Document:

<PAGE>

                                 Exhibit 10.1

<TABLE>
<CAPTION>
GreenPoint Mortgage                                                      SERVICING CERTIFICATE
====================================================================================================================================
<S>                          <C>                                       <C>       <C>                             <C>
Revolving Home Equity Loan   LIBOR:                                    6.65125%  Current Collection Period:      06/01/00-06/30/00
Asset-Backed Notes           Margin A-1:                               0.30000%  P&S Agreement Date:                  12/1/99
Series 1999-2                Class A-1  Note Rate:                     6.95125%  Original Closing Date:               12/22/99
                             Class A-2  Note Rate:                     7.03125%  Distribution Date:                    7/17/00
                             Margin A-2:                               0.38000%  Record Date:                          7/16/00
                             Interest Period 06/15/00 thru 07/16/00:        32   Pool Factor:                        92.4088204%

                             Servicing Fee Rate:                       0.50000%  Initial Class A-1 O/C Amt:             22.71
                             Class A-1 Premium Fee Rate:               0.18000%  Initial Class A-2 O/C Amt:             565.15
                             Class A-2 Premium Fee Rate:               0.18000%
                                                                                 Class A-1 O/C Amt as of Pmt Date:   3,261,082.49
                             Trustee Fee:                              0.00900%  Class A-2 O/C Amt as of Pmt Date:    710,980.90
                             Class A-1 Act Weighted Avg Ln Rate:      12.13091%
                             Class A-2 Act Weighted Avg Ln Rate:      12.16638%

                             Total Management Fee                       500.00
       =============================================================================================================================
BALANCES
    Beginning Class A-1 Pool Balance                                                                                190,948,506.57
    Beginning Class A-2 Pool Balance                                                                                 45,409,654.68

    Beginning Class A-1 Note Balance -- CUSIP 395385AA5                                                             188,424,923.25
    Beginning Class A-2 Note Balance -- CUSIP 395385AB3                                                              44,900,122.92

    Class A-1 Overcollateralization Amount to Fill                                                                    2,147,692.50
    Class A-2 Overcollateralization Amount to Fill                                                                      727,859.24

    Ending Class A-1 Pool Balance                                                                                   187,090,742.39
    Ending Class A-2 Pool Balance                                                                                    43,878,967.87

    Ending Class A-1 Note Balance -- CUSIP 395385AA5                                                                183,829,659.90
    Ending Class A-2 Note Balance -- CUSIP 395385AB3                                                                 43,167,986.97

    Additional Balances  Class A-1                                                                                    4,037,863.90
    Additional Balances  Class A-2                                                                                      573,793.20

    Number of all Retransferred Mortgage Loans (Current Retransfer Date)                                                         0
    Retransferred Mortgage Loan Trust Balances (Current Retransfer Date)                                                      0.00
    Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions)                                          0
    Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions)                                       0.00
    Number of all Subsequent Class A-1 HELOC Mortgage Loans (Current Date)                                                    1108
    Subsequent Class A-1 HELOC Mortgage Loan Asset Balance (Current Date)                                                     0.00
    Number of all Subsequent Class A-2 Heloc Loans (Current Date)                                                                0
    Subsequent Class A-2 HELOC Loan Asset Balance (Current Date)                                                              0.00
    Number of all Subsequent HLTV Mortgage Loans (Current Date)                                                                  0
    Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                                                                0.00
    Cumulative Number of ALL Subsequent Mortgage Loans                                                                           0
    Cumulative Subsequent Mortgage Loan Asset Balance                                                                         0.00
    Class A-1 Cumulative Excess of Draws Over Principal Paydown                                                               0.00
    Class A-1 Cumulative Excess of Draws Over Principal Paydown Recoup this Distribution                                      0.00
    Beginning Loan Count                                                                                                     5,274
    Ending Loan Count                                                                                                        5,145
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
COLLECTION AMOUNTS Class A-1
<S>      <C>                                                                                                          <C>
 1       Aggregate of All Mortgage Collections (Gross)                                                                9,907,016.12
 2       Total Mortgage Interest Collections (Gross)                                                                  2,019,570.03
         Servicing Fees (current collection period)                                                                      79,561.88
         Deferred Interest Transfer (DI)                                                                                      0.00
  3a       Mortgage Principal Collections                                                                             7,887,446.09
  3b       Pre-Funded Balance                                                                                                 0.00
  3c       Net Liquidation Proceeds                                                                                           0.00
 3       Total Mortgage Principal Collections                                                                         7,887,446.09

