Document:

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                                                                  EXHIBIT 4.6(c)

                       THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO CREDIT AGREEMENT, dated as of December 17, 1999
("Amendment"), amends the Credit Agreement dated as of February 13, 1996, as
last amended on April 7, 1998 (as so amended, the "Credit Agreement"), between
The PMI Group, Inc., a Delaware corporation (the "Company") and Bank of America
National Trust and Savings Association (the "Bank"). Terms defined in the Credit
Agreement are, unless otherwise defined herein or the context otherwise
requires, used herein as defined therein.

     WHEREAS, the parties hereto have entered into the Credit Agreement, which
provides for the Bank to extend certain credit to the Company from time to time;
and

     WHEREAS, the parties hereto desire to amend the Credit Agreement in certain
respects as hereinafter set forth;

     NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the parties hereto agree that effective as of the date hereof the
Credit Agreement shall be amended as follows:

1.   Article I Financial Covenants Section 7.11 of the Credit Agreement is
hereby amended by deletion of the provision and the substitution therefor of the
following provision:

          "Financial Covenants. The Company shall not permit:

          a) the Consolidated Net Worth to be less than $600,000,000;

          b) the Statutory Capital of PMI Mortgage Insurance Co. to be less than
             $675,000,000;

          c) the Risk to Capital Ratio of any Insurance Subsidiary to be greater
             than 23 to 1.

2.   Except as amended herein, all other terms of the Credit Agreement remain in
full force and effect.

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

                                             THE PMI GROUP, INC.

                                             By: /s/ Rossman
                                                --------------------------------
                                                Title:  VP, Treasurer

                                             By: /s/ John Lorenzen
                                                --------------------------------
                                                Title:  EVP & CFO

                                             BANK OF AMERICA, N.A.

                                             By: /s/ [ILLEGIBLE]
                                                --------------------------------
                                                Title:  Managing Director

                                        2<PAGE>

                                                                  EXHIBIT 4.6(d)

                       THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO CREDIT AGREEMENT, dated as of February 12, 2001
(this "Amendment"), amends the Credit Agreement, dated as of February 13, 1996,
as heretofore amended (as so amended, the "Credit Agreement"), between The PMI
Group, Inc., a Delaware corporation (the "Company") and Bank of America, N.A.
(formerly known as Bank of America National Trust and Savings Association) (the
"Bank"). Terms defined in the Credit Agreement are, unless otherwise defined
herein or the context otherwise requires, used herein as defined therein.

     WHEREAS, the parties hereto have entered into the Credit Agreement, which
provides for the Bank to extend certain credit to the Company from time to time;
and

     WHEREAS, the parties hereto desire to extend the Credit Agreement in
certain respects as hereinafter set forth;

     NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the parties hereto agree as follows:

     SECTION 1 AMENDMENT. Subject to the provisions of Section 2 below,
effective as of the date hereof, the definition of "Termination Date" in Section
1.1 of the Credit Agreement is hereby amended by the deletion of the date
"February 12, 2001" and the substitution of the date "March 14, 2001" therefor.

     SECTION 2 CONDITIONS PRECEDENT. This Amendment shall become effective when
each of the conditions precedent set forth in this Section 2 shall have been
satisfied.

     SECTION 2.1 Receipt of Documents. The Bank shall have received all of the
following documents duly executed, dated the date hereof or such other date as
shall be acceptable to the Bank, and in form and substance satisfactory to the
Bank:

          (a) Amendment. This Amendment, duly executed by the Company and the
     Bank.

          (b) Secretary's Certificate. A certificate of the secretary or an
     assistant secretary of the Company, as to (i) resolutions of the Board of
     Directors of the Company then in full force and effect authorizing the
     execution, delivery and performance of this Amendment, and (ii) the
     incumbency and signatures of those officers of the Company authorized to
     act with respect to this Amendment and each other document described
     herein.

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     SECTION 2.2 Compliance with Warranties. No Default, etc. Both before and
after giving effect to the effectiveness of this Amendment, the following
statements by the Company shall be true and correct (and the Company, by its
execution of this Amendment, hereby represents and warrants to the Bank that
such statements are true and correct as at such times):

          (a) the representations and warranties set forth in Article V of the
     Credit Agreement shall be true and correct with the same effect as if then
     made (unless stated to relate solely to an earlier date, in which case such
     representations and warranties shall be true and correct as of such earlier
     date); and

          (b) no Event of Default or Default shall have then occurred and be
     continuing.

     SECTION 3 REPRESENTATIONS AND WARRANTIES. To induce the Bank to enter into
this Amendment, the Company represents and warrants to the Bank as follows:

     SECTION 3.1 Due Authorizations, Non-Contravention, etc. The execution,
delivery and performance by the Company of this Amendment are within the
Company's corporate powers, have been duly authorized by all necessary corporate
action, and do not

          (a) contravene the Company's Organization Documents;

          (b) contravene any contractual restriction, law or governmental
     regulation or court decree or order binding on or affecting the Company; or

          (c) result in, or require the creation or imposition of, any Lien on
     any of the Company's properties.

     SECTION 3.2 Government Approval, Regulation etc. No authorization or
approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other Person is required for the due execution,
delivery or performance by the Company of this Amendment.

     SECTION 3.3 Validity, etc. This Amendment constitutes the legal, valid and
binding obligation of the Company enforceable in accordance with its terms.

     SECTION 4 MISCELLANEOUS.

     SECTION 4.1 Continuing Effectiveness, etc. This Amendment shall be deemed
to be an amendment to the Credit Agreement, and the Credit Agreement, as amended
hereby, shall remain in full force and effect and is hereby ratified, approved
and confirmed in each and every respect. After the effectiveness of this
Amendment in accordance with its terms, all references to the

                                       -2-

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Credit Agreement in the Loan Documents or in any other document, instrument,
agreement or writing shall be deemed to refer to the Credit Agreement as amended
hereby.

     SECTION 4.2 Payment of Costs and Expenses. The Company agrees to pay on
demand all expenses of the Bank (including the fees and out-of-pocket expenses
of counsel to the Bank and allocated costs of internal counsel) in connection
with the negotiation, preparation, execution and delivery of this Amendment.

     SECTION 4.3 Severability. Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other
jurisdiction.

     SECTION 4.4 Headings. The various headings of this Amendment are inserted
for convenience only and shall not affect the meaning or interpretation of this
Amendment or any provisions hereof.

     SECTION 4.5 Execution in Counterparts. This Amendment may be executed by
the parties hereto in several counterparts, each of which shall be deemed to be
an original and all of which shall constitute together but one and the same
agreement.

     SECTION 4.6 Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF CALIFORNIA.

     SECTION 4.7 Successors and Assigns. This Amendment shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

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

                                          THE PMI GROUP, INC.

                                          By: /s/ Rossman
                                             -----------------------------------
                                            Title: VP, Treasurer
                                                  ------------------------------

                                          By: /s/ John Lorenzen
                                             -----------------------------------
                                            Title: EVP & Chief Financial Officer
                                                  ------------------------------

                                          BANK OF AMERICA, N.A.

                                          By: /s/ Jim V. Miller
                                             -----------------------------------
                                            Title: MANAGING DIRECTOR
                                                  ------------------------------

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