Document:

SECOND AMENDMENT TO OPERATING AGREEMENT
                                       FOR
                                XR VENTURES, LLC

         XR VENTURES, LLC, a Michigan limited liability company (the "Company"),
and its Members (whether or not they execute below) hereby effect this Second
Amendment to the Operating Agreement (this "Second Amendment") effective as of
December 12, 2003, in order to amend the Company's Operating Agreement, dated
September 14, 2000, as amended by the first Amendment to Operating Agreement for
the Company dated June 2000 (the "Operating Agreement"). Defined terms used
herein, but not otherwise defined, shall have the meanings ascribed to them
under the Operating Agreement

                                    AGREEMENT

         1. Amendment to Operating Agreement. Notwithstanding anything to the
contrary, the Company's Operating Agreement shall be and hereby is amended as
necessary so that:

                  (a) X-Rite shall be the Company's sole Manager, with the
         exclusive right to Manage the business of the Company and to take any
         action of any kind and to do anything and everything it deems necessary
         to carry out the purposes of the Company, including amendments to the
         Operating Agreement (except those that would adversely affect the Class
         B Members' rights under Section 1(b)(2) hereof).

                  (b) Any and all distributions of any kind or type, whether or
         not liquidating distributions, shall be made as follows:

                  (1) There shall be distributed to the Class A Member an amount
         equal to the Investment in all Portfolio Companies, less any Investment
         previously distributed to the Class A Member, plus all Expended Funds
         not already distributed to the Class A Member.

                  (2) The balance of any amounts to be distributed shall then be
         distributed eighty percent (80%) to X-Rite as a Class B Member and
         twenty percent (20%), pro rata, to the Class B Members other than
         X-Rite.

         2. Amendment and Ratification. The Operating Agreement provides that
amendments may be made to the Operating Agreement in writing with the written
consent of Members holding at least eighty percent (80%) of the Company Units
and at least one Manager of the Company who is not X-Rite. Except to the extent
inconsistent with this Second Amendment, the Company's Operating Agreement is
hereby ratified and approved and incorporated by reference, the same as if set
forth fully herein.

         3. Expenses. The Company shall reimburse Dr. Banks and Mr. Knister for
reasonable costs and expenses made or incurred by them on behalf of the Company
prior to the date hereof, as well as any other pre-approved costs and expenses
incurred by them on behalf of the Company.

         IN WITNESS WHEREOF, the undersigned have executed this Second Amendment
as of the date first written above.

                                   XR VENTURES, LLC

                                   By       /s/ Peter M. Banks
                                            ------------------------------------
                                            Dr. Peter M. Banks
                                            Its Manager

                                   By       /s/ James A. Knister
                                            ------------------------------------
                                            James A. Knister
                                            Its Manager

                                   By       /s/ Michael Ferrara
                                            ------------------------------------
                                            Michael Ferrara
                                            President of X-Rite, Incorporated,
                                            its Manager

<PAGE>

                                   MEMBERS:

                                   /S/ Peter M. Banks
                                   ---------------------------------------------
                                   Dr. Peter M. Banks

                                   /s/ James A. Knister
                                   ---------------------------------------------
                                   James A. Knister

                                   X-RITE, INCORPORATED

                                   By       /s/ Michael Ferrara
                                            ------------------------------------
                                            Michael Ferrara
                                            Its President

                                   /s/ Kevin M. Banks
                                   ---------------------------------------------
                                   Kevin M. Banks

                                   /s/ Michael A. Banks
                                   ---------------------------------------------
                                   Michael A. Banks

                                   /s/ Steven A. Banks
                                   ---------------------------------------------
                                   Steven A. Banks

                                   /s/ David S. Banks
                                   ---------------------------------------------
                                   David S. Banks

                                   /s/ Marianne Splenda
                                   ---------------------------------------------
                                   Marianne Splenda

                                   /s/ Michael J. Knister
                                   ---------------------------------------------
                                   Michael J. Knister

                                   /s/ Russell J. Knister
                                   ---------------------------------------------
                                   Russell J. Knister

                                   /s/ Kenneth J. Knister and Karen J. Knister
                                   ---------------------------------------------
                                   Kenneth J. Knister and Karen J. Knister,
                                   Trustees of the Kenneth J. Knister Trust
                                   dated December 13, 1999, as amended, and
                                   their successorsEXHIBIT 4.1

 THIS WARRANT AND ANY  SHARES OF COMMON STOCK  ISSUABLE UPON THE EXERCISE  OF
 THIS WARRANT HAVE NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933,  AS
 AMENDED, OR THE  SECURITIES LAWS OF  ANY STATE AND  MAY NOT BE  TRANSFERRED,
 SOLD OR OTHERWISE DISPOSED OF EXCEPT  PURSUANT TO AN EFFECTIVE  REGISTRATION
 STATEMENT UNDER SAID ACT AND ALL OTHER APPLICABLE SECURITIES LAWS, UNLESS AN
 EXEMPTION FROM  THE  REGISTRATION  PROVISIONS OF  SAID  ACT  AND  ALL  OTHER
 APPLICABLE SECURITIES LAWS IS AVAILABLE AND THE COMPANY RECEIVES AN  OPINION
 OF COUNSEL SATISFACTORY  TO THE COMPANY  THAT REGISTRATION  IS NOT  REQUIRED
 UNDER SAID ACT AND THE REQUIREMENTS  OF ALL OTHER APPLCABLE SECURITIES  LAWS
 HAVE BEEN SATISFIED.

                       UNITED FINANCIAL MORTGAGE CORP.

                                   WARRANT

                 142,745 shares of Common Stock, no par value

                              December 15, 2003

      This WARRANT (this  "Warrant") of  United Financial  Mortgage Corp.,  a
 corporation duly organized and validly existing under the laws of the  State
 of Illinois  (the  "Company"), is  being  issued pursuant  to  that  certain
 Underwriting Agreement, dated  as of December  9, 2003, by  and between  the
 Company  and  Maxim  Group  LLC  (the  "Underwriter")  relating  to  a  firm
 commitment public offering  (the "Offering") of  2,039,214 shares of  common
 stock, no par value,  of the Company (the  "Common Stock"), underwritten  by
 the Underwriter.

      FOR VALUE RECEIVED, the Company hereby grants to Maxim Partners LLC and
 its permitted successors and assigns (collectively, the "Holder") the  right
 to purchase from  the Company  up to ONE  HUNDRED FORTY  TWO THOUSAND  SEVEN
 HUNDRED FORTY- FIVE (142,745) shares of Common Stock (such shares underlying
 this Warrant, the "Warrant Shares"), at a purchase price per share equal  to
 $8.00  (the  "Exercise  Price"),  subject  to  the  terms,  conditions   and
 adjustments set forth below in this Warrant.