         Aggregate of Transfer Deposits                                                                                       0.00

         Investor Loss Amount                                                                                             8,181.99
         Aggregate Investor Loss Reduction Amount                                                                         8,181.99

COLLECTION AMOUNTS Class A-2
 1       Aggregate of All Mortgage Collections (Gross)                                                                2,612,653.98
 2       Total Mortgage Interest Collections (Gross)                                                                    508,173.97
         Servicing Fees (current collection period)                                                                      18,920.69
         Deferred Interest Transfer (DI)                                                                                      0.00
  3a       Mortgage Principal Collections                                                                             2,104,480.01
  3b       Pre-Funded Balance                                                                                                 0.00
  3c       Net Liquidation Proceeds                                                                                           0.00

 3      Total Mortgage Principal Collections                                                                          2,104,480.01

        Aggregate of Transfer Deposits                                                                                        0.00

        Investor Loss Amount                                                                                                  0.00
        Aggregate Investor Loss Reduction Amount                                                                              0.00

TOTAL COLLECTION AMOUNT
 1      Aggregate of All Mortgage Collections (Gross)                                                                12,519,670.10
 2      Total Mortgage Interest Collections (Gross)                                                                   2,527,744.00
        Servicing Fees (current collection period)                                                                       98,482.57
        Deferred Interest Transfer (DI)                                                                                       0.00
  3a      Mortgage Principal Collections                                                                              9,991,926.10
  3b      Insurance Proceeds                                                                                                  0.00
  3c      Net Liquidation Proceeds                                                                                            0.00

 3      Total Mortgage Principal Collections                                                                          9,991,926.10
        Aggregate of Transfer Deposits                                                                                        0.00
        Investor Loss Amount                                                                                              8,181.99
        Aggregate Investor Loss Reduction Amount                                                                          8,181.99

        Class A-1 Net Interest Collection                                                                             1,940,008.15
        Class A-2 Net Interest Collection                                                                               489,253.28

DISTRIBUTION AMOUNTS Class A-1
        Class A-1 Note   Interest 8.6 (d)(iv)                                                                         1,164,256.66
        Class A-1 Note   Unpaid Interest Shortfall (current cycle)                                                            0.00
        Class A-1 Note   Reserve Fund Amount                                                                                  0.00
        Investor Loss Amount                                                                                              8,181.99
        Previous Investor Loss Amount                                                                                         0.00
        Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                      28,263.74
        Credit Enhancer Reimbursement                                                                                         0.00
        Accelerated Principal Distribution Amount                                                                       737,499.17
        Spread Account Deposit                                                                                                0.00
        Indenture Trustee Fee 8.6 (d)(i)                                                                                  1,413.19
        Management Fee 8.6 (d)(iii)                                                                                         393.40
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                                 <C>
      Payment to Servicer                                                                                                   0.00
      Deferred Interest                                                                                                     0.00
      Remaining Amount to Transferor                                                                                        0.00
      Total Certificateholders Distribution Allocable to Interest                                                   1,940,008.15

      Maximum Principal Payment                                                                                     3,849,582.19
      Scheduled Principal Collection Payment ((x) the excess of Max Prin Pymt (y) the HELOC Pool O/C Redctin Amt)           0.00
      8.6(d)(v)
      Accelerated Principal Distribution Amount                                                                       737,499.17
      Loan Loss                                                                                                         8,181.99
      Class A-1 Overcollateralization Deficit 8.6 (d)(vi)                                                                   0.00
      Total Certificateholders Distribution Allocable to Principal                                                  4,595,263.35

DISTRIBUTION AMOUNTS Class A-2
      Class A-2 Note Interest 8.6 (d)(iv)                                                                             280,625.77
      Class A-2 Note Unpaid Interest Shortfall (current cycle)                                                              0.00
      Class A-2 Note Reserve Fund Amount                                                                                    0.00
      Investor Loss Amount                                                                                                  0.00
      Previous Investor Loss Amount                                                                                         0.00
      Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                       6,735.02
      Credit Enhancer Reimbursement                                                                                         0.00
      Accelerated Principal Distribution Amount                                                                       201,449.14
      Spread Account Deposit                                                                                                0.00
      Indenture Trustee Fee 8.6 (d)(i)                                                                                    336.75
      Management Fee 8.6 (d)(iii)                                                                                         106.60
      Payment to Servicer                                                                                                   0.00
      Deferred Interest                                                                                                     0.00
      Remaining Amount to Transferor                                                                                        0.00
      Total Certificateholders Distribution Allocable to Interest                                                     489,253.28

