Document:

<PAGE>   1
                                                                   EXHIBIT 10.97

                               FIRST AMENDMENT TO
                     AMENDED AND RESTATED CREDIT AGREEMENT
                              (SERVICING FACILITY)

         THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
(SERVICING FACILITY) (the "AMENDMENT"), dated as of November 30, 1999, is
entered into between the Lenders party hereto, BANKERS TRUST COMPANY, a New
York banking corporation, as agent for the Lenders (the "AGENT"), DORAL
FINANCIAL CORPORATION, a corporation organized under the laws of the
Commonwealth of Puerto Rico ("DFC"), and DORAL MORTGAGE CORPORATION, a
corporation organized under the laws of the Commonwealth of Puerto Rico and a
wholly-owned subsidiary of DFC ("DMC", and together with DFC, each a "BORROWER"
and collectively, the "BORROWERS"), with reference to the Amended and Restated
Credit Agreement (Servicing Facility), dated as of June 25, 1999, between the
Borrowers, the Agent and the lenders party thereto (as amended, supplemented or
otherwise modified from time to time, the "CREDIT AGREEMENT"). All capitalized
terms used but not otherwise defined herein shall have the meanings given such
terms in the Credit Agreement.

         The Lenders, the Agent and the Borrowers wish to amend the Credit
Agreement as set forth herein.

         ACCORDINGLY, the parties hereto agree as follows:

         Section 1.        Amendments to Credit Agreement.

         (a)      The definition of "ADJUSTED TANGIBLE NET WORTH" set forth in
Section 1.1 of the Credit Agreement shall be deleted in its entirety.

         (b)      The definition of "BOOK NET WORTH" set forth in Section 1.1 of
the Credit Agreement shall be deleted in its entirety, all references to "Book
Net Worth" in the Credit Agreement shall be deemed to be references to "Book
Net Worth" in the Credit Agreement shall be deemed to be references to
"Tangible Book Net Worth", and the following definition shall be added to
Section 1.1 of the Credit Agreement immediately following the definition of
"SUBSIDIARY":

                  ""TANGIBLE BOOK NET WORTH" shall mean (a) the net worth,
         determined in accordance with GAAP consistently applied, of DFC on a
         consolidated basis, less (b) the sum of (i) all investments in,
         advances to and retained earnings of the Non-Mortgage Banking
         Subsidiaries, and (ii) all other assets that would be classified as
         intangible assets under GAAP, including goodwill (whether representing
         the excess cost over book value of assets acquired or otherwise),
         patents, trademarks, trade names, copyrights, franchises, deferred
         charges (including unamortized debt discount and expense, organization
         and acquisition costs and research and product development costs)."

<PAGE>   2
                                      -2-

         (c)      The following definition shall be added to Section 1.1 of the
         Credit Agreement immediately following the definition of
         "MULTIEMPLOYER PLAN":

                           ""NON-MORTGAGE BANKING SUBSIDIARIES" shall mean the
                  following Subsidiaries of DFC: (i) Doral Bank, (ii) Doral
                  Securities Inc., (iii) Doral Bank FSB, (iv) Doral Capital,
                  Inc., (v) Doral Properties, Inc., (vi) Doral Money, Inc., and
                  (vii) any other Subsidiary that is not primarily engaged in
                  the business of mortgage banking as reasonably determined by
                  the Agent."

         (d)      The definition of "TOTAL LIABILITIES" set forth in Section 1.1
         of the Credit Agreement shall be amended to read as follows:

                  ""TOTAL LIABILITIES" shall mean (a) the sum of (i) the
         aggregate amount of all liabilities of each Borrower and each of its
         consolidated Subsidiaries (other than the Non-Mortgage Banking
         Subsidiaries) determined in accordance with GAAP, consistently
         applied, other than Permitted Subordinated Indebtedness, and (ii) all
         indebtedness and liabilities of Non-Mortgage Banking Subsidiaries
         assumed or guaranteed by each Borrower and each of its consolidated
         Subsidiaries (other than the Non-Mortgage Banking Subsidiaries), or
         secured by any Lien upon property owned by any such Person, whether or
         not such indebtedness is assumed, or in respect of which such Person
         is secondarily or contingently liable (other than by endorsement of
         instruments in the course of collection), including contingent
         reimbursement obligations of such Person under undrawn letters of
         credit, whether by reason of any agreement to acquire such
         indebtedness or to supply or advance sums or otherwise, less (b) the
         sum of (i) the aggregate amount of intercompany payables owing from
         one Borrower to the other Borrower, (ii) the aggregate amount of
         intercompany payables owing by either Borrower to Doral Securities,
         Inc. and (iii) an amount not exceeding $45,000,000 in indebtedness
         owing by Doral Properties, Inc. guaranteed by DFC relating to an
         industrial revenue bond financing issued to finance DFC's new
         corporate headquarters and related facilities."