      1.   Vesting  of  Warrant.    This   Warrant  shall  vest  and   become
 exercisable on the first anniversary of the Base Date (the "Vesting  Date").
 For purposes of this Warrant, the "Base Date" shall mean December 15,  2003.
 Except as otherwise provided for herein or as permitted by applicable  rules
 of the National Association of Securities Dealers, Inc., this Warrant  shall
 not be sold,  transferred, assigned, pledged  or hypothecated  prior to  the
 Vesting Date.

      2.   Expiration of Warrant.  This Warrant shall expire on the three (3)
 year anniversary of the Vesting Date (the "Expiration Date").

      3.   Exercise of Warrant.  This  Warrant shall be exercisable  pursuant
 to the terms of this Section 3.

           3.1  Manner of Exercise.

           (a)  This Warrant may only be exercised by the Holder hereof on or
 after the Vesting Date and on or prior to the Expiration Date, in accordance
 with the terms and  conditions hereof, in whole  or in part  (but not as  to
 fractional shares) with respect to any  portion of this Warrant, in  minimum
 increments of 10,000  shares (or,  if smaller,  the total  number of  shares
 underlying this Warrant), during the Company's normal business hours on  any
 day other than a Saturday or a Sunday  or a day on which commercial  banking
 institutions in Chicago, Illinois  or New York, New  York are authorized  by
 law to be closed  (a "Business Day"),  by surrender of  this Warrant to  the
 Company at  its  office  maintained  pursuant  to  Section  10.2(a)  hereof,
 accompanied by a written exercise notice  in the form attached as Exhibit  A
 to this Warrant  (or a reasonable  facsimile thereof) duly  executed by  the
 Holder, together with the payment of the Exercise Price.  Upon surrender  of
 this Warrant, the Company shall cancel  this Warrant document and shall,  in
 the event of  partial exercise, replace  it with a  new Warrant document  in
 accordance with Section 3.3

           (b)  Except as provided for below, the Warrant must be accompanied
 by payment in full of the aggregate Exercise Price in cash by wire  transfer
 in immediately  available  funds for  the  number of  Warrant  Shares  being
 purchased.  The aggregate Exercise Price may, however, also be paid in  full
 or in part at the election  of the Holder: (i) in  the form of Common  Stock
 owned by the Holder (based  on the Fair Market  Value (as defined below)  of
 such Common Stock  on the date  of exercise), (ii)  in the  form of  Warrant
 Shares withheld  by the  Company from  the Warrant  Shares otherwise  to  be
 received upon exercise of this Warrant having an aggregate Fair Market Value
 on the  date  of exercise  equal  to the  aggregate  Exercise Price  of  the
 Warrant, or  (iii) by  a combination  of the  foregoing, provided  that  the
 combined value  of  all  cash  and  the Fair  Market  Value  of  any  shares
 surrendered to the  Company is  at least  equal to  such aggregate  Exercise
 Price.

           (c)  For purposes of  this Warrant, the  term "Fair Market  Value"
 means the average closing  price for the ten  (10) trading days  immediately
 preceding the applicable date of publicly-traded shares of the Common  Stock
 on the principal  securities exchange or  market on which  shares of  Common
 Stock are listed or quoted, if the shares  of Common Stock are so listed  or
 quoted or, if not so listed or quoted, as determined by the Company in  good
 faith and in a reasonable manner, based on the information available to it.

           3.2  When Exercise Effective.  Each exercise of this Warrant shall
 be deemed to have been effected  immediately prior to the close of  business
 on the Business Day on which  this Warrant shall have been duly  surrendered
 to the Company as provided in Sections 3.1 and 12 hereof, and, at such time,
 the Holder in whose name any certificate or certificates for Warrant  Shares
 shall be issuable upon exercise as  provided in Section 3.3 hereof shall  be
 deemed to have become the holder or holders of record thereof.

           3.3  Delivery of Common  Stock Certificates and  New Warrant.   As
 soon as reasonably practicable after each exercise of this Warrant, in whole
 or in part, and in any event  within five (5) Business Days thereafter,  the
 Company, at its expense (including the payment by it of any applicable issue
 taxes), will cause to be issued in the  name of and delivered to the  Holder
 hereof or, subject to Sections 9 and 10 hereof, as the Holder (upon  payment
 by the Holder of any applicable transfer taxes) may direct:

           (a)  a certificate or  certificates (with appropriate  restrictive
 legends, as applicable) for the number  of duly authorized, validly  issued,
 fully paid and  nonassessable Warrant Shares  to which the  Holder shall  be
 entitled upon exercise; and

           (b)  in case exercise is in part  only, a new Warrant document  of
 like tenor, dated the date hereof and  calling in the aggregate on the  face
 thereof for the number of Warrant Shares  on the face of this Warrant  minus
 the number  of Warrant  Shares designated  by the  Holder upon  exercise  as
 provided in  Section 3.1  hereof (without  giving effect  to any  adjustment
 thereof).

      4.   Certain Adjustments.  For so long as this Warrant is outstanding:

           4.1  Mergers or Consolidations.   If at  any time  after the  date
 hereof there shall be a capital reorganization (other than a combination  or
 subdivision of Warrant Shares otherwise provided for herein) resulting in  a
 reclassification to  or change  in the  terms  of securities  issuable  upon
 exercise of this Warrant (a "Reorganization"), or a merger or  consolidation
 of  the  Company   with  another   corporation,  association,   partnership,
 organization, business,  individual,  government  or  political  subdivision
 thereof or a governmental agency (a "Person" or the "Persons") (other than a
 merger with another Person in which the Company is a continuing  corporation
 and which does not result in any reclassification or change in the terms  of
 securities issuable  upon exercise  of this  Warrant  or a  merger  effected
 exclusively for the  purpose of  changing the  domicile of  the Company)  (a
 "Merger"), then,  as  a  part  of  such  Reorganization  or  Merger,  lawful
 provision and adjustment shall be made  so that the Holder shall  thereafter
 be entitled to receive, upon exercise of this Warrant, the number of  shares
 of stock or  any other equity  or debt securities  or property  that may  be
 issued by the Company in addition thereto or in substitution for the Warrant
 Shares issuable upon the exercise hereof ("Other Securities") resulting from
 such Reorganization  or  Merger, to  which  a  holder of  the  Common  Stock
 deliverable upon exercise of this Warrant would have been entitled under the
 provisions of the agreement in such Reorganization or Merger if this Warrant
 had been exercised immediately before that Reorganization or Merger.  In any
 such case, appropriate adjustment  shall be made in  the application of  the
 provisions of this Warrant with respect  to the rights and interests of  the
 Holder after the Reorganization or Merger to the end that the provisions  of
 this Warrant (including adjustment of the Exercise Price then in effect  and
 the number of Warrant Shares) shall be applicable after that event, as  near
 as reasonably may be, in relation to any Other Securities deliverable  after
 that event upon exercise of this Warrant.