      Maximum Principal Payment                                                                                     1,530,686.81
      Scheduled Principal Collection Payment ((x) the excess of Max Prin Pymt (y) the Second Pool O/C Redctin Amt)          0.00
      8.6(d)(v)
      Accelerated Principal Distribution Amount                                                                       201,449.14
      Loan Loss                                                                                                             0.00
      Class A-2 Overcollateralization Deficit 8.6 (d)(vi)                                                                   0.00
      Total Certificateholders Distribution Allocable to Principal                                                  1,732,135.95

TOTAL DISTRIBUTION AMOUNT
      Class A Note Interest 8.6 (d)(iv)                                                                             1,444,882.43
      Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i)                                                        0.00
      Class A Note Reserve Fund Amount                                                                                      0.00
      Investor Loss Amount 5.01(iii)                                                                                    8,181.99
      Previous Investor Loss Amount 5.01(iv)                                                                                0.00
      Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                      34,998.76
      Credit Enhancer Reimbursement 5.01(vi)                                                                                0.00
      Accelerated Principal Distribution Amount 5.01(vii)                                                             938,948.31
      Spread Account Deposit 5.01(viii)                                                                                     0.00
      Indenture Trustee Fee 8.6 (d)(i)                                                                                  1,749.94
      Management Fee 8.6 (d)(iii)                                                                                         500.00
      Payment to Servicer per Section 7.03 5.01 (x)                                                                         0.00
      Deferred Interest 5.01 (xi)                                                                                           0.00
      Remaining Amount to Transferor 5.01 (xii)                                                                             0.00
      Total Certificateholders Distribution Allocable to Interest                                                   2,429,261.43
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                                    <C>
      Maximum Principal Payment                                                                                        5,380,269.00
      Scheduled Principal Collection Payment                                                                                   0.00
      Accelerated Principal Distribution Amount                                                                          938,948.31
      Loan Loss                                                                                                            8,181.99
      Overcollateralization Deficit 8.6 (d)(vi)                                                                                0.00
      Total Certificateholders Distribution Allocable to Principal                                                     6,327,399.30

LOSSES/RETRANSFERS
      Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions)                                               0.00
      Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions)                                               0.00
      Interest Earned on Shortfall @ applicable Certificate Rate                                                               0.00
      Investor Loss Reduction Amount (From Previous Distributions)                                                             0.00

DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
      Total Class A-1 Note Distribution Amount Allocable to Interest                                                      6.0238348
      Interest Distribution Amount                                                                                        6.0238348
      Unpaid Note Interest Shortfall Included in Current Distribution                                                     0.0000000
      Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                                     0.0000000

      Total Class A-1 Note Distribution Amount Allocable to Principal                                                    23.7757773
      Maximum Principal Payment                                                                                          19.9176417
      Scheduled Principal Collections Payment                                                                             0.0000000
      Loan Loss                                                                                                           0.0423334
      Accelerated Principal Distribution Amount                                                                           3.8158022

Class A-2
      Total Class A-2 Note Distribution Amount Allocable to Interest                                                      5.3585214
      Interest Distribution Amount                                                                                        5.3585214
      Unpaid Note Interest Shortfall Included in Current Distribution                                                     0.0000000
      Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                                     0.0000000

      Total Class A-2 Note Distribution Amount Allocable to Principal                                                    33.0749656
      Maximum Principal Payment                                                                                          29.2283141
      Scheduled Principal Collections Payment                                                                             0.0000000
      Loan Loss                                                                                                           0.0000000
      Accelerated Principal Distribution Amount                                                                           3.8466515

      Total Interest Amount Distributed to Class A Certificateholder                                                     11.3823562
      Total Principal Amount Distributed Amount Distributed to Class A Certificateholder                                 56.8507429

      Credit Enhancement Draw Amount                                                                                           0.00

