Document:

Exhibit 10.13

 

FIRST AMENDMENT TO LOAN SERVICING AGREEMENT

 

This First Amendment (“First
Amendment”), dated and effective as of the 14th day of April 2004, to the Loan
Servicing Agreement dated as of September 26, 2003 (the “LSA”) by and between
Mortgage IT (“Owner”), a New York corporation, and GMAC Mortgage Corporation
(“Sevicer”), a Pennsylvania corporation.

 

Preliminary
Statement

 

WHEREAS, Pursuant to the terms of the LSA, Owner
intends to transfer the servicing of certain types of mortgage loans to Servicer.

 

WHEREAS, Servicer has agreed to service such mortgage
loans pursuant to the LSA.

 

WHEREAS, Owner and Servicer desire to amend the LSA
to set forth the terms and conditions regarding the management and servicing of
additional types of Mortgage Loans possessing characteristics different than
those specified in the LSA.

 

NOW,
THEREFORE, in
consideration of the mutual undertakings herein expressed and other good and
valuable consideration, the sufficiency of which is hereby acknowledged, the
parties hereby agree as follows:

 

1.                                 The following definitions are added to
Article I of the LSA:

 

Prime Mortgage Loan: The individual Mortgage Loan(s) set forth on
the attached Exhibit “A-l” to this First Amendment which may be amended from
time to time with the mutual consent of both parties.

 

Sub-Prime Mortgage Loan: The individual Mortgage Loan(s) set forth
on the attached Exhibit “A-2” to this First Amendment which may be amended from
time to time with the mutual consent of both parties.

 

2.                                      Exhibit “D” to the LSA shall be amended by
adding the attached Exhibit “D-l” which represents the Eligibility Criteria for
Prime Mortgage Loans which may be amended from time to time with the mutual
consent of both parties.

 

3.                                      Exhibit “D” to the LSA shall be amended by
adding the attached Exhibit “D-2” which represents the Eligibility Criteria for
Sub-Prime Mortgage Loans which may be amended from time to time with the mutual
consent of both parties.

 

4.                                       Exhibit “A” to the LSA shall be amended by
adding the attached Exhibit “A-l” which represents the Mortgage Loan Schedule
for Prime Mortgage Loans which may be amended from time to time with the mutual
consent of both parties

 

5.                                      Exhibit “A” to the LSA shall be amended by
adding the attached Exhibit “A-2” which represents the Eligibility Criteria for
Sub-Prime Mortgage Loans which may be amended from time to time with the mutual
consent of both parties

 

 

6.                                       Exhibit “E” to the LSA shall be amended by
adding the attached. Exhibit “E-l” which represents the Servicing Fees to be paid
by Owner with respect to Prime Mortgage Loans the servicing of which, is being
transferred hereunder.

 

7.                                      Exhibit “E” to the LSA shall be amended by
adding the attached Exhibit “E-2” which represents the Servicing Fees to be
paid by Owner with respect to Sub-Prime Mortgage Loans the servicing of which
is being transferred hereunder

 

8                                      The definition of Term Sheet is
deleted in its entirety.

 

9.                                   The following Section 4.06 shall be added to
the LSA:

 

Section
4.06 Owner’s Name. No later than 120 days following the effective date of this First
Amendment, Servicer shall utilize the name designated by Owner in all written
and verbal communications with the Mortgagor in servicing the Mortgage Loans
(“Private Label Servicing”).

 

10.                             The following Section 9.01 (ix) shall be
added to the LSA:

 

(ix) with respect to
Servicer only, Servicer is downgraded to “RPS-2” or below by Fitch Ratings and
such ratings are not reinstated within thirty (30) days.

 

11.                             Section 10.02 of the LSA is amended by
deleting the last two sentences.

 

12.                              Any conflict between the provisions of this
First Amendment and those of the LSA shall be resolved in favor of the
provisions of this First Amendment. All provisions of the LSA not modified by
this First Amendment shall continue in full force and effect.