         (e)      Section 4.8 of the Credit Agreement shall be amended to read
         as follows:

                  "SECTION 4.8      SUBSIDIARIES.

                                    As of November 30, 1999, DFC has no
                  Subsidiaries other than (i) DMC, (ii) Doral Bank, (iii)
                  Centro Hipotecario de Puerto Rico, Inc., (iv) Doral
                  Properties, Inc., (v) Doral Securities, Inc., (vi) Doral Bank
                  FSB, (vii) Doral Money, Inc., (viii) Doral Capital, Inc., and
                  (ix) SANA Mortgage Bankers. DFC owns, directly or through
                  another Subsidiary of DFC, one hundred percent (100%) of the
                  stock of each such Subsidiary, and all of the stock of each
                  such Subsidiary has been duly issued and is fully paid and
                  nonassessable. DMC has no Subsidiaries as of November 30,
                  1999 other than SANA Mortgage Bankers."

         (f)      Section 5.3(a) of the Credit Agreement shall be deleted in its
         entirety.

<PAGE>   3
                                      -3-

         (g)      Section 5.3(b) of the Credit Agreement shall be amended to
                  read as follows:

                  "(b)     Tangible Book Net Worth. Permit Tangible Book Net
                  Worth at any time to be less than $200,000,000."

         (h)      Section 5.3(c) of the Credit Agreement shall be amended to
                  read as follows:

                  "(c)     Tangible Book Net Worth Leverage. Permit the ratio of
                  Total Liabilities to Tangible Book Net Worth at any time to
                  exceed 11.0:1.0."

         (i)      Section 5.3 of the Credit Agreement shall be amended by
                  adding the following paragraph immediately following Section
                  5.3(d):

                  "The determination of compliance with all covenants set forth
                  in this Section 5.3 shall be based upon the quarterly
                  financial statements delivered to the Agent as contemplated
                  in Section 5.1(a)(ii) for the mortgage banking operations of
                  DFC and its consolidated Subsidiaries (which for greater
                  certainty shall include the financial results of DMC, SANA
                  Mortgage Bankers, and Centro Hipotecario de Puerto Rico,
                  Inc., and shall exclude the financial results of the
                  Non-Mortgage Banking Subsidiaries."

         Section 2.        Representations and Warranties. The Borrowers
represent and warrant that, on and as of the date hereof, all of the
representations and warranties made by them in the Credit Agreement and the
other Loan Documents are true and correct as if made on and as of the date
hereof and no Potential Default or Event of Default has occurred and is
continuing.

         Section 3.        Effectiveness. This Amendment shall become effective
as of the date hereof upon delivery to the Agent of counterparts of this
Amendment, duly executed and delivered by the parties hereto.

         Section 4.        Counterparts. This Amendment may be executed in any
number of counterparts, all of which taken together shall constitute one
agreement, and any party hereto may execute this Amendment by signing any such
counterpart.

         Section 5.        GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         Section 6.        Miscellaneous. Except as expressly amended hereby,
none of the terms, covenants and conditions contained in the Credit Agreement
and the other Loan Documents shall be amended or waived, and all such terms,
covenants and conditions shall continue to be, and shall remain, in full force
and effect in accordance with their respective terms. Nothing contained herein
shall operate as a waiver of any right, power or remedy of the Agent or the
Lenders under the Credit Agreement or any other Loan Document, nor constitute a
waiver of any provision of the Credit Agreement or any other Loan Document.

