions, agreements or limitations of the above
mentioned Policy other than as above stated.

        This  Policy is issued  under and  pursuant  to, and shall be  construed
under,  the laws of the State of New York (without giving effect to the conflict
of laws provisions thereof).

        IN WITNESS  WHEREOF,  the  Insurer has caused  this  Endorsement  to the
Policy to be signed by its duly authorized officers.

First Vice President                                      Assistant Secretary

/s/ Thomas J. Adams                                       /s/ Melissa L. Velie
------------------------------------                      --------------------

<PAGE>

                                    EXHIBIT A
                  TO THE CERTIFICATE GUARANTY INSURANCE POLICY
                               Policy No. AB0385BE

                         NOTICE OF NONPAYMENT AND DEMAND
                         FOR PAYMENT OF INSURED AMOUNTS

                                                          Date:  [           ]

AMBAC ASSURANCE CORPORATION
One State Street Plaza
New York, New York  10004
Attention:  General Counsel

        Reference is made to Certificate  Guaranty Insurance Policy No. AB0385BE
(the  "Policy")  issued  by  Ambac  Assurance   Corporation   ("Ambac").   Terms
capitalized  herein and not otherwise defined shall have the meanings  specified
in the Policy and the Indenture (including Appendix A thereto),  as the case may
be, unless the context otherwise requires.

1.   The Indenture Trustee hereby certifies as follows:

2.   The Indenture  Trustee is the Indenture Trustee under the Indenture for the
     Noteholders.

3.   The relevant Payment Date or Final Payment Date is [date].

4.   Payment on the Notes in respect of the  Payment  Date is due to be received
     on ____________________________  under the Indenture, in an amount equal to
     $_____________________.

[4.  The amount to be paid to the Holders of the Notes on the Final Payment Date
     is $__________.]

5.   There is an Insurance Draw Amount of  $__________________ in respect of the
     Notes,  which  amount is an  Insured  Amount  pursuant  to the terms of the
     Policy.

6.   The  sum of  $__________________  is the  Insured  Amount  that  is Due For
     Payment.

7.   The  Indenture  Trustee  has not  heretofore  made a demand for the Insured
     Amount in respect of the Payment Date.

8.   The Indenture  Trustee  hereby  requests the payment of the Insured  Amount
     that is Due for Payment be made by Ambac under the Policy and directs  that
     payment  under the  Policy be made to the  following  account  by bank wire
     transfer of federal or other immediately available funds in accordance with
     the terms of the Policy to:

9.   ____________________________________ Indenture Trustee's account number.

10.  The Indenture Trustee hereby agrees that,  following receipt of the Insured
     Amount  from Ambac,  it shall (a) hold such  amounts in trust and apply the
     same directly to the distribution of payment on the Notes when due; (b) not
     apply such funds for any other purpose;  (c) deposit such funds to the Note
     Payment  Account and not commingle  such funds with other funds held by the
     Indenture Trustee and (d) maintain an accurate record of such payments with
     respect to the Notes and the corresponding claim on the Policy and proceeds
     thereof.

        Any Person  Who  Knowingly  And With  Intent To  Defraud  Any  Insurance
Company Or Other Person Files An Application For Insurance Or Statement Of Claim
Containing  Any  Materially  False  Information;  Or Conceals For The Purpose Of
Misleading,   Information  Concerning  Any  Fact  Material  Thereto,  Commits  A
Fraudulent  Insurance Act, Which Is And Shall Also Be Subject To A Civil Penalty
Not To Exceed Five  Thousand  Dollars And The Stated Value Of The Claim For Each
Such Violation.

                                   By:          Indenture Trustee

                                   Title:
                                                    (Officer)

<PAGE>

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