           4.2  Splits and Subdivisions; Dividends.  In the event the Company
 should at any time or from time to time effectuate a split or subdivision of
 the outstanding  shares of  Common Stock  or pay  a dividend  in or  make  a
 distribution,  payable  in  additional  shares  of  Common  Stock  or  other
 securities or rights convertible  into, or entitling  the holder thereof  to
 receive  directly  or   indirectly,  additional  shares   of  Common   Stock
 (hereinafter referred to as the "Common Stock Equivalents") without  payment
 of any consideration  by such  holder for  the additional  shares of  Common
 Stock or Common Stock Equivalents (including the additional shares of Common
 Stock issuable  upon conversion  or exercise  thereof) except  as  otherwise
 provided for in this Section 4  (and excluding, for the avoidance of  doubt,
 cash dividends or distributions to the holders of Common Stock, paid out  of
 current or  retained  earnings  and  declared  by  the  Company's  board  of
 directors), then, as  of the  applicable record date  (or the  date of  such
 distribution, split or  subdivision if  no record  date is  fixed), the  per
 share Exercise  Price shall  be appropriately  decreased and  the number  of
 Warrant Shares  shall  be  appropriately increased  in  proportion  to  such
 increase (or potential increase)  of outstanding shares; provided,  however,
 that no  adjustment shall  be  made in  the  event the  spilt,  subdivision,
 dividend or distribution is not effectuated.

           4.3  Combination of Shares.   If the  number of  shares of  Common
 Stock outstanding  at any  time after  the  date hereof  is decreased  by  a
 combination of the outstanding  shares of Common  Stock except as  otherwise
 provided for  in this  Section 4,  the  per share  Exercise Price  shall  be
 appropriately increased and the number of shares of Warrant Shares shall  be
 appropriately decreased  in  proportion  to  such  decrease  in  outstanding
 shares.

           4.4  Adjustments for  Other  Distributions.    In  the  event  the
 Company shall declare a distribution payable in securities of other Persons,
 evidences of indebtedness  issued by the  Company or  other Persons,  assets
 (excluding cash dividends or distributions to  the holders of Common  Stock,
 paid out of current or retained earnings and declared by the Company's board
 of directors) or options or rights not  referred to in Sections 4.1, 4.2  or
 4.3, then, in  each such  case for  the purpose  of this  Section 4.4,  upon
 exercise of this Warrant,  the Holder shall be  entitled to a  proportionate
 share of any such  distribution as though the  Holder was the actual  record
 holder of the number of Warrant Shares as  of the record date fixed for  the
 determination of the  holders of  Common Stock  of the  Company entitled  to
 receive such distribution.

      5.   No Impairment.

           5.1  The Company  will  not,  by  amendment  of  its  articles  of
 incorporation   or   by-laws   or   through   any   consolidation,   merger,
 reorganization, transfer of assets, dissolution, issue or sale of securities
 or any other  voluntary action,  avoid or seek  to avoid  the observance  or
 performance of any of the terms  of this Warrant, but  will at all times  in
 good faith assist in the carrying out of all of the terms and in the  taking
 of all actions necessary  or appropriate in order  to protect the rights  of
 the Holder.  Without limiting the generality of the foregoing, the  Company:
 (a) will not permit the par value  of any shares of Common Stock  receivable
 upon the exercise of this Warrant (or the shares of Common Stock thereunder)
 to exceed  the amount  payable therefor  upon exercise,  (b) will  take  all
 actions necessary or appropriate in order  that the Company may validly  and
 legally issue fully paid  and nonassessable shares of  Common Stock (or  the
 shares of Common Stock  thereunder) on the exercise  of the Warrant and  (c)
 will not take  any action which  results in any  adjustment of the  Exercise
 Price if the total number of shares of Common Stock (or the shares of Common
 Stock thereunder) issuable after the action upon the exercise of the Warrant
 would exceed the total number of  shares of Common Stock then authorized  by
 the Company's articles  of incorporation and  available for  the purpose  of
 issuance upon exercise.

           5.2  The number of shares of  Common Stock issuable upon  exercise
 of the Warrant  may increase substantially  in certain  circumstances.   The
 Company acknowledges that  its obligation to  issue shares  of Common  Stock
 issuable upon exercise of  this Warrant is binding  upon it and  enforceable
 regardless of the  dilution that  such issuance  may have  on the  ownership
 interests of other stockholders.

      6.   Chief Financial Officer's Report as to  Adjustments.  In the  case
 of any adjustment or  re-adjustment in the shares  of Common Stock or  Other
 Securities issuable upon the exercise of  this Warrant in an amount  greater
 than 1% of such shares of Common Stock or Other Securities, the Company,  at
 its expense,  will  promptly  compute the  adjustment  or  re-adjustment  in
 accordance with the  terms of  this Warrant  and cause  its Chief  Financial
 Officer to certify the computation (other  than any computation of the  fair
 value of property of the Company, as the  case may be) and prepare a  report
 setting forth  the adjustment  or re-adjustment  and showing  in  reasonable
 detail the  method of  calculation  thereof and  the  facts upon  which  the
 adjustment or  re-adjustment is  based, including  a statement  of: (a)  the
 number of shares of Common Stock outstanding or deemed to be outstanding and
 (b) the Exercise Price in effect immediately prior to the deemed issuance or
 sale and as adjusted  and re-adjusted (if required  by Section 4 hereof)  on
 account thereof  and the  number of  shares issuable  upon exercise  of  the
 Warrant.  The  Company will  forthwith mail  a copy  of each  report to  the
 Holder and will,  upon the  reasonable written request  at any  time of  the
 Holder, furnish to the Holder a like report setting forth the Exercise Price
 at the time in effect and the number of shares issuable upon exercise of the
 Warrant and showing in reasonable detail how it was calculated.  The Company
 will also keep copies  of all reports at  its office maintained pursuant  to
 Section 10.2(a) hereof and will cause them to be available for inspection at
 the office during normal business hours upon reasonable notice by the Holder
 or any  prospective  purchaser  of the  Warrant  designated  by  the  Holder
 thereof.

      7.   Reservation of Shares.  The Company shall, solely for the  purpose
 of effecting the exercise of this Warrant,  at all times during the term  of
 this Warrant reserve  and keep  available out  of its  authorized shares  of
 Common Stock, free  from all taxes,  liens and charges  with respect to  the
 issue thereof  and not  be subject  to preemptive  rights or  other  similar
 rights of shareholders of the Company,  such number of its shares of  Common
 Stock as shall from  time to time  be sufficient to  effect the exercise  of
 this Warrant.  If at any time  the number of authorized but unissued  shares
 of Common  Stock shall  not be  sufficient to  effect the  exercise of  this
 Warrant, in addition to such other remedies as shall be available to Holder,
 the Company will take such  corporate action as may,  in the opinion of  its
 counsel, be  necessary to  increase the  number of  authorized but  unissued
 shares of Common Stock to such number  of shares as shall be sufficient  for
 such purposes,  including  without limitation,  using  its Best  Efforts  to
 obtain the requisite shareholder approval  necessary to increase the  number
 of authorized shares  of the  Company's Common  Stock.   The Company  hereby
 represents and  warrants  that all  shares  of Common  Stock  issuable  upon
 exercise of this Warrant shall be duly authorized and, when issued and  paid
 for upon exercise, shall be validly issued and, in the case of shares, fully
 paid and nonassessable.