 

IN WITNESS
WHEREOF, the Seller
and the Purchaser have caused this First Amendment to he executed by their duly
authorized officers as of the date first written hereinabove.

 

 

	
   

  	
   

  	
   

  	
  “SERVICER”

  
	
   

  	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  	
  GMAC MORTGAGE CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Tyron W. Miller

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
   Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  “OWNER”

  
	
   

  	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  	
  MORTGAGEIT, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/  Larry P. Lewis

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
  COO

  

 

2

 

EXHIBIT A-l

 

PRIME MORTGAGE LOAN SCHEDULE

 

3

 

EXHIBIT A-2

 

SUB-PRIME MORTGAGE LOAN SCHEDULE

 

4

 

EXHIBIT
D-1

 

PRIME
MORTGAGE LOAN ELIGIBILITY CRITERIA

 

	
  Loan Types:

  	
  Conventional

  
	
   

  	
   

  
	
  Interest rate types:

  	
  Fixed and adjustable rate

  
	
   

  	
   

  
	
  Lien Position types:

  	
  First lien

  
	
   

  	
   

  
	
  Collateral types:

  	
  1-4 family, residential properties

  
	
   

  	
   

  
	
  Credit types:

  	
  Prime / Alt-A

  
	
   

  	
   

  
	
  FICO Score ranges:

  	
  90 % > 660

  
	
   

  	
   

  
	
  Age at Transfer:

  	
  < 3 months

  
	
   

  	
   

  
	
  Geographic limitations:

  	
  N/A

  
	
   

  	
   

  
	
  Balance Parameters:

  	
  Conforming and Jumbo

  

 

5

 

EXHIBIT
D-2

 

SUB-PRIME
ELIGIBILITY CRITERIA

 

	
  Loan Types:

  	
  Conventional

  
	
   

  	
   

  
	
  Interest rate types:

  	
  Fixed and adjustable rate

  
	
   

  	
   

  
	
  Lien Position types:

  	
  First lien

  
	
   

  	
   

  
	
  Collateral types:

  	
  1-4 family, residential properties

  
	
   

  	
   

  
	
  Credit types:

  	
  Sub-prime, FICO Scores: 50% < 640

  
	
   

  	
   

  
	
  Age limitations:

  	
  N/A

  
	
   

  	
   

  
	
  Geographic limitations:

  	
  N/A

  

 

6

 

EXHIBIT E-1

 

PRIME MORTGAGE LOAN TERM SHEET

 

Monthly Service Fee Per Loan
(Cumulative)

(Servicing Retained Loans Only)

 

	
  *Loan Count

  	
   

  	
  Fee

  	
   

  
	
  <2,500 loans

  	
   

  	
  $

  	
  5.00

  	
   

  
	
  2,501 – 10,000

  	
   

  	
  $

  	
  4.50

  	
   

  
	
  >10,000

  	
   

  	
  $

  	
  4.00

  	
   

  

 

* Those loans
designated for sale to a 3rd party are not included in the aggregation
total.

The above fee
reduction applies to servicing retained loans only.

 

	
  Monthly
  Service Fee Per Loan

  (Loans designated for Sale)

  	
  $5.00 per
  loan (minimum 2 month service fee per loan)

  
	
   

  	
   

  
	
  ARM Per Loan
  Up-Charge (monthly)

  	
  $0.25

  
	
   

  	
   

  
	
  Loan Set Up
  Fee

  	
  $8.00 per
  loan

  Assumes semi-automated method (Wilma File Format)

  
	
   

  	
   

  
	
  Default Fees

  Non-Agency Loans

  	
  Resolution Fees

  
	
   

  	
  Reinstatement

  (90 + Past Due Only)

  	
  1.5% UPB minimum of $750

  
	
   

  	
  Repayment
  plan

  (90 + Past Due Only)

  	
  1.5% UPB minimum of $750

  
	
   