DELINQUENCIES/FORECLOSURES

Class A-1
      Number of Mortgages 30 to 59 Days Delinquent                                                                               99
      Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                               4,627,852.46
      Number of Mortgages 60 to 89 Days Delinquent                                                                               35
      Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                               1,313,429.53
      Number of Mortgages 90 to 179 Days Delinquent                                                                              10
      Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                                402,980.59
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                                   <C>
      Number of Mortgages 180 or more Days Delinquent                                                                            1
      Aggregate Principal Balances ofMortgages 180 or more Days Delinquent                                               32,620.48
      Number of Mortgage Loans in Foreclosure                                                                                    4
      Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                     173,604.02

      Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                               0.00
      Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                   0.00

Class A-2
      Number of Mortgages 30 to 59 Days Delinquent                                                                              10
      Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                              1,408,771.38
      Number of Mortgages 60 to 89 Days Delinquent                                                                               4
      Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                                563,229.95
      Number of Mortgages 90 to 179 Days Delinquent                                                                              0
      Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                                     0.00
      Number of Mortgages 180 or more Days Delinquent                                                                            0
      Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                                   0.00
      Number of Mortgage Loans in Foreclosure                                                                                    0
      Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                           0.00

      Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                               0.00
      Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                   0.00

TOTAL DELINQUENCIES/FORECLOSURES

      Number of Mortgages 30 to 59 Days Delinquent                                                                             109
      Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                              6,036,623.84
      Number of Mortgages 60 to 89 Days Delinquent                                                                              39
      Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                              1,876,659.48
      Number of Mortgages 90 to 179 Days Delinquent                                                                             10
      Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                               402,980.59
      Number of Mortgages 180 or more Days Delinquent                                                                            1
      Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                              32,620.48
      Number of Mortgage Loans in Foreclosure                                                                                    4
      Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                     173,604.02

      Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                               0.00
      Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                   0.00

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

RESERVE FUND ACTIVITY

      Reserve Fund Beginning Balance                                                                                          0.00
      Reserve Fund Deposit                                                                                                    0.00
      Reserve Bal Subtotal                                                                                                    0.00
      Reserve Fund Reduction Amt                                                                                              0.00
      Reserve Fund Balance                                                                                                    0.00
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                     <C>
PRE-FUNDED ACCOUNT ACTIVITY

      Beginning Balance Pre-Funded Account                                                              558.72
      Remaining Amount for Distribution to Classes                                                        0.00
      Withdrawal for Subsequent Loan Purchase:                                                            0.00

      Ending Balance Pre-Funded Account                                                                 558.72

      All Computation reflected in this Servicer Certificate were made

      in conformity with the Pooling and Servicing Agreement.

      The Attached Servicing Certificate is true and correct in all material respects.
</TABLE>

      __________________________________________________________________________
      A Servicing Officer   Teri Martine
<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
GREENPOINT MORTGAGE                                      STATEMENT TO NOTEHOLDERS
==================================================================================================================================
<S>                                <C>                                 <C>          <C>                         <C>
Revolving Home Equity Loan         LIBOR:                              6.65125%     Current Collection Period:   06/01/00-06/30/00
Asset-Backed Notes                 Margin:                             0.30000%     P&S Agreement Date:               12/1/99
Series 1999-2                      Class A-1  Note Rate:               6.95125%     Original Closing Date:            12/22/99
                                   Class A-2  Note Rate:               7.03125%     Distribution Date:                 7/17/00
                                                                                    Record Date:                       7/16/00

                                   Interest Period 06/15/00 thru            32      Pool Factor:                     92.4088204%
                                   07/16/00:
==================================================================================================================================

                    BALANCES
            Beginning HELOC Pool Balance                                                                         190,948,506.57
            Beginning Second Lien Pool Balance                                                                    45,409,654.68

            Beginning Class A-1 Note Balance -- CUSIP 395385AA5                                                  188,424,923.25
            Beginning Class A-2 Note Balance -- CUSIP 395385AB3                                                   44,900,122.92

            Ending Class A-1 Pool Balance                                                                        187,090,742.39
            Ending Class A-2 Pool Balance                                                                         43,878,967.87

            Ending Class A-1 Note Balance -- CUSIP                                                               183,829,659.90
            Ending Class A-2 Note Balance -- CUSIP                                                                43,167,986.97

            Additional Balances Class A-1                                                                          4,037,863.90
            Additional Balances Class A-2                                                                            573,793.20