      8.   Registration and Listing.

           8.1  Definition of  Registrable  Securities; Majority.    As  used
 herein, the term "Registrable Securities" means  any shares of Common  Stock
 issuable upon the exercise of this  Warrant, until three (3) years from  the
 Base Date or, if earlier, the date (if any) on which such shares shall  have
 been transferred or exchanged  and new certificates for  them not bearing  a
 legend restricting further transfer shall have been delivered by the Company
 and subsequent  disposition  of  them  shall  not  require  registration  or
 qualification of them under the Securities Act of 1933, as amended (together
 with the rules and regulations promulgated thereunder from time to time, the
 "Securities Act") or any similar state law  then in force.  For purposes  of
 this  Agreement,  the  term  "Majority"  in  reference  to  the  holders  of
 Registrable Securities, shall mean in excess  of fifty percent (50%) of  the
 then outstanding  Warrant  Shares  (assuming  the  exercise  of  the  entire
 Warrant) that  (i) are  not  held by  the  Company, an  affiliate,  officer,
 creditor, employee or agent thereof or  any of their respective  affiliates,
 members of  their  family, Persons  acting  as nominees  or  in  conjunction
 therewith and  (ii)  have  not  be  resold  to  the  public  pursuant  to  a
 registration statement filed under the Securities Act.

           8.2  Required Registration.

           (a)  At any time on or after the nine (9) month anniversary of the
 Base Date and on or before the five  (5) year anniversary of the Base  Date,
 but on not  more than  one (1)  occasion, upon  the written  request of  the
 holders of  the Registrable  Securities representing  a "Majority"  of  such
 securities, the Company will use its Best Efforts to effect the registration
 of the respective  shares of such  holders under the  Securities Act to  the
 extent requisite  to  permit the  disposition  thereof as  expeditiously  as
 reasonably possible, but in no  event later than 120  days from the date  of
 such request.

           (b)  Registrations  under  this  Section  8.2  shall  be  on  such
 appropriate registration form: (i) as shall be selected by the Company,  and
 (ii) as  shall permit  the disposition  of  such Registrable  Securities  in
 accordance with this Section 8.2.  The Company agrees to include in any such
 registration statement all  information which the  requesting holders  shall
 reasonably request, which is required to be contained therein.

           (c)  A registration requested pursuant  to this Section 8.2  shall
 not be deemed  to have been  effected: (i) unless  a registration  statement
 with respect thereto has  become effective or (ii)  if, after it has  become
 effective,  such  registration  is  interfered  with  by  any  stop   order,
 injunction or  other order  or requirement  of the  Securities and  Exchange
 Commission (the "SEC") or  other governmental agency  or court of  competent
 jurisdiction for any reason, other than by reason of some act or omission by
 a holder of Registrable Securities.

           8.3  Company Redemption Right.  In connection with a request by  a
 Majority of  the  holders  of Registrable  Securities  for  registration  of
 Registrable Securities pursuant to Section 8.2  or 8.4, the Company may,  at
 its option, in lieu of effecting such registration, redeem for cash all, but
 not less than all, of  the Warrant Shares then  outstanding and held by  the
 requesting holders of Registrable Securities, out of funds legally available
 therefor by  paying  the  Redemption  Price.    As  used  herein,  the  term
 "Redemption Price" shall mean an  amount equal to the  sum of (A) an  amount
 derived by multiplying: (i) the number of Warrant Shares or Other Securities
 subject to this Warrant at such time by (ii) the difference of (a) the  Fair
 Market Value  on the  date such  registration was  requested, less  (b)  the
 Exercise Price then in effect on  the date such registration was  requested.
 The Company may  validly exercise  its redemption  right set  forth in  this
 Section 8.3 only by providing written notice thereof to such holders  within
 five (5) business days of the Company's receipt of holders' written  request
 for registration and, if such right is validly exercised, the Company  shall
 pay the aggregate Redemption Price by check or wire transfer of  immediately
 available funds within fifteen (15) days  of the exercise of its  redemption
 right.

           8.4  Incidental Registration Rights.

           (a)  If the Company, at  any time on or  after the nine (9)  month
 anniversary of the Base Date and on or before the five (5) year  anniversary
 of the  Base Date,  proposes to  register any  of its  securities under  the
 Securities Act  (other  than  in  connection  with  the  Offering  or  by  a
 registration on Form S-4 or S-8 or any successor forms) whether for its  own
 account or for the account of the holder or holders of all shares other than
 Registrable Securities (any  shares of  such holder  (but not  those of  the
 Company) with  respect to  any registration,  "Other Shares"),  the  Company
 shall each such time give prompt (but  not less than thirty (30) days  prior
 to the anticipated effectiveness thereof) written  notice to the holders  of
 Registrable Securities of its intention to do so; provided, however, that in
 no event shall the Company have the obligation to send any such notice,  and
 the holders will not have any registration rights under this Section 8.4, if
 registration rights  have been  exercised two  (2)  times pursuant  to  this
 Section 8.4 (except  if the  Company elected not  to proceed  with any  such
 registrations, withdrew such registrations or otherwise failed to effect the
 offerings covered by such registrations).   Upon the written request of  any
 such holder  made within  twenty (20)  days after  the receipt  of any  such
 notice (which request shall specify  the  Registrable Securities intended to
 be disposed of by such holder), except  as set forth  in Section 8.4(b), the
 Company will  use its  Best Efforts  to effect  the registration  under  the
 Securities Act of all  of the Registrable Securities  which the Company  has
 been so requested  to register by  such holder, to  the extent  requisite to
 permit the disposition of the Registrable Securities so to be registered, by
 inclusion of such Registrable Securities in the registration statement which
 covers the  securities which  the Company  proposes to  register;  provided,
 however, that if, at any time  after giving written notice of its  intention
 to  register  any  securities  and  prior  to  the  effective  date  of  the
 registration statement  filed  in  connection with  such  registration,  the
 Company shall determine for any reason in its sole discretion either  to not
 register, to  delay or  to withdraw  registration  of such  securities,  the
 Company may, at its election, give  written notice of  such determination to
 such holder  and, thereupon,  (i) in  the  case of  a determination  not  to
 register, shall be relieved  of its obligation  to register any  Registrable
 Securities in connection with such registration (but not from its obligation
 to  pay  the  Registration   Expenses  in  connection  therewith),   without
 prejudice, however,  to the  rights of  the  holders entitled  to do  so  to
 request that such registration be effected  as a registration under  Section
 8.2, (ii) in  the case  of a determination  to delay  registering, shall  be
 permitted to  delay registering  any Registrable  Securities, for  the  same
 period as the delay in registering such other securities, without prejudice,
 however, to the rights of the holders entitled to do so to request that such
 registration be effected as  a registration under Section  8.2 and (iii)  in
 the case of a determination to withdraw registration, shall be permitted  to
 withdraw registration,  without prejudice,  however, to  the rights  of  the
 holders entitled to do so to request that such registration be effected as a
 registration under Section 8.2.  No registration effected under this Section
 8.4 shall relieve the Company of  its obligation to effect any  registration
 upon request under Section 8.2, nor shall any such registration hereunder be
 deemed to have been effected pursuant to Section 8.2.  The Company will  pay
 all  Registration  Expenses   in  connection  with   each  registration   of
 Registrable Securities pursuant to this Section 8.4.