  	
  Modification

  (90 + Past Due Only)

  	
  1.5% UPB minimum of $750

  (with owner approval only)

  
	
   

  	
   

  	
   

  
	
   

  	
  Disposition Fees

  
	
   

  	
  Payoffs

  (90 + Past Due only)

  	
  1.50% Net Liquidation Proceeds

  minimum of $1000

  
	
   

  	
  Redemptions

  	
  1.50% Net Liquidation Proceeds

  minimum of $750

  
	
   

  	
  Third Party
  Sales

  	
  1.50% Net Liquidation Proceeds

  minimum of $750

  
	
   

  	
  Short Sales

  (90 + Past Due Only)

  	
  1.50% Net Liquidation Proceeds

  minimum of $1000

  
	
   

  	
  Loan Sales

  	
  1.50% Net Liquidation Proceeds

  minimum of $750

  (with owner approval)

  
	
   

  	
  Deed in Lieu

  (90 + Past Due Only)

  	
  1.50% UPB

  minimum of $750

  

 

7

 

	
   

  	
  Additional Fees

  
	
   

  	
  REO
  Disposition Fee

  	
  1% of sales price minimum of $1500

  
	
   

  	
   

  	
   

  
	
   

  	
  Title
  Remediation Fee

  	
  $500 with owner’s consent and if owner unable to correct

  

 

	
  Default Fees

  Agency Loans (Fannie Mae / FHLMC)

  	
  Fees will be
  assessed in accordance with Fannie Mae and FHLMC guidelines

  
	
   

  	
   

  
	
  Minimum
  Charge (monthly)

  	
  $10,000
  (assessed after month 6)

  
	
   

  	
   

  
	
  Private
  Label Program Initiation Fee:

  	
  Waived

  
	
   

  	
   

  
	
  ANCILLARY INCOME

  	
   

  
	
  Late Charges

  	
  Retained by
  GMACM

  
	
  Principle and Interest Float

  	
  Retained by
  GMACM

  
	
  Escrow and Interest Float

  	
  Retained by
  GMACM

  
	
   

  	
   

  
	
  Servicing
  Activity Fees

  	
  Retained by
  GMACM (e.g. payoff statements, fax fees)

  
	
   

  	
   

  
	
  De-Boarding
  Fee Per Loan

  	
  $8.00 per
  loan exclusive of out of pocket transfer related expenses

  
	
   

  	
   

  
	
  Securitization
  Fees

  	
  There will
  be a one-time, initial securitization fee between $2,500 - $10,000.  This fee will cover all legal expenses
  associated with the completion of the initial security.  GMAC Mortgage reserves the right to pass through
  out of pocket expenses associated with subsequent securitization that may
  vary from the initial securitization documents established.

  
	
   

  	
   

  
	
  Contractual
  Termination Fee:

  	
  If contract
  is terminated without cause within the first 12 months, a one time fee of
  $50,000 is assessed (exclusive of de-boarding fees and out of pocket as
  expressed in this document).

  

 

8

 

EXHIBIT E-2

SUB-PRIME MORTGAGE LOAN TERM SHEET

 

Monthly
Service Per Loan Fee

 

 

	
  Loan Count

  	
   

  	
  Fee

  	
   

  
	
  Performing
  (0-29 days dlq)

  	
   

  	
  $

  	
  15

  	
   

  
	
  Sub-performing
  (30-89 days dlq)

  	
   

  	
  $

  	
  25

  	
   

  
	
  Non-performing
  (90 + days dlq)

  	
   

  	
  $

  	
  45

  	
   

  

 

* Minimum 2
months service fee

 

	
  ARM Per Loan
  Up-Charge (monthly)

  	
  $0.25

  
	
   

  	
   

  
	
  Loan Set Up
  Fee

  	
  $8.00 per
  loan

  Assumes semi-automated method (Wilma File Format)

  
	
   

  	
   

  
	