            Number of all Retransferred Mortgage Loans (Current Retransfer Date)                                              0
            Retransferred Mortgage Loan Trust Balances (Current Retransfer Date)                                           0.00
            Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions)                               0
            Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions)                            0.00
            Number of all Subsequent HELOC Mortgage Loans (Current Date)                                                  1,108
            Subsequent HELOC Mortgage Loan Asset Balance (Current Date)                                                    0.00
            Number of all Subsequent Second Lien Mortgage Loans (Current Date)                                                0
            Subsequent Second Lien Mortgage Loan Asset Balance (Current Date)                                              0.00
            Number of all Subsequent HLTV Mortgage Loans (Current Date)                                                       0
            Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                                                     0.00
            Cumulative Number of ALL Subsequent Mortgage Loans                                                                0
            Cumulative Subsequent Mortgage Loan Asset Balance                                                              0.00
            Class A-1 Cumulative Excess of Draws Over Principal Paydown                                                    0.00

            Beginning Loan Count                                                                                          5,274
            Ending Loan Count                                                                                             5,145

COLLECTION AMOUNTS Class A-1
            Aggregate of All Mortgage Collections                                                                  9,827,454.24
            Total Mortgage Interest Collections                                                                    2,019,570.03
            Servicing Fees (current collection period)                                                               (79,561.88)
               Mortgage Principal Collections                                                                      7,887,446.09
               Pre-Funded Balance                                                                                          0.00
                                                                                                                           0.00
            Total Mortgage Principal Collections                                                                   7,887,446.09

COLLECTION AMOUNTS Class A-2
            Aggregate of All Mortgage Collections                                                                  2,593,733.29
            Total Mortgage Interest Collections                                                                      508,173.97
            Servicing Fees (current collection period)                                                               (18,920.69)
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                <C>
            Mortgage Principal Collections                                                          2,104,480.01
            Pre-Funded Balance                                                                              0.00
                                                                                                            0.00
        Total Mortgage Principal Collections                                                        2,104,480.01

TOTAL COLLECTION AMOUNT
            Aggregate of All Mortgage Collections                                                  12,519,670.10
            Total Mortgage Interest Collections                                                     2,527,744.00
                Mortgage Principal Collections                                                      9,991,926.10
                Pre-Funded Balance                                                                          0.00

            Total Mortgage Principal Collections                                                    9,991,926.10

DISTRIBUTION AMOUNTS Class A-1
            Class A-1 Note    Interest                                                              1,164,256.66
            Class A-1 Note    Unpaid Interest Shortfall (current cycle)                                     0.00
            Class A-1 Note    Reserve Fund Amount                                                           0.00

            Maximum Principal Payment                                                               3,849,582.19
            Scheduled Principal Collection                                                                  0.00
            Accelerated Principal Distribution Amount                                                 737,499.17
            Loan Loss                                                                                   8,181.99
            Class A-1 Overcollateralization Deficit                                                         0.00
            Total Certificateholders Distribution Allocable to Principal                            4,595,263.35

 DISTRIBUTION AMOUNTS Class A-2
            Class A-2 Note    Interest                                                                280,625.77
            Class A-2 Note    Unpaid Interest Shortfall (current cycle)                                     0.00
            Class A-2 Note    Reserve Fund Amount                                                           0.00

            Maximum Principal Payment                                                               1,530,686.81
            Scheduled Principal Collection                                                                  0.00
            Accelerated Principal Distribution Amount                                                 201,449.14
            Loan Loss                                                                                       0.00
            Class A-2 Overcollateralization Deficit                                                         0.00
            Total Certificateholders Distribution Allocable to Principal                            1,732,135.95

TOTAL DISTRIBUTION AMOUNT
            Class A Note Interest                                                                   1,444,882.43
            Class A Note Unpaid Interest Shortfall (current cycle)                                          0.00
            Class A Note Reserve Fund Amount                                                                0.00

            Maximum Principal Payment                                                               5,380,269.00
            Scheduled Principal Collection Payment                                                          0.00
            Accelerated Principal Distribution Amount                                                 938,948.31
            Overcollateralization Deficit                                                                   0.00
            Total Certificateholders Distribution Allocable to Principal                            6,319,217.31