           (b)  If the Company at  any time proposes to  register any of  its
 securities under the Securities Act as contemplated by this Section 8.4  and
 such  securities  are  to  be  distributed   by  or  through  one  or   more
 underwriters, the  Company will,  if requested  by a  holder of  Registrable
 Securities, use its Best Efforts to arrange for such underwriters to include
 all the Registrable Securities to be  offered and sold by such holder  among
 the securities to be distributed by such underwriters, provided that if  the
 managing underwriter of such underwritten offering shall inform the  Company
 by letter of  its belief that  inclusion in such  distribution of  all or  a
 specified number  of such  securities proposed  to  be distributed  by  such
 underwriters would interfere with the successful marketing of the securities
 being distributed by such  underwriters (such letter to  state the basis  of
 such belief and the approximate number of such Registrable Securities,  such
 Other Shares and  shares held by  the Company proposed  so to be  registered
 which may be distributed  without such effect), then  the Company may,  upon
 written notice to such holder and  holders of such Other Shares, reduce  pro
 rata in accordance with the number of  shares of Common Stock desired to  be
 included in such registration (if and to the extent stated by such  managing
 underwriter to be  necessary to eliminate  such effect) the  number of  such
 Registrable Securities and Other Shares the registration of which shall have
 been requested by each holder thereof so that the resulting aggregate number
 of such  Registrable  Securities  and  Other  Shares  so  included  in  such
 registration, together with the number of securities to be included in  such
 registration for the account of the Company, shall be equal to the number of
 shares stated in such managing underwriter's letter.

           8.5  Registration Procedures.  Whenever the holders of Registrable
 Securities have  properly  requested  that  any  Registrable  Securities  be
 registered pursuant to the terms of this Warrant, the Company shall use  its
 Best Efforts to  effect the registration  and the sale  of such  Registrable
 Securities in accordance  with the intended  method of disposition  thereof,
 and pursuant thereto the Company shall as expeditiously as possible:

           (a)  prepare and file with the  SEC a registration statement  with
 respect to such  Registrable Securities and  use its Best  Efforts to  cause
 such registration statement to become effective;

           (b)  notify such holders of the effectiveness of each registration
 statement filed hereunder and prepare and file with the SEC such  amendments
 and supplements to such  registration statement and  the prospectus used  in
 connection therewith as may be necessary to keep such registration statement
 effective and the prospectus included therein usable for a period commencing
 on the date that such registration statement is initially declared effective
 by the SEC and ending on the date when all Registrable Securities covered by
 such registration  statement have  been sold  pursuant to  the  registration
 statement or  cease  to  be Registrable  Securities,  and  comply  with  the
 provisions of the  Securities Act  with respect  to the  disposition of  all
 securities covered  by such  registration statement  during such  period  in
 accordance with the intended methods of  disposition by the sellers  thereof
 set forth in such registration statement;

           (c)  furnish to  such  holders  such  number  of  copies  of  such
 registration  statement,  each   amendment  and   supplement  thereto,   the
 prospectus  included  in   such  registration   statement  (including   each
 preliminary  prospectus)  and  such  other  documents  as  such  seller  may
 reasonably request in order to facilitate the disposition of the Registrable
 Securities owned by such holders;

           (d)  use its Best Efforts to register or qualify such  Registrable
 Securities  under  such  other   securities  or  blue   sky  laws  of   such
 jurisdictions as the  such holders reasonably  requests and do  any and  all
 other acts and  things which  may be  reasonably necessary  or advisable  to
 enable such holders to consummate the  disposition in such jurisdictions  of
 the Registrable Securities  owned by such  holders; provided, however,  that
 the Company shall not be required  to: (i) qualify generally to do  business
 in any jurisdiction where it would not otherwise be required to qualify  but
 for  this  subparagraph;  (ii)  subject  itself  to  taxation  in  any  such
 jurisdiction; or (iii)  consent to general  service of process  in any  such
 jurisdiction;

           (e)  notify such holders, at any  time when a prospectus  relating
 thereto is  required  to be  delivered  under  the Securities  Act,  of  the
 happening of any event as a result of which the prospectus included in  such
 registration statement contains an  untrue statement of  a material fact  or
 omits any material fact necessary to  make the statements therein, in  light
 of the circumstances in which they are made, not materially misleading, and,
 at the  reasonable request  of such  holders, the  Company shall  prepare  a
 supplement or amendment to such prospectus so that, as thereafter  delivered
 to the purchasers of such Registrable Securities, such prospectus shall  not
 contain an untrue statement of a material fact or omit to state any material
 fact necessary to make the statements therein, in light of the circumstances
 in which they are made, not materially misleading;

           (f)  provide  a  transfer  agent   and  registrar  for  all   such
 Registrable  Securities  not   later  than  the   effective  date  of   such
 registration statement;

           (g)  make   available   for   inspection   by   any    underwriter
 participating in any  disposition pursuant to  such registration  statement,
 and  any  attorney,  accountant  or  other   agent  retained  by  any   such
 underwriter, all financial and other records, pertinent corporate  documents
 and properties of the Company, and cause the Company's officers,  directors,
 managers, employees and  independent accountants to  supply all  information
 reasonably requested by any such underwriter, attorney, accountant or  agent
 in connection with such registration statement;

           (h)  otherwise use its Best Efforts to comply with all  applicable
 rules and  regulations  of the  SEC,  and  make available  to  its  security
 holders, as soon  as reasonably practicable,  an earnings  statement of  the
 Company, which earnings  statement shall satisfy  the provisions of  Section
 11(a) of the  Securities Act and,  at the option  of the  Company, Rule  158
 thereunder;

           (i)  in the event of the issuance of any stop order suspending the
 effectiveness of a  registration statement, or  of any  order suspending  or
 preventing the use of any related prospectus or suspending the qualification
 of any Registrable  Securities included in  such registration statement  for
 sale in any jurisdiction, the Company shall use its Best Efforts promptly to
 obtain the withdrawal of such order;

           (j)  use its  Best Efforts  to  cause any  Registrable  Securities
 covered by such registration statement to be registered with or approved  by
 such other  governmental agencies  or authorities  as  may be  necessary  to
 enable the sellers thereof to consummate the disposition of such Registrable
 Securities; and

           (k)  if the  offering is  underwritten, use  its Best  Efforts  to
 furnish on  the  date  that Registrable  Securities  are  delivered  to  the
 underwriters for sale pursuant to such  registration, an opinion dated  such
 date  of  counsel  representing  the  Company  for  the  purposes  of   such
 registration, addressed  to the  underwriters covering  such issues  as  are
 reasonably required by such underwriters.