<PAGE>   4
                                      -4-

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

                          DORAL FINANCIAL CORPORATION,
                          as a Borrower

                          By: /s/ Mario S. Levis
                             ------------------------------------------------
                             Name:  Mario S. Levis
                             Title: Executive Vice President and Treasurer

                          DORAL MORTGAGE CORPORATION,
                          as a Borrower

                          By: /s/ Mario S. Levis
                             ------------------------------------------------
                             Name:  Mario S. Levis
                             Title: Executive Vice President

                          BANKERS TRUST COMPANY,
                          as Agent and as a Lender

                          By: /s/ Kevin M. McCann
                             ------------------------------------------------
                             Name:  Kevin M. McCann
                             Title: Managing Director

                          FIRST UNION NATIONAL BANK,
                          as a Lender

                          By: /s/ R. Steven Hall
                             ------------------------------------------------
                             Name:  R. Steven Hall
                             Title: Vice President

                          BANKBOSTON, N.A., as a Lender

                          By: /s/ Paul A. Chmielinski
                             ------------------------------------------------
                            Name:   Paul A. Chmielinski
                            Title:  Vice President

<PAGE>   5
                                      -5-

                          THE BANK OF NEW YORK,
                          as a Lender

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

                          NATIONAL CITY BANK OF KENTUCKY,
                          as a Lender

                          By: /s/ Robert J. Ogburn
                             ------------------------------------------------
                             Name:  Robert J. Ogburn
                             Title: Senior Vice President

                          CREDIT LYONNAIS, NEW YORK BRANCH,
                          as a Lender

                          By: /s/ W. Jay Buckley
                             ------------------------------------------------
                             Name:  W. Jay Buckley
                             Title: Vice President

                          HIBERNIA NATIONAL BANK,
                          as a Lender

                          By: /s/ Stephanie F. Tyner
                             ------------------------------------------------
                             Name:  Stephanie F. Tyner
                             Title: Vice President

                          COLONIAL BANK,
                          as a Lender

                          By: /s/ Catherine L. Kissick
                             ------------------------------------------------
                             Name:  Catherine L. Kissick
                             Title: Senior Vice President and Director<PAGE>   1
                                                                   EXHIBIT 10.98

                  FIRST AMENDMENT TO WAREHOUSING LOAN AGREEMENT

         THIS FIRST AMENDMENT dated as of the 23rd day of December, 1999 by and
among DORAL FINANCIAL CORPORATION, a corporation organized and existing under
the laws of the Commonwealth of Puerto Rico (hereinafter referred to as "DFC"),
DORAL MORTGAGE CORPORATION, a corporation organized and existing under the laws
of the Commonwealth of Puerto Rico (hereinafter referred to as "DMC" and,
collectively with DFC, the "Borrowers"), and CITIBANK, N.A., a national banking
association (hereinafter referred to as the "Bank").

                                   WITNESSETH

         WHEREAS, the Borrowers and the Bank entered into a Warehousing Loan
Agreement dated as of April 29, 1999 (the "Credit Agreement"; all capitalized
terms used herein which are not otherwise defined shall have the meanings set
forth in the Credit Agreement); and

         WHEREAS, the Borrowers and the Bank desire to amend the Credit
Agreement in order to increase the Commitment and to effect certain other
amendments set forth below;

         NOW, THEREFORE, the Borrowers and the Bank hereby amend the Credit
Agreement as hereinafter set forth.

         SECTION 1. AMENDMENTS TO CREDIT AGREEMENT. The Credit Agreement is,
effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 2 hereof, hereby amended as follows:

                    (a) Section 2.1 is hereby amended to read, in its entirety,
as follows:

<PAGE>   2

                                       2

                        "2.1 WAREHOUSING LOAN FACILITY. The Bank agrees, on the
         terms and conditions hereinafter set forth, to make revolving credit
         advances (each, an "Advance") from time to time to the Borrowers in an
         aggregate principal amount not to exceed SEVENTY-FIVE MILLION DOLLARS
         ($75,000,000) at any time outstanding (the "Warehousing Loan Facility")
         for the purpose of (i) warehousing first mortgage loans (hereinafter
         referred to as "Mortgage Loans") secured by Mortgages on completed
         single-family units (detached houses, townhouses and condominium
         units), (each, a "Regular Sub-line Advance") and (ii) financing
         Mortgage Loans held by the Borrowers that have been included in a GNMA
         Pool with respect to which a GNMA Certificate shall be issued (each, a
         "Gestation Sub-line Advance")."

                    (b) Section 3.1 is hereby amended to modify the Disbursement
Percentage applicable to Uncommitted FHA/VA Mortgage Loans to 97%.

                    (c) Exhibit A of the Credit Agreement is hereby amended to
include the Allonge attached hereto as Exhibit A.