  Default Fees

  	
  Resolution Fees

  
	
   

  	
   

  
	
   

  	
  Reinstatement

  (90 + Past Due Only)

  	
  1.5% UPB minimum of $750

  
	
   

  	
  Repayment
  plan

  (90 + Past Due Only)

  	
  1.5% UPB minimum of $750

  
	
   

  	
  Modification

  (90 + Past Due Only)

  	
  1.5% UPB minimum of $750

  (with owner approval only)

  
	
   

  	
   

  	
   

  
	
   

  	
  Disposition Fees

  
	
   

  	
  Payoffs

  (90 + Past Due only)

  	
  1.75% Net Liquidation Proceeds

  minimum of $1000

  
	
   

  	
  Redemptions

  	
  1.75% Net Liquidation Proceeds

  minimum of $750

  
	
   

  	
  Third Party
  Sales

  	
  1.50% Net Liquidation Proceeds

  minimum of $750

  
	
   

  	
  Short Sales

  (90 + Past Due Only)

  	
  1.75% Net Liquidation Proceeds

  minimum of $1000

  
	
   

  	
  Loan Sales

  	
  1.75% Net Liquidation Proceeds

  minimum of $750

  (with owner approval)

  
	
   

  	
  Deed in Lieu

  (90 + Past Due Only)

  	
  1.75% UPB minimum of $750

  
	
   

  	
   

  	
   

  
	
   

  	
  Additional Fees

  
	
   

  	
  REO
  Disposition Fee

  	
  1% of sales price minimum of $1500

  
	
   

  	
  Recovery
  Collection

  (Home Equity Loans Only)

  	
  45% of recovered amount

  
	
   

  	
  Title
  Remediation Fee

  	
  $500 with owner’s consent and if owner unable to correct

  

 

9

 

	
  Minimum Charge (monthly)

  	
  $2,500 (assessed after month 6)

  
	
   

  	
   

  
	
  Program Initiation Fee

  	
  $5,000 refunded after month 6.

  
	
   

  	
   

  
	
  Ancilliary Income

  	
   

  
	
  Late Charges

  	
  Retained by GMACM

  
	
  Principle and Interest
  Float

  	
  Retained by GMACM

  
	
  Escrow and Interest Float

  	
  Retained by GMACM

  
	
   

  	
   

  
	
  Servicing Activity Fees

  	
  Retained by GMACM (e.g. payoff statements,
  fax fees)

  
	
   

  	
   

  
	
  De-Boarding Fee Per Loan

  	
  $8.00 per loan exclusive of out of pocket
  transfer related expenses

  
	
   

  	
   

  
	
  Additional Services

  	
   

  
	
   

  	
  Loan File

  	
  First 6 months:

  
	
   

  	
  Storage and

  	
  $4.00 per loan (one-time)

  
	
   

  	
  Document

  	
  >6 Months:

  
	
   

  	
  Tracking

  	
  $2.00 (annually)

  

 

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Exhibit 10(a)    
    

[SUTHERLAND
ASBILL & BRENNAN LLP LETTERHEAD] 

	

DAVID S. GOLDSTEIN

DIRECT LINE: 202.383.0606

Internet: david.goldstein@sablaw.com	
 	

 

April 30,
2004 

Board
of Directors

Protective Life Insurance Company

2801 Highway 201 South

Birmingham, Alabama 35223 

Directors:

        We
hereby consent to the reference to our name under the caption "Legal Matters" in the statement of additional information filed as part of post-effective amendment number 8
to the registration statement on Form N-4 (File No. 333-81553) filed by Protective Life Insurance Company and Protective Variable Annuity Separate Account with
the
Securities and Exchange Commission. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933. 

	 	 	Sincerely,
	

 	
 	

SUTHERLAND ASBILL & BRENNAN LLP
	

 	
 	

By:	

/s/  DAVID S. GOLDSTEIN      
 David S. Goldstein

QuickLinks

Exhibit 10(a)

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