           8.6  Listing.  The Company shall secure the listing of the  Common
 Stock underlying  this Warrant  upon each  national securities  exchange  or
 automated quotation system upon which shares of Common Stock are then listed
 (subject to official notice of issuance) and shall maintain such listing  of
 shares of  Common Stock.   The  Company shall  at all  times comply  in  all
 material respects with the Company's reporting, filing and other obligations
 under the by-laws  or rules of  the American Stock  Exchange (or such  other
 national securities exchange or market on which the Common Stock may then be
 listed, as applicable).

           8.7  Expenses.  The  Company shall pay  all Registration  Expenses
 relating to  the registration  and listing  obligations  set forth  in  this
 Section 8.  For purposes of  this Warrant, the term "Registration  Expenses"
 means: (a) all registration, filing and  NASD fees, (b) all reasonable  fees
 and expenses of  complying with securities  or blue sky  laws, (c) all  word
 processing,  duplicating   and  printing   expenses,   (d)  the   fees   and
 disbursements of  counsel for  the Company  and  of its  independent  public
 accountants, including the expenses of any special audits or "cold  comfort"
 letters required by or incident to such performance and compliance, and  (e)
 premiums  and  other  costs  of  policies  of  insurance  (if  any)  against
 liabilities arising out of the public offering of the Registrable Securities
 being registered if  the Company desires  such insurance,  if any;  provided
 however, that, in any case where  Registration Expenses are not to be  borne
 by the Company,  such expenses shall  not include: (i)  salaries of  Company
 personnel or general overhead expenses of  the Company, (ii) auditing  fees,
 (iii) premiums or other expenses relating to liability insurance required by
 underwriters of the Company, or (iv)  other expenses for the preparation  of
 financial statements or other data, to the extent that any of the  foregoing
 either is normally  prepared by the  Company in the  ordinary course of  its
 business or would have been incurred  by the Company had no public  offering
 taken place.    Registration Expenses  shall  not include  any  underwriting
 discounts and  commissions  which  may  be  incurred  in  the  sale  of  any
 Registrable Securities, fees  and disbursements of  counsel and  accountants
 for the selling holders of Registrable Securities and transfer taxes of  the
 selling holders of Registrable Securities.

           8.8  Restrictions.  The Company shall not be obligated to effect a
 registration pursuant to Section 8.2 during the period beginning on the date
 sixty (60) days prior to  the Company's good faith  estimate of the date  of
 filing of, and  ending on a  date one hundred  twenty (120)  days after  the
 effective  date  of,   a  Company-initiated  registration   (other  than   a
 registration pursuant to  Form S-8),  provided that:  (i) if  the holder  of
 Registrable Securities  elects  to  have all  or  some  of  its  Registrable
 Securities included in the registration pursuant to Section 8.4 hereof, such
 Registrable Securities are  included in  the Company-initiated  registration
 statement only to  the extent  required hereunder  and (ii)  the Company  is
 actively employing  in Best  Efforts to  cause such  registration to  become
 effective.

           8.9  Information Provided by Holders.   Any holder of  Registrable
 Securities included in any  registration shall furnish  to the Company  such
 information as the Company may reasonably  request in writing to enable  the
 Company to  comply  with  the  provisions  hereof  in  connection  with  any
 registration referred to in this Agreement.   In the event that a holder  of
 Registrable Securities fails to provide such information on a timely  basis,
 and in any  event within seven  (7) business days  of the Company's  written
 request, then  the Company  shall be  entitled  to exclude  the  Registrable
 Securities of  such holder  from such  registration  and the  Company  shall
 nevertheless be  deemed to  have satisfied  its obligations  hereunder  with
 respect to such registration.

           8.10 Indemnification.  Any holder of Registrable Securities to  be
 sold pursuant to  a registration  statement under  this Section  8, and  its
 successors and assigns,  shall severally,  and not  jointly, indemnify,  the
 Company, its officers and  directors and each Person,  if any, who  controls
 the Company  within the  meaning of  Section  15 of  the Securities  Act  or
 Section 20(a)  of the  Securities  Exchange Act  of  1934, as  amended  (the
 "Exchange Act"), against  all loss, claim,  damage or  expense or  liability
 (including all expenses reasonably  incurred in investigating, preparing  or
 defending against any  claim whatsoever) to  which they  may become  subject
 under the Securities Act, the Exchange  Act or otherwise, arising from:  (i)
 information furnished in  writing by  or on behalf  of such  holder, or  its
 successors or assigns, for specific inclusion in such registration statement
 or (ii) any action taken, or failure to take action, by such holder, or  its
 successors or assigns, which would be  considered unlawful under Section  12
 of the Securities Act or Rule 10b-5 of the Exchange Act.

      9.   Restrictions on Transfer.

           9.1  Restrictive Legends.   This Warrant and  each Warrant  issued
 upon transfer or  in substitution for  this Warrant pursuant  to Section  10
 hereof, each certificate for  Common Stock issued upon  the exercise of  the
 Warrant and each  certificate issued upon  the transfer of  any such  Common
 Stock shall  be  transferable  only  upon  satisfaction  of  the  conditions
 specified in this  Section 9.   Each of  the foregoing  securities shall  be
 stamped or otherwise imprinted with a legend reflecting the restrictions  on
 transfer set forth herein and any restrictions required under the Securities
 Act or other applicable securities laws.

           9.2  Notice of Proposed Transfer.   Prior to  any transfer of  any
 securities  which  are  not  registered  under  an  effective   registration
 statement under the Securities Act ("Restricted Securities"), which transfer
 may only occur if there is an exemption from the registration provisions  of
 the Securities Act and all other applicable securities laws, the Holder will
 give written notice  to the Company  of the Holder's  intention to affect  a
 transfer and to comply in  all other respects with  this Section 9.2.   Each
 notice: (a)  shall describe  the manner  and circumstances  of the  proposed
 transfer, and (b) shall designate special counsel for the Holder giving  the
 notice.  The Holder giving notice will submit a copy thereof to the  counsel
 designated in the notice.  The following provisions shall then apply:

                (i)  If in the opinion of counsel for the Holder satisfactory
 to the Company the proposed transfer may be effected without registration of
 the Restricted  Securities under  the Securities  Act (which  opinion  shall
 state in detail the basis of the legal conclusions reached therein) and with
 satisfaction of  all  other applicable  securities  laws, the  Holder  shall
 thereupon be entitled  to transfer the  Restricted Securities in  accordance
 with the terms of the notice delivered by  the Holder to the Company.   Each
 certificate  representing  the  Restricted  Securities  issued  upon  or  in
 connection with any transfer shall bear the restrictive legends required  by
 Section 9.1 hereof.