         SECTION 2. CONDITIONS OF EFFECTIVENESS. This Amendment shall become
effective when, and only when, the Bank shall have received all of the following
documents, each document (unless otherwise indicated) being dated the date
hereof, in form and substance satisfactory to the Bank:

                    (a) Certified copies of (i) the resolutions of the Board of
Directors of the Borrowers approving this Amendment and the matters contemplated
herein and (ii) all documents evidencing other necessary corporate action and
governmental approvals, if any, with respect to this Amendment and the matters
contemplated herein.

                    (b) Allonge to the Promissory Note in the form of Exhibit A
executed by the Borrowers.

<PAGE>   3

                                        3

         SECTION 3. REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS.

                  (a) Upon the effectiveness of Sections 1 and 2 hereof, on and
after the date hereof each reference in the Credit Agreement to "this
Agreement," "hereunder," "hereof" or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents to "the Credit
Agreement," "there under," "thereof" or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement as
amended hereby.

                  (b) Each Security Agreement executed on April 29, 1999 is
hereby amended (i) by substituting Schedule II thereto with Schedule II attached
hereto and (ii) to reflect the amendment of the Credit Agreement by this
Amendment, in order that the Credit Agreement, as so amended, shall continue to
be secured by such Agreement as part of the Obligations (as defined therein).

                  (c) Except as specifically amended above, the Loan Documents
shall remain in full force and effect and such Loan Documents are hereby in all
respects ratified and confirmed.

         SECTION 4. WAIVER. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of the Bank under any of the Loan Documents, nor
constitute a waiver of any provision of any of the Loan Documents.

         SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE BORROWERS.

         The Borrowers represent and warrant as follows:

<PAGE>   4

                                        4

                    (a) The execution, delivery and performance by the Borrowers
of this Amendment, and all other Loan Documents, as amended, to which any
Borrower is or will be a party, have been duly authorized by all necessary
corporate action of each Borrower and do not and will not i) contravene the
charter or by-laws of the any Borrower, ii) violate in any material respect any
provision of any applicable law, rule, regulation (including, without
limitation, Regulation X of the Board of Governors of the Federal Reserve
System), order, writ, judgment, injunction, decree, determination or award
presently in effect, iii) result in a breach of or constitute a default under
any indenture or loan or credit agreement or any other agreement, lease or
instrument to which any Borrower or any Subsidiary of the Borrowers is a party
or by which they or their properties may be bound or affected, or iv) result in,
or require, the creation or imposition of any mortgage, deed of trust, pledge,
lien, security interest or other charge or encumbrance of any nature (other than
as required hereunder) upon or with respect to any of the properties now owned
or hereafter acquired by any Borrower; to the best of each Borrower's knowledge
neither Borrower nor any Subsidiary of the Borrowers is in default under any
such law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award or any such indenture, agreement, lease or instrument.

                    (b) No authorization, approval or other action by, and no
notice to or filing with, any governmental authority or regulatory body is
required for the due execution, delivery and performance by the Borrowers of
this Amendment, or any of the Loan Documents, as amended, to which any Borrower
is or is to be a party.

                    (c) There is no pending or threatened action or proceeding
affecting any Borrower or any of their Subsidiaries before any court,
governmental agency or arbitrator, which, if

<PAGE>   5

                                       5

adversely determined, would materially affect the financial condition or
operations of the Borrowers or any Subsidiary or which purports to affect the
legality, validity or enforceability of this Amendment or any of the other Loan
Documents, as amended.

                    (d) This Amendment, and each of the other Loan Documents,
as amended, to which each Borrower is a party constitute the legal, valid and
binding obligations of the respective Borrower enforceable against the
corresponding Borrower in accordance with their respective terms, except as
their enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting the rights of creditors in
general.

                    (e) The representations and warranties contained in the
Credit Agreement are correct on and as of the date hereof as though made on and
as of this date.

                    (f) No event has occurred and is continuing which
constitutes an Event of Default or would constitute an Event of Default but for
the requirement that notice be given or time elapse or both.

         SECTION 6. NO NOVATION. It is not the intention of the parties hereto
to cause a novation of the Obligations. Except as specifically amended hereby,
the Credit Agreement shall remain in full force and effect.