 LOSSES/RETRANSFERS

            Unpaid Class A-1 Note   Interest Shortfall Due (From Previous Distributions)                    0.00
            Unpaid Class A-2 Note   Interest Shortfall Due (From Previous Distributions)                    0.00
            Interest Earned on Shortfall @ applicable Certificate Rate                                      0.00
            Investor Loss Reduction Amount (From Previous Distributions)                                    0.00
  </TABLE>
<PAGE>

<TABLE>
<CAPTION>
DISTRIBUTION TO CERTIFICATEHOLDERS  (PER CERTIFICATE WITH A $1,000 DENOMINATION)
<S>                                                                                                 <C>
Class A-1
        Total Class A-1 Note Distribution Amount Allocable to Interest                                 6.0238348
        Interest Distribution Amount                                                                   6.0238348
        Unpaid Note Interest Shortfall Included in Current Distribution                                0.0000000
        Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                0.0000000

        Total Class A-1 Note Distribution Amount Allocable to Principal                               23.7757773
        Maximum Principal Payment                                                                     19.9176417
        Scheduled Principal Collections Payment                                                        0.0000000
        Loan Loss                                                                                      0.0423334
        Accelerated Principal Distribution Amount                                                      3.8158022

Class A-2
        Total Class A-2 Note Distribution Amount Allocable to Interest                                 5.3585214
        Interest Distribution Amount                                                                   5.3585214
        Unpaid Note Interest Shortfall Included in Current Distribution                                0.0000000
        Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                0.0000000

        Total Class A-2 Note Distribution Amount Allocable to Principal                               33.0749656
        Maximum Principal Payment                                                                     29.2283141
        Scheduled Principal Collections Payment                                                        0.0000000
        Loan Loss                                                                                      0.0000000
        Accelerated Principal Distribution Amount                                                      3.8466515

        Total Interest Amount Distributed to Class A Certificateholder                                11.3823562
        Total Principal Amount Distributed to Class A Certificateholder                               56.8507429

        Credit Enhancement Draw Amount                                                                      0.00

DELINQUENCIES/FORECLOSURES
Class A-1
        Number of Mortgages 31 to 60 Days Delinquent                                                          99
        Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                          4,627,852.46
        Number of Mortgages 61 to 90 Days Delinquent                                                          35
        Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                          1,313,429.53
        Number of Mortgages 91 to 180 or more Days Delinquent                                                 10
        Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                   402,980.59
        Number of Mortgages 181 or more Days Delinquent                                                        1
        Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                          32,620.48
        Number of Mortgage Loans in Foreclosure                                                                4
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                 173,604.02

        Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                           0.00
        Aggregate Trust Balances of any Liquidated Loans in the Current Month                               0.00

Class A-2
        Number of Mortgages 31 to 60 Days Delinquent                                                          10
        Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                          1,408,771.38
        Number of Mortgages 61 to 90 Days Delinquent                                                           4
        Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                            563,229.95
        Number of Mortgages 91 to 180 or more Days Delinquent                                                  0
        Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                         0.00
        Number of Mortgages 181 or more Days Delinquent                                                        0
        Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                               0.00
        Number of Mortgage Loans in Foreclosure                                                                0
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                       0.00
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                 <C>
        Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                           0.00
        Aggregate Trust Balances of any Liquidated Loans in the Current Month                               0.00

TOTAL DELINQUENCIES/FORECLOSURES
        Number of Mortgages 31 to 60 Days Delinquent                                                         109
        Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                          6,036,623.84
        Number of Mortgages 61 to 90 Days Delinquent                                                          39
        Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                          1,876,659.48
        Number of Mortgages 91 to 180 or more Days Delinquent                                                 10
        Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                   402,980.59
        Number of Mortgages 181 or more Days Delinquent                                                        1
        Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                          32,620.48
        Number of Mortgage Loans in Foreclosure                                                                4
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                 173,604.02

        Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                           0.00
        Aggregate Trust Balances of any Liquidated Loans in the Current Month                               0.00

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

        Class A-1 Note Rate For Next Distribution                LIBOR          TBD                    #VALUE!

RESERVE FUND ACTIVITY

        Reserve Fund  Beginning Balance                                                                     0.00
        Reserve Fund  Deposit                                                                               0.00
        Reserve Bal Subtotal                                                                                0.00
        Reserve Fund Reduction Amt                                                                          0.00
        Reserve Fund Balance                                                                                0.00
</TABLE>INDEPENDENT CONTRACTOR AGREEMENT

This agreement ("Agreement") is made by and between the
University of Phoenix ("Principal") and Governmental Advocates,
Inc. ("Lobbyist") for the purpose of setting forth the terms and
conditions which the Lobbyist shall provide certain services to
the Principal.