                (ii) If the opinion called for in (i) above is not delivered,
 the Holder shall not be entitled to transfer the Restricted Securities until
 either (x)  receipt by  the Company  of a  further notice  from such  Holder
 pursuant to the foregoing provisions of this Section 9.2 and fulfillment  of
 the provisions of clause (i) above,  or (y) such Restricted Securities  have
 been effectively registered under the Securities Act.

           9.3  Certain Other  Transfer  Restrictions.   Notwithstanding  any
 other provision of this Section 9: (i) this Warrant may only be  transferred
 or assigned in 10,000 share increments, (ii) prior to the Vesting Date, this
 Warrant or the Restricted Securities thereunder  may only be transferred  or
 assigned to the persons  permitted under NASD Rule  2710(c)(7), (iii) on  or
 after the Vesting Date, this Warrant or the Restricted Securities thereunder
 may only be transferred or assigned (whether by the Holder or any subsequent
 permitted Holder of all or any  portion of this Warrant) to: (A)  employees,
 partners and officers  of the Underwriter  (or by any  of those persons  for
 Estate Planning  Transfers  (as defined  below)),  and (iv)  no  opinion  of
 counsel shall be necessary  for a transfer of  Restricted Securities by  the
 holder thereof to any Person employed by or owning equity in the Holder,  if
 the transferee agrees in writing  to be subject to  the terms hereof to  the
 same extent as if the transferee were the original purchaser hereof and such
 transfer is permitted  under applicable securities  laws.   For purposes  of
 this Section 9.3, the term "Estate  Planning Transfers" means a transfer  or
 assignment by the Holder of this Warrant made solely for estate planning  or
 matrimonial purposes (including, without limitation, by will, by the laws of
 descent and distribution or by inter vivos transfer).

           9.4  Termination of Restrictions.  Except as set forth in  Section
 9.3  hereof,  the  restrictions   imposed  by  this   Section  9  upon   the
 transferability of Restricted Securities shall cease and terminate as to any
 particular Restricted Securities: (a) which Restricted Securities shall have
 been effectively registered under  the Securities Act, or  (b) when, in  the
 opinions of both counsel for the holder thereof and counsel for the Company,
 such restrictions are no longer required in order to insure compliance  with
 the Securities Act or Section 10  hereof.  Whenever such restrictions  shall
 cease and  terminate as  to any  Restricted Securities,  the Holder  thereof
 shall be entitled to receive from  the Company, without expense (other  than
 applicable transfer taxes, if any), new securities of like tenor not bearing
 the applicable legends required by Section 9.1 hereof.

      10.  Ownership, Transfer and Substitution of Warrant.

           10.1 Ownership of Warrant.   The Company may  treat any Person  in
 whose name this  Warrant is registered  in the  Warrant Register  maintained
 pursuant to Section 10.2(b) hereof as  the owner and holder thereof for  all
 purposes, notwithstanding any notice  to the contrary,  except that, if  and
 when any Warrant is properly assigned  in blank, the Company may (but  shall
 not be obligated to) treat the bearer  thereof as the owner of such  Warrant
 for all purposes, notwithstanding  any notice to the  contrary.  Subject  to
 Sections 9  and  10 hereof,  this  Warrant,  if properly  assigned,  may  be
 exercised by a new holder without a new Warrant first having been issued.

           10.2 Office; Exchange of Warrant.

           (a)  The  Company  will  maintain  its  principal  office  at  the
 location identified in the  prospectus relating to the  Offering or at  such
 other offices as set forth in the  Company's most current filing (as of  the
 date notice  is to  be given)  under  the Exchange  Act  or as  the  Company
 notifies the Holders.

           (b)  The Company shall cause to be  kept at its office  maintained
 pursuant to Section 10.2(a) hereof a  Warrant Register for the  registration
 and transfer of  the Warrant.   The name and  address of the  holder of  the
 Warrant, the transfers thereof and the name and address of the transferee of
 the Warrant shall  be registered in  such Warrant Register.   The Person  in
 whose name the Warrant shall be so registered shall be deemed and treated as
 the owner  and holder  thereof for  all purposes  of this  Warrant, and  the
 Company shall not be affected by any notice or knowledge to the contrary.

           (c)  Upon the surrender  of this Warrant,  properly endorsed,  for
 registration of  transfer or  for  exchange at  the  office of  the  Company
 maintained pursuant to Section  10.2(a) hereof, the  Company at its  expense
 will (subject to compliance  with Section 9  hereof, if applicable)  execute
 and deliver to or upon the order of the Holder thereof a new Warrant of like
 tenor, in the name of such  holder or as such  holder (upon payment by  such
 holder of  any  applicable  transfer  taxes)  may  direct,  calling  in  the
 aggregate on  the face  thereof for  the number  of shares  of Common  Stock
 called for on the face of the Warrant so surrendered.

           10.3      Replacement  of  Warrant.    Upon  receipt  of  evidence
 reasonably satisfactory to the  Company of the  loss, theft, destruction  or
 mutilation of this  Warrant and,  in the  case of  any such  loss, theft  or
 destruction  of  this  Warrant,   upon  delivery  of  indemnity   reasonably
 satisfactory to  the Company  in form  and amount  or, in  the case  of  any
 mutilation, upon surrender of this Warrant for cancellation at the office of
 the Company maintained pursuant to Section  10.2(a) hereof, the Company,  at
 its expense, will  execute and deliver,  in lieu thereof,  a new Warrant  of
 like tenor and dated the date hereof.

      11.  No Rights  or Liabilities  as Stockholder.    No Holder  shall  be
 entitled to vote or receive dividends or be deemed the holder of any  shares
 of Common Stock,  Other Securities or  any other securities  of the  Company
 which may at any time  be issuable on the  exercise hereof for any  purpose,
 nor shall anything contained herein be construed to confer upon the  Holder,
 as such, any of the rights of a stockholder  of the Company or any right  to
 vote for  the  election  of  directors  or  upon  any  matter  submitted  to
 stockholders at any meeting thereof, or  to give or withhold consent to  any
 corporate action  (whether upon  any  recapitalization, issuance  of  stock,
 reclassification of  stock,  change  of par  value,  consolidation,  merger,
 conveyance, or otherwise) or  to receive notice of  meetings, or to  receive
 dividends or subscription rights or otherwise  until the Warrant shall  have
 been exercised and the shares of Common Stock purchasable upon the  exercise
 hereof shall have become deliverable, as  provided herein.  The Holder  will
 not be entitled  to share in  the assets of  the Company in  the event of  a
 liquidation, dissolution or the winding up of the Company.