         SECTION 7. COSTS, EXPENSES AND TAXES. The Borrowers agree to reimburse
all costs and expenses of the Bank incurred in connection with the preparation,
execution, delivery, administration, modification and amendment of this
Amendment and the other instruments and documents to be delivered hereunder,
including, without limitation, the reasonable fees and out-of-pocket expenses
of counsel for the Bank with respect thereto and

<PAGE>   6

                                       6

with respect to advising the Bank as to its rights and responsibilities
hereunder and thereunder. The Borrowers further agree to reimburse the Bank for
all costs and expenses, if any (including, without limitation, reasonable
counsel fees and expenses), incurred by the Bank in connection with the
enforcement (whether through negotiations, legal proceedings or otherwise) of
this Amendment and the other instruments and documents to be delivered
hereunder, including, without limitation, reasonable counsel fees and expenses
in connection with the enforcement of rights under this Section 7. In addition,
the Borrowers shall pay any and all documentary stamp and other taxes, if any,
payable or determined to be payable in connection with the execution and
delivery of this Amendment and the other instruments and documents to be
delivered hereunder, and agrees to save the Bank harmless from and against any
and all liabilities with respect to or resulting from any delay in paying or
omission to pay such taxes.

         SECTION 8. GOVERNING LAW. This Amendment shall be governed by, and
construed in accordance with, the laws of the Commonwealth of Puerto Rico.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

    DORAL FINANCIAL CORPORATION                 DORAL MORTGAGE CORPORATION

By: /s/ Mario S. Levis                      By: /S/ Mario S. Levis
    -----------------------------               -------------------------------
    Mario S. Levis                              Mario S. Levis
    Executive Vice President                    Executive Vice President
     and Treasurer

<PAGE>   7

                                       7

Affidavit No. __________

         Acknowledged and subscribed to before me in San Juan, Puerto Rico, this
_______________ day of December, 1999, by the following person, who is
personally known to me: Mario S. Levis, of legal age, married, executive and
resident of San Juan, Puerto Rico as Executive Vice President and Treasurer of
Doral Financial Corporation and as Executive Vice President of Doral Mortgage
Corporation.

                                       -----------------------------------------
                                                                  Notary Public

CITIBANK, N.A.

By:  /s/ Elena Manrara
   ------------------------------
         Elena Manrara
         Vice President

<PAGE>   8

                                       8

                                                                       EXHIBIT A

                                     ALLONGE

         The terms of that certain "Promissory Note" (hereinafter the "Note") in
the principal amount of $50,000,000 executed on April 29, 1999 under Affidavit
No. 7288 of Notary Silvestre M. Miranda are hereby amended and modified as of
the date hereof, as follows:

         1. The principal amount of the Note is hereby increased, as of the date
hereof, to SEVENTY-FIVE MILLION THOUSAND DOLLARS ($75,000,000).

         2. The references in the Note to the "Loan Agreement" shall mean and be
to the Warehousing Loan Agreement among Doral Financial Corporation, Doral
Mortgage Corporation and Citibank, N.A. dated as of April 29, 1999, as amended
on December 23, 1999 and as it may be hereafter amended, supplemented or
modified.

         3. It is not the intention of the parties to cause a novation of the
indebtedness evidenced by the Note.

         4. Except as amended hereby, all other terms and conditions of the Note
shall remain unchanged and in full force and effect.

         EXECUTED in San Juan, Puerto Rico, as of the 23rd day of December,
1999.

DORAL FINANCIAL CORPORATION                DORAL MORTGAGE CORPORATION

By: /s/ Mario S. Levis                     By:
    ----------------------------------         ---------------------------------
    Mario S. Levis                             Mario S. Levis
    Executive Vice President                   Executive Vice President
     and Treasurer

Affidavit No. __________

<PAGE>   9

                                       9

         Acknowledged and subscribed to before me in San Juan, Puerto Rico, this
__ day of December, 1999, by the following person, who is personally known to
me: Mario S. Levis, of legal age, married, executive and resident of San Juan,
Puerto Rico as Executive Vice President and Treasurer of Doral Financial
Corporation and as Executive Vice President of Doral Mortgage Corporation.

                                             -----------------------------------
                                                                   Notary Public

ACCEPTED AND AGREED TO,
as of the date above
indicated

          CITIBANK, N.A.

By:
   -----------------------------
      Elena Manrara
      Vice President

<PAGE>   10
                                       10

                                                                     SCHEDULE II

                               ASSIGNED AGREEMENTS

<TABLE>
<CAPTION>
         Party                    Date                       Amount
         -----                    ----                       ------
<S>                           <C>                        <C>
1.   Banco Popular            December 1, 1999           $175,000,000
     de Puerto Rico

2.   Westernbank              October 8, 1999            $ 50,000,000
</TABLE>

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