SCOPE OF SERVICES:  Lobbyist shall provide strategic advice on
matters concerning legislation, regulations, public policy,
electoral politics and any other topic of concern to the
Principal related to state government in the state of
California.  All services performed by the Lobbyist for the
Principal under this Agreement shall be timely done.

TERM:  This Agreement is effective June 1, 1999 and shall
continue for twenty four (24) months.  Either party shall have
the right to terminate this Agreement upon thirty (30) days
written notice to the other party.  In the event of termination,
all fees due and payable pursuant to this Agreement shall be
made on a pro-rata basis.

NON-COMPETE:  For the term of this agreement, the Lobbyist shall
not represent any entity that would be in direct economic
competition with the Principal, nor shall the Lobbyist represent
any entity that would have an interest in conflict with the best
interest of the Principal.  The Lobbyist shall immediately
disclose potential conflicts of interest.

CONFIDENTIALITY:  Lobbyist acknowledges that any information
deemed confidential or proprietary by the Principle shall not be
disclosed without permission from the Principal, and further
agrees to return any and all information of a propriety or
confidential nature to the Principal upon termination of this
Agreement.  This section shall survive termination of this
Agreement.

OWNERSHIP OF WORK PRODUCT:  Lobbyist acknowledges that any work
product of any type generated for the Principal under the terms
of this Agreement is and shall remain the sole property of the
Principal upon termination of this Agreement.  This section
shall survive termination of this Agreement.

INDEMNIFICATION:  Lobbyist indemnifies and hold harmless
Principal from any liability, claims, judgments, damages or
costs, including reasonable attorney's fees, asserted or awarded
against or incurred by Principal as a result of any act or
omission of the Lobbyist.

DISPUTES:  Any dispute between Lobbyist and Principal arising
under this Agreement shall be resolved by binding arbitration
pursuant to the Commercial Rules of the American Arbitration
Association.  The arbitrators shall have no power to award any
punitive or exemplary damages or to vary or ignore the terms of
this Agreement and shall be bound by controlling law.

RELATIONSHIP OF PARTIES:  The sole relationship of parties is
that of independent contractors and nothing in this agreement or
otherwise shall be deemed or construed to create any other
relationship, including one of employment, joint venture or
agency.  Lobbyist is solely responsible for any taxes or any
type and shall hold Principal harmless.

COMPENSATION AND PAYMENT:  For the services to be performed
under this Agreement, the Principal shall pay the Lobbyist the
sum of $10,000.00 (ten thousand dollars) per month for the term
of this Agreement, unless terminated, in which case any fees due
and payable shall be determined on a pro-rata basis.  Payment is
to be made on the first of each month for which it is owed.

COMPLIANCE:  For the term of this agreement, Lobbyist agrees to
formally register as a legislative and executive branch lobbyist
with the California Secretary of State, and further agrees to at
all times abide by the laws of the state of California governing
lobbyists and to inform the Principal of any legal obligations
the Principal may have under the laws of the state of
California.

THIS AGREEMENT REPRESENTS THE ENTIRE AGREEMENT BETWEEN THE
PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND IS VALID
AND ENFORCEABLE UPON ACCEPTANCE BY BOTH PARTIES SIGNATORY TO
THIS AGREEMENT.

THIS AGREEMENT SUPERSEDES ANY PREVIOUS WRITTEN AND/OR VERBAL
AGREEMENT BETWEEN PRINCIPAL AND LOBBYIST.

University of Phoenix ("Principal")
4615 E. Elwood St.
Phoenix, AZ 85040

By:    /s/ Charles M. Seigel
       ---------------------
       Charles M. Seigel
       Vice President for National Affairs

Date:  3/26/99

Governmental Advocates, Inc. ("Lobbyist")
1127 - 11th Street, Suite 400
Sacramento, CA  95814

By:    /s/ Hedy Govenar
       ----------------
       Hedy Govenar

Tax ID#:  94-2701026

Date:  3/30/99

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00012-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00012-of-00352.parquet"}]]