      12.  Notices.  Any  notice or  other communication  in connection  with
 this Warrant shall be given in writing and directed to the parties hereto as
 follows: (a) if to  the Holder, c/o Maxim  Group LLC, 405 Lexington  Avenue,
 New York, NY 10174, Attn: Anthony Sarkis, Fax No: (212) 895-2555; or (b)  if
 to the  Company, to  the attention  of its  Chief Executive  Officer at  its
 office maintained pursuant  to Section  10.2(a) hereof;  provided, that  the
 exercise of the  Warrant shall also  be effected in  the manner provided  in
 Section 3 hereof.  Notices shall  be deemed properly delivered and  received
 when delivered to the notice party (i) if personally delivered, upon receipt
 or refusal to accept delivery, (ii)  if sent via facsimile, upon  mechanical
 confirmation of  successful transmission  thereof generated  by the  sending
 telecopy machine,  (iii)  if sent  by  a commercial  overnight  courier  for
 delivery on the next Business Day,  on the first Business Day after  deposit
 with such courier service, or (iv) if sent by registered or certified  mail,
 five (5) Business Days after deposit thereof in the U.S. mail.

      13.  Payment of  Taxes.   The Company  will pay  all documentary  stamp
 taxes attributable to the issuance of shares of Common Stock underlying this
 Warrant upon exercise of this Warrant;  provided, however, that the  Company
 shall not be required to pay any tax which may be payable in respect of  any
 transfer involved in  the transfer or  registration of this  Warrant or  any
 certificate for shares  of Common Stock  underlying this Warrant  in a  name
 other that of  the Holder.   The  Holder is  responsible for  all other  tax
 liability that may arise as a result of holding or transferring this Warrant
 or receiving shares of  Common Stock underlying  this Warrant upon  exercise
 hereof.

      14.  Miscellaneous.  This Warrant and any  term hereof may be  changed,
 waived, discharged or terminated only by an instrument in writing signed  by
 the party  against which  enforcement of  the change,  waiver, discharge  or
 termination is sought.   This  Warrant shall  be construed  and enforced  in
 accordance with and  governed by the  laws of the  State of  Illinois.   The
 section headings in this  Warrant are for purposes  of convenience only  and
 shall not  constitute a  part hereof.    When used  herein, the  term  "Best
 Efforts" means, with respect  to the applicable  obligation of the  Company,
 the  highest  standard  of  diligence  recognized  under  Illinois  law  for
 similarly situated, publicly-traded companies.

                           [Signature Page Follows]
<PAGE>

      IN WITNESS WHEREOF,  the Company  has caused  this Warrant  to be  duly
 executed as of the date first above written.

                       UNITED FINANCIAL MORTGAGE CORP.

                       By: /s/ Steve Y. Khoshabe
                           Name:  Steve Y. Khoshabe
                           Title: President and Chief Executive Officer

                       By: /s/ Robert L. Hiatt
                           Name:  Robert L. Hiatt
                           Title: Executive Vice President and
                                  Chief Financial Officer

                  [Signature Page to Underwriter's Warrant]

<PAGE>

                                  EXHIBIT A
                           FORM OF EXERCISE NOTICE
                [To be executed only upon exercise of Warrant]

 To UNITED FINANCIAL MORTGAGE CORP.:

           The undersigned  registered holder  of the  within Warrant  hereby
 irrevocably exercises the  Warrant pursuant to  Section 3.1  of the  Warrant
 with respect to __________(1) Warrant Shares, at an exercise price per share
 of $____, and  requests that  the certificates  for such  Warrant Shares  be
 issued, subject to Sections 9 and 10, in the name of, and delivered to:

           ______________________________________
           ______________________________________
           ______________________________________
           ______________________________________

           The undersigned is hereby making payment for the Warrant Shares in
 the following  manner:  _______________________  [describe  desired  payment
 method as provided for in 3.1 of the Warrant].

           The undersigned hereby represents and warrants that it is, and has
 been since its acquisition of the  Warrant, the record and beneficial  owner
 of the Warrant.

 Dated: _______________

           ________________________________________
           Print or Type Name

           ________________________________________
           (Signature must conform in all respects to name
           of holder as specified on the face of Warrant)

           ________________________________________
           (Street Address)

           ________________________________________
           (City)            (State)     (Zip Code)

      _______________________
      (1)  Insert here the number whole shares of Common Stock on the face of
 this Warrant (or, in the case  of a partial exercise,  which shall be in  no
 less than 10,000  share increments,  the portion  thereof as  to which  this
 Warrant is being exercised), in either case without making any adjustment of
 shares of Common Stock or any other stock or other securities or property or
 cash which, pursuant to  the adjustment provisions of  this Warrant, may  be
 delivered upon exercise.  In the case  of a partial exercise, a new  Warrant
 will be issued and  delivered, representing the  unexercised portion of  the
 Warrant, to the holder surrendering the Warrant.

<PAGE>

                                  EXHIBIT B
                              FORM OF ASSIGNMENT
                [To be executed only upon transfer of Warrant]

          For value received, the undersigned registered holder of the within
 Warrant hereby  sells,  assigns  and  transfers  unto  _____________________
 [include  name  and  addresses] the  rights  represented  by the Warrant  to
 purchase ____________(1) shares of Common Stock of UNITED FINANCIAL MORTGAGE
 CORP. to which the Warrant relates, and appoints ___________________________
 Attorney  to  make such transfer  on the books of  UNITED FINANCIAL MORTGAGE
 CORP. maintained  for the  purpose, with  full power  of substitution in the
 premises.

        Dated:                      ________________________________________
                                    (Signature must conform in all respects
                                    to name of holder as specified on the
                                    face of Warrant)

                                    ________________________________________
                                    (Street Address)

                                    ________________________________________
                                    (City)             (State)    (Zip Code)

        Signed in the presence of:

                                    ________________________________________
                                    (Signature of Transferee)

                                    ________________________________________
                                    (Street Address)

                                    ________________________________________
                                    (City)             (State)    (Zip Code)

        Signed in the presence of:

      _______________________
      (1)  Insert here the number shares of Common Stock on the face of this
 Warrant (or, in the case of a partial assignment, which shall be in no less
 than 10,000 share increments, the portion thereof as to which this Warrant
 is being assigned), in either case without making any adjustment of shares
 of Common Stock or any other stock or other securities or property or
 cash which, pursuant to the adjustment provisions of this Warrant, may be
 delivered upon exercise.  In the case of a partial assignment, a new Warrant
 will be issued and delivered, representing the unconverted portion of the
 Warrant, to the holder surrendering the Warrant.

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